Severstal announces sale of Mini-Mill Balakovo

PAO Severstal (the “Company”) one of the world’s leading vertically integrated steel and steel-related mining companies, announces that it has entered into a definitive agreement with Abinsk Electric Steel Works LTD for the sale of Mini-Mill Balakovo. The consideration of the transaction will be $215 million. The transaction is expected to complete in first half…

Details

West Bengal, Odisha, Jharkhand to be major contributors in meeting 300 MT steel output target: Dharmendra Pradhan

"The eastern region of the country holds immense potential and a large part of steel production target as envisioned in National Steel Policy (NSP) 2017 will come from states like Jharkhand, Odisha, West Bengal," a statement issued by Steel Authority of India Ltd (SAIL) quoted the steel minister as saying. Jharkhand, Odisha and West Bengal…

Details

Lodhia Group Putting Billet Plant in Tanzania

Tanzania’s steel and plastics firm Lodhia Group is putting up the country’s first billets plant. According to Lodhia Group managing director Mr Sailesh Pandit, the plant will help meet the high demand for billets in Tanzania and neighbouring countries besides helping fight off under valued, under declared and substandard steel imports from South Africa that…

Details

Reduced volumes of Chinese-produced steel have been going into the country’s export markets throughout 2019 so far. So why is it that steel product prices remain under pressure in other global markets?

Reduced volumes of Chinese-produced steel have been going into the country’s export markets throughout 2019 so far. So why is it that steel product prices remain under pressure in other global markets? According to China’s General Administration of Customs, in July 2019 the East Asian country exported 5.57 million tonnes of steel, including both semi-finished…

Details

Steel and Tube Holdings Announced Result

Steel & Tube Holdings Limited made good progress on its business turnaround programme in FY19, although positive gains were offset by lower than expected gross margin performance due to market contraction in some high value categories and a highly competitive market. Revenues were $498.1 million, earnings before interest and tax was $16.8 million and net…

Details