NEWS

For our visitors who seek the latest industry news and updates to keep abreast with the goings-on of the business on a global scale, Plant Automation Technology portal grants a dynamic and diverse feed of news items.

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More than 1,000 jobs at British steel-trading giant Stemcor have been saved after lenders agreed to a $1.5bn (£1bn) debt “haircut” following months of negotiations. Workers at Stemcor, one of Britain’s largest private companies, had faced a potentially similar fate to those recently left without jobs at steel producers SSI…

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The government has pledged to help the struggling British steel industry compete with foreign rivals by backing measures including a lowering of energy costs and reducing business rates. Anna Soubry, the small business, industry and enterprise minister, said she would act on five demands from the industry to stave off…

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If anyone doubted the magnitude of the crisis facing the world’s largest steel industry, listening to Zhu Jimin would put them right, fast. Demand is collapsing along with prices, banks are tightening lending and losses are stacking up, the deputy head of the China Iron & Steel Association said on…

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Cargill Inc. has agreed to sell its interest in North Star BlueScope Steel for $720 million, exiting the steel production business. The Minnetonka-based agribusiness giant announced Sunday it is unloading its 50 percent stake to its joint venture partner, BlueScope Steel, which will also assume $40 million in debt. BlueScope…

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A New Jersey aluminum and steel supplier said Monday it has purchased a new warehouse in Essex for nearly $6.6 million, as increased expectations of speedy deliveries boost need for storage space. Empire Resources, which has been operating out of about 122,000-square-feet in Baltimore County as well as leased space,…

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Brokerage firm Bank of America Downgrades its rating on AK Steel Holding(NYSE:AKS). The shares have been rated Underperform. Previously, the analysts had a Neutral rating on the counter. The rating by Bank of America was issued on Oct 26, 2015. AK Steel Holding Corporation has dropped 4.89% during the last…

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Cargill said Sunday that it has reached an agreement to sell its interest in North Star BlueScope Steel LLC or NSBS to BlueScope Steel ( BLSFF ). BlueScope will pay $720 million in cash for Cargill's equity stake in NSBS and will assume $40 million of NSBS net debt. NSBS…

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BlueScope's Port Kembla steelworks may still be on borrowed time despite a three-year tax break from the NSW government that secures the immediate future of its 4,500 workers. A deferral of $60 million in payroll tax for the next three years, plus $60 million in annual savings from BlueScope's 500…

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Breakbulk handlers whose clients include Chinese iron and steel manufacturers, suppliers and buyers should prepare themselves for what could be a long winter for the nation’s major mills. So far this year, though, the industry’s dreary business conditions have contributed to a surge in exports by Chinese mills that are…

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The effort of the federal government towards making gas accessible and affordable to Nigerians through its National gas master plan received a boost on Thursday with the inauguration of a new ultra modern $150 million steel pipe mill by President Muhammadu Buhari. Buhari who was represented by the Secretary to…