Eurobench.com

voda 30 september 2015 16:40

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Most difficult situation since 1988 - Scunthorpe Tata boss'

Scunthorpe Telegraph reported that Mr JON Bolton, the outgoing boss of the Tata Steel works in Scunthorpe, has warned the industry is facing its most difficult situation since it was privatised 27 years ago. Mr Bolton told delegates at a UK Steel Forum in London “The Uk is being damaged by steel being shipped to the Uk and sold below fair market price”.

He said climate change and carbon taxes were adding £130 million a year to the industry. That meant the British steel industry faced costs double those in Germany and France.

Mr Bolton said energy costs, business rates and the strong pound added up to £450 million a year.

He called for a level playing field on energy and rates.

Source : Scunthorpe Telegraph

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voda 30 september 2015 16:42

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Steel, construction material sector in Jafza posts 8 per cent growth

AME Info reported that Metal, Steel and Construction Material Sector in Jebel Ali Free Zone (Jafza) is buoyant. The sector has seen a robust growth of 8 per cent in the number of companies in the first 6 months of 2015. HE Sultan Ahmed Bin Sulayem, Chairman of DP World and Chairman of Ports, Customs and Free Zone Corporation said that the steel and construction material sector in Jafza generated a total business of AED 13.6 billion in 2014 and it continues to grow not only in terms of trade but also in the number of new companies.

The sector’s continued growth reflects the Free Zone’s strength as a regional and global hub for the construction material. Evolution of Jafza as one of the leading free zones in the world is attributed to the guidelines provided by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai that focused on “growth driven by creativity and innovation”.

HE Sultan Bin Sulayem said: “To provide further boost to the sector Jafza has developed a dedicated 1.1 million square metre Steel & Building Material Zone in Jafza South. 30 companies are already working from this dedicated industry cluster.”

He further added that Dubai Ports, Customs and Free Zone fully support the steel and construction material industry through their focused facilities and services. The sector plays an important role in enabling economy to achieve sustained growth.

Talal Al Hashimi, Chief Operation Officer of Economic Zones World, the parent company of Jafza, commenting on the growth prospects for the sector said:

“The construction sector in the region is quite resilient despite challenging market conditions. Major Projects currently underway in the GCC alone are valued at AED 1.2 trillion. These projects offer huge opportunities for Jafza based companies. World Expo 2020 related projects will further accelerate demand for steel and construction material. We need to capitalize on these long term prospects as best as possible.”

Jafza was home to 838 companies in the metal, steel and construction material segments at the end of June 2015, which included world’s top multinationals like ArcerolMittal, Baosteel, Sumitomo Corporation, Tata Steel, Itochu, Nippon Steel, Makita and CNBM. In terms of segment breakdown 54 per cent of the companies in Jafza are dealing in construction metal, 36 per cent metal and steel and the remaining 10 per cent interior and furniture.

Besides the business prospects for Jafza companies in the coming years the forum also discussed ways to further smoothening business operations at the Free Zone, which could provide cutting edge to Jafza based companies. Jafza officials talked about various initiatives that the Free Zone, in this respect, has taken in the year.

The forums are part of EZW’s ongoing efforts of maintaining open channels of communication with its customers, and provide a platform to discuss global trends and opportunities in each industry sector. The forums also provide an opportunity to EZW management and customers to interact with each other to find ways to take optimum advantage of emerging opportunities and boost growth in respective industry segments.

The Metal, Steel and Building Material Forum was attended by a large number of market leaders such as ArcelorMittal, Tata Steel, Essar Steel, Conares, Qatar Steel and Fabtech. Senior EZW officials including Ibrahim Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of EZW, and representatives from DP World, Dubai Customs, Dubai Chamber, Trakhees, Dubai Exports, Ports & Free Zone Security and other Jafza partners addressed customer issues and queries.

Source : AME Info

voda 30 september 2015 16:49

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US steel imports in August dip by 8%

Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the US imported a total of 3,016,000 net tons of steel in August 2015, including 2,439,000 net tons of finished steel (down 8.2% and 6.7%, respectively, vs. July final data).

