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NEW DELHI: As India’s consumption breakdown begins to bite, the focus is firmly shifting to the four big buttresses that once kept the consumer economy rolling but are now floundering. Traditionally, the bulls have emerged from the shadows whenever these four have had good numbers to show. When they haven’t, the bears have taken over.…
DetailsBusiness Standard reported that UK based alternative investment manager that specialises in turning around underperforming facilities Nithia Capital has identified around 15 stressed steel assets in India for acquisition. While Nithia has zeroed in on about 15 assets, it is not planning to acquire all of them. Although they are all stressed assets, not all…
DetailsTurkey’s steel end-product consumption totaled 12.3 million tonnes in January-June 2019, down by 32.3% compared with the same period 2018, according to the Turkish Steel Producers’ Association (TÇÜD). Turkey consumed 5.3 million tonnes of finished long steel products, down by 41.1% compared with January-June 2018. Flat steel end-product consumption was 7 million tonnes in the…
DetailsThe prognosis for the Brazilian steel market is unchanged. Distributors plan to persevere with conservative inventory levels, reflecting a seasonal slowdown in end-user demand. Shipments to companies in construction related activities is weak. Steel price support from export demand is limited. In Russia, steel consuming engineering and manufacturing firms are reluctant to increase production capacity…
DetailsNLMK Lipetsk, NLMK Group’s flagship production site, has delivered electrical non-grain oriented (NGO, or dynamo) steel to Ruselprom (Russian Electrotechnical Group), a leading manufacturer and supplier of electrical machinery in Russia. NLMK’s NGO steel will be used to manufacture generators for the Azov wind farm, Rostov region’s first-ever renewable energy project. The 90 MW Azov…
DetailsDeloitte CIS has completed an assessment of MMK’s digital maturity and transformation potential as part of MMK’s digitalisation strategy. The joint team applied Deloitte’s global experience to analyse MMK’s current digital initiatives and future potential. Currently, as part of the Company’s Industry 4.0 initiative, MMK is implementing more than 20 projects, dozens have been completed…
DetailsNLMK Group and venture capital firm Fort Ross Ventures, a partner of Sberbank, have penned an agreement to cooperate to support innovations. Under the agreement, Fort Ross Ventures will provide NLMK Group with information on projects related to the Internet of Things, artificial intelligence technologies, cyber-security, cloud technologies, etc., that will enable the company to…
DetailsRUSAL and Braidy Industries Inc., a US-based holding company which owns both Veloxint, an MIT-incubated lightweighting solutions company, and NanoAl, a Northwestern University incubated materials research and technology company, announced an intent to establish a joint project in Ashland, Kentucky, USA to produce flat rolled aluminium products for the US automotive industry. The design capacity…
DetailsBHP Group posted its largest annual profit in five years and record full-year dividends, but its share price eased as the world’s biggest miner flagged global economic headwinds that could hit demand for its key commodities, iron ore and copper. Both profit and dividends slightly undershot expectations as BHP (BHP.AX) kept cash in its coffers…
DetailsNEW DELHI: Indian startups with turnover in excess of Rs 25 crore may have to pay income tax even though they may be eligible for the three-year tax holiday announced by the government. That’s because under tax laws, the threshold for exemption remains at Rs 25 crore. It has not yet been enhanced to Rs…
DetailsA slowdown in production at the ArcelorMittal Tin Mill in Weirton will result in nearly 100 workers expected to be laid off in phases beginning this week. ArcelorMittal said “In order to maintain its position as a competitive and sustainable tin plate producer, ArcelorMittal Weirton will lay off approximately 100 employees for an indefinite period…
DetailsHere are five Fastmarkets MB stories you might have missed on Wednesday August 21 that are worth another look. Swiss trading house Trafigura has begun blending copper concentrates in Malaysia, with small batches of output being offered to the market, Fastmarkets has learned. Zinc premiums in the United States widened upward in the week to Tuesday…
DetailsGlobal crude stainless steel production is predicted to reach a new record annual total of 53.1 million tonnes, in 2019. This would exceed the previous high figure, set last year, by more than 4.6 percent. Despite strong expansion in emerging countries, such as India and Indonesia, Chinese growth continues to outstrip the world average. MEPS’…
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