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2019 - 10 - 08
British industrialist Sanjeev Gupta’s GFG Alliance is on the lookout for further acquisitions in the United States to expand its footprint in the Midwest and East Coast, the privately held steel and energy conglomerate said on Wednesday.GFG is also considering building out steel capacity at its new Keystone Consolidated Industries (KCI) plant in Illinois and restarting a furnace at its Liberty Steel Georgetown plant in South Carolina, it said in a statement.“There is a growing desire to buy American-made rather than imported steel and we are very well placed ... to serve that rising demand,” e...
2019 - 09 - 26
Chinese steel futures edged higher on Friday, with iron ore contracts jumping to the highest in more than two months, buoyed by expectations that steel mills would replenish their stocks of the raw material.The most-traded iron ore on the Dalian Commodity Exchange rose as much as 2.9 percent to hit 509 yuan ($74.13) a tonne in early deals, the highest since Oct. 31 when it had hit 511 yuan.“Our data analytics model shows low iron ore inventory at steel mills’ warehouses. So, they are looking to replenish,” said Darren Toh, a data scientist with Singapore-based steel and iron ore data analytics...
2019 - 09 - 24
Steel producer Nucor Corp said on Monday it would spend about $1.35 billion to build a plate mill in the U.S. Midwest, taking advantage of federal tax cuts that has resulted in windfall gains for several companies.Nucor is also benefiting from higher steel prices for domestic producers due to tariffs imposed on imports by the Trump administration last year.The new mill, which is expected to be fully operational in 2022, would produce 1.2 million tons a year of steel plate products and create about 400 full-time jobs, the company said.“Tax reform, continued improvements to our regulatory a...
2019 - 09 - 20
British industrialist Sanjeev Gupta’s GFG Alliance is on the lookout for further acquisitions in the United States to expand its footprint in the Midwest and East Coast, the privately held steel and energy conglomerate said on Wednesday.GFG is also considering building out steel capacity at its new Keystone Consolidated Industries (KCI) plant in Illinois and restarting a furnace at its Liberty Steel Georgetown plant in South Carolina, it said in a statement.“There is a growing desire to buy American-made rather than imported steel and we are very well placed ... to serve that rising demand,” e...
2019 - 09 - 11
European Union countries have backed a scheme to limit imports of steel into the bloc following U.S. President Donald Trump’s imposition of tariffs on steel and aluminium entering the United States, the European Commission said on Wednesday.It means that all steel imports will be subject to an effective cap until July 2021 to counter concerns of EU producers that European markets could be flooded by steel products that are no longer being imported into the U.S.The bloc had already imposed “safeguard” measures on a provisional basis on imports of 23 steel product types in July, with an expiry d...
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