Nucor has made second round of plate price hikes Monday when it announced a US$ 30/s.T. increase on all new orders of carbon, alloy and heat-treated plate, effective immediately. The announcement comes exactly one month after its earlier US$ 30/s.T. increase announcement. All other domestic mills independently followed that move and market sources believe others will follow this one as well. The December increases announced by mills have been partially successful. The Platts plate price assessment stands at US$ 465-480/s.T. ex-works southeastern US mill on Monday. (Source - SBB, London)
RINL has signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh state to increase the capacity of its Visakhapatnam steelworks to 11.5-12 MTpa. It committed to invest a total of Rs. 38500 cr. in several expansion projects. The plant has recently completed an expansion of capacity from 3 MTpa to 6.3 MTpa but production has yet to ramp up to this level. (Source - SBB, London)
Going ahead with industry’s persisting demand for controlling rising imports of steel, India’s Steel Ministry will propose for hiking the peak customs duty on steel to 25% in the Budget for next fiscal from 15% now. If implemented, this would be two successive increases, though will remain within the upper ceiling of 40% allowed by WTO. (Source – Metal Junction)
Arch Coal, the U.S. second-largest miner of coal has filed for chapter 11 bankruptcy protection as part of a restructuring aimed at reducing debt by US$ 4.5 billion. It reached an agreement with a majority of lenders under its US$ 1.9 billion first-lien facility to restructure its debt. The company believes it has sufficient liquidity to continue its normal mining activities and to meet its obligations in the ordinary course. (Source – Mining)
JSW Steel Limited reports quarterly Crude Steel production at 2.70 MT for Q3, 15-16. Crude Steel production is lower in 03 FY'16 due to planned shutdown of one Blast furnace each at all three locations viz. Vijayanagar, Dolvi and Salem; for capacity enhancement. The company achieved cumulative Crude Steel production of 9.36 MT in the first nine months of FY'16 against 9.57 MT during the corresponding period of last year. (Source - Press Reports)
The future of the ArcelorMittal steel plant in Steelton, USA remains uncertain as companies have expressed interest in buying the facility. At least two parties have inquired about purchasing the steel plant, which employs more than 650 workers. The local plant is one of only three steel plants in North and South America that produce rails for railroads. In 2005, Mittal Steel purchased ISG and took over control of the plant. (Source - Press Reports)
RINL has signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh state to increase the capacity of its Visakhapatnam steelworks to 11.5-12 MTpa. It committed to invest a total of Rs. 38500 cr. in several expansion projects. The plant has recently completed an expansion of capacity from 3 MTpa to 6.3 MTpa but production has yet to ramp up to this level. (Source - SBB, London)
Going ahead with industry’s persisting demand for controlling rising imports of steel, India’s Steel Ministry will propose for hiking the peak customs duty on steel to 25% in the Budget for next fiscal from 15% now. If implemented, this would be two successive increases, though will remain within the upper ceiling of 40% allowed by WTO. (Source – Metal Junction)
Arch Coal, the U.S. second-largest miner of coal has filed for chapter 11 bankruptcy protection as part of a restructuring aimed at reducing debt by US$ 4.5 billion. It reached an agreement with a majority of lenders under its US$ 1.9 billion first-lien facility to restructure its debt. The company believes it has sufficient liquidity to continue its normal mining activities and to meet its obligations in the ordinary course. (Source – Mining)
JSW Steel Limited reports quarterly Crude Steel production at 2.70 MT for Q3, 15-16. Crude Steel production is lower in 03 FY'16 due to planned shutdown of one Blast furnace each at all three locations viz. Vijayanagar, Dolvi and Salem; for capacity enhancement. The company achieved cumulative Crude Steel production of 9.36 MT in the first nine months of FY'16 against 9.57 MT during the corresponding period of last year. (Source - Press Reports)
The future of the ArcelorMittal steel plant in Steelton, USA remains uncertain as companies have expressed interest in buying the facility. At least two parties have inquired about purchasing the steel plant, which employs more than 650 workers. The local plant is one of only three steel plants in North and South America that produce rails for railroads. In 2005, Mittal Steel purchased ISG and took over control of the plant. (Source - Press Reports)
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