Eurobench.com

voda 1 maart 2015 17:06

0

Canada iron ore exports increase 6pct to 40.3 MT

Customs Today reported that the yearly iron ore exports by Canada increased during 2014. The exports during the year totaled 40.3 million tonnes up nearly 6% when compared with the previous year. Canada’s iron ore exports during 2013 had totaled 38.02 million tonnes.

According to latest trade statistics, the export price of iron ore during the year averaged at CAD 99.4 per tonne. The average export prices have dropped by 6% when compared to the previous year.

The largest importer of Canadian iron ore in 2014 was China. The Chinese imports totaled 10.07 million tonnes accounting for nearly one fourth of the total exports by Canada. However, exports to China saw significant decline during the year. The exports dropped by 33% when compared with 15.04 million tonnes of iron exported from Canada to China during 2013.

The iron ore exports by Canada during December 2014 alone totaled 3.54 million tonnes higher by almost 24% when compared with the exports during the month before. The country had exported 2.85 million tonnes of iron ore during November last year.

Source – Customs Today

voda 1 maart 2015 17:11

0

Iron ore level remain subdued in initial trading after Lunar Holiday

(Iron ore levels declined in initial days however the clarity will emerge next week after the mills and market open in full swing)

Iron ore is suffered first weekly loss after a week-long national holiday amid slow buying by mills and increased low-cost output by the largest suppliers.

Chinese steel mills buying interest remains muted after the Lunar New Year break as product inventories remain high and they wait for construction activity to pick up as the weather gets warmer.

Ore with 62.5 percent content at Qingdao, China, fell USD 1 per tonne over the week to USD 63 a dry metric ton on Friday.

Buying remained tepid as the finished steel market was yet open in full and clarity will dawn next week.

Inventories at China's ports climbed 1.4 percent to 98.10 million tonnes on Friday compared with February 13, before the Lunar New Year holiday. While the gain halted four weeks of declines, the port holdings are still 16 percent below a peak in July.

Source - Strategic Research Institute

voda 1 maart 2015 17:12

0

Vale pellets production overview

Excluding Samarco's attributable production of 12,1 MT, Vale's pellet production reached 43,0 MT in 2014, 0.8 MT lower than the target for the year. Pellet production was 10.2% higher than in 2013 as a result of the start up of the Tubarao VIII and the ramp up of the Oman pellet plants.

In 4Q14, production achieved 11.6 MT, a new record for a fourth quarter, being 1.7% and 11.8% higher than in Q3 2014 and in Q4 2013 respectively.

Southeastern System;
Production volumes at the Tubarao operating plants Nibrasco, Kobrasco, Hispanobras, Itabrasco and Tubarao VIII was 7.1 MT in 4Q14, 5.4% higher than in Q3 2014 and 24.0% higher than in 4Q13, mostly due to the ramp up of Tubarao VIII and the good operational performance of Kobrasco after the scheduled maintenance performed in Q3 2014.

Southern System;
The Fabrica pellet plant produced 0.8 MT of pellets in Q4 2014, 11.6% and 18.3% lower than in Q3 2014 and in Q4 2013 respectively, due to restrictions on pellet feed supply from the mine. The Vargem Grande pellet output was 1.4 MT, 8.5% and 3.1% lower than in Q3 2014 and in Q4 2013 respectively, due to a maintenance stoppage carried out in Q4 2014.

Oman operations;
The Oman operation produced 8.6 MT and 2.4 MT of direct reduction pellets in 2014 and Q4 2014, respectively, registering a new annual and quarterly record.

Samarco;
Samarco's attributable production was 12.1 MT in 2014, 1.5 MT higher than in 2013 and an annual record. In Q4 2014 Samarco's attributable production reached the record of 3.5 MT, 6.3% and 28.1% higher than in Q3 2014 and inQ4 2013, respectively, due to the ramp up of pellet plant IV, which reached attributable production of 0.9 MT in the current quarter.

