Eurobench.com

voda 10 juni 2019 16:41

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BoB Puts Bhushan Power & Steel On Block As NCLT Process Gets Delayed

PTI reported as resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non performing loans amounting to INR 9,060 crore, including two large accounts Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed. While Bhushan Power & Steel dues are to the tune of INR 2,099 crore, Alok Industries dues are INR 903 crore.

Besides these two big accounts, the bank is also looking to sell 65 other medium and small-size stressed accounts worth INR 6,057 crore, only on cash basis. Of these, some of the big accounts are Lanco Vidarbha Thermal Power INR 628 crore), Jindal India Thermal Power INR 417 crore, ISMT INR 373 crore, Anrak Aluminium INR 306 crore, GVK Power Govindwal Sahib INR 266 crore, ECI Engineering Construction Company INR 207 crore, Lanco Solar INR 160 crore, Visa Steel INR 150 crore and Adhunik Power & Natural Resources INR 58 crore, among others.

The bank has invited expressions of interest for all these accounts over the past weekend. The EoIs for Bhushan Power & Steel and Alok Industries are to be submitted by June 24, while for other accounts it has to be submitted by June 21.

Source : PTI

voda 10 juni 2019 16:42

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UK Government Launches Inquiry - Future of Steel In UK

UK Parliament’s Business, Energy and Industrial Strategy Committee has launched an inquiry Future of Steel in the UK. The BEIS Committee’s short inquiry on the Future of Steel in the UK will follow up on issues raised during the Committee’s Sector Deals report and follows the recent liquidation of British Steel and concerns about the potential impact of Brexit on the future health of the steel industry. As part of this inquiry, the Committee expects to hold public evidence sessions with Greybull Capital, the trade union Community, Tata, Liberty, Celsa and UK Steel, and the Secretary of State Rt Hon Greg Clark MP.

The first evidence hearing, with Marc Meyohas of Greybull Capital, is scheduled to take place on the morning of Wednesday 26 June. A second evidence hearing is expected to take place in mid-July.

The inquiry will examine
The role of Greybull Capital and other owners in supporting the UK steel industry as a whole
The performance of Government in supporting the competitiveness of the UK steel industry through a sector deal and other policies
The impact of Brexit, with or without a withdrawal agreement, for the steel sector
The Committee is inviting written submissions on the bullet points outlined above

The deadline for submissions is Thursday 20th June 2019.

Source : Strategic Research Institute

voda 10 juni 2019 16:44

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Staalmarkt bodem achter zich - media

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
14,124 0,64 4,75 % Euronext Amsterdam

(ABM FN-Dow Jones) De Europese staalmarkt laat tekenen van uitbodeming zien. Dat zei Geert van Poelvoorde van ArcelorMittal Europe maandag in een interview met Bloomberg.

"Als de mondiale economie zo blijft als die vandaag is, dat heeft de staalsector vermoedelijk de bodem achter zich", zei Van Poelvoorde. "Ik hoop echt dat de prijsval nu ten einde is."

De topman merkte op dat de recent prijsstijging overigens verre van voldoende is. De prijzen liggen nog altijd 50 tot 60 dollar onder het prijsniveau van een jaar terug.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 10 juni 2019 17:02

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Hier het Bloomberg artikel:

Europe’s Steel Industry Probably Past Bottom, ArcelorMittal Says
By Elena Mazneva

10 juni 2019 11:28 CEST

Prices starting to climb, according to CEO for flat products
Recovery later this year depends on auto demand, cheap imports

Europe’s troubled steel market is showing signs of bottoming out, according to the world’s No. 1 producer ArcelorMittal.

While weak auto industry demand means it’s too early to call a recovery, steel prices in the European Union are starting to climb, said Geert van Poelvoorde, the company’s chief executive officer for flat products in Europe. ArcelorMittal announced output cuts in Europe last month as the market came under pressure, with U.S. tariffs deflecting shipments to the EU and higher iron ore prices boosting costs.

“If the global economy stays as it is today, the steel industry has probably past the bottom,” Poelvoorde said in a phone interview from Brussels. “I really hope the price drop is now over.”

Prices for North Europe hot rolled coil rose by 15 euros a ton to 480 euros in the week through June 3, the biggest increase in more than a year, according to Kallanish Commodities.

