Turkey has announced to decrease current import tax on certain steels few days ago. As a result, the import tariff rate on hot rolled steels is at 9% while 10% on cold rolled steel which is down by 4% from previous level. On the other hand, the import tax on hot dip galvanized steels and pre galvanized steels remain the same at 15%. For hot rolled steels imported for cold forming process, the import tax is…

Emirates Business 24|7 reported UAE, which does not release its production figures to the World Steel Association, has witnessed an increase in production during the past few months. A senior official of Emirates Steel recently told Emirates Business that the production at the Abu Dhabi based steel mill had peaked last month registering highest figures so far 2009. Mr Hussein Al Nowais chairman of Emirates…

The supervisory board of voestalpine AG has agreed for extensive restructuring of the special steel division Bohler Uddeholm AG, which will focus the division much more strongly on its key area as a highly specialized, global niche supplier of special steel. Aim of restructuring is to focus the Special Steel Division more strongly on its key areas of High Performance Metals and Special Forgings in addition…

Reuters cited Mr Arkady Dvorkovich a top Kremlin aide as saying Russia economic recovery cannot yet be considered sustainable and there could be a rise in unemployment as well as a plunge in oil and commodities prices this autumn. He said that “It is not a sustainable recovery yet in Russia or globally because it is based on massive government and central bank intervention.” Officials expect the economy to…

It is reported that Nissan Motor Co Japan third largest carmaker sales in China this year will beat its previous forecast as government stimulus measures spur demand. Nissan Motor Co said the company raised its full year sales target in China by 100,000 vehicles to 670,000. Mr Takashi Nishibayashi head of Nissan China department said the government stimulus programs mainly set to expire at the end of the…

POSCO has laid the groundwork for securing a sales channel for automobile steel sheets in China. POSCO started construction on POSCO-CLPC at the EU Economic Development Zone in Shenyang in China on September 10th. POSCO-CLPC is POSCO16th steel processing center in China. About 500 executives including POSCO senior vice president, Oh In-hwan, Shenyang Party Secretary Mr Zeng Wei and various clients attended…

It is reported that Bowmer & Kirkland is set to cut 25 more jobs at its steel fabrications business. It earlier made 25 redundancies in May 2009. Mr Nick Milestone director of B&K Steel Fabrications said that "The steel fabrication industry is currently going through a downturn and the needs of our clients are changing. We have had to realign our business to offer clients the more environmentally friendly…

World Bank said that India has done extraordinarily well in tackling the global economic crisis with sound fiscal and monetary policies. Mr Roberto Zagha director of WB Country said that "India has done extraordinarily well in weathering a global crisis which was the most severe in 70 years.” He said that "India is fortunate to have had a macro economic management that it has.” Noting that the global crisis…

UK bases MEPS said that transaction prices for most steel products increased in September in northern Europe. Producers have restricted their output since the onset of the international financial crisis, while stockiest and end users have reduced their inventories to a minimum. Delivery lead times have increased as the steel makers' reduced capacities have become full. MEPS added that "Now, as customers…

t is reported that Japan’s Toyota Group on Monday has bought a token 1.5% stake valued at INR 19 crore in Tube Investments of India the flagship company of Murugappa Group. In an open market transaction sealed on BSE, Nagoya, Japan, based Toyota Tsusho Corp acquired 2.7 million shares at INR 70.77 apiece. This values TII at over INR 1,300 crore. Elara Capital PLC sold around 2.6 million shares in the market…