Eurobench.com

voda 1 augustus 2014 16:18

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Odisha steel project on track - TATA Steel

PTI quoted TATA Steel as saying that its 6 million tonne Odisha steel project is on track and the Phase I of project is expected to commission by January to March quarter of 2014 to 2015.

Mr TV Narendran MD of TATA Steel India said that "The work is progressing well. We are on schedule with the construction work at the plant. We should start production by the Q4 (January to March) of the current fiscal."

The plant, situated at Kalinganagar, is divided into two units of 3 million tonnes each and will produce flat steel products for the automobile industry.

Mr Narendran remains optimistic but steel demand was linked to GDP growth. Declining to specify any details he expects steel prices to remain firm.

Source – Press trust of India

voda 1 augustus 2014 16:19

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India to become net importer of iron ore in FY 2015 - FIMI

The Hindu Business Line reported that the Federation of Indian Mineral Industries expects India to become a importer of iron ore in the 2014 to 2015 fiscal.

Mr HC Daga president of FIMI said in a curtain raiser event for the industry body’s annual general meeting that India is expected to export only around 8 million tonnes to 9 million tonnes of iron ore, while it will import 15 MT.

Mr Daga said that “During the Q1 (April to June), we have exported 2.25 MT of iron ore compared with 3.01 million tonnes in the same quarter last year. Going by these estimates, we expect total exports to fall into single digit figures of around 8 MT to 9 MT.”

He said that due to delays in obtaining clearances and renewal of mining licence, India will import 15 MT of iron ore to feed its steel plants and make it a net importer. While JSW Steel is expected to have the highest volume of imports, TATA Steel has also begun importing iron ore.

He added that with TATA Steel unable to extract iron ore from its captive mine due to a court order temporarily banning mining in Odisha, the company imported 0.3 MT to 0.4 MT between May to July.

Source – The Hindu Business Line

voda 1 augustus 2014 16:20

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India need to raise per capita consumption of steel - Steel Secretary

The Hindu cited Mr G Mohan Kumar Union Steel Secretary as saying that India was poised to become third largest steel producer in the world very soon. At present, India ranks fourth after China, Japan and the US.

He said that efforts were being made to achieve second position in the next 10 to 15 years and underlined the need to raise per capita consumption. Stating that, at present, despite having a capacity to produce 100 million tonne per annum, the production was pegged at 80 million tonne due to low demand unless the consumption increased, the country had to bank more on imports compounding the balance of payment problem.

Mr Mohan Kumar, who was on a two day visit to Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant said that “The plant was inaugurated with Japanese technology with aid from New Energy Industrial Technology Development Organisation.”

He said that RINL had a tough task ahead in meeting quality parameters and increasing efficiency level to compete with other steel majors. Eco friendly technologies should be adopted as steel was one of the largest polluting industries. Calling for special focus on sustainability, the need of the hour was to raise steel production to 150 to 300 million tonne per annum in phases.

Mr P Madhusudan CMD of RINL said that their company was in the forefront in adopting sustainable technologies, which had emerged as the biggest challenge. By ensuring recycling of furnace oil and other material, they were able to contain the adverse impact on the environment.

Source – The Hindu

voda 1 augustus 2014 16:20

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India iron ore exports fall to 1.94 MT in April-June

Bloomberg reported that iron ore exports from India may drop for a fifth straight year as higher taxes and freight costs make shipments unviable.

The Federation of Indian Mineral Industries said that shipments of the steelmaking raw material may decline 38% to 9 million tonnes in the year ending March, from 14.4 million tonnes.

India may become a net importer this year with steelmakers including JSW Steel Limited buying as much as 15 million tonnes from abroad as local supplies dwindle.

The country shipped 1.94 million tonnes in the quarter ended June 30, down from 3.26 million tonnes a year earlier. That coincided with falling world prices and higher levies and freight costs.

The FIMI said that India charges a 30% duty on iron ore for export, while railway freight on iron ore for export is 3.6 times the local levy.

According to a price index compiled by The Steel Index Ltd, iron ore with 62% metal content for immediate delivery at the Tianjin port in China is down 29% this year at USD 95.30 per tonne. Citigroup Inc, Deutsche Bank AG and Morgan Stanley see lower rates through 2016 as supply expands.

