Eurobench.com

voda 29 maart 2016 17:19

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Unions Community appeals to Tata Steel ahead of March 29 meeting

The Hindu Business Line reported that one of the largest unions representing Tata Steel workers in the UK has appealed to Tata Steel ahead of its board meeting this week, which could determine the future of the company’s steel works at Port Talbot in Wales. The union Community also called on the British government to join it in pushing for the Tata board to support a turnaround plan for the steel works.

Mr Roy Rickhuss, head of Community, after meeting last week with Mr Hans Fischer, the newly appointed head of Tata Steel’s European operations following the resignation of Karl Koehler last month, said “Today’s meeting reaffirmed the joint desire of Community and Tata Steel’s UK leadership to save the Port Talbot steelworks.”

He added “Reports that suggest the Tata board in India will reject this turnaround plan are deeply concerning and Community will be doing all we can to ensure the company do not go down this route. The workers at Port Talbot have achieved everything asked of them and deserve the continued support of Tata.”

A number of press reports in the UK over the past couple of days have suggested that the board might not back a two-year turnaround plan brought in earlier this year. The news channel ITV Wales reported that the time scale for the turnaround had been “vastly shortened” rendering it ‘unfeasible.” “It is thought the board meeting next week could recommend closure,” the report said.

Source : The Hindu Business Line

voda 29 maart 2016 17:20

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Essar Steel bags major order to make petrol tanks for Essar Oil

Business Line last week reported that Essar Steel has bagged a INR 100-crore order to make 7,000 cylindrical petrol tanks for the upcoming 4,000 petrol pumps of Essar Oil.

The first major order for cylindrical tanks will open a new chapter for Essar Steel in the fabrication business as it renews focus on providing application solutions for different structures rather than just selling virgin steel. The fuel tanks, which will have life span of 20-30 years, are being manufactured at the company’s service centres at Hazira, Pune, Chennai and Bahadurgarh (National Capital Region).

Mr Ravi Singh, Chief Executive Officer, Essar Hypermart, said the order has given a further fillip to the fabrication business and the company is already delivering 12 tanks a week. He told “We expect the steel fabrication business to contribute INR 1,000 crore next fiscal consuming one lakh tonne of specialised steel against revenue of INR150 crore to be registered by end of this fiscal.”

Source : Business Line

voda 29 maart 2016 17:22

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High speed Daniele bar mill at JSW Vijayanagar performing well

Daniele reported that the HTC technology is the way to obtain high productivity with small size bars, delivered at ultra-high speeds onto the cooling bed, one bar per notch, both for one-strand and two-strand rolling.

The latest addition to the series of modern high performance bar mills of Danieli, the 220 tph, 1.2 MTPA re-bar mill at JSW Vijayanagar Works in Karnataka, India, achieved rated capacity and set a couple of records in its production program in January 2016.

The mill constructed and commissioned in 18 months, achieved the fastest ever production ramp up to hit 89% capacity in 6 months after start up.

Mr Hari Kumar N General Manager of JSW Bar Mill 2 said “We have rolled during last year all the products, but mainly rebar 2x12, 2x16 2x20 and 25 mm were produced. We are happy with the overall performance of the mill and Danieli is helping us in doing that. Thank you so much for your help and support. Congratulations to the Danieli team on JSW Barmill #2 achieving rated capacity (110%) in the month of January 2016.”

These performances are being achieved thanks to the solid cooperation between JSW and Danieli technicians. The positive results obtained, thanks to the stable and well-known high speed bar rolling system developed by Danieli Long Products Division, are consolidating JSW Group's indisputable leadership in rebar production, in the Far East countries.

Source : Strategic Research Institute

Bijlage:

voda 29 maart 2016 17:24

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Primetals Technologies to modernize minimill of Abinsk Electric Steel Works in Russia

Abinsk Electric Steel Work, a Russian producer of long products, has signed a contract with Primetals Technologies to modernize the electric arc furnace, ladle furnace and 6-strand continuous billet caster in the company's minimill. The aim of the modernization is to increase the production capacity of billets with cross sections of 130 and 150 millimeters from 0.95 to 1.5 million metric tons per annum.

