Steel industry news - Middle East & Africa.

Steel News - Middle East Region

Latest steel industry headlines

Emaar Misr listing makes weak debut on Egyptian stock market
Mon, 06 Jul 2015 01:28:00 +0100
Ezz Steel tumbled 5.6 percent and real estate developer Palm Hills Development sank 4.9 percent. In the Gulf, Saudi Arabia's market edged up 0.3 percent despite a purchasing managers' survey showing growth in Saudi Arabia's non-oil private sector slowed in ...

Iran mulls 40% steel tariff amid 'crisis' - Press TV
Sat, 04 Jul 2015 06:51:42 +0100
Iran is the Middle East's biggest steel producer with 16.6 million tonnes a year which puts it at 14th on the world's steel production table. Iran's steel imports are put around 10 million tonnes a year in some reports which dwarf exports of around 2.5 ...

ArcelorMittal Mexico unit to slash 2,800 jobs
Wed, 01 Jul 2015 19:00:00 +0100
MONTERREY (Reuters) - ArcelorMittal, the world's largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednesday, while accusing Russia, China and Turkey of dumping ...

PSM at the verge of closure due to Mismanagement
Mon, 29 Jun 2015 19:52:00 +0100
the mismanagement and corruption in Pakistan Steel Mills still at its peak. Retired officer re-appointed illegally as the new Director Hadeed Welfare Trust is drawing an exorbitant salary package. The largest industrial complex is now performing at zero ...

Updated: Egypt Stocks Drop Following Prosecutor Attack
Mon, 29 Jun 2015 06:37:00 +0100
Ezz Steel and real estate developer SODIC were the session's biggest decliners, falling 2.72 percent to LE8.5 per share and 2.65 percent to LE10.92 per share respectively.

Ezz Steel tumbles
Sat, 27 Jun 2015 20:45:00 +0100
Egypt's stock market fell in early trade on Thursday as Ezz Steel dropped sharply, while Saudi Arabia's market barely moved. The Cairo index sank 1.2 percent to 8,357 points, heading for a test of major technical support on its May low of 8,261 points.

Moody's upgrades Erdemir's CFR to Ba2 from Ba3; stable outlook
Fri, 26 Jun 2015 20:12:00 +0100
Moody's Investors Service has upgraded the Turkish steel producer Erdemir's corporate family rating (CFR) to Ba2, the probability of default to Ba2-PD and the national scale rating to The rating outlook is stable.....more

Emirates Telecommunication : UAE drops as high-fliers pull back; ...
Fri, 26 Jun 2015 08:06:00 +0100
Egypt's stock market fell 0.6 percent to 8,406 points, heading for a test of technical support on its May low of 8,261 points, as Ezz Steel slid 2.5 percent in its heaviest trade this year. The Egyptian market has been in a downtrend since late May ...

Mideast Stocks-egypt Sinks As Ezz Steel Tumbles; Saudi Barely Moves
Thu, 25 Jun 2015 04:30:00 +0100
DUBAI, June 25 (Reuters) - Egypt's stock market fell in early trade on Thursday as Ezz Steel dropped sharply, while Saudi Arabia's market barely moved. The Cairo index sank 1.2 percent to 8,357 points, heading for a test of major technical support on its ...

US economy contracts 0.2% in Q1 - Arab News
Wed, 24 Jun 2015 21:33:23 +0100
Oil and gas companies, meanwhile, sharply cut back on drilling and exploration activity and spent much less on steel pipe and other equipment. Business investment in structures, which include oil wells, dropped by nearly 19 percent, the most in four years.

Ahmed Ezzs appeal on parliamentary ban postponed
Wed, 24 Jun 2015 02:00:00 +0100
Ezz was released from pre-trial detention in August last year after posting bail. The release came after paying an EGP 100m fine instalment, imposed on him for his steel monopoly. The steel mogul was convicted in March 2013 to 37 years in prison for ...

KKR, Red Steel are the perfect marriage
Sat, 20 Jun 2015 23:58:00 +0100
Venky Mysore, Chief Executive officer of the Indian Premier League (IPL) team Kolkatta Knight Riders (KKR) has termed their investment in the Trinidad and Tobago Red Steel as the 'perfect ... and Tourism Minister Gerald Hadeed. The majority shareholders ...

LT Commercial Real Estate Tangshan Lerthai City to open in 2016 as ...
Thu, 18 Jun 2015 02:00:00 +0100
We hope that Tangshan Lerthai City will become a new landmark of Tangshan ... opened fire on the Bilin weekly march using tear-gas canisters and rubber-coated steel ... Jun 19 2015 - Saudi Crown Prince Meets Chechnya President, Qatar News Agency (MENAFN ...

Oil's Recovery And Robust Fundamentals Make Tenaris A Good Bet At ...
Tue, 16 Jun 2015 20:01:34 +0100
The weakness in Tenaris' performance was primarily due to a decline in drilling activity in North America, a destocking of oil country tubular goods (OCTG) products in Saudi Arabia, and a decline in offshore drilling activity in sub-Saharan Africa ...

Steel sector hit by China slowdown - MEED (subscription)
Tue, 16 Jun 2015 12:07:47 +0100
Last year was a torrid time for the Middle East steel industry, as the slowdown in Chinese economic growth had an acute impact on local producers. Overcapacity in China which produces about half of the world's crude steel led to a surge in cheap ...

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