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voda 3 maart 2016 16:32

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Steel tariffs look like a big win for U.S. steel stocks

Mar 2 2016, 14:47 ET | By: Carl Surran, SA News Editor

Steel company shares are soaring following news of U.S. anti-dumping duties in the cold-rolled sheet trade case, with China receiving a 266% duty, which should effectively lock the country out of the U.S. market; Japan and Brazil were nailed with respective duties of 71% and 39%.

J.P. Morgan analysts call the tariffs a win for U.S. steel stocks including U.S. Steel (X +22%), AK Steel (AKS +17.4%), Steel Dynamics (STLD +5.2%) and Nucor (NUE +2.6%), as trade cases filed by the U.S. and around the world eventually will close the door to the export market for surplus Chinese steel, and China will have to cut its steel capacity to come in line with Chinese domestic demand.

With steel prices rebounding off of a bottom and the companies clearly demonstrating they have enough liquidity, J.P. Morgan believes the stocks should continue to outperform as shorts find it difficult to portray a possibility of near-term bankruptcies.

Also: MT +11.7%, CLF +19.5%, CMC +1.2%, WOR +2.9%, ZEUS +13.2%, SLX +6.9%.

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voda 3 maart 2016 16:36

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Energy costs could force Liberty Steel work going overseas

Energy voice.com reported that the cost of energy could delay expansion of a steel plant and lead to work being moved overseas, it has been warned. The owners of Liberty Steel said they wanted to move equipment from a former steelworks in Kent to its plant in Newport, south Wales, creating up to 1,000 jobs and potentially 3,000 indirect posts.

But the Gupta Family Group said the current cost of energy, and insecurity of supply, could delay the project and could force them to move the plant overseas. The group acquired the plant in Sheerness, Kent, which closed in 2012, saying it would enable it to start producing long products, including rebar for the construction industry.

Executive chairman Mr Sanjeev Gupta said: “Under the terms of our agreement with the sellers, we need to move the plant from its current location by June. Using it to expand Newport is our preferred option, but this is an energy-intensive business so, if the situation regarding future UK energy costs and security of supply doesn’t become clearer by then, we may have to consider moving the equipment outside the country. India and USA are alternative options. Both of these offer healthy market demand, positive government support and energy security.”

Liberty re-started the rolling mill in Newport last year, saving 150 jobs.

It has acquired most of the former Caparo steel businesses in the West Midlands, saving nearly 1,000 jobs, and it continues to seek further investment opportunities in the sector across the UK.

Source : energyvoice.com

voda 3 maart 2016 16:37

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Arrium asks workers to accept 10% pay cut

ABC News reported that Arrium has asked 400 miners to take a temporary pay cut of 10 per cent, until it can afford to pay them at their normal salaries. The company has mines near Whyalla, but also operates the steelworks, which have been struggling to stay afloat.

Mr Scott Martin from the Australian Workers Union (AWU) said Arrium did not want to pay a 3 per cent pay rise, negotiated in 2014, in addition to the 10 per cent pay cut.

He told “They're wedging the unions and the workforce, which are our members, into making a decision because they think they have to make it, rather than putting all the facts on the table. It would have been nice for them to come to see the union first, sit down with our delegates, explain what they're looking for. The vast majority of these workers have already lost thousands and thousands of dollars through roster changes, shift patterns, the elimination of rostered days off, and not working on public holidays."

Arrium is trying to find another $60 million by mid-year to keep the Whyalla steelworks open, and said it needed the support of all stakeholders, including workers, to break even.

Source : ABC News

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voda 3 maart 2016 16:39

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Potential buyers eying Essar Steel Algoma and US Steel Canada combo - Report

Bloomberg TV Canada is quoting unnamed sources, who say some of the companies bidding for U.S. Steel Canada are looking at combining the company with Essar Steel Algoma. Both of the steelmakers are currently under creditor protection and both are up for sale.

The reported bidders for US Steel Canada are Essar Steel Algoma’s parent in India, New York-based mining firm Bedrock Industries and ERP Compliant Fuels.

Bloomberg also reports in a story posted Monday that ‘a consortium of banks led by Deutsche Bank AG’ is said by the unnamed sources to be considering a bid for Essar Steel Algoma.

