A Chinese court convicted four Rio Tinto employees, including an Australian national, on bribery and trade secrets charges on Monday, issuing jail terms from seven to 14 years in a case closely watched by foreign investors and the steel industry.
Some 30,000 Chinese steel workers clashed with riot police Friday in the north-east province of Jilin in protest over a takeover deal. 100 people were injured and an executive from another steel company died, a rights group said.
The Canadian government has announced that it has filed legal action against American industry giant US Steel to force the reopening of two Ontario factories it says were shut down illegally, putting 1,500 employees out of work.
Frustrated with the lack of progress on the Rio Tinto affair, Australian Prime Minister Kevin Rudd has stepped up his rhetoric against China, warning that it had "significant economic interests at stake in its relationship with Australia".
After the arrest of four Rio Tinto executives on spying charges, a Chinese steel-industry investigation has turned to five major Chinese groups whose executives are accused of accepting bribes in return for revealing confidential information.
The world's number one steel maker, ArcelorMittal, posted a net loss of 1.063 billion dollars for the first quarter of the year. The group said it planned to continue cutting production and expects profits would rebound in the second quarter.
The world biggest steel maker ArcelorMittal announced that it would continue to suspend production in Europe, cutting output by 50 percent. The company, hit hard by the global crisis, says suspensions are temporary.
Steel giant ArcelorMittal posted a net loss of 2.6 billion dollars for the last quarter of 2008 and a nine percent drop in profits last year. The group extended its voluntary departure plan, which could lead to more than the expected 9,000 jobs cut.
The British steelworkers union, Community, said on Monday it would meet with Corus following a report the Anglo-Dutch group will respond to falling steel demand by cutting 3,500 jobs, including 2,500 in the UK.
France's steel industry has been fined 575 million euros for price-fixing. Indian giant ArcelorMittal has been ordered to pay 301.7 million euros while KDI, a subsidiary of the German group Kloeckner, has been fined 169.3 million euros.
