Eurobench.com

[verwijderd] 8 maart 2015 16:12

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Bravo, ijzersterke actie!

voda 9 maart 2015 19:47

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China steel exports in February fall to lowest in 6 months

According to data released by the customs administration, China shipped 7.8 million tonnes of steel products in February 2015 down by 24% from 10.29 million tonnes in January 2015.

The slowdown comes after shipments from China surged to a record last year amid weak domestic demand.

Chinese government cancelled export tax rebates starting January 1 for alloys that contain the chemical element boron as part of its efforts to cut oversupply in the industry.

According to CLSA Limited, China shipped a record 93.78 million tonnes of steel products in 2014 as the economy expanded at the slowest pace since 1990. Boron alloyed steel accounted for more than 30% of those shipments.

Source – Bloomberg

voda 9 maart 2015 19:48

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Chinese takes Under the Dome anti-pollution film offline - Report

It is reported that the authorities in China have a removed from websites a popular documentary which highlights the country's severe pollution problem.

Under the Dome explains the social and health costs of pollution, and was watched by more than 100 million people online, sparking debates.

It was removed just two days after Premier Mr Li Keqiang called pollution a blight on people's lives. Mr Li had promised to fight it with all the government's might.

The environmental issue has dominated the current session of the Chinese parliament, the National People's Congress, in Beijing.

The newly appointed environmental protection minister, Mr Chen Jining, had praised Under The Dome, telling reporters it should "encourage efforts by individuals to improve air quality".

Correspondents said that but the huge popularity of an impassioned, independent film on the issue appears to have made the communist authorities nervous.

Standing in front of an audience in a simple white shirt and jeans, Ms Chai speaks plainly throughout the 103-minute video, which features a year-long investigation of China's noxious pollution problem.

At times, the documentary is deeply personal. Near the start of the documentary, Ms Chai interviews a six-year-old living in the coal-mining province of Shanxi, one of the most polluted places on earth.

Ms Chai asks "Have you ever seen stars?. No," replies the girl. Have you ever seen a blue sky?" "I have seen a sky that's a little bit blue," the girl tells her. But have you ever seen white clouds?" "No," the girl sighs.”

Under the Dome, a year-long investigation of pollution in China, had garnered more than 100 million views in less than 48 hours.

Made by renowned investigative journalist Ms Chai Jing and funded with her own money, the film sharply criticises the Chinese state's lax environmental laws.

As of Saturday, the film was no longer available on popular Chinese mainland video sites.

Source - www.bbc.com

voda 9 maart 2015 19:49

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Ukrainian company re launches Latvia's biggest steel firm

Latvia's largest metallurgical plant Liepajas Metalurgs now named KKV Liepajas Metalurgs was officially reopened on Friday and will resume full production in April.

In 2013 it went bankrupt after the company ran into financial trouble and was sold in October 2014 to the Ukrainian company KVV Group for 107 million euros.

Mr Valery Krishtal, owner of OKKV Liepajas Metalurgs said that "It was very important for us, a corporation which has experience in the field of metal production, to enter the European market. Latvia has become the window to Europe and we would like to develop this direction. The plants employs 500 people at the moment, intending to increase the number to 1,200 to 1,400.

Source – Uatoday.tv

voda 9 maart 2015 19:51

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Scunthorpe 4000 steelworkers face GBP 966 M black hole in pensions

Scunthorpe's 4,000 steelworkers have been warned they might have to contribute to an estimated GBP 966 million black hole in their pension fund.

The shock blow comes as the town's workforce await the outcome of a takeover bid by American billionaire Gary Klesch.

Now the future of the British Steel Pension Scheme one of the most successful and wealthiest in Europe will be decided at a showdown between the trade unions and TATA Steel in London on March 13.

Mr Martin Foster, convenor for the Unite union on the Scunthorpe site said that "We expect the company may try to impose some radical changes to or the possible closure of the pension scheme in an attempt to deal with the significant deficit. It is our understanding that these changes may put the onus for the deficit entirely on the active members of the scheme."

