Eurobench.com

voda 16 juli 2019 16:32

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Acerinox Plans to Reduce Workforce in Los Barrios by 300 people

Acerinox proposes a reduction of 300 people in its factory in Los Barrios, which currently has 2,000 workers. A spokesman has communicated its proposal to the workers' representatives and justifies its decision on the high labor costs it supports and on the price of energy, especially in comparison with the rest of its plants . The works council has transferred to the management of Acerinox the need for the company to argue that this reduction would make viable its continuity in Los Barrios and the criteria with which it plans to apply the measure, as well as the exit conditions of the affected workers.

The company is committed to deliver all the details related to this cut over the next week. Once the information is received, a meeting schedule will be established, which will begin on July 24.

During the meeting held between the company and the workers, the committee also transferred the starting points to the company to continue with the negotiation of the agreement, agreed in plenary session of the committee on July 8, and which is now parked. These points are the salary review, keep the production premium unchanged, increase the shift plus reduce the working day.

The company reiterates that the salary increase must be 2% per year and modify the production premium.

Source : Strategic Research Institute

voda 16 juli 2019 16:33

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NCLAT to Hear ArcelorMittal's Plea on EPC Construction on August 8

ET reported that National Company Law Appellate Tribunal will hear ArcelorMittal's plea, challenging Royale Partners' bid to acquire EPC Construction India Ltd, currently under insolvency proceedings, on August 8. A three-member bench headed by Chairman Justice S J Mukhopadhaya has asked the parties to complete their pleading by filing their reply and rejoinder over it, and directed to list the matter on August 8.

The National Company Law Appellate Tribunal's direction came over a petition filed by ArcelorMittal, which has challenged the order of the Mumbai bench of National Company Law Tribunal.

The NCLT has rejected ArcelorMittal's plea against bid of Royale Partners Investment Fund for ECIL: formerly Essar Projects India.

The appellate tribunal had also issued notice to Resolution Professional and Royale Partners Investment Fund, directing them to file reply within two weeks.

Source : ET

voda 16 juli 2019 16:34

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Fushun Special Steel Fudged Books - Report

SCMP reported that as officials from China’s northeast report an improved economic performance, one of the region’s biggest state owned firms has revealed the penalties it received for cooking its books, again throwing a spotlight on the complexity of reviving growth in the country’s rust belt. Shanghai-listed Fushun Special Steel, a “penny stock” company controlled by Dongbei Special Steel, was found to have fabricated its financial numbers on multiple fronts including its inventory, earnings and fixed asset investments between 2010 and the first three quarters of 2017. The company made the disclosure in a statement filed to the Shanghai Stock Exchange, citing an investigation by the China Securities Regulatory Commission.

Owned by the Liaoning government, the steelmaker inflated profit by CNY 1.9 billion (USD 276 million) during that period by exaggerating inventory levels and reducing production costs, according to the statement that gave details of the CSRC findings.

The regulator condemned the company for its “prolonged illegal behaviour, [using] extremely bad means that involved huge amounts, seriously disrupting market order and causing serious losses for investors”.

Fushun was fined 600,000 yuan, while 45 of its executives including former chairman Zhao Mingyuan were named and shamed, and individually fined between 50,000 yuan and 300,000 yuan, the statement said. Zhao and four others were also banned for life from entering China’s capital markets.

The period during which Fushun provided false data overlapped with the four years, between 2011 and 2014, when Liaoning officials were earlier found to have inflated the province’s economic growth numbers.

Fushun’s disclosure last week came after Liaoning posted 6.1 per cent growth in the first quarter of 2019 a level that officials said showed the worst was over for the province, whose economy is the biggest among the three rust-belt provinces, which include Jilin and Heilongjiang.

