Metallurgy news

• US Steel cuts production and thousands of workers US Steel plans to suspend blast furnace operations at Gary Works and temporarily lay off up to 6,500 workers nationwide in response to the coronavirus pandemic. The company has filed an application with the US Securities and Exchange Commission, saying it plans to issue an adjustment and retraining... 04.05.2020  10:42

• Economic Impact of the COVID-19 Outbreak in China Chief Representative of Worldsteel's Beijing Office and Adviser for Economics, Commodities and Markets, Mr. Frank Zhong wrote: “Since mid-February, the situation in China has improved significantly. Most provinces have not reported any new internal infections for over six weeks. However, it is s... 01.05.2020  12:29

• Will the drop in oil prices lead to a drop in world steel prices? Oil prices have plummeted in recent months. This raises concerns among market participants that a drop in steel prices, similar to the one recorded in 2015, could occur. In December of that year, the average global MEPS hot rolled coil deal price fell by about $ 100 per tonne below the lowest... 30.04.2020  12:02

• Japan's steel production at its lowest level in 10 years Crude steel production in Japan has fallen over the past three quarters to levels not seen since 2009, when the industry is facing closures of production and construction sites caused by the coronavirus pandemic, exacerbating the challenges posed by existing cold domestic demand and export... 30.04.2020  11:55

• Iranian Steel Association reports declining exports The Steel Producers Association of Iran warned of a decrease in steel exports from Iran and foreign exchange earnings due to the Covid-19 pandemic and government export restrictions. Steel exports from Iran could be 3.5-5 billion dollars a year, if not for the restrictions imposed by the... 30.04.2020  11:46

• Severstal cuts capital investment plan for 2020 Severstal lowered its 2020 capex forecast by 15% to US $ 1.45 billion, anticipating lower domestic demand as a result of the spread of the coronavirus pandemic. Severstal CEO Alexander Shevelev said: “We recently decided to suspend some of our 2020 investment projects and change the financing s... 29.04.2020  12:02

• Baosteel Reports 44% Drop in First Quarter Profits Net profit of Baoshan Iron & Steel Co Ltd in January-March 2020 decreased to 1.54 billion yuan, down 44% yoy. Baosteel produced 11.8 million tonnes of steel in the first quarter. Baoshan said: “With the lengthy spring holidays and the spread of the novel coronavirus pandemic at home and abroad, d... 29.04.2020  11:57

• New SSAB Raahe steel makes ships lighter SSAB Raahe took a step towards environmental and reliability improvements in March when the ship classification society DNV GL approved VL 690 high strength steel. VL 690 high strength steel should help ships become lighter, which in turn translates into greater fuel economy. the course of their... 29.04.2020  11:50

• Hyundai Steel: focus on investments in the second half of 2020 Hyundai Steel posted an operating loss for the second quarter in a row. Believing that the impact of Covid-19 on profits will reach its worst level in the second quarter of 2020, the company is forecasting an 8.0% decline in sales in 2020. But the firm's stock should rebound after economic activity... 28.04.2020  12:20

• China's Baowu ousters long-reigning steel king ArcelorMittal Although China is the leading steel producer in the world, no Chinese steel producer has yet come out on top or ahead of ArcelorMittal. China Baowu Steel Group surpassed ArcelorMittal in crude steel production in 2019, according to public figures, ending its dominance in the European heavyweight... 28.04.2020  11:31