Eurobench.com

voda 24 augustus 2015 17:04

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China Minmetals inks pact with Hebei Steel

Chinese state-owned metals and mining corporation China Minmetals Corporation (China Minmetals) has inked a strategic agreement with Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group Co.(Hebei Steel), as announced by China Minmetals.

Accordingly, both parties will jointly develop cooperation in overall steel industry chain management, which is expected to take cooperation between the two sides to a new level.

In particular, China Minmetals and Hebei Steel will establish a strategic partnership in resource supply, steel trade, e-commerce, logistics, financial innovation and overseas marketing, which will contribute to sustainable development for both sides.

Source : SteelOrbis

voda 24 augustus 2015 17:08

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CFMEU boss blames China for steel demise in Australia

Illawarra Mercury reported that a national union boss claims the government's free trade agreement with China has "given away our sovereignty" to protect Australian-based industries. Construction, Forestry, Mining and Energy Union national secretary Michael O'Connor has labelled the trade agreement, which was signed on June 17, a "dud deal" that will make steel imports cheaper.

He said "Under the terms of the free trade agreement, if the government did decide to do that, to have a proper procurement policy that supported local jobs, if a Chinese steel company believed they were adversely affected by that decision they could take the Australian government to court and sue. We've given away our sovereignty to protect our own job market, to protect our own industries. CFMEU is right behind the Illawarra steel campaign.’

He said "What we don't need is a badly negotiated free trade agreement that threatens current jobs and what we don't need is a government that's not getting behind local manufacturing and local jobs, particularly regional jobs because they're so hard to keep, so hard to maintain and so hard to create," Mr O'Connor said.

Mr O'Connor said the terms of the agreement meant any project worth more than $150 million with Chinese investment could bring all its staff from China on a temporary basis. He said "Clearly that's of concern to people who are looking for jobs in the future [and] there is no guarantee that the workforce will be paid the same conditions as Australian workers.”

Mr O'Connor's comments come as speculation continues to run rife about the future of BlueScope Steel's Port Kembla operations.

The South Coast Labour Council and Australian Workers' Union have called on all levels of government to mandate the use of at least 50 per cent Australian-made steel in taxpayer-funded infrastructure projects, as part of a procurement policy.

Source : Illawarra Mercury

[verwijderd] 25 augustus 2015 13:36

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[verwijderd] 25 augustus 2015 13:54

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voda 25 augustus 2015 16:40

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BHP Billiton heeft last van zwakke grondstofmarkten

SYDNEY (Dow Jones)--BHP Billiton Ltd. (BHP.AU) had in het afgelopen gebroken boekjaar last van de zwakke grondstofmarkten, waardoor de nettowinst in het jaar met 86% daalde.

Dat bleek dinsdagochtend uit de jaarcijfers, waarbij een nettowinst van $1,9 miljard werd gerapporteerd, van $13,8 miljard een jaar eerder. De onderliggende winst daalde op jaarbasis met 52% tot $6,42 miljard.

De fors lagere nettowinst was toe te schrijven aan een last van $1,3 miljard en afschrijvingen op een aantal olievelden. Toch keert de mijnbouwer wel interimdividend uit van 62 dollarcent, waarmee het totale dividend voor het boekjaar op $1,24 komt, een stijging van 2%.

De prijzen voor grondstoffen als steenkool, olie en ijzererts zijn de afgelopen weken gedaald tot de laagste niveaus in jaren. Door de toegenomen productie bij projecten die gepland zijn toen de prijzen nog hoger stonden, is er nu sprake van een overaanbod, terwijl de economie in China, e e n van de grootste grondstofverbruikers ter wereld, afkoelt.

Door Rhiannon Hoyle; Dow Jones Nieuwsdienst; +31 20 5715 200; amsterdam@wsj.com

voda 25 augustus 2015 16:54

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Downturn in realty bad news for steel industry in India

Economic Times reported that the significant slowdown in residential real estate market, which could last for a couple of years, is bad news for the entire economy. Given that protracted slowdown will have a seriously damaging effect on several sectors, companies and stocks, be cautious before you make your next investment.

After realty, building material companies cement, steel, paints, etc will be the worst affected due to a slowdown in demand, say experts.