Local supplies of high grade ore in India, which mainly exports poorer quality fines variety, have been restricted by court curbs on mining in top producing provinces like Karnataka state in the south and Odisha state in the east, cutting availability of good quality ore and spurring imports by steelmakers.

While the federation in July 2013 had predicted India would become a net importer in the year ended March 31, shipments into the country were limited to less than 2 million tons.

JSW Steel, the nation’s third largest producer, will import 6 million tons of iron ore, its first overseas purchase in bulk, as it isn’t able to procure enough in the local market. The company got a first shipment of 170,000 tonnes this month.

Source – Bloomberg

voda 1 augustus 2014 16:21

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India containerized shredded scrap import prices drop to USD 394 tonne

Scrap Register reported that India containerized scrap import prices dropped by USD 4 per tonne MoM to USD 394 per tonne in the week ended July 25th this year.

According to TSI, containerized shredded index for Indian imports fell as the market saw a slight correction. The drop in scrap pricing was somewhat inevitable following a fall in finished steel pricing previously.

Finished steel has seen a drop off in demand as monsoon rains have really started to affect construction activity in some regions. Ironically, in other areas the opposite was true, with a ban being imposed on construction activity

Source - Scrap Register

voda 1 augustus 2014 16:22

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Vale updates operational performance in Q2 2014

Vale delivered a strong operational performance in 2Q14, with iron ore production reaching 79.4 MT, the best performance for a Q2 ever, with Carajas production reaching 29.3 MT due to the successful ramp up of Plant.

Despite lower iron ore prices, Vale comfortably paid dividends in the amount of USD 2.1 billion, while maintaining its total debt level at USD 30.257 billion and preserving a similar cash position to the one in Q1 2014 in the amount of USD 7.067 billion.

In 2Q14 Vale posted an adjusted EBITDA of USD 4.104 billion, including an improved contribution of USD 609 million from the base metals business, on the back of improved EBITDA at Salobo (USD 87 million), Onça Puma (USD 106 million) and PT Vale Indonesia (USD 107 million), and despite the effects of major planned maintenance in our Sudbury operations. Gross sales revenues were USD 10.079 billion, an increase of 4.1% vs. Q1 2014, despite the lower prices of iron ore.

In H1 2014, we managed to reduce costs and expenses by USD 249 million vs. H1 2013, with savings of USD 31 million in Q2 2014 vs. Q2 2013, despite the maintenance stoppage in Sudbury and the additional costs associated with the interruption of production in VNC. Comparing 1H14 with 1H13, SG&A decreased by USD 144 million (25.3%), above our 10% reduction target for the year. R&D decreased by USD 22 million (6.7%) and pre operating and stoppage expenses decreased by USD 282 million (39.9%), still short of our 50% savings target.

In the H1 of 2014, Vale's capital expenditures totaled USD 5.056 billion, representing a decrease of USD 2.105 billion when compared to the USD 7.161 billion spent in the H1 of 2013. In the semester, sustaining capex amounted to USD 1.658 billion, showing a decrease of about 21% when compared to H1 2013.

Net income totaled USD 1.428 billion against USD 2.515 billion in the previous quarter, reflecting the effects of impairment on assets related to Simandou and the Integra Coal mine. Discussions with the Government of Guinea are advancing towards the recognition of and some sort of compensation for Vale´s investments made in the country. We remain diligent in developing alternatives that may enable us to retrieve value from those assets in the future.

We achieved solid results in ferrous minerals albeit at lower prices;
1. Adjusted EBITDA for iron ore in Q2 2014 of USD 2.679 billion, in line with Q1 2014, despite the lower iron ore prices.

2. Iron ore production of 79.4 MT in 2Q14, mainly due to the ramp ups of Plant 2 (Additional 40Mt) and Conceiçao Itabiritos.

3. Iron ore and pellet sales volumes of 76.9 Mt in Q2 2014, 13.4% higher than in Q1 2014. Average realized price for iron ore fines (ex-ROM[2]) of USD 84.6 per WMT vs. the average Platt's IODEX 62% of USD 102.6 per DMT (CFR China) in 2Q14, indicating a softer drop in Vale´s realized prices than the drop in the IODEX reference price.

4. Over 2 MT of inventory stockpiled in the Malaysia distribution center to blend different quality ores, facilitate logistics and generate stronger cash flow in the near future.

