Major Japanese steelmaker JFE Steel is facing the prospect of recording zero profit for the year ending March 2020 for the first time in its history due to global economic tensions and rising raw materials prices, it warned on Friday March 27.

India’s JSW Steel expects a significant reduction in its capacity utilization rates during the country’s 21-day lockdown following its move to suspend or scale down operations across various locations, it said on Thursday March 26.

Indian domestic steel demand is likely to see a sharp dive in the first quarter of the coming fiscal due to stalled factories and production cutbacks across major user industries like auto and construction.

Chongqing Iron & Steel (Group) saw a decrease of 48.22% on profit.

United States Steel Corporation announced a series of aggressive and meaningful actions to provide greater certainty on the company’s response to impacts from the coronavirus COVID-19 and the sudden, significant changes in global oil and gas markets.

The unit's BF No 2 has been idle since July 2019, due to market conditions. The Tubarão complex's total capacity amounts to about 7.5 million tonne per year.

Financial Express reported that Steel Authority of India has proposed to expand its capacity to 49.6 million tonnes per annum in its Vision 2030 programme.

The Ministry of Industry and Trade (MoIT) has extended the application of measures to prevent evasion of safeguard duties against imported rolled steel and steel wire until March 21, 2023, according to the ministry’s Trade Remedies Authority of Vietnam.