Steel Products
Severstal Canceling Foreign Investments
Written by Sandy Williams
March 13, 2013
Written by: Sandy Williams
Severstal has suspended plans to build a DRI facility in Trinidad & Tobago, citing a drop in profits and weak global demand. The proposed $600 million facility would have supplied DRI for the Severstal Columbus electric arc furnace.
The company also canceled a planned investment of $5 billion with India owned NMDC to build a flat steel plant with a capacity of 1.5 million tons per year in Karnataka. CEO Alexey Mordashov said at a conference on Tuesday that the project was suspended because NMDC refused to relinquish control of the project to Severstal.
Severstal announced a fourth quarter loss last week of $150 million. Net profit for the year dropped to $762 million from $2,035 million in 2011, a 62.6 percent plunge.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
ISM: Manufacturing growth down again in April
Activity had trended up for most of Q1
EU HR prices gain ground on US, Asian HR still well behind
Section 232 returned on March 12, and since then, the price gap between offshore and US hot band has tightened.
SMU Community Chat replay now available
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]
SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant
Service centers: Mill orders retreat in March
SMU’s Mill Order Index declined in March after repeated gains at the start of the year, according to our latest service center inventories data.