For companies from steel sector, the Indian real estate slowdown has come at the worst possible time. This is because this global commodity is already facing problems on account of a huge over-capacity, especially in China. "In addition to the negative global demand-supply situation, the steel sector companies are also loaded with debt," says Phani Shekhar, Fund Manager, PMS, Karvy Stock Broking. Even as the government is trying to protect the sector by increasing the import duty, the recent devaluation of the Chinese currency, yuan, is going to worsen the sector's woes. In addition to dumping steel into India, Chinese companies will also snatch other export markets from Indian companies. Companies like Tata Steel, which have large European operations, may continue to be under pressure for sometime.

Source : Economic Times

voda 25 augustus 2015 16:56

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Customs should be applied on imported steel in Egypt - Industry official

Mr Mohamed Hanafy, the general manager of the Chamber of Metallurgical Industries told Daily News Egypt that customs should be applied on imported steel in order to encourage domestic industries,

Mr Hanafy noted that they have a comprehensive database of all steel imports, pointing out that imports have increased notably over the past two month. He said “Steel importers do not mind paying such fees as the price of steel is somewhat low in the countries from which they import. The low steel prices in some countries, such as China, are due to the fact that their currencies have deteriorated.”

Discussing the additional tariff applied on steel imports, Mr Rafiq Al-Dow, Managing Director at Solb Misr Group, pointed out that it “will not influence the price of steel inside the country”.

Minister of Industry Mounir Fakhry Abdel Nour imposed in April protection fees on imported rebar steel, at 8% per tonne, or no less than EGP 408 per tonne. The decision will last for three years, with the first years’ protection rates amounting to the prior mentioned fees. The following year, they will reach EGP 325 per tonne, and the year after they will stand at EGP 175 per tonne.

The decision came after imposing temporary protection fees on imported steel for 200 days starting in October 2014. The step was taken by the ministry to protect the local industry from a significant increase in steel imports.

Source : Daily News Egypt

voda 25 augustus 2015 16:58

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Latin American steel consumption in H1 of 2015 dips by 1% YoY

Latin American steel association Alacero announced that the figures for the first half of 2015 show a 1% decrease in the finished steel consumption in Latin America. Also, the regional production of crude and finished steel declined 1% and 3%, espectively, versus Jan/Jun 2014. Currently, imports supply 35% of the regional consumption. The trade balance of the region continues to deteriorate: in the first six months of 2015 the deficit (in tons) deepened 7% vs same period of 2014.

Source : Strategic Research Institute

voda 25 augustus 2015 16:59

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50000 steel industry jobs on the line in South Africa - Report

IOL reported that about 50 000 jobs are set to be lost in South Africa – this time in the steel industry – after unions failed to convince companies to halt retrenchments at the industry’s main companies in the country. And economists calculate that should the entire steel industry collapse, which some say is almost certain should no stern intervention be made, 190 000 jobs are on the line. Companies considering retrenchment or closing shop include Arcelor Mittal in Vereeniging and Evraz Highveld Steel in Mpumalanga and Scaw Metals Group.

On Friday unions including Solidarity, the National Union of Metalworkers of SA (Numsa), new metals union the Metal and Allied Workers Union of SA and UASA, and the metals bargaining council met with the government and business. But the meeting failed to render any measures to stop the jobs bloodbath.

Trade union Solidarity’s head of metal and engineering, Marius Croucamp, said Friday’s meeting was seized with discussing ten issues, but that government did not make any immediate offers to stop the job losses. Croucamp said that there was no immediate relief for either workers or the companies involved. He said ““There was nothing that government could offer to stop it. For example putting tariffs on steel will require a process to follow including public hearings. If government does not go through the process they will face legal action. Tariffs would have to be on different types of steel. Government is not prepared to short-circuit the process.”

This meeting followed the formation of a task team during three month’s of negotiations through the Commission for Conciliation Mediation and Arbitration after Section 189 notices were issued.

The near collapse of the steel industry comes as the government is trying to prevent the loss of thousands of jobs in the gold and platinum industry, while global demand for these minerals has fallen dramatically amid a global downturn.

