Machine Industries

MEYER WERFT starts construction on Arvia for P&O Cruises The steel cutting for the new ship for the British cruise line P&O Cruises has taken place / The new cruise ship will be completed in 2022 / The name of the ship has now been announced With the steel cutting, MEYER WERFT has begun construction of the new cruise ship Arvia for the British cruise line P&O Cruises. The cruise line announced the name a few days ago. The sister ship of the Iona is optimally tailored to the preferences of British passengers. Representatives of the cruise line accompanied this...

Global Steel Price Rally Will Be Short-Lived Fitch Ratings-Moscow/London-02 February 2021: The recent global rally in steel prices will be short-lived, Fitch Ratings says, with prices starting to decline towards the end of 1Q21 as steelmaking production continues to be restarted. Vast steelmaking capacity idled during the heights of the pandemic could not be brought online quickly enough to meet recovering steel demand and restocking, leading to the rapid rise in prices.Up to 30% of global steelmaking capacity (excluding China) was idled or production at steel mills significantly reduced in response to a pandemic-induced drop in demand. However, the recovery...

Revoking of CVD, ADD to hurt earnings of domestic stainless steel industry "Traders are expected to stock up cheap imports creating huge inventories in the coming months ahead of an anticipated demand boom in the sector," said an official of a large stainless steel firm Revoking of countervailing duty (CVD) and anti-dumping duty (ADD) on stainless steel products would give China a free hand in dumping cheap imports to the country, industry officials said on Wednesday. In the Union Budget for FY22, Finance Minister Nirmala Sitharaman announced revoking of countervailing duty on imports of flat products of stainless steel, originating...

Higher cost of funds denting steel industry’s capacity expansion: Kearney India’s steel industry had targeted a capacity of 180 to 190 MTPA by 2024–2025 and 300 MTPA by 2030. Prior to the Covid-19 outbreak, 10 MT of steel capacity was expected to come on board in the second half of this fiscal year. For India to create a globally competitive steel industry, global consultancy firm Kearney, formerly A T Kearney, has prescribed a wider and deeper government role. While it has flagged the need for a financial stimulus and suggested that the industry should seek concessional interest rate from the government...

Looking to decarbonize the metal industry, Bill Gates-backed Boston Metal raises $50 million   Image Credits: Getty Images under a license. Steel production accounts for roughly 8% of the emissions that contribute to global climate change. It is one of the industries that sits at the foundation of the modern economy and is one of the most resistant to decarbonization. As nations around the world race to reduce their environmental footprint and embrace more sustainable methods of production, finding a way to remove carbon from the metals business will be one of the most important contributions to that effort. One...