Tata Steel has agreed the sale of its UK long products business to investment group Greybull Capital for £1 in a deal that will revive the British Steel brand and could save 4,400 jobs.
Steel Industry News
Tata Steel deal saves 4,400 jobs in UK
The Death of Steel. The Bankruptcy of Steel Manufacturing
Steel, in various global quarters, is in retreat. Jobs are under threat. In Britain, the Indian steel manufacturer Tata steel has claimed it will sell its loss-making business, adding to the worried voices in Wales in January about what everybody there feared. Conditions, the company argues, have “rapidly deteriorated” due to oversupply, imports into the European market, and currency issues.
China just announced one of the largest single layoffs in history
China may soon have a rust belt of its own.
Chinese officials announced plans to lay off roughly 1.8 million workers in the coal and steel industries, as part of president Xi Jinping’s politically difficult effort to restructure the world’s second-largest economy. It’s unclear as to the time frame for the cuts, which were announced by Yin Weimin, China’s minister for human resources and social security.
Tata Steel workers to protest in Brussels
Steelmakers from across Tata Steel’s European sites, including the UK, Holland and France will be travelling to Brussels to take part in one of the biggest protest marches in the history of the European steel industry.
Is the worst over for the crumbling steel industry?
Like much of the commodity complex, the last 12 months have been brutal for the steel industry, with prices falling to 12-year lows as currency headwinds, oversupply and dwindling demand prevail, resulting in mass job cuts in the sector.
ARCELORMITTAL TO SELL THREE US STEEL MILLS
ArcelorMittal intends to sell three US long carbon facilities, including ArcelorMittal LaPlace, Steelton and Vinton, the company said Friday.
Steelworkers Hold Very Successful Day of Action in Hamilton
About 5,000 people rallied in Hamilton on January 30 at a very successful Day of Action organized by Locals 1005 and 8782 USW with the support of United Steelworkers, the Hamilton and District Labour Council, the Ontario Federation of Labour and other labour councils and unions.
3-Year Contract with U.S. Steel
Members of the United Steelworkers (USW) union have ratified a new three-year contract with U.S. Steel that will cover 18,000 workers at more than a dozen facilities across the United States. USW members voted by a greater than 2-to-1 margin to approve the contract, which will take effect immediately.
US Steel Corp Reports 2015 Fourth Quarter Full Year Results Strong
United States Steel Corporation (X) reported a full-year 2015 net loss of $1.5 billion, or $10.32 per diluted share, which included items totaling $1.2 billion, or $8.53 per diluted share, that were excluded to arrive at adjusted net loss of $262 million, or $1.79 per diluted share.
UK's largest steelworks Port Talbot at risk with 4,500 jobs at stake
Union leaders and local politicians are calling for bosses Tata to come up with an urgent rescue plan, warning: “It is 10 minutes to midnight”
Republic to idle Lorain plant indefinitely in March
United Steelworkers Local 1104 President Dennis Hamilton said union officials learned of the plans at a meeting with management earlier today.
US steel capability utilization falls to 60.9%, lowest since 2009
The US steel industry’s capability utilization dropped to 60.9% last week to the lowest level reached since the week ended December 26, 2009, according to American Iron and Steel Institute data.
US Steel Corp. postpones construction of Alabama furnace
U.S. Steel Corp. says it’s delaying the construction of an electric arc furnace at a plant in Fairfield.