This morning in metals news, Tata Steel completed its buy of the bankrupt Bhushan Steel, Chinese steel mills are turning to scrap and Turkey is preparing to respond over the U.S. tariffs on aluminum and steel.
Tata Steel Buys Bhushan Steel
Indian firm Tata Steel completed its purchase of the bankrupt Bhushan Steel for $5.2 billion, Reuters reported.
Bhushan has an annual steelmaking capacity of 5.6 million tons, according to the report.
Amid environmental rules, Chinese steel mills are looking to use more scrap, according to a report by the South China Morning Post.
The recycling of material comes as the government continues to crack down on “smoke-stack industries,” according to the report.
Turkey Plans Response on Section 232 Tariffs
Turkey is among the many countries not to have won an exemption from the U.S.’s Section 232 tariffs on steel and aluminum; unsurprisingly, Turkey is planning a response, according to one report.
Turkey plans to impose tariffs worth about $266.5 million on U.S. products, including coal, paper, walnuts, almonds, tobacco and unprocessed rice, among other items, according to a report by the Hurriyet Daily News.