Eurobench.com

voda 31 mei 2016 16:57

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SAIL announces 2015-16 results

The audited financial results of Steel Authority of India Limited for the financial year 2015-16 were taken on record by the Board of Directors here today. The Company witnessed all round improvement in performance in Q4, FY16 clocking record sales of 3.79 million tonnes, which is the highest ever in a quarter by the Company and higher by 30% over Q3, FY16 and 20% higher over corresponding period of last year.

Highlights

SAIL clocks record sales of 3.79 million tonnes in Q4, FY16 up 20% over CPLY

Q4, FY16 EBIDTA improves by 26% over Q3, FY16

Annual sales of 12.2 million tonnes up 3.6% over CPLY

Saleable Steel Output from new mills up 40% in Q4, FY16 vis-a-vis Q3, FY16

Highest Ever Production of Crude steel in a year

During the quarter ending March 2016, the EBIDTA improved by 26% over the quarter ending December, 2015 inspite of a lower NSR. The debt equity ratio of the Company improved to 0.85 on 31st March 2016 from 0.90 on 31st December 2015. The management initiatives towards cost reduction and improved inventory management also contributed to the improvement in financial parameters. Expenditure per tonne of saleable steel came down by around 10% during Q4, FY16 as compared to Q3 on account of reduction in cost of production, higher volumes and other management initiatives.

Company’s sales turnover in Q4, FY16 was Rs12,612 crores as against Rs 9,928 crores in Q3, FY16 on account of higher volumes. Inspite of 20% higher sales, SAIL’s gross turnover for Q4, FY16 was impacted by lower NSR and it stood at Rs 12,612 crores as against Rs 12,886 Crores in Q4, FY15. The Company’s sales turnover for FY16, inspite of higher volumes, was also lower at Rs 43,337 crores compared to Rs 50,627 crores in FY15 due to reduction in NSR.

The loss after tax for Q4 FY16 was Rs 1,230 crores against Profit After Tax of Rs 334 crores over CPLY du e to reduction in net sales realization to the extent of 19%. The net loss for FY16 stood at Rs 4,137 crores as against net profit of Rs 2,093 crores in FY 15 on account of reduction in NSR, higher interest and depreciation charges.

The improved techno economic performance also contributed to the overall performance. SAIL achieved best quarterly Coke Rate at 476kg/thm as against previous best of 489Kg/thm. Company also registered an increase of 4% in BF Productivity and 10% in CDI during Q4, FY16 over Q3, FY16.

In Q4, FY16, the Company’s Value Added Steel registered an increase of 7% over Q3. Company developed newer grade of plates and structural (including universal sections) besides developing a variety of passenger coach wheels hitherto being imported.

Speaking on the occasion, Chairman, SAIL, Mr P.K. Singh said, “The challenging conditions faced by domestic industry received some respite after introduction of the conducive policy measures by Government in the form of Safeguard duty and MIP. We have witnessed better figures in the last quarter of FY16. We are targeting to complete the balance modernization and expansion with a focus on energy saving methods, enriching our product mix and introducing customer centric processes to meet the expected surge in demand of steel on account of government’s emphasis on infrastructure development.”

Source: Strategic Research Institute

voda 1 juni 2016 17:01

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Vienamese steel sector urged to improve competitiveness

Biz Hub reported that Viet Nam's steel industry is facing difficulties, especially from imported steel products with cheaper prices, Mr Ho Nghia Dung, chairman of Viet Nam Steel Association, said. Mr Dung told an international conference and exhibition on renovation and enhancing competitiveness capacity of ASEAN steel industry held in Ha Noi that Viet Nam's steel industry has been one of those with the highest growth rate in the Southeast Asian region. However, there is a large number of small scale steel producers with low competitiveness and lack of modern technologies and equipment who are affecting the environment.

He added "Domestic steel businesses should renew their technologies, equipment and management while enhance their integration into the region and the world by improving their competitiveness and effectiveness in the context of abundant steel supply.”

