LLC Baku Steel Company suspended smelting steel. The steel furnace was suspended due to a chronic shortage of ferrous scrap. The company has not commented on the event.
A source in the steel mill told Turan that only the rolling mill works, producing various metal products (rebars, wire rods, channels, angles, etc.). Part of the employees have been released on vacation.
Note that the steel plant LLC Baku Steel Company acts on the leased production site of Bakelektroqaynaq JSC. The company controls over 98% of the capital of this JSC.
The nominal production capacity in 2014 was increased from 770 thousand to 1.1 million tons of steel per year. ---08B
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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