“Higher prices are a matter of survival for the industry now,” van Poelvoorde said. The recent uptick is “far from sufficient,” with prices still 50 to 60 euros below year-earlier levels and costs much higher, he said.
ArcelorMittal joined other European steel producers in writing an open letter last week to EU leaders, saying that without stronger import caps, the crisis in the region’s industry would worsen.

The market may start to recover in the fourth quarter of this year if a rebound in the auto sector materializes, and if the European Commission limits low-cost steel imports flooding the continent, van Poelvoorde said. If regulators don’t do their job, the European industry will contract further, he said.

The commission said Friday it would speed up its steel import review, which was previously scheduled for completion by the end of September.

Hier de link voor meer informatie:

www.bloomberg.com/news/articles/2019-...

voda 10 juni 2019 17:08

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Strike by United Steel Workers Is Credit Negative For Arconic - Moody's

Moody's Investors Service said that the affirmative vote by workers at another one of Arconic Inc's plants represented by the United Steel Workers union to support a strike authorization of Arconic facilities is decidedly credit negative, although the development does not have any immediate impact on the company's ratings, including its Ba2 Corporate Family Rating and stable ratings outlook.

Arconic has sufficient liquidity to address any temporary costs associated with moving around production and/or utilizing other workers to avoid disruption if necessary, according to the rating agency. However, the possibility of a strike is credit negative given the company's elevated financial risk profile and the likelihood that this would render realization of management's targeted cost saving initiatives less likely, or at least potentially delayed relative to original expectations.

Source : Strategic Research Institute

voda 11 juni 2019 15:30

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Mr VR Sharma Joins JSPL As MD

Renowned Steel technocrat Mr VR Sharma, CEO of Abul Khair Group, joined Jindal Steel & Power Limited as Managing Director. He will be heading Steel and Power business of JSPL group including Jindal Power Ltd & Overseas Ventures. This is his second term in JSPL. In his first spell he was heading steel business of JSPL as Deputy MD cum CEO Steel business and had left 5 years back

Mr VR Sharma holds a degree in Mechanical Engineering in addition to Business Administration from UK and has an experience of about 40 years in steel industry in India and overseas. He has shaped & turned around many steel mills during this period.
5 years with Abul Khair Group of Bangladesh
4+ years with Jindal Steel & Power Limited
14 years with Bhushan Steel Group (BSL + BPSL)
4 years with Ispat Industries Ltd
3 years with Lloyd Steel Group
7 years of Overseas with Ministry of Heavy industries Govt. of Libya and in Europe

Source : Strategic Research Institute

voda 11 juni 2019 15:30

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China’s Steel Exports In May Dip 17% YoY

2019 fell 16.6% YoY to 5.743 million tonnes and were down 9.2% MoM. Over January-May, China's steel exports totaled 29.093 million tonnes, up 2.5% YoY. Market insiders attributed the decline to softening overseas demand, as well as the still-uncompetitive prices of Chinese steel internationally. They said "Demand in South Korea and Vietnam is weak these days. Also, the price of Chinese products has become uncompetitive in global markets, especially when compared with India-origin steel products which are priced comparatively lower than those from other regions."

Meanwhile, China’s steel imports totaled 0.982 million tonnes in May, down 13.4% YoY and down 1.8% MoM. Over January-May, imports were down 13.4% YoY at 4.878 million tonnes.

Source : Strategic Research Institute

voda 11 juni 2019 15:32

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JFE Steel Warns Of Steel Price Hike As Iron Ore Stays Near 5 Year High

Bloomberg reported that JFE Steel has warned that it will seek to pass the surging cost of iron ore, which reached a five-year high last month, on to customers to protect its margins. JFE Holdings Inc CFO Masashi Terahata said in an interview “There’s no immediate risk of an inability to secure iron ore supplies or make steel due to supply bottlenecks. The problem is the price. The company will need to pass iron ore costs, as well as other expenses, on to product prices for the financial year through next March.”

JFE is also worried about the possibility of China shipping cheaper steel to Asian countries if its domestic economy slows. He said “The company itself has yet to feel any serious damage from the China US trade war as Chinese steel demand remains strong, supported by public spending on infrastructure. But China intends to create and consolidate into large mills located in coastal areas, like the ones in Japan, while shutting small and aging mills. If Chinese mills become in such shape, they will be a threat to us.”