Source : SCMP

voda 16 juli 2019 16:49

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China’s iron ore imports in June Lowest Since February 2016

According to data from the General Administration of Customs, China’s iron ore imports in June fell from a year ago, touching their lowest since February 2016. Arrivals of iron ore were 75.18 million tonnes last month, below both the 83.24 million tonnes imported in June 2018 and May’s 83.75 million tonnes. For the first-half of the year, the world’s biggest iron ore consumer brought in 499.09 million tonnes of ore, down 5.9% from the same period a year ago

Supply from Brazil has fallen following the deadly rupture of a tailings dam in January. Elsewhere, Rio Tinto has cut its forecast for 2019 shipments from the Australian region of Pilbara due to operational problems.

The two countries are China’s largest iron ore suppliers.

Source : Strategic Research Institute

voda 16 juli 2019 16:50

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Auction of Iron Ore Dumps in Goa to Start Soon - CM Mr Pramod Sawant

PTI reported that Goa Chief Minister Pramod Sawant said that the e-auction of iron ore dumps lying across the state would begin in next 15 to 20 days, as a first step towards resumption of the mining industry. He informed the Assembly that "We are e-auctioning the ore which was extracted and lying in the state. The e-auction will be conducted within next 15 to 20 days and mining of the iron ore dumps will start within six months.”

The chief minister told the House that the government was working to resolve the issue. He said "The central government has been working to ensure that this industry resumes in a legal way. Union Home Minister Amit Shah recently chaired a meeting to find out a solution for the problem.”

Source : PTI

voda 16 juli 2019 16:51

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TMS International joins Nucor Steel at Sedalia

Leading provider of onsite, industrial steel mill services for steelmakers TMS International plans a new facility to be co-located with Nucor Steel rebar mill at the Rail Industrial Park in Sedalia, Missouri. In late 2017, Nucor announced their plans to build a new USD 250 million rebar mini-mill in Sedalia, Missouri. Nucor’s new facility serves as the anchor tenant in the new Sedalia Rail Industrial Park, with an expected completion date in the fall of 2019. TMS International will be the second tenant in the Sedalia Rail Industrial Park.

Mr Kevin Van de Ven, General Manager & Vice President of Nucor Steel Sedalia noted that “Nucor has a long history and tradition of building relationships with contractors working onsite. TMS is a wonderful example of this partnership. TMS has locations at several Nucor divisions, and we are excited to have TMS join us in Sedalia.”

Mr Raymond Kalouche, TMS International President & CEO said that “We are thankful to again provide services to Nucor, a premier global steel company. TMS has been providing services to Nucor for decades and looks forward to continued growth together. We are pleased to partner with the Sedalia community to deliver quality employment positions at above-average wages with competitive benefits, training and skill development and the potential for advancement. Our operations in Sedalia will provide direct economic stimulus to the community through significant spending in support of project operations and indirectly through contributing to the success of Nucor Sedalia.”

According to Missouri Economic Development, TMS International will hire approximately 15 new employees and make a significant investment to construct its new facility in Sedalia. These new positions include heavy equipment operators, mechanics and management personnel.

Governor Mike Parson said that “TMS International is a great addition to the Sedalia Rail Industrial Park. The impact Nucor and now TMS International has and will continue to have on manufacturing in our state keeps us moving forward toward our goal of creating greater opportunities for Missourians. We appreciate TMS International’s commitment to Missouri and look forward to working together to grow Sedalia’s steel industry.”

President of Economic Development Sedalia-Pettis County’s Board of Directors Mr Rusty Kahrs said that “In Sedalia and Pettis County, we take pride in the more than 70 industries who call Sedalia home. We look forward to partnering with TMS International as they launch their new facility here.”

Source : Strategic Research Institute

voda 16 juli 2019 16:52

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Mr Justice Owned Companies Are All One-Algoma

News And Sentinel reported that a Canadian steel manufacturer suing several companies owned by Gov. Jim Justice said an effort to remove some of those companies from the suit should not be granted. Attorneys for Essar Steel Algoma Inc filed a response to a motion to dismiss 12 companies owned by Justice and managed by son Jay Justice from a lawsuit against Southern Coal Sales Corp. In Friday’s response, attorneys for Algoma argue that Southern Coal Sales and the 12 other Justice-owned companies didn’t act like separate entities, but functioned as one company, sharing assets, resources, employees, email addresses, and moving money from one company to another. That makes the 12 Justice-owned companies alter egos of Southern Coal Sales, Algoma alleges.