Achieving consistent cash flows in base metals;
1. Adjusted EBITDA reached USD 609 million in Q2 2014 despite major planned maintenance work in Sudbury, accumulating USD 1.158 billion in H1 2014.

2. During this year's scheduled maintenance at some surface facilities, the Sudbury mines which are the bottleneck in the Sudbury system did not stop producing, building up inventory of ore and concentrates to be smelted and refined in the second half of the year. As a result, a stronger refined nickel output is naturally expected for the H2 2014, compensating the planned lower production from Q2 2014.

3. Salobo I and Onça Puma which are still in ramp up, generated consistent cash flows and contributed with 32% of Vale's base metals EBITDA in Q2 2014.

4. Sales revenues achieved USD 1.889 billion, 9.3% higher than in Q1 2014, due to better sales prices, which more than offset the effect of lower sales volumes, due to the maintenance stoppage in Sudbury and in Clydach.

5. Salobo II was concluded on time and under budget, with total capex of USD 1.220 billion as of the end of the Q2 2014, marking a successful phase of investments in our copper operations. Investments in Salobo I and II totaled USD 3.727 billion, out of a budget of USD 4.214 billion. First production of copper concentrate at Salobo II was achieved on June 5th 2014.

Focusing on long term profitability of coal business;
1. Negative adjusted EBITDA of USD 154 million due to low coal prices and the low utilization of the Moatize asset base as a result of the restricted rail and port capacity, which will only be achieved with the conclusion of the Nacala Corridor.

2. Placement of the Integra Coal mine in care and maintenance, as part of an ongoing turnaround, with the recognition of an impairment loss of USD 274 million in Q2 2014.

3. Total coal output in Q2 2014 of 2.2 MT, 23.8% higher than in Q1 2014, mostly due to the stronger performance of Carborough Downs, after the longwall move in the previous quarter.

4. Capex of USD 150 million incurred in Moatize II in Q2 2014, achieving 66% of physical progress, with the start of the assembly of the steel structure on the primary crusher and conclusion of the civil construction work for the rail loop.

5. Achievement of 77% physical progress at the greenfield sections of the Nacala Corridor Railway (first train expected in Q4 2014), and 68% at the Nacala Port (first shipment expected in Q1 2015).

Source – Strategic Research Institute

voda 1 augustus 2014 16:23

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Gerdau's Q2 iron ore output surges 89pct

Business News Americas reported that Brazilian steel group Gerdau's iron ore production jumped 89% YoY to 1.99 MT in the Q2 of 2014.

The production increase was mostly due to the startup of a new ore treatment unit in September 2013, the company reported in its quarterly earnings release.

Quarterly iron ore shipments increased 94.1% to 1.74 MT in the period, with 1.02 MT directed towards Gerdau's steel production units and 715,000 tonnes to third parties, representing expansions of 24.8% and 829% respectively.

Compared to Q1 2014, iron ore shipments to third parties decreased, due to the decline in international prices and logistic constraints occurred in Q2 2014. The reduction was partially offset by higher shipments of iron ore to Gerdau's units due to the resumption of production in the blast furnace at the Ouro Branco unit.

The group's iron ore sales revenue reached BRR 216 million in Q2, up 74.2% YoY. Gross profit from iron ore was up 2% to BRR 51 million while Ebitda rose 15.2% to BRR 53 million.

Source – Business News Americas

voda 1 augustus 2014 16:24

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Severstal updates on production of Russian Steel

Sales volumes of steel products at the Russian Steel Division in Q2 grew by 12% QoQ driven by seasonal improvements to domestic and export demand, growth in the Russian construction market as well as the proximity of the division’s key assets to major steel consuming regions.

Rolled and downstream products demonstrated solid q/q sales growth of 10% and 12% respectively, largely driven by sales of long products (up 27% QoQ), colour coated coils (up 43% QoQ) and metalware products (up 21% QoQ). The share of high value added products in the Severstal Russian Steel sales portfolio remained strong at 47% (Q1 2014: 47%).

The share of sales volumes to the domestic market in Q2 2014 increased to 64% (Q1 2014: 60%), once again demonstrating the favourable geographic location of our key assets which provides the flexibility to shift the sales mix to increase domestic sales when local pricing reaches attractive levels.

