Eurobench.com

voda 26 mei 2016 16:56

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Pension benefits may be cut in bid to solve Tata Steel UK crisis - BBC

BBC reported that UK government is considering cuts to British Steel pension benefits in a bid to save Tata Steel's UK operations. BBC has learned that unions are likely to support the proposals, on which ministers are expected to announce a consultation on Thursday. The change would base the annual pension increase on the Consumer Price inflation measure, which is usually below the current Retail Price measure.

The BBC understands that union leaders have accepted that this proposal is a better deal than seeing the pension scheme shunted into the lifeboat of the Pensions Protection Fund, which can see some members lose 10% of their payout immediately and see lower increments in future years.

A GBP 485 million pension deficit may put at risk the sale of Tata's loss-making plants.

In total the British Steel pension scheme has 130,000 members; it is not clear how many of those would be affected by the new proposals.

The pension fund and its deficit have been a source of unease for the current owners Tata and a deal-breaker for any would be buyers.

Reducing its burden will make a sale easier and may even convince Tata to hang on to its UK steel business.

Any such change would be very controversial as it would set what some would see as a dangerous precedent.

Source: BBC

voda 26 mei 2016 16:58

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Mr Visclosky says US steelworker layoffs is unacceptable

NWI Times reported that US Congressman Pete Visclosky told the International Trade Commission that more than 13,000 steelworker layoffs were unacceptable during a hearing Tuesday in Washington D.C. on cold-rolled steel, which is made in Northwest Indiana.

He told “Congress took bipartisan action last year to improve our trade laws, and we will not now complacently watch to see what happens next. The trade cases currently before the International Trade Commission are the front line in the battle against illegal steel imports. The Congressional Steel Caucus will continue to fight every day to make sure that the ITC and all of the executive branch trade agencies aggressively enforce our trade laws and hear the valiant voices of the American steel industry and steelworkers.”

Congressional Steel Caucus Chairman Mr Tim Murphy said “This past year, the Congressional Steel Caucus shepherded historic trade enforcement legislation and opened new markets to American-made steel products,” “The legislation is in place, the International Trade Commission has the tools at their disposal, but now they must take action to hold foreign competitors accountable and protect American jobs."

Mr Visclosky, Mr Murphy and other members of the Steel Caucus are urging the International Trade Commission to aggressively enforce recently passed trade laws intended to protect America’s troubled steel industry.

The International Trade Commission will soon decide whether Chinese and Japanese imports of cold-rolled steel have hurt American steelmakers, a finding that’s necessary to impose tariffs as high as 522 percent. The federal agency also is considering trade cases against hot-rolled and corrosion-resistant steel.

Source: NWI Times

voda 26 mei 2016 17:03

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US steel imports decrease by 6% MoM in April

Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the US imported a total of 2,456,000 net tons (NT) of steel in April 2016, including 2,014,000 net tons (NT) of finished steel (down 5.6% and 4.1%, respectively, vs. March final data). Year-to-date (YTD) through four months of 2016 total and finished steel imports are 9,982,000 and 8,442,000 net tons (NT), down 34% and 33% respectively, vs. the same period in 2015. Annualized total and finished steel imports in 2016 would be 29.9 and 25.3 million NT, down 23% and 20% respectively vs. 2015. Finished steel import market share was an estimated 24% in April and is estimated at 25% YTD.

Key finished steel products with a significant import increase in April compared to March are line pipe (up 38%), hot rolled bars (up 35%), structural pipe and tube (up 27%), standard pipe (up 17%) and cold rolled sheets (up 15%).

In April, the largest volumes of finished steel imports from offshore were from South Korea (337,000 NT, up 20% from March Final), Japan (140,000 NT, down 6%), Turkey (123,000 NT, down 56%), Germany (88,000 NT, up 22%) and China (68,000 NT, down 2%). For four months of 2016, the largest offshore suppliers were South Korea (1,234,000 NT, down 48%), Turkey (851,000 NT, down 30%), Japan (591,000 NT, down 31%), Germany (362,000 NT, down 33%) and Brazil (332,000 NT, down 34%). Below are charts on estimated steel import market share in recent months and on finished steel imports from offshore by country.

Source: American Iron and Steel Institute

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voda 26 mei 2016 17:05

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Not shortlisted any bidder for sale of UK assets - Tata Steel CFO

PTI reported that Tata Steel, which had set a deadline of noon on Monday for final bids for its British steel operations and was expected to finalise and shortlist the bidders at its board meeting, on Wednesday said it has not reached a decision on shortlisting any of the seven bidders for selling its loss-making operations in Britain.

