Eurobench.com

gpjf 1 maart 2016 16:19

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ik vraag me dan altijd af en wie wil dat dan kopen want ze hebben het allemaal moeilijk en willen hun schulden terugbrengen. Bovendien je verkoopt toch niet je pareltjes .

voda 1 maart 2016 16:42

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ma 29 feb 2016, 05:30

'Prijzen metalen gaan verder stijgen'

door Theo Besteman
AMSTERDAM -

Productiebeperkingen bij metaalproducenten leiden voor het eerst in jaren tot maanden met opeenvolgende prijsstijgingen. Dat constateert ABN Amro in zijn overzicht van de metalenmarkt. Het effect zet bovendien door.

De orders van bedrijven voor Europees plaatstaal namen in februari bovendien verder toe, ook dankzij importtarieven op importstaal uit China door Brussel.

,,We zien het tempo van de krimp in productie de laatste maanden meer snelheid krijgt", aldus macroeconoom Casper Burgering van ABN Amro. In 2017 zullen tekorten in basismetaalmarkten verder groeien. ,,Dat leidt tot verder herstel van de prijzen", voorziet Burgering.

Minder productie

De wereldwijde staaluitstroom bijvoorbeeld is in januari met 7,1% afgenomen. Zelfs staalgigant China produceerde volgens officiële cijfers 7,8% minder.

Het land kondigde bovendien in februari aan talloze mijnen te sluiten; wat op termijn ook bijdraagt aan prijsverhogingen, aldus Burgering.

De metalenmarkt is de ruggengraat van de industrie, prijsstijgingen duiden op aantrekkende orders en omzetten van verwerkers in de bouw, infrastructuur en bijvoorbeeld de autoindustrie.

Lichte stijging metalen

Twee maanden onderweg in het nieuwe jaar behoren futurecontracten op tin (+10,1%), zink (+9,8%), aluminium (+3,6%) en platinum (+2,7%) en koper (fractioneel) tot de grootste stijgers voor 2016, achter goud, in de grondstoffensector.

“We zien het tempo van de krimp de laatste maanden meer snelheid krijgt”

Die prijsstijgingen voor verschillende metalen zijn afgezet tegen aandelen of de MSCI World-index nog heel gering vergeleken met de malaise afgelopen jaren.

ABN Amro ziet in de economie geen recessie, maar aanhoudend zwakke wereldwijde groei van bedrijven en consumentenuitgaven, bijvoorbeeld aan auto's.

De bank heeft zijn progonoses voor mondiale economische groei wel naar beneden bijgesteld, meldt het maandagochtend in zijn nieuwe metalenrapport.

Sinds november is het tij langzaam aan het keren, met uitzondering van de klap in China met minder orders begin dit jaar.

Wereldwijde staalprijzen wonnen wel terrein, geholpen door de sterke tariefstijging in ijzererts, ook weer door het afgenomen aanbod. In 2015 daalde de wereldwijde uitstroom met 2,2%. ,,Maar de marktbalans hebben we nog lang niet bereikt", waarschuwt Burgering.

Bron: DFT Premium

voda 1 maart 2016 16:45

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Rebar price in Egypt to reach EGP 6,000 on dollar revaluation

Daily News Egypt reported that member of the Egyptian Businessmen’s Association and the Egyptian Federation for Construction and Building Contractors Daker Abdallah expected the price of steel will be EGP 6,000 per tonne by the end of June if the dollar revaluation is not controlled on the informal market.

The price of steel currently ranges between EGP 4,500 and 4,800 per tonne. Abdallah warned of the rising dollar exchange rate and that the cost of steel production will increase in the upcoming period as a result of the high price of the dollar against the pound and due to importing the billet material used in manufacturing steel from abroad.

This increase will coincide with the accelerated pace of launching major national projects in the coming period, which will lead to an increase in the demand for steel, another reason for increasing its price.

