Eurobench.com

voda 5 juli 2019 15:19

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EC Clears Acquisition of Standard Steel Holdings Inc US by Sumitomo and Nippon Steel

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Standard Steel Holdings Inc of the US by Sumitomo Corporation of Japan and Nippon Steel Corporation of Japan, which currently solely controls Standard Steel. Standard Steel manufactures forged steel wheels and axles for freight railcars, locomotives and passenger railcars, and operates primarily in North America.

The Commission concluded that the proposed acquisition would raise no competition concerns because Standard Steel is primarily active in North America and its activities and turnover in the European Economic Area are very limited. The transaction was examined under the simplified merger review procedure.

Source : Strategic Research Institute

voda 5 juli 2019 15:20

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Vietnam to Crack Down on Steel of Fraudulent Origins

VN Express reported that Vietnam will act to stop the illegal circumvention by steel exporters and work with the US on tackling such fraud. Vietnam’s Foreign Ministry spokeswoman Le Thi Thu Hang said “The country will continue to cooperate and dialogue with the US to protect the rights and benefits of businesses in accordance with World Trade Organization regulations and agreements.”

Vietnam's Ministry of Industry and Trade said it has warned local steel producers that importers could tighten their policies on trade remedies. It has suggested local firms use domestic material or import from countries which are not slapped with duties.

The US Department of Commerce has slapped duties of up to 456 percent on CR and coated steel products imported from Vietnam which it alleged were made in South Korea and Taiwan.

Source : VN Express

voda 5 juli 2019 16:09

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ArcelorMittal update regarding Serra Azul mine

ArcelorMittal Brazil operates the Serra Azul mine located in Itatiaiuçu, Minas Gerais State, in Brazil. It produces 1.2 million tonnes of concentrate and lump ore. The Tailings Storage Facilities, which is an upstream dam, has been idled since October 2012. Serra Azul has been operating with no wet tailings since 2012, replaced with dry stack and in pit methodologies.

In February 2019, Serra Azul implemented a precautionary evacuation of local community based on new factors of safety analysis following the recent incidents in the Brazilian mining sector. Since the evacuation, on February 8, additional monitoring has been expanded to now include; 24-hour video-monitoring, radar monitoring, seismic monitoring, drone inspections and automation of dam level reading devices.

Serra Azul has been working with authorities and independent experts to update models for the Serra Azul dormant TSF. Following update of the theoretical Dam Break analysis, and adopting the most conservative assumptions, the potential area of impact has been expanded, keeping a greater margin of safety. In response ArcelorMittal has, as a precautionary measure, decided to relocate approximately 23 families from two communities. It is important to note that there has not been any alteration in the emergency level of the dam, which remains in level 2.

The company is in close coordination with the local authorities. The main priority is to ensure that the residents are safe. The residents have been moved into temporary accommodation.

The company is performing new complementary actions and studies to evaluate options to return to the plan to de-construct the TSF in a safe manner. After the conclusion of the improvements for resuming the security factor of the dam, which are ongoing, the company will perform the decommissioning of the structure.

ArcelorMittal apologizes for the further disruption this latest decision will cause for the community and the families affected. However, the company concluded that safety must always come first.

Sebastião Costa, CEO Mining Brazil, said, “We had acted swiftly in February to ensure that there was no risk to the community surrounding the Serra Azul dam. We will be doing everything in our power to support the families impacted by this latest decision, considering that is our priority to operate in safety first manner at all times.”

Source : Strategic Research Institute

Bijlage:

voda 5 juli 2019 16:12

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Ukraine's Strong Support for Black Iron's Development - Mr Zelensky

Black Iron Inc reported, Ukraine's recently elected President, Mr Volodymyr Zelensky, made several highly supportive statements regarding development of Black Iron's project at an Economic Club of Canada event after having identified Black Iron as an important project his Government supports at a ministerial event hosted by Canada's Foreign Minister, Chrystia Freeland. President Mr Zelensky emphasized that Ukraine is a country rich in many natural resources and that his Government invites international investors to build new mines in the country. President Zelensky identified Black Iron by name, including that its project is located in Kryvyi Rih, the President's home city, and stated that he and his Government will be supporting the project as a priority.

Black Iron's CEO, Mr Matt Simpson, attended the Economic Club event and afterwards stated "Having Ukraine's President Zelensky publicly state his personal support for the development of Black Iron's project only one month after being elected demonstrates a clear shift by the Ukrainian Government to more proactively focus on and support major foreign investors. It is great to hear President Zelensky make very specific comments on the transfer of essential State Government owned land to Black Iron for mine construction and commitment to provide maximum assistance at all stages of project implementation. I look forward to working closely with the new senior officials in Ukraine's Government to bring Black Iron through construction and into operation as a concrete example of successful major foreign investment."

