US metal manufacturers urge President Biden to drop Section 232 tariffs on steel and aluminium

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The Coalition of American Metal Manufacturers and Users (CAMMU) sent a letter to President Joe Biden requesting the immediate termination of the Section 232 tariffs on steel and aluminum, stating that the tariffs imposed under former President Donald Trump have damaged metals consuming industries. The group said it was pleased to see Biden’s executive order […]

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Tata Steel swings into black, posting almost Rs 4,000 crore profits in December quarter

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Tata Steel reported a consolidated net profit of Rs 3,989 crore for October-December quarter on higher revenue and better realisation. The company had posted a net loss of Rs 1,166 crore in the year-ago quarter. Its total revenue grew 11.5 per cent year-on-year (YoY) to Rs 39,594 crore. Earnings before interest, tax, depreciation and amortisation […]

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Duty cuts on steel could bring down domestic steel prices by 10%: ICRA

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The Indian government’s proposal to reduce import duty on steel products in Budget 2021-22 would make their imports more competitive and in turn exert near-term pricing pressures on domestic steelmakers, rating agency ICRA said. In its report on implications of duty changes on the steel industry, the agency, however, said that domestic steel demand may […]

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Weekly wrap – Signs of stronger-than-expected economic recovery

Global economists updated China’s economic outlook this week given the new COVID-19 situation and effects of policy support, and expect a sustainable and more balanced recovery this year. China’s economy is projected to grow by 8.1 percent this year, built on its effective pandemic containment measures and policy support, according to the latest International Monetary […]

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India unveils expansionary budget to combat pandemic’s impact

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With covid pandemic in mind, Finance Minister Nirmala Sitharaman announced a plethora of allocations and tax incentives in the annual budget to expedite the economic recovery process. The Union Budget 2021-2022 definitely cheered investors and propelled the benchmark stock index (SENSEX) by 2,000 points, the largest in 10 months. The budget made substantially higher allocations for […]

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