Mr Foster said that "Obviously we will listen to the full proposal from the company first before making any decisions on what we do next. However, it's fair to say that our members are very passionate about their pensions. They are getting increasingly concerned and angry about what they are hearing and also the uncertainty created by the situation with the Klesch Group."

It is understood union negotiators, as part of a three-year review of the pension scheme, identified savings of around £770 million, but they were rejected by TATA Steel. Instead the company insisted that the 16,452 active members find savings equivalent to the GBP 966 million shortfall by reducing benefits for both future and past service.

If the idea is given the thumbs up in London next week, the town's 4,000 TATA Steel employees would face changes affecting early retirement and the removal of lump sum bonus and additional annualised hours from their final salary figures. There could also be detrimental changes to future pension increases.

A Tata Steel spokesman said that "The company and the trade unions continue to meet to discuss the preliminary actuarial valuation of the British Steel Pension Scheme as at March 31, 2014. The unions and company have discussed the performance of the UK business and considered the challenges facing the pension scheme, to ensure we have a secure scheme supported by a robust and sustainable business.”

He said that proposals have been discussed to secure a long term future for the scheme. Consultation with the scheme's members is due to begin in the coming weeks enabling them to have their views considered before any decisions are taken.

Source – Scunthorpe Telegraph

voda 9 maart 2015 20:01

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West Australian mines could close by July

According to senior mining executives and analysts, the plunging iron ore price could force high cost mines in Western Australia to shut by July.

The price of key steel making ingredient crashed below USD 60 per tonne overnight on Thursday to the lowest level since May 2009, when daily prices became the benchmark pricing system. It adds further pressure to miners that have been dramatically cutting costs for the past six months.

Mr Rob Brierley, Perth based Patersons Securities head of research said that the sustained price rout would trigger miners to scale back or mothball mines. We have been dealing with this iron ore price for the best part of six months so it would be starting to hurt them."

Mr Brierley said that "The next stage would be starting to look at rationalising production and scaling it back. I would expect that to be the next phase; high-cost mines shuttering and lower-cost mines being worked harder. This may happen by July.

He said that "All of them are letting people go and doing everything from a cost perspective but sooner or later you squeeze that lemon until there is no juice left. I don't see the iron ore price getting any better."

Source – SMH

voda 9 maart 2015 20:03

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Fortescue to push back debt load as iron ore price slumps

SMH reported that Fortescue Metals Group has sought more breathing room on its USD 7.47 billion net debt pile by launching a refinancing that should ensure the miner does not need to resort to asset sales in the near future.

With the iron ore exporter facing an uphill battle to cover its 2019 debt maturities out of cash generation, Fortescue is set to tap US debt markets for as much as USD 2.5 billion and use the proceeds to repay and extend maturities on existing debt.

Mr Stephen Pearce CFO of Fortescue said that the refinancing was designed to spread Fortescue's debt maturities over a longer period while retaining full flexibility to make early payments.

Almost 90% of the miner's USD 8.8 billion gross debt is set to mature before 2021 under its current schedule, with USD 1 billion of senior unsecured notes due for repayment in April 2017, USD 400 million of senior unsecured notes due in 2018, before more than USD 6 billion of repayments fall due in 2019. But under the new schedule Fortescue hopes to establish, the miner would have more than 50% of its gross debt maturing after mid 2021.

Fortescue has asked holders of the 2017, 2018 and 2019 senior unsecured notes to tender for repurchase before the end of March, provided the USD 2.5 billion debt issue is successfully secured.

Mr Pearce said that "The core focus here is about creating additional maturity profile but at the same time retaining flexibility to make repayments at FMG's option and to repay debt early and achieve our gearing targets. The longer maturity profiles could be pivotal, given most analysts expect iron ore prices to rise modestly from 2018 onwards and be higher than USD 80 a tonne in 2020.

Despite some analysts speculating that Fortescue's debt pile could grow by about USD 400 million on the back of the refinancing, Mr Pearce was adamant that all funds raised would be used to pay down debt and net debt would not rise.