Source - Strategic Research Institute

voda 1 maart 2015 17:14

0

US steel prices tumble in February

Domestic steelmakers in the US slashed prices in February to cope with a flood of imports juiced by the strong dollar, a move that will pressure their profit margins and reduce costs for buyers of steel, including auto makers.

According to figures released Wednesday by the American Iron and Steel Institute. imports rose 33% in January compared with the year before, reaching 3.85 million tons, compared with 2.9 million tonnes a year earlier. The jump in imports comes as oil and gas drillers cancel orders for steel pipe, underscoring the resilience of overall US demand compared with other markets.

Ms Lisa Goldenberg, president of Delaware Steel Company said that “Now, the muscular currency is making foreign steel less expensive by comparison and is fighting against us in a very big way.”

The imports are rising off an already high 2014 base. Imports of steel from Russia jumped 96% in 2014 from a year earlier, to 6.5 million tonnes, while imports from China rose 69% to 2.8 million tonnes.

To stem that tide, steelmakers with major US operations such as ArcelorMittal, US Steel Corporation and Nucor Corporation have cut prices in the past few weeks. The benchmark hot rolled coil index is down 17% since the start of the year, to around USD 500 per tonne, its lowest level since August 2009.

Mr Stuart Barnett, president of Highland Park, Ill. based steel distributor Barsteel Corporation said that imports are now between 15% and 20% of his product mix, from a usual level of about 5%. Barsteel annually ships around 85,000 tonnes of steel to manufacturers, auto makers and mining companies. I like to buy more steel from US suppliers and that he still relies on the domestic industry for higher tech steels, like for seat belt clips and bumpers, in the US.”

Mr Barry Bernsten, managing partner at American Steel Industries LLC said that “Suddenly you can buy domestic American hot rolled coil for the same price you can buy it from India, Egypt or Turkey. Overall, foreign steel has been consistently available at a discount.”

Source - WSJ

voda 1 maart 2015 17:16

0

Hebei requested to phase out 60 million tonnes of steel capacity by end of 2017

Hebei province, China's biggest steel producing base, reported 185 million tonnes of crude steel in 2014, decreasing 0.6% from 2013. It is the first year when the province witnessed the production decline of crude steel.

Steel industry, which worked as the backbone of rapid economic development of the province, became high pollutant, energy intensive and poor profit sector.

State Council of China expected to phase out 80 million tonnes of steel capacity as of the end of 2017. Among the total target, Hebei province was requested to reduce 60 million tonnes, which is equal to combined crude steel production of Germany and France in 2014.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 1 maart 2015 17:18

0

AISI preliminary steel imports increase 17pct in January

Based on preliminary Census Bureau data, the American Iron and Steel Institute announced that the US imported a total of 4,250,000 net tonnes of steel in January 2015, including 3,429,000 net tonnes of finished steel (up 16.8% and 15.9%, respectively, vs. December final data).

Year to date total and finished steel imports are 4,250,000 and 3,429,000 net tonnes respectively, up 33% and 40% respectively, vs. the same period in 2014. Finished steel import market share was an estimated 32% in January.

Key finished steel products with a significant import increase in January compared to December 2014 are sheets and strip all other metallic coatings (up 110%), oil country goods (up 64%), hot rolled sheets (up 39%), standard pipe (up 36%) and reinforcing bars (up 19%).

In January, the largest volumes of finished steel imports from offshore were from South Korea (836,000 NT, up 100% vs. December final), Turkey (275,000 NT, up 69%), Japan (211,000 NT, up 14%), China (198,000 NT, down 10%) and Brazil (187,000 NT, up 77%). Below are charts on estimated steel import market share in recent months and on finished steel imports from offshore by country.

Source - Strategic Research Institute

voda 1 maart 2015 17:20

0

Olympic Steel announces the result for Q4 and FY 2014

Olympic Steel Inc announced financial results for the Q4 and full year ended December 31st 2014.

