South Korean steelmaker Hyundai Steel (Hyundai) has announced its financial results for the third quarter this year. Accordingly, Hyundai Steel has posted a net loss of KRW 45 billion ($39.93 million) for the third quarter, compared to a net loss of KRW 13 billion in the second quarter and a net loss of KRW 66 […]
Hyundai Steel reports net loss for Q3 Read More »
After a hiatus of more than sixteen years, it was announced on the company’s official page that the liquefied gas station would reopen to meet the needs of the company’s factories of gas used in cutting and welding operations. This station is considered one of the most important pillars of the company since its inauguration,
Reopening the liquefied gas station of the Libyan Iron and Steel Company Read More »
China’s iron ore imports rose by 8.2pc to 108.55mn t in September from August, the second-highest on record, preliminary customs data showed today. September imports rose by 9.2pc from a year earlier and were shy of July’s record 112.65 mn t. January-September iron ore imports increased by 10.8pc to 868.46mn t from the same period
China’s September iron ore imports rise to near record Read More »
Saudi Basic Industries Corp (SABIC) 2010.SE, the world’s 4th-biggest petrochemicals firm, reported a 47% rise in third-quarter profit, beating estimates on higher sales and output, but warned it still faces price pressures for some time to come. SABIC reported a net profit of 1.09 billion riyals ($291 million) in the quarter that ended on September 30,
SABIC third-quarter net profit up 47% Read More »
Egypt’s exports of iron and steel declined in the first 8 months of 2020 to $365 million , compared to $497 million in the same period in 2019, a decrease of 26%. The monthly report issued by the Building Materials Export Council indicated that the value of Egyptian steel exports increased by 64% last August,
Egypt’s exports of iron and steel record $365 million in 8 months Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.4 million tonnes (Mt) in September 2020, a 2.9% increase compared to September 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production
world’s production of crude steel rose 2.9% in September Read More »
Emirates Steel, a leading integrated steel plant in the UAE, has won the Safety Culture and Leadership Award 2020 by the World Steel Association (worldsteel) in recognition of its organisation-wide best-in-class health and safety protocols. Acknowledging industry excellence in safety and health since 2008, the award aims to highlight steel companies with superiority in occupational
صناعة الحديد شهدت انخفاضاً في الاستهلاك نتيجة للتباطؤ الاقتصادي العالمي وبخاصة في ظل التحديات التي فرضها فيروس «كورونا المستجد» على الوضع الاقتصادي ككل، ولكن الصناعة الوطنية قادرة على تخطي هذه المرحلة الحرجة التي أوجدت تحديات كبيرة على جميع المستويات. المهندس سعيد غمران الرميثي، الرئيس التنفيذي لشركة «حديد الإمارات»، يكشف في حواره نجاحات الشركة خلال الفترة
CEO of Emirates Steel, the iron and steel industry needs support Read More »
The modified unaudited financial results of the Egyptian Iron and Steel showed net losses of EGP 982.83 million during fiscal year 2019/2020, down by 35% year-on-year (YoY) from EGP 1.52 billion. Sales slumped to EGP 1.08 billion in the year ended 30 June from EGP 1.24 billion in FY18/19, the company said in a statement
Egyptian Iron and Steel’s loss down 35% in FY19/20 modified results Read More »
State Company for iron and steel, a company of the Ministry of Industry and Minerals, announced the completion of (85%) of the mechanical works in the reheating furnace of the rolling mill within the rehabilitation project. The general manager of the company, Abbas Hayal, mentioned in a statement to the media office in the ministry
State Company for iron and steel accomplishes 85% of the mechanical works Read More »
The “Tosyali Algeria” company – Oran – exported 18,000 tons of rebar and 400 tons of wire rod to Canada on Sunday at the communication cell of the same company. This cargo was transported as part of the seventh export of the company’s various products for the current year at the end of last week
Tosyali Algeria company exports 18,400 tons of steel products to Canada Read More »
China’s economy recovered further from the coronavirus in the third quarter, according to data released Monday by the National Bureau of Statistics. The world’s second-largest economy reported third-quarter GDP growth on the low end of expectations, up 4.9% from a year ago. That brings growth for the first three quarters of the year to 0.7%
China says its economy grew 4.9% in the third quarter Read More »
Emirates Steel announced that its products meet all requirements of the Leadership in Energy and Environmental Design (LEED) system, in addition to the requirements of the “Estidama” program and the pearl rating system of the Abu Dhabi government, as part of the company’s efforts to support the sustainable building development system. And to enhance environmental,
Saudi Arabia’s imports of iron and steel in the first nine months of this year amounted to about 11.8 million tons, with a total value of about 23.4 billion riyals. According to statistical data issued by the General Customs Authority, which Al-Eqtisadiah has reviewed, Saudi imports of iron and steel decreased by 3.5 million tons,
23.4 billion riyals is the value of Saudi Arabia’s imports of iron and steel in 9 months Read More »
The International Monetary Fund has revised its forecast of real GDP cuts in 2020 for all Gulf countries except Saudi Arabia, warning that the economic outlook is worsening for many emerging markets amid the Coronavirus crisis. In its latest report on the global economic outlook, yesterday, the Fund revised its previous forecast for Saudi Arabia,
The IMF expects the return of economic growth in the Gulf in 2021 Read More »
The Moroccan economy is expected to contract by -7% in 2020 before rebounding with 4.9% growth in 2021, according to the International Monetary Fund (IMF). In its latest “World Economic Outlook” report released on Tuesday, the IMF says that unemployment is expected to stand at 12.5% in 2020 before falling to 10.5% in 2021, against
Moroccan Economy Expected to Grow by 4.9% in 2021 (IMF) Read More »
Italian plantmaker Danieli has announced that it signed an agreement with SeAH Besteel, the largest special steel producer in South Korea, to increase the process efficiency of the company’s electric arc furnace No. 3 at its Gunsan meltshop. With Danieli’s Q-MELT technological package, the company will avoid over-oxidation, thus maximizing process repeatability and steel quality.
