Eurobench.com

voda 16 maart 2016 13:24

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GMS update on shipbreaking in China in Week 10

As Indian sub-continent markets improved off the back of commodity price increases, so too did Chinese ship-recycling prices witness improvements of their own.

Local steel plate prices in China have gained as much as about USD 20/LT LDT over the past few weeks, only to see prices for ships improve in sync, closer to the USD 140 – USD 150/LT LDT region and remaining hot on the heels of the Turkish market.

However, as long as the gap remains as pronounced as it is with the Indian sub- continent markets, there remains little hope for any international tonnage to head to Chinese yards any time soon, particularly with demand for steel in China as muted as it currently is.

Source : GMS Weekly

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voda 16 maart 2016 13:26

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Nucor announces guidance for Q1 earnings

Nucor Corporation announced guidance for its first quarter ending April 2, 2016. Nucor expects first quarter results to be in the range of $0.20 to $0.25 per diluted share. This range is comparable to the first quarter of 2015 earnings of $0.21 per diluted share and a decrease from the fourth quarter of 2015 adjusted net earnings of $0.45 per diluted share. Fourth quarter of 2015 adjusted net earnings excludes $0.64 of impairment charges recorded during the quarter. Including these impairment charges, Nucor's net loss for the fourth quarter of 2015 was $0.19 per diluted share.

Source : Strategic Research Institute

voda 16 maart 2016 13:30

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Small increase in domestic iron ore price gives relief to non integrated steel makers in India

The increase in iron ore prices will have only a marginal negative impact on steel companies such as JSW Steel Limited (‘IND AA’/Stable) with no captive iron ore mines, says India Ratings and Research (Ind-Ra). However, there would be no impact on integrated steel companies such as Tata Steel Limited (‘IND AA’/Negative) and Steel Authority of India Limited (‘IND AAA’/Stable).

Source : Strategic Research Institute

voda 16 maart 2016 13:30

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Usiminas aiming to raise steel prices by 10 pct – Report

Reuters reported that Brazil's Usiminas is looking to increase steel prices for its distributors by nearly 10 percent in a bid by the troubled steelmaker to improve margins, a source familiar with the matter told Reuters on Tuesday.

Usiminas is struggling in the face of a slumping steel market in Brazil which has been exacerbated by a boardroom battle between its controlling shareholders that has hamstrung the company's ability to navigate the slump.

Source : Reuters

voda 16 maart 2016 13:31

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US raw steel production update for Week 10 - AISI

In the week ending March 12, 2016, domestic raw steel production was 1,722,000 net tons while the capability utilization rate was 73.6 percent. Production was 1,601,000 net tons in the week ending March 12, 2015 while the capability utilization then was 67.7 percent. The current week production represents a 7.6 percent increase from the same period in the previous year. Production for the week ending March 12, 2016 is up 2.9 percent from the previous week ending March 5, 2016 when production was 1,673,000 net tons and the rate of capability utilization was 71.5 percent.

Source : Strategic Research Institute

voda 16 maart 2016 13:34

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Sund Birsta to modernize WRC handling & compacting at MMK

MMK reconfirmed its trust in long-term partner Sund Birsta with an order for a second coil compactor. The two-strand wire rod mill supplied by Danieli in 2005 has been operating continuously with good results and now, after more than 10 years of production, MMK finds it necessary to add a second compactor to its handling system.

The original compactor from Sund Birsta has been performing very well, processing all the finished produtcs from the two strands.

Sund Birsta will supply the latest version of its Alfa compactor, the PCH-Alfa2, in which both hydraulic and electric functions are perfectly tuned to get the best efficiency available. This compactor will use a controlled circuit that generates hydraulic power only when needed during an operating cycle. This ensures that electrical consumption is minimized, in comparison to traditional pressure compensated compactors.

The Alfa2 also is equipped with electrical gear motor-driven feeding units to feed and stretch the binding wire effectively. The well-proven KNB hydraulic binding units, will apply the strong and reliable parallel knots for which Sund Birsta compactors are famous.

With a scorecard of more than 500 coil compactors supplied worldwide, Sund Birsta has developed a deep understanding of the process; and its unbeaten technology in wire rod handling makes it a valuable and trustworthy partner.

The new compactor will be supplied to MMK in late summer 2016.

Source : Strategic Research Institute

voda 16 maart 2016 13:35

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Lenders may classify Visa Steel as NPA – FE Report

Financial Express reported that lenders to loss making Visa Steel are planning to classify the exposure a non-performing asset since a strategic debt restructuring plan for the firm has been held up. The scheme has been stopped by the Orissa High Court following an objection by non-consortium lender HUDCO, sources told FE. Moreover, the promoters of Visa Steel have not yet agreed to bankers converting loans, to some subsidiaries, into equity shares.