Additionally, Abinsk will be able to produce more quality steel grades, such as high carbon steel for wire and spring steel. The new technology will not only increase the availability of the steel works, but also decrease maintenance costs. Conversion costs will also be substantially lowered. The energy requirement of the electric arc furnace will be reduced from 410 to 370 kilowatt hours per metric ton. The modernized meltshop is scheduled to come into operation at the end of 2016, the continuous billet caster in the first quarter of 2017.

Abinsk Electric Steel Works is one of Russia's leading producers of reinforcing bars and other long products. The company runs an electrical steel works and two rolling mills in Rajon Abinsk, located in the South Russian region of Krasnodar. Primetals Technologies is responsible for the basic and detail engineering, the production and supply of the new equipment, and will supervise their construction and commissioning. The electrical steel works will be equipped with new cross-plant process automation.

The modernization also involves installing a PLC-Based electrode control system and a new oxygen injection system from Primetals for the electric arc furnace in the steel works. In addition, high-current cables and the complete high-current busbar system after the furnace transformer will be replaced. The roof panels and elbow will be re-engineered, and a new furnace pressure control system with Direct Evacuation Damper after the hot gas duct of the furnace primary suction line will installed.

The main hydraulic system of the electric arc furnace will be modified to improve furnace movements and minimize the power off times, approximately by 20 seconds per each scrap charging. In addition to the electric arc furnace also the ladle furnace will be modernized and will be equipped with a new, four strand wire feed and a new lime injection system.

For the modernization of the 6 strand continuous billet caster, Primetals Technologies will supply stopper casting equipment, consisting of stopper mechanisms with electromechanical actuators, shroud manipulators, emergency cut-off gates and automatic mold powder feeders. The maximum casting speed will be 5 meters per minute for the 130 x 130 millimeter casting format. New DiaMold tube molds, DynaFlex mold oscillators, electromagnetic stirrers, roller blocks and secondary cooling spray headers will be installed for casting with high casting speed. A new billet marking machine will be installed in the run-out area of the plant. The existing turnover cooling bed will be modernized, new hydraulic cylinders will be installed, and the cooling bed hydraulic system will be modified.

Abinsk Electric Steel Works in the South Russian region of Krasnodar. Primetals Technologies will modernize the electric arc furnace, ladle furnace and 6-strand continuous billet caster.

Source : Strategic Research Institute

voda 29 maart 2016 17:25

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Sonatrach awards USD 100 million pipe sup[ply deal to foreign firms – Report

Reuterslast week reported that Algeria's state energy firm Sonatrach has awarded a USD 100 million contract to supply oil and gas drilling tubes to five foreign firms as part of its drive to increase production. The companies named in the Sonatrach document are Germany's CCC Machinery, Dutch firm Van Leeuwen, Vallourec Tubes France, Kurvers Piping France, and High Sealed&Coupled from China.

OPEC member Algeria, which has been hurt by a 70 percent fall in oil prices since mid-2014, is campaigning for more foreign investment to increase oil and gas production to sustain exports and meet growing local demand. But recent bidding rounds have failed to attract much interest from foreign oil producers.

Sonatrach also said on Tuesday it had made a new oil find with Thailand's PTTEP and China's CNOOC following successful drilling in the Hassi Bir Rekaiz area in Algeria. This represents 20,000 barrels per day. Sonatrach holds a 51 percent stake in the project, with the other two companies owning 24.5 percent each.

The state energy company is focusing on developing areas around existing fields and hiking production at its mature fields. It will also invest $3.2 billion over four years to increase pipeline capacity as natural gas output rises from new and existing fields.

Source : Reuters

voda 29 maart 2016 17:26

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Indian steel makers seek more duties on import - Report

Business Standard last week reported that although there is now a safeguard duty and minimum import prices on various steel products, five major companies in the sector have asked the government to also impose anti-dumping duty and countervailing duty on selected products.

