NEWS

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Sheet steel price increases US mills announced this week served to set a floor, according to sources, who said Friday that buyers are still reluctant to place large orders. “We’re seeing it from our service center customers. They’re sensing the prices are going to fall. If they were giving you…

Tuesday, Jun 28, 2016
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The United States imported 2.7 million net tons of steel in May, a 12.2 percent increase over the previous month. Imports of finished steel rose 1.8 percent to 2 million tons in May, according to the American Iron and Steel Institute. Despite that rise, steel products that were both made…

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Essar Steel expects retail chain Hypermart to clock a billion dollars (about Rs 6,789 crore) in revenue this fiscal on the back of growing demand in the infrastructure and construction sector. The chain, run by Ruias-promoted steel maker, provides customised services to original equipment manufacturers, retailers as well as small…

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China plans to cut steel production capacity this year by 45 million tonnes and lower coal output capacity by 280 million tonnes, the head of the country’s top economic planner said ­yesterday. The capacity cuts would involve relocating 700,000 workers in the coal sector and 180,000 workers in the steel…

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The U.S. International Trade Commission said on Friday that imports of corrosion-resistant steel from China and four other countries were harming U.S. producers, the final step in the imposition of U.S. anti-dumping and anti-subsidy duties. The Commerce Department had already slapped duties of up to 450 percent on the steel…

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A New York hedge fund bidding to merge Stelco and Algoma into a new steel company says it will not pay Algoma's massive pension shortfall. For leaders of the United Steelworkers union, that threat has toughened their position against the bid of KPS Capital Partners. The union, which speaks for…

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Chinese iron ore futures rallied to a five-week peak on Thursday, riding on the strength of steel prices that traders thought were oversold as market participants anticipated the seasonal lull from June onwards. Low steel inventory among traders also supported prices. That could keep production high among Chinese mills, ensuring…

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Iranian steelmakers produced a total of 7.216 million tonnes of crude steel in the first five months of 2016, registering a growth of 3.91 per cent compared to 6.944 million tonnes for the same period last year, a report said. In May, Iran’s crude steel output hit 1.645 million tonnes,…

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China has pushed back after the US boosted anti-dumping and anti-subsidy duties on some of its steel products, saying mills in the world's biggest economy lack competitiveness because they are over-protected. Protectionism in the US steel sector is deeply worrying as these measures will only exacerbate friction without helping to…

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The iron ore price has jumped out of its steady trading range as analysts took a glass half-full attitude to the release of industry data. Iron ore rose 2 per cent to $US51.70 overnight, according to The Steel Index. Over each the previous five sessions, the commodity had settled in…