Eurobench.com

voda 19 juli 2019 15:43

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Thai GJ Steel Embraces Danieli for Slab Caster Revamp

Danieli Service’s Slab Caster Rolls Department is providing a brand-new set of 216 stainless steel X20Cr13V slab caster rolls as part of an upgrade project for non-Danieli design vertical caster (Segments 1, 2 and 3) at GJ Steel, in Thailand. The rolls are a sleeve-type design using innovative, long-life EICH bearings designed for extreme heat-resistance, high impact loads, and dirt resistance with a low installation height.

The new equipment will be produced in Danieli Thailand workshops, where the manufacturing of roll with or without cladding, and the assembly of slab caster segments are part of the workshop specializations.

Source : Strategic Research Institute

voda 19 juli 2019 15:44

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US Steel Propane Producers Applaud International Trade Commission Injury Decision

US producers of steel propane cylinders hailed final determination of the US International Trade Commission that imports of steel propane cylinders from China and Thailand are causing injury to the domestic industry. Mr Paul Rosenthal, counsel to the US producers, applauded the ITC's decision, saying that "This determination will lay the foundation for restoring fair pricing to the marketplace. The Commerce Department made several errors in its analysis of the final dumping margin for Sahamitr. We intend to appeal Commerce's final determination. We are confident that a court order for Commerce to reevaluate its analysis will result in a significantly higher antidumping duty deposit rate on imports of steel propane cylinders from Thailand."

The Commission vote was unanimous, with four members of the ITC voting in the affirmative and one member recused. This was the final step in the antidumping and countervailing duty investigations filed by Worthington Industries, Inc. and Manchester Tank and Equipment on May 22, 2018. The ITC's decision follows the June 17, 2019 determination by the US Department of Commerce that imports of steel propane cylinders from China and Thailand were dumped and that imports from China were also subsidized. As a result of the ITC's vote, the Commerce Department will instruct US Customs and Border Protection to require US importers of steel propane cylinders from China and Thailand to deposit estimated antidumping duties at the time of importation as follows:
Country - Dumping and Subsidy Margins
China - 37-217 percent (combined)
Thailand - 10.77 percent

Source : Strategic Research Institute

voda 22 juli 2019 08:13

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Overname Essar door Arcelor on hold gezet

Gepubliceerd op 22 jul 2019 om 08:01 | Views: 337

ArcelorMittal 19 jul
14,84 +0,14 (+0,97%)

NEW DELHI (AFN/BLOOMBERG) - Het Indiase hooggerechtshof heeft de overname van Essar Steel door het in Amsterdam genoteerde staalbedrijf ArcelorMittal tijdelijk gepauzeerd. Het hooggerechtshof gaat de beroepszaken van zowel de schuldeisers van Essar als ArcelorMittal tegen een eerdere uitspraak van een beroepshof behandelen. Tot die tijd moet de stand van zaken blijven zoals die nu is.

Het beroepshof bepaalde begin deze maand dat de overname van Essar door mocht gaan. ArcelorMittal moest 60 procent van de schulden van de failliete branchegenoot betalen ter waarde van 6 miljard dollar. De schuldeisers moesten dat bedrag "proportioneel" verdelen. De crediteuren kondigden al direct aan in beroep te gaan. Onder meer de Britse bank Standard Chartered meent onvoldoende gecompenseerd te worden.

De overnamestrijd rond Essar sleept zich al ruim een jaar voort. Het hooggerechtshof heeft beloofd de zaak met spoed te zullen behandelen.

voda 22 juli 2019 13:52

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China zet importheffingen op roestvast staal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
23,59 0,56 2,43 % Euronext Amsterdam

(ABM FN-Dow Jones) China heeft maandag importheffingen op bepaalde roestvast staalproducten uit de Europese Unie, Japan, Zuid-Korea en Indonesië aangekondigd.

Het ministerie van Handel voert de importheffingen in per 23 juli, omdat onderzoek volgens Beijing aantoonde dat deze staalproducten in China worden gedumpt en zo een bedreiging vormen voor de Chinese staalsector.