Essar Steel Algoma is currently operating thanks to a USD $200-million debtor-in-possession financing arrangement with what the company described as ‘a syndicate of lenders’ led by Deutsche Bank AG.

The deadline for bids to be submitted under U.S. Steel Canada’s sale process under its creditor protection arrangement was Monday.

Essar Steel Algoma began its sale and investment process under the Companies' Creditors Arrangement Act on February 11.

Source : Soo Today

voda 3 maart 2016 16:40

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Low steel production and losses due to lack of hard currency - Ezz steel

Daily news Egypt reported that the erosion of foreign currency reserves in Egypt has caused a rise in steel production costs and losses for several steel factories, according to director of marketing at Ezz Steel Company Mr George Matta. Mr Matta said Wednesday at the Egypt Builders conference that the dollar shortage is worse than the dollar’s increasing value against the pound since the shortage causes a decrease in the production of raw materials,

Mr Matta revealed Ezz Steel sells 8.4m tonnes of steel annually, including 1.8m tonnes that are imported. The complex economic factors and difficulties in import procedures have resulted in a production shortfall; Ezz Steel has produced 4m tonnes fewer than projected by their annual rate.

However the more pressing issue, according to Matta, is that inflation and political instability have foreclosed upon investment opportunities in the Middle East which are directly tied to the success of national mega projects.

He said “The manpower in Ezz Steel is 50,000 employees and contributes to about 9.7m tonnes produced for the steel industry in Egypt, representing 8.9% of the GDP. Due to reduced iron productivity this is expected to decrease to 7% of the GDP owing to the high gas consumption of the production process.”

Source : Daily news Egypt

voda 3 maart 2016 16:41

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USW lauds USDOC duties on cold rolled steel import into US

The United Steelworkers applauded a preliminary determination of an anti-dumping investigation announced by the US Department of Commerce that places duty orders on imports of cold-rolled flat steel products from Brazil, China, India, Korea, Russia, Japan, and the United Kingdom.

Source : Strategic Research Institute

voda 3 maart 2016 16:43

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US steel import market share stands at 23% in February

Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of February total 2,283,000 net tons (NT)*. This was a 20% decrease from the 2,841,000 permit tons recorded in January and an 11% decrease from the January preliminary imports total of 2,577,000 NT. Import permit tonnage for finished steel in February was 1,854,000, down 16% from the preliminary imports total of 2,217,000 in January.

Source : Strategic Research Institute

voda 3 maart 2016 16:43

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Polish minister calls for better protection of steel industry

The News reported that at the meeting, Polish Development Minister Mateusz Morawiecki called for measures to protect the domestic steel industry.

He said “As a EU border country we have a headache now, caused by the influx of such steel from Belarus, Ukraine or Russia. I have addressed this issue in talks with other EU economy ministers, requesting stronger steps.”

Poland is the fourth largest steel producer in the EU and 19th largest globally, although the domestic market is dominated by large global players. Competition is fierce, as increased imports from Eastern Europe and Asia affect the profit margins of Polish companies.

Source : The News

voda 3 maart 2016 16:45

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Zaporizhstal stops the Blast furnace No 5 on capital repair

Ukranian steel maker PJSC Zaporizhstal has stopped the Blast furnace No 5 on capital repair of the 2nd category with duration of 45 days. Financing of the repair will compose 107 million hryvnyas.

Source : Strategic Research Institute

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voda 3 maart 2016 16:46

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Environment Ministry gives go-ahead to Tata Steel Jamshedpur expansion to 11 MPTA

India Infoline News Service reported that based on the recommendations of the Expert Appraisal Committee (Industry-I), the Ministry of Environment has decided to give environment clearance to Tata Steel’s INR 1,877 crore expansion project at Jamshedpur Steel Works in Jharkhand

On August 4, 2014, the company had applied for an EC for expanding its crude steel production capacity to 11 MTPA from 9.7 MTPA at Jamshedpur Steel Works. The EC has been given to the company subject to strict compliance to specific and general conditions.The company has been asked to seek prior permission from the State Forest Department on possible impact of the expansion on reserve forests.

Moreover, as per the Central Pollution Control Board (CPCB) guidelines, Tata Steel has been asked to build a green belt in more than 33% of the area under the expansion project.

