Eurobench.com

voda 11 juli 2016 16:12

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Bedankt Regenboog!

Beursblik: stabiele staalprijzen in derde kwartaal

Vraag zal volgens ABN AMRO evenwel zwak blijven in zomerperiode.

De mondiale staalprijs zal gedurende het derde kwartaal per saldo stabiel blijven, waarbij de vraag naar het metaal in de vakantiemaanden juli en augustus zwak zal blijven. Dit stelde econoom Casper Burgering van ABN AMRO maandag in een sectorrapport.

Burgering stelde dat de mondiale staalprijs sinds begin juni terrein heeft verloren, waarbij de afname van de prijzen in China, Latijns-Amerika en enkele voormalige Sovjetstaten sterker was dan in Europa en de Verenigde Staten.

"Dit heeft vooral te maken met de geïntroduceerde importbeperkingen in Europa en de VS, met als doel om relatief goedkoop staal uit China en Rusland te weren", aldus de econoom. "Hierdoor vielen grote afzetmarkten voor China en Rusland weg en zwakten de prijzen af."

Burgering merkte op dat de staalprijzen sinds het begin van 2016 mondiaal een vlucht namen, maar dat door de afzwakkende vraag naar staal van zowel handelaren als eindgebruikers de prijzen weer afnamen gedurende het tweede kwartaal. De econoom verwacht ook in juli en augustus dat de vraag vanwege het zomerseizoen zwak blijft, maar dat de prijzen evenwel stabiel kunnen blijven.

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 11 juli 2016 16:12

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Beursblik: fusieplannen ThyssenKrupp en Tata Steel niet verheugend

S&P Global Markets wijst op zwakte rondom Tata.

S&P Global Markets is niet enthousiast over de fusiegesprekken tussen ThyssenKrupp en Tata Steel.

Analist Jit Hoong Chan wees maandag in een kort rapport onder andere op de druk op de Europese operaties van Tata Steel. Deze geeft aan dat de omzet van Tata over het laatste boekjaar, dat eindigde in maart, met 16 procent daalde en dat het concern onderliggend rode cijfers schreef. Daarbij is er in het Verenigd Koninkrijk sprake van een tekort van 700 miljoen Britse pond in het staalpensioenfonds waarin Tata in deelneemt. Dit zou kunnen betekenen dat er na een fusie een kapitaalinjectie moet plaatsvinden.

De analist van S&P handhaafde zowel de taxaties, het koersdoel van 14,00 euro als het verkoopadvies op ThyssenKrupp.

Het aandeel ThyssenKrupp sloot vrijdag 6,5 procent hoger op 18,10 euro. Tata Steel won maandag 1,8 procent op 324,35 Indiase roepie.

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 11 juli 2016 16:14

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Chinees verzet tegen Amerikaanse importheffingen op staal - media

China vraagt WTO om hulp.

China is het oneens met importheffingen die Amerika op Chinees staal wil zetten en eist op zo kort mogelijke termijn de oprichting van een commissie bij de Wereldhandelsorganisatie dat zich over de kwestie buigt. Dit schreef staatspersbureau Xinhua zaterdag.

Amerika zou op sommige staalproducten uit China heffingen tot wel 450 procent willen zetten.

"China is tegen het misbruik van handelsmaatregelen en zal haar rechten als lid van de WTO stevig uitoefenen en de legitieme belangen van de binnenlandse [staal]sector beschermen", aldus het Chinese ministerie van Handel tegenover Xinhua.

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 11 juli 2016 16:31

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Dongkuk Steel Mill’s operating profit jumps 156.4% in Q2

Dongkuk Steel Mill reported on July 11 that its operating profit rose to 99 billion won (US$85.6 million) in the second quarter, a 156.4 percent leap from the same period last year.

The revenue decreased by 1.5 percent to 1.2 trillion won and net profit fell 59.6 percent to 36.5 billion won.

Source : Korea Herald

voda 11 juli 2016 16:32

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Steel Asia Group’s Del Pilar Steel to provide jobs

Manila Times reported that Steel Asia Group over the weekend said its steel mill when completed will provide employment to hundreds of local residents while ensuring environmental safety and protection. Mr Ben Yao, president and chief executive officer of the company, issued the statement in reaction to a published open letter by a group of oppositors identified as “Kadamay Plaridel,” which opposes Del Pilar Steel’s proposed steel rolling mill in Plaridel, Bulacan, north of Manila.

According to Yao, “contrary to the oppositors’ statements, Del Pilar Steel’s proposed steel mill will be a state-of-the-art, environment-friendly plant. It will be located in an industrial park established in the 1990s and incorporates measures that ensure clean emissions and self-sustainability through environmentally friendly processes.”