Source : Strategic Research Institute

voda 5 juli 2019 16:13

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NMDC Iron Ore Sales Up By 29% YoY In Apr-Jun 2019

Despite disruptions in production at Chhattisgarh mines, iron ore major NMDC Ltd reported a 29% on year rise in its Apr-Jun iron ore sales at 8.7 million tonne. The sales were, however, down 15% on quarter. The company's iron ore production for Apr-Jun was at 8.46 million tonne, up 23% on year, It faced trouble at its Bailadila mine site for three days as local tribals stalled the production activity in June. The company official said the production loss due to locals agitation may be at around 70,000 tonne per day.

For June, NMDC iron ore sales rose 18.6% on year to 2.7 million tonne, while production stood at 2.5 million tonne, up 7.7%. The company's iron ore sales in Jan-Mar were 10.3 million tonne.

Source : Strategic Research Institute

voda 8 juli 2019 16:15

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Interesse voor liftentak ThyssenKrupp - media

(ABM FN-Dow Jones) ThyssenKrupp gaat dit najaar formeel starten met het verkopen van een belang in zijn liftentak, die rond 15 miljard euro waard zou zijn. Dit meldde Bloomberg maandag op basis van bronnen.

De onderneming zou door verschillende geïnteresseerde kopers zijn benaderd.

Volgens Bloomberg was er interesse van concurrent Kong Oyj en uit de hoek van private equity, maar ook staatsfondsen en pensioenfondsen zouden potentie zien in de tak.

Het bestuur van Thyssenkrupp zou nog willen vasthouden aan een meerderheidsbelang, maar sommige grote aandeelhouders zouden pleiten voor een volledige verkoop.

Tegelijk met dit verkoopproces zal ThyssenKrupp ook werken aan een beursgang als alternatief voor de liftentak.

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

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

voda 8 juli 2019 16:22

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Chinese Steel Producers' Profits Decline in Jan-May - CISA

Xinhua reported that Chinese steel producers saw their profits fall 18.2 percent year on year in the first five months of 2019 as rising costs hurt earnings. Mr Qu Xiuli, vice chairman of the China Iron and Steel Association, said the combined profits of CISA's member enterprises totalled CNY 85.5 billion (USD 12.4 billion) in the January-May period, when China's crude steel output exceeded 400 million tonnes, up 10.2 percent YoY

He said “Due to tougher environment protection rules and falling profit margins, the growth in steel output is expected to slow down while steel demand is also forecast to weaken.”

Source : Xinhua

voda 8 juli 2019 16:24

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Capital Goods Industry Welcomes Incentives for MSME in Union Budget

The Process Plant and Machinery Association of India has welcomed various incentives provided to the Micro, Small and Medium Enterprises in the Union budget for the year 2019-20 presented by Finance Minister Mrs Nirmala Sitharaman. Mr Yatinder Pal Singh Suri, Chairman of PPMAI and Country Head & MD Outokumpu India, welcoming the budget said “The various incentives announced by the government to the MSME segment facilitation of easy access, loans of upto INR 1 crore to be granted to MSMEs within 59 minutes through a dedicated online portal. Allocation of INR 350 Crore Under the interest subvention scheme for MSMEs for 2% interest subvention for all GST registered MSMEs on fresh or on incremental loans. This will help the manufacturing segment to grow and generate employment.”

Mr Suri said “The impact of these incentive’s to the MSME sector will be positive as the Two per cent interest subvention would enable the cash-starved MSMEs to ensure smooth credit line flow for their firms. This government support to the MSME sector will provide stimuli to the local manufacturers to grow and prosper, This is also an answer to the employability avenues .This is also shows that the government did not get carried away by demands of raw material lobby which would have hurt the Capital Goods and MSME segment. MSMEs have an important role in supporting large industries, achieving higher levels of indigenization and generate higher employment in the country.”

He added “With India set to become a USD 3 trillion economy this year, the first Union Budget by the Modi 2.0 government has introduced several benefits for the MSME sectors. Over the years, MSMEs have been battling to get loans, given their inability to produce relevant assets as evidence. The introduction of the 1 crore MSME loan brings great relief to small business owners, making easier accessibility and processing of loans through a single portal. This in turn will translate into the stability and growth of the sector.”

Mr Suri also said “The proposal of investing of 100 lakh crore in infrastructure, expansion of metro rail corridors and renovation of railway stations will help boost consumption of steel and stainless steel in the country, This will also generate employment. The government should also come down heavily on manufacture of sub standard steel and stainless steel in the country as well as be strict for compliance of GST in the country.”