The state must resolve this crisis to avoid affecting the real estate sector as a whole and the rise of housing unit prices by at least 20%. Abdallah recommends wholly liberating the dollar exchange rate and floating the Egyptian pound, that this step will put an end to the continuous increase in the dollar price.

Source : Daily News Egypt

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voda 1 maart 2016 16:46

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Essar Steel Algoma gets pass on cap and trade program

The Canadian Press reported that Ontario's Liberal government has released details of its cap-and-trade program, which is expected to increase the price of gas and homeowners' natural gas bills, but gives some of the biggest polluters a four-year "holiday."

The government is putting a price on carbon of about $18 a tonne and capping emission allowances at roughly 142 metric tonnes per year in 2017, when the plan rolls out, according to a series of details contained both in Thursday's budget and in draft regulations posted by the environment ministry.

The cap is expected to decline 4.17 per cent each year to 2020, when the Liberals hope to have achieved a 15-per-cent reduction in greenhouse gas emissions over 1990 levels.

Cap and trade, which requires emitters to pay for greenhouse gases released into the air, is projected to generate $1.9 billion in revenue next year. Revenue from cap and trade will be dedicated to green initiatives, the government says.

The cost of gasoline will rise about 4.3 cents per litre and residential natural gas bills will likely go up about $5 per month due to cap and trade. But Environment Minister Glen Murray acknowledged that as the cap declines and pressure increases on industry to meet emissions targets, those costs to consumers "may" increase.

During that same time, some of Ontario's largest industries get free allocations. The regulations list such facilities as Essar Steel Algoma Inc. in Sault Ste. Marie, Vale Canada Ltd. in Sudbury, and Imperial Oil's Sarnia chemical plant.

"Big industry gets a four-year holiday on this and I think that's a real problem," said NDP critic Peter Tabuns. "I think there's a huge perception that it's unfair. If families and commuters have to pay right up front and big polluters get a four-year break, that doesn't seem fair."

Source : The Canadian Press

voda 1 maart 2016 16:50

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Chinese steel foundry KOCEL reinvents itself with 3D printing

Xinhua reported that it used to take about eight days for KOCEL Group to produce a diesel engine block. Now, with the help of 3D printing, the iron and steel foundry has cut that time down to a day. The technology has helped make KOCEL leaner and cleaner by upgrading a production process that hadn't changed much over the years, according to one company executive.

Many manufacturers have problems that can be helped by 3D printing, such as overcapacity and pollution. Still, 3D printing has only been adopted by a fraction of China's manufacturers, so it's too early to tell how quickly it will catch on.

KOCEL Group, an iron and steel foundry in Northwest China's Ningxia Hui Autonomous Region, has remade itself through new technology. Founded in 1966, the company, which was once owned by the State, has employed 3D printing to create a cleaner, leaner production process.

Traditionally, molten metal is cast into shapes by pouring it into a mold, usually made of sand, and then waiting for it to solidify. In the past, to make a complex shape, technicians would break the design down into simple components, make templates of each part and then combine the pieces before going on to make the mold. A 3D printer, on the other hand, can directly make an integrated sand mold of the most complex of shapes.

With the new technology, the accuracy of the casting process has increased from 1 millimeter to two-tenths of a millimeter, and the scrap rate has fallen from around 30 percent to less than 5 percent,

A diesel engine block, one of the most difficult jobs for any ironworks, now takes only one day, compared with eight days in the past.

KOCEL Chairman Peng Fan, said the company bought 3D printing equipment from Germany in 2012 following its privatization.
KOCEL now uses 3D printing to make parts ranging in size from a few kilograms to 10 tons for General Electric, Siemens and other big international players.

One of the main advantages of 3D printing is that the process is much cleaner and less labor-intensive than traditional foundry work. Peng said that some technicians who have been freed from their grimy, sweaty work by the technology have been transferred to traditional workshops for the time-being. They are awaiting training for other positions in the company, like sales and customer service.

