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Home  /  Forum  /  Arcelor Mittal  /  Nieuws en info hier plaatsen (deel 4)

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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,540 25 apr 2024 17:35
  • -0,100 (-0,42%) Dagrange 23,170 - 23,690
  • 2.802.569 Gem. (3M) 2,5M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 871 872 873 874 875 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 16 oktober 2018 22:05
    Domestic iron ore prices shrug off global decline on strong demand - Crisil

    A Crisil report said that aided by healthy demand growth, weak currency, and rising pellet prices, domestic iron ore prices are likely to stay firm in the near term.

    40-45% – Jump in domestic iron ore prices over past six months
    $65-70/tonne – Global iron ore prices
    15-17% – Decline in global grade ore prices between January and August this year
    3-5% – Landed costs have declined during Jan-Aug period.

    Source : DNA
  2. forum rang 10 voda 17 oktober 2018 16:26
    ArcelorMittal boekt vordering in overnameproces Essar Steel

    (ABM FN-Dow Jones) ArcelorMittal heeft akkoord gegeven op een betaling van omgerekend 1 miljard dollar aan schuldeisers om zo de overname van het Indiase Esser Steel India Limited vlot te trekken. Dit maakte de staalreus met een notering op het Amsterdamse Damrak woensdag bekend.

    ArcelorMittal kreeg eerder dit jaar van de rechtbank in India te horen dat het met een verbeterd bod moest komen, waarbij de terugbetaling van de diverse schuldeisers onderdeel moest zijn. De betaling aan de schuldeisers van Uttam Galva en KSS Petron is in lijn met de rechterlijke uitspraak op 4 oktober.

    Het schuldeiserscomité van ESIL heeft nu acht weken de tijd om zich over de mogelijkheden te buigen.

    Het aandeel ArcelorMittal noteerde woensdag op een groen Damrak 0,7 procent hoger op 24,97 euro.

    Door: ABM Financial News.
    info@abmfn.nl
    Redactie: +31(0)20 26 28 999

    © Copyright ABM Financial News B.V. All rights reserved
  3. forum rang 10 voda 17 oktober 2018 17:01
    Essar Steel bid - ArcelorMittal offers INR 4,554 crore to settle dues of Uttam Galva and KSS Petron

    Money Control reported that ArcelorMittal, in a letter to lenders of Essar Steel, has offered to pay INR 4,554 crore to settle dues of Uttam Galva Steels and KSS Petron. ArcelorMittal's mail was in response to a letter from the Committee of Creditors consisting of Essar Steel's lenders. In its reply to the CoC, ArcelorMittal has calculated the interest payable on the principal loan up to February 7, in the case of Uttam Galva and February 9 in the case of KSS Petron. The LN Mittal-company had sold its stake in the two companies on these two days. According to the above formula, says ArcelorMittal, the outstanding dues of Uttam Galva Steels amount to INR 3,987 crore, while those of KSS Petron amount to INR 567 crore.

    The offer comes after the Supreme Court, in its October 4 order, had asked ArcelorMittal and Numetal to clear dues to become eligible to bid for Essar Steel. The court had given both companies two weeks to comply.

    ArcelorMittal was a significant shareholder in both Uttam Galva and KSS Petron, before it divested its shareholding in them in February.

    Source : Money Control
  4. forum rang 10 voda 17 oktober 2018 17:01
    66pct CoC votes for JSW Steel offer for Bhushan Power and Steel - Report

    ET Now and CNBC-TV18, citing unidentified sources, reported that JSW Steel, with its revised offer of INR 19,700 crore for bankrupt Bhushan Power and Steel (BPSL), has emerged as the front-runner by getting 66.6% lenders' votes in its favour. As per the report, 66.6% lenders in Committee of Creditors (CoC) of BPSL voted in favour of JSW Steel’s revised offer.

    As per the Swiss Challenge system under the IBC, the competitors might be given a chance to revise their bids and trump JSW Steel’s offer.

    Earlier, before JSW Steel’s revised offer came in, lenders were in favour of Tata Steel, despite lower offer than Liberty House, based on other parameters.

    Other two contenders, Tata Steel and Liberty House, had offered INR 17,000 crore and INR 18,500 crore respectively. Initially, JSW Steel too had bid a lower offer of INR 11,000 crore but revised it to INR 19,700 crore trumping other two contenders.

