ArcelorMittal Europe is looking to increase its February prices for sections for new orders by around Euro 15/T as scrap prices have moved up since December. In December, other leading sections producers – including Italy’s Duferdofin – announced base price increases for all sections by Euro 20/T from January in both the domestic and the export markets. In Italy sections prices are generally hovering at around Euro 455-460/T. (Source – SBB, London)
Iron ore prices bounced back after slumping to their lowest in seven years in December, 2015 on bargain hunting by traders and small steel mills. The benchmark 62% Fe grade iron ore recovered to trade at US$ 43.11/T, up by 13% from its low of US$ 38.30/T on December 11, 2015. (Source – Metal Junction)
United States Steel Corp., which cut its ties with its Canadian unit last fall, says a liquidation of the business should be considered. An earlier sales process, done while U.S. Steel was still the parent of U.S. Steel Canada, failed. Liquidation – if no buyer is found – would mean the disappearance of a company that for decades was one of the blue-chip members of Corporate Canada. (Source - Press Reports)
Tata Steel has purchased the ailing cable-maker, Incab Industries, with the Delhi High Court rejecting the basic opposition of competing bidder, RR Kabels. Once a major cable producer, in its heydays it employed nearly 2,000 people in Jamshedpur. Incab Industries, has a plant located on approximately 176 acres of sub-leased land adjacent to Tata Steel in Jamshedpur, a manufacturing facility in Pune, and assets in Kolkata. However, its manufacturing activities have been in a state of suspension for the past 16 years. (Source - Press Reports)
Republic Steel, USA will temporarily idle the rolling mill operations at its Lorain, Ohio facility. The Lorain SBQ bar mill has continued to struggle over the last year due to the decline in the energy market and customer demand. About 200 employees will be laid off as a result of the idling. (Source - SBB, London)
The world's number five diversified mining company, Anglo American has announced a radical portfolio restructuring. The company would cut around 85,000 employees, almost two-thirds of its workforce. It's reducing the number of mines it operates from 55 to the "low 20s". (Source – Mining)
Iron ore prices bounced back after slumping to their lowest in seven years in December, 2015 on bargain hunting by traders and small steel mills. The benchmark 62% Fe grade iron ore recovered to trade at US$ 43.11/T, up by 13% from its low of US$ 38.30/T on December 11, 2015. (Source – Metal Junction)
United States Steel Corp., which cut its ties with its Canadian unit last fall, says a liquidation of the business should be considered. An earlier sales process, done while U.S. Steel was still the parent of U.S. Steel Canada, failed. Liquidation – if no buyer is found – would mean the disappearance of a company that for decades was one of the blue-chip members of Corporate Canada. (Source - Press Reports)
Tata Steel has purchased the ailing cable-maker, Incab Industries, with the Delhi High Court rejecting the basic opposition of competing bidder, RR Kabels. Once a major cable producer, in its heydays it employed nearly 2,000 people in Jamshedpur. Incab Industries, has a plant located on approximately 176 acres of sub-leased land adjacent to Tata Steel in Jamshedpur, a manufacturing facility in Pune, and assets in Kolkata. However, its manufacturing activities have been in a state of suspension for the past 16 years. (Source - Press Reports)
Republic Steel, USA will temporarily idle the rolling mill operations at its Lorain, Ohio facility. The Lorain SBQ bar mill has continued to struggle over the last year due to the decline in the energy market and customer demand. About 200 employees will be laid off as a result of the idling. (Source - SBB, London)
The world's number five diversified mining company, Anglo American has announced a radical portfolio restructuring. The company would cut around 85,000 employees, almost two-thirds of its workforce. It's reducing the number of mines it operates from 55 to the "low 20s". (Source – Mining)
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