De heffingen lopen op van 18,1 naar 103,1 procent en gelden voor een periode van 5 jaar.

De betreffende roestvast staalproducten worden vooral gebruikt bij schepen, containers en op het spoor.

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

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

voda 22 juli 2019 16:07

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GM of Tangyin Steel Plant in Tangshan Detained for Pollution Violations

Futures Daily reported that the general manager Tangshan Iron and Steel Group’s Tangyin Steel Plant in the city of Tangshan in Hebei province has been detained after the plant was found to have failed in carrying out a mandatory 50% production cut, imposed by the local government. The paper said all three of its blast furnaces were still in full operation when the plant was visited by inspectors on July 19.

China’s biggest steel producing city Tangshan, which had said in June that it would impose output restrictions on local steel firms until August in order to curb smog, has stepped up anti-pollution measures over July 21 to 31, aiming to meet its air quality targets. Steel mills with A level of emission, Shougang Qian’an; Shougang Jingtang; Wenfeng Steel; Tanggang Medium & Heavy Plat; Delong Steel and Zongheng Steel; Tianzhu Steel; Huaxi Steel; Guoyi Special Steel, will have to curb their sintering and furnace operations by 20% over the period. Other steel producers in Tangshan have to shut 50%-70% operations. Steel rolling mills are required to remain close during July 26-28.

Source : Strategic Research Institute

Bijlage:

voda 22 juli 2019 16:09

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JSW Steel Launches Premium Platina Tinplate

JSW Steel Ltd, targeting packaging industry, has rolled out of premium tinplate brand JSW Platina. Mr Jayant Acharya, Director Commercial, Marketing & Strategy, said that "JSW Steel is the first steel company to introduce continuous annealing technology for making tinplate products in India. This technology ensures availability of world's best quality tin-plate steel for packaging. Our investment of close to INR 1,000 crores in establishing our current tinplate making unit at Tarapur as well as its capacity expansion reflects the burgeoning opportunity for JSW Platina to become a preferred packaging alternative in India in the long term. As a hygienic & eco-friendly packaging product, JSW Platina can help reduce carbon footprint as India moves towards reducing plastic consumption by eliminating single use plastics over next few years. JSW Platina also offers packaging industry a Made in India alternative by offering continuous annealed tinplate which are, so far, entirely imported by packaging manufacturers. Our technologically advanced product is well-positioned to reduce the foreign exchange burden of these manufacturers through import substitution with JSW Platina."

JSW Platina has a wide variety of applications in both food and non-food packaging. It is available as Tinplate & Tin Free Steel in both Single Reduced and Double Reduced variety. DR product is normally Thinner, Stronger, and Brighter, as compared to conventional Single Reduced Tinplate and gives more cans from each ton without compromising strength. Since different applications of JSW Platina requires different degree of hardness for base material, the desired hardness is achieved through a complex process involving Annealing and temper rolling mill/double cold rolling mill conforming to the globally accepted standards. JSW Platina has versatile applicability as a packaging material ranging from Food cans, juices, Coffee Cans, Edible Oils, Ghee and Vanaspati to battery, aerosol cans and crown corks and many others.

The launch of JSW Platina enables JSW Steel to tap the growing opportunity for tinplate products demanded by India's packaging industry. India is one of the countries that have pledged to eliminate single use plastics by 2022. JSW Platina offers a significant opportunity to become the most preferred & sustainable packaging material for the future.

JSW Steel currently has annual cumulative installed capacity of 350,000 tonnes tinplate, out of which 100,000 tonnes is being produced by its JV JSW Vallabh Tinplate and the balance 250,000 tonnes at its newly established tinplate facility at Tarapur in Maharashtra. Given the significant potential for JSW Platina to emerge as a preferred packaging material, JSW Steel is doubling its tinplate capacity at Tarapur to 500,000 tonnes.