Mr Nghiem Xuan Da, general director of Viet Nam Steel Corporation, said that the exhibition and conference have been a good opportunity for steel producers both in Viet Nam and the ASEAN region to exchange information and find solutions to improve competitiveness and effectiveness. He said “In recent years, the steel industry in the world and in the ASEAN region has suffered big impacts from cheap steels. This has required regional steel producers to better co-operate and improve competitiveness.”

Statistics from VSA showed that in the first four months of the year, steel consumption has seen a strong increase of 1.3 million tonnes, posting 49 per cent year-on-year rise.

Source : Biz Hub

voda 1 juni 2016 17:01

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AISI update on raw steel production in US in Week 21

In the week ending May 28, 2016, domestic raw steel production was 1,775,000 net tons while the capability utilization rate was 75.9 percent. Production was 1,704,000 net tons in the week ending May 28, 2015 while the capability utilization then was 72.1 percent. The current week production represents a 4.2 percent increase from the same period in the previous year. Production for the week ending May 28, 2016 is up 1.1 percent from the previous week ending May 21, 2016 when production was 1,756,000 net tons and the rate of capability utilization was 75.1 percent.

Source : Strategic Research Institute

voda 1 juni 2016 17:03

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We wont let them wreck our plant – Tata Steel Dutch steelworkers

Reuters reported that with Tata Steel's troubled British operations up for sale, Dutch workers at its only other European site for primary steelmaking are in defensive mood, and yet the plant may have a bright future. "We won't let them wreck our plant" is their motto, directed at top managers of the Indian-owned group; some of the 9,000 staff at the IJmuiden plant on the Dutch North Sea coast even wear it to work on their safety helmets.

The slogan dates from contract talks last year but shows their defiant spirit during uncertain times for a European steel industry beset by overcapacity and cheap Chinese competition.

More than 11,000 jobs are at risk at Tata's British plants but in the Netherlands, IJmuiden has several advantages - not least that it is excluded from the British sale process and, industrial sources say, it makes a profit.

Dutch trade union leaders say returns would have been higher if Tata's leaders hadn't diverted investment to Britain, in the hope of correcting a history of poor performance and underinvestment in the steel industry there. Mr Peter Kos, a 65-year-old union official who has been a steelworker at IJmuiden since he was 16 said "We're very sorry for the English, but they should have invested here.”

Tata will not disclose all figures, but a spokesman said it has invested 1.5 billion pounds on upgrading the British plants since it bought the Anglo-Dutch steelmaker Corus in 2007 and "broadly the same across the main European operations".

British Steel and Hoogovens merged in 1999 to create Corus, the firm Tata bought eight years later after a bidding war that pushed the price up to $12.9 billion. Today Tata has four European sites for primary steelmaking: Port Talbot, Scunthorpe and Rotherham - among the British plants it wants to sell - and IJmuiden, which lies at the entrance of the North Sea Canal leading to Amsterdam and the European inland waterway system. On top of that, Tata has secondary plants across Europe that turn the crude steel into products for use in everything from transport and construction to motor manufacturing.

Source : Reuters

Afbeelding, Ijmuiden Plant

Bijlage:

voda 1 juni 2016 17:06

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Liberty announces plans for green steel plant at Newport in UK

Southwales Argus reported that as the crisis engulfing the UK’s steel industry continues, one firm has bucked the trend by announcing plans for the country’s first renewable energy powered ‘super plant’ in Newport. The steel plant owned by Liberty House and the adjacent power station run SIMEC on the banks of the River Usk are to be merged into the UK’s first GREENSTEEL facility capable of processing two million tonnes of the material a year.

The firms, which are both owned by the Indian Gupta family, will work together to increase the existing rolling capacity at the Liberty plant while the coal-fired SIMEC power station will be concerted to eco-friendly biomass.

Liberty’s executive chairman Sanjeev Gupta said he believed the plans would create new jobs and support the struggling steel industry. He said “This was a very valuable opportunity to brief Newport’s elected representatives about our GREENSTEEL vision, which we believe will generate many new skilled jobs in the city and ultimately make a major difference to the whole UK steel and wider manufacturing sectors.”

