Eurobench.com

voda 13 mei 2016 15:06

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POSCO urged to use Indian HRC to feed Pune CRM – Report

Reuters reported that Indian government has urged South Korean steelmaker POSCO last month to buy local raw material for its automotive steel plant in Pune to cut imports and boost domestic production of high-value steel.

The steel ministry's request to POSCO came amid other efforts to safeguard local mills, including import taxes on steel products and a floor price on overseas purchases. New Delhi also initiated probes into the possible dumping of cheap steel into India by China, Japan and South Korea.

POSCO primarily produces high-tensile auto grade steel from its facility in Maharashtra state and has been importing most of the raw material hot-rolled coils from Korea, helped by a free trade agreement between New Delhi and Seoul. But POSCO's costs rose after India imposed a "safeguard" import duty of up to 20 percent starting September last year.

POSCO told the steel ministry, according to a government draft agenda for a meeting on the issue that was seen by Reuters, that the raw material for their plant was not available in India and needed to be given an exemption from the taxes.

The steel ministry in an April meeting requested POSCO to use HR coils produced by Indian steel companies JSW Steel , Essar Steel and Tata Steel, two steel ministry officials said. The meeting was attended by executives of all of the companies.

Source : Reuters

voda 13 mei 2016 15:07

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Nippon Steel & Sumitomo Metal announces 20% hike in flat steel prices

Nikkei reported that Nippon Steel & Sumitomo Metal will raise prices for steel sheet used to make construction materials and autoparts by about 20%, its first price hike in roughly three years. Prices will increase 10,000 yen ($91.89) per ton starting with June shipments for three main types of steel sheet -- hot-rolled, cold-rolled and coated -- that are sold to distributors and metalworking companies.

A Nippon Steel sales staffer for steel sheet predicted “Shipments to automakers will recover in July or afterward, and demand for use in construction related to the Tokyo Olympics will also grow.”

Steel prices in Japan have continued to decline, so Nippon Steel's price hike could become a turning point if it spreads across the industry. The steelmaker likely will press for higher prices in negotiations with major customers such as automakers and electronics manufacturers.

But an official at a steel trading house said the price hike will take time to spread because sheet demand is still sluggish. Steel-sheet inventories were relatively high at 4.09 million tons as of March 31.

Source : Nikkei

voda 13 mei 2016 15:07

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NDRC to take more measures to ease steel overcapacity in China

China's top economic planner National Development and Reform Commission said onThursday the government will soon implement large-scale policies to deal with steel overcapacity.

National Development and Reform Commission spokesman Zhao Chenxin said at a news conference that recent spikes in domestic steel prices aren't sustainable.

The spokesman said that's because the increases are being driven largely by a seasonal pick-up in fixed-asset investments and speculation in the steel futures market.

Mr Zhao says the surging steel prices will ease overcapacity a bit in the short term but the impact will be limited. He said"According to the China Iron and Steel Industry Association, until the end of April, the iron and steel price index has risen to 84.66. That's 11.47 higher than in the same period last year.”

Mr Zhao said “Despite the surging steel prices, there is no overturn of supply and demand in the market. China still faces a severe overcapacity issue. The State Council announced earlier this year that crude steel production capacity will be slashed by 100 to 150 million tons over the next five years. Governments at all levels are making due measures to implement that goal."

Source : CCTV

Bijlage:

voda 13 mei 2016 15:09

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EUROFER welcomes Parliament rejection of MES China

The European Parliament voted through a Resolution on Market Economy Status for China, highlighting the institution’s firm reservations on granting China MES. The European Steel Association welcomed the Resolution of the European Parliament, and asks the European Commission to consider more seriously the wider implications of MES on the steel industry, as well as to motivate member states to overcome the blockage in the Council on the modernisation of Europe’s Trade Defence Instruments.

EUROFER Director General Axel Eggert said “The message from the European Parliament has been abundantly clear. A significant majority of MEPs do not believe it is the right time to grant China Market Economy Status. China is not a market economy, and thus cannot be treated as such for the purpose of anti-dumping investigations.”

