Eurobench.com

voda 16 februari 2016 17:24

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Steel prices bottoming out - Nippon Steel & Sumitomo Metals VP

Reuters reported that a senior executive at Japan's biggest steelmaker, Nippon Steel & Sumitomo Metal Corp, said that production cuts in China mean steel prices have hit a floor but a strong recovery is still a long way off

Nippon Steel Executive Vice President Mr Katsuhiko Ota told Reuters in an interview "The fall in prices has put most of China's mills into the red. I don't expect the market to drop to $270 again as everyone had lessons to learn. Yet a strong recovery in prices is unlikely as any price rise is likely to lead to an uptick in production, starting the 'zig-zag shape' price cycle all over again.”

He said “Low oil prices, which have plummeted around 75 percent since mid-2014, are also taking their toll. Oil majors have held back investments, but their production has been maintained, which suggests investments will come back some time in the future.”

But Mr Shinichiro Ozaki, analyst at Daiwa Securities, said overcapacity was likely to continue, possibly further pressuring steel prices. He said “China has an annual crude steel capacity of about 1.2 billion tonnes, but local demand stands at 700 million tonnes.”

Steel producers worldwide have seen a slump in prices due to falling demand and increased competition from a flood of exports from China, which produces about 50 percent of the world's steel. China's major steel firms lost a collective CNY 53.1 billion yuan (USD 8.1 billion) in the first 11 months of last year. Hot-rolled coil steel prices fell to $260-270 per tonne between November and December, but they have since recovered to about $300. China has said it will cut crude steel production capacity by 100-150 million tonnes.

Source : Reuters

voda 16 februari 2016 19:47

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Ajaokuta Steel Mill will be revived – Dr Fayemi

Nigerian media last week reported that Minister of Solid Minerals Development Dr Kayode Fayemi has said that Nigeria is aiming to hand over the USD 4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries

Dr Fayemi said “Ajaokuta Steel Mill is one of the major issues I have put on the table. Under my watch it will be revived.”

DrFayemi was appointed in November by President Muhammadu Buhari, about seven months after he won elections that marked the first change of power in Africa’s biggest economy since democracy was restored in 1999. Buhari is trying to boost the slowest economic growth this century by spending on infrastructure and diversifying economic activity away from oil, the price of which has fallen by about 70 percent over the last two years.

Construction of Ajaokuta, which lies on the Niger River and was supposed to have an installed capacity of 5 million tonnes of steel a year, began in 1979. Work was delayed by the government’s failure to pay the builders, Russia’s Tyazhpromexport, on schedule. By 2004, when it was taken over by India’s Ispat Industries Ltd., it was yet to produce any steel. Ispat’s concession was revoked in 2008 and Nigeria is yet to resolve all outstanding legal issues.

Source : thenationonlineng.net

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voda 16 februari 2016 19:48

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Sims to close military scrap recycling plant at Elkbridge in US

recyclinginternational.com reported that Sims Recycling Solutions is to close its Elkridge recycling facility near the US city of Baltimore following the loss of a contract to process military devices. The Elkridge plant, which employs 86 people, will close its doors in March.

SRS global president Mr Steve Skurnac told E-scrapnews.com that “We define our bidding prices based on targeted levels of profitability that could represent an attractive return to our shareholders. As those levels of price and profitability were not acceptable by the customer, we concluded that the contract was no longer attractive enough to Sims.”

The company has handled military scrap for the US Department of Defense's Defense Logistics Agency for several years but, following a recent bidding process, the award has been made to other parties

Source : recyclinginternational.com

voda 16 februari 2016 19:49

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Dongbu Steel inching closer to stock market delisting - Report

Korea Herald reported that Dongbu Steel is thought to be heading toward a delisting from Korea’s main stock exchange, as the debt-saddled steelmaker’s prospects of escaping from a prolonged state of capital erosion grow increasingly dim. Shares in Dongbu plunged by the daily limit of 30 percent to 2,500 won on the main KOSPI bourse Monday on news that the ongoing efforts by creditors to sell control of the firm is likely to fail due to apparent lack of bidders.

The sale, which creditors pushed as part of its debt workout program for the firm, was delayed once in January, as it drew no interest from potential buyers amid global industry woes.

Dongbu Steel, a unit of Dongbu Group, will be delisted if it fails to boost its equity capital, through the planned sale or by other means, before the scheduled report of the annual audit at the end of March.

According to its financial statement at the end of September 2015, the company’s debt-to-equity ratio rose to 4,783 percent in 2014 from 295 percent in 2013 and its capital stock was entirely wiped out by liabilities last year.