Source : IOL

voda 25 augustus 2015 17:00

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Captive iron ore mine availability key issue for POSCO steel plant in Odisha

The Statesman reported that the fate of the Posco steel plant project in Odisha hinges on the single most important issue of ‘captive iron ore mines’ which shall be the focus of the official level meeting at the Cabinet Secretary level at Delhi on 25 August.

Though there are several other troublesome aspects like water, environment clearance for a captive port and land which has been reduced drastically from the original 4000 acres to barely 2700 acres, the most crucial aspect is whether the central government will be able to provide a captive iron ore mine to the company as a ‘special case’ instead of asking the steel major to go through the auction route.

As on date, the minister of mines has categorically stated that following the amendments to the MMDR Act, Posco has to bid for iron ore mines. Yet the Odisha government hopes for a special consideration on the basis of international commitment and the fact that application for prospecting licence for the Khandadhar iron ore mines had been filed since January 2009.

The official level meeting on 25 August will try and figure out a way to retain the project. But the final call will be taken at a meeting between the CM, Union Finance Minister Arun Jaitley, Posco representatives at the PM level, said reliable.

Source : The Statesman

Bijlage:

voda 25 augustus 2015 17:01

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Cheap Chinese steel after yuan devaluation may flood Vietnam market

VNS reported that after the strong depreciation of the Chinese yuan, steel industry insiders have warned local steel producers that Chinese steel products could flood the Vietnamese market, causing difficulties for them. Vice-Chairman of the Viet Nam Steel Association Nguyen Van Sua said although in recent years, the local steel industry has developed very fast, local importers still had to import a large volume of steel products and semi-finished products every year. Chinese steel products account for 60 per cent of the total steel imports.

Mr Sua said China's yuan devaluation would have both negative and positive effects. Local importers will be able to import steel at reasonably competitive prices. On the other hand, the yuan devaluation will lead to a flood of imported steel products from China such as construction steel, cold-rolled steel and corrugated steel, thus affecting the local market.

Mr Sua said the most effective measure to counter Chinese steel imports was to make Vietnamese steel firms enhance their competitiveness by changing their technology and building trademarks to secure the domestic market. They must know how to lower their production costs so as to increase their price competitiveness, while ensuring product quality and sales policies.

To cope with this situation and to protect local producers, the industry and trade ministry and customs and tax agencies need to work closely to implement the joint decree No 44/2013/TTLT-BCT-BKHCN, tightening the quality of domestic products and imported steel that caused difficulties in consumption.

According to statistics from the Viet Nam Steel Association, in the first six months of this year, more than 6.9 million tonnes of steel were imported, posting an import turnover of US$3.82 billion, increasing 37 per cent in volume and 13 per cent in value over the same period last year. Of this figure, steel imports from China accounted for more than four million tonnes, worth $2.1 billion, and accounted for nearly 60 per cent of the country's total imports. It was followed by Japan and South Korea with 1.2 million tonnes and 830,000 tonnes respectively.

Source : Vietnam News

voda 25 augustus 2015 17:02

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BaoSteel manages to post profit in H1 of 2015

Baoshan Iron & Steel, China's biggest listed steel company, reported a modest increase in first half profit on Monday, citing easing demand in its domestic market. Net profit in the six months to June 30 rose 0.65 percent year on year to 3.17 billion yuan ($495.1 million).

Chinese crude steel output fell 4.6 percent to 65.84 million tonnes in July from a year ago, government data showed this month, as steel mills in the world's top producer faced tumbling prices and faltering demand.

It said "The steel sector has entered its usual winter mode as demand for downstream products sees slowing growth, competition intensifies and environmental requirements become more stringent.”

China's steel sector is grappling with chronic overcapacity, tougher environmental measures and an economic slowdown that is hitting demand for industrial metals. With steel prices at 20 year lows, members of the China Iron & Steel Association consisting of about 100 large and medium-sized mills suffered aggregate losses of 21.68 billion yuan from their core steel business in the first half of the year.

Source : Reuters

voda 25 augustus 2015 17:04

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South Africa to impose 10% import tariff on steel – SEIFSA

Reuters reported that Steel and Engineering Industries Federation of Southern Africa said that South Africa's government will impose a 10 percent import tariff on steel imports to protect the struggling industry, with the possibility of hiking them further. SEIFSA said in a statement, without giving a firm date for a tariff hike, that "The first application for tariffs at 10 percent of the WTO bound rate will be signed off next week with conditions which are not yet finalized.”