The suit, previously filed in US Bankruptcy Court for the District of Vermont, was transferred to the US District Court for the Southern District of New York in 2017. Algoma amended the complaint in 2018 to go after Southern Coal Sales and other Justice-owned companies. Algoma is asking for a judgment of USD 6.7 million.

Twelve of Justice’s companies filed a motion June 24 to dismiss the lawsuit, claiming that they had not no responsibility for the deal between Algoma and Southern Coal Sales and that they were not alter egos for Southern Coal Sales. The companies seeking dismissal are: James C. Justice Companies Inc; James C. Justice LLC; Bluestone Industries Inc; Bluestone Coal Corp; Bluestone Mineral Inc; Bluestone Energy Sales Corp; A & G Coal Corp; Tams Management Inc; Encore Leasing LLC; Bluestone Resources Inc; Justice Family Farms LLC; and Southern Coal Corp.

Algoma, the second largest steel manufacturer in Canada, alleges that Southern Coal Sales violated an agreement to supply 780,000 tons of coal, amounting to more than half of Algoma’s annual needs. Instead, Algoma claims that Southern Coal Sales only supplied 31 percent of the coal agreed to in the 2015 contract.

Source : News And Sentinel

voda 16 juli 2019 16:52

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Severstal Implements Program for Upgrading CherMK's Infrastructure Facilities

Severstal Russian Steel division’s Cherepovets Steel Mill in 2019 launched a large-scale program for upgrading infrastructure facilities. At the moment, it is formed until 2029. Vadim Germanov, director general of the Severstal Russian Steel division, said “Possible malfunctions of infrastructure facilities carry risks of plant shutdowns, undermine the reliability of our enterprise as a whole and, of course, can become a source of danger for our staff. We did not find any analogs of such a program at other enterprises, so we developed our own strategy. To compile a list of investment projects and group them into target blocks, we have already assessed the condition of more than 15,000 infrastructure facilities, and this work will continue. In total, 29 programs are planned to be implemented, and we intend to allocate about 7 billion rubles annually for this purpose.”

The main areas of work were the replacement of lifting mechanisms, energy and electrical equipment, automotive and railway equipment, automation and communication systems, machine tool fleet.

For example, in 2019, there are 16 projects with a total cost of more than 2 billion rubles, and in the next 5 years - until 2024 - the company expects to replace about 42 more units. At the same time, most of the equipment will be manufactured by the Machine-Building Center SSM-Tyazhmash (part of the Severstal Russian Steel division).

A video surveillance program is also continuing at the Cherepovets site of Severstal. This year it is planned to install 600 cameras, next year another 1,300. Video surveillance is necessary to monitor the operation of the equipment and its maintenance. The data from the cameras are transmitted to the equipment condition monitoring service, where on-line specialists monitor its operation and report on the risks of shutdowns or technological incidents. In addition, on the already installed cameras, we are implementing projects on technical vision.

Another direction was the renewal of the special equipment park, in particular, the rolling stock for the transportation of products. New gondola cars, platform cars, dump cars and locomotives themselves will be purchased. For example, in 2019 Severstal plans to buy 6 locomotives, more than 300 million rubles will be allocated for this. In total, over the next 10 years, the company will upgrade 75 cars.

Source : Strategic Research Institute

voda 16 juli 2019 16:53

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Philippines DTI 4-A Intensifies Campaign against Substandard Steel

THE Department of Trade and Industry in Region 4-A said it intensified the monitoring of substandard product sales in the region. DTI said in a statement that “Due to the reports received that substandard products proliferate in markets especially in areas outside the Metro Manila, the Department of Trade and Industry Region 4-A conducted simultaneous monitoring of steel bars in the province of Laguna.”