Source : Korea Herald

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voda 16 februari 2016 19:52

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Brussels Steel March – Mr Farage meets British steelworkers in Brussels

UKIP Leader Nigel Farage joined protesters from all across Europe in a march against Chinese steel dumping onto the European market which is pushing prices down and making thousands of European steel workers redundant.

Whilst on the march Nigel Farage commented: "It is pathetic that the British government must go cap in hand to beg the European Commission to prevent dumping of Chinese steel which is causing huge job losses. In a nutshell, it encapsulates why we must have control of our own destiny and a government directly accountable to the British people rather than an unelected Commissioner in Brussels.”

He said "What people are forgetting here is that steel is a strategic industry. This is something in a time of crisis we need and if we lose it we’ve actually lost something fundamentally important."

He said “Even if George Osborne was a British Chancellor that wanted to stand up for the steel industry it wouldn’t matter because we are in a minority here. The problem is we are lobbying an unelected European Commission that no one can vote for and no one can sack.”

Source : Strategic Research Institute

voda 16 februari 2016 19:54

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Budget Wish List - Steel ministry demands abolition of 2.5% import duty on coking coal

Financial Express reported that paying heed to the industry’s demand, the steel ministry has recommended to the finance ministry abolition of 2.5% import duty on coking coal, which is scarce commodity in the country.

Steel ministry wrote in its recommendations to the finance ministry that “The country depends significantly on imported coking coal (about 80%) due to the poor quality of domestic coal and lack of adequate local production/supply constraints. Globally, no major steel producing nation retains an import duty on coking coal. Hence, it is being proposed that the import duty on coking coal may be waived completely.

In sync with the increase in steel production, the imports of coking coal in the country was also on the rise for the last few years. While India imported 19.5 million tonnes of coking coal in the 2010-11 fiscal, the imports went up to 43.7 million tonnes in the last fiscal, registering a growth of over 124%.

Though there had been no duty on coking coal imports for several years in the past, the government had in 2014 imposed 2.5% duty, mainly to rationalise the duty structure on all varieties of non-agglomerated coal. Thermal coal also attracts 2.5% import duty.

Indian steelmakers mostly depend upon the imports of coking coal. There is also a demand from the industry to remove the R200 per tonne clean energy cess on coking coal on the grounds that cooking coal is used to produce metallurgical coke and during the process no carbon is burnt. The steel ministry, however, is yet to recommend on anything to its finance counterpart.

Source : Financial Express

voda 17 februari 2016 16:16

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Geinig, koersdoel verlaging, en de koers stijgt flink! :-)

UBS verlaagt koersdoel ArcelorMittal - Market Talk

AMSTERDAM (Dow Jones)--UBS heeft woensdag het koersdoel voor ArcelorMittal (MT.AE) verlaagd naar EUR7,00 van EUR12,00. Op basis van de huidige koers van de staalreus van EUR3,10, is het aandeel daarmee volgens de Zwitserse bank nog altijd koopwaardig.

De staalsector ligt er volgens de analisten van UBS slecht bij en zij verlaagden hun taxaties met circa een kwart. Het meest geraakt wordt volgens de marktvorsers ArcelorMittal, dat in 2016 een bedrijfsresultaat van "slechts" $4,2 miljard zal genereren, 37% minder dan waarop UBS aanvankelijk mikte.

Desalniettemin zijn de Europese staalgiganten volgens UBS "aantrekkelijk" gewaardeerd. De sector is volgens de analisten fiks ondergewaardeerd, hetgeen ook een nieuwe consolidatiegolf in de hand zal werken. Daarbij zal de winstgevendheid vanaf 2017 weer stijgen, vooral als gevolg van verlenging van de anti-dumping maatregelen in Europa en mogelijk ook het uitbreiden van de maatregelen naar andere landen dan China en Rusland. Deze maatregelen spelen volgens UBS vooral ArcelorMittal en Salzgitter in de kaart.

Omstreeks 11.30 uur noteert het aandeel 5,6% hoger op EUR3,13.

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 17 februari 2016 16:40

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Moody's verhoogt kredietwaardigheid Aperam - Market Talk

AMSTERDAM (Dow Jones)--Moody's heeft woensdag de kredietwaardigheid van Aperam (056997440.LU) verhoogd van Ba2 naar Ba1 met een stabiele outlook. De analisten van Moody's besloten tot de verhoging na de "sterke" operationele prestaties van Aperam in het de afgelopen twee jaar. De kredietbeoordelaar verwacht dat de fabrikant van roestvast staal in staat zal zijn om de marges in 2016 op peil te houden. Daarbij zullen de reorganisaties die Aperam doorvoert in combinatie met de anti-dumping maatregelen in de Europese Unie positief uitpakken voor de fabrikant. Ondanks de goede voortgang die Aperam boekt, is Moody's wel beducht voor de marktontwikkeling in Europa en Brazilie, met name voor de toenemende prijsdruk. Op een enthousiast Damrak, de AEX koerste woensdagmiddag 2,2% hoger, won Aperam 4,1% op EUR30,73.

