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.
Officers are now required to follow the specific list of documents outlined in the registration application form. In particular cases, essential documents must be uploaded with the registration application, as detailed in the issued instructions.
Additionally, officers have been instructed not to issue notices based on presumptive grounds, minor discrepancies, or for additional documents that are not necessary for application processing.
The order emphasizes that officers must obtain approval from the relevant Deputy/Assistant Commissioner if they need to request any documents beyond those listed.
Zonal Principal Chief Commissioners and Chief Commissioners have been encouraged to establish a monitoring mechanism to ensure that trade notices are issued appropriately as needed. Furthermore, strict action will be taken against officers who do not comply with these new guidelines.
This initiative aims to simplify the GST registration process, reduce compliance burdens, and enhance the ease of doing business. Notably, the latest directive supersedes prior instructions dated June 14, 2023, addressing recent developments and providing clarity to officers handling registration applications.
Importantly, a 7-day timeline has been established for the approval of applications that are not flagged as risky on the common portal, provided they are complete and free of deficiencies.
For applications involving owned premises, the applicant must upload one of the following documents: the latest Property Tax receipt, a Municipal Khata copy, the owner’s Electricity Bill copy, or any similar document such as a water bill, or any other document required by state or local laws.
Under this MoU, both organizations will collaborate on areas of shared interest, facilitating the exchange of valuable intelligence and information from their respective databases.
Additionally, they will focus on identifying red flag indicators for suspicious transactions. The entities have committed to adhering to pertinent international standards and will hold quarterly meetings to engage in discussions and share insights on matters of common concern.
Furthermore, both parties have agreed to enhance Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) skills within the regulated and reporting entities under the RBI’s oversight.
The MoU was signed by Vivek Aggarwal, Director of FIU-IND, and R.L.K. Rao, Executive Director of the Reserve Bank of India’s Department of Regulation.
The Hila platform integrates natural language interactions with advanced data analytics, facilitating decision-making in areas such as finance, supply chain, and sales. According to a press release from TCS, the company will tailor the Hila platform to suit the specific needs of financial institutions and other critical sectors.
These customizations will feature smooth integration into existing enterprise systems, ongoing support after deployment, and specialized AI services. Furthermore, TCS plans to use the Hila platform to enhance conversational capabilities within core business sectors such as CRM, sales, and supply chain across various industries, as stated in the press release.
With this partnership, TCS clients will gain access to Vianai’s Hila platform, a cutting-edge solution that allows corporate executives to ask questions and receive real-time insights from their data repositories. By merging natural language processing with data analytics, Hila enables decision-makers in finance, supply chain, and sales to effectively utilize generative AI (GenAI), thus maximizing the potential of their enterprise data without requiring deep technical knowledge.
TCS CEO and Managing Director K. Krithivasan remarked, “The future of enterprise decision-making hinges on making data intuitive, intelligent, and accessible. The collaboration with Vianai Systems actualizes this vision, empowering C-suite executives to interact with their data for insights, accelerate decision-making, and lead with more clarity.”
Krithivasan also noted that TCS is restructuring its AI and cloud business by establishing independent units for each, driven by the rapid pace of AI innovation and the emergence of new AI-native businesses that may serve as potential partners for TCS.
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