Steel News
Mechel Announces Commissioning a New Electric Steelmaking Complex by the Russian Prime Minister Vladimir Putin at Izhstal OAO
IZHEVSK, Russia, Sept. 7, 2010 (GLOBE NEWSWIRE) — Mechel OAO (NYSE:MTL), a leading Russian mining and steel company, announces that the Russian Prime Minister Vladimir Putin commissioned a new electric steelmaking complex at Izhstal OAO. The new facility comprises an electric arc furnace and a continuous slab caster. During commissioning ceremony of the new facility, [...]
Robust Steel Demand Buoys Rio Tinto
Miner Plans to Boost Capital Spending in Australia, Africa; CEO Says He Is Committed to Quarterly Iron-Ore Pricing Buoyed by the rising price of iron ore early this year, Rio Tinto PLC’s first-half profit more than tripled, and the big mining company said it plans to boost spending to increase output in both Australia and [...]
Steel Stocks Lead Asian Markets
Most Asian markets finished higher Wednesday as steel stocks rallied on news. China is aiming to consolidate the local industry while Japanese shares were hurt on fears that the strong yen would hurt profits. Japan’s Nikkei Stock Average shed 0.2% to 9278.83, but Hong Kong’s Hang Seng Index advanced 1.1% to 20487.23, and China’s Shanghai [...]
India Mines Support Iron-Ore Exports
NEW DELHI—India’s mines ministry isn’t in favor of banning iron-ore exports as local steel mills lack the technology to use all of the low-grade ore that would remain in the country if such a move went ahead, federal mines minister B.K. Handique said Tuesday. India is the world’s third-largest exporter of iron-ore, mostly to China, [...]
Chinese Steelmakers Plan Deal
BEIJING—Chinese steel maker Shougang Group agreed to pay 2.5 billion yuan ($369 million) for a 78% stake in Tonghua Iron & Steel Group, the largest steel maker by output in China’s northeastern Jilin province, an official from Shougang’s public relations department said Friday. The deal is part of Beijing’s plans to consolidate the sector by [...]
China Steel Group Accuses U.S. Lawmakers of Protectionism
BEIJING—China’s government-backed steel-industry association hit out at a move by U.S. lawmakers that could threaten a plan by China’s fourth-largest steelmaker to invest in U.S. steel plants, saying the action amounted to protectionism. However, the steelmaker, Anshan Iron & Steel Group Corp., sought to play down the dispute, which could exacerbate trade tensions between the [...]
As Steel Mills Sneeze, Global Shippers Catch a Cold
For all its failures at forging a united front to control global iron-ore prices, China still has the heft to remind us that the appetite of the world’s biggest steel factory matters, a lot, when it comes to influencing commodity markets. Exhibit A comes from the Baltic Dry Index, which could use a drink after [...]
Chinese Government Tax Rebate Abolishment
In today’s email came the following from a Chinese Steel Supplier. “My dear friends, We wish to inform that the Chinese Government has decided to abolished the Tax Rebate on certain steel products as per the attached list. For your information, Hot Rolled Steel tax rebate will be abolished whether its width above 600mm or [...]
Traders Jump Into Positions on U.S. Steel
China’s decision to allow more flexibility in the yuan’s exchange rate had traders snapping up new contracts for energy and materials companies that are closely tied to the world-wide economy and seen as benefiting from heightened spending. A strong Chinese yuan would mean an increase to the country’s purchasing power, which ameliorated concern that China [...]
U.S. Hits China With Steel Penalty
ChinaFotoPress/Zuma A worker welds steel at Dalian Special Steel factory in China in April. In a move that could escalate trade tensions between the U.S. and China, the Department of Commerce found that Chinese drill-pipe makers were selling roughly $200 million of pipes in the U.S. for less than their market value. The ruling, while [...]