He added “Historically Newport has been one of the country’s most important steel-making locations so it’s very appropriate that this is the springboard for our GREENSTEEL plans. If we can make steel competitively in the UK, we can generate potentially hundreds of thousands of jobs in the manufacturing sector nationwide.”

Source : Southwales Argus

voda 1 juni 2016 17:07

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NSW Labor party promises Australian steel in public infrastructure projects

ABC Illawarra reported that New South Wales Labor has promised to mandate the use of at least 90 per cent Australian steel in public infrastructure projects, if it is elected to government in 2019. The Opposition's spokesman on industry, Mr Adam Searle, was in the Illawarra on Monday to launch a package of measures designed to support the steel industry. He is also promising to employ a steel industry advocate in the Illawarra, whose job would be to monitor compliance with the plan.

Mr Searle said “We think it's important to send a clear signal to the industry, those who depend on it and to the wider community, that this strategic industry needs to be underpinned by a policy of this kind. This policy is not an unusual policy position to take when you look at the international perspective."

Labor's federal MPs in the Illawarra have welcomed the steel plan, but have stopped short of promising a similar level of support for federally-funded projects. Stephen Jones and Sharon Bird said a federal Labor government would implement a plan that sought to maximise local steel, but avoided a specific quota.

Meanwhile, workers at the high-end manufacturing section of the Port Kembla steelworks staged a snap strike on Friday over the continued cuts to conditions. About 400 employees at the Springhill site walked off the job, but the strike was deemed to be illegal and they were ordered back to work by the Fair Work Commission.

Source: ABC Illawarra

voda 1 juni 2016 17:08

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Japan may join crackdown on Chinese steel exports - Report

Nikkei reported that Japan is looking to join the US and European Union in imposing anti-dumping tariffs on Chinese steel exports, though findings that domestic steelmakers have not been substantially harmed could make such measures difficult to justify as leaders at the Group of Seven summit on Friday said they were prepared to consider the broad range of trade policy instruments and actions required to bring excessive global steel production capacity under control.

A top official at Japan's trade ministry said “Japan will keep a close watch on imports of a variety of materials, including steel. This could conceivably include such policies as anti-dumping and countervailing tariffs.”

An anti-dumping duty would apply to goods being exported to Japan for less than their market prices at home. A countervailing tariff would be similarly applied to goods produced with the help of foreign government subsidies. Both measures are permitted by the World Trade Organization in cases where real damage is being done. But Japan has no experience applying them to steel products.

Source: Nikkei

voda 1 juni 2016 17:11

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Yildizlat Holdings orders Cold Rolling Mill Complex from Danieli

Yildiz Demir Celik, part of Yildizlar Holding with more than 100-year experience in the field of forestry products, fertilizer, chemistry, port operation, energy generation and insurance sector, selected Danieli for the supply of the technological equipment for its state-of-the-art cold mill complex to be built in Kocaeli. The plant will produce 1,500,000 tpy of pickled / cold-rolled / galvanized and annealed, and skin-passed coils, starting from incoming hot-rolled coils.

Each plant unit will include state-of-the-art equipment and the latest technological packages of Danieli Wean United to guarantee a superior product quality and increased overall plant yield.

Main plant units are:
> Continuous Pickling Line coupled with five (5) Stand 6-Hi Tandem Mill for 1,500,000 tpy
> Vertical Hot Dip Galvanizing Line for 400,000 tpy
> Bell Annealing Furnaces for 300,000 tpy
> Temper Mill for 450,000 tpy

Danieli Centro Combustion will supply the innovative Galvanizing Line Annealing Furnace with 2P radiant tubes and 100% H2 atmosphere Bell Annealing Furnaces, in order to minimize opex and emissions while maximizing yield and product quality. Danieli Automation will design and supply all the electrical equipment and control systems for the entire complex, including Level 3 Automation System, providing the customer with an integrated and optimized system configuration. The single-source automation system and the experience of Danieli Automation, which has been developing innovative solutions in the steel industry for the past 40 years, will ensure high plant efficiency, thanks to common interfaces and design concepts, as well as a smoother proje ct execution, a quicker startup, and an easier transfer of know-how.
The plant will come on stream gradually in 2017, starting with the Bell Annealing Furnaces and ending with the Continuous Pickling Line coupled with Tandem Mill.