As per report “The five are JSW Steel, Steel Authority of India, Tata Steel, Jindal Steel & Power and Essar Steel. They have asked the Directorate General of Anti-Dumping & Allied Duties to impose these two duties on particular steel products of one category - hot rolled flat products of non-alloy and other alloy steel, in coils of a width of 600 mm or more.”

An official said “The companies are looking for a long-term solution. Unlike safeguard duty or MIP, the anti-dumping duty or countervailing duty is country-specific. Thecompanies' focus is on China, top steel exporter to India.”

Safeguard duty is allowed under World Trade Organization rules as a temporary measure for a specified period, to check damage to a country's domestic industry from cheaper import.

According to the commerce ministry, the purpose of ADD is to rectify the trade-distortive effect when goods are exported by one country to another at a price lower than its normal value.

Countervailing duties are meant to level the playing field between domestic producers and foreign producers of the same product who can afford to sell it at a lower price because of the subsidy they receive from their government.

Source : Business Standard

voda 29 maart 2016 17:26

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Tata Steel board to take call on UK steel plants on Tuesday

PTI reported tht the board of directors of Tata Steel is expected to meet on March 29 in Mumbai to discuss whether to retain or sell the plants in Scunthorpe and Port Talbot in UK. The board has to decide if it will continue to invest in the loss-making plant at Port Talbot.

It has to take a call on whether the company will back the two-year turnaround plan of the plant

Tata Steel's European business reported a quarterly loss highlighting the UK steel crisis which has seen more than 5,000 employees lose their jobs since last summer. At least 18,000 jobs in the UK may become redundant if Tata Steel decide to ditch two of their loss making plants at a board meeting on Tuesday.

The Tata board will also take a call next week if it should go ahead with a deal to sell the Scunthorpe plant, which has a staff of 4,500 with another 4,500 people indirectly dependent on the facility. According to The Times, a 400 million pound rescue deal to sell the plant to Greybull Capital is "on track".

Source : PTI

voda 30 maart 2016 16:57

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Tata Steel bekijkt verkoop Britse divisie

Gepubliceerd op 30 mrt 2016 om 07:28 | Views: 3.581

MUMBAI (AFN) - Staalconcern Tata Steel, de Indiase eigenaar van de hoogovens in IJmuiden, overweegt de verlieslijdende Britse activiteiten te verkopen.

Tata Steel had al aangekondigd duizenden banen te gaan schrappen in Groot-Brittannië. Het bestuur is echter tot de conclusie gekomen dat de herstructureringsplannen voor de Britse divisie te duur zijn en dat succes buitengewoon onzeker is. Daarom moet worden afgezien van voortgang met die reorganisatie, zo werd na een marathonsessie door de top van Tata Steel besloten. Er werken in het land zo'n 15.000 mensen voor het concern.

Volgens Tata Steel kunnen de Britse activiteiten eventueel als geheel of in delen worden verkocht. Het bedrijf heeft in de afgelopen vijf jaar omgerekend zo'n 2,5 miljard euro aan afschrijvingen moeten doen op het Britse onderdeel.

Tata Steel heeft net als andere staalbedrijven in Europa te kampen met zeer lastige marktomstandigheden vanwege een zwakke vraag en het overaanbod op de markt. Dat komt mede door de grote export van goedkoop Chinees staal. Ook is er sprake van hoge productiekosten in Europa, aldus Tata Steel. Het bedrijf denkt dat de moeilijke marktcondities voorlopig zullen aanhouden.

Overaanbod

Het concern nam in 2007 voor 12 miljard dollar het Europese staalbedrijf Corus over, waardoor het eigenaar werd van de hoogovens in IJmuiden en de Britse fabrieken. Tata Steel heeft Britse productievestigingen in Port Talbot in Wales en in Rotherham en Scunthorpe in het noorden van Engeland. De jaarlijkse capaciteit bedraagt circa 11 miljoen ton. Vorige week werd nog bekend dat Tata Steel twee fabrieken in Schotland verkoopt.