    Source : Financial Express
  5. forum rang 10 voda 17 oktober 2018 17:10
    Kijk eens aan, maar liefst 2 prijzen voor Arcelor. Netjes hoor!

    The 9th Steelie Award winners announced - worldsteel

    The winners of the 9th Steelie Awards were announced at the Annual Dinner of the World Steel Association (worldsteel) on 16 October. The Steelie Awards recognise member companies or individuals for their contribution to the steel industry over a one-year period. The Steelies are awarded in seven categories, two of which are new this year.

    Excellence in digital communications expands upon the highly coveted website of the year award to now recognise all digital communications efforts from websites to mobile applications to social media.

    Excellence in communications programmes recognises investment, creativity and innovation in major communications programmes (internal and external) that promote the steel industry or steel as a competitive material. The award covers all channels from advertising, print, marketing promotion and digital.

    The winners for 2018 are:

    Excellence in digital communications - Tenaris

    Innovation of the year - Acciaierie Bertoli Safau S.p.A., Rotoforgia innovative project

    Excellence in sustainability - ArcelorMittal Brazil, Water Master Plan

    Excellence in Life Cycle Assessment - ArcelorMittal, Use of LCA to support the Steligence® project

    Excellence in education and training - Tata Steel Europe, Product and process fundamentals

    Journalist of the year - Chris DAVIS, Content Director, EMEA Metals, S&P Global Platts

    Excellence in communications programmes - Tata Steel Limited, #DoorsofIndia – A journey by Pravesh

    Source : Strategic Research Institute
  6. forum rang 10 voda 17 oktober 2018 17:11
    Radioactive element Americium found in steel scrap at Outokumpu steel plant - STUK

    Reuters reported that Outokumpu’s Tornio facility in Finland, one of Europe’s biggest steel plants, has suffered four radiation contamination incidents since July. The country’s nuclear watchdog STUK said on Tuesday that “In the latest incident, a batch of scrap metal at the plant was found on October 12 to contain Americium, a radioactive element that can be dangerous and potentially deadly if inhaled or swallowed by employees. Workers were forced to wear oxygen masks but were not exposed to radiation. The concentration strength was about 1-2 gigabecquerels.”

    STUK said in the Oct 12 incident the contaminated materials were shipped from the Netherlands and the Baltics, but were likely to have originated outside Europe. STUK director Mr Tommi Toivonen said “It seems there is a bigger portion of scrap metal around the world that contains americium. It is really difficult to find, unlike other radioactive elements.”

    All four recent incidents involved americium, according to STUK. It added that the events’ recurrence qualifies as an International Nuclear Event Scale (INES) radiation incident.

    Outokumpu said “Outokumpu takes this matter seriously and does its utmost to prevent radioactive material ending up in production. Radioactive material is strictly prohibited and cannot be accepted at the plant.”

    Wikipedia “Americium is a synthetic chemical element with symbol Am and atomic number 95. It is a transuranic member of the actinide series, in the periodic table located under the lanthanide element europium, and thus by analogy was named after the Americas. Americium was first produced in 1944 by the group of Glenn T. Seaborg from Berkeley, California, at the Metallurgical Laboratory of the University of Chicago, a part of the Manhattan Project. Although it is the third element in the transuranic series, it was discovered fourth, after the heavier curium. The discovery was kept secret and only released to the public in November 1945. Most americium is produced by uranium or plutonium being bombarded with neutrons in nuclear reactors – one tonne of spent nuclear fuel contains about 100 grams of americium. It is widely used in commercial ionization chamber, smoke detectors, as well as in neutron sources and industrial gauges. Several unusual applications, such as nuclear batteries or fuel for space ships with nuclear propulsion, have been proposed for the isotope 242mAm, but they are as yet hindered by the scarcity and high price of this nuclear isomer.

    Source : Reuters
  7. forum rang 10 voda 17 oktober 2018 17:12
    Escalating trade tensions will create only losers - Voestalpine CEO

    Reuters reported that Austrian steelmaker Voestalpine AG CEO Mr Wolfgang Eder told Reuters on the sidelines of the World Steel Association’s general assembly in Tokyo that no country would benefit from any escalation in global trade tensions that were fuelled by the United States’ push this year to impose tariffs. He said “If we build up trade barriers, there will be only losers.”