Source : Strategic Research Institute

voda 22 juli 2019 16:09

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Steel Demand in India to Grow by 7% in 1919-20 - Mr N Chandrasekaran

Tata Steel Chairman Mr N Chandrasekaran, while addressing shareholders at its Annual General Meeting, said that demand for steel in India is set to grow by 7 percent in 1919-20, taking it to 103 million tonnes, on the back of a slew of infrastructure projects announced by the government.

Mr Chandrasekaran added that Tata Steel was well positioned to make the most of the opportunity, having grown its capacity last year.

The steel maker recorded highest volumes of nearly 27 million tonnes in FY19, backed by its acquisition of Bhushan Steel and Usha Martin.

Source : Money Control

voda 22 juli 2019 16:10

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British Steel Sale is Delayed Again

Daily Mail reported that the sale of British Steel is set for further delay. An email sent on behalf of Sam Woodward from EY's restructuring team, and seen by The Mail on Sunday, said “I can confirm that we have not set any deadline to conclude a sale process. You will have seen that various parties were on site last week to conduct due diligence and you should take some comfort from this. However, I also expect that there will still need to be a number of weeks of further due diligence and negotiations to conclude a transaction.”

British Steel, which was bought by private equity firm Greybull Capital in 2016, collapsed into insolvency in May as it suffered a funding crisis, putting around 5,000 jobs at risk. The Insolvency Service appointed liquidators from EY to find a buyer while the company was propped up by the Government. It was initially reported that the deadline for bids was June 12. This was pushed back to the end of last month, then it was reported final offers were due last Monday.

Source : Daily Mail

voda 22 juli 2019 16:10

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SMS Group Commissions Compact Cold Rolling Mills at Aisha Steel Mills

By rolling the first coil, SMS group has successfully put into operation the new Compact Cold Mill of Aisha Steel Mills Limited in Karachi in Pakistan. The CCM at Aisha Steel Mills is designed for an annual cold strip production capacity of 500,000 tonnes. The new facility enables Aisha Steel Mills to supply the local market with high-grade cold strip according to international standards and helps the company to make its contribution to reducing the country`s dependency on high-quality cold strip imports. The products rolled on the CCM are up to 1,250 millimeters wide and down to 0.15 millimeters thin.

The CCM features two mill stands in four-high design with the proven roll shifting technology CVC®plus (Continuously Variable Crown) by SMS group. CVC®plus is supplemented by further actuators to infinitely adjust the roll gap, for example positive and negative work roll bending. The quality-determining technical highlights of the plant include two X-Shape flatness measurement rolls, installed at the entry and exit sides, together with multi-zone cooling system and automatic flatness control.

The highly productive CCM® is equipped with the holistic X-Pact® electrical and automation system from SMS group. SMS group supplied the complete plant with all auxiliary equipment, such as modern technological instrumentation, emulsion plant, high- and low-pressure hydraulics as well as the fume exhaust system.

Source : Strategic Research Institute

voda 22 juli 2019 16:12

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NCLAT Dismisses Plea against Insolvency of Tayo Rolls

The National Company Law Appellate Tribunal has dismissed the plea filed against the ongoing insolvency of Tayo Rolls Ltd, a subsidiary of Tata Steel, filed by some of its employees. A two member bench headed by Chairman Justice S J Mukhopadhaya said that no interference is called for against the order of admission of insolvency proceedings of the company. Rejecting the plea, NCLAT said that such submissions cannot be accepted, nor such ground can be noticed to admit or reject the application under Section 9. NCLAT observed that "In fact, the present appeal is not maintainable under Section 61, as appellant Suresh Narayan Singh is not an aggrieved person, the application under Section 9 preferred by him having been admitted.”

It further said that "The appeal is dismissed. Though we are of the opinion that this is a frivolous appeal for which cost should be imposed, but in view of the fact that Suresh Narayan Singh is representing 284 workers, we are not imposing any cost."