De onderneming voert nog overleg met de Britse overheid over de toekomst van de activiteiten in het land. De overheid heeft aangegeven hard te werken om de staalindustrie in Groot-Brittannië te behouden. De vakbonden willen dat Tata Steel verantwoordelijk optreedt bij een verkoop van de Britse divisie en voldoende tijd uittrekt om een nieuwe eigenaar te zoeken.

voda 30 maart 2016 19:38

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Evraz welcomes CITT ruling on 'dumped' Chinese steel pipe

Regina Leader-Post reported that Evraz North America is applauding the Canadian International Trade Tribunal (CITT) finding that Canadian producers have been injured due to dumped and subsidized imports of certain line pipe products from China. The decision applies anti-dumping and countervailing duty measures established by the Canada Border Services Agency to restore market-based pricing to Chinese exporters, the company said in a news release Tuesday.

Mr Conrad Winkler, Evraz North America president and CEO, said “Today’s decision allows Canadian pipe manufacturers to compete more effectively in an exceptionally difficult oil and gas market. Evraz and other steel operations continue to be impacted by the flood of unfairly traded line pipe imports. We are eager to compete globally on a level playing field based on actual economics and capabilities, but we cannot compete with government subsidies and dumping practices.”

CITT said on Tuesday “Further to the Canadian International Trade Tribunal’s inquiry, and following the issuance by the president of the Canada Border Services Agency of final determinations dated Feb. 24, 2016, that the aforementioned goods have been dumped and subsidized, the Canadian International Trade Tribunal hereby finds … that the dumping and subsidizing of the above-mentioned goods have caused injury to the domestic industry.”

The Chicago-based company has six production sites located in the U.S. (Portland, Ore., Pueblo, Colo.) and Canada (Regina, Calgary, Camrose and Red Deer). Evraz North America currently employs over 1,800 people in Canada across recycling, steelmaking, and pipe making operations. The company’s Canadian line pipe production facilities are in Camrose and Red Deer, Alta., and Regina.

Source : Regina Leader-Post

voda 30 maart 2016 19:39

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US steel imports in February dip 17% MoM

Based on preliminary Census Bureau data, the American Iron and Steel Institute reported today that the U.S. imported a total of 2,212,000 net tons (NT) of steel in February 2016, including 2,079,000 net tons (NT) of finished steel (down 16.5% and 6.7%, respectively, vs. January final data). Year-to- date (YTD) through two months of 2016 total and finished steel imports are 4,860,000 and 4,307,000 net tons (NT), respectively, down 40% and 34% respectively, vs. the same period in 2015. Annualized total and finished steel imports in 2016 would be 29.2 and 25.8 million NT, down 25% and 18% respectively vs. 2015. Finished steel import market share was an estimated 26% in February and is estimated at 26% YTD.
Key finished steel products with a significant import increase in February compared to January are reinforcing bars (up 32%), tin plate (up 53%), structural pipe and tubing (up 12%) and sheets and strip allother metallic coatings (up 11%).

Source : Strategic Research Institute

voda 30 maart 2016 19:41

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Tata Steel UK – Mr Sajid Javid criticised for missing Mumbai meeting

Huffington Post reported that UK’s Business Secretary Mr Sajid Javid has been slammed for travelling to Australia while the fate of thousands of British steelworkers’ jobs is being decided in India. But instead of flying to Mumbai to put pressure on the company to support a turnaround plan, Mr Javid is due to go to Australia this week, where he will address the British Chamber of Commerce on Thursday.

Labour MP Stephen Kinnock, who is in Mumbai representing hundreds of his constituents who face losing their jobs, claimed Mr Javid’s no show symbolised the UK Government’s abject failure when it came to helping the steel industry. He told The Huff Post UK “This is deeply disappointing but not surprising. It reflects their abject failure to lift a finger for the British steel industry since 2010. They would rather just roll out the red carpet to China.”