China is, by some margin, the largest dumper of steel onto the EU market. Of the 37 anti-dumping measures currently in force on steel, 16 involve China in some way. Were MES to be granted the EU’s trade defence measures would be rendered ineffective, with no other enforcement tool available.

The European Parliament Resolution also urges the Council to agree on the modernisation of the EU’s TDIs. The Commission proposal has been at an impasse in the Council since 2013 as member states such as the UK and the Netherlands continue to block the lifting of the Lesser Duty Rule.

“The inability of the Council to come to an agreement is a disaster for the steel industry, as we are regularly targeted by unfair trade from third countries. We call on the Dutch EU Presidency, as well as the UK, to take responsibility now and lift the obstruction blocking the creation of more effective Trade Defence Instruments”, added Mr Eggert.

EUROFER’s call comes ahead of the Foreign Affairs Council on 13 May which, among other things, will be discussing trade aspects of the recent Communication on Steel, in which the Commission urges the modernisation of the EU’s TDI.

Mr Eggert emphasised, “Member states are reopening the TDI discussion. The Commission is undertaking efforts to try to upgrade the existing TDI system using the means currently available to it. However, the wholesale TDI modernisation that is actually needed is firmly in the hands of the member states. The Council urgently needs to make progress on the dossier, and EUROFER hopes the European Parliament Resolution will spur further development.”

Source: Strategic Research Institute

voda 13 mei 2016 17:45

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Brussel start nieuw onderzoek naar Chinese staalsubsidies

Staal zou tegen dumpprijzen worden verkocht.

De Europese Commissie heeft vrijdag een nieuw onderzoek gestart naar Chinese subsidies op de export van bepaalde staalproducten naar de Europese Unie.

Het onderzoek van de EC, het uitvoerende orgaan van de Europese Unie, volgt op een klacht van de European Steel Association eind maart tegen de import van warmgewalst platstaal. Al in februari werd een onderzoek gestart naar hetzelfde type staal dat door Chinese bedrijven voor dumpprijzen zou worden verkocht in Europa.

Brussel startte naar eigen zeggen vroeg met het onderzoek, om mogelijk schade voor Europese staalproducenten snel te kunnen signaleren.

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 16 mei 2016 15:50

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ArcelorMittal Mining Canada awarded government grant for LNG project

ArcelorMittal Mining Canada has been awarded a CAD$4.5m grant from the Québec government to enable its pellet plant to use a greater proportion of alternative fuels.

The grant will fund a pilot project for one of ArcelorMittal’s two production lines at its pellet plant in Port-Cartier enabling the furnace to cook pellet using liquid natural gas and a reduced amount of conventional fuel oil.

The initiative is part of a commitment by ArcelorMittal to be a responsible energy user and help create a lower carbon future.

Pierre Lapointe, CEO of ArcelorMittal Mining Canada, said: “We are very happy to be able to count on the support of the government of Québec to set up this pilot project at our pellet plant at Port-Cartier. The project aims to convert part of the manufacturing process at the company’s pellet plant in Port Cartier to using LNG, resulting in reductions in greenhouse gas emissions of more than 30% compared with oil-based fuel, while also significantly reducing emissions of sulphur and other pollutants”.

He added: “ArcelorMittal Mining Canada recognises the importance of the LNG sector for the future of our company and we are also very proud to be able to participate in this fundamental project for Côte-Nord”.

The grant – announced by Pierre Arcand, minister of energy and natural resources,
and David Huertel, minister for sustainable development – forms part of the Québec government’s 2013-2020 Action Plan on climate change and aims to improve the carbon balance and energy efficiency of the province’s businesses.

Minister Arcand said that government support for the project will help develop the Plan Nord region’s emerging LNG sector and will demonstrate the technical feasibility of the project’s approach to energy conversion. He noted that the project is part of the government’s bid to promote innovative ways to cut greenhouse gas emissions.