The division’s revenue increased 16.1% QoQ to USD 1,990 million (Q1 2014: USD 1,714 million). EBITDA of USD 395 million was 51.9% stronger QoQ (Q1 2014: USD 260 million) supported by lower raw materials costs coupled with ongoing cost reduction initiatives. EBITDA/t increased substantially QoQ by 35.8% to USD 144 per tonne while EBITDA margin was 4.6 ppts higher against Q1 at 19.8% on the back of continued cost reductions and improved average selling prices which were up 4.0% QoQ to USD 644 per tonne (Q1 2014: USD 619 per tonne). H1 2014 EBITDA at the division of USD 655 million respresented an impressive 55.6% increase YoY (H1 2013: USD 421 million).

Total non integrated cash cost of slab production at the Cherepovets Steel Mill in Q2 increased by USD 35 per tonne QoQ to USD 361 per tonne (Q1 2014: USD 326 per tonne, primarily due to an increase in the manufacturing of sophisticated slabs for the South Stream gas pipeline construction. Integrated cash cost of slab in Q2 increased by USD 71 per tonne against Q1 to USD 318 per tonne.

The Balakovo long products mini-mill is ramping up production to respond to increased demand from strong real estate construction across Russia as well as the major national infrastructure projects anticipated over the coming years.

Source – Strategic Research Institute

voda 1 augustus 2014 16:24

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EUROFER updates on real steel consumption

1. Q1 2014 real steel consumption rose 4.1% YoY;
2. Mainly due to a base year effect, but also reflecting improving momentum in some sectors;
3. Real steel consumption seen rising almost 2.5% in 2014 and 2015.
4.
Real steel consumption in the EU rose 4.1% YoY in the Q1 of 2014. While this rise basically mirrors a base year effect, better than expected activity levels in some steel using sectors such as the automotive industry added some additional momentum.

The outlook for the remaining quarters of this year is for a steady but unspectacular increase in real steel consumption. First estimates for consumption in the second quarter indicate year-on-year growth of 2%. A fairly similar growth rate in real steel consumption is foreseen for the second half of the year.

Prospects for most steel using sectors in the EU are moderately positive, owing to improving economic framework conditions and strengthening support from domestic demand in the EU, particularly investment.

Moreover, demand from the construction sector will stop acting as a drag on final steel demand as activity in this sector is showing the first signs of a cautious rebound, albeit from a low level. All in all, real steel consumption in the EU is expected to rise by almost 2.5% in 2014.

EU real steel consumption is forecast to keep on growing at a rate of around 2.5% in 2015 as activity in the steel using sectors continues its moderate recovery. Prospects for flat products are more positive than for long products.

For the time being, the impact from steel intensity on real steel consumption will remain negative, reflecting the continuous improvement in steel qualities, product design and processing techniques.

Source – Strategic Research Institute

voda 1 augustus 2014 16:25

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Steel sector revival and solution to unemployment - ISSSAN

The Iron and Steel Senior Staff Association of Nigeria said that the death of the steel industry in the country aggravated the nation’s unemployment rate.

Mr Adewale Okesola deputy general secretary of the association said that “Unless the steel industry was revived, unemployment in the country would persist. The Ajaokuta Steel Company alone, if revived, could employ no fewer than 140,000 Nigerians.

Mr Okesola said that “If Ajaokuta alone can absorb so much unemployed Nigerians, then we can be sure that the other steel firms, if also revived, would employ much more. So, let the government ensure the revival of the steel companies scattered around the country.”

He said that “By the time Ajaokuta, Delta, Osogbo, Jos and Katsina steel firms are revived, we will not be talking of unemployment in the country. Apart from creating direct employment, the revival of the steel sector would also create indirect employment for millions of Nigerians.”

He said that the revival of the industry would definitely aid the growth of the country’s new automobile industry and the transformation of the epileptic Nigerian Railway Corporation. Government knows the genesis of the nation’s calamity in terms of unemployment, except if it does not want to be sincere.

He added that if the government can be sincere and focused; if they can pump money, such that the steel industry will pick up, we will forget some of our current plagues.

Source – Punchng

voda 1 augustus 2014 16:26

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Severstal plans USD 1 billion dividend on US asset sales

Bloomberg reported that OAO Severstal, Russian billionaire Mr Alexey Mordashov’s steelmaker, may pay about USD 1 billion in special dividends after selling US assets earlier this month. The stock rose in Moscow and London trading.