He said that "Any cash raised from the new facility will ultimately be earmarked for debt repayment the plan is that net debt won't increase under any circumstance."

It is the third time in 30 months that Fortescue has sought to refinance its debt, with its biggest individual obligation, the USD 4.9 billion senior secured credit facility due in 2019, now likely to mature as much as four years later than its original maturity in October 2017.

Source – SMH

voda 9 maart 2015 20:04

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Chinese to reduce coal consumption for better air in next 5 years

According to an action plan released, CHINA will slash coal consumption by 160 million tonnes in the next 5 years to reduce air pollution.

Jointly released by the Ministry of Industry and Information Technology (MIIT) and the Finance Ministry, the 2015-2020 action plan on the efficient use of coal underlines the country's efforts and target for greener energy use.

The action plan said that reducing coal consumption will involve eliminating outdated production capacity and using cleaner energy such as hydropower, nuclear, wind and solar.

Mr Gao Yunhu, a senior official of MIIT, said that the highlight of the action plan is using fiscal and financial policies to support coal consumption cuts by pumping more funds and financing to battle pollution.

Currently, China's coal consumption accounts for about 66% of primary energy use, 35%age points higher than the world average.

China aims to bring its share of non-fossil energy to 15% by 2020 and 20% by 2030.

According to the annual government work report delivered by Premier M rLi Keqiang Thursday, the Chinese government plans to reduce energy intensity, or units of energy per unit of GDP, by 3.1% in 2015.

Source – Xinhua

voda 9 maart 2015 20:06

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China exports of iron ore through Australia's Port Hedland rise 0.3pct in Feb

Reuters reported that exports of iron ore to China through Australia’s Port Hedland terminal rose 0.3% in February from January though the month had fewer shipping days.

According to Pilbara Ports Authority, shipments to China from Port Hedland, which handles about a fifth of the world’s seaborne trade in iron ore, increased marginally month on month to 30.25 million, from 30.15 million. With February having only 28 days, tonnes shipped per day rose to 1.08 million from 0.97 million in January.

Shipments to China were 42% higher than in February last year as mining companies using the port expanded production. Overall shipments of iron ore amounted to 35.7 million tonnes in February versus 36.8 million tonnes in January and 37.1 million in December.

Source - Reuters

Yabbedabbedoe 10 maart 2015 16:21

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ArcelorMittal has published the following news:

10 Mar 2015
ArcelorMittal Galati continues energy efficiency investment programme

ArcelorMittal Galati has invested more than €7m to upgrade a set of turbine blowers, aimed at reducing energy consumption at blast furnace no. 5. The turbine blowers inject cold air into the blast furnaces, and are key to the technological flow of the unit. Following the investment, the company has cut steam consumption by half.

To read more on this News item, go to:
corporate.arcelormittal.com/news-and-...

voda 10 maart 2015 16:41

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Iron ore levels sink further to 6 year low on slow demand

Spot iron ore levels sank to record low, USD 58 for the first time since the financial crisis led crash in 2008-2009 amidst slow off take by mills due to delayed pick up in construction activity till end March. The slump has been blamed on decreasing demand out of China coupled with a surplus in the amount of iron ore being produced globally.

Iron ore level remained descendant on Monday with demand from construction activity remaining slow in China resulting in benchmark spot levels loosing USD 1 per tonne on Week 11 opening

Iron ore futures for September delivery on the Dalian Commodity Exchange hit a low of CNY 449 a tonne, their lowest since the contract was launched in 2013.

Benchmark 62 percent grade iron ore for immediate delivery to China fell to USD 58.20 a tonne on Friday.

The most traded October rebar contract on the Shanghai Futures Exchange fell to a low of CNY 2,462 its weakest since the contract was launched in 2009.

Steel demand is expected to pick up when the weather gets warmer, but given high ore stockpiles at major ports in China, weak fundamentals will continue to weigh on iron ore prices. Construction activity in China is not expected to pick up until the end of March, hitting demand for steel and forcing Chinese steel mills to have extended maintenance schedule to curb output and inventories.