The Steel Asia Group is the biggest reinforcing steel bar manufacturer in the Philippines, with an annual capacity of two million metric tons and whose mission is to meet the country’s demand for steel by supplying the market with quality steel bars that meet stringent Philippine standards. It has steel rolling mills in Bulacan, Batangas, Cebu, Cagayan de Oro City and Davao.

The Plaridel plant, envisioned to be the largest in the region, is expected to generate hundreds of direct employment opportunities.

Del Pilar Steel is part of the Steel Asia Group of Companies.

Source : Manila Times

voda 11 juli 2016 16:34

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Nippon Steel & Sumitomo Metal may ask Brazil court to name new Usiminas CEO – Report

Reuters reported that Nippon Steel & Sumitomo Metal could ask a Brazilian court to choose a new chief executive for its jointly owned steelmaker, Usinas Siderúrgicas de Minas Gerais SA, if a shareholder meeting fails to produce a better solution, a source with direct knowledge of the situation said on Friday.

The source, who requested anonymity because of legal restrictions on speaking publicly about the matter, said Nippon would not accept any proposal to retain Leite as CEO, and would prefer the court to name a replacement.

Usiminas Chairman Elias Brito, when told of Nippon Steel's possible move, responded by defending the legality of Leite's appointment. He said "It would be unprecedented in Brazil that a court be asked to name the new chief executive of a public company.”

Nippon in May opposed a decision by Usiminas' board to appoint Sergio Leite as CEO, saying the move violated their shareholders agreement.

Nippon Steel has sued fellow controlling shareholder Ternium over the management of Usiminas, as the Brazilian steelmaker is known.

The Minas Gerais state court scheduled a meeting for Monday between Usiminas shareholders to try to reach an agreement on the company's management and avoid further litigation.

Source : Reuters

voda 11 juli 2016 16:36

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Severstal and MMK worst hit on EU duties on HR steel products

Tass reported that according to an analytical review by Aton, Russian steel makers Severstal and MMK Group may lose USD 80 million and USD 60 million on EBIDTA margin respectively because of the EU duties on steel products. These losses account for about 5% of consensus-forecast on EBITDA for Severstal in 2016 and up to 4% for MMK. Severstal is the largest supplier (about 700,000 tonnes of hot-rolled steel and 200,000 tonnes of steel plates), MMK ranks second (about 650,000 tonnes of hot rolled steel).

According to the review by Aton “Duties can lead to redistribution of volumes and increased competition on the domestic market (which will have a negative impact on prices), as well as to changes in the range of products, that is why it is quite difficult to estimate the financial impact.”

Analysts said that another metal producer - NLMK, which supplies 120,000 tonnes will apparently suffer the least, and its rolled steel production business in Europe with capacity of 1.7 million tonnes a year in the long run may even take advantage of the situation.

An official with MMK told TASS "The domestic market still remains the key one for MMK. The company supplies metal products to the EU at market prices strictly complying with international requirements. MMK plans to use all legal means to dispute the decision on introduction of duties.”

An official with Severstal said “Considering harsh violations of the legislation by the European Commission when calculating dumping margin in the current investigation on hot rolled mill products, Severstal together with its clients in EU countries will take all efforts to ensure the objectiveness of the investigation to ensure that it was not politically engaged.

An official with NLMK told TASS that its capacities for production of hot-rolled coil in Belgium amount to 2.2 million tonnes, and so far there are not fully loaded.

EU last week launched an anti-dumping investigation with regard to Russian hot rolled steel products. The investigation in respect of hot-rolled steel exports from Russia to the EU will last 15 months.

In the first quarter of 2016 the EU already introduced duties of 20-26% for cold-rolled steel from Russia and increased them to 19-36% in May.

Source : TASS

Bijlage:

voda 11 juli 2016 16:37

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Tata Steel to sell two of its Hartlepool pipe mills and retain third

The Northern Echo reported that Tata Steel is to sell two of its Hartlepool pipe mills, but will retain the third. The 84 and 42-inch mills will be put on the market, and the 20 inch mill be kept by Tata, which has now entered into discussions with strategic players in the steel industry to explore the feasibility of collaborations. The talks are at a preliminary stage and Tata said there can be no certainty of a transaction.

Mr Koushik Chatterjee, Tata's group executive director, said that Tata will begin separate processes for the potential sale of the South Yorkshire-based Speciality Steels business and the Hartlepool pipe mills - other than the 20-inch Tube Mill.

Both of these operations are largely independent of the strip products supply chain.

