Metallurgy news
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Posco workers reach agreement to raise wagesPosco, the largest steel producer in South Korea, said it has entered into a wage and collective bargaining agreement with its union that will increase base wages by 2 percent. The union announced a vote earlier that day: 86.1 percent, or 5,449 workers, decided to take it, the company said. Of the…
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US flat steel supply interruptions expectedPlans to shut down US flat steel capacity are ramping up for the rest of the year, with at least 100 days of cutbacks at various factories, according to an analysis by S&P Global Platts. Most of the major flat steel manufacturers in the United States have scheduled maintenance scheduled for the…
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Sluggish global steel demand puts pressure on iron ore and coal pricesIn 2019, global steel mills' margins declined, which in turn led to lower iron ore consumption and coking coal prices. In 2018, HRC benchmark prices exceeded $ 1,000 /t delivered in the Midwest for the first time since 2008, and the robust rise in steel prices and demand since 2016 has provided…
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Vietnam's steel exports are on the riseVietnam's steel exports reached nearly US $ 2 billion this year, up nearly 15% over the same period in 2018. Vietnam's steel exports in July rose 4.7% from the previous month, according to the General Department of Customs. Steel exports increased in July after three consecutive months of declines…
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China's Hebei PMI weakens in AugustThe steel purchasing managers' index released by Hebei province in northern China fell 0.4 basis points from the previous month to 47 points out of 100 in August, indicating major weakness in the Chinese steel market. It was the fourth straight month, according to the latest figures released by the…
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US imposes duties on structural steel from China and MexicoThe US Department of Commerce said Wednesday it imposed duties on Chinese and Mexican structural steel after preliminary determination that manufacturers in both countries dumped manufactured structural steel on the US market at prices below fair market value. The department said it has imposed…
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Ukraine is one of the world leaders in iron ore reservesIn terms of explored reserves of iron ores, Ukraine, with a share of 18% of the world's reserves, is the world leader, and in terms of iron content, Ukraine's share is 10.5-11% of the world's reserves (one of the five leaders). This was reported by Valeriy Studentsov, Head of Metallurgy and…
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ArcelorMittal Italia will continue the operation of the Taranto plantArcelorMittal celebrates the publication in the Official Journal of Italy of a decree issued by the Italian government. This decree-law amends the so-called Cresquita law, which removed legal protections pending the implementation of an environmental plan for the Taranto plant. Once published, the…
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Fitch Downgrades 2019 Global Steel Price OutlookFitch Solutions Macro Research has revised its 2019 outlook for global steel prices downward as global prices continue to suffer from weak sentiment amid continuing U.S.-China trade tensions and growing risks to the global economy. Over the long term, Fitch Solutions is of the opinion that prices…
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Tata Steel closes 2 divisions in EuropeTata Steel Europe has announced plans to close its subsidiary Orb Electrical Steels in Newport, South Wales, as well as the Wolverhampton Engineering Steels Service Center in the UK, resulting in a potential loss of 406 jobs. Tata Steel shares fell 4% on Tuesday. Orb Electrical Steels has suffered…
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