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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 06, 2023 · Steel

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US stainless market resilient as EU mill profits slump
The facility is already the largest integrated stainless steel producer in the United States.6 percent, to €411 per tonne, in the second quarter of 2023.Acerinox and Outokumpu have a large presence in the US and European markets.These figures are considerably lower than the peak reached in the second quarter of 2022.The results are important because they contribute to the underlying reasons that two of those producers intend to grow their presence in the US market.

🔗MEPS International

🌎 International · 🗓️ September 06, 2023 · Steel

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India’s coking coal port import traffic up 10% in April-August
175 million mt in July this year.34 million mt, against 5.011 million mt in the April-August period, up 31.As per the calculations of SteelOrbis, inward shipment of coking coal in August stood at 5.18 percent year on year, according to the IPA data.

🇮🇳 India · 🗓️ September 06, 2023 · Steel

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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 06, 2023 · Steel

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Indian Oil Corporation floats global tender for construction of green hydrogen plant
The successful bidder will ensure the supply of gaseous green hydrogen at the delivery point to IOC, to be marketed by the latter.The proposed location of the new green hydrogen unit is between the Panipat Refinery and Panipat Naphtha Cracker area in land owned by IOC within the vicinity of the Panipat Refinery Complex.The plant would need to be completed within 30 months for date of award of the contract.The company said that the investor would be required to construct a green hydrogen plant with a capacity of 10,000 mt per day, making it the largest such plant currently planned in the country.

🇮🇳 India · 🗓️ September 06, 2023 · Steel

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