Source : Xinhua

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voda 1 maart 2016 16:53

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RINL awaits clearance for iron ore mining in West Godavari

Express News Service reported that while Rashtriya Ispat Nigam Limited is all set for diversification and has several projects up its sleeve, it is awaiting clearance from the Central government for mining iron ore from Kukunoor in West Godavari district of Andhra Pradesh jointly with Andhra Pradesh Mineral Development Corporation Limited (APMDC).

Vizag Steel CMD Mr P Madhusudhan said “Kukunoor has large deposits of iron ore and survey held several years ago put the iron ore deposits in the area to be around 25 million to 30 million tonne of good quality iron ore. But, the survey is an old one and we expect more reserves of ore in the area, given its proximity to Chhattisgarh, which is rich in iron ore deposits.”

Vizag Steel will be setting up a wheel manufacturing unit in Uttar Pradesh with an investment of INR 1,500 crore in the next three years to manufacture 1 lakh metric tonnes of wheels for Indian Railways. Similarly, it is investing another Rs 500 crore for setting up axle manufacturing unit with capacity of 50,000 metric tonne in West Bengal. The negotiations are under progress.

Further a joint venture with Powergrid is being started in Visakhapatnam for transmission line towers with an investment of Rs 500 crore, which too is expected to commence operation in three years’ time.

Source : Express News Service

voda 1 maart 2016 16:54

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New Dunedin harbour premises for Steel & Tube

Scoop Media reported that Steel & Tube, New Zealand’s leading provider of steel solutions, will relocate its Dunedin distribution and processing operations into new purpose built $9.45 million warehousing and office space by the end of 2016. Developed by Port Otago’s property subsidiary Chalmers Properties Limited and built by Calder Stewart Construction, the 4,650 m² building will be located on an 8,000 m² site at 197 Fryatt Street, also abutting 22 Jutland Street in the Dunedin harbour precinct.

Demolition on the existing warehouse buildings on the site, formerly occupied by Northern Transport and CRT Seeds, is scheduled to start this week.

David Chafer, Chalmers Properties General Manager said the brownfield development was one of the city’s bigger industrial developments in recent history. “The development, which uses Steel & Tube materials including steel cladding and structural support throughout, will comprise warehousing, office space and a trade shop. The foundation has been reinforced to cater for the required floor loading and Steel & Tube will be operating multiple gantry cranes in the warehouse. The site will be fully landscaped and the building itself features full LED lighting throughout for energy saving.

“Steel & Tube were very specific with their requirements so we were delighted to be able to come up with a development and a long term lease that suited both our needs.”

Dave Taylor, CEO of Steel & Tube said, “the new premises tick all the boxes around size, spec and location, allowing us to serve our customers from one operation while gearing for future expansion of our South Island business.”

Source : Scoop Media

voda 1 maart 2016 16:54

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Serbia waiting for EU approval to sell mederevo steel plant - PM

b92.net reported that Serbian Prime Minister Mr Aleksandar Vucic said on last Thursday that the process of privatization of the steelworks in Smederevo was nearing completion. He said “Its outcome depends on the European Union giving its consent to carry on with it.”

Mr Vucic said “The Chinese are interested in Zelezara and we have negotiated with them the longest. They want to come and privatize it. We expect support from the EU here, and if we don't get it, we will be in serious trouble.”

Vucic said that selling Zelezara Smederevo would save Serbia, but we needed the EU to approve the sale because it was a question of the so-called "state aid and other issues that the EU imposes on Serbia."

According to earlier statements from the government, the Chinese company HBIS is interested in acquiring Zelezara Smederevo.

