The consumption of steel scrap in the United Arab Emirates (UAE) was expected to rise sharply in the coming years amid expansions in steelmaker capacities to feed greater steel demand in the country.

Baoshan Iron & Steel (Baosteel) said on Friday it had agreed to buy a 48.6% stake in a steelmaker for 10.7 billion yuan ($1.49 billion) from Shandong Iron & Steel Group.

ln a surprising turn, Oman, despite lacking the internal capacity for corresponding slab production, has successfully expanded its export volume.

In a significant step towards sustainable industrial development, Oman has officially initiated the construction of a pioneering green steel plant

The global rate was 75.3pc, up slightly from 74.3pc.

The firms also plan to develop neighbourhood EVs and internal combustion engine vehicles and create a sustainable auto ecosystem in India.

Japanese ferrous scrap exporters lifted shipments to a two-year high in October.

According to local media reports, Ottawa has said that any takeover bid for Teck would go through a rigorous approvals process.