A spokesman for Community, the steelworkers’ union, said Javid’s presence would have shown Tata how “serious” the potential job losses were to the UK. They said: “That would have been very helpful. It would have been great to have somebody over there. “

Source : Huffington Post

voda 30 maart 2016 19:42

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Indonesia keeps anti-dumping tax on Vietnamese CR steel

VNS reported that the Indonesian Anti-Dumping Committee decided to keep an anti-dumping tax rate of between 12.3 per cent and 27.8 per cent for steel products imported from Viet Nam for the next five years to protect local steel producers. The final decision was made after reviewing anti-dumping investigations into cold rolled steel sheets imported from Viet Nam, China, Japan, Taiwan and South Korea in September 2015, the Viet Nam Competition Authority said.

Steel products from Japan, China, South Korea and Tainwan have anti-dumping taxes of from 18.6 per cent to 55,6 per cent, 13.6 per cent to 43.5 per cent, 10.1 per cent to 11 per cent and 5.9 per cent to 20.6 per cent, respectively.

A lawsuit was lodged by plaintiff PT Krakatau Steel in 2011. In March 2012, the Indonesian Ministry of Finance decided to levy anti-dumping duties on steel products imported from the five countries and territory.

Source : VNS

voda 30 maart 2016 19:43

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Tata Steel UK - Welsh and UK Governments issue joint statement

ITV reported that the Welsh and UK Governments have released a joint statement on the announcement by Tata Steel that it is considering selling off its entire UK operation.

The statement said “This is a difficult time for workers in Port Talbot and across the UK. During the review process, we remain committed to working with Tata and the unions on a long term sustainable future for British steel making.”

It added “Both the Welsh and UK governments are working tirelessly to look at all viable options to keep a strong British steel industry at the heart of our manufacturing base.”

Source : ITV

voda 30 maart 2016 19:43

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Krishnadevaraya University

The Hindu reported that in the mining belt of Ballari, a mining baron and a steel giant are going to take centre stage at the Vijayanagar Sri Krishnadevaraya University’s convocation on Wednesday.

While the university would confer honorary doctorate (D.Litt.) degree on Mr Sajjan Jindal, Chairman and MD of JSW Group and steel major, the convocation address would be delivered by Mr Narendra Kumar Baldota, Chairman of Hosapete-based Baldota Group, which is into mining.

M.S. Subhas, Vice-Chancellor, told reporters that of the 18 names proposed for doctorate degrees, the expert committee headed by retired judge Shivaraj Patil chose only two. Mr Jindal was chosen for his initiative to establish a mega integrated plant and for taking up various pro-people activities as part of corporate social responsibility, and bringing name and fame to Ballari district, he said.

Source : The Hindu

voda 30 maart 2016 19:44

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JSPL in talks with Japan Yamato Kogyo y for rail mill divestment – ET Report

Economic Times, citing two people familiar with the development, reported that Jindal Steel and Power Limted is in advanced discussions with Japan's Yamato Kogyo Company Ltd to sell up to 49% stake in its rail mill unit at an estimated INR 3,000 crore

The ET report quoted a person as saying that “JSPL had initiated discussions with Yamato Kogyo Company around December last year and has entered into an initial understanding. They have completed due diligence and negotiations are at the final stage."

The ET report quoted second person as saying that “The rail mill will be valued at about INR 6,000 crore. Yamato Kogyo is likely to pay about INR 3,000 crore for 49%. Negotiations are underway.”

The report added that JSPL is considering sale of assets or equity in various companies for tackling a burgeoning debt and this will be its second divestment.

Source : Economic Times

Bijlage:

voda 30 maart 2016 19:45

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Steel companies divesting power assets to lighten debt burden - Report

Mint reported that more steel makers are now divesting power assets to stay afloat in a weak steel market and meet debt obligations. Monnet Ispat and Energy Ltd, Jindal Steel and Power Ltd and Adhunik Metalliks Ltd are two such steel companies looking to partially or fully exit their power portfolios. Adhunik Power has an operational power capacity of 540 MW, Jindal Steel & Power 3,400 MW while Monnet Power’s capacity of 1,050 MW is still under execution.