Source : b92.net

voda 1 maart 2016 16:55

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Mexican steel makers fight disproportionate Environmental Rules

laht.com last week reported that the Mexican Iron and Steel Industry Chamber, or Canacero, is seeking legal protection from the recently enacted Energy Transition Law, saying it goes above and beyond “a rational effort” to conserve the environment. The law “is disproportionate to the commitment assumed by other nations that have a greater impact on climate change and will cause Mexican industry to lose a significant amount of competitiveness,” the Canacero said

That legislation, enacted in late 2015, establishes Mexican industry’s obligations in terms of use of clean energy and reduction of contaminating emissions.

Although domestic steel and iron producers “are committed to environmental protection and have firmly promoted energy reforms,” they called for a thorough analysis of the law’s impact to ensure “the effort to achieve emissions reductions is more fair.”

They also called for the law to regulate other major emissions-generating sectors, saying that Mexico’s transportation and energy sectors account for 22 percent and 21.8 percent, respectively, of the country’s greenhouse gas emissions.

The Canacero noted that Mexico, which accounts for only 1 percent of global greenhouse gas emissions, has pledged to obtain 35 percent of its electricity from renewable sources in the short term.

The chamber said the law imposed a “disproportionate” level of commitment and that the country lacks sufficient clean energy output.

The Canacero added that China and the United States, which are responsible for 40 percent of carbon-dioxide emissions, “are not assuming commitments of the same magnitude due to the risk of loss of competitiveness and employment.”

Source : laht.com

voda 1 maart 2016 16:57

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ArcelorMittal helps farmers brave South Africa drought

ArcelorMittal South Africa is helping farmers feed their livestock during one the toughest droughts in the country’s history.

The company’s Newcastle Works is supporting struggling farmers from the Xhariep District in the Southern Free State by donating 20 bales of hay a week until the end of March 2016.

Around 200 hay bales will be donated in total using cut grass from the company’s operations in Newcastle.

South Africa is in the grip of one of the worst droughts in its history and the current El Nino event – caused by the warming of sea-surface temperatures in the equatorial Pacific Ocean – has triggered the driest spell since 1982.

Albert Ungerer, a protective services manager at the Newcastle Works, said: “We are very aware that the agricultural sector is struggling and we are delighted that we can contribute in some small way to help farmers sustain their livestock.

“The support we have received from suppliers and associates in this project has been phenomenal. Logistics companies Sathala, PLS and Keralox are transporting the bales to Zastron at no cost, and we are indebted to Dr Masiteng from the Free State Department of Agriculture for making the process flawless”.

Five of the country’s nine provinces have been declared drought disaster areas and the Free State is among the hardest hit, with farmers battling to feed their livestock.

The area is one of South Africa’s most important farming regions, accounting for 14.5% of commercial farming. The area is referred to as the bread-basket of the country, producing maize, beans, wheat, sorghum, sunflowers, potatoes, groundnuts and 90% of the country’s cherry production.

Image: Bert Kaufmann

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voda 1 maart 2016 16:58

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ArcelorMittal steel in France’s first urban cable car

France’s first urban cable car, being constructed in the city of Brest, will feature steel ropes manufactured by ArcelorMittal WireSolutions in Bourg-en-Bresse. ArcelorMittal is the sole supplier of the ropes and is one of just two producers in Europe that integrates optic fibres in full-lock coil (FLC) to enable data transmission.

Source : Strategic Research Institute

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voda 1 maart 2016 17:00

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Dit wil je eigenlijk niet liever lezen. (Meteen overslaan) :-)

Weak demand will continue to weigh on US steel industry in 2016 – Moody’s

The US steel industry continues to face a variety of headwinds, ranging from weak demand to the under-utilization of capacity, says Moody's Investors Service. This is driving a negative outlook for 2016. While demand for steel from automakers is expected to remain relatively robust, and be modestly higher in the construction industry, it won't be strong enough to offset the slump in demand from other industries. The oil, gas and mining sectors, in particular, have been hurt by falling commodity prices.