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voda 16 mei 2016 15:52

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Temporary freeze on Posco steel project in Odisha -Minster

Times of India reported that Odisha industries minister Mr Debi Prasad Mishra, in the assembly in a written reply on a query whether Posco has already backed out of the project, said Posco has decided to temporarily freeze its INR 52,000 crore steel project in the state

The project, believed to be the largest FDI in the country, has failed to take off even after 11 years of the MoU being inked following protest against land acquisition and delay in getting mining block. The South Korean steel behemoth had signed the MoU with the state government on June 22, 2005 to set up a 12-million tonne per annum steel plant near Paradip.

Protests against land acquisition by locals forced the company to reduce its capacity to 8 mtpa in May 2012.

The project ran into further trouble after the amended Mines and Minerals Development and Regulation Act-2015 came into force which abolished the provision of preferential allotment of mining blocks. The company's hope to get the Khandadhar iron ore reserve in Sundargarh district was dashed with it.

Source : Times of India

voda 16 mei 2016 15:53

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Tata Steel UK director upbeat for Shotton plant future

BBC reported that senior managers and staff at Tata Steel UK's Deeside plant say they remain upbeat for its future. One of Tata Steel's UK directors visiting the plant on Friday said she was confident it had "a strong future".

Ms Deirdre Fox, UK strategic business development director, said “This business is all about the construction sector - a really important sector for the UK and for us as a company. With customers and the reputation that we have our future looks very strong."

She added "We have a list of seven companies who have declared their interest in buying us as a whole entity. That's a good number and it's a real testament to the value that this company represents."

Shotton plant focuses on specially colour coated steel, composite steel panels and galvanised flooring systems.

Source : BBC

voda 16 mei 2016 15:53

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Tata Steel UK bidders – Endless

The last bidder to be revealed, Endless is a Leeds-based private equity investor credited with being among the UK's leading turnaround speciliasts.

It is best known for turning around the fortunes of Crown Paint and also bought Kiddicare from supermarket giant Morrisons, and Bathstore.

Source : Wales Online

voda 16 mei 2016 15:54

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Tata Steel UK bidders –Nucor

America's largest steel producer, Nucor is a departure from the traditional big steel model, being based around small scale or 'mini' mills recycling steel from scrap using arc furnaces.

It has done away with large central office functions, instead giving a large amount of autonomy to individual plant managers.

It also has an unusual pay for performance model, in which employee earnings are tied to how much steel is made every day, or in the case of manager how well the business performs.

The company says this creates high levels of productivity and wages that are above the industry average, but it may not go down well with unions in this country.

Source : Wales Online

voda 16 mei 2016 15:55

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Tata Steel UK bidders – Hebei Iron and Steel Group
State-owned Hebei is China's largest steel producer and the third largest in the world, producing 47 million tonnes in 2014. It was formed in 2008 with the merger of two other steel makers.

In April Hebei agreed to buy Serbian steel maker Zelezara Smederevo for more than £36m. It's thought that acquiring European steel works may help Chinese steel makers avoid accusations of dumping.

Source : Wales Online

voda 16 mei 2016 15:55

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Tata Steel UK bidders – Greybull Capital

A private equity investor set up in 2008 by French-born brothers Nathaniel and Marc Meyohas to invest the family fortune, Greybull was a surprise bidder because it had been thought it was only interested in buying a part of the Tata business, while Tata said it is only interested in bids for the whole enterprise.

Greybull has already bought Tata's long products division including the steel works at Scunthorpe in Lincolnshire. It only paid £1 for the business but agreed to take on the firm's liabilities and is putting together a £400m funding package to keep the business afloat.

The 4,800 workers at the business have been asked to accept a 3% pay cut for one year and changes to their pension scheme. The Unite union advised members to accept the package.

Greybull's previous investments in failing business include the holiday airline Monarch and high street electronics retailer Comet. The Monarch deal saw pilots and cabin crew accepting a 30% pay cut, cuts to pensions and 700 redundancies while fleet numbers were cut and unprofitable routes axed. The airline has since returned to profit, helped by the dramatic fall in oil prices.