Source : Strategic Research Institute

voda 30 september 2015 16:49

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UNISON urges UK PM to secure jobs at SSI Redcar steel plant

Commenting on the news that 1,700 people are facing redundancy after SSI UK announced it is ‘mothballing’ its steel plant in Redcar, UNISON general secretary Dave Prentis said: “The government needs to take direct action to secure 170 years of steelmaking on Teesside. These steel works are one of the last vestiges of manufacturing left on the area.
Source : Strategic Research Institute

voda 30 september 2015 16:53

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Danieli commissions revamped slab caster at ArcelorMittal Industeel in Belgium

Successful completion of industrial commissioning, with the first 355-mm-thick slab cast on September 8th. In a period of just 17 months Danieli designed, built, installed and commissioned this revamped equipment.

Source : Strategic Research Institute

voda 30 september 2015 16:59

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USW-ArcelorMittal steel talks to resume

Peoplesworld.org reported that after a two week halt to negotiations on a new contract for nearly 30,000 steelworkers, precipitated by the abrupt walkout of ArcelorMittal company representatives, negotiators are heading back after United Steelworkers officials met with the local membership around the country.

At the USW 6787 union hall in the shadow of the sprawling Burns Harbor, Ind, ArcelorMittal plant, head union negotiator of the ArcelorMittal contract, District 1 Director Dave McCall, explained to the members: management had called him while they were in Pittsburg, and demanded once and for all that the union agree to start having the membership pay for their health insurance and tripling the retirees' payments or else the company would go home. McCall vehemently refused and the company left.

The negotiations had been going on all summer and there had been almost no progress. McCall said that the company had not been negotiating in good faith. The company had proposed sweeping changes to the agreement, including a three-year wage freeze, drastic reductions in compensation for vacation, overtime pay, and incentives for some workers; restrictions on transfers and training, increases in retiree insurance contributions, the severing of support for retirees who lost benefits when Bethlehem and other companies went bankrupt, and much more.

The company claimed that they were losing over $200 million a year and that something had to be done. The union has pushed back, saying that the company was trying to take advantage of a "temporary downturn in the market" to roll back gains steelworkers had made for 30 years, including the elimination of dental and eye care benefits. They have said that trade relief was on the horizon and that the union had made a proposal to save the company almost $300 million a year and that the company negotiators didn't't even consider their proposal.

Source : peoplesworld.org

voda 30 september 2015 17:03

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RINL steel production in 2014-15 up by 3% despite Hudhud cyclone devastation

The Hindu Business Line reported that Rashtriya Ispat Nigam Limited has registered growth of 3 per cent during 2014-15 in steel production despite the havoc caused by Hudhud cyclone. It was stated at the Annual General Meeting of the RINL which was chaired Mr P Madhusudan, the CMD.

In his address, the CMD said after Hudhud the plant operations could be normalised in the quickest possible time and the growth momentum could be resumed during December 2014-March 2015.

The company registered a turnover of Rs. 11,665 cr with a PAT of Rs. 62 cr during the year. The company achieved exports of Rs. 865 cr, the highest since inception with a growth of 16 per cent. Other notable achievements during the fiscal include completion of the 6.3 mtpa expansion, modernization of one of the Blast Furnaces (BF-1), completion of 20.6 MW Waste Heat Recovery Power Generation Unit of Sinter Machine, the first of its kind in the country and introduction of ERP system.

Source : The Hindu Business Line

voda 30 september 2015 17:08

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Mexico announces 15% import duties on 5 steel products for six months

Reuters reported that Mexico on Tuesday announced new levies for six months to protect its steel industry from a flood of low-priced imports from countries including China. The duties of around 15 percent would apply to five types of products including cold-rolled steel, hot-rolled steel, wire rod, steel sheet and plate from countries that do not have free trade agreements with Mexico

Mexican steelmakers have fretted about the encroachment of steel products from countries ranging from China to Russia that may sell below their cost of production to capture more market share. The rapid rise in imports has left Mexico's own steel industry with less than 50 percent of the local market, according to Canacero, the steel business chamber.

Mr Guillermo Vogel, the president of the chamber, said in remarks at a conference "We are continuing to work with the Mexican government to avoid having our value chains captured by Chinese industry.”

In recent months, Mexico has taken several steps to protect the industry, including new import duties, anti-dumping quotas, and enhancing customs controls to enforce the quotas.

Source : Reuters

voda 30 september 2015 17:09

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Redcar steel plant closure sparks outburst on green charges

The Daily Mail reported that the UK government is coming under increasing pressure to scrap green charges that contributed to the closure of the Redcar plant.

Trade body UK Steel called on ministers to remove hefty green charges that steel plant owners are forced to pay on top of their electricity bills.