Source: Strategic Research Institute

voda 1 juni 2016 17:11

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Hyundai Steel to raise HR prices by upto USD 59

Yonhap reported that South Korea's second-biggest steelmaker Hyundai Steel said on Tuesday that it will raise the price of hot rolled sheets starting from next month. The affiliate of Hyundai Motor Group said it will increase the price of hot-rolled sheets by 50,000-70,000 won ($42-58.70) per ton next month, which comes after a 30,000-won hike in April.

The price of hot-rolled sheets was 650,000 won per ton last week, and had stayed in the same range for three consecutive weeks.

The price hike is expected to affect other Korean steelmakers as industry leader POSCO has been closely watching the Chinese market after it raised the price of hot-rolled sheets by 20,000-30,000 won per ton in the first quarter.

Hyundai Steel, which produces 24 million tons of steel annually, supplies 30 percent of the overall automotive steel consumed by two captive buyers Hyundai Motor and Kia Motors each year.

Source: Yonhap

voda 1 juni 2016 17:12

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British Steel name could return to Teesside on Wednesday

Gazette Live reported that the according to reports British Steel name could return to Teesside today, as Tata Steel hands over the keys for its Long Products business. Greybull Capital is buying up key Tata plants for a nominal fee, as part of a deal that will affect hundreds of Teesside workers.

Tata Steel has refused to comment on the timing of the deal, dismissing reports as pure speculation. But it’s understood keys could be handed over today with staff transferring to the new British Steel company with immediate effect.

The completion of the deal follows around six months of intense negotiations between the steelmaker and firm. The sale includes Teesside Beam Mill at Lackenby, Special Profiles at Skinningrove and a smaller Darlington base; around 700 workers on Teesside will transfer to the new company.

Greybull said in April the acquisition will be supported by a GBP 400 million investment package and the existing management team will stay and run the business, implementing the plan that they have drawn up to return the company to profitability.

Source: Gazette Live

voda 1 juni 2016 17:12

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Nippon Steel & Sumitomo Metal denies move to split Usiminas

Reuters reported that Japan's biggest steelmaker, Nippon Steel & Sumitomo Metal Corp, said on Wednesday there was no truth to reports that it was planning to break up its Brazilian affiliate Usimina after Nikkei had reported that Nippon Steel & Sumitomo Metal intends to hold talks on dividing the production assets of struggling Brazilian affiliate Usiminas with Ternium, a fellow shareholder with which the Japanese steelmaker disagrees over plans for turning the unit around.

As pr Nikkei report “Negotiations on a split could prove as tortured as other management issues, such as Usiminas' recent appointment of a new chief executive. But Nippon Steel is intent on overhauling the Brazilian steel producer's operations its own way, seeing them as an important foothold in Latin America.”

Ternium initially opposed the capital increase, urging asset sales instead. At a May meeting of Usiminas' board, the chief executive at the time was relieved of his duties in a Ternium-led vote and replaced by a candidate apparently backed by the shareholder. Nippon Steel countered that the board decision violated a shareholder agreement requiring a consensus between the Japanese steelmaker and Ternium on executive appointments at Usiminas. Nippon Steel plans legal action to nullify the decision.

With boardroom tensions rising, Nippon Steel has decided to seek talks on a breakup of Usiminas rather than let the standoff put the unit in an even worse situation. Splitting up Usiminas would leave Nippon Steel with a smaller business but one whose profitability could be improved through direct management.

One proposal would give the Japanese steelmaker ownership of an Usiminas mill in Ipatinga. This mill in southeastern Brazil has a yearly production capacity of about 5 million tons and strength in high-grade steel. Ternium would get the Cubatao mill in the neighboring state of Sao Paulo, with roughly 4.5 million tons of capacity.

