Ezz_steel1
kuwait_steel1
Arab Steel Summit

mtaha

Iron ore prices fall to their lowest levels in 4 months with weak demand in China

Iron ore prices fell during Monday’s trading, as investors’ hopes for a recovery in Chinese steel demand after the end of the Lunar New Year holiday faded. Iron ore futures prices traded in Singapore fell by 3.5% to $115.90 per ton after touching their lowest level since October 27 earlier in the session, with the …

Iron ore prices fall to their lowest levels in 4 months with weak demand in China Read More »

$35 billion UAE investment in Egypt to boost local steel demand in mid-term

Egypt has announced a large UAE-backed investment in Egypt for the development of a large stretch of the country’s Mediterranean coast, which is expected to benefit the country greatly. In the long run, Egypt is expected to receive additional funds from the increased inflow of tourists, apart from the creation of jobs and higher budget …

$35 billion UAE investment in Egypt to boost local steel demand in mid-term Read More »

Vale’s net profit declines to $8.105 billion in 2023

Brazilian mining company Vale recorded net profits of $8.105 billion for 2023, compared to $18.870 billion for 2022. On the same comparative basis, net sales revenue decreased 4.7% to $41.78 billion, and gross profit decreased 10.7% to $17.69 billion. Operating profit decreased by 17.5%, to $14.21 billion. The company said that the decline in performance …

Vale’s net profit declines to $8.105 billion in 2023 Read More »

World’s crude steel production declined by 1.6% in January 2024, and Arab countries increased

World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 148.1 million tonnes (Mt) in January 2024, a 1.6% decrease compared to January 2023. Crude steel production by region Area Jan 2024 (Mt) % change Jan 24/23 Jan-Jan 2024 (Mt) % change  24/23 Africa 2.0 16.3 2.0 16.3 Asia …

World’s crude steel production declined by 1.6% in January 2024, and Arab countries increased Read More »

A fire breaks out in a Russian steel factory on the second anniversary of the war

The governor of the Russian Lipetsk region, Igor Artamonov, said on Saturday that a fire broke out at the main factory of the Russian steelmaker NLMK, on the second anniversary of the war in Ukraine. The governor added that preliminary data indicate that the fire that broke out at the Novolipetsk steel plant was caused …

A fire breaks out in a Russian steel factory on the second anniversary of the war Read More »

Production and sales of rebar in Egypt declined and its prices rose

According to data collected from the Arab Iron and Steel Union, Egypt’s production of rebar in 2023 declined by 4.1% compared to production in 2022, reaching 8.045 million tons, as the first half of 2023 witnessed a decline of 19.6% compared to the same period in 2022, while the second half witnessed an improvement. By …

Production and sales of rebar in Egypt declined and its prices rose Read More »

Emirates Steel Arkan cooperates with the Finnish Magsworthto Reduce CO2 emissions

Following COP28 commitment and contributing to the UAE First Long-Term Strategy (LTS) demonstrating commitment to Net Zero by 2050, Emirates Steel Arkan (ESA), one of the largest publicly traded steel and building materials manufacturers in the region, announced its strategic collaboration with MAGSORT, a Finnish decarbonization company, to drive an innovative initiative across its Al …

Emirates Steel Arkan cooperates with the Finnish Magsworthto Reduce CO2 emissions Read More »

BHP Billiton posts a net profit of $1.7 billion for H1 FY 2023-24

Australian mining company BHP Billiton has announced its financial results for the first half ended December 31 of the financial year 2023-24. Accordingly, BHP Billiton has posted a net profit of US$1.7 billion for the first half of the financial year 2023-24, down from a net profit of US$7.12 billion in the corresponding period of …

BHP Billiton posts a net profit of $1.7 billion for H1 FY 2023-24 Read More »

Egypt: “Algioshy Steel” acquires “Arabian Steel Industries”

The Egyptian Algioshy Steel Group announced the completion of its acquisition of the Arabian Steel Industries Company, which is headquartered in the Suez Canal Economic Zone in Ain Sokhna. Algioshy Group said in a statement that a new board of directors for Arabian Steel Company is scheduled to be formed within days, headed by Tarek …

