The Board of Directors of the Iron and Steel Company for Mines and Quarries announced that the company achieved EGY 40.54 million in profits after taxes during the fiscal year ending in June 2022. The company stated in a statement to the Egyptian Stock Exchange today, that the company achieved EGY 121.21 million in sales …
Egypt: EGY 40.5 million , Iron and Steel Company for Mines profits in 2021-2022 Read More »
Thyssenkrupp’s third-quarter operating profit nearly tripled on the back of higher steel prices, the German conglomerate said on Thursday, but it added that it faced headwinds from high raw material prices and rising interest rates. The company’s adjusted earnings before interest and tax (EBIT) reached 721 million euros ($743 million) in the April-June period, up …
German Thyssenkrupp profits rise on steel price rebound Read More »
The globe is in the grips of a climate crisis as temperatures soar and rivers run dry, and yet it’s never been a better time to make money by digging up coal. The energy-market shockwaves from Russia’s invasion of Ukraine mean the world is only getting more dependent on the most-polluting fuel. And as demand …
Coal Giants Are Making Mega Profits as Climate Crisis Grips the World Read More »
According to the prices of the global steel markets, the scrap price reached 394$/tonne , Iron ore price was 111$/tonne , while the prices of billets ranged between 520 and 520$/tonne, and the prices of rebar ranged between 660 and 668$ / tonne, Wire Rod ranged between 700 and 730$ / tonne. Prices for iron …
Steel production in Ukraine remained affected by the ongoing Russian war in the country, according to the preliminary data disclosed by Ukrmetallurgprom, in the January-July period of the current year Ukraine’s steel output totaled 4.82 million mt, declining by 62.1 % year on year, while its pig iron output amounted to 4.815 million mt, down …
Ukraine’s steel output down 62.1% in January-July 2022 Read More »
Eng. Saeed Al Rumaithi, CEO of Emirates Steel, Arkan, praised the positive results achieved by the group in the first half of this year, explaining that the group is the largest listed joint stock company in the construction sector in the country. Al-Rumaithi said in an interview with «Al-Khaleej» that the company succeeded in opening …
Chairman of Emirates Steel, Arkan, we succeeded in opening new markets Read More »
SABIC today reported its earnings for the second quarter of 2022. The company’s revenue for the second quarter reached SAR 55.98 ($ 14.93 billion), representing an increase of 6% compared to the previous quarter and a 32% increase year-on-year. Net income during the second quarter totaled SAR 7.93 billion [$ 2.11 billion]. This is higher …
SABIC announces profits of SAR 7.93 billion in Q2 of 2022 Read More »
Oil prices fell on Monday, to near multi-month lows, after the recession hit demand and data pointed to a slow recovery in China’s imports of crude oil last month. Brent crude futures fell 74 cents, or 0.8%, to $94.18 a barrel by 03:30 GMT, and prices for the closest contract month recorded their lowest levels …
Oil falls on fears of recession and slow recovery in China’s imports Read More »
In June this year, Turkey’s rebar exports amounted to 472,079 metric tons, up 19.8 % compared to May and decreasing by 29.1 % year on year,according to the preliminary data provided by the Turkish Statistical Institute (TUIK). Meanwhile, the revenue generated by these exports totaled $398.96 million, increasing by 14.7 % compared to May and …
According to the prices of the global steel markets, the scrap price reached 373$/tonne , Iron ore price was 110$/tonne , while the prices of billets ranged between 510 and 510$/tonne, and the prices of rebar ranged between 650 and 660$ / tonne, Wire Rod ranged between 680 and 700$ / tonne. Prices for iron …
On August 1, inventory of iron ore at 33 major Chinese ports amounted to 125.8565 million mt, up 3.43% compared to July 26, as announced by China’s Xinhua News Agency. Import iron ore prices moved up sharply in the given week. In the given week, deliveries of iron ore to users indicated declines, especially deliveries …
In the first half of this year, Turkey’s billet import volume amounted to 1.19 million mt, decreasing by 32.8 %, while the value of these imports decreased by 14.8 % to $888.66 million, both year on year. In the given period, Turkey imported 732,147 mt of billet and bloom from Russia, down 29.01 % year …
Danieli has contracted with Polish steelmaker Cognor to supply a patented Q-One digital feeder from Danieli Automation to improve EAF performance and reduce operating costs to replace the current transformer 48-t EAF in Stalowa Wola, Poland. The company notes that the Q-One technology reduces electrical power consumption by about 10% and pole consumption by at …
Emirates Steel Arkan (ADX: EMSTEEL) (the “Group”), the largest publicly traded steel and building materials company in the UAE, today announced its second quarter results. The Group reported a net profit of AED 207 million in the second quarter compared to a pre- merger loss of AED 24 million in the same period of last …
Emirates Steel Arkan announces profits of AED 207 million in Q2 202 Read More »
The Board of Directors of the Iron and Steel Company for Mines and Quarries approved the planning budget for the next fiscal year 2022-2023. The company stated in a statement to the Egyptian Stock Exchange, today, Monday, that it aims to achieve a net profit of EGP 91.82 million during the next fiscal year. It …
