[Ferro-Alloys.com] The leading Bangladeshi steel manufacturer GPH Ispat Limited started to export mild steel billets to China on Wednesday, with the first 25,000-tonne shipment being worth 10.17 million U.S. dollars.
The first export consignment is scheduled to leave the Chattogram port, some 242 km southeast of the capital Dhaka, on Nov. 21, the company said in a statement.
Speaking at a ceremony held by the company to mark the event, Bangladeshi Commerce Minister Tipu Munshi said, "It's a milestone for Bangladesh that the country is exporting billet to China."
The Bangladeshi government is planning to give an incentive to steel manufacturers to encourage exporting billets and other steel products, according to the minister.
German steel giant Thyssenkrupp said on Thursday that it recorded a net loss of 5.5 billion euros (6.5 billion U.S. dollars) in the company's fiscal year 2019/2020, after a net loss of 1.1 billion euros last year.
"To address long-term market developments and the effects of coronavirus," Thyssenkrupp announced to cut 5,000 more jobs, bringing the total of its layoffs to 11,000.
Net sales dropped by 15 percent year-on-year to 28.9 billion euros. However, with the restart of production by many of Thyssenkrupp's customers, business performance in the fourth quarter "increasingly stabilized."
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