Source : Bloomberg

voda 11 juni 2019 15:32

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Liberty Steel Acquires Johnstown Wire Technologies In US

Liberty Steel has further expanded its footprint in the US steel downstream products market with the acquisition of Johnstown Wire Technologies in Johnstown Pennsylvania, the largest producer of value-added carbon and alloy wire in North America. The acquisition from private investment firm, Aterian Investment Partners, was financed by group equity along with loans from PNC Business Credit and gives Liberty valuable capacity to manufacture a range of high-value carbon and alloy wire products for multiple end markets including the infrastructure, automotive, utility and consumer sectors.

The 250-worker advanced manufacturing facility at Johnstown will complement Liberty’s melting and rolling operations at Georgetown, South Carolina and Peoria, Illinois and, combined with its scrap processing plant in Tampa, Florida, will firmly embed the business along the full value chain in the US steel market.

The 638,000 square foot Johnstown site has been a high-profile steel manufacturing facility for over 100 years and is a top-3 US producer of the types of steel that will be needed to modernize America’s ageing infrastructure- CHQ, electro-galvanized, aluminized and spring wire. JWT currently holds the number one market position in the electro-galvanized and aluminized sectors.

Liberty Steel intends to drive growth at JWT as the US updates its infrastructure and electricity networks, thereby increasing demand for steel products such as support cables and guard rails for bridges and for electrical power lines.

With more than half of JWT’s output sold into the transportation market, Liberty is also aiming to capitalize on continued growth in US vehicle production. It is the third largest producer in the U.S. of CHQ wire, which is used in automotive products such as engine block bolts and brake pad rivets.

Source : Strategic Research Institute

voda 11 juni 2019 15:33

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GMS Market Commentary on Shipbreaking In Week 23 - INERTIA!

The stagnating inertia in the international ship recycling markets continued this week, with Pakistan, Bangladesh and Turkey entirely offline due to Eid holidays (winding down the Holy Month of Ramadan) and the traditionally quieter monsoon season gradually getting under way in the Indian sub-continent. There was a brief bounce in the Indian market following the election victory of the pro-business Mr Modi, but local steel prices have begun to cool off ever since and Alang Buyers appear notably reluctant to commit on new vessels as most of the market focus is now shifting to Alang, due to the overall intransigence from Pakistan and Bangladesh and the higher offers emanating from India.

The market in Bangladesh remains the quietest of all, with the upcoming budget on June 13th likely to determine the immediate direction on prices, which have already lost USD 20–30 LDT over the last few weeks. Most yards in Chattogram also remain stuffed with tonnage and demand is at the lowest it has been all year, with essentially no new enquiries emanating from local Buyers.

The expectation (as seems to be the case year-after-year) is that new duties / taxes are set to be announced in this budget and prices are likely to decline further thereafter. As such, Bangladeshi Buyers are no longer keen to import fresh tonnage before the date of the budget, given the likelihood of increasing duties within the next week.

Eid holidays have of course kept nearly all markets much quieter – perhaps good timing given that much of the shipping community has been gathering in Norway for NOR Shipping this week. Yet, a few interesting sales did manage to register to ever ready Cash Buyers.

Source : Strategic Research Institute

voda 11 juni 2019 15:34

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ArcelorMittal Publishes First Climate Action Report

ArcelorMittal has recently published its first Climate Action report in which it announces its ambition to significantly reduce CO2 emissions globally and be carbon neutral in Europe by 2050. To achieve this goal the Company is building a strategic roadmap linked to the evolution of public policy and developments in low-emissions steelmaking technologies. A target to 2030 will be launched in 2020, replacing the Company’s current target of an 8% carbon footprint reduction by 2020, against a 2007 baseline. The report explains in greater detail the future challenges and opportunities for the steel industry, the plausible technology pathways the Company is exploring as well as its views on the policy environment required for the steel industry to succeed in meeting the targets of the Paris Agreement.