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 17 februari 2016 17:12

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Met Steel Group in Ireland falls into administration

Local media reported that the Met Steel Group, based in Mallusk, County Antrim, has fallen into administration, with the Northern Ireland steel supplier stating that it has struggled to compete against cheaper imports from emerging markets in Asia. The distressed business, which was involved in the fabrication, processing and distribution of steel products throughout the UK and Ireland, has now brought in administrators from Grant Thornton, who will be reviewing the company’s situation and will be in contact with all stakeholders imminently.

A statement from Grant Thornton said: "Met Steel Group Limited and Met Steel Limited (the companies) have been placed into administration, with Gareth Latimer and Stephen Tennant of Grant Thornton appointed as joint administrators".

Mr Latimer added “We are currently reviewing the affairs of the companies. Over the coming days we will be in contact with all stakeholders and will develop strategies to maximise asset realisations”.

The last publicly published accounts show that Met Steel Group only made a £73,000 pre-tax profit on a turnover of £16 million.

Met Steel Group employed 36 people at the time of going into administration.

Met Steel are the shirt sponsors of Irish league football club, Portadown. The company's owners, Roy McMahon and Trevor Marshall, are on Portadown FC's board of directors.

Source : business-sale

voda 17 februari 2016 17:17

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AISI update on raw steel production in US in Week 06

In the week ending February 13, 2016, domestic raw steel production was 1,703,000 net tons while the capability utilization rate was 72.8 percent. Production was 1,705,000 net tons in the week ending February 13, 2015 while the capability utilization then was 72.4 percent. The current week production represents a -0.1 percent decrease from the same period in the previous year.

Source : Strategic Research Institute

voda 17 februari 2016 17:17

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Italian Federacciai head Mr Gozzi welcomes new awakening in EU steel sector

ANSA reported that Mr Antonio Gozzi, president of Italian steel producer association Federacciai, on Monday said there may be change in the air regarding attention to dumping, the practice of manufacturers exporting to countries at prices lower than in their home markets.

Mr Gozzi said he believes the protest, along with a recent letter signed by seven countries to EU Trade Commissioner Cecilia Malmstrom urging the EU to help the industry in crisis, will have a positive outcome.

Mr Gozzi said in the past there has been disattention on the part of European countries to the steel industry crisis and also strong resistance to implementation of the steel industry action plan introduced by former EU Industry Commissioner Antonio Tajani.

He said “We need to use all the tools at our disposal to avoid unfair trade from China and other countries.”

Mr Gozzi said that “The foundations for an EU study on the problem that said only 211,000 industry jobs were at risk across the EU were never understood and that in fact in Italy "there are hundreds of thousands of jobs at risk.”

Source : ANSA

voda 17 februari 2016 17:19

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Vallourec close to partial stake sale of the steel mill in Saint Saulve to Ascometal

Boursier reported that Vallourec could announce this week the partial sale of the steel mill in Saint-Saulve, in the north.

A preliminary agreement was sealed with Ascometal, learned 'Les Echos', according to which the specialist seamless tubes would retain a 40% stake and the remaining 60% would yield to its new partner.

The buyer would take over the entire site and 350 employees.

An annual output of engagement would be signed in parallel, on a minimum of 300,000 tonnes, to be divided between Vallourec and Ascometal in the proportion two thirds / one third.

Source : Boursier

voda 17 februari 2016 17:19

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Vallourec close to partial stake sale of the steel mill in Saint Saulve to Ascometal

Boursier reported that Vallourec could announce this week the partial sale of the steel mill in Saint-Saulve, in the north.

A preliminary agreement was sealed with Ascometal, learned 'Les Echos', according to which the specialist seamless tubes would retain a 40% stake and the remaining 60% would yield to its new partner.

The buyer would take over the entire site and 350 employees.

An annual output of engagement would be signed in parallel, on a minimum of 300,000 tonnes, to be divided between Vallourec and Ascometal in the proportion two thirds / one third.

