The head of US Steel has accused Britain and the wider European Union of negligence over China dumping cheep steel on world markets.
Kazakhstan Labor Inspection has prohibited ArcelorMittal Temirtau to cut wages and the company plans to file a protest.
ArcelorMittal Temirtau, a steel giant in Kazakhstan, is cutting wages of all its employees by 25 percent starting from August 1.
The Taxation Department of Karaganda Oblast has began a check to confirm the outstanding debt of Kazakhstan tax authorities to ArcelorMittal Temirtau.
President of Kazakhstan Nursultan Nazarbayev has instructed Kazakh officials to attract large transnational corporations during a nationwide teleconference dedicated to the Day of Industrialization.
Russia's steel giant Severstal announced on Monday the sale of its North American plants to US companies for a total of $2.3 billion (1.7 billion euros).
A Hong Kong steel investment firm said it has agreed to pay almost $470 million for the five-star Paris Marriott Hotel Champs-Elysees, as it targets Chinese tourists' desire for luxury travel.
Global steel use is expected to grow 3.1 percent this year, up from two percent last year and to expand 3.3 percent in 2014.
China said it will deal "appropriately" with the European Union's decision to challenge it at the World Trade Organisation after Beijing slapped duties on some steel products, in the latest salvo in the row between the two sides.
The combined profits of China's major steelmakers crashed by more than 98 percent in 2012 as growth in the economy of the world's largest steel producer slowed.
Pavlodar oblast authorities have linked firing of over 400 employees of the steel plant with suspension of export of goods to Iran.
The company explained that the cuts were a forced measure caused by decreasing demand for their products and shrinking production volumes.
Steel giant ArcelorMittal warned the French government Friday that efforts to force it to sell all of its Florange plant, rather than just the parts it wants to close, threaten the company's presence in France.
Japan's Nippon Steel and rival Sumitomo Metal Industries formally merged on Monday, creating the world's second largest steelmaker amid intensifying global competition.
- Asia Pacific
- Karaganda Oblast
- Nursultan Nazarbayev
- United States
- Hong Kong
- European Union
- job cuts