Commenting, Lakshmi Mittal, Chairman and CEO, ArcelorMittal, said “We believe it can be possible for the steel industry to deliver carbon emissions reductions targets in line with the Paris agreement. We are committed to this objective and are actively piloting several low-carbon steelmaking technologies. Central to achieving this aspiration will be supportive policy to ensure a global level playing field, access to sufficient clean energy at competitive prices and access to finance. The energy industry has made great strides in creating a pathway to lower emissions through supportive policy and we are confident the same can be true for steel. “Limiting the temperature increase to two degrees or less is no easy challenge. Real and genuine understanding of the complexities and an approach of collaboration and flexibility will be critical if we are to succeed. Specifically, we will need a more supportive policy environment that considers the global nature of steel, the cost implications of significantly changing the way steel is made and the clean energy supply needed to do so. If we can work together to solve the problem, I’m convinced the steel industry will be able to make a significant contribution to reducing carbon emissions globally.”

As one of the world’s most prolific materials, with 1.7 billion tonnes of steel produced in 2018, the steel industry today accounts for approximately 7% per cent of global emissions. And with demand for steel and materials set to further increase, forecasts show demand rising to 2.6 billion tonnes in 2050, it is vital the industry finds ways to significantly reduce its carbon emissions to successfully meet the ambitions of the Paris agreement and help limit the global average temperature rise to less than two degrees.

At present carbon is used as a reductant in the blast furnace to separate oxygen from iron-ore as a critical part of the steel-making process. Significantly reducing the emissions footprint of steel will, in all likelihood, require a fundamental change in the science of steelmaking. As the world’s leading steel company, ArcelorMittal recognises it has a leading role to play in developing breakthrough technologies that will support and enable a global transition to a low-carbon economy. The Company has identified three distinct pathways that have the potential to deliver a significant reduction in carbon emissions. These are:

Clean power steelmaking, using clean power as the energy source for hydrogen-based steelmaking, and longer-term for direct electrolysis steelmaking

Circular carbon steelmaking, which uses circular carbon energy sources, such as waste biomass, to displace fossil fuels in steelmaking, thereby enabled low-emissions steelmaking

Fossil fuel carbon capture and storage, where the current method of steel production is maintained but the carbon is then captured and stored or re-used rather than emitted into the atmosphere.

Source : Strategic Research Institute

Bijlage:

voda 11 juni 2019 15:35

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Severstal and Gazprom Strengthen Cooperation

At St Petersburg International Economic Forum 2019, Severstal and Gazprom signed an updated program of scientific and technical cooperation. The validity of the document, previously calculated until 2021, extended to 2023. The program is supplemented with new types of tubular products, the production of which is planned to be mastered by Severstal. We are talking about large-diameter pipes for pressure up to 32 MPa; pipes of strength class K65 with increased deformation capacity; pipes with a working temperature up to 400 degrees Celsius; pipes for the transport of liquefied natural gas; pipes with innovative coatings for thermal insulation and corrosion protection.

The updated program of scientific and technical cooperation is aimed at ensuring promising Gazprom projects, including offshore, high-tech equipment and reducing costs in the construction and operation of gas pipelines.

Source : Strategic Research Institute

voda 11 juni 2019 15:38

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MOIL Gets Environment Clearance For Ukwa Manganese Mine

MOIL is operating underground manganese ore mine at Ukwa in Balaghat Dist. of Madhya Pradesh. Present EC limit of this mine is 115,000 tonnes per annum. MOIL got Environmental Clearance for Mn. Ore mine in an area of 48.974 hectares for additional production capacity of 120,000 tonnes per annum. This area is adjacent to Ukwa mine of the Company. Total reserve of this new lease area is estimated at 3.8 Million tons.

Mining operations will be carried out through underground mining method and necessary steps shall be taken to approach the ore body as early as possible. However, it is expected to touch ore body and production during 2020.

After the environmental clearance, total production capacity of Ukwa block will be 235,000 tonnes per annum.

Source : Strategic Research Institute

voda 11 juni 2019 15:49

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JSW Steel Gets NCLT Approval For Amalgamation Plan

JSW Steel announced that it has received approval from the National Company Law Tribunal for the scheme of amalgamating its four units. The company has merged Dolvi Minerals and Metals with Dolvi Coke, JSW Steel Processing Centres with JSW Steel, JSW Salav with JSW Steel.

Moreover, the company said in a separate statement that it has acquired 10,000 equity shares of INR 10 each comprising the entire issued and paid-up equity share capital of Piombino Steel Limited from JSW Techno Projects Management Limited. The transaction was completed through its nominees.

Further, Piombino Steel has acquired 8,000 equity shares of INR 10 each comprising the entire issued and paid-up equity share capital of Makler from JSW Techno Projects Management.

