Latest news with #stainlessSteel
Bloomberg
4 days ago
- Business
- Bloomberg
Nickel Giant Tsingshan Cuts Indonesian Stainless Steel Output
The world's biggest maker of stainless steel has suspended some production lines in Indonesia, in a bid to support prices as sluggish demand and trade uncertainty weigh on the market. China's Tsingshan Holding Group Co., also the top producer of nickel that's used in the alloy, halted some stainless steel output earlier this month at the Indonesia Morowali Industrial Park on the island of Sulawesi, according to people familiar with the matter. The move is likely to support stainless prices, while pressuring the nickel market. Both hit five-year lows in April.
Washington Post
09-05-2025
- General
- Washington Post
How to remove streaks from stainless steel appliances
Q: Pet sitters decided to use Bar Keepers Friend on my stainless steel refrigerator doors. (They said the internet told them this was how to clean them.) Both doors are now slightly discolored and have streaky spots. I have tried applying a light film of olive oil (more internet advice) as well as Weiman's Stainless Steel Cleaner and Polish, neither of which has removed the streaky shadows. Is there anything I can do to return the doors to their original streak-free state?
Reuters
08-05-2025
- Business
- Reuters
India's stainless steel body to file anti-dumping petition in few weeks, Jindal Stainless says
May 8 (Reuters) - India's Jindal Stainless ( opens new tab said on Thursday a domestic trade body will soon seek anti-dumping duties on stainless steel imports from China and Vietnam, weeks after India levied a 12% temporary safeguard duty on some steel imports to support local mills. The earlier tariff move was aimed at helping Indian producers who were forced to scale down operations and consider job cuts due to a surge in cheaper shipments from China, South Korea, and Japan. Stainless steel was not included in the products covered by the temporary tariff. "Data shows that there is dumping happening from China and Vietnam," Managing Director Abhyuday Jindal said in a post-earnings call, adding that shipments from the countries were coming to India at "throwaway prices". "The threat is very clear," Jindal added. The O.P. Jindal Group company reported an 18% on-year rise in consolidated profit after tax to 5.9 billion rupees ($69.03 million) for the quarter ended March 31. Net revenue grew 8% to 101.98 billion rupees. Domestic sales rose to 92% of total revenue in the quarter from 89% a year earlier, while exports fell to 8% from 11%. However, the company said it is expecting exports volumes to grow by 30% in financial year 2025-26. The U.S. tariffs on steel gives the company a level-playing field with other countries in the export market, Jindal said. "We are expecting growth in the U.S. business due to the tariffs," he added. Earlier this year, U.S. President Donald Trump, imposed 25% tariffs on steel and aluminium products from all countries. Additionally, Jindal Stainless' sales volumes grew 9% to 2.37 million tons in financial year 2025. It expects the volumes to grow at 9%-10% in fiscal 2026. ($1 = 85.4720 Indian rupees)
Reuters
08-05-2025
- Business
- Reuters
Acerinox's first-quarter profit falls dramatically on weak steel demand
May 8 (Reuters) - Spanish steelmaker Acerinox ( opens new tab said on Thursday its net profit in the first-quarter fell 81% compared with the same period in 2024 as demand for stainless steel in Europe failed to pick up and global trade uncertainties further hit the industry. The company booked a net profit of 10 million euros ($11.28 million) in the quarter, down from 53 million euros, a year ago. Tariff-related uncertainties and an adverse backdrop caused markets to slow down and postponed an awaited recovery of demand, it said. Even though the steel maker expects to benefit from tariffs as the U.S., where its most profitable steel mills are located, it is concerned production that previously supplied North America would now flood the European Union and hurt its business there. ($1 = 0.8864 euros)
Reuters
08-05-2025
- Business
- Reuters
Finland's Outokumpu meets profit estimates amid muted demand, tariff uncertainty
May 8 (Reuters) - Finnish stainless steel maker Outokumpu ( opens new tab expects global uncertainties related to U.S. tariffs to impact its operating environment in the second quarter, after its core earnings met market expectations in the first. European steelmakers, already struggling with weak demand, costs and competition from cheaper Chinese imports, now face the additional challenge of recently increased tariffs on their exports to the United States. "Geopolitics and other significant uncertainties related to tariffs, might impact the global economy and consequently, Outokumpu's operating environment, deliveries, metal prices, and foreign exchange rates," the company said in a press release. Its adjusted profit before interest, taxes, depreciation and amortisation (EBITDA) was 49 million euros ($55.4 million) in the January-March quarter, while analysts had expected 48.9 million euros on average. "Throughout the quarter, stainless steel demand remained muted, and tariffs caused further uncertainty," CEO Kati ter Horst said in the statement. Outokumpu's stainless steel deliveries rose 11.4% quarter-on-quarter, despite being impacted by a strike in Finland. They are expected to be at least level or grow by up to 10% in the second quarter. The one-week strike resulted in a negative adjusted EBITDA impact of about 15 million euros, the group said, confirming its earlier estimate. Core earnings in the Americas region, where Outokumpu generated nearly a third of its sales last year, grew 22% from the prior quarter, while in Europe they turned to a profit of 6 million euros from a loss in the last three months of 2024. However, the "wait and see" mode prevailed in its key European market despite an uptick in order intake at the beginning of the year, Outokumpu said. In the United States, where Outokumpu is the second largest stainless steel producer, economic outlook is uncertain with low consumer confidence and higher inflation expectations, it said. Outokumpu forecast second-quarter adjusted EBITDA "at a similar or higher level" than in the first. During the quarter, the group also achieved 11 million euros of its targeted 50 million euros of short-term cost savings for the full year, it said. ($1 = 0.8845 euros)
