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Europe steel company ArcelorMittal calls for more stringent trade measures against steel from China.
European steel merchant ArcelorMittal has called for stronger trade measures to address the influx of cheap steel imports from China, as China's supply has made the market unsustainable and European prices are far below marginal costs. China produces over 1 billion tons of steel annually, accounting for more than half of global output, but the domestic steel market in China is experiencing an oversupply situation, leading to other global markets becoming the dumping ground for China. ArcelorMittal CEO Aditya Mittal stated that the increase in steel imports is a concern for Europe and there is an urgent need to strengthen trade measures.
Theme Int'l (00990.HK): Jian Shunming resigns as an independent non-executive director.
On October 31, Gelunhui announced that Jian Shunming has submitted his resignation as an independent non-executive director of theme int'l (00990.HK), as well as the chairman of the audit committee, remuneration committee, and nomination committee, effective from October 31, 2024, as he plans to retire and spend more time with his family.
China's Ministry of Commerce: Has filed a lawsuit with the World Trade Organization over Canada's imposition of tariffs on electric cars and steel and aluminum products.
Canada imposed a 100% tariff on imported electric vehicles from china, which officially took effect on October 1. At the same time, a 25% additional tariff was imposed on imported steel and aluminum products from china on October 22. A spokesperson for the chinese Ministry of Commerce stated that China has filed a lawsuit against Canada's unilateralism and trade protectionism at the World Trade Organization (WTO), and has initiated an anti-discrimination investigation into Canada's relevant restrictive measures. China will take all necessary measures to firmly defend the legitimate rights and interests of Chinese companies. The spokesperson further pointed out that Canada, despite opposition and dissuasion from various parties, insists on following individual countries in imposing unilateral pressure on china, believing that such practices violate market economy principles and fair competition.
Canada imposed a 25% tariff on steel and aluminum products from China on the 22nd of this month.
Canada has released a list of dozens of chinese steel and aluminum products, which will be subject to a 25% tariff starting on October 22. Goods already in transit on October 22 will be exempt. Canadian Finance Minister Maggie Fuhrlan stated that Canada's actions are in line with its major international partners, aimed at protecting Canadian steel and aluminum workers and businesses from the impact of China's overcapacity policies. Canada plans to review these measures within the next year, which may be extended or replaced with other measures. In August, Canada announced a 100% tariff on electric cars manufactured in China, with the new tariff taking effect on Tuesday (1
THEME INT'L: Interim Report 2024
CICC Securities: The chemical industry continued to fluctuate in the first half of the year, with strong tire exports and double growth in revenue and performance.
In the first half of 2024, the chemical industry achieved revenue of 1237.63 billion yuan, a year-on-year increase of +4.2%; net income attributable to the company was 75.25 billion yuan, a year-on-year increase of +0.8%.
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