China's iron ore imports declined for the second straight month in February, down 13.5 percent to 67.94 million tonnes from January. The stockpile at main Chinese port was 97.88 million tonnes.

Given high ore stockpiles at major ports in China, weak fundamentals will continue to weigh on iron ore prices.

Source - Strategic Research Institute

voda 10 maart 2015 16:42

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Chinese steel recycling will worsen iron ore surplus

Asia: China's effort to raise the amount of steel it recycles will have a growing impact on demand for raw iron ore from this year, Reuters has reported. Analysts say the development 'threatens to worsen a worldwide supply glut, putting further pressure on global suppliers.

China imported a record 933 million tonnes of iron ore in 2014, meeting 78.5% of its total needs. Now the country is trying to make more use of vast amounts of steel buried in landfills or encased in concrete. Analysts expect that improved collection rates could see as much as 200 million tonnes of scrap generated per annum by 2020. Mining group BHP Billiton has forecast that China's scrap ratio will rise to around 20% by 2020 and up to 39% by 2030.

According to Mr Ian Roper, an analyst at CLSA, who points out that Chinese blast furnaces only use 8% scrap, Iron ore demand is going to be in decline from 2017 because scrap generation will be growing faster than demand. You can run that up to 20%. It isn't going to be left on the ground.

Mr Huang Dao, an official with the China Iron and Steel Association said that 91% of China's steel production comes from pig iron rather than scrap, compared to around 35% in the USA. China's scrap steel collection is pretty low because looking at the life of construction materials, which last 70 years or even longer, rebar buried in cement cannot immediately return to the smelter.

Mr Oliver Ramsbottom, a partner at McKinsey who follows the Chinese steel market, believed that a larger reservoir of scrap will emerge this year after strenuous efforts by the government to 'create a structure' for the market by setting up scrap collection and sorting facilities.

Major miners such as Vale, Rio Tinto and BHP Billiton have increased production by 234 million tonnes in the last two years, driving down prices and boosting their market share in China, which accounts for roughly two thirds of global seaborne iron ore shipments.

Source – Recycling International

voda 10 maart 2015 16:43

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US Steel to lay off up to 614 workers at Lorain Tubular Operations

Chronicle North Coast Now reported that low gas prices are partially blamed for the up to 614 layoffs occurring at US Steel’s Lorain Tubular Operations this week.

Ms Courtney Boone, a US Steel spokeswoman said that low gas prices are a large contributing factor. The drop reduces the profit incentive for fracking and conventional oil drilling, which the mill provides pipes for.

Ms Boone said that “The layoffs aren’t permanent but couldn’t estimate when the workers will be recalled and the mill restarted. It will be dictated by market conditions. Lorain Tubular laid off 108 workers last year.”

Ms Boone also blamed foreign currency manipulation and steel dumping. Dumping refers to foreign nations subsidizing domestic industries, such as steel. It allows the companies to export steel at artificially low prices that US companies can’t compete with.

Gas prices dipped below USD 2 per gallon in Ohio in December, part of a national plunge to the lowest prices since 2009. The drop is due to a glut of oil on the worldwide market. Experts said the glut is because of a combination of increased US fracking of natural gas and crude oil, increased Canadian tar sand oil production and lesser worldwide demand due to economic stagnation in China and Europe.

Source – Chronicle North Coast Now

voda 10 maart 2015 16:43

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Rio Tinto pushes ahead with driverless trains in Pilbara

Rio Tinto's ambitious plan to have autonomous trains hauling its iron ore to port has taken a big step forward with the first journey along its pilbara railway.

The USD 518 million autonomous train plan has been under development in the Pilbara for three years and follows the deployment of 57 autonomous trucks at Rio's Australian iron ore mines.

Rio confirmed that the autonomous rail system, dubbed AutoHaul, had its first proper trial in the Pilbara just before Christmas. Progress was also made toward AutoHaul, the world's first autonomous heavy-haul rail system, with the project moving through a number of testing phases and the first autonomous train journey piloted in the Q4.

