Nigeria Settles $5.3 Billion Claim From Indian-Owned Steel Firms

Nigeria had in 2008 revoked an agreement that gave control of the Ajaokuta Steel and the National Iron Ore Mining Co. to Global Infrastructure (Nigeria) Ltd., a subsidiary of Ispat Industries Ltd., on the grounds that the deal was skewed in favor of the concessionaire to the detriment of the country. Global Steel challenged the … Read more

Energy Crisis Tearing Through Markets Leaves a Trail of Losers

The energy crisis that’s late inflation soaring across the world is leaving stock traders with a challenge to figure out where to put their money.

Brazil Steel Demand May Double Within Decade, ArcelorMittal Says

Demand for the industrial metal will potentially grow due to the need to build more housing, renewable energy projects, ports as well as oil-and-gas assets, especially if Brazil “does the homework” on structural reforms, Jefferson De Paula, president of ArcelorMittal Brazil, said in an interview.

Ratan Tata, 84, Backs Startup That Spells Off Senior Loneliness

Even a small check from Ratan Tata is considered a badge of honor among the country’s fraternity of entrepreneurs. Naidu, a design engineer and an MBA from Cornell University, the alma mater of Ratan Tata, connected with Tata when he sought funding for his first startup, Motopaws, a social enterprise that provided reflective collars for … Read more

China Shocks With Rate Cut as Data Show ‘Alarming’ Slowdown

So far, policy makers have refrained from a large-scale bailout for property developers and repeated hawkish language against speculation in the sector. Liu Peiqian, chief China economist at NatWest Group Plc, said “more substantial easing on the property sector” and a relaxing Covid policies were needed to improve sentiment.

China’s Economy Strengthens in July Despite Housing, Covid Woes

The center of China’s covid outbreak has shifted over the last month, with cases low in Shanghai and surrounding provinces but rising elsewhere, with some new lockdowns and restrictions being imposed. The eastern province of Anhui, Xi’an, home to the famed Terracotta Warriors, and manufacturing hub Wuxi all imposed curbs during the month. Lanzhou, the … Read more

Tata Says Port Talbot May Close Without £1.5 Billion From Government

Allies of UK business secretary Kwasi Kwarteng say he wants to help steelmakers, including Tata, decarbonise the industry, but believes future subsidy decisions must be taken by a new Conservative leader and prime minister, according to the Financial Times.