Severstal, which disclosed the dividend plan in a quarterly earnings report, last week agreed to sell its US steel mills for a combined USD 2.33 billion. The Russian steelmaker intends to return approximately USD 1 billion to shareholders via special dividend after closing these transactions.

Severstal is exiting a US steel industry dogged by excess capacity and depressed prices since the financial crisis. While the process of selling the US assets started last year, the deals were reached amid heightened tensions between America and Russia over Ukraine, where pro Russian separatists continue to control key cities.

The steelmaker’s shares rose as much as 3.5% in Moscow to RUB 331.3 the highest intraday level since March last year. The London traded securities climbed as much as 4.1% to USD 9.305, the highest since January.

Mordashov and Severstal haven’t been targeted by US or European Union economic sanctions and the company started to look for buyers for its U.S. assets in 2013, before the conflict in Ukraine developed. While Severstal hasn’t been directly hurt by sanctions, the tensions aren’t improving the investment climate.

Cherepovets based Severstal said that it will change its dividend policy to pay out 50% of net income, compared with 25% now, provided net debt is less than earnings before interest, taxes, depreciation and amortization.

Mr Alexey Kulichenko CFO of Severstal said that “Company will probably begin to pay higher dividends in 2015. Severstal plans to use the rest of the proceeds from the sale of the US assets to cut debt, which may include repurchasing bonds. A move by US steelmakers to have domestic regulators cancel a steel-trading agreement with Russia wouldn’t benefit anyone.

Source – Bloomberg

voda 1 augustus 2014 16:28

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Italy a steel plant Ilva blamed for decades of child cancer

It’s a sunny summer afternoon and children are running along the beaches of this coastal city in southeastern Italy. But on the other side of town, it’s a different picture, as chimneys at the ILVA plant, Europe's largest steel producer, emit toxic smoke from a concrete wasteland.

The tragic reality for families in and around Taranto is that the playmates of many children here are not on the beaches, but the clowns in hospitals who try to cheer them up in the hopes that they will recover from the various cancers afflicting them.

There isn’t a pediatric hematology department in the local hospital. Those who can’t make it to the children’s hospital in Rome for chemotherapy must rely on the generosity of the head of the local hospital’s hematology unit, Mr Patrizio Mazza, who together with social services has set up a room for the youngsters between the adult patients. These children don’t have enough room on their arms because of all the drips, so catheters are inserted in their chests instead.

Ambra, Michele and Luca 4, 10 and 12, respectively tell me stories about the masks they wore to school on the few days that they were able to leave the ward and attend classes. They tell me about their fantasies and dreams and any other thoughts they immerse themselves in so they don’t think about dying: a trip to the beach, the courage to fight against a treacherous enemy. They look at me with their eyes wide open, alert, and I wonder where they find the strength to be so curious about everything.

Pediatrician Roberto Brundisini said that “We’ve been helping children, as well as adults, for more than 50 years now. They are sick and they die because of the toxins in the area. Do we have to wait until the Institute of Health lets the politicians know that people in Taranto are dying because of ILVA?"

Mr Brundisini said that 'In 1976 there was an industrial accident in Seveso, north of Milan, which led to new regulations for dealing with toxic emissions. "But nothing like that has happened in Puglia, even though the levels from Ilva are twice that those in Seveso ever were.”

Luca has been battling leukemia since the age of four. The now 12 year old has fought it off twice, the second time requiring a bone marrow transplant.

His father Paolo Mastromarino said that “For the first time recently, after so many years, we were finally able to go to the beach. When Luca was seven, he was in and out of the Bambino Gesù children’s hospital in Rome all the time. Sometimes he was there for three to four months, but once we were there for a full year. Can you imagine how that feels for a child?”

Luca’s dream is to play for a volleyball team, but he knows he won’t be able to so he has settled for archery. He gets his homework sent to him from his nice classmate Alessia via Facebook when he’s in the hospital, but if he’s at home in Taranto, though it’s rare, she brings it to him.