Rio has employed more than 500 people to operate iron ore trains in recent years, but some of those jobs are expected to be cut when the autonomous trains are installed, given they require no human involvement to operate.

Fitted with radar, sensory equipment and mapping technology, the autonomous machines can tell when an object is blocking their path and can respond to reduce the likelihood of impact.

Up to 41 autonomous trains are expected to be installed in Rio's Pilbara network by the second half of 2015, but the company is expected to maintain some human-operated trains as well.

The CFMEU expressed concern about the impact of autonomous equipment on jobs when Rio's plan was announced in 2012 but did not return calls on Monday. Rio has in recent weeks launched another big round of job cuts, particularly in its coal and iron ore divisions, with hundreds of jobs expected to be axed.

Autonomous equipment is designed to be more efficient, safer, cheaper and have less downtime than human operated equipment and Rio was already seeing proof of that from its trucks.

Rio said that the effective utilisation of autonomous trucks in the Hope Downs 4 iron ore mine was 14% better than in the best human staffed mine in the Pilbara and 13% cheaper to run.

Source – SMH

voda 10 maart 2015 16:45

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TMK announces IFRS financial results for Q4 2014 and FY 2014

OAO TMK, one of the world's leading producers of tubular products for the oil and gas industry, announces its audited consolidated IFRS financial results for the twelve months ending December 31st 2014.

Q4 2014 Highlights;
1. Total pipe sales increased by 16% compared to the previous quarter totaling 1,237,000 tonnes, the result of higher large diameter pipe volumes along with stronger sales of seamless pipe in the Russian division.

2. Seamless pipe volumes rose by 20% from the prior quarter to 702,000 tonnes, due to higher seamless OCTG and line pipe sales in the Russian division, following seasonally stronger demand. Seamless OCTG sales grew by 13% compared to the Q3 of 2014.

3. Welded pipe sales increased by 11% from the Q3 of 2014 to 534 thousand tonnes, as a result of higher volumes of LDP in Russia and welded OCTG in the US.

Financials;
1. Revenue decreased by USD 26 million or 2% from the Q3 of 2014 to USD 1,500 million, mainly due to a negative effect of currency translation which amounted to USD 289 million. Excluding this effect, revenue would have grown by USD 263 million.

2. Adjusted EBITDA increased by USD 25 million or 13% QoQ to USD 227 million, largely as a result of stronger sales of LDP, seamless OCTG and line pipe in the Russian division, as well as higher volumes of welded OCTG in the American division. Adjusted EBITDA margin grew to 15% compared to 13% in the Q3 of 2014.

3. Net loss was USD 254 million as compared to a net loss of USD 7 million for the Q3 of 2014. Foreign exchange loss in the Q4 of 2014 was USD 198 million compared to USD 73 million in the previous quarter.

4. The Company recognized an impairment loss of USD 153 million, attributable mostly to the goodwill of the American division. There were no impairment charges in the Q3 of 2014.

5. As of December 31st 2014, total debt decreased by USD 323 million to USD 3,223 million compared to USD 3,546 million as of September 30th 2014, influenced by the Rouble's depreciation against the US Dollar. TMK's weighted average nominal interest rate increased by 17 basis points compared to September 30th 2014 and amounted to 7.26%.

6. Net debt fell by USD 539 million to USD 2,969 million as of December 31st 2014 compared to USD 3,508 million as of September 30th 2014. Net Debt to EBITDA ratio improved to 3.69x as of the end of the Q4 compared to 4.26x as of September 30th 2014.

FY 2014 Highlights;
1. Total pipe sales increased by 3% year-on-year to 4,402,000 tonnes, mainly as a result of stronger sales of seamless OCTG and line pipe.

2. Seamless pipe volumes increased by 6% YoY to 2,560,000 tonnes, mostly due to higher sales of seamless OCTG in the Russian and American divisions. Seamless OCTG sales grew by 7% compared to the previous year.

3. Welded pipe sales decreased by 1% YoY to 1,842,000 tonnes, as higher LDP and welded OCTG volumes were offset by weaker sales of welded line and industrial pipe.