SEIFSA said “One of the conditions for the tariff hike was that the steel industry could not raise the price of steel to unaffordable levels.”

SEIFSA President Ufukile Khumalo told reporters “It is a crisis that I have never seen. It's unprecedented in my history in the steel industry.”

Chief executives in the steel industry and labour unions also said the government in a meeting on Friday had committed to introducing a 10 percent tariff on imported steel to protect the industry.

The government declined to comment, but said in a statement it was considering various tariff applications.

Cheap imports from China are hurting steel makers in South Africa, which currently does not have import duties on steel. As many as 200,000 jobs are at risk due to a global supply glut of the commodity, ArcelorMittal South Africa has warned. ArcelorMittal South Africa has warned it could close a plant that employs 1,200 people while smaller rival Evraz Highveld Steel and Vanadium has been placed in the hands of administrators.

Source : Reuters

voda 25 augustus 2015 17:07

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Chinese tremors - ArcelorMittal slumps to 11 year low

ArcelorMittal, the biggest steelmaker, sank to an 11-year low as tumbling shares in China presage economic weakness in the largest consumer and producer of the metal. ArcelorMittal fell as much as 6.7 percent to 6.876 euros, the lowest since March 2004, and traded down 5.75 percent at 6.946 euros by 9:33 a.m. in Amsterdam.

ThyssenKrupp AG, Europe’s second-biggest producer, fell as much as 4.1 percent in Germany, while Austria’s Voestalpine AG declined by as much as 6.1 percent.

Prices of raw materials and the companies that produce them are slumping around the world amid forecasts for the slowest Chinese economic growth since 1990. Steelmakers are also battling a flood of cheap exports from China, producer of about half the world’s steel, as its domestic demand shrinks.

Source : Bloomberg

Bijlage:

voda 25 augustus 2015 17:14

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Australian junior iron ore miners at a perilous cross-road

Sydney Morning Herald reported that Mr Chris Ellison, who has seen a bust or two in his more than thirty years in the resources industry, says "the world has changed" and innovation is key to survival as the future of several Australian iron ore miners reach a cross-roads.

Mr Ellison said "The world has changed, it is a very difficult market out there. China has been slowing for some period of time now and they are not just slowing but they are also making significant changes in the culture in China and the way they operate. For once in a very long time the value of iron ore and oil and gold and other commodities have come off simultaneously and the whole world is affected by it, we are challenged by it."

Mr Ellison asked analysts on a results call last week"How many of these companies have been through a downturn in the market? Do they know the signs, do they know what to do and how to react and run that business? Because if they don't, they will go broke."

Mr Ellison's Mineral Resources is predominantly a mining services company but also owns and operates iron ore mines. Mr Ellison said in past down cycles MinRes had successfully seized opportunities for growth but warned he believed many West Australian mining and services companies weren't experienced enough to do so this time around.

The volatile iron ore price has plummeted over the past 18 months to as low as $US44 a tonne in July before recovering to current levels around $US55 a tonne. But analysts aren't confident the rally above $US50 a tonne will be sustained, amid concerns about increasing levels of new supply and China's softening demand for iron ore.

Source : Sydney Morning Herald

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voda 25 augustus 2015 17:16

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Steep fall in iron ore prices likely as Rio Tinto continues to step up output

Chinese analysts forecast that iron ore prices may see sharp declines next year as global output surges on the back of Rio Tinto Plc’s plan to boost production at its mines. Mr Liu Zhiqiang, a senior analyst at Sublime China Information Group Co, said “Iron ore output may reach its peak next year as several large mines are expected to start production. The resultant overcapacity will drive down prices.”

Mr Liu said prices may fall below USD 40 next year and remain in the range of USD 35 to USD 45 because of shrinking demand and oversupply.

Iron ore prices have already fallen to about USD 55 per metric ton in the past few months. Despite sluggish demand from China most of the major miners like Rio Tinto have showed no inclination to scale down production.

Mr Ren Binyan, managing director of Rio Tinto China, told reporters in Beijing on Wednesday that the company is aiming to have an iron ore capacity of more than 300 million tons by the end of this year. He said “It is a decision we made five years ago. Even though iron ore prices have declined sharply, it is still a profitable business due to our effective cost management.”