Promoters of Visa Steel were present at Tuesday’s joint lenders’ forum (JLF) meeting held at State Bank of India. At the meeting, banks are understood to have expressed their displeasure with the company’s performance and asked the promoters to rope in an external investor.

A senior public sector banker present at the meeting said “We will be classifying the asset as non-performing since the debt-to-equity conversion isn’t likely soon.”

The report quoted a source as saying that “The company does not want banks to convert the loans given to a few subsidiaries and is therefore resisting the move although an SDR has been agreed upon. While the Reserve Bank of India was urging banks to clean up balance sheets, it was not possible to wait any longer. A conversion would allow banks to retain the standard asset classification for 18 months following the SDR. Moreover, the case is still not resolved at the Orissa High court.”

Visa’s borrowings of around INR 3,000 crore was restructured under the corporate debt restructuring (CDR) mechanism in FY13. In September last year, lenders decided to convert a large portion of debt into equity using the SDR scheme. FE had earlier reported that the consortium of lenders to Visa Steel, led by SBI, is looking to de-merge and sell its stake in the company’s special steels unit. However, HUDCO has objected to the move in the Orissa High Court, fearing dilution of its collateral. Of the INR 3,000 crore that Visa Steel owes lenders, HUDCO’s exposure is just INR 80 crore.

Two people aware of the development told FE that Hudco has declared Visa Steel an NPA. Other lenders to Visa Steel are Bank of Baroda (BoB), Punjab National Bank (PNB), Bank of India (BoI), Canara Bank a few banks from the SBI Group and Syndicate Bank.

In FY15, Visa reported a loss of INR 273 crore on the back of INR 1,260 crore in net revenues. The finance costs more than doubled to INR 229 crore and according to Bloomberg data, the gross debt stood at INR 3,094 crore, up 10.5% over FY14.

Source : Financial Express

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voda 16 maart 2016 13:36

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MMK cutting stake in FMG – Report

Bloomberg reported that Magnitogorsk Iron & Steel OJSC, the Russian steelmaker controlled by billionaire Victor Rashnikov, is starting to reduce its stake in Fortescue Metals Group Ltd to take advantage of its rising share price after the Australian producer signed an accord with Vale SA and iron-ore prices rebound.

The company has already sold a small portion of its holding in Fortescue, two people familiar with the matter said, asking not to be identified as the information isn’t official. MMK, as the steelmaker is known, sold a 0.64 percent holding in the Australian miner for A$51 million ($38 million) through UBS Group AG, the Australian newspaper reported on Tuesday, without identifying the sources. MMK’s press service declined to comment.

MMK started to build its holding in Fortescue in 2006. Before the recent sale, it held about 5 percent in the the world’s fourth-largest iron-ore miner, a stake valued at about $300 million. MMK was waiting for prices of the steelmaking ingredient to rise before trying to sell, it said in August.

Fortescue, which plunged to the lowest since 2008 in January, jumped more than 26 percent on March 7 before its announcement on an accord with Vale SA that could see the Brazilian company take a minority stake in the Australian miner owned by billionaire Andrew Forrest. The agreement also allows the companies to form joint ventures and develop new mines. The shares have declined more then 17 percent since than.

Source : Bloomberg

voda 16 maart 2016 13:37

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UK steel industry suffers new blow with more job cuts at Outokumpu units

The Telegraph recently reported that the steel crisis is continuing to claim jobs in UK industry, with a round of redundancies at Sheffield-based Outokumpu and a warning from its parent company that the UK operations could be closed down. The Finnish-owned business is consulting with staff about cutting 50 of its almost 600 staff as the steel sector battles lower global demand for the metal in the face of a global slowdown.

Outokumpu has four divisions in the UK and in an email to staff spelling out the difficulties facing the company , chairman Kari Tutti even raised the prospect of shutting down its British operation.

He said “Outokumpu’s financial performance continues on a very unsatisfactory level. The company has made losses for the past eight years and the outlook for 2016 remains challenging. The competitiveness of Outokumpu’s UK manufacturing units is also weak and we need to take significant actions in order to improve the competitiveness and to minimise the risk of discontinuation of operations in the UK.”

Mr Tutti said the job cuts would come among the 350 staff in the part of the factory where the steel is melted and in white-collar roles. The defined benefit pension scheme will also be closed and staff moved to a less generous scheme. Pay has also been frozen.

Much of Outokumpu’s work in the UK is on higher value and complex steel products, such as stainless steel. This sort of product had until now been seen as less affected by imports as Chinese plants do not have the technical skills to make such advanced steel.