The Company's Q4 2014 net sales increased 12.5% to Q4 record of USD 326.7 million, compared with USD 290.5 million in the Q4 last year. Full year net sales also set a new Company record, climbing 13.7% to USD 1.4 billion in 2014 versus USD 1.3 billion in 2013. The revenue growth in both 2014 periods was due to higher sales volume.

In the Q4 of 2014, it was determined that approximately USD 23.8 million of goodwill was impaired. The impairment charge was recorded as a non cash expense for the quarter and year ended December 31st 2014 and reduced 2014 Q4 and full year net income by USD 2.14 per share. Including the charge, the Company reported a net loss of USD 26.9 million, or USD 2.42 per share, in the fourth quarter of 2014, compared with a net loss of USD 1.4 million, or USD 0.12 per share, in 2013's Q4.

For the 2014 full year, including the goodwill impairment charge, the reported net loss was USD 19.1 million or USD 1.71 per share. This compares with net income of USD 7.6 million or USD 0.69 per diluted share in 2013, which benefited from USD 3.6 million of LIFO income (USD 0.19 per diluted share, net of tax) associated with the tubular and pipe products segment.

Mr Michael D Siegal Chairman and CEO of Olympic Steel "Higher net sales and shipping volume in 2014 resulted from healthy underlying demand and increasing our market share. Unfortunately, metal prices fell sharply, in line with other global commodities, which diminished margins and operating leverage during the year. We can enhance profitability and strengthen our balance sheet regardless of market conditions. As projected, we lowered inventory and paid down more than USD 25 million in debt during the fourth quarter, and we expect to achieve similar reductions during the first half of 2015."

Mr Siegal said that "A multi pronged profit improvement program was also launched in January to cut operating expenses and enhance margins. This plan includes improving underperforming divisions, lowering distribution costs, variable labor and personnel expenses, as well as transportation and purchasing initiatives."

Source - Strategic Research Institute

voda 1 maart 2015 17:24

0

POSCO seeks to boost profitability

Korea Times reported that POSCO, the world's third largest steelmaker, will place top priority on improving its financial health this year.

To achieve this, the company will overhaul its business portfolio, foster new growth engines and create greater synergies among business units.

Under the slogan of POSCO the Great, the steelmaker has embarked on a campaign to reclaim its past glory by overcoming the prolonged global steel industry slump.

Mr Kwon Oh joon chairman of POSCO said that “He would make every effort to boost the firm's profitability and strengthen its core competence. All POSCO employees should work together toward the shared goals. We have to deal with a number of tasks this year to make our company greater. But, above all, I would like to stress the importance of enhancing the company bottom line."

He also outlined his objectives: strengthening financial health, overhauling business portfolio, promoting a performance-based work environment and fostering new growth sectors.

A POSCO spokeswoman said that "We will provide high quality products and services at competitive prices. To do so, we will spare no efforts to develop premium steel products and introduce tailored customer service solutions. The company also plans to restructure its business portfolios and improve its balance sheet.”

She said that "In order to maintain an upper hand over our competitors amid the sluggish global steel market, we have been working hard to boost our operational efficiency and advance our financial health. We sold POSCO Specialty Steel and other affiliates to raise much needed cash and disposed of stakes in other companies and other non essential assets."

Source - Korea Times

voda 1 maart 2015 17:26

0

Brazil's Vale says giant iron ore project to go ahead no matter what

Reuters cited Mr Luciano Siani CFO of Vale as saying that Brazil's Vale does not expect to take iron ore write downs any time soon.

Points;
1. 90 million tonne iron ore project S11D project will go ahead regardless of market scenario.
2. Leverage could increase just before completing S11D project.
3. Brazil's Vale expects to double iron ore sales to India this year.
4. Vale expects iron ore pellet production to increase 10 to 15 percent in 2015 compared to last year.