Source : India Infoline News Service

voda 3 maart 2016 16:47

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Legal land dispute delaying MESCO POSCO FINEX JV

Business Standard reported that the transfer of Finex, a technology patented by Posco to home bred steel maker Mesco Steel has hit the rough weather amid pending litigation over land. Mesco is entangled in a legal dispute on 825 acres of land at Kalinganagar, the site of its steel making facility. The land row still pending with the Supreme Court, is awaiting resolution and this has impeded Mesco's ambitious INR 13,000 crore plan to expand steel making capacity to 3.5 million tonne per annum, up from one mtpa now.

Mesco says it is ready to kick off expansion work after the row is cleared by the apex court. The company, however, rued that the land dispute has delayed its collaboration with Posco.

Mr PC Sahu, joint managing director, Mesco Steel said "The deal with Posco has been delayed because of the litigation over land. It has also hurt our expansion plan. The Odisha High Court had given its ruling in favour of Mesco, the Odisha government had challenged it in the Supreme Court in 2007. The matter is pending since then.”

Mesco brushed aside allegations pertaining to forcible acquisition of land. A Mesco release said “The Odisha government had acquired the land and handed over the same to Swraj Paul. However, after Paul backed out of the deal, as a gesture of goodwill Mesco offered to take over the project and spent large sums of money in creating boundary walls, leveling of site, facilities for blast furnace piling, construction of 144 rooms and administrative blocks. We were assigned 825 acres of this land while the remaining land was given to Visa and Jindal Steel. We are ready to resume work on this stretch of land as soon as we get the verdict from the apex court. Meanwhile, there are no villages on the said 825 acres and a falsehood is being propagated about denial of rights to farmers.”

To facilitate the transfer of Finex technology, both Mesco and Posco had signed a memorandum of agreement in March last year. In an earlier statement, Mesco Steel had said Posco would have 26 per cent equity in the joint venture (JV) project. Consultant Dastur & Company was roped in to study the modalities of the technology patented by Posco. Since the Finex plant requires a lot of oxygen and power, Mesco Steel had already initiated talks with some companies for setting up auxiliary plants on the JV route. The Finex plant during operation would need a running 100 Mw captive power plant (CPP) and an oxygen plant of 1000 tonne per day (tpd) capacity.

Finex technology, developed exclusively by Posco, is the process to smelt iron ore without using expensive coking coal. As the process uses normal coal abundantly found in Odisha, it will reduce the cost of production for hot metal.

Source : Business Standard

Bijlage:

voda 3 maart 2016 16:49

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Chinese big steel mills debt rises to USD 499 billion as consumption falls

Reuters reorted that China's major steel mills added to their debt pile in 2015 while consumption of steel products fell for the first time in two decades, a senior official said recently, adding to the industry's difficulties as it tries to tackle a crippling glut. Mr Li Xinchuang, the vice secretary general of the China Iron & Steel Association told a conference “The debt ratio of major steel mills rose 1.6 percentage points to 70.1 percent from a year ago, taking the big mills debt to CNY 3.27 trillion (USD 499 billion).”

Mr Li, who is also head of the China Metallurgical Industry Planning and Research Institute, added “At the same time, steel product consumption in China fell 5.4 percent to 664 million tonnes in 2015 from a year ago, the first drop since 1996.”

He said “China's major steel mills produced a combined 601 million tons of steel last year, accounting for nearly three-quarters of the country's total output. Total production reached 803.8 million tons last year, down 2.3 percent, the first drop since 1981.”

CISA earlier said the country's total annual crude steel capacity now stands at 1.2 billion tons.

Source : Reuters

Bijlage:

voda 3 maart 2016 16:52

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Canadian steelworkers reviewing options on US Steel decision

The United Steelworkers disagrees and is disappointed with a judge's decision giving US Steel creditor priority in the insolvency proceedings of the company's former Canadian subsidiary, US Steel Canada. USW Ontario Director Mr Marty Warren said “The union is reviewing this decision and discussing its options with counsel.”

Mr Warren said “We can certainly say that we disagree with much of what the judge has decided. If US Steel was technically insolvent before it tried to convert its equity or unsecured debt into secured debt, then it should not be allowed to do it."