Gareth Stace, director of UK Steel, said: ‘Sympathy and warm words are welcome, but ministers must now get behind British steel and deliver the support that we urgently need.’

He called on the Government to ‘create a level playing field for British steel by fully compensating the industry for the high cost of electricity caused by the imposition of climate change policies’.

Under climate change rules, factories must source part of their power from renewable sources, which are more expensive. The industry estimates this adds £8 to the cost of a ton of steel – a cost that is bearable when prices are high, but ruinous now they are lower than £200 a ton.

The Teesside site, which has produced steel for 160 years, will be mothballed with the loss of 1,700 jobs. Another 4,000 jobs are expected to be lost among contractors on the site and in the supply chain.

Source : The Daily Mail

voda 30 september 2015 17:10

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Nippon Steel & Sumitomo Metal lifting output back to normal

Nikkei reported that Nippon Steel & Sumitomo Metal is finished with an inventory drawdown and intends to bring production back up to normal levels from October. The Japanese steelmaker had throttled down production since the spring.

President Mr Kosei Shindo told The Nikkei “Although the outlook for exports remains unclear given the slowdown in the Chinese economy, domestic steel demand looks to have entered a mild recovery.”

He said "Demand for construction steel seems to be picking up, and for industrial machinery, demand is solid thanks to the appetite for capital investment. Japanese automakers will begin to demand more steel as they release new models.”

Nippon Steel completed its inventory adjustments in the first half of the fiscal year and aims to return to normal levels in the second half, Shindo said. During the October-December quarter, the company will churn out 11 million tons of crude steel, a slight rise from July-September and back to the level of January-March, when it produced 10.88 million tons of crude steel.

The steel industry as a whole is of the mind that inventories have dropped back to proper levels as of the end of September. However, uncertainties about exports are growing because of the slowdown in China and sluggish demand in Southeast Asia

Source: Nikkei

voda 30 september 2015 21:24

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'China blijft dé onbekende factor'
Dip in wereldwijde vraag baart zorgen

door Manno van den Berg

De wereldhandel heeft dit jaar twee dramatisch slechte kwartalen achter de rug, met over een breed front lagere importcijfers. Economen, onder wie die van ING, verwachten een verbetering, maar de onzekerheden blijven groot.

De Wereldhandelsorganisatie (WHO) verlaagde woensdag haar groeiprognose voor de wereldhandel van 3,3% naar 2,8% voor 2015. Nog steeds een positieve groei van jaar-op-jaar, maar de prognose loopt wel vooruit op een fors betere tweede jaarhelft van 2015.

Kwartaal-op-kwartaal was er in de eerste twee kwartalen dit jaar sprake van regelrechte krimp. Dat maakte beleggers en economen wereldwijd nerveus. De wereldhandel is namelijk decennialang een belangrijke drijver geweest van economische groei, waarbij de handel steevast harder groeide dan het wereldwijde bbp.

Tegenwind

Een ING-onderzoek naar internationale handel verklaart de tegenwind met een tegenvallende industriële productie in de VS en China, waardoor de import van grondstoffen en halffabrikaten stagneerde.

Maar ook duidelijk is de rol die emerging markets spelen. Met China in de voorhoede - in het eerste kwartaal dit jaar een 13% lagere import! - is de vraag uit deze landen stevig gedaald. Vooral grondstof producerende landen halen de broekriem aan, omdat de eigen inkomsten onder druk staan door de gekelderde grondstofprijzen en de ingezakte vraag naar deze grondstoffen.

Volgens Xavier Hovasse van het Franse beleggingshuis Carmignac blijven de grondstofprijzen nog geruime tijd laag. ,,De invloed van China op de wereldhandel is nog steeds kleiner dan die van de VS en de eurozone, maar de problemen van deze opkomende landen zullen uiteindelijk doorsijpelen naar de ontwikkelde markten."

Verrassingen

China kan daarbij voor negatieve verrassingen zorgen omdat de officiële cijfers volgens de Franse expert in emerging markets niet echt betrouwbaar zijn. ,,We denken dat de Chinese groei dit jaar ver onder de 7% uitkomt. Dat kan bijna niet anders als je bedenkt dat de Chinese industrie, goed voor 40% van de Chinese economie, nauwelijks lijkt te groeien."