Earlier, the Kolkata bench of the National Company Law Tribunal had on April 5, 2019, had admitted the initiation of Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016 with regards to Tayo Rolls. The plea was filed by Suresh Narayan Singh who is the authorised representative of 284 workers of Tayo Rolls. However, Mr Singh later challenged the order of NCLT before NCLAT contending that NCLT order was unwarranted and not tenable under law.

Tayo Rolls, is a subsidiary of Tata Steel since December 2008. It was promoted in collaboration with Japan based Yodogawa Steel Works and Nissho Iwai Corporation for production of cast iron and cast steel rolls for metallurgical industries.

Source : DNA India

voda 22 juli 2019 16:12

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Tata Steel to Raise USD 600 Million for Capex & Refinancing of Debt

Financial Express reported that TATA Steel is in process of raising USD 600 million of debt to part finance its high-cost debt and majorly to meet the expenditure for second phase expansion of Kalinganagar steel plant in Odisha. Mr Koushik Chatterjee, executive director and chief financial officer of Tata Steel, said that “We are in the process of raising the debt as we speak. The fund will be used for part refinancing, but majority of it will go towards the second phase of expansion at Kalinganagar.”

The second phase expansion at the Kalinganagar plant will set up cold rolling mill facility there. The plant is scheduled to be commissioned in 2020-21. Following this, its expansion capacity will go up to 8 million tonne per annum from 3 million tonne per annum at present.

The company has seen its net debt increase to INR 1 lakh crore as on March 31, 2019, and has set a debt reduction target of USD 1 billion for FY20.

Source : Financial Express

voda 22 juli 2019 16:26

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US DoC Finds Dumping & Countervailable Subsidization of Imports of Steel Racks from China

US Department of Commerce announced the affirmative final determinations in the antidumping duty and countervailing duty investigations of imports of steel racks and parts thereof from China, finding that exporters from China have sold steel racks and parts at less than fair value in the United States at rates from 18.06 to 144.50%. In addition, Commerce determined that exporters from China received countervailable subsidies at rates from 1.50 to 102.23%.

In 2017, imports of steel racks from China were valued at an estimated USD 200 million.

The petitioner is the Coalition for Fair Rack Imports, whose members are Bulldog Rack Company (Weirton, WV), Hannibal Industries, Inc. (Los Angeles, CA), Husky Rack and Wire (Denver, NC), Ridg-U-Rak, Inc. (North East, PA), SpaceRak (Marysville, MI), Speedrack Products Group, Ltd. (Sparta, MI), Steel King Industries, Inc. (Stevens Point, WI), Tri-Boro Shelving & Partition Corp. (Farmville, VA), and UNARCO Material Handling, Inc. (Springfield, TN).

The US International Trade Commission is currently scheduled to make its final injury determinations on or about September 3, 2019. If the ITC makes affirmative final injury determinations, Commerce will issue AD and CVD orders. If the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.

Source : Strategic Research Institute

voda 22 juli 2019 16:33

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Canada Supports Nova Tube in Quebec

The Government of Canada is delivering on its commitment to support the steel manufacturing sector and its workers. Mr David Lametti, Minister of Justice and Attorney General of Canada, on behalf of Mr Navdeep Bains, Minister of Innovation, Science and Economic Development, announced a USD 14 million investment in Nova Tube Inc for a CAD 33.6-million project that will create 27 jobs and maintain 81 others in Montréal, Quebec.

This investment will help Nova Tube enhance its Montréal plants for production that is faster, more accurate, safer and of higher quality, while reducing waste. These improvements will allow the company to move quickly in response to changing customer demand and become a North American leader in manufacturing standard steel pipe used for fire sprinklers, plumbing and heating, water wells, and fences. The company also expects to increase the volume of made-in-Canada pipes available to Canadian customers across the country.