Source – World Crunch

voda 1 augustus 2014 16:30

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US Shredded Scrap prices remain flat at $379 a long ton in the week ended July 25

Scrap Registe reported United States shredded scrap prices remained flat week on week at USD 379 a long tonne (delivered mill) in the week ended July 25th this year, as per the latest figures released by the The Steel Index.

US Midwest shredded index remained flat last week against a backdrop of little mid month trade.

Initial talk for August purchases is of sideways pricing, with the market seemingly well balanced in terms of supply and demand fundamentals.

The summer months have brought increased scrap flows into yards, whilst mill activity has picked up and will likely be able to consume the extra material collected.

Source – Metal.com

voda 1 augustus 2014 16:32

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Spot iron ore eyes best month this year amid steady demand from China

Reuters reported that spot iron ore prices were headed for their biggest monthly gain this year amid steady demand from top buyer China, although the steel making material has still not pulled convincingly away from 21 month lows.

Iron ore, which is heavily reliant on Chinese demand, has stayed under USD 100 per tonne since falling below that level in mid May, with bouts of recovery capped by a persistent glut in supply.

According to data compiled by Steel Index, Benchmark 62% grade iron ore for immediate delivery to China rose 0.6% to USD 95.90 per tonne on Wednesday, its highest since July 21.

The steelmaking raw material has risen 2.2% for the month so far. Iron ore would need to see aggressive restocking by Chinese mills for the price to break out of its current range.

Mr Graeme Train analyst at Macquarie Capital Securities in Shanghai said that "I just don't think conditions are quite like this. Chinese steel demand is holding up okay, but I don't think it's getting much stronger. The mills are not in a mood to go out and do a massive restock just yet."

After hitting this year's trough of USD 89 on June 16, iron ore rose as high as USD 98 a month later, before slipping again. While supply from smaller exporters to China from the Middle East to Southeast Asia has been forced out by a 30% drop in prices this year, lower cost producers from Australia and Brazil have continued to push shipments.

A Shanghai based iron ore trader said that "I don't really see any long term support for prices at the moment because a lot of cargo is still coming in. We expect Brazil to pump more cargo in August and September."

Source – Reuters

voda 1 augustus 2014 16:33

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West Pilbara Iron Ore port and rail costs seen well below AUD 4.6 billion

Reuters reported that Aurizon Holdings Limited which teamed up with Chinese steel giant Baosteel to gain a 50% stake in the West Pilbara Iron Ore project in Australia, expects the port and rail cost to come in well below a 2012 estimate of AUD 4.6 billion.

Mr Lance Hockridge CEO of Aurizon said that "We can't quantify it at the moment. But our expectation is that the numbers will be very materially different, ie better, than the ones that were anticipated in those 2012 numbers."

Source - Reuters

voda 1 augustus 2014 16:35

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Edward's installs modular steel degassing system for large Italian steel producer

Edwards has installed a modular steel degassing system in a large steel producer in Italy, replacing an existing steam ejector system which had high running costs and energy usage. The steel manufacturer, which produces 1.5 million tons per year of high quality steel for the automotive and power industries, has had 6 Edwards’ mechanical steel degassing modules installed.

Key in the decision to use Edwards’ steel degassing vacuum equipment was that the system is modular its standardized concept provides an easy installation and integration, securing immediate reduction of running costs.

The mechanical steel degassing system from Edwards enables the customer to enjoy the immediate readiness of the system compared to steam ejectors, which require heating up time, providing an increase in productivity, reliability and consistency. In the unlikely event of pump failure the modular design of the system ensures high uptime in a simple, reliable way and provides improved stability.

Edwards has the largest installed base of dry pumps in the global steel industry, and this experience in steel degassing, together with the field proven quality and performance of Edwards’ pumps, were other major factors in winning the steel producer’s confidence in Edwards.

Mr Alessandro Vila Sales Manager, Europe at Edwards said that “Thanks to the pioneering work of Edwards, energy saving mechanical vacuum systems are today almost a standard in vacuum degassing. Nowadays steel plants are increasingly eager to replace their energy consuming steam ejectors and we are proud to be the supplier of choice in product and support.”

Source – Strategic Research Institute

voda 1 augustus 2014 16:37

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ArcelorMittal's Mexican plant expects annual crude steel output of 4 million tonnes

Mr Victor Martinez Gutierrez CEO of ArcelorMittal Mexico said that ArcelorMittal’s Lazaro Cardenas steel plant expects to close 2014 with a production of about 4 million tonnes of crude steel, of which about 1.2 million tonnes will comprise finished products rebar and wire rod.