Piombino Steel has now become a wholly-owned subsidiary of the company and Makler has become a wholly-owned subsidiary of Piombino Steel.

Source : Strategic Research Institute

voda 11 juni 2019 15:51

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Balmer Lawrie Inaugurates Its New Steel Drum Plant At Vadodara

ET reported that Balmer Lawrie has inaugurated its new Industrial Packaging plant for steel drum manufacturing at Vadodara in Gujarat. The company, which is India’s largest 21OL MS Drum manufacturer with a pan-India market share of around 34%, commissioned the new plant with the objective of catering to the large chemical industry in Gujarat The new plant is spread over an area of around 13700 sqm and has modern machinery technical capability and trained manpower to successfully produce high quality drums for its customers including MNCs. The plant has the capability to produce a wide variety of MS drums. It has a semi auto steel drum manufacturing facility, facilities to produce plain drums as well as value added drums, online two coat epoxy coated drum manufacturing line, telescopic drum loading conveyor for automatic drum loading, tall drum manufacturing etc.

With a strong local presence, Balmer Lawrie hopes to enhance its position as a market leader in the western region of the country and especially in Gujarat, where the MS Drum market is the fastest growing in India. The Gujarat MS Drum (21OL) market has been growing at a significant pace during the last few years at a CAGR of over 21%. In contrast, the market across the country for MS drums has grown at a CAGR of only 6%.

While the primary focus is on 210L MS drums, the plant can produce taller drums with 235L capacity as well. The product range will also comprise of Plain Drums, Internally Coated (Lacquer) Drums and Composite Drums. Over the period, Necked-ln Drums and Galvanized Drums would also be produced from this plant. A zero liquid discharge unit, the capacity of the plant is around 9-10 lakh drums per year. Initially, the plant is expected to produce around 50,000 drums per month which will be gradually be scaled up.

Source : ET

voda 11 juni 2019 17:12

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China iron ore surges on supply crunch concerns

Jun. 11, 2019 8:29 AM ET|About: AK Steel Holding Corporation (AKS)|By: Carl Surran, SA News Editor

Global metals and mining stocks trade higher after China iron ore futures jump 6% on speculation that demand will continue to exceed production over the coming months: MT +6.3%, CLF +4.8%, FCX +4.1%, AKS +3.9%, X +3.7%, BHP +3.2%, NUE +2.9%, RIO +2.7%, XME +2.6%.

Reuters reports the most-traded iron ore futures on the Dalian Commodity Exchange hit a daily upper-trading limit with a 6% rally to 760.5 yuan/mt ($109.97); benchmark Shanghai rebar prices rose 3.5% and hot-rolled coil climbed 2.7%.

"Tight supply is unlikely to be eased in the short term, but demand for iron ore will be robust despite the moderation of profit margins at steel mills," according to analysts from Huatai Futures.

Inventory of imported iron ore at Chinese ports reportedly has fallen to 121.6M metric tons, its lowest level in two and a half years, while utilization rates at steel mills across China stood at a relatively high 71.44% as of June 7, according to data from Mysteel, underlining strong demand for the ferrous metal, although mills in the top steelmaking city of Tangshan have been ordered to reduce production in June.

voda 12 juni 2019 14:23

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'Duizenden banen op de tocht bij Arcelor'

Gepubliceerd op 12 jun 2019 om 08:49 | Views: 4.587

ArcelorMittal 14:06
14,59 -0,42 (-2,80%)

FRANKFURT (AFN) - Staalreus ArcelorMittal kampt met overcapaciteit in Europa en lijkt om die reden afscheid te willen nemen van 19.500 werknemers met een tijdelijke aanstelling. Het bedrijf is in gesprek met vakbonden over de op handen zijnde ingreep. Dat zegt topman Lakshmi Mittal in een interview met de Duitse krant Frankfurter Allgemeine.

Door de Amerikaanse heffingen op staal en aluminium wordt veel meer staal, en dan vooral goedkoop staal uit Azië, afgezet op de relatief open Europese markt. Volgens Mittal is er duidelijk sprake van overvloed. Sinds 2017 is de import van staal naar landen binnen de Europese Unie volgens hem met 30 tot 40 procent gestegen. Daarnaast is de vraag naar staal tanende.