Tata Steel CFO Koushik Chatterjee told reporters "We haven't shortlisted any bidder for Tata Steel UK assets.”

He added “We are in talks with the British government.”

MrChatterjee also said “We are running a credible process, working with the government. Each step has been done with a lot of careful consideration. We need to consider these bids, understand who wants what, and how, and understand the implications for Tata.”

Tata had announced plans in March to sell its loss-making units in UK as a result of a global slump in steel prices due to a glut of exports from China and high energy costs. Around 11,000 jobs at Port Talbot in Wales and 11 other UK sites hang in the balance. Besides, Liberty House and Excalibur, family investment fund Greybull Capital, India's second-biggest steel maker JSW Steel, China's Hebei Iron and Steel group, US steel giant Nucor and Leeds-based turnaround fund Endless are among those interested to save the works.

The Tatas had acquired Corus Steel in April 2007 at the peak of commodity price hike cycle for over USD 12 billion, but has since then never been able to turn it around.

Source: PTI

voda 26 mei 2016 17:07

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China to open up commodities futures markets for overseas investor – CSRC

Reuters reported that China's securities regulator said China may open up its commodities futures markets to overseas and financial investors, as the world's top consumer of many raw materials seeks to play a larger role in setting global commodities prices.

China Securities Regulatory Commission vice-chairman Mr Fang Xinghai told a conference that China's commodities exchanges will also maintain a close eye on movements in the futures market,

Mr Fang said opening up the market would help support China's role as a price maker globally and enable domestic firms to better cope with market volatility.

He said"China's commodities market should be opened up to offshore investors.Country would look to start doing so in products such as crude oil, iron ore and rubber.”

He added that the regulator is also examining allowing banks and other financial institutions to enter the market

At present, foreign companies have limited access to China's commodities markets. Companies are only allowed to trade via brokers after setting up a locally registered non-financial unit, which requires a hefty amount of registered capital.

Source: Reuters

voda 26 mei 2016 17:12

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Tata Steel reports financial results for Q4 and 2015-16

Tata Steel Group has declared its Consolidated Financial Results for the full year 2015-16 and fourth quarter ended March 31st 2016. The company recorded deliveries of 25.92 million tonnes for the year and 6.94 million tonnes for the quarter on the back of strong performance in India. Turnover was INR 117,152 crores for the year and INR 29,508 crores for the quarter. The Kalinganagar Steel Plant has started commercial production and the stabilisation process is currently underway. The Company declared an equity dividend of INR 8 per share.

Tata Steel India Performance Highlights

Production for the quarter higher by 2% compared to Dec 2015 quarter and 7% over December 2014 quarter

Sales Volume up by 16% compared to December 2015 quarter and 13% over December 2014 quarter

Underlying EBITDA at Rs 2188 crores is 43% higher compared to December 2015 quarter

EBITDA margin increase over sequential quarter by 400 bps

Underlying pre-exceptional Profit Before Tax higher by 92% over previous quarter

Underlying pre-exceptional Profit After Tax higher by 105% over previous quarter

Exceptional charges primarily relate to the Voluntary Employee Separation Scheme accepted by 608 people during the quarter.

Voor de rest van het artikel en cijfers, zie pdf file

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voda 26 mei 2016 17:14

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En tot slot wat Arcelor nieuws :-)

ArcelorMittal Saldanha plant to keep operating - Chairman

Reuters reported that ArcelorMittal’s Saldanha plant will keep operating, its chairman said on Wednesday after the facility was placed under review earlier this year due to low steel prices and rising costs. ArcelorMittal SA’s chairman, Mpho Makwana said "As the board, we are comfortable that we will have a Saldanha that is a good, healthy, performing business for a long period.”

Acting CEO Mr Dean Subramanian reported that “The weaker rand and a rise in West African steel demand have since ensured the plant’s viability.”

He added that “ArcelorMittal will start maintenance at Saldanha in August, which Subramanian said would increase the plant’s life by up to five years.”

Mr Subramanian and Mr Makwana were speaking at the release of report on ArcelorMittal’s contribution to the economy, which also stated that the plant was responsible for 16% of the steel produced in Africa’s most industrialised country.

The plant, north of Cape Town is the newest in the company’s fleet and was opened in 1998 to focus specifically on steel exports, but low steel prices and high electricity and transport costs made it unprofitable last year.

Source: Reuters

voda 27 mei 2016 15:14

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Volkswagen en ArcelorMittal trekken banden aan

Nieuwe toeleveringsprogramma afgesproken.