Monnet Ispat and Energy is said to be in discussions with Sajjan Jindal-promoted JSW Energy Ltd to sell its power subsidiary Monnet Power Co. Ltd.

According to people directly involved in the discussions, Jindal Steel and Power is likely to soon close a deal with JSW Energy Ltd for about 1,000 megawatts (MW) of its 3,400 MW power capacity.

Bankers to Adhunik Metalliks Ltd, according to several news reports, has started the process to find a buyer for its subsidiary Adhunik Power and Natural Resources Ltd’s power assets.

Calculated at INR 6 crore per MW as cost, Adhunik could get up to INR 3,240 crore for the plant. The valuations for Jindal Steel’s 1,000 MW power capacity up for sale to JSW is being valued upwards of INR 5,000 crore.

The three steel manufacturers are under tremendous pressure to meet debt obligations. As on 31 December 2015, standalone debt for Adhunik Metaliks was INR 2,051.10 crore and that for Monnet Ispat was INR 6,627.07 crore. For Jindal Steel and Power, consolidated debt as of December 2015 was INR 42,534.04 crore.

Source : Mint

Bijlage:

voda 30 maart 2016 19:46

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Bankers may rule out SDR route for Essar Steel –CNBC Report

Money Control quoting banking sources reported that Essar Group, which is looking to sell its debt-ridden steel arm, might not be put under the Strategic Debt Restructuring (SDR) route by the bankers

As per report “Bankers have ruled out invoking SDR on the company, which essentially means that they will not take over Essar Steel in order to appoint a new management. Instead are putting pressure on the company’s promoters to bring in new investors to offload some of the company's debt.”

The company is sitting on close to INR 37,000 crore debt currently.

Meanwhile, the company is yet to do the paperwork required for its strategic stake sale. In a explanation to bankers, the company has said that the Rosneft-Essar Group deal is the reason for the delay in stake sale. Essar Steel has appointed SBI Capital and ICICI Securities to sell 75 percent stake in the company. Watch video for more.

Source : Money Control

voda 30 maart 2016 19:47

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Tata Steel UK – Unions and Politians deeply disappointed

Mr Dave Hulse, national officer of the GMB union said "This is absolutely devastating news for all our members, their families and the local communities. Tata has let the whole of the UK steel industry down."

Unite general secretary Mr Len McCluskey said "This is a very dark day for the proud communities and a proud industry which is now on the verge of extinction in this country."

Mr Roy Rickhuss, general secretary of Community, said "We travelled to Mumbai to secure a future for steel making in South Wales and we are disappointed that the future remains uncertain, not just for Welsh steelworkers but for thousands more workers in Tata's businesses elsewhere in the UK. However, our worst fear that Tata would announce plant closures today has not been realised. This is testament to the skills, experience and passion of UK steelworkers. They are a world class asset and now it seems other investors will have the opportunity to continue generations of world class steel production. We will of course wait to see the detail of Tata’s divestment plans but, as we said before, it is vitally important that Tata is a responsible seller of its businesses and provides sufficient time to find new ownership. There is also a crucial role for both the Welsh and UK governments to do all they can to ensure a future for Tata’s remaining UK steel businesses and to provide every assistance to secure a buyer that will continue steelmaking. We don’t want just want more warm words, we want a detailed plan of action to find buyers and build confidence in potential investors in UK steel.”

The MP for Aberavon, Mr Stephen Kinnock, who was in Mumbai to lobby the Tata board, told the South Wales Evening Post on Tuesday night “We will not allow the closure of Port Talbot steelworks. One way or another we will continue to make steel in Port Talbot but it looks like Tata do not back the plan. We will work with Tata and the UK government to help find a buyer for the plant.”

Labour leader Mr Corbyn said he was "deeply concerned" at the news, adding that “Ministers must act now to protect the steel industry and the core of manufacturing in Britain. It is vital that the government intervenes to maintain steel production in Port Talbot, both for the workforce and the wider economy, if necessary by taking a public stake in the industry."

