Metallurgy news
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Iranian Steel Association reports declining exportsThe 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 ministry…
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Severstal cuts capital investment plan for 2020Severstal 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…
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Baosteel Reports 44% Drop in First Quarter ProfitsNet 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…
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New SSAB Raahe steel makes ships lighterSSAB 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…
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Hyundai Steel: focus on investments in the second half of 2020Hyundai 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…
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China's Baowu ousters long-reigning steel king ArcelorMittalAlthough 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…
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British Steel will resume operations in Northern IrelandBritish Steel has announced the resumption of production at its plants in Skinningrove in the UK and Lisburn in Northern Ireland. British Steel CEO Ron Deehlen said: “Three weeks ago we suspended production at our Special Profiles facility in Skinningrove, laying off about 300 employees as we…
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China's steel sector slows growth amid coronavirus outbreakChina's steel sector has been hit hard by the new coronavirus outbreak, with production slowing in the first quarter of this year and prices falling, but analysts expect a recovery in the second quarter as demand rebounds. Rolled steel production in the first quarter was 267 million tons, down 1.6…
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US Steel will reduce steel production capacityAccording to various market sources, US Steel intends to further reduce blast furnace capacity in the Mont Valley area outside Pittsburgh amid low demand. At its Gary Works in Indiana, supplies are expected to be cut, she said. The steelmaker is expected to take Blast Furnace # 1 at Mon Valley…
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Steel production in India decreased by 14%In March, crude steel production in the country fell by 14% to 8.65 million tonnes, according to a report by the World Steel Association. Since March 25, India has seen a nationwide lockdown affecting production, demand and supply of steel in the country. In the same month, a year ago, the country…
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