Egypt: EGP 15.1 million sales of “Iron and Steel for Mines” in June Read More »
The Algerian Minister of Energy and Mines, Mohamed Arkab, authorized, on July 30, the start of exploitation of the iron mine in Ghar Djebilet, Tindouf. The Minister began his working and inspection visit in Tindouf, where he inaugurated the Ghar Djebilet iron mine. In a speech, he stressed that, in line with the government’s program …
According to the prices of the global steel markets, the scrap price reached 358$/tonne , Iron ore price was 115$/tonne , while the prices of billets ranged between 525 and 680$/tonne, and the prices of rebar ranged between 620 and 660$ / tonne, Wire Rod ranged between 680 and 680$ / tonne. Prices for iron …
Gulf economies are expected to grow faster this year than previously thought, thanks to abundant oil production, according to a Reuters poll of economists. The six Gulf Arab states, namely Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman, are running budget surpluses. The survey expected overall growth in the six Gulf Cooperation Council economies …
Fastest growth of the Gulf economies in a decade .. 6.2% average this year Read More »
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The Emirates Steel Arkan Group announced that it has fixed rebar prices for August at 2,516 dirhams per tonne, compared to July, for its authorized distributors in the UAE. This price does not include any discount based on quantities, additional charges for sizes or product grade or any other costs applied to the product price, …
Emirates Steel announces rebar prices for August Read More »
Brazilian miner Vale posted a net profit of $4.09 billion for the second quarter of 2022, against $4.46 billion achieved in the previous quarter and $8.15 billion achieved in the second quarter of 2021. The decline reflects mainly the lower iron ore fines prices over the period, which were partially compensated by the increased volumes …
Saudi Iron & Steel Company (SABIC Hadeed) issued official prices for longs, decreasing them by SAR 100/t ($26.7/t). The 12‑14 mm rebar will be available at SAR 2,750/t ($733/t) delivered, while 16‑32 mm rebar at SAR 2,700/t ($720/t) delivered. The new offers will be effective from August 1. The wire rod 6.5 mm and above …
Rebar prices decline in Saudi Arabia with the beginning of August Read More »
The US Federal Reserve’s Open Market Committee decided to raise the federal funds rate by 75 basis points to 2.5%, increasing it for the fourth time this year. The Fed said more increases would be needed in its ongoing battle to curb mounting price pressures. The increase is the second in a row by 75 …
US Federal Reserve raises interest rates for the fourth time this year to 2.5% Read More »
According to preliminary census data from the US Department of Commerce, US monthly steel imports in June 2022 increased by 2.2 % from May to total 2,550,475 mt. A year-on-year comparison shows a 2.7 % decrease. In terms of value, US steel imports in June totaled $4.02 billion, compared to $3.79 billion in May and …
Australia-based mining company Rio Tinto announced its financial results for the first half of this year. The company achieved a net profit of $9.41 billion in the first half of this year, compared to $13.06 billion in the same period the previous year, as the company’s consolidated sales revenue decreased by 10% in the first …
Australia’s Rio Tinto posts lower net profit in H1 2022 Read More »
United Arab Emirates-based steel producer Union Iron & Steel has announced that it had recently obtained the quality mark license as per KWS GSO ISO 6935-2:2012 Grade B500B-R Standard issued by the Public Authority for Industry in Kuwait. Nadeem Ahmed, commercial director at Union Iron & Steel, stated that the company had received official product …
UAE: Expansions of Union Iron & Steel Company in GCC region Read More »
ALGIERS- A memorandum of understanding was signed in Algiers on Tuesday in Algiers between the Algerian Mines Complex (Manal) and the Turkish company “Ozmert” within the framework of developing and valorising iron mines in the cities of Boukhadra and Ouenza in Tébessa. The President and General Manager of «Manal» Complex, Mr Mohamed Sakhr, and the …
Goldman Sachs predicted in a note to the clients that the crisis gripping the Chinese real estate sector will help turn the iron ore market into a significant surplus during the second half of the year and drive prices down sharply. After the market posted a deficit of 56 million tons in the first half …
China’s real estate crisis may lead to iron ore dumping Read More »
Group running UK’s largest steel plant says it wants agreement with government on help with emissions The owner of the UK’s largest steelworks, Tata Group, has threatened to shut down operations if the government does not agree in the next year to provide £1.5bn of subsidies to help it reduce carbon emissions. Tata Steel UK …
Tata Steel threatens to close UK steelworks without £1.5bn of aid Read More »
Prices of commodities and metals declined during the current period, starting from car fuel to wheat, despite the persistence of supply obstacles, amid fears that the economic recession would harm demand, which gives some relief to consumers suffering from high inflation around the world. According to the report unit analysis in the “Al-Eqtisadiah” newspaper, the …
Commodity and metal prices return to pre-war levels Read More »