British steel companies are urging the government to complete the HS2 railway
project, which will connect central and Northern London and is expected to
generate 2 million tons of steel demand to drive the weak steel industry.
The original budget for the project was 56 billion pounds ($73.4 billion),
but the cost of the project has now risen to 88 billion pounds ($115.3 billion),
and the government is reviewing its feasibility.
Gareth Stace, head of the General Administration of steel, said the project
needed to be carried out to promote the development of the steel industry. If
the HS2 project starts, it will add 2000 jobs to the steel industry.
India's Ministry of steel may reduce the tax burden on domestic steel
enterprises
Foreign media reported that on December 27, an Indian official said that the
Ministry of steel of India may issue a white paper in the next three to four
months, which plans to reduce the tax burden of domestic steel enterprises and
increase their competitiveness.
When the white paper is completed, it will be submitted to the Ministry of
finance of India to propose adjustments to taxes, tariffs and other local
tariffs on Indian steel production, the official added.
Last week, Anil Kumar Chowdhury, chairman of sail, said that India's steel
industry has a high tax rate. Raw materials such as coal and iron ore can be
taxed at 20%, far higher than other countries, with a per ton steel production
cost of about $450.
US steel continues to shut down a blast furnace at Ko Chen ice steel
plant
At present, the European steel market is still weak, U.S. Steel said in its
fourth quarter report that it will continue to shut down a blast furnace at
Slovakia's kosk steel works (USSK), while delaying some planned investment.
In the middle of January 2019, USSK announced the construction of a new
production line in koshuice, Slovakia, with an investment of $130 million and an
estimated annual production capacity of 100000 tons. Construction will start in
the middle of 2019, with the goal of putting into operation in the fourth
quarter of 2020.
Today, USSK has announced the postponement of the investment plan, and has
not indicated when the investment will be postponed, but it has promised to
continue to invest in the steel plant when market conditions improve.