China is ook een onzekere factor in de verwachting van ING dat de wereldhandel weer zal aantrekken en de wereldwijde economische groei weer op sleeptouw zal nemen. Ook een aanhoudende wisselkoersoorlog, om de eigen export te stimuleren ten koste van andere landen, is een bedreiging voor de wereldhandel. De bank verwacht echter dat de onrust op de financiële markten zal wegebben en dat de gevolgen voor de reële economie beperkt zullen blijven.

Bron: DFT Premium

voda 1 oktober 2015 20:54

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Nippon Steel & Sumitomo Metal eying larger overseas investment after 2018

Reuters reported that Japan's Nippon Steel & Sumitomo Metal Corp, which plans to spend 300 billion yen ($2.5 billion) on overseas expansion by March 2018, may set aside a bigger amount in the following years to propel growth abroad. Nippon Steel's appetite for investments through mergers and acquisitions (M&As) may pique the interest of global peers in selling assets as they suffer from slumping steel prices, with Chinese mills swamping global markets with cheap products.

President Mr Kosei Shindo said that the company is hunting for M&A opportunities to help expand its global customer base in growing sectors such as automobile, energy and infrastructure

For now, however, Japan's biggest steel maker is allocating more funds to its home market, where it is upgrading aging facilities after a fire and other problems at its Nagoya plants last year.

He said "Our strategy is to reinforce our mother mills first. Then we expand overseas businesses. Once all of the old facilities are upgraded, we may go for a takeover bid or M&A, where the value could surpass 300 billion yen.”

Under a three-year business plan kicked off in April, Nippon Steel set aside 1.35 trillion yen ($11.3 billion) for domestic capital investment, more than four times its overseas allocation.

Source : Reuters

voda 1 oktober 2015 20:57

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Steel rebar futures at SHFE hit record low before holidays

Reuters reported thatChinese steel rebar futures fell to a fresh record low in the final morning session before the National Day holiday, with few anticipating any big upturn in demand over the rest of the year, especially as export volumes decline.

In the Wednesday morning session, the most-traded rebar contract on the Shanghai Futures Exchange fell 1 percent to 1,820 yuan (S$408.1) a tonne, its lowest since its launch in 2009.

China's slowing economy has aggravated long-standing overcapacity problems in its steel sector, by far the world's biggest, sending prices to their lowest level in more than two decades.

Source : Reuters

voda 1 oktober 2015 20:58

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Union says talks with US Steel continue ahead of court hearing

The Canadian Press reported that the union that represents most employees of US Steel Canada says that mediated talks with the company are continuing behind closed doors, ahead of a public court hearing that’s expected to be held next week.

Leaders of United Steelworkers locals in Hamilton and Nanticoke, Ont., say in a statement that the parties cannot provide details of what has been discussed during five days of talks in Toronto.

They say the discussions will continue and called on Steelworkers members, retired members and supporters to attend a public hearing before the Ontario Superior Court of Justice on Oct. 7 and 8.

The union is opposing US Steel Canada’s request for permission to stop paying for certain benefits to retirees and its request to stop making certain contributions to the pension plan.

US Steel Canada Inc said on Sept. 17 that it will seek a court order to continue restructuring under court protection beyond this year. The process began in September 2014 and its protection has been most recently extended to Dec. 11.

The former Stelco Inc was purchased by U.S. Steel in 2007. It has been unable to negotiate a sale of its operations, or reach a restructuring agreement with its creditors.

Source : The Canadian Press

voda 1 oktober 2015 20:59

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Nippon Steel & Sumitomo Metal and POSCO settles proprietary technology lawsuits

Published on Thu, 01 Oct 2015 172 times viewed

Japan Times reported that Nippon Steel & Sumitomo Metal Corp. said Wednesday it has reached a settlement with major South Korean steel maker Posco and its subsidiaries over damages suits related to the Japanese company’s proprietary steel sheet production technology.

Nippon Steel said it had received ¥30 billion ($250 million) under the settlement the same day, bringing an end to lawsuits filed in Japan, the United States and South Korea.

The Japanese steel maker said it has concluded that it could succeed in ensuring adequate conditions to achieve its intended purposes to a certain extent and decided to agree on the settlement, taking also into account other factors including the progress and state of the lawsuits.

In the suit filed with the Tokyo District Court in April 2012, Nippon Steel argued that Posco illicitly obtained its technology for grain-oriented electrical steel used in electric generators, hybrid cars and other products. Nippon Steel had sought ¥98.6 billion in damages and a court order banning Posco from producing and selling steel sheet using the technology.

