China probes stainless steel imports from Indonesia, EU, Japan and KoreaThe Saigon Times Daily An employee works among stainless steel sheets at a steel factory in Taiyuan, Shanxi province, China, September 2, 2015 – PHOTO: REUTERS BEIJING (REUTERS) - China on Monday launched an anti-dumping probe into stainless steel imports worth US$1.3 billion, including from a privately owned Chinese mill with operations offshore, after complaints that a flood of product has damaged the local industry. The Commerce Ministry said on Monday the investigation will target imports of stainless steel billet and hot-rolled stainless steel sheet and plate from the European Union, Japan, South Korea and Indonesia, which nearly tripled last year. The move follows a complaint by Shanxi Taigang Stainless Steel, with backing from four other state-owned mills including Baosteel’s stainless steel division, which blamed cheap imports on falling prices, it said. China makes and consumes around … [Read more...] about China probes stainless steel imports from Indonesia, EU, Japan and Korea
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Thai Nguyen Iron and Steel Corporation (Tisco) has proposed its parent company – the Vietnam Steel Corporation (VNSteel), alongside the Ministry of Industry, Trade and Finance, and other relevant agencies assist the firm to extend loan dues and restructure debts to resolve financial issues. — Photo vietnambiz.vn Thai Nguyen Iron and Steel Corporation (Tisco) has proposed its parent company – the Vietnam Steel Corporation (VNSteel), alongside the Ministry of Industry, Trade and Finance, and other relevant agencies assist the firm to extend loan dues and restructure debts to resolve financial issues, dantri.com.vn reported. At its annual shareholder meeting on June 12 Tisco reported that its total combined net revenue rose 10.9 per cent year on year to VND19.8 trillion (US$880 million) in 2017 and its pre-tax profit was VND898 billion, nearly tripling that of 2016. However, the company has encountered difficulties in high production costs, which has reduced its … [Read more...] about Tisco asks for help to solve debt issue
A rising tide of industries moving operations from China and India to less-developed Asian countries undermines global targets to reduce climate-changing emissions, researchers said. Many energy-intensive industries, including manufacturing and raw materials processing, are relocating to cheaper countries like Indonesia, Thailand and Vietnam, a study by Britain’s University of East Anglia (UEA) showed on Monday. “The Chinese production system is starting to transform to be more higher value-added,” said Dabo Guan, professor of climate change economics at UEA and a co-author of the report. “The price of labor in China has increased quite a lot,” he told the Thomson Reuters Foundation. The shifts in production and trade will make it harder to meet the Paris Agreement goal of cutting emissions enough to keep the rise in global average temperatures to “well below” 2 degrees Celsius (3.6F) above pre-industrial times, Guan said. Efforts by smaller … [Read more...] about China, India outsource emissions, risking climate goal: study
The consecutive decrease in profit makes it questionable whether domestic private Hoa Sen Group can develop the $10.6-billion Ca Na steel project in the central province of Ninh Thuan. Hoa Sen Group may not be able to develop the $10.6 billion Ca Na steel complex? According to CafeBiz, steel maker Hoa Sen Group has published a bleak financial statement for the first quarter of 2018 (the second quarter of the 2017-2018 financial year ending in September this year). Accordingly, the firm reported VND7.66 trillion ($336.5 million) in revenue, up 23 per cent on-year. However, its net profit was only VND115 billion ($5.05 million), one-fifth of last year’s figure. The firm’s after-tax profit was only VND87 billion ($3.82 million). The major reason for this plunge is due to the increase of expenditures, including interest payments for debts. Notably, the corporation’s short-term debt increased by VND3.6 trillion ($158.1 million) to VND16.24 trillion ($713.5 … [Read more...] about Bad performance spells doom for $10.6 billion Hoa Sen Group steel complex?
Development gap hinders linkages in APEC auto industry Addressing the opening ceremony of the 26th APEC Automotive Dialogue (AD26) in Hanoi on May 11, Le Huu Phuc, Director of the MoIT's Department of International Relations, said that APEC should give priority to assisting developing economies in boosting the auto industry. He called for APEC member economies to cooperate effectively in capacity building to study auto industry policies, focusing on priority areas such as market access, human resources and infrastructure, technology incentives as well as environment standards for sustainable development. Regarding the fourth industrial revolution, Phuc said it will lead to the restructuring of the global manufacturing system, not only in technology but also in management and placing of new business models. New technology trends may disrupt value chains, possibly shifting a significant part of global production from developing to developed countries, he said, adding that access to … [Read more...] about BUSINESS NEWS 15/5