Recent kondigde Arcelor al aan zijn productie in Europa te verlagen. Fabrieken in het Poolse Krakau, het Franse Duinkerke en het Duitse Eisenhüttenstadt maken al minder staal. Later dit jaar zal ook een fabriek in Bremen in Duitsland minder produceren als een geplande reparatie van een hoogoven wordt verlengd. Ook bij een fabriek in het Spaanse Asturië werd de productie verlaagd en wordt eind dit jaar een hoogoven gerepareerd. Die fabriek gaat daardoor langer dicht dan eerder gepland.

voda 12 juni 2019 14:23

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Goldman verhoogt adviezen op staalbedrijven

Gepubliceerd op 12 jun 2019 om 09:03 | Views: 3.738

AMSTERDAM (AFN/BLOOMBERG) - Analisten van Goldman Sachs zijn positiever geworden over verschillende Europese staalbedrijven. De marktvorsers verhoogden hun oordeel op ArcelorMittal, Aperam, Klöckner en Outokumpu zonder uitzondering naar kopen.

De kenners denken dat de omstandigheden voor de bedrijven in het tweede halfjaar zullen verbeteren. Dat komt onder meer omdat ze snijden in de capaciteit, de balansen op orde zijn en de ijzerertsprijzen hoog zijn. Het advies voor SSAB ging omlaag terwijl Salzgitter en Acerinox op neutral bleven. Goldman Sachs handhaafde ook het predikaat Conviction Buy voor Voestalpine.

Het aandeel ArcelorMittal sloot dinsdag op 15,01 euro in de hoofdindex in Amsterdam. Bij de middelgrote bedrijven eindigde Aperam op 23,20 euro.

voda 12 juni 2019 15:00

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GMS Market Commentary on Shipbreaking in Bangladesh in Week 23 – SILENT NIGHTS!

With the Holy month of Ramadan coming to a close after the week long Eid festivities this week, it was no surprise to see a near silent Chattogram ship recycling market, just as it has been for the last few weeks. Virtually no new enquiries or offers have been forthcoming from the Bangladeshi market due to the holidays and this has as much to do with the upcoming budget of June 13th as it has to do with the fact that most yards in Bangladesh are stuffed with tonnage.

However, one speculative Cash Buyer has taken a gamble on the Japanese owned container vessel IWASHIRO (8,175 LDT) that was fixed this week at an impressive USD 415/LT LDT basis an ‘as is’ Haiphong, Vietnam delivery, with 150 Tons bunkers included in the sale. The Buyer must certainly be hoping, either for Bangladesh to bounce back in the week(s) ahead or that Indian (longer voyage from the Far East) sentiments / pricing starts to turn in order to keep the deal in the green.

Source : Strategic Research Institute

voda 12 juni 2019 15:00

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EU Prohibits Proposed ThyssenKrupp & Tata Steel JV

The EU Commission has decided to prohibit the proposed joint venture between steelmakers Tata Steel and ThyssenKrupp, saying it would have reduced competition and increased prices. Competition Commissioner Ms Margrethe Vestager said “The EU blocked the merger under the EU Merger Regulation to avoid 'serious harm to European industrial customers and consumers. Steel is a crucial input for many things we use in our everyday life, such as canned food and cars. Millions of people in Europe work in these sectors and companies depend on competitive steel prices to sell on a global level. Without remedies addressing our serious competition concerns, the merger between Tata Steel and ThyssenKrupp would have resulted in higher prices. Its decision preserves effective competition on European steel markets and the competitiveness of this industry. It will also ensure that key customer industries such as the European automotive industry and the packaging industry continue to enjoy access to key inputs at competitive conditions.”

The Commission's decision follows an in depth investigation of the proposed joint venture, which would have combined the flat carbon steel and electrical steel activities of ThyssenKrupp and Tata Steel in the European Economic Area.

During the investigation, the Commission received feedback from a large number of customers active in the packaging and automotive industries. These companies depend on competitive steel prices to offer their products to customers at competitive prices and many were worried that the transaction would result in higher prices. The merging companies offered remedies, but these did not adequately address competition concerns

ThyssenKrupp is the second largest producer of flat carbon steel in the EEA while Tata Steel is the third largest. Both companies are significant producers of metallic coated and laminated steel for packaging applications and of galvanised flat carbon steel for the automotive industry.

Source : Strategic Research Institute

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