The European Union will impose duties on imports of cold-rolled flat steel from China and Russia while its investigation into dumping by the two countries continues. The European Commission has set provisional duties of up to 16 % for China and of up to 26% for Russia. As per Eurofer, overall imports of steel in EU surged by 29% year-on-year in the third quarter of last year and by 51 % in the final three months. Russia, China and Ukraine made up some 60% of total steel imports. (Source - Press Reports)
Posco, South Korea’s biggest steelmaker, posted its smallest annual profit ever after a flood of Chinese exports pushed global prices to their lowest in at least a decade. The consolidated net income, excluding minority interests, was 181 billion won (US$ 150 million) in 2015, down from 626.1 billion won a year earlier. The steelmaker posted an annual loss including minority interests of US$ 80 mn. (96.2 billion won), the first ever negative number in this category, versus a profit of 556.7 billion won a year earlier. It produced 38 MT of crude steel in 2015 as compared to 37.65 MT in 2014. (Source - Press Reports)
Tata Steel plans to shed a further 1,050 jobs in the UK. 750 jobs will go at the Port Talbot plant in South Wales, the biggest steel plant in Britain. As per the company, the action was taken to help save the rest of the site from closure or mothballing and that the plant was losing GBP 1 million a day. Another 300 jobs will be lost at steel mills at two other Welsh plants, at Llanwern near Newport South Wales and at the Trostre tinplate manufacturing facility located just outside Llanelli, West Wales. (Source - Press reports)
Japan’s steel exports last calendar year slipped by 1.1% year-on-year to 41.64 MT as per Japan Iron & Steel Federation (JISF). Though this made for the second consecutive yearly decrease, the total still exceeded 40 MT for a sixth consecutive year. Shipments to major customers such as South Korea and China are decreasing while those to Vietnam and India are rising. Its exports to Vietnam surged by 13.4% y-o-y to 2.61 MT and to India by 53.6% y-o-y to 2.49 MT. (Source - SBB, London)
In 2015, Hyundai Steel’s consolidated net profit dipped by 1.8% to US$ 615 mn. Hyundai Steel is S.Korea’s second largest steel company. It blamed the global steel slump and the economic slowdown in China for its lower performance. Hyundai sold 19.9 MT of steel last year, up marginally from the 19.4 MT in 2014. (Source - SBB, London)
Posco, South Korea’s biggest steelmaker, posted its smallest annual profit ever after a flood of Chinese exports pushed global prices to their lowest in at least a decade. The consolidated net income, excluding minority interests, was 181 billion won (US$ 150 million) in 2015, down from 626.1 billion won a year earlier. The steelmaker posted an annual loss including minority interests of US$ 80 mn. (96.2 billion won), the first ever negative number in this category, versus a profit of 556.7 billion won a year earlier. It produced 38 MT of crude steel in 2015 as compared to 37.65 MT in 2014. (Source - Press Reports)
Tata Steel plans to shed a further 1,050 jobs in the UK. 750 jobs will go at the Port Talbot plant in South Wales, the biggest steel plant in Britain. As per the company, the action was taken to help save the rest of the site from closure or mothballing and that the plant was losing GBP 1 million a day. Another 300 jobs will be lost at steel mills at two other Welsh plants, at Llanwern near Newport South Wales and at the Trostre tinplate manufacturing facility located just outside Llanelli, West Wales. (Source - Press reports)
Japan’s steel exports last calendar year slipped by 1.1% year-on-year to 41.64 MT as per Japan Iron & Steel Federation (JISF). Though this made for the second consecutive yearly decrease, the total still exceeded 40 MT for a sixth consecutive year. Shipments to major customers such as South Korea and China are decreasing while those to Vietnam and India are rising. Its exports to Vietnam surged by 13.4% y-o-y to 2.61 MT and to India by 53.6% y-o-y to 2.49 MT. (Source - SBB, London)
In 2015, Hyundai Steel’s consolidated net profit dipped by 1.8% to US$ 615 mn. Hyundai Steel is S.Korea’s second largest steel company. It blamed the global steel slump and the economic slowdown in China for its lower performance. Hyundai sold 19.9 MT of steel last year, up marginally from the 19.4 MT in 2014. (Source - SBB, London)
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