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Arab Steel Summit

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World’s crude steel production increased by 0.5 % in June 2024

World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 161.4 million tonnes (Mt) in June 2024, a 0.5% increase compared to June 2023. Africa produced 1.6 Mt in June 2024, down 9.6% on June 2023. Asia and Oceania produced 120.6 Mt, up 0.3%. The EU (27) produced 11.1 …

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Arab Iron and Steel Union: Conclusion of the training program “Maintenance Management Systems” at Ezz Steel Dekheila

Within the framework of the Arab Iron and Steel Union’s objectives of focusing on human development and raising skills in the field of iron and steel, the Union trained a group of technicians at the Ezz Steel Dekheila Company. Through the training program “Maintenance Management Systems”. The program addresses the following topics: The concept of …

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Tosyali signs a contract to establish a direct reduction iron plant in Benghazi

The United Libyan Company for Iron and Steel Industries signed an agreement with the Turkish company “Tosyali” to establish a direct reduction iron (DRI) plant in Benghazi. The company explained through a statement on its official Facebook account that this facility will be part of an integrated iron and steel plant, with a production capacity …

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Egypt’s production and consumption of rebar increased in H1 of 2024

Despite the difficult economic situation in Egypt, local rebar manufacturers were able to improve their performance in the first half of 2024. Steel market participants indicate that the stability of exchange rates, currency pumping, and new investments were positive factors in the steel market. Egypt’s consumption of rebar reached 3.1 million tons in the first …

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Qatar Steel and Milaha sign a 5-year agreement to provide stevedoring services that facilitate global access to Qatar Steel products

Qatar Navigation Company Q.P.S.C. (“Milaha”), a leading provider of marine and logistics solutions, and Qatar Steel, the leading iron and steel manufacturer in Qatar, today signed a five-year agreement to provide stevedoring services that will facilitate the import and export of products manufactured by Qatar Steel. According to the agreement, Milaha will provide Qatar Steel …

Qatar Steel and Milaha sign a 5-year agreement to provide stevedoring services that facilitate global access to Qatar Steel products Read More »

Emirates Steel and Eversendai enter into a strategic partnership to strengthen their business in Saudi Arabia

Emirates Steel, a subsidiary of Emirates Steel Arkan Group, announced the signing of a new strategic partnership with Eversendai, a global leader in the field of iron, steel and metal construction. This partnership aims to enhance cooperation between the two companies in the ski village project at the Trogena Resort in the city of NEOM, …

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US steelmakers are bracing for lower second-quarter profits amid falling prices

Major U.S. steelmakers, including Nucor (NYSE:NUE), Steel Dynamics (NASDAQ:STLD) and U.S. Steel, to announce a decline in second-quarter earnings. Analysts note that the steel industry may continue to face challenges due to further decline in steel prices as the steel season approaches, which is typically a slower period for steel consumption. These companies have already …

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BHP’s iron ore production growth in the fourth quarter of the fiscal year

Mining company BHP announced the growth of its total production of iron ore during the last quarter of the last fiscal year to 69.21 million tons, compared to 65.30 million tons during the same period of the previous year. Production of “Western Australian Crude Oil” (WAIO) rose during the last quarter to 68.17 million tons, …

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Ukraine’s exports of semi-finished steel products increased by 61.6% in H1 of 2024

In June, Ukraine’s exports of semi-finished steel products amounted to 119.81 thousand tons, down 35.2% compared to June 2023 and 18% more than the previous month, according to data from the State Customs Service. The volume in June is the lowest since March of this year, when Ukrainian steel companies exported 86.99 thousand tons of …

Ukraine’s exports of semi-finished steel products increased by 61.6% in H1 of 2024 Read More »

UAE: Cement prices rise by 9%… and rebar prices decline by 2%

Prices of main building materials recorded mixed performance during the first quarter of 2024 compared to the same period in 2023. While cement prices increased by a rate ranging between 2 and 8.6%, twisted rebar declined by about 1.8%, according to data from the Dubai Statistics Center. Prices of salt-resistant cement with a capacity of …

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India intends to increase steel capacity by more than 22 million tons in 2024

India’s leading steel companies, including JSW Steel and Tata Steel, plan to invest heavily in increasing steel capacity by at least 22 million tons per year in the 2024/2025 fiscal year. This was reported by Nasdaq. Indian companies are trying to increase production capacity to record levels to capitalize on growing domestic demand for steel …

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Iron ore rebounds to $100 per ton despite increasing Chinese stocks

Iron ore prices turned higher during Monday’s trading following the release of mixed data on economic activity in China at a time when the world’s second largest economy is suffering from a real estate crisis affecting demand for steel. The prices of iron ore futures contracts traded in Singapore for April delivery rose by 1.5% …

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US warns Europe against filing a complaint against it at the World Trade Organization in the steel issue

The United States has notified the European Union that it is prepared to risk derailing attempts to reform one of the pillars of multilateral trade cooperation if the Union reopens a case in the World Trade Organization against Washington over the steel and aluminum dispute in the Trump era. European diplomats and officials said that …

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Fitch confirms Kuwait’s rating at “AA-” with a stable outlook

Fitch Ratings maintained the credit rating of Kuwait’s long-term foreign currency bonds at “AA-” with a stable outlook. Fitch Ratings said in its report that Kuwait’s rating is supported by its “exceptionally strong” financial and external balance sheet. On the other hand, the agency pointed out the limitations surrounding the classification, which are summarized in …

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Biden opposes Japan’s Nippon Steel’s acquisition of US Steel

US President Joe Biden announced on Thursday his opposition to the agreement reached for the Japanese Nippon Steel Group to acquire the American steel manufacturer US Steel. Biden said in a statement, “US Steel has been a model American steel company for more than a century, and remaining a domestically owned and operated American steel …

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