Source - Reuters

voda 1 maart 2015 17:32

0

Rio Tinto workers fear more job cuts

The Australian reported that workers fear more jobs are to be cut by mining giant Rio Tinto as it begins a new round of cost cutting by merging its copper and coal divisions.

Under the new arrangements, Rio Tinto's operations will be condensed into four groups iron ore, aluminium, copper and coal and diamonds and minerals. But workers in the Pilbara are worried the axe will soon fall on hundreds of iron ore jobs, and are calling for the company to release details of any layoffs.

There was fresh speculation on Friday that several hundred jobs will go from its iron ore division in Western Australia, as plunging commodity prices increase the urgency of cuts cutting.

The Western Mineworkers Alliance said that Rio employees were hearing conflicting reports of proposed job cuts at sites across the Pilbara, involving between 100 and 800 employees. The multinational mining giant has sent a vague letter to employee representatives announcing mass lay offs were imminent.

Alliance representative Mr Stephen Price said that Rio was treating Pilbara workers with disrespect, and has called on the company to specify whether voluntary redundancies will be offered. Workers in the Pilbara have played an instrumental role in generating multi billion dollar profits for Rio Tinto. To be rewarded with mass sackings is a slap in the face."

Source - The Australian

voda 1 maart 2015 17:34

0

Japanese shipyards orders falls 17pct YoY in January

IHS Maritime 360 reported that Japanese shipyards' orders fell 17% YoY in January, continuing its descent as investment appetite for newbuildings has been affected by the sluggish dry bulk market.

Figures from the Japan Ship Exporters' Association showed its member yards clinched 12 export orders totalling 1,180,940 gross tonne in January this year, down from 26 export orders of 1,430,460 gross tonne in January 2014.

Japanese yards specialise in building dry bulk carriers.

The Baltic Dry Index's plunge to new historic lows every day since last week is only discouraging investment in bulkers.

The orders in January comprised: 2 Handysize bulkers; 2 Handymax bulkers; 1 Panamax bulker; 1 Capesize bulker; 3 LNG carriers and 3 very large crude carriers.

JSEA member yards exported 39 ships of 1,699,351 gross tonne last month, up from 30 ships of 1,202,410 gross tonne in January 2014.

As of 31 December 2014, Japanese yards' outstanding orderbook stands at 646 ships of 27,743,710 gross tonne compared with 621 ships of 26,636,510 gross tonne in December 2013.

Source - IHS Maritime 360

voda 1 maart 2015 17:35

0

Altas Iron to be lowest cost junior

Atlas Iron have declared significant cost savings will continue through the year, aiming for annualised savings of AUD 90 million to AUD 120 million by June this year.

Having brought the all in operating cost down to AUD 67.29 per Wet Metric Tonne in the first half of FY 2015, Atlas have declared they be producing at AUD 60 to AUD 63 per WMT by the end of FY 2015.

Already Atlas achieved an average of AUD 60.80 per WMT for the month of January 2015. The guidance for C1 cash costs is down to AUD 42 to AUD 45 per WMT, compared to AUD 46.94 achieved in the first half FY 2015.

Mr Ken Brinsden MD of Atlas iron said that Atlas's track record for cost reduction over the past 12 months spoke for itself. We have and will continue to be unrelenting in our focus on reducing costs, with the goal of making us clearly the lowest cost junior iron ore producer in Australia while targeting to be among the lowest cost producers globally outside the big four.”

Mr Brinsden said that “We are well placed to benefit from an increase in the Australian dollar iron ore price. The cost cutting program would be undertaken in parallel with Atlas's strong focus on being a consistent and growing producer. Our results demonstrate that we can achieve substantial cost savings while maintaining our strong production performance.”

Source - Mining Australia

voda 1 maart 2015 17:39

0

Ausdrill sees silver lining in Australian gold as iron ore drops

Reuters reported that mine services group Ausdrill Limited was counting on a resurgence in Australian gold mining to offset weakness in its iron ore business after it posted a AUD 177 million H1 loss on the back of AUD 197 million of impairments.

