August 2012

RG Steel asset sales facing time pressures

Pressure is mounting to finalize the sales of a number of RG Steel LLC’s assets that remain unsettled.

Brazil’s Mangels signs deal to sell galvanizing business

Mangels Industrial, a Brazilian flat steel re-roller and manufacturer of wheels and cylinders, has signed a contract to sell its galvanizing business to Armco Staco.

Miners likely to follow BHP Billiton in slashing capex, Fitch says

Mining companies feeling the pinch of lower prices will follow BHP Billiton’s lead and cut their capital expenditure, Fitch Ratings said on Friday August 31.

Japanese steel stockpiles fall in July as shipments rise

Japanese carbon steel stockpiles fell by 2.5% in July compared with the previous month, as producers sharply increased domestic shipments but reduced output.

European stainless sheet, bar prices to remain flat until Q1 2013

European domestic stainless steel base prices for grade 304 products are expected to remain stable until at least the first quarter of 2013, market sources told Steel First on Friday August 31.

IHI Corp, Paul Wurth set up Asia-focused blast furnace joint venture

Japan's IHI Corp and Luxembourg-based Paul Wurth SA have agreed to launch a 50-50 joint venture to design and build blast furnaces for steel mills in Asia.

China's spot HRC market down as more steelmakers cut prices

Chinese spot hot rolled coil prices fell again on Friday August 31 as more steelmakers announced price cuts.

Nippon Steel, SMI to post massive H1 losses

Nippon Steel and Sumitomo Metal Industries (SMI), which will merge in October, said they expect to book a combined extraordinary charge of roughly ¥240 billion ($3.1 billion) for the April-September half.

ArcelorMittal FCE contracts Tenova to supply ladle furnace

ArcelorMittal Flat Carbon Europe has awarded Tenova the contract to supply a ladle furnace to its facility in Gent, Belgium.