JSW To Idle Ohio Facility In US, Sends Lay-off Notices To 160 Workers
JSW Steel is idling its electric arc furnace (EAF) flat-rolled steel mill in Mingo Junction, Ohio, and has sent lay-off notices to about 160 workers.
Sources said that the lay-off could be temporary and the company hoped that it would last less than six months. Questions sent to JSW Steel went unanswered.
Business conditions following the Covid-19 pandemic was cited as the main reason behind the notice to workers, US media reports said. The plant too, would be undertaking pending upgrades in the meantime.
In 2018, JSW Steel acquired the Ohio facility as part of the Acero transaction. It had then committed an investment of $500 million to modernise the facility.
However, JSW Ohio took an inventory write down in 2019-2020 and generated an EBITDA loss of $113.07 million (Rs 792 crores) compared to an EBITDA loss of $41.62 million (Rs 294 crores) last financial year.
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more