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voda 8 augustus 2016 17:13

Roadmap to be prepared for making Indian steel sector competitive - Minister

PTI reported that emphasising on government’s role in nurturing the industry, Union Minister for steel Chaudhary Birendra Singh said a “roadmap” will be prepared for the steel sector facing issues on multiple fronts, including repaying bank loans. The Steel Minister also said that over USD 100-billion domestic steel sector needs to enhance its efficiency in the long run to be globally competitive.

He told “What I have told the industry that now we will have a roadmap where you will have your responsibility to see whether you are improving as far as efficiency is concerned, whether you are improving in giving back outstanding of bank loans, whether you are improving to make your industry competitive in the world market. These things are also to be looked at.”

He added “So what I have told them that on one way we talk of your production, the other way we must find out (the way) that you should get out of this rut within six months.”

The Minister, who did not elaborate further, said it will also include the public sector undertakings. But, when prodded further, he said: “As far as long drawn measures are concerned, I have asked industry that they should be ready to face (competition) and to perform. I understand government’s responsibility to nurture the industry, but it also has to be competitive and cost effective.”

India plays an important role in the global steel market, but its “importance” will be “sustainable” only if the country keeps pace with international trends, he said. He said “We are the world’s third largest steel producer. Our role as a major producer is important and it can be sustainable only when if we keep track of the global market trends and our quality standards while ensuring consumer protection.”

Source : PTI

voda 8 augustus 2016 17:17

US Steel boss Mr Mario Longhi applauds US DOC decisions in trade cases

United States Steel Corporation President and CEO Mr Mario Longhi issued the following statement in response to the Department of Commerce's affirmative decisions in the three trade cases the Company was a petitioner in – corrosion-resistant, cold-rolled and hot-rolled.

Source : Strategic Research Institute

Bijlage:

voda 8 augustus 2016 17:18

Iran’s Khuzestan Oxin Steel makes maiden steel export shipment to Europe

Financial Tribune reported that Iran’s Khuzestan Oxin Steel Company’s first shipment of rolled steel products valued at about USD 4.4 million was exported to Germany and Italy last week via Khuzestan Province’s Imam Khomeini Port

The company plans to export 5,000 tonnes of steel products to Europe every month until the end of the current Iranian year in March 2017.

Established in 2003, Oxin Steel specializes in the manufacture of high-strength and wide rolled steel used in shipbuilding, oil, gas, petrochemical and chemical industries.

Source : Financial Tribune

voda 8 augustus 2016 17:20

Metinvest’s Zaporizhstal reduced consumption of natural gas on 15 % in the first half of 2016

Ukranian steel maker Metinvest’s Zaporizhstal along with growth of performance indicators (hot metal on 2,7%, steel on 2,2%, rolled product on 3,6%) during January-June 2016 has reduced consumption of natural gas on 15,5 million m3 (or more than on 15%).

Source : Strategic Research Institute

Bijlage:

voda 9 augustus 2016 16:27

Beursblik: Morgan Stanley verhoogt koersdoel ArcelorMittal

Koersdoel van 5,80 naar 6,80 euro.

Morgan Stanley heeft zijn winstverwachtingen en koersdoel voor ArcelorMittal verhoogd. Dit meldde de Amerikaanse zakenbank, die vasthoudt aan het Overwogen advies op de staalreus.

De analisten verhogen hun verwachtingen voor het bedrijfsresultaat (EBITDA) in 2016 in reactie op de beter dan verwachte winstresultaten over het tweede kwartaal alsmede de hogere spreads.

De spreads, het verschil tussen de staalprijzen en de kosten voor grondstoffen, blijven volgens de marktvorsers hoger dan verwacht en geven hen meer inzicht voor de komende kwartalen. Morgan Stanley heeft daarom zijn verwachtingen voor de EBITDA per ton staal voor het derde en vierde kwartaal verhoogd van 68,00 en 73,00 dollar naar 91,00 en 80,00 dollar respectievelijk.

Op een groen Damrak noteerde het aandeel ArcelorMittal 0,1 procent lager op 5,88 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 9 augustus 2016 16:37

JSPL to recast INR 7,500 crore loan under 5x25 – BS Report

Business Standard reported that Jindal Steel & Power Ltd is likely to shortly finalise an agreement with its lenders for bringing INR 7,200-7,500 crore loan out of its steel portfolio under the 5x25 scheme of the Reserve Bank of India.