Source : Strategic Research Institute

voda 22 juli 2019 16:33

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China to Grade 15 Sectors, Including Steel, Coal, on Environmental Status

SMM reported that China plans to grade 15 key industries, including steel, coal, cement and chemical, according to how environmentally-friendly they are, to improve production curbs in heavily-polluted weather. According to a report by Economic Information Daily, heavy industries across Beijing-Tianjin-Hebei region, the Yangtze River delta and the Fenwei Plain, will received grades of A, B or C, according to their production technologies, pollution treatment and other indicators.

This is part of the government’s commitment to stop using blanket initiatives in anti-smog output controls.

Source : SMM

voda 22 juli 2019 16:34

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MMK Launches New Sinter Plant

Magnitogorsk Iron and Steel Works commissioned sinter plant No 5, the only one of its kind in Russia, in the presence of Russian President Vladimir Putin. The facility has a capacity of up to 5.5 million tonnes of sinter per year. The new sinter plant is equipped with state-of-the-art equipment, allowing it to obtain high-quality sinter, and it operates using the best available technologies. The cost of contract equipment supplied by Sinosteel Equipment & Engineering Co Ltd, amounted to 6.7 billion rubles. Total capital investments in the sinter plant complex, including construction and installation works, amounted to around 30 billion rubles.

The sintering area of sintering machines No 1 and No 2 which are part of the new sinter plant is 300 sq m for each sinter line, the height of the sintering layer is 700 mm. For comparison: At sintering plant No 4, which will be decommissioned with the launch of the fifth, the sintering area is 95.4 sq m and the layer height is 280-290 mm. The amount of fine particles (0-5 mm pieces) produced at the new sinter plant will be reduced from 10% to 5%. The capacity of the new unit is 347.2 tonnes of sinter per hour.

The new sinter plant is equipped with 19 high-efficient environment-protection units. Each sintering machine includes a sulphur recovery unit and a system for the recirculation of sinter gases, which ensures the purification of the entire volume of exhaust gases. The sulphur recovery unit consists of a two-section electric filter (dust cleaning) and an absorption tower which uses lime solution (for the cleaning of sulphur compounds). Sulphur recovery units are capable of cleaning up to 2.5 mln m3/hour of sinter gases with 99% efficiency rate for dust and 98% efficiency rate for sulphur dioxide. In addition, in terms of environmental facilities at the plant, there are eleven air-cleaning systems which catch industrial dust which is then returned to sinter production, which have a cleaning efficiency of more than 99%. Launch of the sulphur recovery units at full capacity, and the resulting sludge deposit from the units results in the production of a marketable gypsum. The water circulating supply system of the sinter plant allows for the collection, removal and reuse of waste water from the industrial site.

The commissioning of the new sinter plant will make it possible to decommission the outdated equipment at sinter plant No 4. As a result, it will be possible to achieve:
A twofold reduction in dust emissions (by 2,100 tonnes per year), a fourfold reduction in sulphur dioxide emissions (by 3,500 tonnes per year) and a sixteenfold reduction in benzapyrene emissions
A reduction in discharges of pollutants into the water circulating supply system by 600 tonnes per year
A reduction in waste at the slurry deposit No.2 of the sintering plant by 13,750 tonnes per year

When working at full capacity, sinter plant No 5 will be able to produce 5.5 million tonnes of stabilised cooled sinter per year, which will provide the MMK blast furnace plant with high-quality raw materials and will improve the efficiency of sinter and blast furnace production. Working conditions for MMK sinter workers will improve thanks to the environmental facilities at the new sinter plant.

Source : Strategic Research Institute

voda 22 juli 2019 16:34

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Innovative Steam Boiler to Save MMK 85 million Rubles Per Year

Magnitogorsk Iron and Steel Works has put into operation an automatic control system of steam boilers which power the plant. This will increase energy efficiency, as well as provide a significant reduction in harmful emissions into the atmosphere. The introduction of the system will save more than 85 million rubles per year. The project was implemented by specialists of the Department of the Chief Power Engineer of MMK together with OSK and the Southern Ural State University within the framework of MMK's strategic initiative 'Industry 4.0'. The project includes eight boilers at the Central Power Plant and two boilers at the Combined Heat and Power Plant. Currently, work is underway to implement the second phase of the system at the Central Power Plant.