Nippon Steel and Ternium each own almost 30% of Usiminas, which has fallen on hard times amid a deep economic slump at home. After suffering a net loss of 3.68 billion reais ($1.02 billion) last year, Usiminas moved in March to hit up investors for an additional 1 billion reais in capital.

Source: Reuters

voda 1 juni 2016 17:13

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Cliffs Natural Resources and ArcelorMittal USA ink long term iron ore supply pact

Cliffs Natural Resources Inc announced that it has entered into a new long-term commercial agreement with ArcelorMittal USA LLC to supply tailor-made iron ore pellets for the next ten years through 2026. The new agreement will replace two existing agreements expiring in Dec. 2016 and Jan. 2017 and fill the entirety of ArcelorMittal's pellet purchase requirements from the previous contracts.

The new commercial agreement includes ArcelorMittal's total purchases of iron ore pellets from Cliffs up to 10 million long tons and preserves Cliffs' current position as ArcelorMittal USA's sole outside supplier of pellets. Accordingly, Cliffs will continue to be the sole pellet supplier of ArcelorMittal's Indiana Harbor West and Cleveland Works steelmaking facilities, while maintaining the current level of pellet supply to ArcelorMittal's Indiana Harbor East facility. The new contract also establishes a minimum tonnage of pellets of 7 million long tons, which is higher than the current minimum level from the two previous contracts combined.

Pricing for the pellets under the agreement will be adjusted by the price of steel in the U.S. domestic market, and iron ore market based and general inflation indices. Based on current market levels, Cliffs anticipates an improvement in overall United States Iron Ore realized revenues per ton in 2017, when compared to the company's current guidance for 2016.

Source: Cliffs Natural Resources Inc

voda 2 juni 2016 16:47

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Glencore wil Australische kolenmijn sluiten

Sluiting gevolg van aanhoudende daling kolenprijs.

Glencore wil de Tahmoor kolenmijn in het oosten van Australië sluiten als gevolg van de aanhoudende daling van prijzen voor kolen. Dit maakte de onderneming donderdag bekend.

Glencor verwacht de mijn begin 2019 te sluiten. De sluiting zal geleidelijk plaatsvinden, waarbij in totaal 350 arbeidsplaatsen verloren gaan. De mijn was afgelopen jaar goed voor 2,1 miljoen ton kolen, bedoeld voor de staalproductie.

De koers van het aandeel Glencore noteerde donderdag 0,2 procent lager op 128,55 pence.

Door: ABM Financial News.

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 2 juni 2016 20:30

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Manufacturing downturn in Brazil intensifies in May

PMI data indicated that Brazil's manufacturing recession worsened in May, as a faster contraction in order books led producers to scale down output to a greater extent. In the face of a challenging economic scenario companies dismissed some employees, with the rate of job shedding the quickest in the survey history. Elsewhere, buying levels fell at the fastest pace since March 2009, contributing to the sharpest drop in pre-production stocks since data collection began. Cost inflation climbed to the highest in almost eight years but, constrained by competitive pressures, firms raised charges at the weakest rate since last July. The seasonally adjusted Markit Brazil Purchasing Managers Index dipped to an 87-month low of 41.6 in May, from 42.6 in April. Worsening operating conditions have now been registered in each month since February 2015.

May data indicated that both new business inflows and manufacturing production decreased at the sharpest rates since March 2009, with panelists indicating that the economic crisis and deteriorating investor confidence continued to suppress demand. Although new orders from abroad rose, the pace of expansion was the weakest in the current six-month sequence of growth.

Amid reports of cost-cutting initiatives, stock levels were lowered in May. Holdings of raw materials and semi-finished goods fell at the fastest pace in the history of the survey, which stretches to over ten years. Post-production inventories dropped at a slower rate than in April, but one that was nonetheless sharp and among the quickest since mid-2009As part of continuous efforts to reduce costs, manufacturers dismissed workers in May

Accelerating marginally since April, the rate of job shedding reached a new survey record. Nonetheless, businesses had sufficient resources to work on existing projects, as indicated by a further drop in outstanding business. Backlogs were depleted to the greatest extent since March 2009.

