In steel news, Baosteel is holding the line on production cuts and shutdowns and the beleaguered UK steel industry has finally received a reprieve from its high green costs.
Baosteel Vows Not to Cut
Baoshan Iron and Steel Corp. (commonly known as Baosteel), China’s largest listed steel producer, has no further plans to cut production following the closure of its 550,000-metric ton per year Baotong plant, a company official said on Thursday
“Apart from Luojing previously and Baotong now, the company currently has no plans to further cut production,” said Zhu Kebing, the company’s chief financial officer, at an online investor briefing to discuss its third-quarter results.
UK Steelmakers To Receive Cost Support
Britain promised on Wednesday to start refunding the cost of so-called green taxes which push up energy costs for steel manufacturers and other energy-intensive industries as soon as the European Union grants state aid approval.
This month over 4,000 British steel jobs have been lost or are at risk due to a combination of weak prices and high costs