    He said “Until we came to the U.S. Section 232 tariffs and similar protectionism moves by others, the global situation was well-balanced. But that’s being questioned now. We should do all we can to bring back the standard which we had before. The world has moved in the right direction by developing a fair trade system over the past two decades.

    Citing Section 232 of US trade law, which allows for tariffs on national security grounds, the Trump administration imposed global tariffs of 25 percent on steel imports and 10 percent on aluminium in March, sparking similar retaliatory responses from its trade partners. The United States and China have since engaged in a tit-for-tat tariff war covering hundreds of billions of dollars of goods traded between the world’s two largest economies.

    Source : Reuters
  8. forum rang 10 voda 17 oktober 2018 17:14
    BlueScope’s New Zealand Steel acquires an interest in Steel & Tube Holdings

    BlueScope Steel announced that its wholly owned subsidiary New Zealand Steel has acquired approximately 15.8 per cent of the shares in Steel & Tube Holdings. They paid a total consideration of $42.3 million.

    Steel & Tube is a customer of New Zealand Steel. They were established in 1953 with the merger of Stewarts & Lloyds of New Zealand, The Iron & Steel Company of New Zealand, and McLean & Todd to form a steel company with a national reach.

    NZ Steel, which acquired Fletcher’s Pacific steel and rolling mill in 2014, is a major supplier of long products, reinforcing, and coloured roofing. Its brands include Colorsteel, Axxis and Zincalume.

    Parent company BlueScope today said it has no intention of taking over Steel & Tube.

    Source : Strategic Research Institute
  9. forum rang 10 voda 17 oktober 2018 17:14
    Maanshan orders new bloom caster from Danieli

    With five strands and a 14-m nominal radius, the machine will cast three section sizes ranging from 250x250 up to 380x450 mm. The product mix will include a large proportion of high-carbon grades like bearing and spring steels, which will be rolled into small bars and high-speed wirerod. A tundish induction heating system will control tundish steel temperatures, reducing the number of impurities in the mould.

    Among other main technological features, soft/hard reduction modules capable of reaching high-reduction ratios and superior control of central porosity and segregation has to be mentioned.

    The installation of twin modules -first of its kind in China- will make possible to limit the space between reduction rolls, increasing the number of passes and consequently achieving a greater overall reduction.

    The overall control of soft/hard reduction will be managed by Danieli Automation “Liquid Pool Control Model” paired with L1 and L2 systems.

    The new caster will be installed next to another Danieli five-strand machine for round blooms, supplied 7 years ago and casting some of China’s best quality round blooms.

    Both casters will operate stirring technology which ensure the best quality for all sections and grades.

    Source : Strategic Research Institute
  10. forum rang 10 voda 17 oktober 2018 17:15
    MMK is building unique sinter plant

    Magnitogorsk Iron and Steel Works’ (MMK) new sinter plant will be equipped with two unique sintering machines which will be the only machines of their kind in Russia. At the moment, the installation of technical equipment on the units continues, as well as steel construction in the key buildings and facilities of the factory. The new sintering machines will have an area of up to 300 sqm for each sintering belts, the height of each sintering layer will be 700 mm. For comparison, at Sinter Plant No 4 (due to be decommissioned after the commissioning of Sinter Plant No 5) the sintering area is 95.4 sqm with a sintering layer height of 280-290 mm. The upkeep of smalls (splinter factions of 0-5 mm) will be reduced from 10% to 5%.

    Each sintering machine will be equipped with two electrostatic precipitators which are designed to clean dust off the sinters. In addition, the factory's environmental complex includes nine suction systems with filters and systems to recycle the sinter gases. There are also plans to build a facility for the dehydration of gypsum, as well as a system to collect and remove excess water from the industrial site to put into the sludge enrichment plant in the mining and processing factory No. 2.

    “The new project will significantly reduce the factory’s negative impact on the environment: dust and sulfur dioxide emissions will be reduced by 490 and 3,280 tonnes per year, respectively,” said Victor Rashnikov, Chairman of MMK. “Moreover, suspended particles emissions to the circulating water supply system will be reduced by 600 tonnes per year. By reducing the harmful impact, the working conditions for factory workers will be significantly improved.”

    The launch of the first sintering machine is scheduled for early February 2019 and the second machine for July 2019.