The launch of the automatic control system of the steam boilers will reduce the consumption of natural gas at MMK and significantly increase the reliability of the steam boilers. In addition, the system will reduce harmful emissions (CO, NOx) into the atmosphere. This is achieved due to the operational regulation and reduction of peak operating conditions of the equipment during the utilization of secondary energy resources.

The payback period of the project is less than two years. The automatic control system of the steam boilers is the foundation for the development of projects to further improve the efficiency of MMK power plants through the introduction of technical and economic management systems, which are based on digital counterparts of power units, predictive analytics and optimization modeling.

Given the high technical and economic indicators of the system, MMK specialists, together with OSK and the R&D center of Magnitogorsk State Technical University, are working on the issues of application of the developed models and algorithms at the technological systems, which involve combustion processes at MMK and other industrial enterprises.

Source : Strategic Research Institute

voda 22 juli 2019 16:35

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VIST Automated Solution Improves Ore Quality at EVRAZ KGOK Operations

An automated system for monitoring mining vehicles, developed by VIST Group, has been deployed at EVRAZ’s Kachkanarsky mining and ore processing plant operation in Russia, the Zyfra Group subsidiary confirmed. The iron ore at KGOK is mined in four open pits: the Glavny, Zapadny, Severny and Yuzhny deposits. The ore is removed from the pits by BELAZ trucks and delivered to the crushing plant by rail. Pit machinery includes heavy duty 130 tonne dump trucks, modern NP-1 locomotives and 12 m² capacity excavators.

Some 58.5 million tonne of ore was mined at the KGOK operations in 2018, which was processed into 3.5 million tonne of sinter and 6.5 million tonne of pellets

Work on the autonomous investment project, which required USD 1.23 million in funding, began in November 2017. So far, 19 communication towers have been installed around all the operations, while 30 excavators and 35 BELAZ trucks have been equipped with sensors and navigation antennae, as well as smart displays in the driver’s cabs, VIST said.

Mr Alexander Bondarenko, Business Unit Director at VIST Group, said that “Thanks to the joint efforts of specialists from KGOK and VIST Group, a sophisticated and up-to-date system for managing mining vehicles has been deployed at the EVRAZ plant.”

Mr Bondarenko said that “Following Phase 2 of project implementation, which will cover rail transportation and quality control of ore arriving at the plant from the shipping sheds, the system will be the most sophisticated in the Russian ore mining sector.”

The VIST Group system tracks and displays real-time information on the locations and operating conditions of dump trucks, dozers, excavators, automatic loaders and “mobile canteens”.

Source : IM Mining

voda 22 juli 2019 16:36

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Security Agency to Probe Steel Giant for Polluting Air in Zelensky’s Hometown

The Security Service of Ukraine has opened a criminal investigation into steel manufacturer ArcelorMittal for air pollution in Kryvyi Rih, President Volodymyr Zelensky’s hometown. The SBU announced the investigation in a July 17 statement. It did not name the private industrial enterprise accused of ecocide extensive damage to the environment but the target iss obviously ArcelorMittal, the largest steel plant in the country, which is based in Kryvyi Rih, a city of 635,000 people located more than 400 kilometers southeast of Kyiv.

Just days earlier, on July 12, Zelensky had visited Kryvyi Rih, one of the most polluted cities in the country, and criticized ArcelorMittal for failing to reduce toxic emissions that harm the health of city residents.

In a July 17 statement, the company said it has not received any official information regarding the probe, but is ready to cooperate with investigators. Its emissions have been within the permitted limits, the company said, and hinted that it could be facing political retribution ahead of the parliamentary vote on July 21. Polls indicate that Zelensky’s party is likely to be the biggest winner in the election. The statement read that “We hope the increased attention to our enterprise from state agencies and various political forces and the launch of an investigation by SBU on the eve of the elections is a coincidence and doesn’t indicate deliberate pressure on business.”