Source : The Telegraph

voda 16 maart 2016 13:38

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Chinese pressure may tone down steel measures of EU - Report

Reuters reported that China has persuaded the European Commission to cut estimates of its spare steel capacity raising concerns in Europe that Brussels may be weakening its hand against cheap Chinese imports. As per report “A sequence of drafts of proposals to protect Europe's still shrinking steel industry, to be published by the EU executive on Wednesday, shows estimates of Chinese over capacity, a factor that can help support a case that firms are unfairly dumping product abroad, being revised down by close to 20 percent.”

An EU official told Reuters “That revision, from 400 million tonnes in a draft early this month to 350 million and then 325 million in the most recent draft seen by Reuters, was the result of Chinese complaints. The figures were revised after China challenged our data.”

The European Union is keen to promote trade, investment and other relationships with China. But steel producers, backed by governments including France, Germany and Britain, are pushing the Commission to do more to keep out ultra-cheap imports coming from Chinese factories which face problems of over-capacity.

Despite the imposition of EU anti-dumping duties on several Chinese producers, European competitors, whose remaining output is just 170 million tonnes a year, blame China for the loss of 20 percent of EU steel jobs since 2008, and fear more closures.

The Commission plan, to be issued after Wednesday's weekly meeting of the 28 commissioners, proposes a number of measures to counter what the draft documents describe as more than a doubling of Chinese imports in three years.The proposals include a "prior surveillance system on steel products", a protective mechanism to be triggered if imports rise sharply, higher anti-dumping duties, and a faster system of imposing penal tariffs on unfairly cheap imports.

Source : Reuters

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max21 16 maart 2016 13:43

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ABM Financial News - 2016-03-16

De Europese Commissie heeft besloten tot maatregelen om de Europese staalsector te ondersteunen. Dit maakte Brussel woensdags bekend.

De sector staat onder druk door de wereldwijde overcapaciteit, "een uitzonderlijke toename van de uitvoer en een ongekende golf van oneerlijke handelspraktijken", aldus de Commissie.

Op dit moment hanteert Brussel al 37 antidumping- en antisubsidiemaatregelen met betrekking tot staalproducten, waarvan er 16 van toepassing zijn op de invoer van staal uit China. De Commissie besloot de vaststelling van antidumpingmaatregelen te versnellen en staat klaar om aanvullende voorstellen te doen.

"De staalindustrie staat momenteel voor grote uitdagingen, maar die kunnen worden overwonnen als alle spelers de handen ineenslaan in een geest van loyale samenwerking", aldus Brussel.

Door: ABM Financial News. Info@abmfn.nl Redactie: +31(0)20-26 28 999

© Copyright ABM Financial News B.V. All rights reserved. Any redistribution, duplication or archiving prohibited. ABM Financial News B.V. and the provider of this website/application do not warrant the accuracy of any News Content provided and shall not be liable for any errors, inaccuracies or delays in the content, or for any actions taken in reliance thereon.

voda 16 maart 2016 13:47

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Iron ore shortage in Kranatka hurting steel makers – Report

DECCAN CHRONICLE reported that the Karnataka state, which has already been dealt a blow by global giant, ArcellorMittal’s decision to withdraw its proposal to set up a steel plant here, could be looking at a further downturn in its steel production as many of its steel manufacturing industries are in the process of closing shop owing to a short supply of iron ore.

According to the Karnataka Iron and Steel Manufacturers Association “More than half of the 60 sponge iron plants in the state have already shut shop and several others have partially suspended operations with the mining ban creating a shortage of raw material.”

Noting that the Supreme Court's cap on iron ore production is causing a slowdown in steel production in the state, Ballari-Sandur-Hosapete Mine Owners Association secretary, Hothur Mohammed Iqbal, feels its time for the government to intervene to prevent a further slide. He said “The steel sector is now on the verge of closure in the state. The government needs to approach the Supreme Court to lift the cap on iron ore production and accelerate the process of auctioning of category C mines to contain the damage.”

According to Mr Vinod Nowal, deputy managing director of JSW Steel, which imported around six million tonnes of iron ore last year to make up the shortage, currently about 22.5 million tonnes of ore is produced a year as against the requirement of about 34 to 36 million tonnes annually in the state. He said “We had to import because ore production in the state has fallen following the ban on mining imposed by the Supreme Court. The steel market is not very good either. With the recession, importing ore can only lead to loss of precious foreign exchange.”