Twenty four establishments in Cabuyao City, Biñan City, and Sta. Rosa City were monitored.

The DTI 4-A validated logos and product marking requirements, checking the coverage specified in each approved logo to identify the scope of manufacturer’s license.

DTI 4-A Director Marilou Toledo said that “We are intensifying our monitoring activities all throughout the region because we want to protect our consumers by eliminating uncertified, inferior, or substandard products in the market.”

DTI 4-A said that with the Department’s goal to enable a better marketplace and protect consumers from unfair trade practices, it regularly monitors products to establishments to ensure that the Price Act (Republic Act (RA) 7581), Price Tag (RA 71), Product Standards (RA 4109), Labeling (Article 77 of RA 7394 or the Consumer Act of the Philippines), Service and Repair Shops (Presidential Decree 1572), and other Fair Trade Laws are strictly enforced and observed in the market.

Source : Manila Times

voda 16 juli 2019 16:54

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CSN Inks Iron Ore Supply Contract with Glencore

In addition to the Relevant Fact published on February 20, 2019, the COMPANHIA SIDERIJRGICA NACIONAL hereby informs its shareholders and the market in general that its Subsidiary, CSN Minera concluded the negotiations for the addition of its long-term iron ore supply contract to Glencore International AG.

The transaction involves a prepayment to CSN Minera of a new installment in the amount of up to USD 250,000,000.00 related to the additional supply of iron ore of approximately 10 million tons in 5 years. Disbursement will occur when certain prior conditions are met, which are customary for this type of transaction.

Source : Strategic Research Institute

voda 16 juli 2019 16:54

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Employees Protest Bid to Privatize SAIL SSP - Report

Times Of India reported that Salem Steel Plant employees on Saturday protested the move to privatize the plant. Salem MP S R Parthiban, MLA R Rajendran and trade union members extended their support to the employees, who also took out a march. On Saturday, the employees gathered at the entrance of the plant and raised slogans against the central government. They also took out a march from the main entrance to gate number 3 on Salem-Tharamangalam state highway.

Mr KP Suresh Kumar, convener of Save Salem Steel Joint Committee, said they would take out a series of protests until their demands were met.

The central government had on July 5 floated an on Juiy 5 floated an international tender as part of strategic disinvestment of the plant. All the 1,800 employees of the plant had been taking out protests since then, condemning the move.

Source : Times Of India

voda 16 juli 2019 16:55

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MMK Presents Innovative Cryogenic Steel at INNOPROM

Magnitogorsk Iron and Steel Works is taking part in the 10th International Industrial Exhibition INNOPROM 2019 in Ekaterinburg. At the exhibition, MMK will present technology which has been developed at the plant in 2018 for the production of rolled sheet cryogenic steel grade 0H9, which is widely used in the production, storage and transportation of liquefied and compressed natural gas.

The level of cryogenic properties in steel grade 0H9 corresponds to that of austenitic steels (stainless). It is stronger and cheaper than analogues, which makes it popular in the implementation of projects with cryogenic equipment, construction of transportation and for the use and storage of compressed and liquefied natural gas. These characteristics are confirmed by test results. MMK is ready to conduct further tests on steel grade 0H9 for cyclic operation in a cryogenic environment and for corrosion resistance.

Today, more and more leading Russian oil and gas companies are expressing interest in developing the potential of LNG technology. At the same time, the equipment used for transportation and storage of LNG (tanks, pipelines, etc.) must withstand conditions of ultra-low temperatures - up to -200C. Currently, such products are mainly supplied from abroad, so MMK's steel grade 0H9 is an import-substituting product. Its foreign counterparts are TU 14-101-1082-2016 – X8Ni9+NT640, X8Ni9+QT640, X8Ni9+QT680, X7Ni9 and EN 10028-4; ASTM A353 A353/A353M; A553 TYPE I, ASTM A553/A553M; SL9N520NNT, SL9N590Q, JIS G 3127.

