Italian steel producers, after losing 1-1.3 million tonnes of output during the
stringent four weeks of coronavirus-prompted lockdowns, have resumed
production but working at around 40-50% of their capacity with most of them
executing COVID-19 precautions. Italy's steel mills had stopped production on
March 16 with the only exceptions being ArcelorMittal Italia in Taranto and
Arvedi in northern Italy. Steelmakers started to slowly reopen the week of April
13 after local prefectures granted them permission. Europe's second largest steel
producer Italy is making about 23 MT of steel annually. (Source – Steelguru)
Nucor, USA has decided to delay planned capital expenditures associated with its sheet mill expansion at Gallatin and its US$ 1.35 billion plate mill project in Kentucky as the company looks to conserve capital amid the coronavirus pandemic. Nucor previously said it planned to spend US$ 3.5 billion on expansion projects through 2022. The company has lowered its 2020 estimated capital expenditures to less than US$ 1.5 billion, down from an initial projection of US$ 2 billion in spending for the year. (Source – Platts)
Nucor has announced consolidated net earnings of US$ 20.3 million for the first quarter of 2020. By comparison, Nucor reported consolidated net earning of US$ 501.8 mn. for the first quarter of 2019. Net sales in Q1 totaled US$ 5.62 bn. as compared to US$ 6.09 bn. in Q1’19. Steel mill shipments in Q1 totaled 6.49 MT as compared to 5.98 million net tonnes in Q1’19. Included in the results are losses on assets of US$ 287.8 mn. related to company’s equity investment in Italy, Duferdofin, Nucor. (Source – Steelorbis)
JSW Steel USA is forging ahead with upgrades to its US operations even as the US steel industry suffers from Covid-19-related shutdowns in industries like automotive and a downturn in the energy industry. JSW Steel USA is making moves to upgrade its steel operations in Ohio, where it has an electric arc furnace (EAF) flat-rolled steel operation and Texas, where it makes plate and pipe products for the energy industry. (Source – Argus)
Tata Sons, the holding company of Tata Group, has refused to commit any further funds to support Tata Steel’s loss-making UK and Europe subsidiaries. As a result, a bailout by the UK government seems to be the only chance of survival for these businesses. However, the UK government is unlikely to offer more than one fifth of the funds required by these business. (Source - Press Reports)
Vale has cut its forecast for 2020 capital expenditure and warned that the novel coronavirus could hinder medium-term production, underlining the impact of the outbreak on the labor-intensive mining industry. Vale plans to cut its capital expenditure this year to US$ 4.6 billion from US$ 5 billion, as the coronavirus has made some construction and maintenance work unsafe. Vale has reported net income of US$ 239 million in Q1. (Source - Press Reports)
Nucor, USA has decided to delay planned capital expenditures associated with its sheet mill expansion at Gallatin and its US$ 1.35 billion plate mill project in Kentucky as the company looks to conserve capital amid the coronavirus pandemic. Nucor previously said it planned to spend US$ 3.5 billion on expansion projects through 2022. The company has lowered its 2020 estimated capital expenditures to less than US$ 1.5 billion, down from an initial projection of US$ 2 billion in spending for the year. (Source – Platts)
Nucor has announced consolidated net earnings of US$ 20.3 million for the first quarter of 2020. By comparison, Nucor reported consolidated net earning of US$ 501.8 mn. for the first quarter of 2019. Net sales in Q1 totaled US$ 5.62 bn. as compared to US$ 6.09 bn. in Q1’19. Steel mill shipments in Q1 totaled 6.49 MT as compared to 5.98 million net tonnes in Q1’19. Included in the results are losses on assets of US$ 287.8 mn. related to company’s equity investment in Italy, Duferdofin, Nucor. (Source – Steelorbis)
JSW Steel USA is forging ahead with upgrades to its US operations even as the US steel industry suffers from Covid-19-related shutdowns in industries like automotive and a downturn in the energy industry. JSW Steel USA is making moves to upgrade its steel operations in Ohio, where it has an electric arc furnace (EAF) flat-rolled steel operation and Texas, where it makes plate and pipe products for the energy industry. (Source – Argus)
Tata Sons, the holding company of Tata Group, has refused to commit any further funds to support Tata Steel’s loss-making UK and Europe subsidiaries. As a result, a bailout by the UK government seems to be the only chance of survival for these businesses. However, the UK government is unlikely to offer more than one fifth of the funds required by these business. (Source - Press Reports)
Vale has cut its forecast for 2020 capital expenditure and warned that the novel coronavirus could hinder medium-term production, underlining the impact of the outbreak on the labor-intensive mining industry. Vale plans to cut its capital expenditure this year to US$ 4.6 billion from US$ 5 billion, as the coronavirus has made some construction and maintenance work unsafe. Vale has reported net income of US$ 239 million in Q1. (Source - Press Reports)
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