Steel Industry Could Lose Billions Over Obsolete Equipment
13 Jul 2021
A new report suggests that steel producers could be forced to abandon tens of billions of dollars worth of equipment in coming decades as the world transitions away from coal.
Global Energy Monitor, a San Francisco energy policy think tank, says that as many nations work to phase out coal as an energy source in order to meet global climate goals, steel plants continue to rely on blast furnaces, which use a coal derivative known as coke to turn iron ore into pig iron, and ultimately, into steel.
The GEM report, according to Reuters, suggests that as coal production winds down, those coal-powered blast furnaces could be idled, and the steel sector worldwide could be forced to write down those 'stranded assets'.
Ex-owners of Italian steelworks jailed over deadly factory pollution
01 Jun 2021
The former owners of Ilva steelworks, Fabio and Nicola Riva, were handed 22 and 20 years in jail respectively for allowing their Taranto-based factory to emit deadly pollution.
Greensill, Gupta and Cameron: what went wrong
13 May 2021
The story of Greensill Capital's rise and fall has everything: investment banks, opaque finance, private jets, trophy mansions and the biggest British lobbying scandal in a generation, involving former prime minister David Cameron. The Financial Times charts the rise of Lex Greensill and Sanjeev Gupta and examines where it all went wrong.
Liberty boss promises 'no closures', despite his steel empire facing financial collapse
01 Apr 2021
With a business fight like no other, Sanjeev Gupta made a key promise as 3,000 staff await news if Liberty Steel can survive another crisis.
Up to 7,000 Australian jobs at stake following Greensill insolvency
09 Mar 2021
Up to 7,000 Australian manufacturing jobs are at stake after financing firm Greensill filed for insolvency in the United Kingdom and Australia.
Greensill provides up to $6.5 billion in financing to British billionaire Sanjeev Gupta's GFG Alliance - $150 million of which applies to Australian operations including Whyalla Steelworks in South Australia, and a coal mine in NSW.
A creditors meeting will take place in eight business days to determine the future of GFG Alliance as it desperately searches for another funder.
Neighbors of Bethlehem Steel to sue over 2016 fire
26 Jan 2021
Court documents say that chemicals including benzene and other dangerous particulates in smoke and soot caused neighbors to get cancer years after fire damage at Bethelhem Steel left properties in ruin.
S. Korea appeals WTO ruling over anti-dumping tariffs on stainless steel bars from Japan
26 Jan 2021
The South Korean government has appealed the World Trade Organization's ruling that said Seoul violated anti-dumping rules partially when imposing tariffs on Japanese stainless steel bars.
This comes as Tokyo filed complaints to the WTO in 2018, claiming that the South Korean government was unreasonably imposing anti-dumping tariffs on Japanese products.
South Korea has been imposing anti-dumping tariffs on stainless steel bars imported from Japan, India and Spain since mid-2004.
RSP Gas Leak Mishap: National Green Tribunal Seeks Report
12 Jan 2021
The National Green Tribunal (NGT) has issued notice to the authorities of Rourkela Steel Plant (RSP) in connection with the gas leak mishap that took four lives. The tribunal has asked the plant authorities to submit a report by February 11. The gas leak incident at the Coal Chemical Department of the plant had claimed lives of the four contractual employees of the plant.
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