He said "We are disappointed with this decision, but this issue is not resolved yet – not by a long shot. There is a second part to this trial that has not even started and then there is the question of an appeal.”

He said "In the meantime, the union remains focused on its key objectives – fighting to protect the pensions and benefits of retirees and ensuring US Steel Canada is restructured as a viable concern that continues to provide good jobs to working people in the Nanticoke and Hamilton regions."

Mr Gary Howe, USW Local 1005 President, representing US Steel Canada's Hamilton employees, said “This is an insult to thousands of workers and pensioners who should be considered first and foremost in this process.”

USW Local 8782 President Mr Bill Ferguson, representing Nanticoke employees, said "US Steel controlled everything, took our work to the US, shut us down and tried to run us into the ground. And now they even get back the money they paid to buy us in the first place – it's a disgrace.”

Superior Court Justice Herman Wilton-Siegel released a decision in which he endorsed US Steel's claims that it is owed more than $2 billion in debt from its former Canadian operations in Hamilton and Nanticoke. The judge rejected arguments from the Steelworkers, the Ontario government and other stakeholders that the money in question is equity, not debt. US Steel should not be allowed to go to the front of the line over other creditors, particularly thousands of pensioners and workers, they argued.

Source : Strategic Research Institute

voda 3 maart 2016 16:53

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Klöckner posts net loss of EUR 349 million in 2015

German metals trader Klöckner & Co SE reported that its fiscal 2015 net loss was EUR 349 million, impacted by goodwill impairments in North America activities. Loss per share were 3.48 euros, compared with a profit of 0.22 euros in the prior-year period.

According to the firm, the escalating steel crisis tangibly impacted sales and earnings performance.

EBITDA before restructuring expenses declined to 86 million euros from 191 million euros in the prior year. After restructuring expenses, EBITDA was 24 million euros.

Sales declined 0.9 percent to 6.4 billion euros, despite positive exchange rate effects, due to lower prices and volumes.

Looking ahead, the company expects first-quarter EBITDA between 10 million euros and 15 million euros.

Earnings will likely only begin picking up significantly year-on-year in the second quarter.

For fiscal 2016, the company expects sharp increase in EBITDA with net income marginally back in positive figures.

Buoyed by a more favorable market environment coupled with initial thrust from the KCO WIN+ restructuring and optimization program, operating income would be significantly above last year.

Despite the anticipated market growth, the company expects a slight dip in sales due to the restructuring measures.

Source : Strategic Research Institute

voda 3 maart 2016 16:54

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US raw steel production in Week08 dips 0.4% WoW

AISI reported that in the week ending February 27, 2016, domestic raw steel production was 1,692,000 net tons while the capability utilization rate was 72.4 percent. Production was 1,705,000 net tons in the week ending February 27, 2015 while the capability utilization then was 72.4 percent. The current week production represents a -0.8 percent decrease from the same period in the previous year. Production for the week ending February 27, 2016 is down 0.4 percent from the previous week ending February 20, 2016 when production was 1,699,000 net tons and the rate of capability utilization was 72.7 percent.

Adjusted year-to-date production through February 27, 2016 was 14,792,000 net tons, at a capability utilization rate of 69.5 percent. That is down 6.6 percent from the 15,844,000 net tons during the same period last year, when the capability utilization rate was 74.4 percent.

Broken down by districts, here's production for the week ending February 27, 2016 in thousands of net tons: North East: 202; Great Lakes: 638; Midwest: 189; Southern: 581 and Western: 82 for a total of 1692.

The Raw Steel production tonnage provided in this report is estimated. The figures are compiled from weekly production tonnage provided from 50 percent of the domestic producers combined with monthly production data for the remainder. Therefore, this report should be used primarily to assess production trends. The AISI production report “AIS 7,” published monthly and available by subscription, provides a more detailed summary of steel production based on data supplied by companies representing over three quarters of U.S. production capacity.

Source : Strategic Research Institute

voda 3 maart 2016 16:56

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Lay Offs – Rio Tinto - 700 iron ore jobs to go

The Australian reported that Rio Tinto has wasted no time embarking on its plans to strip an extra $US2 billion ($2.76bn) of costs off its books in the next two years, with an expected loss of up to 700 more jobs at the company’s profitable West Australian iron ore unit.

