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 July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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