Rio Tinto produced about 120 million tonnes of iron ore during the first six months of this year, a 13 percent increase over the same period last year.

Source : Xinhua

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[verwijderd] 25 augustus 2015 17:38

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ik verwacht ook dat ergste nog moet komen vandaag dikke winsten morgen mss dikke verliezen ! als je ziet hoe hard gaat naar boven of naar beneden dan weet je dat niet klopt !!

voda 26 augustus 2015 16:36

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AK Steel hiring 100 workers for jobs in Middletown

AK Steel is looking to hire as many as 100 people for its local operations. West Chester-based AK Steel will hold two job fairs this week to fill entry-level, hourly production positions at its Middletown Works. These are full-time jobs that start at $18.03 per hour and include benefits, company officials said on Monday.

The hiring events will be held Tuesday from 3 p.m. to 6 p.m. at OhioMeanJobs/Butler County at 4631 Dixie Hwy. in Fairfield and Wednesday from 9 a.m. to 1 p.m. at OhioMeansJobs/Warren County at 300 East Silver St. in Lebanon.

Officials said most of the positions are open because of attrition. The work includes operating equipment and general labor to support and maintain plant operations.

More detail: The jobs do not require a background in manufacturing, but applicants should have a high school degree or equivalent and will be required to take a standard skills assessment test.

OhioMeansJobs Centers can perform a basic skills assessment prior to taking the AK Steel test. Job seekers would need to contact their local OhioMeansJobs office for details.

AK Steel is one of the largest local companies, so the fact that it is looking to add so many jobs at one time is good news for the regional economy.

Source : Bizjournal.com

voda 26 augustus 2015 16:38

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South African steel industry is in serious crisis – Mr Jim of NUM

Fin24 reported that the South African steel industry is in crisis, says National Union of Metalworkers of SA general secretary Irvin Jim. Mr Jim said on Monday that something needed to be done urgently before a "blood bath" of retrenchments took place.

He told "It's not like all the companies here have not been speaking to government. Government's aware there is a crisis that needs to be addressed.”

He said they had resolved to "go all out" and would "occupy Pretoria to make sure that government must move with speed".

Mr Jim was speaking at a joint press conference held by labour, business and steel industry associations regarding the sector's current predicament.

Industry stakeholders met with government on Friday where they presented a 10-page submission outlining their "collective call for government to urgently address the current crisis in the steel industry, failing which we will be faced with a disastrous and devastating impact on our economy".

The stakeholders were the United Association of South Africa, the Metal and Electrical Workers Unions of SA, ArcelorMittal SA (AMSA), the Steel and Engineering Industries Federation of Southern Africa (Seifsa), Numsa, Evraz Highveld Steel, Cape Gate, the Scaw Metals Group, Macsteel Coil Processing and Solidarity.

Government was represented by Trade and Industry Minister Rob Davies, Economic Development Minister Ebrahim Patel, and senior government officials from public enterprises, trade and industry, transport, and the National Treasury. The leadership of Transnet was also in attendance.

The core demands the group made in their submission included:

- Immediate trade remedies for steel;

- Urgent roll-out of government's infrastructure programmes;

- Transparency of current state-owned enterprises' capital programmes;

- Monitoring of imports;

- Banning of steel scrap exports;

- Fair pricing for steel versus Import Price Parity

Source : Fin24

voda 26 augustus 2015 16:41

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Canam bags major contract to provide steel for new Champlain bridge

The Canadian Press reported that Canam Goup has signed a $225-million contract to supply steel for the new Champlain bridge in Montreal. The Quebec-based company says the contract, which also includes steel components for a small bridge on Nun’s Island, is the largest in its history.

Fabrication will begin this fall at Canam’s plants in Quebec City, Laval and New Hampshire. Deliveries will continue until spring 2018.

The new bridge spanning the St. Lawrence River next to the existing bridge will include two three-lane corridors for cars and trucks, and a two-lane public transit corridor capable of accommodating a light rail transit system. It will also include paths for pedestrians and cyclists.

The $3.5-billion bridge project, which is being built by an SNC-Lavalin led consortium, is expected to open in late 2018.

Source : The Canadian Press

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