A spokeswoman for PM Mr David Cameron said “We are working very closely with the industry to look at ways we can help to deliver a long-term, sustainable future. There are already a number of steps that we have taken for the steel industry more broadly. We stand ready to work with Tata.”

The shadow business secretary, Ms Angela Eagle, said the government should consider part-nationalising the plants to shelter the assets until the storm has passed. She told BBC “I think the government should be pulling out all the stops to make certain we can preserve our steelmaking industry in this country. We have got to get the government to deliver on the assertions, from the prime minister down, that they want to preserve the steelworks in this country. Otherwise the prime minister’s expressions of concern would be exposed as tea and sympathy and hypocrisy. Sajid Javid and his team seem to have gone missing in action at this crucial time.”

A crisis has engulfed much of the British steel industry in the past 12 months, with the Redcar steel plant, owned by Thai company SSI, closing late last year with the loss of 1,700 jobs. Port Talbot has already had to bear the brunt of 1,000 job losses announced in January.

Source : The Guardian

Bijlage:

voda 30 maart 2016 19:48

0

Tata Steel UK - To sell off UK assets in whole or in parts

The Northern Echo reported that the future of thousands of steelworkers' jobs is in doubt after Tata Steel decided to sell its UK assets, including the country's biggest plant at Port Talbot after its board had rejected an unaffordable turnaround plan for Port Talbot and instead given the green light to a sale of its UK business.

A statement issued by Tata Steel said “It had noted with deep concern the deteriorating financial performance of the UK subsiduary in the last twelve months. The board met in Mumbai and had reviewed a proposed restructuring plan for its UK business, spread across 14 sites, and concluded it was unaffordable. Tata Steel Europe has been advised to explore all options for portfolio restructuring including the portential divestment of Tata Steel UK, in whole or in parts."

Tata said global steel demand had been muted since the 2008 financial crisis but conditions had rapidly deteriorated due to a global oversupply of steel, rise in steel exports into Europe, high manufacturing costs, weak domestic demand and a volatile currency. It said "These factors are likely to continue into the future and have significantly impacted the long term competitive position of the UK operations in spite of several initiatives undertaken by the management and the workers of the businesses in recent years.”

It said Tata Steel Group has extended substantial financial support to the UK business and suffered asset impairment of more than GBP 2 billion in the last 5 years".

It said it had been in deep engagement with the government about seeking its support to achieve the best possible outcome for the UK business, within the restrictions of state aid rules and other statutory limits. Tata said these talks would continue.

The move will affect roughly 15,000 workers and comprises the sites that used to make up British Steel and then-Corus, which was bought by Tata Steel in 2007.

Port Talbot is Britain’s biggest steelworks and employs 4,000 people. However, it is losing GBP 1 million a day, making the prospect of finding a buyer difficult.

Source : The Northern Echo

Bijlage:

voda 30 maart 2016 19:55

0

Westpac analyst sees iron ore prices under pressure as more miners restart

Mr Robert Rennie, Global Head of Market Strategy at Westpac, notes that iron ore exports from ‘other’ producers are rising again, suggesting that it should help to cap iron ore prices.

He said “The recent break higher in iron ore prices seems to be stimulating ‘other’ producers to return to market. Exports from Sierra Leone disappeared last year as the Tonkolili mine was closed. It re-commenced operations in February. The Ngwenya iron ore mine in Swaziland looks like it is reopening; Cli? s Natural Resources announced last week that it will be restarting its iron ore pellet production in Minnesota."

He said "Last month, the Indian government announced it will drop the 10% export tax on 58% ? nes and abolish the 30% levy on lower-grade lumps."

He added "We are beginning to see signs of reemerging producers/ exporters in Africa, India and the Americas-ex Brazil."

He said "We expect to see more in coming months. We see this as a factor that should help to cap iron ore prices."

Source : FX Street

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