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ACRE to buy Union Bank's Rs 411 crore Visa Steel Loan
The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.ACRE was declared the successful bidder in the absence of counteroffers at the auction.The company, however, challenged the order in the appellate tribunal and obtained a stay from the Orissa High Court, halting the insolvency process.The move to sell their exposure to the steel company comes as banks seek to address recovery delays due to court interventions by the promoters.To exercise control over the debt resolution process in any company undergoing restructuring, an acquirer looks to own a minimum of 66% of the company's debt.

🇮🇳 India · 🗓️ September 05, 2023 · Steel

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Japan’s industrial output up 2.0 percent in June from May
2 percent in July and increase by 1.7 percent in July and decrease by 3.2 percent and iron and steel inventories fell by 0.3 percent in July, month on month.On the other hand, in June the Japanese iron and steel production index increased by 1.

🌎 International · 🗓️ September 05, 2023 · Steel

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North American longs prices forecast to decline in 2023
However, activity levels in the United States and Canada are projected to weaken for the rest of the year.The pace of construction work has begun to contract, ahead of the autumn.The measures will slow down activity in the regional economy.The increased cost of borrowing is a contributory factor.The Canadian long product market is heavily exposed to the selling policies of neighbouring US mills, which have become increasingly active in the country.

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🌎 International · 🗓️ September 05, 2023 · Steel

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UK Metals Expo interview: ISTA president Godfrey Watt
The job brought an opportunity to work in shipping and, later, on the trading side.Getting to know the sector, and the challenges faced by the people within it, will really help you succeed.Throughout my career what I’ve enjoyed most is visiting various steelworks and traders and getting to know the people, the product and the production process.I’d like to think that it can bring a little more exposure to ISTA and the work the organisation does.The Carbon Border Adjustment Mechanism (CBAM) is bound to be the other thing.

🔗MEPS International

🌎 International · 🗓️ September 05, 2023 · Steel

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New Capacity Roundup – August 2023
The addition of the furnace will facilitate greater use of scrap steel in the melting process, contributing to the company's goal of achieving a 10 percent reduction in the plant's overall emissions, by 2025.1 billion for the project, making it the largest single investment in the company’s history.The company expects that the site will have the lowest CO2 emissions of any steel producer in North America.The project involves the replacement of two blast furnaces and two basic oxygen furnaces, with a 2.The company states that the modifications will lead to a 10 percent reduction in gas consumption and a 5 percent increase in productivity.

🔗MEPS International

🌎 International · 🗓️ September 05, 2023 · Steel

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