ArcelorMittal’s acting general director, Mr Oleksandr Ivanov, said that the plant has lowered emissions by 48% in 13 years and invested USD 4.4 billion in modernizing its steel mills.

Source : Kyiv Post

voda 22 juli 2019 16:37

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SAIL Becomes First CPSE to Enter into MoU with GeM Portal

Steel Authority of India Limited has signed a Memorandum of Understanding with Government e-Marketplace, Department of Commerce, Ministry of Commerce and Industry, Government of India for procurement of Goods & Services on GeM portal on 18th July, 2019. Amongst CPSEs, SAIL under the aegis of Ministry of Steel is the first CPSE to enter into an MOU with GeM. This endeavor towards maximizing the procurement of Goods & Services on GeM Portal aims to promote inclusiveness, broadening of base, transparency and efficiency in public procurement and achieve cashless, and paperless transaction.

Mr Anil Kumar Chaudhary Chairman SAIL and Mr S Suresh Kumar Addl CEO GeM exchanged the MoU in the presence of Mr Binoy Kumar Secretary (Steel) and Dr Anup Wadhawan Secretary (Commerce).

Mr Anil Kumar Chaudhary said that “We have always remained in the forefront of implementing government’s digital endeavors. In this line only, this MoU has been signed by SAIL with GeM. SAIL will make all efforts to use this portal extensively for its wide range of procurements.”

The GeM is a National Public Procurement Portal providing end to end online marketplace for procurement of common Goods & Services by Central & State Govt. Ministries / Departments / PSUs, autonomous institutions and local bodies through its authorized office(s). It is managed by GeM – Special Purpose Vehicle which is a non-profit registered company. The entire gamut of procurement activities would be managed by GeM –SPV with deployment of a GeM Organisation Transformation Team Project Management Unit in SAIL for a period of one year.

Source : Strategic Research Institute

voda 22 juli 2019 16:38

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SSAB Announced Q2 2019 Result

SSAB’s operating profit for the second quarter of 2019 was SEK 1,316 million, down SEK 314 million compared with the second quarter of 2018. Lower earnings were attributable to SSAB Europe, which was affected primarily by higher iron ore costs. Group operating cash flow increased to SEK 1,696 (1,325) million. Demand for SSAB Special Steels was good during the quarter. Operating profit was somewhat higher than a year earlier at SEK 544 (522) million. Higher realized prices were largely counteracted by higher iron ore costs. Demand in Europe weakened during the second quarter and SSAB Europe’s shipments were down compared to last year. This was primarily due to weaker demand from the automotive industry. Operating profit dropped to SEK 66 (907) million. A sharp rise in iron ore prices and weaker steel prices has resulted in exceptional pressure on margins on the European market.

Second quarter operating profit for SSAB Americas rose to SEK 872 (365) million. This improvement was driven by significantly higher realized prices and lower scraps metal prices compared to the second quarter last year. Demand was good in most customer segments, although the sentiment at distributors is cautious.

There is some uncertainty as to how the business cycle will develop looking ahead. Weaker steel prices on our home markets, Europe and the USA, imply a cautious sentiment at distributors and demand is expected to be seasonally weaker during the third quarter. The current staffing level is aligned with a relatively high production rate, with a large number of temporary employees, which gives us flexibility when the market slows down. During the third quarter, the production volume will be lower and the number of temporary employees will be reduced accordingly. Among other things, the smaller blast furnace in Oxelösund will be idled. In addition, already planned measures to cut other costs in all divisions are being carried out. At the same time, our strong balance sheet gives us a sound basis to continue to develop the company, regardless of business conditions.

Source : Strategic Research Institute

Vertraagd	12 feb 2025 14:29
Koers	26,930
Verschil	+0,250 (+0,94%)
Hoog	26,940
Laag	26,450
Volume	905.651
Volume gemiddeld	2.559.309
Volume gisteren	2.743.889

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