Volkswagen heeft ArcelorMittal geslecteerd als toeleverancier. Dit maakte de staalreus vrijdag bekend, zonder financiële details te geven.

Onder het nieuwe toeleveringsprogramma Future Automotive Supply Tracks, kortweg FAST, zullen de twee ondernemingen nauwer samenwerken dan voorheen bij de ontwikkeling van nieuwe auto's.

Op een grofweg vlak Damrak koerste het aandeel ArcelorMittal vrijdag 0,8 procent hoger op 4,36 euro.

Door: ABM Financial News.

Info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 27 mei 2016 15:58

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Indian steel demand needs real investments and not mega plans

As per latest report from JPC, Indian finished steel consumption stood at 5.757 million tonnes in April 2016 up by 5.4% YoY but down by about 29% MoM. Non alloy steel accounted for about 90% of the total consumption, with long products share of about 55% and flat products share of 33%. Growth in consumption for Bars & Rods, which is mainly used in construction, was hefty 22% YoY but consumption of plates, mainly used in projects & manufacturing, shrank by 57% YoY. On the other hand, HR & CR consumption posted multi fold growth of 59% YoY & 145% YoY respectively. But overall the consumption numbers are not encouraging and lot needs to be done to simulate Indian domestic demand as despite 2 years of new government, most of mega infrastructure & other development plans remain on paper.

For more info, see pdf attachment

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voda 27 mei 2016 15:59

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Fitch revises MMK's outlook to positive & affirms at 'BB+'

OJSC Magnitogorsk Iron & Steel Works' announced that on May 23th, 2016 rating agency Fitch Ratings revised the Outlook on MMK’s Long-term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'BB+'.

Source : Strategic Research Institute

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voda 27 mei 2016 16:00

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Fitch elevates Severstal to investment

PAO Severstal, one of the world’s leading steel and steel-related mining companies, announced that Fitch Ratings, a global leader in credit ratings and research, has upgraded Severstal to ‘BBB-‘ from ‘BB+’ in its Long-term Issuer Default Rating. Severstal’s National Long-term rating has been upgraded to ‘AA+’(rus) from ‘AA’(rus) and Short-term foreign currency Issuer Default Rating to ‘F3’ from ‘B’.

Source : Strategic Research Institute

voda 27 mei 2016 16:00

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NLMK recognised as Steel Industry Leader at Platts Global Metals Awards 2016

NLMK Group, an international steel producer with operations in Russia, the EU and the USA has won in the category ‘Industry Leadership Awards – Steel’ at prestigious Platts Global Metals Awards 2016.

Source : Strategic Research Institute

voda 27 mei 2016 16:01

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Fitch affirmed Metalloinvest ‘BB’ rating with a Stable outlook

Metalloinvest announces that Fitch Ratings confirmed the Company’s ‘BB’ corporate rating with a Stable outlook.

Source : Strategic Research Institute

voda 27 mei 2016 16:03

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US Steel President and CEO applauds US ITC 337 decision

United States Steel Corporation President and CEO Mr Mario Longhi issued the following statement in response to the International Trade Commission (ITC) decision to initiate an investigation into the allegations contained in the company's 337 filing against Chinese steel producers.

Source : Strategic Research Institute

voda 27 mei 2016 16:05

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Chinese construction industry expects sluggish growth in 2016 - Moody's

According to a report in Xinhua, global rating agency Moody's has predicted that China's construction sector will remain lackluster with slowing revenue growth this year due to ongoing economic hardships painting a bleak picture ahead for Chinese as well as global steel industry as construction sector accounts for more than 50% of steel consumption in China and about 25% of global steel consumption

Source : Strategic Research Institute

voda 27 mei 2016 16:06

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Essar Steel Algoma contract with biggest union expires on July 31

Soo Today reported that Steelworkers Local 2251's collective agreement with Essar Steel Algoma is due to expire on July 31 but the talks have not begun as yet. Mr Mike Da Prat, the longtime president of Steelworkers Local 2251 told Soo Today that the July 31 deadline will be extended only if both parties agree to the extension

Mr Mike Da Prat said that “There are two types of contract negotiations. One is normal negotiations where the union attempts to get the company to agree to improvements. The union has to ask and the company gets to say 'Sorry I cannot do that.' But he foresees a different kind of bargaining. "In these type of negotiations that we're in today, the shoe goes somewhat on the other foot. The company wants or needs certain things, and it's the union that can say: 'Sorry I can't do that.' But at the same time, the union still has to try to get improvements in areas."

Representing 2,207 hourly workers, Local 2251 is Essar Algoma's biggest union.

