Steel Sector

ArcelorMittal doubles production cuts

ArcelorMittal doubles production cutsThe biggest steel maker in the world, ArcelorMittal has decided to reduce production of steel following slow demand due to global economic crisis. Its margin has been impacted due to slow demand by reality and automobile sector. Analysts of Citigroup Inc., Johan Rode and Peter Marcus has forecasted the decline in demand in the coming year. Many Russian, South Korean and Japanese steel giants have already decided to reduce production after noting decline in demand.

Corus steel giant to cut production by 30 per cent

Corus steel giant to cut production by 30 per cent London - Steel giant Corus, Europe's second-largest steel company owned by India's Tata Steel, Friday announced plans to cut production by 30 per cent over the next six months.

The company, formerly British Steel, cited the global economic downturn for its decision to close two blast furnaces at its plants in Britain, and one in the Netherlands, until next March.

On Thursday, Corus said 400 jobs would be cut in its distribution business, which employs 2,400 people in Britain and Ireland.

Corus To Cut 400 Jobs In UK

Corus To Cut 400 JobsTata-owned steel giant Corus has decided to axe 400 jobs at its distribution unit due to global economic downturn.

The proposed job cuts will be spread across United Kingdom, comprising 100 in the West Midlands, around 100 in North Wales, 50 in South Wales and 50 in Leeds.

The company stated that its distribution business had been operating in an unstable and irregular market since the start of the year.

Posco project to complete in time

Posco project to complete in timeThe South Korean steel giant, Posco is committed to complete Posco's Orissa project, despite global financial crisis. The director of Posco-India project, Mr Sung said that the global slowdown would not affect the project and company would go for Rs 51,000 crore projects in Orissa. He also reviewed the work of the project during a meeting called by the chief secretary Mr Ajit Tripathy.

JSW Steel cuts HR coil prices

JSW Steel cuts HR coil prices After the decision of Indian steel giant Steel Authority of India Limited to cut steel prices, other steel companies have started to slash prices. JSW Steel took the initiative and reduced the prices of HR coils by Rs 5,500 a tonne. The company had already reduced steel prices in October.

It has reduced steel prices by 25-30 percent. The company said in a statement that it would go for price reduction according to the prices in the international market. The recent reduction in steel prices would check the import of steel and it would be available in domestic market at reasonable prices.

Steel majors slash HR coil prices

Steel majors slash HR coil prices