Source : Strategic Research Institute

voda 8 juli 2019 16:24

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SAIL is Ready to Cater to Government’s Reform, Perform and Transform - Chairman

Mr Anil Kumar Chaudhary, Chairman SAIL, reacting to the Union Budget presented in the Parliament said “The budget compliments the expectation of Steel Industry and other related industries. SAIL is completely geared up to cater to every requirement of Government’s roadmap to reform, perform and transform India. SAIL is committed to fulfill the expectations of Indians as it has been doing for the last sixty years.”

He said “For a country headed towards USD 5 Trillion economy in 5 years, the budget is very structured for moving towards that target. Clear emphasis has been laid on the infrastructure development along with massive push to every connectivity avenue including industrial corridors, dedicated freight corridors, Bharatmala, Sagarmala, UDAN and PMGSY. Government’s commitment in budget to provide electricity, housing for all under Pradhan Mantri Awas Yojana Gramin, availability of water and LPG connections, focus on development of urban housing under Pradhan Mantri Awas Yojana Shahari, etc are all very positive and hold excellent promise for the steel industry.”

He added “The budget also proposes investment of INR 50 Lakh Crore in augmenting Railways infrastructure by 2030 as well as substantial investment for roadways upgradation and connectivity. Government’s emphasis on investing INR 20 Lakh Crore every year in infrastructure development will certainly help in increasing the steel consumption and will facilitate the growth of domestic steel industry.”

Source : Strategic Research Institute

voda 8 juli 2019 16:25

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SAIL Invites EoI for Sale of ASP, SSP and VISL Plants

Steel Authority of India Limited has floated a global tender on inviting Expressions of Interest for its three special steel units. This includes the Tamil Nadu based Stainless Steel Plant at Salem in Tamil Nadu, Durgapur based Alloy Steel Plant and Viveswaraya Iron & Steel Ltd based in Bhadravati Karnataka. The last date for invitation of queries through email or physical copy is July 18, while last date for submission of expression of interest physically is August 1, 2019. The memorandum says short listed bidders will be intimated August 8, 2019.

The three units have been part of the government list for strategic disinvestment, following Cabinet nod in 2016.

Source : Strategic Research Institute

voda 8 juli 2019 16:25

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RINL Lights Up Chimney of Coke Oven Battery 5

Mr PK Rath CMD RINL launched the commissioning activities of new Coke Oven Battery-5 Project Complex with the light up of Chimney of Battery. Battery heating will be taken up after achieving required draft in the chimney, which will take about 10 to 15 days. Chimney is 120 meter tall RCC structure (2450 cubic meters) with inside refractory work (1300 tonnes). The Chimney is designed to exhaust the waste flue gas generated during operation of the battery. The Battery with Chimney is being constructed by BEC consortium under the consultancy of MECON Limited. The COB-5 is constructed along with the existing batteries at an estimated cost of INR 2,500 crores with a production capacity of 8.40 lakh tonnes of Blast Furnace grade Coke per year. The COB is similar to the existing ones, 7 metre tall and 67 Ovens each and a By-product recovery, Top charge type battery.

Mr Rath congratulated all the persons involved in the Battery Project and stressed the importance of the commissioning of the Battery as per schedule and exhorted them to put all out efforts to achieve the same with strict adherence to safety standards.

Source : Strategic Research Institute

voda 8 juli 2019 16:26

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Measures Announced for Steel Sector will Boost Make in India - Tata Steel MD

Commenting on the Budget 2019, Mr TV Narendran, CEO & MD Tata Steel, said “There are several welcome steps announced in the Union Budget 2019. Government’s intent to focus on infrastructure spend with emphasis on digital economy and job creation are significant announcements. Further, the aim to put a mechanism in place to attract foreign capital is an important development. We believe investment in infrastructure sector and moves to attract private capital in railways and waterways can have a positive cascading effect in the economic activity across sectors of development and growth. Connecting rural India, both physically and digitally, is another positive step for the economy. Announcement of streamlining multiple labour laws into a set of ‘four labour codes’ is a progressive step.”

He said “Domestic steel market has seen some decline in demand and the measures announced today for the steel sector aimed to further boost ‘Make in India’ policy is a welcome development. The cost of doing business in India is one of the highest in the world and measures announced today, including logistics solutions, will address some of the issues faced by the capital-intensive steel industry.”