Just last month, Rio managing director Sam Walsh declared he would push for $US1bn in new annual savings this year and the same next year and that iron ore would play a big part, despite its 60 per cent profit margins. Now, it emerged that between 500 and 700 jobs could go at the West Australian iron ore operations run from Perth by Andrew Harding. The company would not confirm or deny the extent of the job cuts, which were reported by The West Australian newspaper.

A spokesman said “We are continuing to transform our business to ensure we remain globally competitive. Market conditions remain tough and we continue to focus on reducing costs and improving productivity.”

The latest round of planned cost-cutting across Rio’s global operations follows $US6.2bn of costs that were taken out in the past three years. The latest job cuts, which come after 800 West Australian iron ore job losses last year, will put the company’s local aluminium operations on notice, with that business expected to be a focus for the job cuts.

Source : The Australian

voda 3 maart 2016 17:02

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BHPB, Vale and Samarco reach agreement with Brazilian government over iron ore tailing dam disastor

Samarco Mineracao SA and its two shareholders, Vale SA and BHP Billiton Brasil LTDA, have entered into an agreement with the Federal Attorney General of Brazil, the States of Espirito Santo and Minas Gerais and certain other public authorities for the restoration of the environment and communities affected by the Samarco dam failure on 5 November 2015.

The Agreement provides a long-term remedial and compensation framework for responding to the impact of the Samarco tragedy.

Samarco, Vale and BHP Billiton Brasil will establish a Foundation that will develop and execute environmental and socio-economic programs to remediate and provide compensation for damage caused by the Samarco dam failure.

There are two broad types of programs included in the Agreement:

Reparatory Programs to restore the environment, local communities and the social condition of the affected areas; and

Compensatory Programs to provide compensation where remediation is not possible, and to provide compensation on a goodwill basis for certain special projects which go beyond strict make-good and compensation (for example, improvements to sewage systems and landfill management in the river basin).

The Foundation will be governed by a seven member Board, with Samarco, BHP Billiton Brasil, and Vale each appointing two members and the Brazilian Authorities appointing one member. The Foundation will be assisted in its work by an advisory panel that will include technical experts, regulators and community representatives.

The Foundation will submit remediation and compensation programs for approval to a Council consisting of representatives of the Brazilian Authorities. The Foundation’s activities will be subject to independent external audit.

The term of the Agreement is 15 years, renewable for periods of one year successively until all obligations under the Agreement have been performed.

Samarco will fund the Foundation with contributions as follows (calendar years):

BRL2 billion (approximately US$500 million) in 2016, less the amount of funds already spent on, or allocated to, remediation and compensation activity 1,

BRL1.2 billion (approximately US$300 million) in 2017, and

BRL1.2 billion (approximately US$300 million) in 2018.

The amount of annual contributions for each of the years 2019, 2020 and 2021 will vary between a minimum of BRL800 million (approximately US$200 million) and a maximum of BRL1.6 billion (approximately US$400 million), depending on the remediation and compensation projects which are to be undertaken in the particular year.

To the extent Samarco does not meet its funding obligations, each of Vale and BHP Billiton Brasil is liable in proportion to its 50 per cent shareholding in Samarco.

Samarco will continue to conduct and fund the humanitarian and environmental recovery and remediation work until the Foundation is operational, which is likely to be in the next few months.

The Agreement is subject to Court approval. If approved, the Agreement will settle the civil public claim commenced on 30 November 2015 by the Brazilian Authorities against Samarco, Vale and BHP Billiton Brasil which sought the establishment of a fund of up to BRL20 billion in aggregate for clean-up costs and damages relating to the dam failure.

Source : Strategic Research Institute

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voda 3 maart 2016 20:10

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USW members at ATI ratify new contract

Members of the United Steelworkers union at specialty steelmaker Allegheny Technologies Inc ratified a four year contract that, pending approval from the National Labor Relations Board (NLRB), ends a six-month illegal lockout imposed by the company on 2,200 workers at 12 facilities in six states.

USW members voted by a 5-1 margin to approve a tentative agreement reached on Feb. 22, 10 days after the NLRB filed a lengthy unfair labor practice complaint against ATI alleging that the lockout it began on Aug. 15, 2015, was illegal and that the company bargained in bad faith.

