21 February 2019

Latest Steel Market News

India prolongs exemption on some imported steel grades

(Asia Pacific): India announced to extend exemption on the import duty for some auto grade steel till 17 April 2019. The new tougher import rules were previously allowed to set by 17 February 2019 but expected a negative impact on the auto industry leads the government to extend the exemption.

 

SRS wins a major pipeline contract in Canada

(North America): Steel River Group Inc. announced that its subsidiary Steel River Solutions (SRS) won the contract for construction of 65 km section of 120km Natural gas pipeline project. The pipeline would consume 20-inch diameter welded steel pipes.

 

Ford announces to close its production in Brazil

(Central and South America): Ford Motor announced to close its factory in Brazil aimed at ending its losses around the world. After the closure, Ford will exit its heavy commercial truck business in South America. The company’s South American business has been making losses for the last 21 consecutive quarters since the end of 2013.

 

South Texas considers tax incentives for $1.8 billion SDI investment

(North America): Steel Dynamics Inc. (SDI) planned to build a new $1.8 billion EAF steel plant in the US where South Texas is among the considered locations. The local government is considering property tax abatements, among other public tax incentives for the company to attract the investment.

 

South Korea to levy duties on imported stainless steel bars

(Asia Pacific): South Korea plans to impose anti-dumping duties of up to 18% on stainless steel bars imports from Taiwan and Italy claiming that the cheaper materials are adversely affecting its domestic market.

 

Senaat and Tubecex to acquire Nobu Group

(Middle East): Senaat Industrial Holding Company and Spanish manufacturer of stainless steel tubes, Tubacex have decided to acquire Nobu Group, which is a specialist in manufacturing and repair services of tubes. Nobu Group has a presence in the UAE, Saudi Arabia and Norway.