Search Result for : Steel Manufacturing

The Dollar Business Bureau China's minister of Human Resources and Social Security, Yin Weimin, has announced that China plans to relocate about 5 lakh workers this year, as it downsizes its state-owned businesses of coal, steel and other heavy industries. Amid pressure from the international community to cut down on its steel manufacturing, China is showing that it is taking measures to tackle its overcapacity and subsequent dumping of surplus produce overseas. Even China's military, which is the largest in the world, is going to cut down 3 lakh troops. China is said to have relocated 7.26 lakh employees in 2016, spending $4.3 billion in the process. Despite a large number of layoffs and the economic slowdown, the ministry said ...

The Dollar Business Bureau India would become the world’s second biggest steel manufacturer by 2016-end, Steel Minister Birender Singh said. China is currently the world’s largest steel manufacturing country, followed by Japan. It produces five times more steel than India. "At present, about six lakh tonnes of steel is manufactured in old factories and private plants across India. Steel industry accounts for just two per cent share in the Gross Domestic Product (GDP) of the country and efforts are being made to increase it," he said. He said the government is planning to set up a new steel manufacturing plant with one million tonne capacity, and the steel manufactured here will be exported. Singh also emphasised the need to bridge education gap ...

Deepak Kumar | The Dollar Business Imposition of 20% import duty on certain categories of steel products failed to check a surge in its imports in October, said an expert. Steel imports in India once again rose in October as cheap steel available in China, increase in domestic consumption and rise in trade frictions prompted consumers to look out for cheaper products shipped from other countries. “China has been competitive as they have reduced prices. Attempts are being made by China to reduce steel prices further, so that the duty implemented by India doesn’t impact exports much. Right now we are not expecting a huge decline in steel imports. Its impacts will be more visible in the next two-three months,” C V ...