China’s Baosteel Group is actively seeking a buyer for the 40% share it holds indirectly in Shanghai Krupp Stainless Co (SKS), the stainless cold rolling mill in Pudong, Shanghai. Baosteel values the stake at US$ 298 million. The Chinese steel giant made its move one day after the Finnish stainless producer Outokumpu, formerly the majority shareholder in SKS, completed selling a 55% holding in the stainless mill to Lujiazui International Trust. SKS has a stainless cold rolling capacity of 290,000 Tpa and produces mainly grade 304 and 430 stainless CRC. (Source - SBB, London)
Administrators have closed the Ductile unit of Caparo Precision Strip, the coldrolled strip plant in Willenhall near Birmingham, UK, after failing to find a buyer for the mill. It was the last of the Caparo companies to remain in administration after the group collapsed in October. The strip mill was not among the Caparo businesses acquired by Liberty Steel earlier this month. The closure will cause 33 job losses. (Source - SBB, London)
Investment firm Greybull Capital has emerged as a favourite to buy Tata Steel's struggling UK-based unit. Tata has been trying to sell its long products unit. Greybull, which last year rescued British holidays and airline company Monarch, is favourite to buy the unit, and that Tata Steel will make a decision in January at the latest. (Source - Metal Junction)
Hot rolled coil prices increased last week in the USA and southern Europe, while prices for other products also showed some gains, according to the weekly price report from The Steel Index. In the US the weekly average of TSI’s daily HRC reference prices rose by US$ 4/short ton to US$ 371/s.T. FOB Midwest mill in the week ended December 20. In southern Europe HRC prices rose by Euro 5/T to Euro 282/T ex-mill. The region also saw gains for CRC (up by Euro 7/T), plate (up by Euro 4/T) and rebar (up by Euro 1/T). (Source - SBB, London)
Uttam Galva Metallics has signed an agreement with South Korea's Posco to use its steel making technology at the upcoming 1.5 MT plant at Wardha in Maharashtra. Both the companies have already floated a joint venture (JV) Posco Uttam Galva Metallics for setting up the plant, which is expected to be operational by April 2019. The plant, which will use low-grade iron ore mined from Goa, plans to use Posco’s Finex and Cem (Compact Endless Casting and Rolling mill) technologies. Compared to blast furnaces, it reduces the emissions of sulphur oxides by 40%, nitrogen oxides by 15% and dust scattering by 71%. CEM technology integrates the steelmaking, continuous casting and rolling processes into one to reduce energy consumption by 30-40% vis-a-vis the existing technologies. (Source – Press Reports)
Administrators have closed the Ductile unit of Caparo Precision Strip, the coldrolled strip plant in Willenhall near Birmingham, UK, after failing to find a buyer for the mill. It was the last of the Caparo companies to remain in administration after the group collapsed in October. The strip mill was not among the Caparo businesses acquired by Liberty Steel earlier this month. The closure will cause 33 job losses. (Source - SBB, London)
Investment firm Greybull Capital has emerged as a favourite to buy Tata Steel's struggling UK-based unit. Tata has been trying to sell its long products unit. Greybull, which last year rescued British holidays and airline company Monarch, is favourite to buy the unit, and that Tata Steel will make a decision in January at the latest. (Source - Metal Junction)
Hot rolled coil prices increased last week in the USA and southern Europe, while prices for other products also showed some gains, according to the weekly price report from The Steel Index. In the US the weekly average of TSI’s daily HRC reference prices rose by US$ 4/short ton to US$ 371/s.T. FOB Midwest mill in the week ended December 20. In southern Europe HRC prices rose by Euro 5/T to Euro 282/T ex-mill. The region also saw gains for CRC (up by Euro 7/T), plate (up by Euro 4/T) and rebar (up by Euro 1/T). (Source - SBB, London)
Uttam Galva Metallics has signed an agreement with South Korea's Posco to use its steel making technology at the upcoming 1.5 MT plant at Wardha in Maharashtra. Both the companies have already floated a joint venture (JV) Posco Uttam Galva Metallics for setting up the plant, which is expected to be operational by April 2019. The plant, which will use low-grade iron ore mined from Goa, plans to use Posco’s Finex and Cem (Compact Endless Casting and Rolling mill) technologies. Compared to blast furnaces, it reduces the emissions of sulphur oxides by 40%, nitrogen oxides by 15% and dust scattering by 71%. CEM technology integrates the steelmaking, continuous casting and rolling processes into one to reduce energy consumption by 30-40% vis-a-vis the existing technologies. (Source – Press Reports)
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