    Source : Strategic Research Institute
  11. forum rang 10 voda 17 oktober 2018 17:15
    Indian iron ore pellet makers are in for better times - ICRA

    Economic Times quoted ratings agency ICRA as saying that domestic pellet makers are in for better times with strong demand from steel industry, robust export demand, particularly from China and a favorable spread between pellet and iron ore fine prices. While capacity utilisation of domestic pellet plants remained low till FY2017 due to large capacity additions coinciding with depressed domestic demand, utilisation rates in the near-to-medium term are expected to improve on the back of healthy demand. Mr Jayanta Roy, senior vice-president, ICRA said that “Given the significant share of low grade iron ore fines in India’s total iron ore production, there is a growing need to beneficiate inferior grade ore and feed its output to pelletisation plants, to make the ore usable in steelmaking. Domestic pellet makers are also expected to benefit from a robust demand environment both in domestic and Chinese market.”

    The ICRA note said that “Growth in installed capacity of pellets remained muted till FY2010 with a capacity of only 21 million tonne but improved sharply at a compound annual rate of 22.8% to 87 million tonne in FY2017, albeit with low capacity utilization levels at about 55%. Given the expected capacity additions by a number of large steel companies in the next two years, India’s pelletisation capacity is set to cross the 100 million tonne mark by FY2020.”

    China remains India’s preferred pellet export destination with a share of 81% in FY2018 (67% in 4M FY2019) the ICRA report said. After an unfavorable export environment prior to FY2017, improved iron ore availability in FY2017 and healthy import demand from China have led to a sharp rise in Indian pellet exports to 8.8 mt in FY2017 from a negligible 0.7 million tonne in the previous year. Pellet exports grew further by 6% in FY2018.

    In India, pellet producers include both large integrated steel manufacturers having captive pelletisation operations as well as merchant pellet manufacturers.While large pellet makers include the likes of Tata Steel, Essar Steel and Jindal Steel & Power etc., the merchant category includes Brahmani River Pellets, KIOCL, MSPL etc.

    Source : Economic Times
  12. forum rang 10 voda 17 oktober 2018 17:16
    Daehan Pyeongtaek modernizes existing VCC® mill with new SMS Group Billet Welder

    DaehanSteel Co Ltd, South Korea, awarded SMS group an order to modernize its existing VCC® of the rolling mill in its Pyeongtaek plant, which is located in the Seoul area. The plant produces 450,000 tons per year of compact coils in diameters from 10 to 25 millimeters which is internally processed in the own cut-and-bend facilities or exported to the Far East market. The modernization project foresees the installation of a new welder at the furnace exit side of the existing rolling mill which will be used to join billets 130 x 130 millimeters or 150 x 150 millimeters to generate an endless feedstock that will be rolled on the existing mill to make a tailor-made coil weight of up to five tons.

    The intermediate rolling mill line will be also modified with a relocation of the existing crop shear used for head stock cutting, while a new dividing shear will operate to define the coil weight by cutting endless bar. The modification of the existing water quenching / soft cooling line is foreseen as well to fulfill the requirements of the new process.

    The existing VCC® system will be modified to handle the new coil weight of up to five tons by replacing the two coilers and some modifications at the coil handling located downstream. The VCC® line produces compact coils directly coiled in vertical position. Plant operators can therefore eliminate the need for turning manipulators and, at the same time, reduce the process cycle time as all coils are formed in the final position. The coils are ready to be stored immediately once coiling has been completed and the coils have cooled down. Reduced handling also minimizes the overall risk of damaging the coil surface.

    SMS group, with deep knowledge of the existing plant, will minimize the modification at the existing equipment to reduce the shutdown time of the plant for the erection. The main target of the modernization is the production of heavier coils which will reduce the downtimes in the cut-and-bend facilities leading to a reduction in production costs.

    DaehanSteel places the second order in a row with SMS group, trusting in SMS group's modernization expertise and strengthening the long-term partnership between both companies.

    Source : Strategic Research Institute
  13. forum rang 10 voda 17 oktober 2018 17:19
    Green tribunal fines Delhi government for illegal steel units in residential areas

    Scroll In reported that National Green Tribunal fined the Delhi government INR 50 crore for not taking action against steel pickling units in residential areas, PTI reported. Such units fall under the list of prohibited industrial activities. Pickling is the process of removing impurities such as stains and inorganic contaminants from steel. The tribunal also directed the Delhi government to shut down such units with immediate effect. A bench headed by tribunal chairperson Justice AK Goel pulled up the government led by the Aam Aadmi Party for not closing down the industrial units despite specific directions.