Danieli to modernize EAF for S. Korea’s SeAH Besteel Read More »
The shareholders of the Egyptian Iron and Steel Company agreed, during the extraordinary general assembly held on Monday, to divide the company by separating the mining and quarrying activities from the company. After the decision, Minister of Public Business Sector Hisham Tawfiq announced that the ministry intends to list the divided company on the Egyptian
Egyptian Iron and Steel Company agrees to separate the mining activity Read More »
ArcelorMittal Poland said it will permanently close the blast furnace and steel plant in Krakow this month due to reduced demand caused by the COVID-19 pandemic. “The COVID-19 pandemic has had unprecedented consequences for the European steel industry. Although demand in recent weeks has revived somewhat – mostly driven by inventory corrections – it is
ArcelorMittal to permanently close Krakow furnace and steel plant in Poland Read More »
The European Commission (EC) has announced that it will impose definitive antidumping duties (AD) on stainless steel hot rolled imports from Taiwan, China, and Indonesia. The antidumping duty rate on such imports will range between 9.2 percent and 19 percent for China and between 4.1 percent and 7.5 percent for Taiwan, while it will stand
EU to impose definitive AD duties on stainless HR from 3 countries Read More »
The Holding Company for Metal Industries, one of the Ministry of Public Business Sector companies, agreed to accept the resignation of the Chairman and members of the Iron and Steel Board of Directors, effective October 6, 2020. The company’s statement said today that the Board of Directors of the Mineral Holding, headed by Eng. Mohamed
Mineral Holding appoints a new board of directors for Egyptian Iron and Steel Company Read More »
Arada has announced the latest in a series of construction contracts at Aljada, the AED24 billion mixed-use community in the heart of New Sharjah. The developer awarded the AED102 million contract to build Phase 2 infrastructure works to support a number of different communities within Aljada to Al Marwan General Contracting Company. The scope of
UAE : Arada awards AED102 million contract to implement Phase 2 of Aljada project Read More »
Tosyali Algeria is once again a pioneer in the export of steel products with the first export of wire rod made in Algeria. Tosyali Algeria continues its export efforts and ships wire rod for the first time in the country’s history. The first shipment of 3,000 tonnes of wire rod to Senegal started on October
China logged a record daily output of crude steel in August as the country’s economic recovery consolidates, industry data showed. The daily output of crude steel came in at 3.06 million tonnes in August, hitting its highest-ever daily level, according to the China Iron and Steel Association (CISA), citing data from the National Bureau of
China sees record daily crude steel output in August Read More »
Brazilian combined exports of iron ore and pellets have reached 37.86 million mt in September, the highest monthly volume since May 2018, according to preliminary figures by the country’s customs authorities. The volume confirms the increasing recovery of exports from Brazil, chiefly from the mines located in the north of Brazil, where the Covid-19 pandemic
Brazilian iron ore exports increase sharply in September Read More »
Oil prices fell more than 4% on Friday, and posted a second weekly decline after U.S. President Donald Trump tested positive for COVID-19, roiling risky assets, and as rising global crude output threatened to overwhelm the market’s weak recovery. Benchmark Brent and U.S. crude each posted a second straight week of losses. The uncertainty surrounding
Oil loses 4% after Trump gets coronavirus and economies wobble Read More »
The gap between global production and capacity is expected to reach 700 million tonnes in 2020, increasing for the first time since 2016. the OECD steel committee said during its latest session held virtually. The association noted the latest available data from the OECD show that global steelmaking capacity could increase to 2,455.8 m t/year.
OECD : Steel overcapacity to resume growth in 2020 Read More »
The world’s largest steel producer, ArcelorMittal, has agreed to sell nearly all its integrated US operations to Cleveland-Cliffs for $1.4 billion in cash and shares, the two companies announced on Sept 28 in separate releases. The deal will make Cleveland-Cliffs the largest flat-rolled steel producer in North America, with combined shipments of around 17 million
ArcelorMittal to sell its US steel assets to Cleveland-Cliffs for $1.4 billion Read More »
Profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday. China’s recovery has been gaining momentum as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound. Industrial firm profits grew 19.1% year-on-year
China’s industrial profits grow for fourth straight month Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.2 million tonnes (Mt) in August 2020, a 0.6% increase compared to August 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production update. China produced 94.8
world’s production of crude steel up 0.6% in August Read More »