Higher output and cheap oil coupled with an interest rate cut in Australia this month puts most Australian gold miners in the black heading into the second half of fiscal 2015.

The Reserve Bank of Australia's decision to lower the official rate by a quarter point to a record low of 2.25% on February 3 prompted the Australian dollar to drop as low as AUD 0.7627, sweeping the Australian gold price to its highest since October 2012.

Source - Reuters

voda 2 maart 2015 18:56

0

Iron Ore Prices Continue To Weigh In On ArcelorMittal With No Relief In Sight
Feb. 27, 2015 6:51 PM ET | 5 comments | About: ArcelorMittal (MT)
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Summary

ArecelorMittal announces Q4FY14 results which show net losses reduced to $955 million as compared to $1.227 billion in the same quarter last year.
The single greatest factor that continues to affect the company’s financials is iron ore prices which currently stand at $68.
Iron ore forecasts by Reuters as well as Citigroup paints a gloomy picture with both estimating record lows (Citigroup expects prices to go below $60).
The company has managed to insulate itself from the falling iron ore prices by employing cost cutting techniques as well as selling off non-core assets.
Standard & Poor further downgraded the company’s junk credit rating to BB from BB+ based on iron ore prices and their forecasts.
ArcelorMittal (NYSE:MT) reported fourth quarter earnings for the fiscal year of 2014 on 13th February recording a reduction in net loss to $955 million as compared to $1.227 billion in the same quarter last year despite falling iron ore prices.

Being a steel manufacturing company in today's environment is a particularly tough challenge, and ArcelorMittal is no exception. The company has been hit hard, a fact that has shown up on their stock price which has gone down from $35 per share in 2011 to its current position of $11.04 per share. The ultimate blame behind this decline has to be levied on iron ore prices which continue to drop and weigh in on ArcelorMittal's financial statements. Unfortunately, a recovery is nowhere near in sight as forecasts by multiple institutions estimate that prices for the commodity will drop even further in 2015. A poll conducted by Reuters where 13 analysts were polled showed a median estimate of $68 a ton while analysts at Citigroup paint an even gloomier picture forecasting the commodity's prices going down below $60 this year.

The basic reason behind falling iron ore prices is over production which is unsupported by a rise in demand. Just last year iron ore lost more than 40% as supplies from the mining giants BHP Hilton Ltd, Rio Tinto and Vale SA continued to rise while demand for the metal failed to equate with the growing supply. A lot of this has to do with the Chinese economy's growth slow down as the world's largest country is also the single largest consumer of iron. China alone accounts for 60% of the world's steel demand and up till 2 years ago their demand for steel was growing at more than 6%. This figure and then 2.7% last year can be directly linked with the reduced paced of economic growth in the country, with latest figures showing that the Chinese economy was growing at 7.3%. Basic economics tells us that in order for prices to start rising, some producers will have to leave the market which will in turn control supply and thus push prices up again. A possible scenario here could be that the low iron prices will themselves increase demand and manage to revive iron ore prices, however that seems unlikely in the coming year.

What has been a pleasant surprise is that ArcelorMittal managed to reduce its losses this quarter in comparison to the corresponding quarter last year despite unfavorable commodity market conditions. The company resorted to cost saving tactics as well as selling-off non-core assets to reduce its debt burden, a factor which had caused some serious troubles in the recent past bringing their credit rating down to junk status in 2012. The credit rating downgrade in 2012 was a serious blow to the company as it weighed in on their financing costs. However, the policy has been effective in softening its assets section in the balance sheet as total assets have gone down by $13.129 billion as of 31st December 2014, as compared to the same figure last year. In the same time frame the company has also managed to pay off a good portion of its long terms debt with a reduction of $944 million, and bringing total liabilities down to $54.019 billion from $59.135 billion a year ago. However, none of this mattered at the end of the day as Standard & Poor further downgraded the company's long-term credit rating to BB from BB+ due to weaker iron ore prices, even though it maintained a stable outlook on the company's credit rating. The company hopes to reduce its net debt to $15 billion but the feat might not be possible even in the next 2 years given the commodity market's conditions.