Nippon Steel filed a similar lawsuit in the United States against Posco, while Posco filed a countersuit in South Korea.

The Japanese steel maker said it will maintain its strategic partnership agreed with Posco in 2000.

Source : Japan Times

voda 1 oktober 2015 21:01

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Vitkovice Steel closes steel plant in Ostrava

Reuters reported that Vitkovice Steel has shut its steel plant in the northeast of the Czech Republic, as planned, after deciding that needed investments would be too costly.

Vitkovice had announced the expected closure earlier this year and said on Wednesday that it would focus future production on heavy plates at the rolling mill adjoining the steel plant. The firm said it would replace the missing output after the closure with deliveries from European and Russian suppliers.

The steel plant in the industrial city of Ostrava had annual capacity of 950 kilotonnes of steel. Czech firms produced 5,360 kilotonnes of steel in 2014. A group of private investors bought Vitkovice from Russian group Evraz in 2014.

The plant is located in the country's industrial northeast, where unemployment is much higher than in other regions and the threat of closures of coal mines and related industries have been a worry for state officials.

With the steel plant's closure, Vitkovice will let go 271 employees by the end of the year, cutting its workforce to 834. Each departing employee will get up to 450,000 crowns ($18,571.25) in severance on average, the company said.

Source : Reuters

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voda 1 oktober 2015 21:34

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Oestalpine sees Chinese steel demand downturn persisting

Reuters reported that Austrian steelmaker Voestalpine said it expects the downturn in Chinese steel demand to last for some time, adding there will likely be more trade cases alleging China is dumping or exporting steel at below fair value.

Voestalpine CEO Wolfgang Eder, who is also chairman of the World Steel Association industry body said “It seems that we will see for some time a downturn in Chinese steel demand, at least there are indications in that direction.”

He said "It is a matter of fact that Chinese exports are putting pressure on steel prices everywhere in the world. Of course this means we'll see further trade cases coming up because people feel China is dumping in several markets.”

He added "In southern Europe we see steel coming in from China around 300 euros per tonne what is significantly below the cost of the most efficient producer of commodity grade steel in Europe.”

A slowing Chinese economy has shrunk demand for steel in the world's top consumer of the alloy, forcing its firms to rely on exports, limiting their demand for steelmaking ingredient iron ore, and causing severe stress for global miners. Demand for steel in China, which accounts for half of global consumption, fell 3.3 percent last year, shrinking for the first time since 1981, and has continued to fall this year. Much debate remains over whether China has reached 'peak steel'.

Source : Reuters

voda 1 oktober 2015 21:36

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Vale's biggest ore project S11D ahead of schedule – CFO

WA Today reported that the world's top iron ore producer Vale has some bad news for the oversupplied market that its biggest project is running ahead of schedule. The project in northern Brazil will add 90 million metric tons of annual capacity to global supply.

Vale chief financial officer Mr Luciano Siani said in an interview Wednesday “The S11D project, part of the Carajas mining complex in northern Brazil, is on track to beat a targeted December 2016 start date. It's going to be the highest margin iron-ore operation in the world."

Mr Siani said “The project, the industry's largest, will add 90 million metric tons of annual capacity to global supply, although Vale intends to control the speed at which it hits the market. We will manage the ramp up in order to preserve the premium for this high grade ore.”

Source : WA Today

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[verwijderd] 1 oktober 2015 21:42

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Hahah voda gaat het een beetje?

voda 2 oktober 2015 17:26

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'Interesse in belang landbouwtak Glencore'

Gepubliceerd op 2 okt 2015 om 13:16 | Views: 1.584

LONDEN (AFN/BLOOMBERG) - Verschillende partijen hebben interesse getoond in een minderheidsbelang in de landbouwtak van grondstoffenconcern Glencore. Dat meldden ingewijden rond het bedrijf vrijdag.

Volgens de bronnen behoort het Singaporese staatsinvesteringsfonds tot de geïnteresseerden, net als het Japanse handelshuis Mitsui en een Canadees pensioenfonds. Analisten schatten de waarde van het landbouwonderdeel van Glencore op meer dan 10 miljard dollar. De divisie handelt in een reeks landbouwproducten waaronder graan, katoen, soja en suiker.

Door een belang te verkopen in het onderdeel kan Glencore geld ophalen om zijn hoge schuldenlast te verlagen. Glencore kondigde vorige maand een reeks maatregelen aan om de schuld terug te dringen.

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