Source : Wales Online

voda 16 mei 2016 15:56

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Tata Steel UK bidders – JSW Steel

JSW Steel is India's second largest steel maker and its largest private sector one, second only to the state-owned Steel Authority of India and with a capacity almost twice that of Tata Steel in India. It is part of the Jindal industrial empire which can trace its origins to the early years of independence when farmer's son O P Jindal from the northern state of Haryana began a small business trading in steel pipes.

JSW Steel itself emerged a decade ago with the merger of two smaller businesses which had steel plants across south and west India. It is now an $9bn company with six plants in India

As with all the remaining bidders, no details have emerged about JSW's plans for the Tata business because its identity has only become known since its bid was submitted.

Source : Wales Online

voda 16 mei 2016 15:57

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Hebei Iron & Steel Group to lead the pack with capacity cut

Bloomberg reported that China’s largest steel producer Hebei Iron & Steel Group Co said that it will eliminate 5.02 million tonnes of steelmaking and 2.6 million tonnes of iron-smelting capacity in 2016-17. The group has already dismantled 14 blast furnaces and 13 electric arc furnaces since 2008.

It said “We will lead the pack in reducing emissions as well as upgrade and improve the product mix.”

The group produced 47.75 million tonnes of steel in 2015

Hebei’s pledge comes amid concerns that Chinese mills are restarting idled plants, jeopardising the nation’s attempts to curb industrial overcapacity.

Source : Bloomberg

voda 16 mei 2016 15:57

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BaoSteel and users in US challenges US Steel trade complaint with ITC

Bloomberg reported that Baoshan Iron & Steel Co has urged a US trade agency to reject a complaint filed by US Steel to block imports from China. Baosteel’s American unit said in a May 11 filing with the US International Trade Commission in Washington that “Never before has a single company sought to use this agency to erect what would be a total blockade of steel trade from an entire country.”

Baosteel said that those types of allegations, even if true, should be addressed between trade officials of the two countries, not through a process that’s usually used for patent-infringement cases. It said a victory for US Steel would have profound and long-lasting adverse effects on economic relations between the US and China.

Baosteel’s submission was one of more than a dozen filed either in favor or against US Steel’s complaint. Hunan Valin Steel Co, another Chinese manufacturer named in the case, said US Steel’s actions are not a campaign against individual private entities but a campaign against the Chinese government itself.

The complaint pits steel makers against some US packaging companies who say they can’t get the products they need from domestic suppliers. Some of Baosteel’s customers and distributors, including Ball Metal Food Container LLC, Coastal Pipe USA LLC and the Allstate Can Corp also asked the ITC not to institute an investigation of the complaint. Allstate said “If new products developed by Baosteel are blocked for importation into the United States, it will cause harm to our economy and to the public health and safety of the public, as these products are not being developed by the domestic tin plate producers.”

USSteel filed the complaint on April 26, claiming that Chinese steel products are being made using stolen technology obtained by government hackers, and accusing the Chinese companies of anti-competitive pricing and sending shipments through intermediaries to skirt US restrictions.

Source : Bloomberg

voda 16 mei 2016 15:58

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Chinese steel mills back in black in March after 13 month losses

Xinhua reported that China's steel industry saw a profit turnaround in March. China's large and medium-sized steel producers reported CNY 2.7 billion (USD 415.4 millio) in profits in March, ending a 15 month losing streak

The unexpected improvement was largely due to recovering steel prices on the back of a pick-up in infrastructure and property projects, as well as elevated speculation in the steel futures market, which analysts said would be unsustainable.

Steel makers have been in deep water over the past few years as a result of shrinking demand and excessive capacity built up during decades of rapid expansion.