Unfortunately, 2015 is not going to be ArcelorMittal's year, even if the company chooses to remains optimistic forecasting its adjusted earnings before interest and taxes to fall in the range of $6.5 billion to $7 billion, as compared to the $7.2 billion last year. The only solace the world's largest steel manufacturer has is that it is not alone in this mess as the entire industry is feeling the impact. What remains to be seen is how and when iron ore prices will start to rise again; will it be a supply side contraction that raises prices or will demand catch up and offer a more favorable equilibrium to producers?

The company has suffered a great deal since the financial crisis of 2008. Before the crash the company's stock was trading at more than $100 per share. Unfortunately, now the company stock trades at $11.09 per share. The stock price might show some degree of improvement in the coming year as ArcelorMittal continues to improve its operating margins and get rid of non-core assets. As far as being a viable investment option, I would recommend staying away from the steel industry as a whole for the moment, unless there are hints about metal commodity prices increasing.

seekingalpha.com/article/2960616-iron...

voda 2 maart 2015 21:02

0

ArcelorMittal verkoopt fabrieken in Canada

MAANDAG 2 MAART 2015, 20:35 uur | 138 keer gelezen

CONTRECOEUR (AFN) - Staalconcern ArcelorMittal concentreert zijn recyclingactiviteiten in Canada bij zijn vestiging in de stad Contrecoeur. Vergelijkbare fabrieken in Ottawa en La Prairie worden verkocht aan American Iron & Metal Company.

Dat maakte ArcelorMittal maandag bekend. Financiële details over de verkoop werden niet vermeld.

voda 2 maart 2015 21:05

0

Budget Update - TATA Steel reaction

Mr TV Narendran Managing Director (India and South East Asia) of TATA Steel has given the following reaction to the Union Budget 2015

The budget seeks to provide an environment that attracts investment in industry and propels economic growth. The proposal to do away with different types of foreign investment caps and replace them with a composite cap is welcome. Quick implementation of market and policy reforms proposed in the budget will help in achieving a GDP growth of 8.5-9 per cent y-o-y. The proposal to reduce corporate tax to 25 per cent in the next few years is welcome.

The INR 70,000 crore earmarked for the infrastructure sector, too, augers well for sectors such as steel and cement. The proposed National Skills Mission will enhance employability of rural youth in industry. The new tourism scheme and the government’s proposal to issue visa on arrival to nationals from 150 countries will greatly benefit the hospitality and services sectors.

The Finance Minister’s proposals on social security for all and welfare schemes for senior citizens indicates the government’s intent in achieving inclusive and equitable growth.

The move to appoint an expert committee to prepare a draft legislation for obtaining regulatory clearances expeditiously is a step in the right direction. Increase in the import duty on steel will help in improving the competitiveness of the domestic steel industry.

Source - Strategic Research Institute

[verwijderd] 2 maart 2015 21:05

0

Verkoopt draagt bij aan de eerder afgekondigde schuldreductie. Jammer dat er geen financiële details bekend gemaakt worden.

voda 2 maart 2015 21:07

0

Budget Update - Essar Steel Reaction

Mr Dilip Oommen CEO & MD of Essar Steel has given the following reaction to the Union Budget 2015

For the steel industry, the Budget has little to offer directly, barring a provision to raise the import duty on steel and a reduction in import duty to two per cent on scrap

The Budget is in line with the stated policies of the government on economic growth, such as creation of employment opportunities, support of agriculture, upliftment of the downtrodden through financial inclusion and the Swachh Bharat Abhiyan. The finance minister has lucidly articulated the five challenges facing the economy and initiated measures to meet those.

