Tata Steel said on Tuesday that “it could cut around 500 jobs under plans to restructure the part of its British business that supplies the construction and engineering industries,” reports Reuters.
“It blamed a prolonged downturn in demand, particularly for construction steel in Britain, a market which is at about half of 2007 levels.”
“On top of the challenging economic conditions, rules covering energy and the environment in Europe and the UK threaten to impose huge additional costs on the steel,” Karl Koehler, CEO of Tata Steel’s European operations, noted.
The week’s biggest mover on the weekly Renewables MMI® was the price of Chinese cobalt cathodes, which saw a 6.5 percent decline. This comes on the heels of a 4.9 percent increase the week before. The price of silicon fell 3.8 percent after rising 7.1 percent the week before. Following a 1.3 percent increase in the week prior, the price of Chinese steel plate fell 1.8 percent last week. Neodymium remained essentially flat from the previous week.
The price of Japanese steel plate rose 2.8 percent after falling 2.7 percent during the previous week. Prices for Korean steel plate remained constant. The price of Chinese steel plate fell 1.8 percent after rising 1.3 percent the week before. The week finished with no movement for US steel plate.
For the fifth day in a row, US grain-oriented electrical steel (GOES) remained essentially flat.
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