Source : Strategic Research Institute

voda 1 maart 2016 17:00

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Judge rules in favour of US Steel USD 2.2 billion debt claim

CBC News reported that US Steel wins major victory in ongoing Canadian Creditors Arrangement Act proceedings for the former Stelco operations in Hamilton and Nanticoke.

Ontario Superior Court Justice Herman Wilton-Siegel decided in favour of the Pittsburgh-based corporation on claims that the more than $2.2 billion it invested in the Canadian operations in Hamilton and Nanticoke are debts to be repaid, not cash infusions in the ongoing operation of the business.

That finding puts US Steel in a position of control over the disbursement of the rest of the US Steel Canada assets. That means little would likely be left to top up the company's underfunded pension funds, and could mean a drop in what 20,000 Stelco pensioners are expecting in their pension cheques.

For that reason the claims were objected by the province, unionized steelworkers and salaried active and retired employees of the former Stelco. The claims were the subject of eight days of hearings last month.

The claim has long been a part of the bankruptcy protection process initiated in September of 2014.

Source : CBC News

voda 1 maart 2016 17:01

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Gerdau delays results amid tax investigation

Bloomberg reported that Gerdau SA will delay the release of financial results as Brazil’s second-biggest steelmaker by market value studies a police probe into its possible involvement in a tax evasion scandal. The Porto Alegre, Brazil-based company will disclose fourth-quarter earnings on March 15, it said Monday in a statement. It was scheduled to report results on Tuesday.

Chief Executive Officer Andre Gerdau was brought in for questioning on Feb. 25 as part of the sweeping federal police inquiry into tax evasion scheme known as Zelotes. Police questioned Gerdau as part of a six-phase of investigation focused on exposing fraudulent activities related to Brazil’s board of tax appeals, a unit of the finance ministry.

On Thursday, police executed more than 20 court-ordered depositions along with at least 18 search warrants. Investigators value the scope of the tax evasion scheme to be as much as 1.5 billion reais ($380 million).

When asked for comment on the investigation, Gerdau said in an e-mail that it abides to rigorous ethical standards.

Source : Bloomberg

voda 1 maart 2016 17:01

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Brexit would leave UK steel industry vulnerable – Mr Sajid Javid

Herald Scotland reported that UK’s Secretary of State for Business Mr Sajid Javid has warned that the UK steel industry would be far more vulnerable to attacks from other countries if the UK was to leave the European Union

In a Commons debate over the crisis affecting the UK steel industry, former Tory environment minister Christopher Chope asked: "You say that you would not accept the charge that the Government is not doing all that it can but does he not agree that if we weren't in the European Union, the Government would be able to do a heck of a lot more?"

Mr Javid replied: "Even if that were the case, we would still be bound by (working time regulations) and it's also quite possible we would be far more open to retaliation by other countries as well."

Labour warned that Chancellor George Osborne's "infatuation" with China risks destroying the UK steel industry. Shadow business secretary Angela Eagle insisted the UK Government needs to turn "warm sympathetic words" into effective action to stop the "tsunami" of steel being dumped on overseas markets by Chinese producers. She said: "The Opposition motion therefore calls on the Government to stop using the European Union as an excuse for their own inaction, and it asks them to support a more effective response to the dumping of Chinese steel, which threatens to decimate UK steel production. I think what we're facing here with imports of Chinese steel is clearly unfair. Dumping is unfair and it's threatening the very existence of the UK steel industry and everyone in this House knows that once those facilities have gone they cannot easily be put back. So we know that we have to protect the capacity of our industry in our country to exist and perhaps do better in future when world conditions change. And if we don't bear that in mind we will lose the lot and we will regret it. China only meets one of the five criteria required for it to receive market economy status. The UK Government supports granting market economy status to China as early as the end of this year. Granting market economy status to China in the absence of important safeguards would significantly diminish the capacity of the European Union to guard against Chinese dumping and it has the potential to destroy the UK industry. Therefore it must not be granted until the criteria are objectively met."

