NEWS

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Bhushan Steel today said it is in talks with Monnet Ispat and Energy to acquire the company's stake in Orissa Sponge Iron and Steel. In a BSE filing, Bhushan Steel said: "Our discussion with Monnet Ispat regarding purchase of their stake in Orissa Sponge Iron & Steel Ltd (OSISL) is…

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Baoshan Iron & Steel , China's biggest listed steel company, reported a modest increase in first-half profit on Monday, citing easing demand in its domestic market. China's steel sector is grappling with chronic overcapacity, tougher environmental measures and an economic slowdown that is hitting demand for industrial metals. "The steel…

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Egypt’s largest steel maker Ezz Steel’s first-quarter net loss increased to 136 million Egyptian pounds (Dh63.76 million, $17 million) from 19 million pounds in the same period last year, hit by foreign currency shortages, the company said on Thursday. Net sales fell to 4.8 billion pounds from 5.3 billion in…

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Tata Steel is planning to raise Rs 1,500 crore through issuance of commercial paper (CP), a short-term debt instrument. Tata Steel Ltd's Rs 1,500 crore commercial paper (CP) programme has been assigned strong safety high grading by India Ratings and Research ( Ind-Ra). "India Ratings and Research (Ind-Ra) has assigned…

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ArcelorMittal South Africa is willing to cap its profit margin if the government imposes duties of up to 10 percent on imported steel, Chief Executive Paul O'Flaherty told Reuters on Wednesday. Cheap imports from China are hurting South Africa's steelmakers with Evraz Highveld Steel and Vanadium in business rescue proceedings…

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Toyota Motor Corp. and major steel makers have agreed to lower prices for steel sheet for the April-September period from the previous six months, marking the first price cut in a year, industry sources said Thursday. Toyota and the steel makers, including Nippon Steel & Sumitomo Metal Corp., reached the…

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Close on heels of despatching its first export consignment of steel to quake-hit Nepal on July 30, Steel Authority of India's newly expanded and modernised IISCO Steel Plant (ISP) at Burnpur, has sent its first export consignment of Granulated Slag to Bhutan. The consignment which consists of 4000 tonnes of…

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London-based JSW Steel Service Centre is into processing and sale of steel, while Argent Independent Holdings - that is also based in London - is a holding company. Nairobi-based JSW Steel East Africa is into mining of non-ferrous metal ores and manufacture of basic iron and steel, among others. JSW…

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Pittsburgh, USA-based United States Steel Corporation intends to permanently close its blast furnace and associated steelmaking operations, along with most of its flat-rolled finishing operations at the Fairfield Works in Fairfield, Alabama. Mario Longhi, U. S. Steel President and CEO, said that the company had made some difficult decisions over…

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In a desperate move, leading Indian steel companies reeling under mounting imports from China, South Korea and Japan have urged the government to impose `safeguard duties', to protect the domestic industry from the onslaught of cheaper imports. Safeguard duties are levied on imports as a temporary measure by the government…