Concurrently, the quantity of inputs purchased by Brazilian manufacturers decreased for the sixteenth straight month and at the sharpest pace in over seven years, while supplier performance was little- changed since April.

Input costs continued to rise, with the rate of inflation climbing to a 94-month peak. According to panel members, the relatively weaker real led to higher prices paid for imported raw materials. Although part of the additional cost burden was passed on to clients, pricing power was reportedly restricted by competitive pressures. Therefore, charge inflation eased in May to the slowest in ten months.

Commenting on the Brazilian Manufacturing PMITM survey data, Pollyanna De Lima, economist at Markit and author of the report, said “The downward trend in manufacturing that started in February 2015 was extended to May, with the latest PMI data highlighting the sharpest contractions in both new orders and output since early-2009. The economic and political crises that Brazil has been facing continued to hamper demand and businesses have been left with no other option but to dismiss employees as part of efforts to remain afloat. This record contraction in payroll numbers is likely to further aggravate domestic demand as we move into the second half of the year. Manufacturers’ dire operating conditions are also affected by strong increases in purchase prices. Input cost inflation moved up a notch since April, reaching its highest mark since July 2008. Constrained by an increasingly competitive environment, however, charges were raised at a weaker rate.”

Source : Strategic Research Institute

voda 2 juni 2016 20:32

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China manufacturing PMI edges down to 3 month low in May

The health of China's manufacturing sector continued to decline in May, with output and new orders both falling slightly. At the same time, job shedding persisted across the sector, with the rate of reduction remaining close to February's post-global financial crisis record.

Source : Strategic Research Institute

jessebrown 2 juni 2016 20:57

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quote:
voda schreef op 2 juni 2016 20:32:
China manufacturing PMI edges down to 3 month low in May

The health of China's manufacturing sector continued to decline in May, with output and new orders both falling slightly. At the same time, job shedding persisted across the sector, with the rate of reduction remaining close to February's post-global financial crisis record.

Source : Strategic Research Institute

China staat voor de grootste uitdagingen van de afgelopen 25 jr,het begint
steeds meer op een harde landing te lijken,tot overmaat van ramp zijn de schulden
in alle sectoren en vooral bij de overheid rampzalig gestegen en de banken hebben
meer als 30% slechte leningen op de balans staan,ruimte om de economie te stimuleren zijn uitgeput (als dit maar goed afloopt).

[verwijderd] 3 juni 2016 11:17

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Russian steel firm mauls EU officials
One of Russia’s top steel firms has launched a fierce, personal and multi-pronged attack on the European Commission in its bid to overturn anti-dumping penalties.
The NLMK group lashed out earlier this week against the commission’s decision, in February, to impose duties of some 25 percent on its exports on grounds that it was selling steel at artificially low prices.

Its attack was joined by Dentons, a global law firm representing NLMK, Portland Communications, a London-based PR firm whose relationship with NLMK is unclear, and by John Smith, who probably does not exist.

euobserver.com/economic/133694

voda 3 juni 2016 17:26

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Koopkans voor ArcelorMittal

Door Nico Bakker op 3 jun 2016 om 12:16 | Views: 1.300

Het aandeel ArcelorMittal was de afgelopen maanden een van de dissonanten op het Damrak. Er was lange tijd sprake van een stevige downtrendfase, maar in de afgelopen weken is het sentiment aanzienlijk verbeterd.

Het proces van lagere toppen en lagere bodems is namelijk doorbroken, waardoor zich koopkansen aandienen voor trendvolgende beleggers. Ik zal de weekgrafiek voor u duiden en aangeven tot hoe ver de bulls kunnen reiken.

Trendomkeer

Lange tijd waren de beren heer en meester op het speelveld getuige het proces van lagere toppen en lagere bodems onder de dalende gemiddeldelijn. De beren reikten tot een bodem op 2,01 in februari van dit jaar. Vanaf dit niveau was er sprake van een forse reboundbeweging, mede aangewakkerd door de positieve divergentie op de RSI. Medio april werd een high op 5,44 bereikt, procentueel gezien een stijging van jewelste. Vanaf dit niveau deed de koers een stapje terug, maar vanaf de hogere bodem op 3,80 is opnieuw de weg omhoog ingezet.