Tata has already received interest from several bidders for Speciality Steels and the pipe mills.

Source : The Northern Echo

Bijlage:

voda 11 juli 2016 16:38

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Liberty says will continue to discuss UK acquisitions with Tata Steel

Reuters reported that Liberty House Group said it would continue to discuss possible acquisitions of parts of Tata Steel's British business after the steelmaker said on Friday it was putting the process of selling its major assets on hold.

Liberty House said in a statement”In the short term we will continue discussions with Tata about the acquisition of a number of important assets that fit well with our strategy.”

On Thursday an industry source told Reuters that Liberty planned to bid for two units of Tata Steel's British business - specialty steels and pipeline tubes.

Indian firm Tata said the sale of some facilities, including its Port Talbot plant, would be paused. But Tata said it will begin separate steps towards the potential sale of its Speciality Steels business and the northern English Hartlepool pipe mills, except for its 20-inch Tube Mill.

Source : Reuters

voda 11 juli 2016 16:39

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Chinese imports capture steel market in Pakistan

The Dawn reported that closure of units at Pakistan Steel Mills has overshadowed the performance of private steel industry which recorded a growth of around 6 per cent during July-March of fiscal year 2016 on top of 24.5pc growth during the same period last year. The financial year 2016 proved vital for steel manufactures as Chinese and Ukrainian cheap steel grabbed the local steel market since the local production is not competitive against the imported steel.

Arecently issued State Bank report on “The State of Pakistan’s Economy” said “The private sector steel manufacturers are facing stiff competition from cheap imported products mainly from China — a phenomenon which is impacting many steel manufacturers around the globe.”

The country would have to pay a heavy cost as billions of dollars are being spent on import of steel while the low-priced imported steel has threatened the existence of many medium and small size steel producing factories in the country. There is a fear that thousands of Pakistanis would lose jobs, if cheap steel imports are not banned or these are not made competitive with high duties on imported steel. There remained a tough resistance at political level as well as by independent economists over move to close PSM units.

The government announced duties on imported steel which were imposed in January 2016, vary in the range of 8.3 to 19pct but the import is continuing.

According to an earlier report of SBP, the commodity’s imports stood at $1.3bn during the first eight months (July-February) of this fiscal year compared to $1.8bn during the entire fiscal year 2015. The steel imports could cost the country up to $2.2bn at the end of this fiscal year as demand for the commodity is on the rise amid robust construction activity.

“Imports of both steel scrap and steel products increased by 27.3 per cent and 30.1 per cent, respectively, during July-March FY16. The imports posted extraordinary growth despite imposition of anti-dumping duties for four months on import of cold-rolled coils and sheets from China and Ukraine,” said the report.

The Sindh government, which opposed privatization of PSM, had earlier shown interest to buy the mills, but latter it distanced from the issue. Currently, PSM production is almost at zero level.

Source : The Dawn

voda 11 juli 2016 16:40

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JSW Steel to focus on raw material security

Press Trust of India reported that in a bid to ensure raw material self-sufficiency, JSW Steel is planning to participate in the upcoming auction of iron ore mines in Karnataka and other states. It said "JSW Steel currently does not enjoy as much access to captive raw material resources like some of its peers. However, the company is working to enhance its raw material self-sufficiency. To achieve this, it continues to explore opportunities, both within and outside India.”

It said said in its annual report for 2015-16 “JSW Steel will focus on this opportunity to enhance raw material security going forward.”

It said “It intends to participate in the forthcoming auctions of C-category iron ore mines in Karnataka".

It said “The firm also plans to participate in the auction of iron ore mines in few other states as well, to fulfill the company's goal of self-sufficiency on the raw materials front.”

On the issue of coal, JSW Steel said it has secured the "Moitra" coking coal block via auction process. This mine has total extractable coal reserve of around 30 million tonnes and is situated in Jharkhand.

Source : Press Trust of India

voda 11 juli 2016 16:41

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BlueScope sues Wollongong AWU branch over unsanctioned strike

ABC Illawarra reported that Australia’s biggest steel maker BlueScope Steel is suing the Australian Workers Union in Wollongong for millions of dollars over an unauthorised walk-off last month. Bluescope Steel is seeking penalties or compensation for an unsanctioned 24-hour strike by workers at Spring Hill on May 26. The AWU's Port Kembla South Coast and Southern Highlands Branch received written notice of the Federal Court action in the mail on Wednesday.

The union estimates Bluescope's claim for loss of production and steel product to be in the order of USD 2.4 million.

