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PAO Severstal announces that the Company’s organizational structure has been reconfigured to support its updated strategy and ensure it consistently delivers an excellent customer experience. Based on agile business principles, all of the Company’s production and “selling” divisions now fall under two streams – upstream and downstream, for which common business goals are set. Upstream…
Details‘Budgetary allocation will give market a boost’ Rashtriya Ispat Nigam Limited (RINL) Chairman-cum-Managing Director P.K. Rath on Thursday exuded confidence that the sluggish market being witnessed by the steel industry would be overcome this year. Mr. Rath hoisted the tricolour and inspected the guard of honour during the 73rd Independence Day celebrations organised at Ukkunagaram.…
DetailsMUMBAI: Can separate tax rates be levied on same product imported by two different companies, based on the end use? The customs department seems to think so, going by its latest tax demand from carmakers. The customs department has started issuing notices to several automakers, asking them to cough up 28% goods and services tax…
DetailsTo ensure compliance with relevant standards in the food and medical technology sector, Schoeller Werk will from now on use a new surface roughness meter (profilometer). This allows stainless steel tubes to be precisely tested at each 10th or 20th standard production length. What is more, the leading manufacturer of longitudinally welded stainless steel tubes…
DetailsThe Eurasian Economic Commission (EEC) will impose a quota for hot-rolled flat steel imports to members of the Eurasian Economic Union (EEU) for one year starting from December 1, 2019. The EEU countries are Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan. The total quota for the EEU bloc will be 1.33 million tonnes, the EEC announced…
DetailsAfter successfully completing the commissioning of its new horizontal straightening machine, Hyundai Steel has awarded SMS group a follow-up order for the revamp of its Incheon heavy section mill in South Korea. With this revamp Hyundai Steel aims to expand its product range towards larger sections with webs of up to 1,100 millimeters and sheet…
DetailsMagnitogorsk Iron and Steel Works (MMK) commissioned sinter plant No. 5, the only one of its kind in Russia, in the presence of Russian President Vladimir Putin. The facility has a capacity of up to 5.5 million tonnes of sinter per year. MMK’s new sinter plant is equipped with state-of-the-art equipment, allowing it…
DetailsMechel PAO (MOEX: MTLR; NYSE: MTL), a leading Russian mining and metals company, reports signing an agreement with CTP BELAZ-24 OOO for 15 dump trucks with a total value of approximately two billion rubles. The deal was signed on the sidelines of the international specialized mining technologies exposition “Russian Coal and Mining” held in Novokuznetsk.…
DetailsKWEKWE-BASED wire-making company, Lancashire Steel says it needs an additional ZWL$19 million to ensure it smoothly emerges from the woods after closing down in 2010 due to operational constraints. The firm, which is about to resume operations recently received ZWL$2 million from Government through the Zimbabwe Asset Management Company (Zamco). In an interview, Lancashire Steel…
DetailsFinance Minister Nirmala Sitharaman said that to boost demand in the automobile sector several temporary relief measures will be introduced including an increased depreciation cost for automobiles for corporates and businesses, however, she stopped short of giving a GST cut for automobiles, something the industry has been lobbying for. All BS-IV vehicles purchased upto March…
DetailsXining Special Steel said that its revenue in the first half of the year was 4.388 billion yuan, up 29.6% from a year earlier, and net profit was 58.4685 million yuan, up 365.05% from a year earlier, according to a semi-annual report released by Xining Special Steel on the evening of Aug. 20. According to…
DetailsTurkey’s military pension fund, OYAK, has reached a provisional agreement to buy steelmaker British Steel, OYAK said on Friday August 16. OYAK is the biggest shareholder of Turkey’s largest steel producer, Erdemir Group, and this agreement is a step toward in its goal to become a regional leader in steel sector, OYAK said. British Steel…
DetailsIn many parts of the world, the outlook for growth in steel demand is quite modest. However, the region that continues to buck the trend is Southeast Asia. This area is a steadily developing market. All ASEAN countries recorded positive growth in 2018 – with similar projections expected, this year. Increased activity from the construction…
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