13 February 2019

Latest Steel Market News

Indonesia expects $900 million investment in the automotive industry

(Asia Pacific): Indonesian Industry Ministry reveals that numerous investors committed to investing around $900 million in the country’s automotive sector. It is expected that half of their products will be exported, while the remaining half would be sold in the domestic market. However, the names of the potential investors have not been disclosed yet, though hinted that they are from Asia and Europe. Commodity Inside understands that China possibly can be among one of the potential investors.

Crude steel production increased by 1% in 2018 in Central and South America

(Central and South America): Crude steel production in Central and South America rose to 65 million tonnes, registered a rise of 1% year-on-year. Meanwhile, finished steel production reached 53.7 million tonnes with an increase of 2% year-on-year. Brazil remained the largest producer with crude steel production of 37.4 million tonnes and finished steel output of 23.1 million tonnes.

JSW Steel advances in acquiring Bhushan Power

(Asia Pacific): One of India’s leading steel producers, JSW Steel received a letter of intent (LOI) from administrators looking for sale of bankrupt Bhushan Power.  The sale plan will now be presented to the National Company Law Tribunal (NCLT) for its approval.

NMDC delays Nagarnar steel plant

(Asia Pacific): India’s state-owned iron ore producer NMDC postponed the start-up plan of 3 million tonnes of the integrated steel plant at Nagarnar to October 2019. Previously, the plant was expected to come online by March 2019.

Valmet Automotive production reached 110,000 units in 2018

(Europe): Finland’s Valmet Automotive output reached to historically high of 110,000 cars in 2018, with an increase of 22% from 2017.

Food Processing Solutions (FPS) acquires Charlottetown Metal Products (CMP)

(North America): Food Processing Solutions (FPS), which is a food freezing and cooling equipment company in British Columbia, has acquired Charlottetown Metal Products (CMP), operating in Prince Edward Island. CMP is a 60-year-old food processing equipment company which produces custom stainless steel food processing equipment.