When contacted, a JSPL spokesperson did not confirm the development but said the company was working on various initiatives including re-financing, debt reduction and appropriate monetisation plans to further strengthen its balancesheet.

The 5x25 scheme allows banks to recast long-term loan for infrastructure and core industries through periodic release of funding along with initial moratorium on debt repayment. Banks were allowed to fix longer amortisation period for loans to projects based on the economic life or concession period of the project, with periodic refinancing.

Source : Business Standard

voda 9 augustus 2016 16:37

Arcelik Romanian unit Arctic applies for incentive for investment

Reuters reported that Turkish steel makers Arcelik AS’ Romania based unit Arctic has applied to authorities to receive incentive certificate for 105.8 million euros facility investment

Arctic sees to receive 36.1 million euros cash incentive for the 105.8 million euros facility investment which has a production capacity of 2 million washing machines

Depending on the receipt of the incentive the investment project is planned to be started on January 2017 and finalised on September 2019

Source : Reuters

voda 9 augustus 2016 16:38

US ITC to resume US Steel’s petition based probe under337 against China

The US International Trade Commission has last week voted to reverse the suspension of the Section 337 investigation into the imports of carbon and alloy steel products from China. The USITC will now resume the investigation and provide the reasons for revoking the suspension in an upcoming document.

Source : Strategic Research Institute

voda 9 augustus 2016 16:39

Welspun Tubular of Little Rock to supply steel pipes for Diamond Pipeline to Memphis

Associated Press reported that Welspun Tubular of Little Rock said that it has received a USD 47 million order to help build a 440 mile pipeline that will carry oil from Cushin in Oklahoma to Memphis.

Welspun and Diamond Pipeline LLC say the order accounts for approximately two-thirds of the pipe needed to build the Diamond Pipeline.

Diamond Pipeline LLC is a joint venture between Plains All American Pipeline and Valero. The pipeline is expected to be complete next year.

The USD 900 million pipeline will be capable of transporting 200,000 barrels per day of shale oil from the storage hub in Cushing to Valero Energy Corp.'s refinery in Memphis. The pipeline will shorten the delivery time for crude oil to reach Valero Memphis. Shale oil taken from the Great Plains is currently transported to Louisiana and then piped to Memphis.

Source : Associated Press

voda 9 augustus 2016 16:41

China concerned by South African probe into steel imports - MOC

Xinhua reported that according to an official statement on Monday, China has expressed concern over South Africa's probe into steel products. The South African government notified the World Trade Organization that it had initiated an investigation over imports of cold rolled steel sheets at the end of last month.

China's Ministry of Commerce said in an online statement that "The move has caused concern over bilateral trade from Chinese government and businesses.”

MOC said “China is closely watching the case as it is the second trade remedy measure for steel products launched by South Africa on behalf of the South African Customs Union in four months. Less than a year ago, South Africa had increased tariffs on steel products.”

MOC said "China hopes South Africa will conduct a fair and transparent investigation in accordance with WTO rules and protect the defense rights of Chinese enterprises.”

It also called for dialogue and cooperation between the steel industry and enterprises of the two sides to seek a proper solution.

Source : Xinhua

voda 9 augustus 2016 16:42

AISI update on raw steel production in USA in Week 31

AISI announced that in the week ending August 6, 2016, domestic raw steel production was 1,697,000 net tons while the capability utilization rate was 72.6 percent.

Source : Strategic Research Institute

voda 9 augustus 2016 16:43

USW tells memebers that US DOC took right call on duties on HR steel imports

The United Steelworkers told their union members at 16 steel facilities that the US Department of Commercemade the right call on a final determination issued late Friday for duties on hot-rolled steel imports from seven countries.

Source : Strategic Research Institute

voda 9 augustus 2016 16:43

US Steel fined USD 170000 for asbestos violations at Clairton Coke Works

Pittsburgh Biz Journals reported that United States Steel Corp. has been fined USD 170,000 by the federal Occupational Safety and Health Administration for allowing seven workers at its Clairton Coke Works to be exposed to potential asbestos hazards.

OSHA said in a news release Monday that the 10 violations occurred in two separate incidents involving employees of US Steel. In February 2016, the company ordered five employees to replace material containing asbestos and then a month later, two employees were ordered to burn and remove a pipe that was later found to have asbestos.

It's the second time in five years that US Steel has received citations for asbestos hazards. Asbestos exposure can cause lung cancer and other health disorders. OSHA alleged it failed to tell employees about the asbestos, used compressed air when the agency said it shouldn't have, and didn't contain and dispose the materials properly.

