Steel Products
Severstal Canceling Foreign Investments
Written by Sandy Williams
March 13, 2013
Written by: Sandy Williams
Severstal has suspended plans to build a DRI facility in Trinidad & Tobago, citing a drop in profits and weak global demand. The proposed $600 million facility would have supplied DRI for the Severstal Columbus electric arc furnace.
The company also canceled a planned investment of $5 billion with India owned NMDC to build a flat steel plant with a capacity of 1.5 million tons per year in Karnataka. CEO Alexey Mordashov said at a conference on Tuesday that the project was suspended because NMDC refused to relinquish control of the project to Severstal.
Severstal announced a fourth quarter loss last week of $150 million. Net profit for the year dropped to $762 million from $2,035 million in 2011, a 62.6 percent plunge.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Kloeckner, SDI collaborate on aluminum plant in Mississippi
The investment is aimed at growing Kloeckner’s automotive and industrial segment in the US and Mexico.
HVAC shipments slip in September but are still trending higher
Following a strong August, total heating and cooling equipment shipments eased in September to a five-month low, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Dodge Momentum moves down again
Slowing growth in data center planning and nonresidential projects caused the Dodge Momentum Index (DMI) to pull back in October.
AISI: US steel shipments slip in September
Domestic steel shipments decreased both on-year and month over month in September.
Northwest Pipe’s Q3 profits soar, sees strong end to ’24
Northwest Pipe’s third-quarter earnings jumped over 76% on-year as the company expects a strong finish to 2024.