USW International President Mr Leo W Gerard said “The strength and solidarity of our union paid off with a fair contract that contains virtually none of the drastic concessions ATI sought to arbitrarily impose.”

The contract protects retirement benefits and maintains affordable, quality health care for active workers and retirees. It protects union jobs against outside contractors, maintains the grievance procedure and other important contract language, and introduces a new profit sharing system that allows USW members a bigger share in ATI’s future success.

ATI launched a well-prepared, well-funded campaign of intimidation and manipulation, recruiting scabs and security guards for the lockout, before bargaining even started in the spring of 2015. Talks opened with a jaw-dropping list of demands from ATI that included 145 deep and permanent concessions that would have erased decades of progress, significantly increased health care costs for retirees and created an unacceptable and divisive two–tier benefit system. After weeks of negotiations, ATI in August demanded that the union vote on a last, best and final concessionary offer. Before a vote could be held, ATI locked the workers out of their jobs on Aug. 15.

Source: Strategic Research Institute

voda 3 maart 2016 20:11

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EVRAZ to supply 23000 tonnes of head hardened rails to RUMO in Brazil

EVRAZ has signed a contract to supply rails to a major South American railway operator. EVRAZ will ship over 23 thousand tonnes of EVRAZ ZSMK head-hardened rails to RUMO ALL in 2016 and 2017. The first lot of 5000 tonnes is planned to be shipped in March.

In February RUMO ALL representatives including the Head of the engineering department, Mr. Leonardo Soares, visited EVRAZ ZSMK to inspect the facility and evaluated the high quality of rails.

RUMO ALL is a new railway company, created by merger of RUMO LOGISTICA and ALL. The operator owns more than 10 thousand kilometers of track in Brazil, several ports with aggregate capacity of 19 million tonnes, 996 locomotives and 28 thousand of railcars. The company is intensively developing and expanding its business. For its new railway projects RUMO ALL intends to use EVRAZ's products.

Source: Strategic Research Institute

voda 3 maart 2016 20:14

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US DOC finds dumping of cold rolled steel from Brazil, China, India, Japan, Korea, Russia, and UK

On March 1, 2016, the US Department of Commerce (announced its affirmative preliminary determinations in the antidumping duty (AD) investigations of imports of certain cold rolled steel flat products from Brazil, China, India, Japan, Korea, Russia, and the United Kingdom.

In the Brazil investigation, mandatory respondent Companhia Siderurgica Nacional received a calculated preliminary dumping margin of 38.93 percent. The second mandatory respondent, Usiminas Siderurgicas de Minas Gerais (Usiminas), did not respond to all of Commerce’s requests for information, and therefore received a dumping margin based on adverse facts available. Consistent with Commerce’s practice with regard to the application of facts available with adverse inferences, when determining a rate that is adverse, Commerce selects the higher of either the petition rate or highest calculated rate in the proceeding. Based on this, Usiminas and all other producers/exporters in Brazil also received a preliminary dumping margin of 38.93 percent.

In the China investigation, no company responded to Commerce’s requests for information. Accordingly, all producers/exporters in China received a preliminary dumping margin of 265.79 percent, based on adverse facts available.

In the India investigation, the sole mandatory respondent JSW Steel Limited/JSW Coated Products Limited received a preliminary dumping margin of 6.78 percent. All other producers/exporters in India received a preliminary dumping margin of 6.78 percent.
In the Japan investigation, mandatory respondents JFE Steel Corporation and Nippon Steel & Sumitomo Metal Corporation did not respond to Commerce’s requests for information. Accordingly, both mandatory respondents received a preliminary dumping margin of 71.35 percent, based on adverse facts available. All other producers/exporters in Japan received a preliminary dumping margin of 71.35 percent.

In the Korea investigation, mandatory respondents POSCO/Daewoo International Corporation and Hyundai Steel Corporation received preliminary dumping margins of 6.89 percent and 2.17 percent, respectively. All other producers/exporters in Korea received a preliminary dumping margin of 4.53 percent.

In the Russia investigation, mandatory respondents Joint Stock Company Severstal and Novolipetsk Steel OJSC received preliminary dumping margins of 12.62 percent and 16.89 percent, respectively. All other producers/exporters in Russia received a preliminary dumping margin of 14.76 percent.