Source : Herald Scotland

voda 1 maart 2016 17:03

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Judge re-indicts 44 ILVA suspects for environmental disaster at Taranto works

ANSA reported that a Taranto preliminary hearings judge on Monday re-indicted 44 individuals and three companies - ILVA, Riva Fire and Riva Forni Elettrici - in the alleged environmental disaster caused in the Puglia city by the giant ILVA steelworks. The 44 include ILVA managers, politicians and businessmen.

The case was sent back to the preliminary hearings stage on a technicality by the Taranto court of assizes. The first hearing has been set for May 17 at the court of assizes.

The Assize Court of Taranto on December 9 annulled an order to stand trial for the 44 people, citing that the preliminary hearing record didn't include the name of the public defender for 10 defendants whose lawyers weren't present that day, while in the preliminary hearing judge's decision that name is present.

Earlier this month nineteen bids for the troubled steelmaker were admitted to the due diligence phase. There had been, in fact, 29 expressions of interest in purchasing ILVA assets and affiliates. They included offers from Luxembourg-based steelmaker ArcelorMittal, Cremona-based steel manufacturer Arvedi Group, Milan-based steelmaker EUSIDER, and family-owned Marcegaglia Group steel processor.

Extraordinary commissioners managing ILVA as the firm undergoes a massive environmental cleanup and financial turnaround project assessed the offers. State-controlled investment bank Cassa Depositi e Prestiti (CDP) filed an expression of interest.

A court this year declared ILVA insolvent, with debt totalling nearly three billion euros.

Source : ANSA

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voda 1 maart 2016 17:06

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EU decision to impose AD measures on seamless stainless steel pipes from Ukraine implemented

Interfax reported that the decision of the Eurasian Economic Commission, the regulating body of the Eurasian Economic Union, to impose the anti-dumping duty for five years on Ukrainian seamless, stainless steel pipe up to 426 mm in diameter equal to 18.96% of the customs value took effect on February 26, 2016. The duty on pipe from Centravis Production Ukraine and Interpipe Niko Tube LLC is 4.32% of the customs value.

The decision took effect in 30 calendar days from the moment of its official publication. The duties are in effect until February 26, 2021.

Interpipe told Interfax-Ukraine that Interpipe Niko Tube LLC does not produce stainless steel pipes. It said "We could roll the pipes under an order of another company that included our data into the documents.”

As reported, imports of stainless steel pipe to the EEU nations fell 28.7% in 2011-2014, imports of pipe from Ukraine rose 15.9% in that period. The share of Ukrainian pipe in total imported pipe rose to 54% in 2014 from 33.2% in 2011.

Meanwhile, prices for Ukrainian pipe declined 9.1% in 2011-2014, while prices from suppliers in other countries rose 20.5%. Price offers from Ukrainian manufacturers of seamless, stainless steel pipe declined as much as 29.33% at purchase tenders held by EEU states. The markdowns amounted to about 13% in 2015.

Based on the results of the investigation, the anti-dumping duty was set at 18.96%.

As a result of the pressure from Ukrainian producers in 2011-2014, the weighted-average price of the pipe products at manufacturers in EEU countries declined 2.5%, although weighted-average costs increased 5.7%. That reduced sales margins to an extremely low level: 80% below the 2011 level and 85% below the 2013 level. Earnings for producers of seamless, stainless steel pipe in the EEU countries plunged 73.9% in 2011-2014.

The Eurasian Economic Commission began the anti-dumping investigation into imports from Ukrainian pipe manufacturers in February 2015.

The investigation was launched based on statements submitted by OJSC Volzhsky Pipe Plant, TMK-INOX LLC, Pervouralsky Novotrubny Zavod and Chelyabinsk Tube Rolling Plant (ChelPipe).

