Tata Steel has decided “to boost its research and development programme in the UK after it received an 8-million pound investment from the British government,” reports The Economic Times.
“The Regional Growth Fund (RGF) investment will allow researchers at Europe’s second-largest steelmaker to develop next-generation steels for cars, aircraft, rail networks, skyscrapers, mining equipment and power stations.”
“Scientists and engineers will develop a range of materials to meet demands for renewable energy generation and more fuel-efficient cars and planes.”
“‘This investment will strengthen our UK programme of cutting-edge research allowing us to develop new materials and applications to help our customers overcome their challenges, now and in the future,’ Karl Koehler, chief executive of Tata Steel’s European operations, said in a statement here today.”
In metal price news for steel…
Following a three-day flat streak, the US HRC futures contract 3-month price dropped by 1.3 percent to end at $623.00 per short ton on Friday, February 21. The US HRC futures contract spot price continues hovering around $655.00 per short ton for the fifth day in a row.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC held steady. The price of Chinese coking coal was unchanged.
The steel billet cash price saw little movement on the LME at $355.00 per metric ton. The steel billet 3-month price held steady on the LME at $360.00 per metric ton.