Russian steelmaker Severstal has announced it quitted from the Indian joint venture plant project, which result to the future direction of the project is unknown. Severstal Group is already the third foreign-funded enterprises quit India steel construction projects this year. Earlier, South Korea’s POSCO abandoned Karnataka construction plans because land acquisition problem. The ArcelorMittal because of the slow progress of the project issues quitted Orissa construction plans.
Severstal and Indian state-owned miner National Mineral Development Corporation of India (NMDC) had reached an agreement in 2010 about Karnataka jointly build an annual output of 300 tons of steel mill. However, because the Indian government reluctant to transfer the majority stake to Severstal, the project has been stopped. Severstal said difficult business environment of India lead to its exit the project. NMDC did not declare how to develop the project in future, NMDC may be carry out independently. NMDC can be through cash reserves and bank loans to India to finance the project. However, NDMC has several developing projects, and previously expressed focus on completed Chhattisgarh Province with an annual output of 3 million tons of steel construction. Meanwhile, through the construction of new mines and the development of existing projects, domestic iron ore production capacity will be expanded from 32 million tons / year to 48 million tons / year.
Brazil levy anti-dumping duties to China stainless steel pipe
Brazil’s Foreign Ministry announced on July 29, levied anti-dumping duties from China mainland and China Taiwan imports of circular welded austenitic stainless steel (outer diameter 6mm-2.03m, thickness 0.4mm-12.7mm), valid for five years. In which to Zhe Jiang Jiuli Special Material Technology Co., Ltd. tax rate is zero, other mainland enterprises’ anti-dumping duty is $ 679.08 / ton; To China Taiwan Yun Qiang Industrial Co., Ltd. of anti-dumping duties levied $ 359.66 / ton, other Taiwan enterprises’ anti-dumping duty is $ 911.71 / ton.
To reply South American steel companies Aperam applications, Brazilian authorities initiated an investigation on the case in last September, investigation period is from January 2007 to December 2011.