Branch secretary Wayne Phillips said members were demanding a meeting about management practices leading up to the industrial action. He said "Changing their rosters, getting them to work everywhere, changing their crib allowances, all sorts of things. They just continually attack. There's over 24 casuals working on site yet at the same time they are reducing numbers. "They just had enough so we had a meeting of the members. The members overwhelmingly voted to go on strike for 24 hours."

Mr Phillips said he knew the industrial action was illegal under the Fair Work Act. He said "That was certainly discussed with our members, but sometimes people get themselves that cranky and that fed up. This was the plant that the company acknowledged last year, in all the hassle we had last year, was making good money for them, keeping them afloat. "They have done nothing but tap the workers of their conditions ever since."

The AWU and Bluescope last year brokered a widely-applauded deal to shed more than 400 jobs to save the struggling Port Kembla steel works from closure.

Source : ABC

Bijlage:

voda 11 juli 2016 16:42

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Tata Steel announces developments regarding the strategy for its European businesses

Tata Steel announced it would explore strategic alternatives for its UK business, including the potential sale of the business as a whole or in parts. The company and its advisers then contacted around 200 potential financial and industrial investors around the world to explore their interest in the business. The company has also deeply engaged with the Governments of the UK and Wales at every stage of the process.

Source : Strategic Research Institute

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voda 11 juli 2016 16:42

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India adopting trade protectionism to boost domestic steel industry – China

Reuters reported that China's official media alleged that India is promoting its steel industry with trade protectionism and making China a primary victim of trade investigations and asked New Delhi to adopt open mindedness towards the world's largest steel producer.

An article in the state-run Global Times said “It seems India is seeking to boost its domestic steel industry with some help from trade protectionism, making China a primary victim of Indian trade investigations. It is true that protecting Indian steel firms from intense international competition can buy some time for the industry's domestic expansion. But such moves will reduce India's competitiveness in the long run.”

Quoting reports that India wants to almost triple the size of its steel industry over the next decade it said “While steel firms in many parts of the world are experiencing a painful process to cut overcapacity, India is looking to significantly expand its domestic steel sector. However, there are major questions over whether India can really realise its dream of becoming a global steel-producing colossus. Though the Prime Minister Narendra Modi administration called for the significant expansion of the steel industry, the government itself may be the major cause of a possible failure in the strategy's implementation. The Modi administration's clear ambition to turn India into the world's factory makes the promotion of India's domestic steel industry development absolutely necessary, but it is doubtful whether the Indian government is strong enough to promote this grand strategy.”

It added “The development of the steel sector requires a large amount of investment. However, India's democratic system may leave the government with limited power to raise sufficient capital for investment in profitable industries. In this regard China's experience of opening-up to the outside world might provide insight, proving that New Delhi's promotion of Indian manufacturing will not inevitably lead to confrontation between China and India."

Source : Reuters

voda 11 juli 2016 16:45

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UK Steel unveils manifesto to ensure steel industry's survival post-Brexit vote

City AM reported that UK Steel unveiled its manifesto today to ensure the embattled industry's long-term survival following the Brexit vote, ramping up pressure on the government to act.

The trade body said the so-called Brexit blueprint should remind the government that it cannot allow the current political turmoil or negotiations with the EU to distract from previous pledges to save the steel industry.

It urged the ministers to remove unilateral energy costs, increase the procurement of UK steel and tackle unfair trade. It also wants funding mechanisms for energy efficiency projects, as well as determining other investments that are needed.

Mr Gareth Stace, director of UK Steel, said “The outcome of the EU referendum has fanned the flames of the crisis threatening to engulf our entire industry. In the short-term this means an even bumpier ride, but it also gives the government added incentive to ensure our sector survives. Everything we are asking for is designed to provide our sector with a level playing field so that we can compete fairly and freely."

Source : City AM

voda 11 juli 2016 16:46

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Angang Steel forecasts double profit in H1

Bloomberg reported that Angang Steel Co. shares rose to their highest in more than two months after it forecast net profit could nearly double in the first half, as the steelmaker slashed costs and benefited from improving margins. Angang said in a statement that its net income may rise by 94 percent from a year ago to CNY 300 million (USD 45 million) in the six months through June,

It added that it adjusted its product mix and lowered procurement and other costs in the first six months

Profits were lifted by a rally in China’s steel market that peaked in April. According to a report by Zhongtai Securities Co “Angang’s profit increase is partly due to the improved margin in the whole industry, and partly thanks to its own effort in actively slashing costs, reducing expenses and improving efficiency.”