For the steel industry, the Budget has little to offer directly, barring a provision to raise the import duty on steel and a reduction in import duty to two per cent on scrap. The doubling of import duty on metallurgical coke to five per cent and of coal cess to Rs 200 a tonne are going to hurt the steel industry, which is struggling due to subdued demand and rising imports. However, the finance minister had laid down a road map to increase investments in trade and industry, and to boost infrastructure. This might lead to increased demand for steel, even in the rural sector. The finance minister has not tinkered with tax rates, which clearly indicates the government's intention of reining in a predictable tax regime. The clear timeline for rollout of the goods and services tax, from April next year, augurs well for industry.

Source - Strategic Research Institute

voda 2 maart 2015 21:08

0

Budget Update - SAIL reaction

Mr CS Verma Chairman of SAIL has given following reaction to Union Budget 2015

Under intense expectations, Honourable FM has presented a budget that addresses crucial areas of the economy and has planned for building capacities as well as capabilities. The pursuit of growth aimed at double digit in near future is to be attained along with fiscal consolidation, thus ensuring its sustainability.

It is heartening that Infrastructure sector initiatives have been given a major thrust, which will both spur the domestic demand and ease the supply side constraints with an increase of investment of INR 70,000 crore in 2015-16 over 2014-15. Setting up of 5 Ultra Mega Power Projects and announcement of similar projects for roads, rail and ports along with rural and urban housing development will also provide a fillip to the economy. All these measures will see a boost in demand for construction materials such as steel and cement, which have witnessed subdued growth on account of sluggish global as well as domestic market conditions in the recent times.

A low and stable corporate tax regime by bringing the corporate income tax down from 30% to 25% is also a very welcome measure which will improve business sentiments and rejuvenate the corporate sector. The announcement on new bankruptcy code to replace BIFR and SICA are reform measures much awaited.

Source - Strategic Research Institute

voda 2 maart 2015 21:09

0

Budget Update - JSPL reaction

Mr Ravi Uppal MD & Group CEO of Jindal Steel and Power Limited

If India is to pull swathes of people out of poverty, it would need to grow at a double-digit clip over a sustained period of time. Therefore, in his second Budget, the finance minister stressed on themes supporting the Make-in-India mantra. However, it lacked details of how the government proposed to turn India into a manufacturing hub.

A touch disappointing was that there were no major measures announced for reviving sectors such as steel, cement and power. The rise in clean energy cess, on top of the 6.3 per cent increase in coal freight announced in the rail budget, is likely to nullify any gain that the sector might have expected following the coal auction process.

In a proposal that should please the steel sector, reeling from a market glut, the rate of the basic Customs duty on iron and steel has been increased from 10 to 15 per cent. On the downside, the proposed increase in service tax and excise duty may inflict more pain on domestic steel makers. The proposal to build 400,000 houses in rural India and 200,000 in urban India could deliver a powerful impetus to the construction sector and accelerate the growth of steel, cement, and related sectors. The massive commitments to reboot the infrastructure sector could be significant growth drivers.

Source - Strategic Research Institute

Vertraagd	12 mrt 2025 17:37
Koers	28,320
Verschil	-0,390 (-1,36%)
Hoog	29,590
Laag	28,200
Volume	4.366.077
Volume gemiddeld	3.128.775
Volume gisteren	4.377.535

11 mrt	Europese beurzen sluiten opnieuw lager
09 mrt	ArcelorMittal, Air France-KLM en bank...
03 mrt	Video: beursexperts somber gestemd vo...
02 mrt	Experts somber gestemd voor maart maa...	8
11 feb	Von der Leyen verwerpt Amerikaanse im...	2
10 feb	Trump dreigt met importheffingen op s...
09 feb	ArcelorMittal en Aperam weekwinnaars
07 feb	Deutsche Bank verhoogt koersdoel Arce...
06 feb	Beursblik: ArcelorMittal overtreft ve...
06 feb	AEX opent waarschijnlijk hoger. Let o...	2

Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

Meedoen aan de discussie?

Direct naar Forum

Detail

ArcelorMittal nieuws