Steel

Secondary steel makers to cut prices by up to Rs 4,000

New Delhi, May 14 (ANI): Secondary steel makers, Bhushan Steel and National Steel , have announced up to Rs 4,000 per tonne cut on all flat products toeing the line of primary producers even as the government is examining the merit of the steelmakers' request for lower export duty on the metal.

"The secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary, R S Pandey said after a meeting with the steelmakers.

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ArcelorMittal steel group sells off US steel mill

The world’s largest steel group ArcelorMittal has said that it has finalised the 810 million dollars sale of a plant in the United States to Russian Steelmaker Severstal.

It was ordered to dispose of the Sparrows Point plant in Baltimore, Maryland, by US authorities as a condition for their clearance of Mittal Steel’s acquisition of Arcelor last year.

A deal to sell Sparrows Point to US companies Esmark and Whelling-Pittsburgh failed at the end of last year when financing fell through.

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Mittal seeks 25 percent stake in China’s second largest steel firm

ArcelorMittal, the world’s biggest steel producer, is keen to have a 25 percent stake in China’s second largest steel firm, Angang Steel, in an effort to extend its presence in that country.

Lakshmi Mittal, the main owner of ArcelorMittal, is said to have made this proposal to Zhang Xiaogang, Angang’s chairman, in a private meeting just over two months ago.

Although financial terms were not discussed, a 25 per cent stake in Angang would cost ArcelorMittal at least five billion dollars, according to Angang’s current market valuation, reports The Financial Times.

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