Source : Interfax

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voda 1 maart 2016 17:08

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New chief Mr VB Garg set to drive further expansion at Newport steel business

freepressseries.co.uk reported that global metals business Liberty House Group has recruited Mr Virinder Bahadur Garg to lead the production and distribution operation at its Liberty Steel Newport plant, as the business continues its ambitious growth in the UK. Mr Garg, 50, who is currently chief of marketing and sales for ArcelorMittal’s flagship Ukrainian plant at Kryviy Rih, will become chief executive of LSN from March 1.

Punjabi-born Virinder Bahadur Garg is a graduate mechanical engineer, who has an MBA from INSEAD Paris and 25-year's experience with firms including JSW and TATA steel in India and ArcelorMittal in UAE, Luxembourg and Ukraine. Most recently led the marketing and sales divisions at the large Kryviy Rih facility, which produces six million tonnes of long products a year, including billets, rebars, wire, rod and merchant bars.

Virinder Bahadur Garg said his first priority at Liberty will be to 'focus on increasing LSN's market share in the UK, growing both organically and by acquisition'.
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LSN, which restarted its Newport-based rolling mill in October, is already producing 10,000 tonnes a week of hot rolled coil and Mr Garg said his aim is to increase this to one million tonnes a year within 12-18 months.

Source : freepressseries.co.uk

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voda 1 maart 2016 17:09

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POSCO to build FINEX steel mill in Iran

POSCO has signed a memorandum of agreement (MOA) with Iranian steelmaker, Pars Kohan Diar Parsian Steel (PKP), to jointly build a steel mill in the Middle East country incorporating its FINEX technology, the company said Monday.

The world's fourth-largest steelmaker said it will cost about $1.6 billion to construct the FINEX plant, capable of producing 1.6 million tons of steel annually, in Iran's Chabahar Free Trade-Industrial Zone (CFZ). POSCO Engineering & Construction (E&C) will build the mill.

A POSCO spokesman said “Last September, we signed the MOU with our Iranian counterpart and today's agreement has all but finalized the $1.6 billion project. We will continue to work hard to complete the scheme as scheduled."

As soon as the United States and other Western economies lifted sanctions on Iran in January, POSCO moved quickly to get the stalled FINEX plant project back on track.

Under the agreement, POSCO will shoulder 8 percent of the investment and transfer its POSCO innovative steelmaking technology (POIST) to its Iranian partner. POIST is a combination of FINEX and compact endless cast and rolling mill (CEM) technologies. PKP will pay for the remaining 92 percent.

"First, we will build the 1.6 million-ton steel mill using FINEX and CEM technologies," the spokesman said. "We will then construct additional facilities to produce 600,000 tons of cold-rolled coils and galvanized steel sheets."

Source : Korea Times

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voda 1 maart 2016 17:10

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Lay offs - Tenaris - Extended at seamless pipe mill in Canada

Tenaris announced that production adjustments at its seamless mill, TenarisAlgomaTubes, will extend the temporary layoff of 230 union employees who were laid off earlier this month and result in the reduction of about 20 non-union employees. It is anticipated that production will be temporarily interrupted until the third quarter of 2016 due to the prolonged industry downturn and while inventories work through the market.

The price of oil has worsened to levels not seen since 2003 and drilling activities have been reduced further, with the active rig count down more than 70 percent from the onset of the market crisis. Additionally, unfairly traded imports of OCTG (oil country tubular goods) and line pipe has hit the tubular industry hard, with high inventories of these products on the ground in Canada.

Mr Guillermo Moreno, vice president and managing director of Tenaris for Canada, said “We are making tough decisions while navigating a market with high volatility and uncertainty. But we are also looking beyond this crisis - maintaining a focus on the future, strengthening Tenaris’s positioning for market return and the challenges the new landscape may present.”

Tenaris has communicated to employees and informed the union, in accordance with the Collective Agreement in place.

Tenaris is aligning its workforce and production levels with market demand to better position the company for sustainable and long-term growth in the Canadian market.

Source : Soo Today

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