Business
Hyundai Steel to Temporarily Close Rebar Plant Due to Low Demand
“This is not a standard maintenance shutdown but rather a proactive production reduction in response to challenging market conditions,” the spokesperson explained. “We believe this decision will contribute to stabilizing the rebar market, even at the cost of immediate financial losses.”
Hyundai Steel manufactures both rebar and steel sections at the Incheon plant, which has a production capacity of about 1.5 million tons for rebar and 2 million tons for steel sections each year. The temporary closure of this rebar plant is part of an effort to alleviate an oversupply in the market, where steelmakers are facing falling product prices due to increased competition.
As of March 14, Hyundai Steel initiated an emergency management strategy to tackle increasing challenges, including the recent imposition of steel tariffs by the Trump administration and ongoing disputes with unionized workers. Company executives agreed to a 20 percent salary reduction starting March 13, and the company is also evaluating a voluntary retirement program for its workforce.
The company has been engaged in protracted wage negotiations with its union since September, which have included multiple strikes that have disrupted production. Furthermore, on February 24, Hyundai Steel had previously suspended its cold-rolled steel facility in Dangjin, approximately 80 kilometers southwest of Seoul, due to a month-long strike by workers advocating for pay increases. This facility plays a crucial role in the company’s integrated steel mill operations in Dangjin.
The current challenges faced by Hyundai Steel have been worsened by U.S. President Donald Trump’s decision to impose a 25 percent tariff on steel imports, including products from South Korea.
Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.
Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.
If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.
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Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.
New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.
Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.
In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.
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Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.
Business : The United States has told India that it can soon resume buying oil from Venezuela.The suggestion is part of a U.S. effort to reduce India’s dependence on Russian crude oil.
This pitch comes as India plans to cut Russian oil imports by several hundred thousand barrels per day in the coming months. Under the Trump administration, the United States had imposed a 25 % tariff on countries that bought Venezuelan oil, including India.
Now, the U.S. wants India to resume Venezuelan oil purchases to help diversify India’s energy sources. The United States is also trying to reshape energy ties with India as part of broader diplomatic engagement.
Venezuela’s interim president Delcy Rodríguez said she agreed with India on energy cooperation in a recent phone call with Prime Minister Narendra Modi. PM Modi said both sides agreed to deepen their partnership and expand cooperation in all areas.
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Venezuela has the world’s largest proven oil reserves. Recently, Venezuela opened its oil sector to private investment to attract foreign capital and boost production.
India was one of the major buyers of Russian crude after the Ukraine war began in 2022. But India is now seeking alternative suppliers as part of its energy strategy.
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