    The order came on a plea filed by non-governmental organisation All India Lokadhikar Sangthan, seeking to execute the tribunal’s order on closing down such units in industrial areas. The plea claimed that steel pickling units functioning in Wazirpur discharged effluents in open drains which flows into the Yamuna river.

    In January, the Delhi government informed the National Green Tribunal that steel pickling units fall under the list of prohibited industrial activities according to the Delhi Master Plan, 2021 and cannot operate in residential areas.

    Source : Scroll In
  14. forum rang 10 voda 17 oktober 2018 17:19
    Trump Trade war - United States seeking Mexican steel export quotas

    Reuters reported that United States is seeking to impose quotas on Mexican steel exports as part of a negotiation to remove metals tariffs, the chief trade negotiator of Mexico’s incoming government said adding the issue needed to be resolved within weeks. Mr Jesus Seade, who represented Mexico’s President-elect Andres Manuel Lopez Obrador in the wider trade talks, said the current Mexican government was leading the metals talks but that he had spoken to US Trade Representative Robert Lighthizer on the matter. He said that “I have had a couple of calls with Lighthizer, and it is along those lines, to manage volumes etc with Mexico and with Canada.”

    Mr Seade said the issue of tariffs on Mexican steel had to be resolved before the new government takes office on Dec. 1. He said that “There is a month-and-a-half left, so it needs to be resolved now.”

    Mexico is a net importer of steel from the United States, although it did export USD 2.5 billion of iron and steel to its northern neighbour in 2017, according to the US Census Bureau.

    Source : Reuters
  15. forum rang 10 voda 17 oktober 2018 17:21
    Plea to revive Pakistan Steel Mills by appointing professionals

    Dawn reported that stakeholders of Pakistan Steel Mills have asked Prime Minister Imran Khan to immediately appoint a professional management team to revive the mill closed for more than three years and stop PKR 5 million per hour financial bleeding. In a letter to the prime minister, the stakeholders group of PSM employees, pensioners, suppliers, dealers and contractors has accused the previous PML-N government of criminal negligence for the closure of the mill in June 2015. They said the total losses and liabilities of the mill had gone beyond Rs465 billion, besides about USD 2.5 billion foreign exchange loss per annum to the country because of steel imports which should have been produced at the PSM.

    Convener of the PSM Stakeholders Group Mumrez Khan wrote to the prime minister that “Once a symbol of excellence and pride for the nation, PSM is completely dysfunctional since June 10, 2015 due to the inept and unprofessional polices of the last government.”

    As a result, not only the employees, retired as well serving, have fallen victims, but the suppliers, dealers and all those having a stake in the successful operation of the mill continue to suffer immensely.

    The group has put up a claim of PKR 70 billion on the mill and has offered to turn around the organisation by reviving its existing plant and expand its capacity three times to three million tonnes to stop its further bleeding, reduce foreign exchange loss and help support the domestic industry and economy.

    It said the group had presented ‘workable proposals’ in this regard between September 2017 and August 2018, but were not responded to by the federal government. The demands were also not heeded to for transparent accountability and process and appointment of professional management with injection of funds required for the mill’s revival.

    Source : Dawn
  16. forum rang 10 voda 17 oktober 2018 19:35
    US Steel workers to get biggest pay raise in years - Report

    Reuters, citing three sources familiar with details of the negotiations, reported that United States Steel Corp workers are set to get the biggest wage jump in at least six years under a new deal negotiated with the company, providing early signs that gains from US President Donald Trump's clampdown on foreign imports are finally trickling down. The agreement, reached on Monday, proposes a cumulative 14 percent wage increase over a four-year period.

    The new contract also proposes a lump sum bonus and a share in the company's profits. The workers will retain healthcare benefits from the last contract, which did not require them to pay a premium.

    Wages were frozen in the last contract, which ended on September 1, as the company was suffering losses from a slump in the domestic steel prices. The 2012-2015 agreement raised wages by an average of about 1.5 percent per year over three years, according to the workers' union.