Source : Strategic Research Institute

voda 17 februari 2016 17:20

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Electrosteel Steels majority stake to be sold to First International – Mint Reports

Mint, citing said two people familiar with the development, reported that lenders to the beleaguered Electrosteel?Steels Ltd have decided to sell the majority equity stake in the company to London-based First International Group Plc following the lenders’ decision to convert part of their debt into majority equity in the firm.

The report quoted a banker directly involved in the deal as saying that “In a meeting that took place two weeks ago, lenders looked at offers from two shortlisted parties and decided they should go with First International Group because it has the least amount of haircut.”

The banker added that “The deal is now being done outside Reserve Bank of India’s strategic debt restructuring mechanism, as part of the agreement that First International Group has proposed.”

This is a deviation from the lending consortium’s earlier decision where it had invoked powers under SDR to convert part of the Kolkata-based steel maker’s debt to majority equity stake.

Another person is quoted as saying that “The deal will be signed this week. They (promoters) haven’t informed if the old board members will continue or not, and how many new members will be inducted. All that clarification will come once deal is signed.”

Mint report added that Emails sent to Electrosteel Steels and First International Group remained unanswered.

On 25 January, Mint reported that lenders were considering offers from Tata Steel Ltd and First International Group. The UK-based investor has proposed waiver of INR 2,559 crore worth of loans and conversion of INR 4,700 crore of debt into cumulative redeemable preference shares (CRPS). The deal also states that the present management will continue to manage affairs at Electrosteel Steels.

On 2 February, Business Standard reported that banks were finalising a deal with First International Group, which will partner with China’s Laiwu Steel Group, with an installed capacity of 25-28 million tonnes.

Source : Mint

voda 17 februari 2016 17:21

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Lay Offs - Evraz – 2187 jobs on anvil at Evraz Highveld Steel & Vanadium in South Africa

IOL reported that the business rescue team at Evraz’s distressed South African unit is considering closing the steelmaker’s operations, placing more than 2 100 jobs at risk. Evraz Highveld Steel & Vanadium is poised to become the latest victim of a global steel supply glut that has eroded the margins of producers as China floods offshore markets with cheap exports. While Evraz Highveld was offered protection from creditors in 2015 as it sought a new owner, a deal failed to materialise after opposition from its parent and when the preferred buyer pulled out.

The company said in a statement to the Johannesburg stock exchange on Monday “The decision to consider winding down Evraz Highveld’s operations comes after the Department of Labor suspended the payment of a training allowance on behalf of some employees. Closing the operations would see the retrenchment of all employees.”

The company will provide an update on February 23, it said.

About 2 187 staff would be affected by Evraz Highveld’s closing, trade union Solidarity said in an emailed statement.

Evraz Highveld on February 10 notified workers it wouldn’t be able to pay salaries this month after the Unemployment Insurance Fund “had not fulfilled its promise to pay workers,” according to Solidarity. The fund provides short-term relief to workers when they become unemployed or are unable to work.

Source : IOL

voda 17 februari 2016 17:22

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ArcelorMittal ratifies tentative agreements in Contrecoeur and Longueuil in Canada

Montreal Gazette reported that agreements in principal have been ratified by Quebec workers at global steel giant ArcelorMittal. The workers are from the factory and Contrecoeur East offices as well as a plant in Longueuil. More than 90 per cent voted to ratify the contract.

The Syndicat des Métallos says workers have maintained and enhanced their pension plan. The union had accused the company of wanting to establish a pension plan that was less advantageous for new employees.

The Longueuil plant supplies steel to other processors, steel-reinforcement manufacturers, and the automotive market. Contrecoeur East’s customers include construction companies and manufacturers of welding wire.

Source : Montreal Gazette

voda 17 februari 2016 17:22

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Mexico steelmaker AHMSA to conduct vote on paying creditors

Reuters reported that Altos Hornos de Mexico, one of Mexico's largest steelmakers, said it would conduct a vote on April 18 on a plan to pay creditors and noteholders all recognized claims, as part of a general payment agreement.

Eligible creditors have the option of exchanging a portion of those payment rights for cash and company's common shares, AHMSA said in a statement on Tuesday.

Securing approval of the plan is one of the final steps needed to lift the suspension of payments, which the company has been operating under, AHMSA said.

Recognized creditors and noteholders will vote on the adoption of the plan at the creditors meeting in April.

Source : Reuters

voda 18 februari 2016 16:47

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Ansteel to supply pipeline steel to Sinopec and CNPC

Liaoning Province-based Chinese steelmaker Angang Steel Co announced that it has won a tender to supply more than 12,000 tonnes of pipeline steel to state-owned Sinopec Group and China National Petroleum Corporation.

