Chile steel plant reopens as tariffs imposed on Chinese imports

Chile's biggest steel plant has resumed activities after the government imposed a temporary tariff on Chinese imports. Then on Saturday, Chile's finance ministry imposed a temporary tariff ranging from 25 percent to 34 percent on Chinese steel imports.
  • Updated On Apr 23, 2024 at 08:11 AM IST
SANTIAGO: Chile's biggest steel plant has resumed activities after the government imposed a temporary tariff on Chinese imports.

The Huachipato plant, which provides 2,700 direct jobs and some 20,000 indirect ones, announced a month ago it was winding down, unable to compete with Chinese steel that sells for about 40 percent cheaper in the South American country.

The company had asked Chile's CNDP anti-price distortion commission to recommend the government impose a 25 percent tariff on imported steel.

The commission in a recent ruling found "sufficient evidence to support the existence of dumping" -- the selling of Chinese steel below cost.

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Then on Saturday, Chile's finance ministry imposed a temporary tariff ranging from 25 percent to 34 percent on Chinese steel imports.

The measure, which appeared to fly in the face of a free trade agreement between Chile and China, was authorized by the CNDP.

"We hope that this interim measure will be confirmed with definitive measures that will allow us to continue to compete on an equal footing," the plant said in a statement.

Latin America last year imported a record 10 million tons of Chinese steel -- a 44 percent rise from the year before, according to data from the Latin American Steel Association (Alacero).

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Two decades ago, the figure was just 85,000 tons.

Some 1.4 million people work in the steel industry in the region.

The United States, too, has complained about cheap Chinese steel, and last week US President Joe Biden called for a hike in tariffs as he accused the Asian giant of "cheating."

Huachipato specializes in key inputs for the mining industry, including steel bars and balls used in the milling of copper -- of which Chile is the world's largest producer.

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  • Published On Apr 23, 2024 at 08:09 AM IST
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Arcelormittal Nippon Steel India in talks for $1 bn loan

Arcelormittal Nippon Steel India Ltd., a joint venture between two global steel giants, is in discussions with banks to raise approximately 85 billion rupees ($1 billion), possibly the largest local-currency loan this year.
  • Updated On Apr 22, 2024 at 12:53 PM IST
Read by: 776 Industry Professionals
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Arcelormittal Nippon Steel India Ltd., a joint venture between two of the world’s leading steel makers, is in talks with banks to raise about 85 billion rupees ($1 billion), according to people familiar with the matter, in what could be the biggest local-currency loan this year to fund the firm’s expansion.

At least three lenders including State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information.

SBI, India’s top bank, could lend more than half of the loan, which may carry a tenor longer than five years and be priced against a local interest rate benchmark, they said, adding that details of the lending facility are not finalized and may change.

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If the deal materializes, it would be the country’s largest rupee-denominated loan in 2024 so far, Bloomberg-compiled data show. India’s fourth-biggest manufacturer of flat steel — used in everything from consumer goods to cars — is seeking to ramp up capacity as a widely-anticipated reelection by Prime Minister Narendra Modi may spur infrastructure spending in the world’s most-populated nation.

ArcelorMittal Nippon Steel India, State Bank of India, ICICI Bank and Axis Bank did not immediately reply to e-mailed requests seeking comment.

The steel firm had earlier held loan negotiations with a few other lenders but they couldn’t agree on the cost of funding, said the people.

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The company is a joint venture between major steelmakers ArcelorMittal South Africa Ltd. and Japan’s Nippon Steel Corp. It’s India’s fourth-biggest flat steel producer with an annual capacity of 8.8 metric tons as of March 2023, according to Crisil Ratings, a local credit risk assessor.

Building and construction makes up 39% of India’s total steel demand, with infrastructure at 27%, engineering and packaging at 21% and automotive at 12%, respectively, a Bloomberg Intelligence analysis shows.
  • Published On Apr 22, 2024 at 12:52 PM IST
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MMRDA implements safety measures to protect construction workers amidst rising summer temperatures

The Mumbai Metropolitan Region Development Authority (MMRDA), currently overseeing multiple infrastructure projects, has taken proactive steps to safeguard the well-being of construction laborers exposed to high temperatures during summer.
Manthan K Mehta
  • Updated On Apr 21, 2024 at 05:18 PM IST
Read by: 100 Industry Professionals
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MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA), currently overseeing multiple infrastructure projects, has taken proactive steps to safeguard the well-being of construction laborers exposed to high temperatures during summer.

A spokesperson from MMRDA highlighted the urgency of the situation, stating, "As temperatures continue to rise across the Mumbai Metropolitan Region (MMR) with a severe heat wave alert in effect, ensuring the safety of our construction workers is paramount."

To address these concerns, the authority has implemented various measures at construction sites. This includes the setup of rest sheds near work areas, providing workers with designated spaces to recuperate during breaks. Additionally, the distribution of Oral Rehydration Solution (ORS) aims to combat dehydration, while cool drinking water stations are strategically placed to encourage regular hydration.

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Furthermore, structured work breaks are scheduled to allow adequate rest periods during shifts. For instance, at the Surya Bulk Water Supply Scheme site, contractors have taken preventive measures such as distributing glucose supplements, arranging regular medical check-ups, conducting heat stroke training for workers, and practicing emergency drills.

