NEWS

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The Arcelor Mittal steel mill in Georgetown is headed for an Aug. 13 permanent closure. The rolling mill is shut down and the rest of the product should be sold by the end of this week, a company spokeswoman confirmed. A Florida investor who said he wants to buy the…

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SAIL's Rs 70,000 crore modernisation programme has been completed and it will increase the capacity of the domestic steel giant to 23 million tonnes per annum (MTPA) by March next year, Steel Minister Narendra Singh Tomar said today. Besides, the country's largest steel producer has also signed a Rs 2,000…

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Michigan announced Tuesday that it is providing $2.2 million in incentives for an Ohio company's planned $53 million redevelopment of a former Detroit-area steel mill. The funding is for the Ferrous CAL Co. project. The Cleveland-based company bought the former McLouth Steel in Gibraltar and says it plans to make…

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U.S. producers of steel pipes and tubes filed a complaint with the U.S. International Trade Commission on Tuesday over imports from South Korea, Mexico, and Turkey, which could lead to import duties on the products. Imports of heavy-walled rectangular welded carbon steel pipes and tubes were sold too cheaply in…

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Thailand's three major banks have made extra provisions to cover increased risks related to syndicated loans of 44 billion baht ($1.3 billion) to Sahaviriya Steel Industries Pcl (SSI), bank executives said on Wednesday. Krung Thai Bank, Siam Commercial Bank and Tisco Bank lent SSI, Thailand's largest steel maker, the money…

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Michigan officials say more than $2.2 million in loans and a grant have been awarded to help redevelop the site of a former Detroit-area steel mill. The state Department of Environmental Quality says Tuesday the funding for the Detroit/Wayne County Port Authority is for the Ferrous CAL Co. redevelopment project.…

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Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) have undertaken Modernisation and Expansion (at Bhilai, Bokaro, Durgapur, Rourkela, ISP, Burnpur and Special Steel Plant at Salem of SAIL and Vizag Steel Plant of RINL) to enhance its crude steel production capacity in the current phase from…

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Evraz Highveld Steel And Vanadium Ltd Intention of company to resume production once adequate funding has been secured. All plant and equipment will for moment be placed in care and maintenance and prepared for future start up. Decided to cease production of ironmaking division, which was necessitated by amongst others…

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Steel Dynamics Inc.’s second-quarter profit narrowed sharply as the steelmaker and metals recycler continued to struggle with low steel prices tied to a global steel glut and record imports to the U.S. Last month, the Fort Wayne, Ind., company warned that while shipments rebounded in the quarter, metal margins compressed…

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Tata Steel sought shareholder approval to raise up to Rs 10,000 crore through sale of securities, the steelmaker said in its latest annual report. The sale of securities could be in the form private offerings in domestic or international market or through an issuance of shares, bonds, debentures and warrants.…