Egypt's largest steel producer Ezz Steel hit a net loss of US$ 71.4 million during the first nine months in 2015. The company saw a net loss of US$ 26.2 million in the same period last year. The losses are being attributed to severe shortage of foreign currency, which has prevented the company from ensuring the feedstock for its factories. With a total actual capacity of 5.8 MT of finished steel per annum, Ezz Steel is the Egyptian market leader in terms of sales. (Source – Steelonthenet)
According to International Stainless Steel Forum (ISSF), the global stainless steel production dropped slightly by 0.50% during the first three quarters of the current year, in comparison with the corresponding nine-month period last year. The total stainless steel output during the third quarter of the current year amounted to 10.18 MT, down by 6.4% as compared to Q3 2015. The Chinese output declined considerably by 6.5% quarter-on-quarter during Q3 to 5.371 MT. (Source - Shanghai Metal Market)
Odisha State Govt. has simplified the procedures for supply of ore as per the long-term linkage policy. As per the Cabinet’s decision, OMC would be allowed to execute sale agreements with the long-term buyers. The allotment quantity to be assured under long-term linkage would be determined by a committee which would be reconstituted by the Government. These decisions are expected to improve ease of doing business for buyers of iron ore and chrome ore. As per the long-term linkage policy, OMC supplies up to 70 % of its iron ore production and 50% of its chrome ore output to industries within the State. (Source - Press Reports)
Essar Steel, USA which had changed its mind about building a steel plant on the Iron Range has agreed to give back incentive payments it accepted from the State. Essar Steel Minnesota has agreed to a plan to repay the US$ 66 million. Under the agreement, Essar will pay the state $10 million by the end of March. In 2017 the company will begin a series of 16 quarterly payments through the end of 2020. (Source - Press Reports)
NMDC expects to start commercial production of its 3 MTpa capacity steel plant in Chhattisgarh to commence by the middle of 2017. The plant erection will be completed by December 2016. Trial of the plant will start by December 2016. Production will start in the middle of 2017. The capacity of the steel plant will be about 60% for the first year and would go up gradually to 100% over a period of time. (Source - Press Reports)
According to International Stainless Steel Forum (ISSF), the global stainless steel production dropped slightly by 0.50% during the first three quarters of the current year, in comparison with the corresponding nine-month period last year. The total stainless steel output during the third quarter of the current year amounted to 10.18 MT, down by 6.4% as compared to Q3 2015. The Chinese output declined considerably by 6.5% quarter-on-quarter during Q3 to 5.371 MT. (Source - Shanghai Metal Market)
Odisha State Govt. has simplified the procedures for supply of ore as per the long-term linkage policy. As per the Cabinet’s decision, OMC would be allowed to execute sale agreements with the long-term buyers. The allotment quantity to be assured under long-term linkage would be determined by a committee which would be reconstituted by the Government. These decisions are expected to improve ease of doing business for buyers of iron ore and chrome ore. As per the long-term linkage policy, OMC supplies up to 70 % of its iron ore production and 50% of its chrome ore output to industries within the State. (Source - Press Reports)
Essar Steel, USA which had changed its mind about building a steel plant on the Iron Range has agreed to give back incentive payments it accepted from the State. Essar Steel Minnesota has agreed to a plan to repay the US$ 66 million. Under the agreement, Essar will pay the state $10 million by the end of March. In 2017 the company will begin a series of 16 quarterly payments through the end of 2020. (Source - Press Reports)
NMDC expects to start commercial production of its 3 MTpa capacity steel plant in Chhattisgarh to commence by the middle of 2017. The plant erection will be completed by December 2016. Trial of the plant will start by December 2016. Production will start in the middle of 2017. The capacity of the steel plant will be about 60% for the first year and would go up gradually to 100% over a period of time. (Source - Press Reports)
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