British Steel Companies Urge The Government To Continue To Develop HS2 Railway Project

British steel companies are urging the government to complete the HS2 railway project, which will connect central and Northern London and is expected to generate 2 million tons of steel demand to drive the weak steel industry.

The original budget for the project was 56 billion pounds ($73.4 billion), but the cost of the project has now risen to 88 billion pounds ($115.3 billion), and the government is reviewing its feasibility.

Gareth Stace, head of the General Administration of steel, said the project needed to be carried out to promote the development of the steel industry. If the HS2 project starts, it will add 2000 jobs to the steel industry.

India's Ministry of steel may reduce the tax burden on domestic steel enterprises

Foreign media reported that on December 27, an Indian official said that the Ministry of steel of India may issue a white paper in the next three to four months, which plans to reduce the tax burden of domestic steel enterprises and increase their competitiveness.

When the white paper is completed, it will be submitted to the Ministry of finance of India to propose adjustments to taxes, tariffs and other local tariffs on Indian steel production, the official added.

Last week, Anil Kumar Chowdhury, chairman of sail, said that India's steel industry has a high tax rate. Raw materials such as coal and iron ore can be taxed at 20%, far higher than other countries, with a per ton steel production cost of about $450.

US steel continues to shut down a blast furnace at Ko Chen ice steel plant

At present, the European steel market is still weak, U.S. Steel said in its fourth quarter report that it will continue to shut down a blast furnace at Slovakia's kosk steel works (USSK), while delaying some planned investment.

In the middle of January 2019, USSK announced the construction of a new production line in koshuice, Slovakia, with an investment of $130 million and an estimated annual production capacity of 100000 tons. Construction will start in the middle of 2019, with the goal of putting into operation in the fourth quarter of 2020.

Today, USSK has announced the postponement of the investment plan, and has not indicated when the investment will be postponed, but it has promised to continue to invest in the steel plant when market conditions improve.