In the United Kingdom investigation, mandatory respondents Caparo Precision Strip, Ltd. and Tata Steel UK Ltd. received preliminary dumping margins of 5.79 percent and 31.39 percent, respectively. All other producers/exporters in the United Kingdom received a preliminary dumping margin of 28.03 percent.

As a result of the preliminary affirmative determinations, Commerce will instruct U.S. Customs and Border Protection (CBP) to require cash deposits based on these preliminary rates.

The petitioners for these investigations are AK Steel Corporation (OH), ArcelorMittal USA LLC (Chicago, IL), Nucor Corporation (Charlotte, NC), Steel Dynamics, Inc. (Fort Wayne, IN), and United States Steel Corporation (Pittsburgh, PA).

The products covered by these investigations are certain cold-rolled (cold-reduced), flat-rolled steel products, whether or not annealed, painted, varnished, or coated with plastics or other non-metallic substances. The products covered do not include those that are clad, plated, or coated with metal. The products covered include coils that have a width or other lateral measurement (“width”) of 12.7 mm or greater, regardless of form of coil (e.g., in successively superimposed layers, spirally oscillating, etc.). The products covered also include products not in coils (e.g., in straight lengths) of a thickness less than 4.75 mm and a width that is 12.7 mm or greater and that measures at least 10 times the thickness. The products covered also include products not in coils (e.g., in straight lengths) of a thickness of 4.75 mm or more and a width exceeding 150 mm and measuring at least twice the thickness. The products described above may be rectangular, square, circular, or other shape and include products of either rectangular or non-rectangular cross-section where such cross-section is achieved subsequent to the rolling process, i.e., products which have been “worked after rolling” (e.g., products which have been beveled or rounded at the edges).

The scope of these investigations unless specifically excluded. The following products are outside of and/or specifically excluded from the scope of these investigations:
Ball bearing steels
Tool steels
Silico-manganese steel
Grain-oriented electrical steels (GOES)
Non-Oriented Electrical Steels (NOES)

Commerce will next conduct on-site verification of the information submitted in the questionnaire responses filed by the respondent companies, and will issue the resulting verification reports to all interested parties. Interested parties will then be afforded an opportunity to provide legal arguments on the preliminary determination and the verification reports, and participate in a public hearing, if one is requested. Commerce is currently scheduled to announce its final determinations in the China and Japan investigations on or about May 17, 2016, unless the statutory deadlines are extended. The final determinations in the Brazil, India, Korea, Russia, and United Kingdom investigations have been extended, and are scheduled to be announced on or about July 13, 2016.

If Commerce makes affirmative final determinations, and the U.S. International Trade Commission (ITC) makes affirmative final determinations that imports of certain cold rolled steel flat products from Brazil, China, India, Japan, Korea, Russian, and/or the United Kingdom, materially injure, or threaten material injury to, the domestic industry, Commerce will issue AD orders. If either Commerce’s or the ITC’s final determinations are negative, no AD orders will be issued. The ITC is currently scheduled to make its final injury determinations in the China and Japan investigations in June 2016 and the Brazil, India, Korea, Russia, and United Kingdom investigations in August 2016.

PRELIMINARY DUMPING MARGINS:

COUNTRY EXPORTER/PRODUCER DUMPING MARGINS

Brazil Companhia Siderurgica Nacional 38.93%

Brazil Usiminas Siderugicas de Minas Gerais 38.93%

Brazil All Others 38.93%

China China-Wide Rate 265.79%

India JSW Steel Limited/JSW Coated Products Limited 6.78%

India All Others 6.78%

Japan JFE Steel Corporation 71.35%

Japan Nippon Steel & Sumitomo Metal Corporation 71.35%

Japan All Others 71.35%

Korea POSCO/Daewoo International Corporation 6.85%

Korea Hyundai Steel Corporation 2.17%

Korea All Others 4.53%

Russia Joint Stock Company Severstal 12.62%

Russia Novolipetsk Steel OJSC 16.89%

Russia All Others 14.76%

UK Caparo Precision Strip, Ltd. 5.79%

UK Tata Steel UK Ltd. 31.39%

UK All Others 28.03%

Source: Strategic Research Institute

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