Vorige week werd een Bullish Engulfing patroon gevormd (een positief omkeerpatroon) en deze week wordt de 55 SMA lijn met een witte candle opwaarts gekruist. De RSI veert hierbij op vanaf de 50-lijn en ook de swingteller springt mogelijk op +1. Mijn Dashboard zal bij deze voortgang een UP-status afgeven, waardoor een opmars richting de recente top op 5,44 aannemelijk is.

Als dit niveau vervolgens wordt geslecht, krijgt de verse uptrendfase meer gestalte en komt zelfs ruimte vrij richting 6,86. Al met al een positieve overgangsfase op het speelveld, voorwaarde is wel dat de koers boven de steunstreep op 3,80 blijft bewegen.

Tweetrapsraket

Voor trendvolgende beleggers ligt de grafiek er aantrekkelijk bij. Zij kunnen overwegen om met beperkte koopposities de verwachte opmars richting 5,44 mee te spelen. Als deze barrière vervolgens wordt geslecht, zijn additionele posities gerechtvaardigd.

Op deze manier speelt u uitstekend in op de kantelpunten op de chart. Zolang de koers boven 3,80 noteert, zijn de vooruitzichten voor ArcelorMittal positief.

- See more at: www.belegger.nl/Column/177472/Koopkan...

voda 3 juni 2016 19:29

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Brilliance Steel allowed to sell steel mesh again under new testing regime

BusinessDesk reported that New Zealand based Brilliance Steel, one of three companies involved in a Commerce Commission investigation into testing of ductile steel products, has reached an interim agreement with the regulator to resume sales provided the products pass independent tests.

The commission today lifted its restriction on Auckland-based Brilliance selling ductile steel mesh products after the company signed a court enforceable undertaking for current and future batches of the product to be tested at an IANZ accredited lab, the regulator said in a statement.

The deal follows a similar undertaking given by Euro Corp in April and is in line with an expected clarification on the standard being developed by the Ministry of Business, Innovation and Employment.

Steel mesh is typically used as reinforcement in concrete floor slabs during the construction of houses, garages, and other buildings and can also be used in driveways and pathways. After the Canterbury earthquake in 2011, the ductility level was increased to a minimum elongation of 10 percent from about 2 percent formerly.

Source : BusinessDesk

voda 3 juni 2016 19:29

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government plan to overhaul pesion scheme to slash liabilities

professionalpensions.com reported that UK government proposals to reduce inflation protection for the British Steel Pension Scheme could reduce its liabilities by an extra GBP 1.5 billion than experts have anticipated. The widely reported plan to switch the scheme from the retail price index (RPI) to the lower consumer price index (CPI) to calculate pension increases was expected to cut its GBP 14 billion liabilities by around GBP 2.5 billion.

However the government's consultation on these proposals published last week revealed the intention is to move away from RPI to statutory minimum levels rather than CPI specifically.

It is consulting on ways to reduce members' benefits to make Tata Steel UK a more attractive proposition for a potential buyer while avoiding the scheme going into the Pension Protection Fund (PPF).

Hymans Robertson partner Calum Cooper predicts moving to the statutory minimum more broadly could reduce BSPS's liabilities by as much as £4bn, "improving the chances of its self-sufficient survival".

In 2011 the government changed statutory pension increases from RPI to CPI but explicitly ruled out giving trustees a statutory override to impose CPI instead of RPI.

The consultation period on options for BSPS runs from 26 May until 23 June.

Source : professionalpensions.com

Vertraagd	21 feb 2025 17:35
Koers	27,050
Verschil	+0,230 (+0,86%)
Hoog	27,270
Laag	26,840
Volume	1.778.340
Volume gemiddeld	2.637.315
Volume gisteren	2.493.470

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