Ex-Vale CEO faces homicide charges

Brazilian mining company Vale SA’s ex-CEO Fabio Schvartsman and 15 others were charged with homicide for the Jan 25, 2019 dam disaster in Brazil. Over 250 people died when Vale-owned Brumadinho dam breached. The company said it will analyse the charges made by the prosecutor and file a formal response. 

 

China-basedCedar acquires Stemcor

China-based Cedar holding will acquire UK-based steel trader Stemcor. The deal is expected to be finalised in the first half of 2020. 

Cedar posted revenue of $40.6bn in 2018, while Stemcor’s revenue were $1.9bn last year.

 

Beekay Steel to acquire Durable Ispat

India-based Beekay Steel Industries to acquire Durable Ispat as an on-going concern. Beekay Steel engages in rolling of iron and steel. Durable Ispat & Alloys is a leading steel stockist and trader of hot rolled and cold drawn steel bars in India. The company caters to premier steel suppliers and processors engaged in the automobile, infrastructure and rail sector.

 

Sail’s Rourkela plant produces record steel 

India-based Rourkela Steel Plant, a Sail subsidiary, produced record 11,940mt of hot metal on a single day, on Monday, beating its previous best production of 11,504mt a day on Nov 25, 2019. The plant has a hot metal production capacity of 4.5mt/pa.

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