The company’s forecast result marks a dramatic turnaround from the prior six months, which saw a loss of 4.7 billion yuan as prices slumped amid oversupply and weak demand in China

Member companies of the China Iron and Steel Association made CNY 8.7 billionn profit in the first five months, an eight-fold increase from a year earlier as steel prices outpaced the cost of iron ore

Source : Bloomberg

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voda 11 juli 2016 16:47

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Viet Nam launches probe on import colour coated PPGI steel

VNS reported that Vietnam’s Ministry of Industry and Trade issued a decision last week to launch a probe that would determine whether imports of colour-coated steel sheets had become excessive and caused harms to local production.

The investigation was launched in response to a petition by Nghiem and Chinh Partnership Law Firm, which represents three local producers, D?i Thien Loc Joint Stock Company, Nam Kim Steel and Ton ?ong A Company. The Viet Nam Competition Authority received the petition on May 24.

Under Decision 2847/Q?-BCT, the investigation period to determine whether damages can be claimed will be from January 1, 2013, to December 31, 2015.

The codes to be examined include HS 7210.7010, 7210.7090, 7212.4010 and 7212.4020, as well as 7212.4090, 7225.9990, 7226.9919 and 7226.9999.

The ministry, in the decision, said based on the figures provided by the petitioner, it found that there were signs of significant increases in the import of colour-coated steel sheets in the 2013-15 period. This was alleged to have led to declines in production, market share, revenue, profit and productivity for local producers while their inventories rose.

The ministry said temporary safeguard duties could be put into force before the investigation concluded if it found that the slow application of safeguard duties would cause severe harm to local production.

The ministry urged firms to consider the possibility of safeguard duties when signing contracts to import colour-coated steel sheets.

Source : VNS

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voda 11 juli 2016 16:48

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ThyssenKrupp defends merger talks with Tata Steel

The Local reported that erman conglomerate ThyssenKrupp on Saturday defended merger talks with Indian rival Tata Steel saying the consolidation of the sector in Europe was necessary due to the difficult economic situation.

Thyssen spokeswoman Ms Nicola Roettger told AFP “We have always said that we consider a consolidation in the European steel sector necessary due to the very difficult economic situation. The entire steel industry in Europe is fighting to continue to have a future in a difficult economic context. Very few European steelmakers are currently making profits.”

Tata Steel said on Friday that it was in talks with its German competitor and other unnamed groups to create a large European steelmaker but did not give further details.

Source : The Local

voda 11 juli 2016 16:49

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Coordinated response needed to target steel glut - G-20 trade ministers

Nikkei reported that Group of 20 trade ministers meeting in Shanghai have characterized excess capacity in steel and other industries as a global issue requiring collective responses, while citing subsidies and other government support as a contributing factor. A statement said “Industrial overcapacity hurts commerce and workers. To address this problem, nations must communicate and cooperate more to take effective steps to enhance market functions and promote adjustment.”

This is seen as a tacit appeal for the reorganization of China's so-called zombie companies, those unable to survive without government support.

Japan, the US and Europe had sought to include remedies for tackling the overcapacity problem in the statement. Beijing opposed such a move, calling the issue a structural one that went beyond the scope of a meeting of trade ministers. China has been exporting steel it cannot absorb domestically at low prices, impacting the earnings of steelmakers abroad.

The statement also urged steelmaking nations of the G-20 to participate in a September steel committee meeting of the Organization for Economic Cooperation and Development. The countries are to talk about establishing a global forum to discuss the overcapacity issue.

Source : Nikkei

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voda 11 juli 2016 16:49

0

Essar Steel Minnesota files for Chapter 11 bankruptcy

Minnesota news media reported that Essar Steel Minnesota has filed for US Chapter 11 bankruptcy protection. The action was taken after Minnesota Governor Mark Dayton terminated Essar's lease agreements with the state Friday.

The governor said.”The company has been told for the past nine months that the state would not extend those leases beyond July 1, 2016, unless it paid the full amounts it owed to Minnesota contractors and showed that it had the ability to carry its current construction project through to completion. The company has not done so, and has provided no reliable assurances that it will be able to do so in the foreseeable future."”

Now, Governor Dayton is talking to Cliffs about finishing the massive taconite project and adding a direct reduced iron facility. He said "I have met with Mr. Lourenco Goncalves, the chief executive officer of Cliffs Natural Resources, who has expressed his strong desire to take the existing project to completion and add to it a direct reduced iron facility, if his company is assigned those state leases."

Essar Minnesota has been building a USD 1.9 billion plant in Nashwauk that was expected to supply Essar Steel Algoma as well as ArcelorMittal's North American steelmaking operations with taconite iron ore pellets.

Source : Soo Today

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