Mining giants BHP and Rio Tinto are increasingly focusing on India as the next major growth market for the global steel industry, anticipating a shift away from China's long-standing dominance in demand. India's rapid urbanization and infrastructure spending are expected to drive significant steel expansion.
The IG Metall union warns against reversing the transformation of the struggling steel industry towards climate-neutral production. Union leader Jürgen Kerner emphasized the need for predictable policies and criticized the continued import of Russian steel, highlighting the risk to 20,000 jobs.
Global steel overcapacity is set to increase significantly by 2028, driven by state subsidies and expansion outside OECD countries, particularly China. The OECD warns this trend threatens competition and the viability of domestic steel industries worldwide.
UK Business Secretary Peter Kyle will meet EU Trade Commissioner Maroš Šefčovič to discuss planned EU tariff-free import reductions for British steel. The EU's proposed 47% cut from July 1st, alongside the UK's 60% reduction, sparks fears of collateral damage and retaliatory measures, impacting industries on both sides.
UK Business Secretary Peter Kyle will meet EU trade commissioner Maroš Šefčovič to discuss planned EU cuts to tariff-free steel imports. The UK industry fears "devastating" consequences from the EU's 47% reduction, while EU leaders worry about UK retaliation. Both sides are introducing safeguards against Chinese competition, but fears grow of collateral damage.
The UK government's plan to nationalize British Steel is expected to cost taxpayers billions, with estimates suggesting over £1.5 billion by 2028 and an additional £1 billion for transitioning to an electric arc furnace, amid efforts to decarbonize the industry and attract investors through potential mergers.
SEOUL, April 23 (Yonhap) -- Vice Industry Minister Moon Shin-hak on Thursday cal...
