Global steelmaker ArcelorMittal has announced a €30/t price increase for steel coils in Europe, effective for shipments in April, Kallanish reports, citing market sources. The company’s production facilities in Europe are currently at full capacity, and orders for the first quarter have already been placed. In the new quotas, the price of hot-rolled coil is set at €660/t (base delivered), while galvanized coil will rise to €780/t. Factors contributing to the price increase include import restrictions in the EU, which are forcing buyers to look for products on the domestic market. Some European countries have also seen an improvement in demand, which supports the growth of quotations. Meanwhile, the review of EU safeguards on steel imports continues. The EUROFER Association has submitted recommendations to the European Commission to ti...

Happy Forgings Ltd announced on Monday that it will invest Rs 650 crore to set up a state-of-the-art manufacturing facility aimed at catering to the non-automotive industrial sector. The company’s board has approved the capital investment, which will be used to develop advanced forging capabilities. Happy Forgings Ltd (HFL) specializes in manufacturing complex, safety-critical, heavy-forged, and high-precision machined components. HFL’s Managing Director, Ashish Garg, stated that this substantial investment will enhance the company’s ability to produce heavyweight components, helping it expand its presence in the industrial sector. “This initiative supports our plan to tap into a market with limited suppliers, focusing on precision-engineered, large-sized components. We expect this investment to drive our growth, increase profitability, a...

Forge Resources Group (FRG) is pleased to announce the acquisition of Oklahoma Forge Inc, Located in Tulsa, Oklahoma. Oklahoma Forge Inc. was founded in 1957. Today Oklahoma Forge Inc. capabilities include open die forging services, particularly for rolled rings, discs, and pot die forgings. Oklahoma Forge Inc. will continue to operate under the new moniker Oklahoma Forge Inc, a Division of Forge Resources Group.  Oklahoma Forge is the 8th FRG plant location. FRG is committed to providing a marketplace position as the premier metal solutions provider for our customers. We are thrilled with the opportunity that Oklahoma Forge Inc. provides for in this regard....

According to statistics, the current quality inspection sharing platform for the bearing industry chain can provide quality inspection services for 27 major items, including clearance detection, inner and outer diameter detection, smoke testing, and more than 100 minor items. Among them, more than 200 testing services are provided to small and medium-sized enterprises every year. The emergence of this sharing model has made cooperation between enterprises closer, reduced production costs, and improved product quality....

Recently, data released by the tax department shows that the manufacturing industry is a sector with a large scale of tax reduction and fee reduction. Since 2018, the cumulative increase in tax reduction, fee reduction, and deferred tax refunds has exceeded 3.5 trillion yuan. According to statistical data, by 2022, the tax burden of manufacturing enterprises will decrease by 23.3% compared to 2017, with the equipment manufacturing industry experiencing a significant decrease of 29.5% in tax burden....

The world economy is recovering, but its recovery momentum is weak and there have been short-term setbacks. However, the Purchasing Managers' Index of China's manufacturing industry reached 51.9% in March, running in an expanding range for three consecutive months, indicating that the Chinese economy is still steadily recovering and will play a key role in the global economic recovery.