Egypt: “Algioshy Steel” acquires “Arabian Steel Industries” Read More »

Egypt: Ezz Steel announces the prices of rebar and flat steel

Ezz Steel Company announced the prices of rebar  starting from February 21, 2024, to become EGP 53,520  per ton, an increase of EGP 3,600. And flat steel, EGP 57,340 per ton, a decrease of EGP 3,600 compared to the prices of the first of February, price over EXW, including value-added tax.  Statement including VAT Rebar …

Egypt: Ezz Steel announces the prices of rebar and flat steel Read More »

Egypt: Iron and Steel Mines targets 447.9 million pounds in profits during 2024-2025

The Board of Directors of the Iron and Steel Company for Mines and Quarries approved the estimated budget for the next fiscal year 2024-2025. The company said in a statement to the Egyptian Stock Exchange. It aims to achieve a net profit after taxes of about 447.9 million pounds during the next fiscal year. It …

Egypt: Iron and Steel Mines targets 447.9 million pounds in profits during 2024-2025 Read More »

Morocco announces duty-free quotas for cold rolled and coated steel imports in 2024

The Moroccan Ministry of Industry and Trade revealed duty-free quotas for cold-rolled and coated steel products. You do not have permission to access the content If you have a valid account on the site, Login | or Signup Username Password Login Types of packages Free Users Site Member AISU Members Members Members 🟢 🟢 🟢 …

Morocco announces duty-free quotas for cold rolled and coated steel imports in 2024 Read More »

Mining stocks decline in London and iron ore declines amid concerns about China

Shares of global mining companies listed on the London Stock Exchange fell during trading on Tuesday, amid concerns about weak growth in China and with iron ore prices falling to their lowest levels in three months. Standard iron ore futures in Singapore fell by 5.15% to $120.85 per ton, at 06:48 pm Mecca time, the …

Mining stocks decline in London and iron ore declines amid concerns about China Read More »

Australia’s BlueScope posts lower profit for H1 FY 2023-24

Australian steelmaker BlueScope Steel has posted a net profit of A$439.3 million ($287.41 million) for the first half ended December 31 of the financial year 2023-24, compared to a net profit of A$598.9 million in the first half of the previous financial year. The company attributed the decrease in its net profit to the lower …

Australia’s BlueScope posts lower profit for H1 FY 2023-24 Read More »

Opening of a complex for manufacturing and supplying steel pipes with investments of 220 million dirhams in Abu Dhabi

Tenaris, a company specialized in manufacturing and supplying steel pipes, opened a new industrial complex in Abu Dhabi under the name Etihad Pipes, with an investment of 220 million dirhams. The new industrial complex was established under a long-term partnership between ADNOC and Tenaris. The new complex has an area of 200,000 square meters and …

Opening of a complex for manufacturing and supplying steel pipes with investments of 220 million dirhams in Abu Dhabi Read More »

CEO of Emirates Steel Group, Arkan: Emirates Steel’s share is between 60-65%

Saeed Ghumran Al Rumaithi, CEO of Emirates Steel Group Arkan, confirmed that the UAE is considered one of the few countries recording growth in demand for iron in light of the current global circumstances, indicating the company’s keenness to stabilize iron prices in the local market. Al-Rumaithi explained that the local market recorded an increase …

CEO of Emirates Steel Group, Arkan: Emirates Steel’s share is between 60-65% Read More »

Emirates Steel Arkan achieves profits of 602 million dirhams in 2023, with a growth of 18%

Emirates Arkan Steel announced an 18% growth in net profits to 601.9 million dirhams, compared to net profits of 510.2 million dirhams in 2022. These positive results reflect the strong demand from local and international customers for value-added products, the continuous improvement in the revenues and profits of the building materials unit, as well as …

Emirates Steel Arkan achieves profits of 602 million dirhams in 2023, with a growth of 18% Read More »