Source : Strategic Research Institute

voda 16 juli 2019 16:57

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Mr Trump Toughens Buy American Steel Law

US President Mr Donald Trump, in yet another policy move aimed at lifting the American steel industry, signed an executive order mandating a greater use of US made steel and iron in federal infrastructure projects. Peter Navarro, a White House trade adviser, told reporters the order would reinforce the administration’s “Buy American preferences” by requiring that 95 percent of steel and iron used in federal contracts be American-made.

It follows a similar executive order Trump signed in January and arrives a little more than a year after the president initially imposed tariffs on imported steel and aluminum. Trump said the levies would boost national security, ensure well-paying jobs and help provide leverage in trade negotiations.

By the authority vested in me as President by the Constitution and the laws of the United States of America, and to promote the principles underlying the Buy American Act of 1933 (41 USC 8301-8305), it is hereby ordered as follows:

Section 1 Policy a. As expressed in Executive Order 13788 of April 18, 2017 it is the policy of the United States to buy American and to maximize, consistent with law, the use of goods, products, and materials produced in the United States. To those ends, my Administration shall enforce the Buy American Act to the greatest extent permitted by law.

Source : Strategic Research Institute

voda 16 juli 2019 16:58

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Ukraine Inaugurates Giant Dome over Destroyed Chernobyl Reactor

AFP reported that Ukraine and its European partners formally inaugurated a new metal dome encasing the destroyed reactor at the infamous Chernobyl plant, wrapping up a two-decade effort. Branded as the world’s largest movable metal structure, the so-called New Safe Confinement seals the remains of the fourth reactor at the nuclear plant that was the site of the massive Chernobyl disaster in 1986. The EUR 1.5 billion structure was paid for via a special fund launched by the European Bank for Reconstruction and Development and sponsored by 45 countries. Its gigantic 108-meter-high dome could cover the Notre Dame cathedral in Paris and weighs 36,000 tonnes.

Ukrainian President Mr Volodymyr Zelensky said at the ceremony that “Today we get the keys to the construction that was created by joint efforts of dozens of countries to protect the entire planet and humanity from radioactive contamination. Until this moment” Chernobyl used to be a negative part of Ukraine’s brand, but “it’s time to turn our problem into our advantage.”

The EBRD said that the structure is strong enough to withstand a tornado and is built to last a century. The dome was put into place in 2016 and completely covers a hastily-built confinement which was erected immediately after the disaster struck.

Source : AFP

Bijlage:

voda 17 juli 2019 06:33

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Mijnbouwconcern Vale betaalt schadevergoeding na dodelijke dambreuk

Het Braziliaanse mijnbouwbedrijf Vale heeft een klein half jaar na de desastreuze dambreuk bij een ijzerertsmijn in Brumadinho de families van de dodelijke slachtoffers een schadevergoeding van in totaal zo’n 95 miljoen euro in het vooruitzicht gesteld.

Buitenlandredactie 16-07-19, 22:40
De ramp kostte ten minste 248 personen het leven, 22 anderen worden nog altijd vermist. Volgens de krant O Globo krijgen de nabestaanden ongeveer 165.000 euro. Daarvan is bijna 120.000 euro smartengeld en 45.000 euro een uitkering van de ongevallenverzekering.

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Vale betaalt verder voor de verongelukte werknemers pensioen tot ze 75 jaar zouden zijn geworden en bekostigt onder meer de opleiding van kinderen van de slachtoffers tot hun 25e. Tot die overeenkomst zijn de verantwoordelijke exploitatiemaatschappij en het Openbaar Ministerie in de staat Minas Gerais en de arbeidsrechter gekomen.

De Braziliaanse rechter bepaalde vorige week dat Vale alle schade die na de dijkdoorbraak ontstond door de gigantische modderstroom moet herstellen, inclusief de negatieve gevolgen voor de lokale economie en het milieu. Voor dat doel werd 2,5 miljard euro van het concernvermogen geblokkeerd.

www.ad.nl/buitenland/mijnbouwconcern-...

voda 17 juli 2019 09:31

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Beursblik: Jefferies verlaagt koersdoel Aperam

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
23,11 -0,73 -3,06 % Euronext Amsterdam

(ABM FN) Jefferies heeft woensdag het koersdoel voor Aperam verlaagd van 35,00 naar 31,00 euro met een ongewijzigd koopadvies.