    Source : Reuters
  17. forum rang 10 voda 17 oktober 2018 19:37
    Cleveland Bridge landmark projects recognized at Structural Steel Awards

    Cleveland Bridge UK has been recognized for recent landmark projects at the Structural Steel Design Awards. Presented at the 50th anniversary of the awards, held at the Banqueting Hall in London, Cleveland Bridge secured a prestigious award for its role in the redevelopment of London Bridge Station, and also a special commendation for its contribution to the construction of the Queensferry Crossing. Cleveland Bridge provided fabrication and Logistics expertise in the substantial regeneration of London Bridge Station, which secured the company its Structural Steel Award. As the fourth busiest station in the city, serving almost 54 million each year, the rail hub remained open throughout the redevelopment in the heart of London. The project presented complex logistical challenges, to ensure the installation works could be completed successfully as part of a strict and challenging timetable.

    To deliver the steelworks to the ambitious timetable, Cleveland Bridge undertook trial erections in Darlington. This included the construction of 29 plate girder decks, consisting of six main girders braced together. The decks were subsequently successfully delivered and installed on site using a combination of cranes and, in the early stages of the project, commissioned scissor lifts alongside self-propelled modular transporters. From its extensive 22-acre facility, Cleveland Bridge fabricated two lines of girders, 550m in length, then assembled the pieces running parallel to each other on site, using about 5000 tons of British-made steel for the Approach Viaduct South.

    The Darlington-based steel company carried out work for the GBP 1.35 billion bridge, connecting Edinburgh to Fife, on behalf of Transport Scotland’s main contractor, Forth Crossing Bridge Constructors, working for the Scottish government.

    Source : Strategic Research Institute
    Bijlage:
  18. forum rang 10 voda 17 oktober 2018 19:50
    BHP update on iron ore production in Jul-Sep quarter

    BHP announced that total iron ore production increased by 10 per cent to 61 Mt or 69 Mt on a 100 per cent basis. Guidance for the 2019 financial year remains unchanged at between 241 and 250 Mt, or between 273 and 283 Mt on a 100 per cent basis.At WAIO. increased volumes were supported by record production at Jimblebar and improved reliability across our rail network and port operations. As expected, production was lower than the June 2018 quarter as we optimised maintenance schedules across the supply chain and implemented a program of work to further improve port reliability and performance.

    Mining and processing operations at Samarco remain suspended following the failure of the Fund3o tailings dam and Santar6m water dam on 5 November 2015.

    Source : Strategic Research Institute
  19. forum rang 10 voda 18 oktober 2018 16:42
    ArcelorMittal takes required step to ensure its offer for Essar Steel is eligible

    ArcelorMittal announces that, in-line with the Indian Supreme Court ruling dated 4 October 2018, it has approved a payment of INR 7,469 crore rupees to the financial creditors of Uttam Galva and KSS Petron to clear overdue debts in order that the offer it submitted for Essar Steel India Limited on 2 April 2018 is eligible and can be considered by ESIL's Committee of Creditors. ArcelorMittal's Board of Directors believes that ESIL represents a unique and compelling opportunity for the Company to establish a significant footprint, with substantial expansion potential, in the high-growth Indian steel market. It concluded that, given the significant benefits that ESIL would bring to ArcelorMittal, making this payment was an appropriate course of action under the circumstances.

    As stipulated in the Supreme Court ruling, ESIL's CoC now has an eight-week period to accept what it considers to be the best resolution plan from eligible applicants.

    Source : Strategic Research Institute
  20. forum rang 10 voda 18 oktober 2018 16:43
    HBIS calls for cooperation to build free trade order in global markets

    Reuters reported that Mr Yu Yong, HBIS Group chairman, in a keynote speech at the World Steel Association’s general assembly in Tokyo while calling for more openness and win-win cooperation to build a new order in global markets, said “Protectionism poses severe challenges to the world economic order and steel trade. Economic globalization has become an irreversible trend. Facing the increasingly complicated international trading environment, we realize how important free trade and rule-based order is.”

    He said “Excessive trade protection is protecting poor companies and preventing high-cost and less-competitive players from being phased out by market forces, which hinder the progressive transformation and competitiveness of the steel industry. I firmly believe opening up and win-win cooperation will lead us to common prosperity of the world economy and a healthy development of the global steel industry. I appeal that all the steel associations worldwide ... make joint efforts to safeguard global free trade system.”

    His comments come as the United States and China have engaged in a tit-for-tat tariff war since early this year, covering hundreds of billions of dollars worth of goods traded between the world’s two largest economies.

    Source : Reuters
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