Mr Gutierrez said that 40% of the products produced the plant is intended for export, mainly to the US market and countries in South Asia, while the rest stay within Mexico.

Regarding the reserve of the Las Truchas iron ore deposits, which some claim have 200 years of productivity, he said that the reserves are unproven: I wish it was that good; actually we have few reserves and we have to continue drilling and validating those reserves to ensure the sustainability of the company.

Referring to the social pact that was signed three or four years ago with community members for the exploitation of mineral resources in the region, he indicated that the issue on export minerals arising from this aspect is managed by the federal government.

Source - Visit www.steelorbis.com for more

voda 2 augustus 2014 16:18

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JSW Steel announces results for April-June quarter

JSW Steel Limited has reported its results for the First Quarter ended 30th June, 2014.

Key highlights of the April-June 2014-15 quarter

Standalone Performance
1. Crude Steel production: 3.10 million tonnes, up by 8% YoY
2. Saleable Steel sales: 2.88 million tonnes, up by 13% YoY
3. Gross Turnover: INR 12,401 crores
4. Operating EBITDA: INR 2,461 crores
4. Net debt to equity: 1.15x

Consolidated Performance
1. Gross Turnover: INR 14,153 crores
2. Highest ever Operating EBITDA: INR2,612 crores
3. Net debt to equity: 1.59x

Operational performance
During the quarter, the Company reported Crude Steel production of 3.10 million tonnes while Saleable Steel sales volume stood at 2.88 million tonnes.

Source - Strategic Research Institute

voda 2 augustus 2014 16:19

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Global economy looks up on improved imports from USA and Europe

Global economy seems poised for the elusive turnaround with heart- warming PMI numbers from some major economies viz., China , USA and UK . Whereas the SE Asian nations have been sulking under declining imports from China and deflation they are in a bid to make up with enhancing imports from Europe and USA .

Manufacturing activity gathered momentum with factories chugging along in China and Asia. China's official manufacturing purchasing managers' index (PMI) rose to 51.7 in July - the strongest since April 2012 - beating expectations for 51.4 and up from 51 in June. The HSBC /Markit measure also rose to 51.7, an 18-month peak.

Increased activity in China was indicative of improved import orders from USA and other SE Asian nations and sprouting of stimulus measures signaling gaining traction in the world's second largest economy,

On a comparative scale EU economy floundered with less than expected growth and inflation dropping to 0.4%. However two major Western economies viz., USA and UK showed encouraging signs. U.S. employers added 225,000 jobs in July and that the unemployment rate remained at 6.1 percent, the lowest since 2008. In June, the economy added 288,000 jobs. Likewise the CIPS/Markit data for Britain showed the weakest factory growth in a year along with modest price rises. The PMI fell sharply to 55.4 in July from 57.2 in June. Markit but it remained strong as value above 50 indicates expansion.

Export orders flooding factories in China, India and Taiwan, according to the latest PMI reports, and with brighter signs of an economic revival in the United States and Britain PMI is likely to maintain upward trajectory in the remaining quarters. Improved demand from these nations will certainly help generate derived demand for input viz., steel, coal, iron ore etc.

Source - Strategic Research Institute

voda 2 augustus 2014 16:20

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Vitkovice Steel to shut down Ostrava plant by Sept 2015

CTK cited Mr Jaromir Krisica spokesman as saying that Vitkovice Steel, formerly Evraz Vitkovice Steel, will close its Ostrava plant by September 30th 2015 at the latest.

Vitkovice Steel currently employs over 1,000 people, of whom around 250 work in the Ostrava plant. It is not yet clear how many people will be dismissed.

A general meeting of the company decided to halt investments in the secondary dedusting unit at its converter shop. Without the unit, the firm's integration permission which it needs for the steel plant's operation expires on September 30 next year.

Mr Krisica said that shareholders ordered the management to work out a phase-out plan for the steel plant that will minimise the impacts on employment in the region and will respect customer-supplier relations.

A group of investors, namely Martinley Holdings, Nabara Holdings, Vitect Services, Hayston Investments and Dawnaly Investments, has become a new owner of Vitkovice this year.

Source - CTK

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