Source : DECCAN CHRONICLE

voda 16 maart 2016 13:48

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FMG sees no impact of Moody's rating cut

AAP reported that Fortescue Metals has played down a downgrade by ratings agency Moody's, saying it will have no impact on its debt structure. CFO Mr Stephen Pearce responded in a statement “Our focus on successfully reducing operating and capital costs continues to offset the impact of lower iron ore prices.”

Moody's cut its rating on Fortescue by a notch late on Monday, citing worsening financial metrics amid a prolonged downturn in the sector. The agency cut Fortescue's senior secured rating - already below investment grade, from "Ba1" to "Ba2" and placed it on negative outlook. Moody's said it expects Fortescue's credit metrics to remain weak over the next 12 to 18 months, with the downturn being deeper and prospects for a recovery extended. It said "The downgrade reflects Moody's expectation of weaker performance over the next two years resulting from the significant drop in iron ore prices.”

Fortescue reported a four per cent drop in half year profit to $US319 million ($A441.95 million) in February, but also cut its cost guidance further on the back of an ongoing savings program.

Earlier this month, Fortescue announced it is in talks with Brazilian iron ore giant Vale to strike a deal that could give the larger rival a stake in the Australian miner, and help the two companies boost their combined market share in China.

Source : AAP

voda 16 maart 2016 13:48

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Roy Hill to accelerate iron ore ramp up - Credit Suisse

Roy Hill has brought forward its ramp-up plan, and now expects to be producing at full capacity of 55Mtpa by the end of the year. The previous plan was to achieve 55Mtpa over a 30 month ramp-up period, and several months ago, it suggested early 2017 as a target. Roy Hill Chief Executive said Roy Hill had built up 1Mt of stock at Port Hedland ready for shipment.

Credit Suisse Comment

Achieving a full run-rate by the end of the year would be an astoundingly successful ramp-up. Typically, mines startup, and then find parts in the plant that need to be rectified and replaced. It is unclear what is backing the new target, but it is clearly not operating experience, as only small tonnages have been produced to date, and financial completion is not expected until May. Perhaps the delay in the start from Sep 2015 to May 2016 has allowed a build-up of ROM stocks that will provided a faster run-rate provided the plant operates as planned.

What is also clear is that Roy Hill has a lot of pretty whacko public relations swirling around it so best to take this with a grain of salt. If it is true then my $20 something forecast for iron ore before year end is a shoe-in.

Source : macrobusiness.com.au

voda 16 maart 2016 16:18

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'Nederlands staal gedumpt in VS'

Gepubliceerd op 16 mrt 2016 om 15:00 | Views: 1.951

AMSTERDAM (AFN/BLOOMBERG) - Gewalst staal uit onder meer Nederland is mogelijk tegen dumpprijzen ingevoerd in de Verenigde Staten. Het Amerikaanse ministerie van Handel heeft hier althans aanwijzingen voor.

Mocht inderdaad staal tegen dumpprijzen zijn verhandeld, dan kan dat leiden tot extra importheffingen op de goederen. Het is niet duidelijk of het staal in Nederland is geproduceerd, of dat het gaat om wederuitvoer. Tata Steel, de enige staalproducent met productiecapaciteit in Nederland, wilde nog niet reageren.

Het onderzoek dat het ministerie is begonnen richt zich ook op gewalst staal uit Australië, Brazilië, Japan, Korea, Turkije en het Verenigd Koninkrijk. Het ministerie startte het onderzoek op verzoek van verschillende Amerikaanse staalproducenten. De definitieve onderzoeksresultaten worden begin augustus verwacht.

voda 17 maart 2016 12:26

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ArcelorMittal South Africa raises steel price by 11%

Published on Thu, 17 Mar 2016

ArcelorMittal South Africa has announced steel price increases of up to 11%, more than double inflation,– in an effort to keep its Vanderbijlpark Works afloat a steelmaking facility that is currently losing ZAR 300 million a month.

Long products used in construction, such as reinforcing bar would be increased 8% whilst light sections which are used for fencing and windows would increase on average only 2% from April.

Mr Themba Nkosi, GM of AMSA’s human resources, corporate communications and stakeholder affairs, said that the Vanderbijlpark Works was of critical importance but it continued to face cost pressures including the recently announced 9.4% increase in electricity costs. He said “The challenges faced by ArcelorMittal South Africa and the local steel industry are still persisting, and they are putting the company and the steel sector in a difficult position.Creating a sustainable and profitable business is critically important for the stability of South Africa’s ongoing steel needs and requirements.”

Mr Nkosi said steel prices had been increasing this year but that the company had kept its increases in line with fair pricing procedures as agreed with the South African government. Meanwhile, the government’s promise to impose duties on cheap imports had not yet taken effect.

