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Mumbai|New Delhi: Automobile industry captains have welcomed the sops announced by finance minister Nirmala Sitharaman on Friday to revive the sector that is going through its worst sales decline in almost two decades. “The government has done the maximum it could have to revive demand,” said RC Bhargava, chairman of Maruti Suzuki, the country’s largest…
DetailsMagnitogorsk Iron and Steel Works was awarded a certificate by the United Nations Industrial Development Organisation for its contribution to sustainable development and environmental initiatives in the Chelyabinsk region, as well as for the successful implementation of its ‘Energy Management of Industrial Enterprises’ program. The UN experts praised MMK’s efforts to reduce and prevent anthropogenic…
DetailsDomestic prices for hollow steel sections remained unchanged across Europe this week, with trading largely on hold during the traditional summer break, sources told Fastmarkets on Wednesday August 14. Fastmarkets’ weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, stayed at €615-630 ($688-705) per tonne on Wednesday. During August, many workers take holidays and mills…
DetailsMagnitogorsk Iron and Steel Works (MMK) has partnered with Deloitte CIS to create a digitalisation strategy for the Company. The agreement was signed during the St. Petersburg International Economic Forum. MMK has decided to update its digital portfolio as part of the Company’s overall development strategy up to 2025. To do this, Deloitte CIS will…
DetailsIron ore futures opened lower Friday in daytime trading on the Dalian Commodity Exchange (DCE). The most active iron ore contract for January 2020 delivery dipped 6 yuan (about 85 U.S. cents) to open at 620 yuan per tonne. As the world's largest importer of iron ore, China opened the DCE iron ore futures to…
DetailsNEW 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…
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