The steelmaker announced on March 31 that it had agreed with its second-largest union (Local 2724 representing 457 salaried employees) to extend contract talks and focus instead on their collective effort to find a new owner or investor.

Will Essar Algoma and the much-larger Local 2251 similarly agree to continue to work under their existing contract, settling up later as part of the final corporate restructuring?
Source : Soo Today

voda 27 mei 2016 16:08

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Tata Steel to inform Britain of short listed buyers soon – Mr Kaushik

The Hindu reported that Tata Steel, which received bids for the sale, will inform the UK Government about bidders’ interest and clarifications sought by potential bidders, especially about the pension liability and the UK Government package for concluding the deal. The report quoted a top company official as saying that Tata Steel is in the final process of short-listing bidders for its UK steel business and will provide the details to the government there.

Mr Koushik Chatterjee, Group Executive Director (Finance and Corporate) of Tata Steel, said “The UK Government said that they were willing to talk and work with the bidders to address the pension issue, potentially to even separate it. There are ways in which this can be done under the regulatory framework in the UK The UK government will look at the complete package before they put in that support.”

Asked about the buyers, Mr. Chatterjee said, “Now, we are going through each of the bidders. We will share them in due course of time with the UK Government after we have got clarifications from the bidders.”

Mr.Chatterjee confirmed that the UK steel operations were losing one million pounds a day.

Source: The Hindu

voda 27 mei 2016 16:12

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Don’t blame China for woes of Europe steel industry – Ms Hua

China Daily reported that a China Foreign Ministry official said on Thursday that the world economy, instead of China, is to blame for the European steel industry's trouble and urged the European Union to honor unconditionally the World Trade Organization agreement.

Foreign Ministry spokeswoman Ms Hua Chunying in a news conference said that “The cause for the sluggishness of the European steel industry is the slowing growth of the global economy and the shrinking demand. Obviously it doesn't make sense to blame China for Europe's steel industry's troubles.”

She said "The international community should work together to inject a new driver to the global economic growth, thus solving the problem by the root.”

She added “Less than eight percent of China's steel export goes to Europe, while only 14 percent of the EU's steel import comes from China.”

Ms Hua made the remarks as reports said that 12 steel industries called on the Group of Seven members, who started convening in Japan on Thursday, to protect them from the country's overcapacity of steel production.

Ms Hua pointed out there is no such concept as the market economy status in the WTO rules, adding that the EU must honor China's WTO accession protocol by stopping usage of the surrogate country anti-dumping approach against China on Dec 11. She said “As an important member of the WTO, the EU should unconditionally honor the protocol. It shouldn't bargain about it, even less break its promise or find fault for no reason.”

Source: Daily China

voda 27 mei 2016 16:13

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PISI alerts Philippines government over hasty testing of rebars from China

Manila Times reported that the Philippine Iron and Steel Institute has alerted the public and the construction sector over deformed steel bars from China that entered the country and which had been tested in haste and utmost secrecy. In a letter to Trade Secretary Adrian Cristobal Jr, PISI said only three samples of the 500,000 imported steel bars that weighed almost 5,000 tonnes were tested by the Bureau of Product Standard in Subic, Zambales.

In contrast, locally produced steel of the same volume must have around 250 samples for testing jointly by the BPS, Bureau of Customs and Federation of Philippine Industries.

The PISI said it was very concerned about the hasty testing of the China steel bars since there were instances in the past where samples were replaced prior to testing.

The institute cited a case in 2006 involving the hasty importation of 300 tons of steel bars without necessary permit by Kingson Trading Corp. The case is pending with the Court of Tax Appeals.

The current shipment in question was brought in by Mannage Resources Trading Corp., which was put up only last year and registered as a trading and food-related firm at the Securities and Exchange Commission.

The PISI warning over the deformed steel bars stemmed from the Cebu and Bohol earthquakes in October 2013 where collapsed buildings and houses were found to have been built using sub-standard imported steel bars without the required logo, a mark that would identify the manufacturer.

Source: Manilla Times

voda 27 mei 2016 16:13

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Nippon Steel & Sumitomo Metal hikes plate prices by 10-15%

Nippon Steel & Sumitomo Metal announced on May 19th that the company has decided to raise its domestic prices of steel plates for distributors and steel fabricators by 10%-15% from June shipment.

The company has notified an increase in domestic prices by JPY 5,000 per tonne to each distributor and is to intend to raise its prices further by JPY 5,000 from July shipment watching moves of supply and demand and the market conditions.

While, the company raises plate prices for steel fabricators by 10%-15%

Source : Strategic Research Institute

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