Accordingly, Ansteel will supply 4,600 tonnes of pipeline steel for Sinopec Group’s underwater pipeline project in Maoming, Guandong and 7,500 tonnes of L450M pipeline steel for CNPC’s crude oil pipeline safety renovation project which extends from Anshan to Dalian, both in Liaoning Province.

Source : SteelOrbis Electronic Marketplace

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voda 18 februari 2016 16:50

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Low steel prices drag on Steel & Tube earnings

New Zealand media reported that Steel & Tube Holdings lifted first-half profit 47%, although without income from property sales, their earnings fell as the price of steel continued to decline, fuelling intense competition.

Net profit rose to $15.9 million, or 17.8c per share, from $10.8 million, or 12.4c, in the six months ended December, but that included a $6 million gain from the sale of its former processing facility on Bowden Road in Auckland's Mt Wellington. Underlying profit was $9.9 million, down 8.3% on 2014, on a 2.9% rise in revenue to $265.7 million.

Chief executive Mr Dave Taylor said “While we remain in a challenging global steel environment, there are indications the drop in steel prices may be slowing. When coupled with a reasonably robust domestic economy, I'm optimistic that we'll see a stronger performance from the business in the second half of the year, such that the underlying performance will be comparable with 2015."

Mr Taylor says global steel prices have reached lows not seen since 2003, which has created an intensely competitive domestic steel market.

Along with upgrading its processing facility, the steel products maker has been on an acquisition drive in recent times, buying Aquaduct NZ out of receivership for about $8 million cash in August last year, a month after it agreed to acquire fastener maker Manufacturing Suppliers for $32 million in cash and scrip. It also acquired Tata Steel (Australasia) for $28.1 million, renaming it S&T Stainless, in April 2014.

Source : nbr.co.nz

voda 18 februari 2016 16:51

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Crisil lowers JSPL to below investment grade

Financial Express reported that CRISIL Ratings has downgraded Jindal Steel and Power to below investment grade after the firm reported a consolidated net loss of INR 573 crore for the three months to December.

Crisil has cut the long-term credit rating for INR 3,212 crore worth of long-term loans by two notches to ‘BB+’ from ‘BBB+’, citing the possibility of further deterioration in the liquidity of the JSPL group. The agency also reduced the rating for R415 crore of short-term loans of JSPL to ‘A4+’ from ‘A3+’ putting both the ratings on watch with negative implications.

Based on its discussion with the debenture trustees, Crisil also observed said that while the debenture holders have not exercised their option to ask for accelerated repayment, it added that if the debenture holders choose to exercise the option for accelerated repayment, JSPL’s liquidity position could come under further pressure.

Crisil will remove the ratings from watch and take a final rating action once it has more clarity on this issue

According to Crisil, JSPL Group’s liquidity will fall significantly as the sale of the stake in the rolling mill and the settlement in Bolivia may take longer than earlier anticipated. Crisil had earlier expected these to be completed before March 2016. It said “Delays would adversely impact the group’s debt-servicing ability in the near term and increase the group’s reliance on timely refinancing of debt taken for Angul (Odisha) steel plant. Any delay in the said refinancing beyond Crisil’s expectations of March 2016 could lead to severe pressure on cash flow and will hence remain a key monitorable.”

Crisil’s decision to keep the ratings on watch is based on its belief that due to a weak operating and financial performance, there will be a breach in covenants for part of the non-convertible debentures issues of JSPL, which can lead to a sharp deterioration in group’s liquidity and credit quality.

It acknowledged that the government’s recent measure of introducing a minimum import price on steel products may not bring immediate respite to the group’s liquidity, while any impact on medium-term profitability will also depend on the extent of improvement in domestic realisation. It noted that the performance of the group’s power business will also remain subdued due to the absence of power purchase agreements and low demand in the merchant market.

Amidst falling sales realisations and higher interest outgo, JSPL has seen mounting losses in the last one year. It reported its fifth consecutive quarterly loss in Q3FY16, taking the total loss during the period to close to INR 3,600 crore. During the October-December period, steel realisations of JSPL fell by INR 2,400 per tonne to INR 34,800 per tonne due to fall in domestic steel prices and operating losses in international business. The company’s earnings before interest tax, depreciation & amortization (EBITDA) in the quarter declined by 65% y-o-y to INR 550 crore.

Source : Financial Express

Vertraagd	13 feb 2025 17:39
Koers	27,700
Verschil	+0,850 (+3,17%)
Hoog	28,260
Laag	27,190
Volume	4.408.986
Volume gemiddeld	2.580.319
Volume gisteren	2.343.530

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