Source : Xinhua

voda 16 mei 2016 15:58

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Nippon Steel & Sumitomo Metal to take control of Nisshin Steel

Bloomberg reported that Japan’s largest steelmaker Nippon Steel & Sumitomo Metal Corp said that it will take majority control of the nation’s No 4 mill Nisshin Steel Co. The tender will take place in February 2017 and Nisshin would retain its Tokyo listing, according to the statement. The deal was first announced in February of this year.

It said “A rapid deterioration of the business environment due to overcapacity in China, Nippon Steel will take a 51% stake in Nisshin via a combination of a tender offer and the sale of new shares by the smaller company. Nippon Steel will only take up the new shares in Nisshin if its tender offer fails to win it majority control.”

Nippon Steel currently owns 8.3 percent of Nisshin. Nippon will seek to buy 46.9 million shares via the tender, while Nisshin is prepared to sell 95.7 million in new shares at JPY 1,620 apiece, a 12 percent premium over its closing price Friday. Nisshin has 109.8 million shares outstanding.

Nisshin has a market value of JPY 159.5 billion (USD 1.47 billion) while Nippon Steel, also the world’s most valuable steelmaker, is worth around JPY 2.1 trillion

Source : Bloomberg

voda 16 mei 2016 15:59

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China complains to WTO that US fails to implement tariff ruling

Reuters reported that in another sign of escalating trade tensions between China and the United States, China told the World Trade Organization on Friday that Washington was failing to implement a WTO ruling against punitive US tariffs on a range of Chinese goods. China's Ministry of Commerce said it had requested consultations with the United States over the issue, and anti-subsidy duties on products including solar panels, wind towers and steel pipe used in the oil industry.

It said "By disregarding the WTO rules and rulings, the United States has severely impaired the integrity of WTO rules and the interests of Chinese industries.’

In December 2014, the WTO's Appellate Body ruled in favor of Chinese claims that the products subject to duties had not benefited from subsidies from public bodies favoring particular manufacturers. The deadline for implementation of the rulings and recommendations of the WTO Dispute Settlement Body, set through binding arbitration, expired on April 1, according to WTO records.

Source : Reuters

voda 16 mei 2016 16:00

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Mr Sanjiv Gupta Libert House named in Panama Papers leak

The Daily Mail reported that Mr Sanjeev Gupta, hailed as a potential saviour of the UK steel industry was on Friday night facing awkward questions over his tax affairs as Liberty House, a key part of Mr Gupta’s business empire, has been named in the notorious Panama Papers.

As per report “Leaked documents show that his company, Liberty House, registered its commodities operation in the tax haven of Panama two years ago. It used the services of Mossack Fonseca, the secretive law firm at the centre of the Panama Papers leak.”

When confronted about the revelations, Liberty told the Mail it had suspended plans to set up in Panama because of the ‘increased reputational risk’ associated with the country. The firm said there was never any intention to gain a tax advantage and Panama appealed purely as a logistics hub with its canal and regional links. It said the company had never traded or had a bank account.

But the explanation received short shrift from MPs and tax experts.

Margaret Hodge, a Labour MP who heads a cross-party committee on responsible taxation, said: ‘If he wants to enjoy the trust and earn the legitimacy to take over an important part of our industrial empire, he must be more open about his affairs.’

Robert Leach, a tax lecturer, said: ‘I cannot think there is a reason to set up in Panama other than for its favourable tax regime. Panama has more brass plates than people.’

Source : The Daily Mail

voda 16 mei 2016 16:01

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All MIP cases in High Courts transferred to Supreme Court

The Mint reported that the Supreme Court on Friday stayed all proceedings in various high courts over the minimum import price of steel products. A bench comprising justices A.K. Sikri and R.K. Agrawal issued a notice to steel importers and consumers in the case to hear arguments on whether the cases ought to be transferred.

The government’s February notification imposing MIP on 173 steel products, aimed at providing relief to local steel producers hurt by cheap imports, has been challenged in various high courts. At least five cases are pending before the Delhi high court, one before the Punjab and Haryana high court and another before the Himachal Pradesh high court.

The Union government moved the apex court seeking to transfer these cases to one court for hearing.

Source : The Mint

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