Financials;
1. Revenue fell by USD 423 to USD 6,009 million, a 7% decrease over the prior year, mainly due to a negative effect of currency translation in the amount of USD 790 million. Excluding this effect, revenue would have increased by USD 367 million YoY.

2. Adjusted EBITDA decreased by USD 148 million or 16% YoY to USD 804 million, mainly due to a negative effect of currency translation and higher raw materials prices in the Russian division. Adjusted EBITDA margin was 13% compared to 15% for the full year 2013.

3. Net loss was USD 217 million compared to a net income of USD 215 million for the full year 2013. The financial result was negatively affected by a foreign exchange loss in the amount of USD 301 million compared to USD 49 million for the full year 2013, and the USD 153 million impairment loss.

4. As of December 31st 2014, total debt decreased by USD 471 million to USD 3,223 million compared to USD 3,694 million as of December 31st 2013, influenced by the Rouble's depreciation against the US Dollar. TMK's weighted average nominal interest rate increased by 54 basis points compared to December 31st 2013 reaching 7.26%.

5. As of the end of 2014, net debt decreased by USD 631 million to USD 2,969 million compared to USD 3,600 million as of December 31st 2013. Net Debt to EBITDA ratio improved to 3.69x as of December 31st 2014 from 3.78x as of December 31st 2013.

Source – Strategic Research Institute

voda 10 maart 2015 16:46

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Chinese banks to speed up Iranian steel projects

Iran Daily cited Mr Pang Sen the Chinese ambassador to Iran as saying that Chinese banks will expedite the implementation of Iranian steel projects.

Mr Sen said while meeting with Mr Mehdi Karbasian, the head of Iranian Mines and Mining Industries Development and Renovation Organization that the problems faced by the Central Bank of the Republic of China China, Export & Credit Insurance Corporation (Sinosure) and China Development Bank in funding Iranian steel projects would be resolved at the earliest. Given Iran's favorable position in the region, he said that his country highly welcomes development of Tehran ties.

He said that China is particularly keen on expanding mining cooperation with Iran. The Chinese ambassador underlined that his country has fresh plans and proposal for Iran's steel sector. China has opened credit lines for implementing steel projects in Iranian provinces but its commitments in this respect have not yet been fulfilled.

Mr Karbasian said that "In the past few months, Iran has fulfilled all pledges towards China Metallurgical Group Corporation, the Chinese contractor of the projects, and has followed up the commitments. However, the company is progressing slowly."

He said that a three member delegation headed by Mohammad Khandadash, the managing director of the National Iranian Steel Company, will soon visit China to follow up the issue. In the year to March 20th 2014, a number of European companies expressed interest in investing in the Iranian mining sector. This is while, Chinese firms has not yet taken up the opportunity provided by Iran's improved international status.

Source – Iran Daily

voda 10 maart 2015 16:47

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Bulacan to host Philippines biggest steel plant

Steel Asia, the country’s largest steel manufacturer, is investing PHP 6 billion to put up the biggest steel plant in the country.

Steel Asia said the plant in Plaridel would be among the most modern in the world. It will be using the latest available technology that allows production efficiency and environmental protection at the same time.

The Plaridel plant will have a production capacity of 1.2 million tonnes more than double the capacity of its recently inaugurated PHP 3 billion Davao plant which is at 500,000 tonnes.

Steel Asia said that the Davao plant generated around 2,000 direct and indirect jobs while the Plaridel plant is expected to create nearly 3,000 direct and indirect jobs.

Mr Roberto Cola VP of Steel Asia said that the Plaridel plant would feature an array of environmental measures that will allow the company to fully comply with existing laws. Despite various groups who are against the project, Steel Asia said majority of the residents of Plaridel are now supporting the rolling mill project in the area.”

Steel Asia said that an independent survey conducted by Greenboroughs Tech Inc. Showed 82% of the sampling from the direct impact area support the project. It has been conducting continuing efforts to explain the technical and environmental aspects of the plant, and its benefits to the community and its environment.