De analisten verwachten margedruk in de staalindustrie door langdurig hoge prijzen voor ijzererts en een teleurstellende vraag naar staal. Weliswaar denkt Jefferies dat het ergste voorbij is, maar een scherp herstel deze zomer zit er waarschijnlijk niet in.

De blootstelling van Aperam aan een veerkrachtigere Braziliaanse markt zorgt volgens Jefferies voor een zekere mate van isolatie tegen de tegenwind op de Europese markt voor roestvast staal.

De analist gaan uit van een hogere winstgevendheid dankzij kalendereffecten, maar rekenen ook op een meer conservatieve tweede kwartaal met een EBITDA van 105 miljoen euro. Dat is wel nog altijd 3 procent meer dan de consensus.

Jefferies meent tot slot dat Aperam een bredere productdiversificatie dan sectorgenoten biedt.

Het aandeel Aperam daalde woensdag 2,9 procent naar 23,15 euro.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

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

voda 17 juli 2019 09:32

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Beursblik: Jefferies verlaagt koersdoel ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
15,324 -0,282 -1,81 % Euronext Amsterdam

(ABM FN-Dow Jones) Jefferies heeft het koersdoel voor ArcelorMittal verlaagd, in aanloop naar de kwartaalcijfers, omdat de analisten margedruk verwachten in de staalindustrie door langdurig hoge prijzen voor ijzererts en een teleurstellende vraag naar staal.

Weliswaar denken de analisten dat het ergste achter de rug is op het gebied van de staalprijzen, maar een scherp herstel deze zomer zit er waarschijnlijk niet in. De analisten rekenen op gematigd margeherstel in de tweede jaarhelft.

ArcelorMittal en sectorgenoten schroefden de capaciteit voor vlakstaal in Europa met 7 procent omlaag, in reactie op de tegenvallende vraag.

Het koersdoel voor ArcelorMittal gaat omlaag van 30,00 euro naar 24,00 euro, maar met een onveranderde koopaanbeveling.

Het aandeel ArcelorMittal daalde woensdag 2,3 procent naar 15,27 euro.

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

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

voda 17 juli 2019 15:57

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MMK Group Trading Update for Q2 and H1

Russian steel giant MMK has announced trading update for Q2 of 2019. MMK Group’s total sales of finished products in Q2 2019 totalled 2,856 thousand tonnes, up 2.7% QoQ. MMK Group’s sales of HVA products in Q2 2019 totalled 1,426 thousand tonnes, up 6.6% QoQ. The share of HVA products in total sales increased to 49.9%. MMK Coal’s coal concentrate production in Q2 2019 totalled 487 thousand tonnes, down 37.3% QoQ.

MMK Group’s total sales of finished products in H1 2019 totalled 5,638 thousand tonnes, down 0.7% YoY. MMK Group’s sales of HVA products in H1 2019 totalled 2,764 thousand tonnes, up 1.4% YoY. The share of HVA products in total sales increased to 49.0%. MMK Coal’s coal concentrate production in H1 2019 totalled 1,263 thousand tonnes, down 10.5% YoY.

MMK Group highlights by key segments

Pig iron output in Q2 2019 increased by 2.3% QoQ due to the completion of the scheduled overhaul of the blast furnace No.7 in mid May and productivity growth.

At the same time, the volume of steel output in Q2 2019 remained flat QoQ. The increase in pig iron volumes allowed the company to decrease the share of metal scrap in burden.

The volume of shipments in Q2 2019 was flat QoQ and amounted to 2,730 thousand tonnes. Sustainable shipments were a result of the continued high demand in the domestic market amid the scheduled repairs of rolling equipment.