AMSA said in August last year that it would cut 400 jobs following a restructuring of its Vereeniging Works and said a review of operations had been extended to Vanderbijlpark.

The South African government had agreed to provide some import duty protection against Chinese imports whilst Sishen Iron Ore Company, a subsidiary of Kumba Iron Ore, had also agreed to lower its iron ore sales price to AMSA.

Source : MininMx

voda 17 maart 2016 12:31

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Egyptian Iron & Steel Co seeking lower gas prices

Amwal Al Ghad reported that Chairman of Egyptian Iron and Steel Company Mr Mohamed Saad Nageada has urged the Cabinet to lower the price of gas that the second provides for a period not more than three years.

Speaking to Amwal Al Ghad Tuesday, Mr Nageada also urged the Cabinet to decrease the price from US$4.5 to US$3 per million British thermal units (MMBtu) until the company finishes rehabilitation and development processes it plans to execute within the upcoming period.

The chairman added that the new price - estimated at US$4.5 per MMBtu- is set to reduce the losses by 120 million Egyptian pounds, while the US$3/MMBtu-price will shrink the losses by 250 million pounds.

Mr Nageada clarified that Iron and Steel company has signed five initial Memoranda of Understanding (MoU) with five Russian, Chinese and Italian firms for developing the company. The chairman said that the company is currently studying the offers of three Russian and Chinese firms in order to sign their MoUs.

Source : Amwal Al Ghad

voda 17 maart 2016 12:32

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Kobe Steel aims to return to profit at excavator unit

Bloomberg reported that Kobe Steel Ltdis targeting a return to profit next year at its construction equipment unit after paring costs by cutting output. Removing excess stock in China will help boost earnings at the Kobelco Construction Machinery Co unit even as demand stays stagnant, Kenji Horiuchi, a spokesman said Tuesday by phone.

Kobe forecast last month the unit would have a loss of 16 billion yen ($140 million) this fiscal year, compared with a 21 billion yen profit a year ago.

Kobelco’s Chinese plants were shut for about 10 days a month in the second half of last year to shed excess inventory. There haven’t been any planned shutdowns since January and the unit has increased output, he said.

Kobe Steel warned last month it would report an annual loss in the current year to March, as its construction machinery unit and steel manufacturing business were both hit hard by China’s economic slowdown.

Source : Bloomberg

voda 17 maart 2016 12:33

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Steel & Tube turns profit despite steel price storm

Fairfax reported that declining steel production and prices have failed to put much of a dent in Steel & Tube's profit for the half year to December 31 The steel manufacturer, which is exposed to the dairy and construction industries, said profit for the half year was up 47 per cent to $15.9 million after tax.

Chief executive Dave Taylor said the sectors important to Steel & Tube had mixed outlooks and he was expecting 2016's full year figures to be consistent with last year's result. He said “Global steel prices had fallen 30 per cent to lows not seen since 2003, creating an intensely competitive steel market at home. Yet Steel & Tube had managed to almost totally offset the impact though new initiatives.”

During the period the company purchased three companies including a fastening business called MSL Fortress in August. It also bought the assets of polyethylene pipe specialist Aquaduct and Bosch Irrigation last September. Both companies were in receivership. Steel & Tube also opened a new reinforcing and wire processing factory in Auckland.

Source : Fairfax

voda 17 maart 2016 12:34

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Metalloinvest to cut debt by USD 700 Million by redeeming bonds

Bloomberg reported that Metalloinvest Holding Co. plans to curb debt after Russia’s largest iron-ore producer redeems USD 700 million of Eurobonds that mature in July. CFR Mr Pavel Mitrofanov said in an interview in Moscow. “We plan to cut debt in absolute figures. We So far sees paying them back as preferable to refinancing. We already have sufficient funds to do it. That would cut debt to $3.7 billion from $4.4 billion at December 31.”

The company’s ratio of net debt to earnings before interest, tax, depreciation and amortization rose to 2.49 in 2015 from 2.13 a year earlier. Hee said “We are relatively comfortable with this debt level, but will seek to keep the ratio below 3. After paying back the Eurobond, the only debt that matures this year, Metalloinvest will work to curb the debt further. It got a $450 million pre-export finance facility from an international pool of lenders this month and sold 5 billion rubles ($70 million) of bonds in February, which will be used for refinancing of debt maturing in 2017 and 2018.”

Mr Mitrofanov said “Metalloinvest is preparing to work with the current prices in the medium term. We are not waiting for the iron-ore price to be back to $100 a ton. To improve sustainability, the miner is investing to boost output of value-added products, such as iron-ore pellets and hot, briquetted iron.”

Source : Bloomberg

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