Given the forecasted rise in temperatures across MMR and surrounding areas, outdoor activities during peak heat hours are being minimized to reduce workers' exposure to extreme heat.

To enhance worker protection, Personal Protective Equipment (PPE) is provided, and weather updates are monitored closely to anticipate heat waves. An emergency response plan is in place with qualified medical personnel and ambulances ready to address heat-related emergencies swiftly.

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The MMRDA spokesperson emphasized, "Our priority is the health and safety of our construction workforce. These proactive measures underscore our commitment to ensuring their well-being amidst challenging working conditions."
  • Published On Apr 21, 2024 at 05:18 PM IST
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UltraTech to invest over ₹800 crore to ramp up presence in Maha

UltraTech Cement invests ₹800 crore in Maharashtra, acquiring India Cements' Parli unit. Board approves expansions at Parli and Dhule. Total capacity to reach 3.6 million tonnes, fully funded internally.
  • Updated On Apr 21, 2024 at 05:12 PM IST
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UltraTech Cement will be investing more than ₹800 crore on strengthening its presence in Maharashtra, with the buyout of a unit and adding capacity through brownfield expansions.

The country's largest producer of cement will be buying a 1.1 million tonne grinding unit at Parli in Maharashtra from The India Cements for ₹315 crore.

"This purchase will help the company to strengthen its presence in the rapidly growing Maharashtra markets," the company said.

Its board has also approved expanding production at this facility by 1.2 million tonnes. Additionally, UltraTech will adding 1.8 million tonnes of capacity at its unit in Dhule, taking the total capacity at the unit to 3.6 million tonnes.

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It will spend ₹504.4 crore on capacity expansion, and this along with the ₹315 crore to be spent on the buyout of the Parli unit, will be entirely funded through internal accruals.

UltraTech has the capacity to produce 147.3 million tonnes of grey cement in India, and of this, nearly 23 million tonnes of capacity will be in Maharashtra.

The company had a capacity utilization of around 80% between April to December and plans to complete these capacity expansions in Maharashtra by 2025-26 (Apr-Mar), it said in an exchange filing on Saturday. Last year, chairman Kumar Mangalam Birla said the company planned to increase production capacity to 200 million tonnes.

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  • Published On Apr 21, 2024 at 05:10 PM IST
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Cycle tracks, footpaths & streetlights: Facelift likely for NH8 link by May end

GMDA has been tasked with various aspects of redevelopment like construction of stormwater drains, road strengthening, tabletop crossings and streetlight installation. MCG is responsible for laying a new sewer line and cleaning the existing ones.
  • Updated On Apr 20, 2024 at 08:29 AM IST
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<p>NH 8</p>
NH 8
GURGAON: Nearly three years after the project was awarded, GMDA is set to finish redevelopment work on the 2.5km Sanath road, connecting Atlas Chowk on NH8 to Delhi-Gurgaon road, by the end of May.

Proposed as the ‘model street’ in 2019, the revamp was aimed to enhance pedestrian safety and accessibility. But the project encountered several hurdles leading to repeated setbacks. Factors contributing to the delay are involvement of multiple agencies responsible for different components of the project, challenges posed by the pandemic, annual construction bans and the monsoon.

GMDA has been tasked with various aspects of redevelopment like construction of stormwater drains, road strengthening, tabletop crossings and streetlight installation.

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MCG is responsible for laying a new sewer line and cleaning the existing ones. Meanwhile, Dakshin Haryana Bijli Vitran Nigam (DHBVN) is handling the shifting of overhead electrical cables underground, while the Raahgiri Foundation spearheaded the development of footpaths and cycle tracks, as well as landscaping of the green belt through Corporate Social Responsibility (CSR) funds.

GMDA had awarded the project to an agency in May 2021. The overall redevelopment project was supposed to be completed within 18 months at a cost of around Rs 22 crore.

While MCG could complete its part by November last year, DHBVN concluded their task by October. Furthermore, a garbage dump was cleared in January this year by MCG.

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According to a GMDA official, 85% of the redevelopment project has been completed, and the remaining is likely to be over within one and a half months.

“The completion of underground utilities was necessary before strengthening the road and working on the footpaths and cycle tracks. This took some time as different agencies were involved in the project. Now most of the work has been completed, and only some portions of the footpath, streetlights work, and final layering of asphalt are pending. We are hoping to finish the remaining work by the end of May,” a senior GMDA official said.

The Sanath Road, crucial for its commercial and industrial significance along with the busy Passport Seva Kendra, faces traffic congestion daily. The revamp aims to improve vehicular and non-motorized movement, with organised parking and waiting areas. The upgrade is expected to ease traffic, enhance safety for pedestrians and cyclists, and aesthetics of the area.

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Sarika Panda Bhatt, co-founder of the Raahgiri Foundation, said the redevelopment of Sanath Road stands out as a unique project developed through a public-private partnership.

“It involved collaboration among four departments and private organisations to redevelop one of the most complex streets in the city. The project has yielded numerous benefits, including reduced road accidents and air pollution, enhanced safety for women, improved water and waste management, ecological enhancements, and a boosted economy,” she said.

  • Published On Apr 20, 2024 at 08:24 AM IST
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