Mr Cola said that “Being open and transparent with the community was key to the support we are getting for our project. We even brought some members of the Plaridel community to our newly opened Davao plant for them to see and appreciate that we are real partners in progress and we care for the environment as we go about our business.”

Source – Philippine Star

voda 10 maart 2015 16:51

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UK's iron ore imports slightly up in 2014

According to the latest trade statistics released by the HM Customs and Excise, the iron ore imports by the UK increased marginally during the entire year 2014. This is when compared with the imports by the country during 2013.

The iron ore imports by the country totaled 14.46 million tonnes during 2014. The imports were up by 2.3% when matched with the imports during the previous year. UK’s iron ore imports during 2013 had totaled 14.13 million tonnes.

The largest exporter of iron ore to the UK during the year was Brazil. The imports from Brazil totaled 6.67 million tonnes during the year accounting for just fewer than 50% of the total iron ore imports by the UK during the year. The second largest exporter was Sweden with 2.43 million tonnes. In third place was Russia with 1.72 million tonnes.

Meanwhile, the country’s iron ore imports during the month of December 2014 alone totaled 1.44 million tonnes. On a YoY basis, the December 2014 imports surged higher by 14.2%. The iron ore imports by the UK during December 2013 had totaled 1.26 million tonnes.

Source - Scrap Monster

voda 10 maart 2015 16:52

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Malaysia's iron ore imports more than doubled during Jan-Nov 2014

As per latest export import statistics released by the Malaysian Trade Ministry, the country’s iron ore imports surged significantly during the initial eleven months of the previous year. On the other hand, the country’s iron ore exports dropped slightly during the period.

According to trade data, the country’s imports of iron ore totaled 3.72 million tonnes during January to November last year. The imports during the period jumped higher by 120.48% when compared with the imports during the corresponding eleven month period in 2013.

Bulk of the Malaysian imports was from Brazil. The imports from Brazil totaled 3.33 million tonnes accounting for almost 90% of the total imports by the country during the period. The imports of iron ore lumps and fines from Brazil surged higher by 139.4% YoY during the period. The iron ore pellet imports too rose 35.8% during January to November 2014.

Malaysia exported 10.34 million tonnes of iron ore during the initial eleven month period in 2014. The exports from the country dropped by nearly 10% when compared with the exports of 11.48 million tonnes during the corresponding eleven month period in 2013.

The largest export destination of Malaysian iron ore was China. The exports to China accounted for over 96% of the country’s total exports during the year. The country’s iron ore exports to Malaysia totaled 9.95 million tonnes during January to November 2014 as compared with 11.33 million tonnes during a year ago. On YoY comparison, the country’s exports to China during 2013 were down 12.15%.

Source - Scrap Monster

voda 10 maart 2015 16:56

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Metallurgical bill will achieve revolution in steel and mining development - Prof Madugu

Daily Trust cited Mr Jos, Professor Ibrahim Madugu DG of the National Metallurgical Development Centre as saying that the Draft Nigerian Metallurgical Industry Bill 2014, when signed into law, will quicken radical development in the mining sector and avail Nigeria the economic diversification that it badly needs.

Q - How would you introduce your agency to readers who are not informed about it?

A - The National Metallurgical Development Centre was conceived in 1973 to help the federal government in identifying the minerals for iron and steel production, like manganese & ore deposits and limestone, and establish the viability of Nigeria’s iron ore in particular. The iron ore at Itakpe, Kogi State was at that time thought to be non useable for iron and steel production, but the NMDC was one of the centres that conducted experiments and came out with the conclusion that the Itakpe deposits were highly suitable for the blast furnace process at the Ajaokuta Steel Company Ltd.

At that time, the centre was still at the feasibility study phase. But later on in the 1980s, the United Nations approved the NMDC as a centre of excellence and decided to come in to assist the federal government in provision of equipment for mineral analysis. Arising from that, the United Nations Industrial Development Organisation/United Nations Development Programme sponsored a number of training programmes for this Centre.

