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Nucor, Mitsui launch steel processing joint venture

Nucor Corp. has added another prong in its international growth strategy by entering into an agreement with Mitsui & Co. (USA) Inc. under which each will indirectly own a 50-percent interest in a newly created company, NuMit LLC. The joint venture has been set up to invest in various steel and steel-related activities in North America and [...]

Post Budget price hike drives steel shares

Shares of steel companies were on a roll for the last one week in reaction to an increase in prices of the commodity following an excise duty hike by the government announced during the Union Budget. Steel majors such as SAIL and Tata Steel hiked prices by up to Rs 2,000 a tonne on the back of the excise duty hike and uptick in demand of late. [...]

Hebei Iron and Steel in talks with CITIC Pacific

Hebei Iron and Steel Group, the country's largest steelmaker by output, is in talks with CITIC Pacific Ltd, the Hong Kong-listed arm of China's biggest state-owned investment conglomerate, CITIC Group, to acquire Shijiazhuang Iron and Steel Co, the Xinhuan News Agency reported yesterday. The report, citing a senior executive from Hebei Iron and [...]

Hebei Steel mulls acquisition of local steel firm

China's major steel company Hebei Iron & Steel Group is in talks with CITIC Pacific to acquire a subsidiary of the latter, Shijiazhuang Iron and Steel Co., a special steel producer located in northern China's Hebei Province, said a senior manager with Hebei Steel. The result of the talks is likely to come out a month later, the unnamed manager [...]

SAIL hikes steel prices by upto Rs. 600 a tonne

State—owned steel major SAIL on Wednesday said that it has hiked steel prices by up to Rs. 600 a tonne, effective from March 1, on account of increase in excise duty. “Yes there is a price increase of about Rs 500 to Rs 600 a tonne due to the excise duty hike. The price increase is effective from March 1,” Steel Authority of India Ltd [...]

Steel re-rolling industry in crisis

The steel re-rolling industry of the country is in deep crisis, as the re-rolling mills are being run on as low as 40 percent production capacity against the normal 80-90 percent, Ali Ahmad, Vice Chairman of Pakistan Steel Re-rolling Mills Association (PSRMA) said. During his visit to Association of Builders and Developers, Ali said the [...]

Concerns over steel market

Johannesburg - Minister of Trade & Industry Dr Rob Davies will this week request urgent meetings to get answers from Kumba Iron Ore, ArcelorMittal South Africa and Anglo American about the effect on the steel market of Kumba's cancellation of a dirt-cheap iron-ore contract with ArcelorMittal. ArcelorMittal, the largest steel manufacturer in [...]

Big din as iron and steel firms bang heads

Kumba argued that ArcelorMittal failed to convert mining rights and therefore rendered the agreement null and void. It also indicated that ArcelorMittal knew about the cancellation as early as February 5, but did nothing about it until Friday. ArcelorMittal SA chief executive Nonkululeko Nyembezi-Heita was not available to comment, but issued a [...]

International Trade Commission a battleground for global disputes

Judging by its name alone, the U.S. International Trade Commission sounds like another Washington bureaucracy promoting American industry. Yet companies are increasingly turning to the agency to protect some of their most valuable assets. The ITC last week banned the import of cast steel railway wheels made by two Chinese companies for 10 [...]

Steel & Tube gets a man on his mettle

Steel & Tube's new boss Dave Taylor will present a top-to-bottom strategic review of the company to his board by the end of next month. The former BOC (British gas giant) and OneSteel senior executive arrived from Australia in October to replace industry stalwart Nick Calavrias, who left last April after 19 years with the company. Steel & [...]

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