Economy
SMU Briefs: ArcelorMittal, JSW, Reibus in the News
Written by Sandy Williams
June 14, 2019
Steel Market Update Briefs: ArcelorMittal, JSW Steel, Reibus in the news:
JSW Steel Output Up 4.0 Percent in May
JSW Steel announced that its steel output grew to 1.45 million metric tons in May 2019, a 4 percent increase year-over-year. Flat rolled products increased 6.0 percent to 1.02 million metric tons and long products increased 9 percent to 358,000 tons.
ArcelorMittal Commits to Mexico Investment
Mexico’s president Andres Manuel Lopez Obrado is urging ArcelorMittal to invest another billion dollars in its Mexican operations. ArcelorMittal currently is building a new hot strip mill at its Lazaro Cardenas plant that will increase production for ArcelorMittal Mexico from 4 million metric tons per year to 5.3 million tons.
“As far as I am concerned, I can say that we are committed to investing in Mexico, we are committed to grow in Mexico,” Mittal said in a video published via Twitter by Obrador. “We want to produce articles that substitute imports and which create value in the country.”
Reibus International Acquires Blue Steel LLC
Reibus International, a B2B marketplace in industrial materials, announced the acquisition of Blue Steel LLC, an online platform known as Metalmixx, which facilitates the buying and selling of excess carbon steel.
Metalmixx customers will be transferred to the Reibus platform and Metalmixx will cease operations. Reibus’ platform will offer Metalmixx customers a proprietary database of industrial metals for sale on an independent cloud-based platform, unique user tools such as trade credit solutions and complete freight services, security and anonymity for all transactions.
Sandy Williams
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