In Q2 2019, the domestic market saw continued high demand for steel products, which was associated with the beginning of the construction season and high volume of orders from manufacturers of large diameter pipes. These factors allowed the Company to maintain shipments to the domestic market flat QoQ (2,444 thousand tonnes), as a result, the share of shipments to the domestic market amounted to about 90%.

The volume of shipments of long products in Q2 2019 remained flat QoQ and amounted to 452 thousand tonnes amid the recovery of business activity at the beginning of the construction season.

The volume of shipments of hot-rolled products for Q2 2019 remained low, which was due to the continued reconstruction of Mill 2500 under the current investment programme.

The volume of shipments of HVA products for Q2 2019 increased by 1.5% QoQ and amounted to1,112 thousand tonnes. This growth is mainly due to the increase in shipments of thick plate and the high capacity utilisation rates for deep processing production.

The decrease in the volume of shipments of cold-rolled products for Q2 2019 by 7.9% QoQ was mainly due to an increase of galvanised steel production at MMK’s site and an increase in sales of polymer-coated steel produced at Lysvensky Metallurgical Plant.

In Q2 2019, the volume of shipments of Mill 5000 products increased by 7.5% QoQ and reached 287 thousand tonnes. This growth was associated with the continued supply of steel for the production of large diameter pipes as part of the implementation of major pipeline projects by Gazprom.

Source : Strategic Research Institute

voda 17 juli 2019 15:58

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ArcelorMittal Temirtau Terminates Contract with Gazprom Distributor Nik-Oil over Sanctions

Kommersant reported that Kazakhstan based steel mill ArcelorMittal Temirtau has terminated its contract with Nik-Oil, Gazprom’s official distributor in Kazakhstan, over fears that dealing with a sanctioned company would damage the reputation of its CEO Paramjit Khalon. Nik-Oil director Mr Nikolai Garder told Kommersant “About a month ago, in the middle of June, we were given verbal warning that the contract would be terminated due to sanctions. We were really surprised, asked for clarification and finally received a letter. What connection is there between our company and the Ukraine and EU sanctions against Russia? We asked them that very question but they didn’t even reply.”

Mr Garder told Kommersant he plans to make a formal complaint to the National Chamber of Entrepreneurs of Kazakhstan. He also brushed aside suggestions that sanctions may have been used as an excuse for AMT to change its supplier. AMT told Kommersant the decision to terminate the contract was taken by the firm’s holding company, ArcelorMittal CIS.

Russia has been hit by several rounds of EU and U.S. sanctions since it annexed Crimea in 2014. Gazprom was first sanctioned in September 2014. This is the first time a sanctioned Russian company has run into problems operating in Kazakhstan.

Source : The Moscow Times

voda 17 juli 2019 15:59

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Not Backing Out From Buying Bhushan Power and Steel - JSW Tells NCLT

First Post reported that JSW Steel told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports and needs to know what is going inside Bhushan Power & Steel Ltd. A two-member NCLT bench headed by the President Justice M M Kumar asked the Resolution Professional of BPSL to hand over a copy of the forensic report to JSW Steel.

NCLT said that alleged fraud reports will not have any impact on the insolvency resolution process and JSW's resolution plan for BPSL.

NCLT has to take a decision over the lenders' approval of the resolution plan of JSW Steel for BPSL.

Earlier on 4 February, the National Company Law Appellate Tribunal had dismissed the plea of Tata Steel and upheld the Committee of Creditors decision to approve JSW Steel's bid.

The NCLAT had said the CoC decision was well within its rights to negotiate better terms with resolution applicants and has had asked NCLT to decide over JSW Steel's bid by 31 March, 2019.

However, the judgement is still pending before the Principal bench of NCLT.

Source : First Post

Vertraagd	7 feb 2025 17:35
Koers	27,360
Verschil	-0,250 (-0,91%)
Hoog	28,170
Laag	27,180
Volume	7.160.096
Volume gemiddeld	2.524.108
Volume gisteren	11.236.094

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