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NEW DELHI: Air India owes three state-owned oil firms Rs 5,000 crore in unpaid fuel bills with payments being delayed by almost eight months, forcing retailers to snap supplies, Indian Oil Corp (IOC) said on Friday. IOC, Bharat Petroleum Corp Ltd (BPCL) & Hindustan Petroleum Corp Ltd (HPCL) on Thursday afternoon stopped jet fuel or…
DetailsBarrett Steel has acquired the business and assets of John Parker & Son Limited’s Shoreham site from the administrators. The move sees 50 staff move over to Barrett from their former employer and it boosts the company’s network to 27 locations across the UK. The acquired site will now operate as Barrett Steel Shoreham. Group…
DetailsThe Chinese government has revived a 25% tariff on imports of US automobiles and a 5% tariff on auto parts, set to take effect on December 15, which some market participants worry could imperil future investments as well as steel and base metals demand. Chinese tariffs on US-made cars and auto parts were placed on…
DetailsIndustrial activity and steel consumption are stronger, generally, in Scandinavia, than in the rest of Europe. Regional producers attempted to reverse the negative price tendency, and improve their profitability, by introducing increased selling values, for coils, sheets and plates, in June. Buyers, however, took a different view, and small price reductions were recorded, for most…
DetailsIn Magnitogorsk, an official ceremony took place for the commissioning of two four-apartment houses which were built for employees of MMK Group as part of the Group’s long-term housing programme ‘Affordable housing for the metallurgists of MMK’. These houses are part of ‘Klyuchevskaya’, a residential complex, currently under construction in the village of Soty, an…
DetailsPAO 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.…
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