ArcelorMittal report loss in second quarter

ArcelorMittal, the world's largest steelmaker announced 792 million USD losses in the second quarter. Lakshmi Mittal, chief executive of ArcelorMittal said that the company will have improved result in third quarter, especially from BRICs market. There were sustained signs of recovery in India, Russia, Eastern Europe and Brazil amid new construction and China's economic-stimulus measures. However, situation of U.S. and Western Europe may not improve early than the end of last year. In North America, at present, just three out of the company's nine blast furnaces are operating or planning to operate and in Europe, 15 of the company's 25 blast furnaces are expected to be online during the third quarter.

Two re-rollers are officially duty-free importers in Thailand.

Two re-rollers are officially duty-free importers in Thailand.

Thai ministry of finance has admitted Siam United Steel and Thai Cold Rolled Steel are duty-free importers, to end dispute between Thai government and Japan government. Thai government repay over $10 m now in duty from this two re-rollers.

Under the free trade agreement both countries signed in November 2007, Thai consumers of Japanese steel that were recognized to import flat rolled items from Japan duty-free. But Thai refused to recognize two Japanese re-rollers Nippon steel ‘s Siam United Steel and JFE Steel ‘s Thai Cold Rolled Steel Sheet , were importers duty-free. Then Thai government has forced both to pay 5% duty until recently.

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