South Korea has overtaken China as the largest exporter of steel products to India in the first quarter of 2016-17, after trailing the latter for the last two fiscals, according to the Indian government.
China’s second- and sixth-largest steelmakers by output have entered restructuring talks and are planning to merge as the industry faces a global steel glut that has plummeted steel prices worldwide.
Sentiment in China’s steel market collapsed to a 16-month low, with most market participants expecting new steel orders and prices to weaken further over the next month, according to the latest S&P Global Platts China Steel Sentiment Index (CSSI) for June, which showed a headline reading of just 15.92 out of a possible 100 points.
Luxembourg-based steelmaker ArcelorMittal is expanding its offerings of advanced high-strength steel grades to help automakers meet new emissions and fuel-efficiency standards. Named Usibor 2000 and Ductibor 100, the new steel grades will be unveiled next year.
Japanese company Mitsubishi Heavy Industries is looking to reduce costs at its steel-making equipment venture, Primetals Technologies, with Germany’s Siemens AG in the face of a steel glut in world markets.
General Motors (GM) plans to launch a new manufacturing technique that the automaker had spent some two years developing. The new process, scheduled to take place within a few months and was developed in-house, will involve joining aluminium and steel parts and is intended to cut vehicle weight while lowering and simplifying production costs.
China’s largest steel producer, Hebei Iron & Steel Group will cut capacity in line with the government’s resolution to cut overcapacity in the bloated steel sector.
Tokyo Kobe Steeland partners Sugita Wire, Ltd. and China’s Fasten Group have agreed to increase the production capacity of their Chinese joint venture that processes special steel wire rod into wire.
The Indonesian government has revealed plans to determine a reference price for foreign steel.
Reliance Steel & Aluminum Co. announced on 1 January 2016 that it had acquired all of the outstanding stock of Tubular Steel, Inc, (TSI), a distributor and processor of Carbon, alloy and stainless steel pipe, tubing and bar products.