They provided most of the research equipment here today, like the mineral beneficiation plant. When the agreement between the Nigerian government and UNIDO had been implemented, the federal government took over from there and has been funding this place. Our Centre has participated in making many major breakthroughs.

Q - The Ajaokuta Steel Company was the basis of your agency’s creation. But how relevant does the agency remain as Ajaokuta Steel is not working?

A - Our activities do not serve Ajaokuta Steel alone. With the equipment provided by UNIDO and the federal government, we also do industrial mineral processing. Industrialists come to us and process kaolin, talc, limestone and so on. We process them for different prospective investors. They bring samples for us to test. We test for them and collect money. We design mining equipment as well. We conduct feasibility studies which we can commercialize. We have electrical arc furnaces here. In this sense, ours is the only lab of its kind in West Africa. We can produce from this Centre different steel grids for the automobile industry. So, to answer your question, we service other industrial arms like the automobile industry, the oil & gas sector and so on.

Q - As one involved in some way in the auto industry, what do you make of Nigeria’s status in auto making?

A - With the new Automotive Act and new automobile plants coming up in the country, we’ve been involved. Recently, we signed a memorandum of understanding with the Centre for Automotive Design and Development, Zaria, which is under the National Automotive Council. We signed an MoU to collaborate with them to help produce auto parts like engine blocks, crankshafts, ball bearings and brake drums. We can produce all those things here.

Q - Recently, you procured and installed two arc furnaces at the Centre. How will they enhance your operations?

A - The electrical arc furnaces will enhance our internally generated revenue base. We use the furnaces to produce parts for the automotive and mining industries, and for cement factories in particular. There is what is called crusher balls. We can produce them for the cement industry using the furnaces. They are at present being imported into the country. We can produce manhole covers, a lot of which are needed in Abuja. We can produce grinding plates, which are being imported. We have an induction furnace, and not just electrical arc furnaces, that we can use to produce these grinding plates. All we need is more funding from the government. The solid mineral industry can sustain the economy of this country. The advantage of driving the solid mineral sector is that prices of solid minerals are stable; they don’t fluctuate like oil price does.

Q - You said you can produce so many things, yet such things are imported. Why?

A - We need an Act. The National Assembly recently passed the Metallurgical Bill, which is to become an Act. When this Act comes up, it will safeguard this industry. It will bring the likes of the local content policy in oil & gas into focus to encourage local production of these things that now have to be imported. It will protect us.

Q - The need to develop the solid mineral sector has been stressed repeatedly for decades. Why is little happening in concrete terms?

A - We had oil and we were making money from it, but now that the price of oil has collapsed and our economy is going down, we are forced to look at diversifying the mono-economy oil base. What is happening globally is now forcing us to think wisely to diversify, to develop more resources so we can get more money. This is the time to develop our solid mineral based industry. You can’t have any meaningful development without solid mineral development. The Chinese are all over the world looking for iron ore, manganese, rear art minerals; we have all these in the country. All we need is to get our act together. We can be one of the richest countries in the world on solid minerals.

Q - The Centre’s lead-zinc pilot plant is nearly completed. What informed the project?

A - The amount of lead-zinc we import into the country is enormous. Most of our roofing sheets are made from zinc. We use lead in the automotive industry. We use lead for wheel balancing. We use lead for battery production. But there is nowhere we have it in this whole of Nigeria, nowhere we have black furnace for lead and zinc production. This is the only lead-zinc pilot plant here.
We can produce ingot here in several tonnages. And it is in high demand. So, what informed the lead-zinc research here is that we don’t have it anywhere in the country. We have lead ore and zinc ore in Wase, Plateau State as well as in neighbouring Nasarawa and Bauchi states. We can use the lead-zinc in these places to produce ingot and help the country.

Vertraagd	13 mrt 2025 09:26
Koers	28,310
Verschil	-0,010 (-0,04%)
Hoog	28,600
Laag	28,120
Volume	321.491
Volume gemiddeld	3.128.775
Volume gisteren	4.366.077

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