Source : Avenue Mail

voda 8 juli 2019 16:29

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PNB Reports INR 3,800 Crore Fraud by Bhushan Power & Steel Limited

Business Line reported that Punjab National Bank informed the exchanges about a fraud of INR 3,805.15 crore in non performing asset account of Bhushan Power & Steel Ltd. This includes a domestic exposure of INR 3191.51 crore at Large Corporate branch at Chandigarh, Zonal Office, Chandigarh; overseas exposure of USD 49.71 million (about INR 345.74 crore) at Dubai branch and USD 38.51 million (about INR 267.90 crore) at Hong Kong. It said "On the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo motu basis, against the company and its directors, alleging diversion of funds from banking system, a fraud of INR 3,805.15 core is being reported by the bank to RBI. In the accounts of the company, the bank has already made provisions amounting to INR 1,932.47 crore, as per prescribed prudential norms," as per the bank's stock exchange notice.”

The bank further alleged that it has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks.

At present, the case is at National Company Law Tribunal and the bank expects good recovery in the account.

Source : Business Line

voda 8 juli 2019 16:30

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SAIL RSP Posts Record Performance in Q1 of FY 2019-20

PTI reported that Steel Authority of India Limited’s Rourkela Steel Plan has registered a remarkable performance in the first quarter of the current financial year in all major areas of production. The steel plant produced 944,552 tonne of hot metal, 901,771 tonne of crude steel and 810,405 tonne of saleable steel, thereby clocking the best ever performance for any April-June period

The best ever Q1 performance was achieved by units such as coke ovens battery-6 (average 89.4 pushings per day), steel melting shop-II (807,597 tonne of crude steel), new plate mill (230,126 tonne of plate rolling) and hot strip mill (285,940 tonne of HR coil for sale). The total saleable steel despatch was to the tune of 789,520 tonne.

Source : PTI

voda 8 juli 2019 16:30

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Change of Guard at voestalpine

27th Annual General Meeting of voestalpine AG saw Mr Herbert Eibensteiner take over as Chairman of the Management Board from Mr Wolfgang Eder who, in turn, was elected to the Supervisory Board, the Group’s highest corporate body, along with four other new members as part of the reconstitution of the Supervisory Board.

Mr Herbert Eibensteiner is an internationally experienced manager, who started his career at voestalpine as a plant engineer in 1989 after completing his degree in mechanical engineering/business management. He held numerous executive positions in the company before being appointed to the Management Board and simultaneously the Head of the Metal Forming Division in 2012. Eibensteiner’s switch to the Steel Division in October 2014 made him the Head of the Group’s biggest revenue earner.

He said “I am very happy about my new position as CEO and I look forward to continuing to further develop voestalpine’s successful business model in a consistent way. With a focus on innovation, internationalization, and value-added growth as well as our commitment to sustainability, we will continue our journey towards a technology group.”

Source : Strategic Research Institute

voda 8 juli 2019 16:31

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Sub Standard Steel Bars Found in Mintal in Philippines - DTI

Mindanao Times reported that the inspection team from the Davao City Field Office of the Philippines Department of Trade and Industry found a retailer in Barangay Mintal last Friday selling steel bars that allegedly were sub standard and issued the Notice of Violation. Czar Raul V Bulaclac of the Consumer Protection Division explained that the NOV will allow the retailer to present proofs to prevent the agency from imposing penalties. He said “We will give them 48 hours to go the office to explain their side, they could bring their documents or any evidence to testify.”

He explained that the retailer was among the about 100 retailers in the city, many of them getting their supplies from two local large manufacturers

He said “On the inspection, 10 samples of steel bars were checked using the calibrated weighing scales. We have different classification of steel bars, we have 6mm, 7 mm, 8 mm, 10 mm, 12 mm and 16 mm. All of which have their corresponding masses depending on their lengths. It has a maximum and minimum mass, if it weighs minimum compared with the standard, it will be considered as non-conforming product.”

The field office conducted the monitoring on steel bars among retailers in the city to ensure the safety of consumers and prevent the release of substandard products to the market.

Source : Mindanao Times

voda 8 juli 2019 16:32

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India Starts Anti Dumping Probe on Imports of Stainless Steel Flats

