August 2011

FMO signs $200m Wisco contract to expand output

Venezuelan state-owned iron ore producer CVG Ferrominera Orinoco (FMO) announced it has signed a $200 million contract with China’s Wuhan Iron and Steel (Wisco) to buy the equipment it needs to recover its production capacity

SPOTLIGHT: Improved Venezuelan HBI shipments push export prices up

Venezuelan HBI export prices have risen as producers ended a long period of shipment delays by boosting production in the past couple of months, several sources told MB.

Ferrominera Orinoco selling HBI after plant restart

CVG Ferrominera Orinoco (FMO), Venezuela's state-owned iron ore producer, is selling hot briquetted iron (HBI) after the restart of its long-idled plant a few weeks ago

European pig iron import prices stable ahead of expected September upturn

European pig iron import prices remain stable ahead of an expected September upturn. Pig iron import prices into Europe were steady this week, with many importers still on holiday, market participants said.

Tenaris seeks settlement for Venezuela's Matesi takeover

Tenaris is seeking “adequate and effective compensation” from Venezuela for the state takeover of its Matesi plant more than two years ago

Jindal Shadeed secures $475m loan to finance expansion

Oman-based steelmaker Jindal Shadeed has secured a loan of $475 million from several leading banks to fund its expansion plans. The five-year loan will be used to finance billet production at its facility in Sohar

Nucor DRI plant progressing: John Ferriola

Nucor Corp. is progressing on several fronts at the site of its planned direct-reduced iron (DRI) manufacturing plant in St. James Parish, La., a top company executive told AMM Friday.

Arfa Iron & Steel to commission 800,000-tpy longs plant by year-end

Iranian steel producer Arfa Iron & Steel will commission an 800,000-tpy long products plant by the end of the year, according to local media reports

China's daily crude steel output up in early August

China’s daily crude steel output rose slightly in first ten days of August, according to the latest figures from the China Iron & Steel Association (Cisa)

Pig iron import prices into Europe drop to $530-535 cfr

Pig iron import prices from the CIS and India into Europe dropped in the second week of August, as global markets tanked and European market participants holidayed