India’s Directorate General of Trade Remedies on July 3rd has initiated anti dumping investigation on imports of flat products of stainless steel from China PR, Korea RP, European Union, Japan, Taiwan, Indonesia, USA, Thailand, South Africa, UAE, Hong Kong, Singapore, Mexico, Vietnam and Malaysia on complaint filed by Indian Stainless Steel Development Association, Jindal Stainless Limited, Jindal Stainless (Hisar) Limited and Jindal Stainless Steelway Limited.
The product under consideration in the present application is “Flat Rolled Products of Stainless Steel”, excluding the following

a. Hot rolled stainless steel of 304 grade and width upto 1650mm from China, Malaysia and Korea, wherein anti-dumping duty was recommended vide notification no 14/30/2013-DGAD, dated 9th March, 2015 and imposed vide customs notification no. 28/2015-Customs (ADD) dated 5th June, 2015

b. Cold rolled stainless steel of 600 mm and above (with permissible tolerances) from China, Korea, EU, USA, Taiwan, Thailand, South Africa, except cold rolled stainless steel of more than 1250 mm having bonafide use as more than 1250 mm, wherein anti-dumping duty was recommended and imposed vide customs notification no. No. 14/2010-Customs, dated 20th February, 2010. The said duties were recommended to be extended vide notification no. 5/04/2014-DGAD, dated the 12th October, 2015 and were extended vide customs notification no 61/2015- Customs (ADD) dated 11th December 2015.

c. Blade Steel, also commercially known as razor blade grade steel used in production of razor.

d. Coin blank falling under 73269099 HS Code used in production of monetary coins.

The scope of the product under consideration includes cold rolled stainless steel of more than 1250 mm having bonafide use as more than 1250 mm, which were expressly excluded from the scope of measures recommended vide notification no No.14/1/2014- DGAD, dated the 19th February, 2016 and imposed vide customs notification no 52/2017-Customs (ADD) dated 24th October, 2017.

The product under consideration is classified in Chapter 72 under customs subheading no. 7219 and 7220 of the Customs Tariff Act, 1975. All forms and specifications of the product under consideration falling under 7219 and 7220, unless specifically excluded, are within the scope of the present investigations.

The applicants have proposed adoption of a product control number for the purpose of fair comparison between different types/forms of the product. Applicants have proposed the PCN system on the basis of rolling condition, grade, form of the product, width, thickness and finish, considering Indian standards.

The Period of Investigation in the present investigation is April 2018 to March 2019. The injury investigation period shall cover the periods 2015-16, 2016-17, 2017-18 and the period of investigation.

Source : Strategic Research Institute

voda 8 juli 2019 16:36

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Chung Hung Steel Downplays Levies by US on Vietnam

Chung Hung Steel Corp which makes steel coils and pipes said that US levies of up to 456% on steel imports from Vietnam have had a limited effect on the company and Vietnam would remain its largest overseas market this year. As the US only imposes about 3% anti-dumping tariffs on steel imports from Taiwan, there is no need for the company to export goods to the US through Vietnam, it said.

Chung Hung sells to downstream companies, which process the steel further. More than half of the company’s shipments are for overseas markets.

Source : Taipei Times

voda 8 juli 2019 16:36

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SAIL VISL Workers Begin Indefinite Stir

ToI reported that Steel Authority of India Limited’s the VISL Worker Association members, opposing privatization move, started an indefinite strike in front of the plant on Friday. Mr G Amruthkumar, secretary of the association, said “All Karnataka MPs must meet PM Narendra Modi and urge him to get the tender withdrawn.”

Mr Amruthkumar blamed the SAIL for refusing to inject any money for its modernisation. He said “The SAIL took over the plant in 1989 from state government for just INR 1 with a promise to infuse about INR 500 crore capital. But in the last 30 years, it has hardly made any investment.”

The floating of tender is based on a recommendation from Niti Aayog in 2016 to disinvest loss-making or defunct public sector undertakings keeping in with the disinvestment policy of the NDA government. The company has over 1,661 acres, including plant premises with two-three functioning units and SAIL intends to sell off the entire property. There are around 260 permanent employees, 1,450 contract workers and around 75 executives presently working in the plant.

Source : ToI

voda 8 juli 2019 16:38

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Tamil Nadu Government Opposes Privatisation of SAIL’s Salem Steel Plant

IANS reported that Tamil Nadu Chief Minister Mr Edappadi K Palaniswami has reiterated opposition to privatising the Steel Authority of India Limited’s Salem steel plant. He told Leader of the Opposition MK Stalin in the Tamil Nadu Assembly “As a first step, your and our MPs can meet the prime minister and the minister in-charge Dharmendra Pradhan to press for the withdrawal of the move. Let the MPs of AIADMK, DMK and Congress exert pressure on the prime minister and the minister concerned by submitting memorandum to them.”

,” Palaniswami said on Friday. He added that the MPs can highlight the “wrong public perception” privatisation of the plant could lead to.

Employees of the plant, which is a special unit of Steel Authority of India Ltd, observed a daylong strike on Friday to protest against the proposed privatisation. They began their strike from 6 AM and staged a demonstration in front of the plant.

IANS
scroll.in/latest/929566/tamil-nadu-go...

Source : IANS

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