Source : Biz Journals

voda 10 augustus 2016 16:40

Salzgitter ziet effecten dumpmaatregelen EU

Gepubliceerd op 10 aug 2016 om 08:58 | Views: 3.305

SALZGITTER (AFN) - Het Duitse staalconcern Salzgitter ziet de eerste positieve effecten van de maatregelen van de Europese Unie tegen het dumpen van goedkoop staal op de Europese markt door met name China en in mindere mate Rusland en Oekraïne. Dat maakte Salzgitter bekend bij de publicatie van halfjaarcijfers.

De EU heeft onder meer importheffingen opgelegd op staalproducten uit die landen. Volgens Salzgitter hebben de maatregelen gezorgd voor een ,,verrassend'' scherpe daling van de Chinese import in Europa sinds dit voorjaar. Wel blijft er nog grote druk op de staalprijzen. Met name daardoor zakte de omzet met circa 12 procent tot bijna 4 miljard euro.

Er werd een nettowinst geboekt van 9,3 miljoen euro, tegen 41,3 miljoen euro een jaar eerder. Eind juni schroefde Salzgitter zijn verwachtingen voor het gehele jaar op. Deze prognoses werden bevestigd.

voda 10 augustus 2016 16:59

Sheffield Forgemasters bags USD 30 million US Navy submarine contracts

BBC reported that A Sheffield steel company has won contracts worth more than $30 million to manufacture components for the US Navy's fleet of submarines. Sheffield Forgemasters said the "classified" deal provided "a boost for our Brightside Lane operations".

It said the first orders would be completed this year, with another batch expected to finish in 2017.

Details of the contracts have not been disclosed but the company said it would be building parts for a new fleet of water crafts to replace the US Navy's Ohio class of submarines.

Chief executive Dr Graham Honeyman said: "These orders provide a boost for our Brightside Lane operations as we work towards our business turnaround plan. Work has already started on these orders and the first parts will complete in 2016 with another tranche of components anticipated to follow in 2017, providing work for our melt shop, foundry and machine shops. These are complex components and require detailed modelling and manufacturing to highly specific tolerances."

Source : BBC

Bijlage:

voda 10 augustus 2016 17:00

Iranian steel exports in 4 months surge by 77% YoY

Financial Tribune reported that Iranian steelmakers exported more than 2 million tonnes of steel products during the first four months of the current Iranian year (March 20-July 20), posting a whopping 77% increase compared to last year's corresponding period

, Amir Sabagh, with the Iranian Mines and Mining Industries Development and Renovation Organization, has announced.

The largest steel producer, the state-owned Mobarakeh Steel Company, topped the list of exporters, as it sold close to 800,000 tonnes of steel products including hot and cold-rolled sheets, hot, cold, galvanized and acid-pickled steel coils (skein), tin-plated sheets and slabs. MSC recorded a 103% rise in its 4-month export volume compared to the same period last year.

Khuzestan Steel Company, Iran's largest producer of semi-finished casting products came in second by exporting 625,000 tonnes of blooms, slabs and billets. The company registered a 38% jump in its overseas sales. KSC has set an export target of 1.3 million tonnes of semis this year.

With more than 365,000 tonnes of slab exports, showing about a 20-fold increase, Hormozgan Steel Company was ranked third.

Esfahan Steel Company, Khorasan Steel Company, Iran Alloy Steel Company and Khuzestan Oxin Steel Company were next in the line with exports of 214,000, 34,000, 24,250 and 6,500 tonnes respectively.

According to Jafar Sargheyni, deputy minister of industries, mining and trade, Iranian companies are expected to export 6 million tons of steel by the end of the current Iranian year (March 2017).

Source : Financial Tribune

voda 10 augustus 2016 17:07

US Steel agrees to pay penalty for air quality violations at Keetac

WDIO reported that Minnesota state says US Steel had multiple air quality violations at Keewatin Taconite. The Minnesota Pollution Control Agency says the company has agreed to pay a nearly $50,000 civil penalty for nine state air quality violations.

The company is also required to submit an enhanced dust control, mitigation and response plan to the MPCA within 90 days.

The agency determined the Keetac taconite facility began to periodically violate Minnesota's fugitive, or airborne, dust rule in early December 2012. Nine events occurred between that date and Feb. 4, 2015. The rule requires that facilities take steps to control avoidable amounts of particulate matter (dust emissions) from sources such as mining, roads, ore handling and stockpiles from becoming airborne.

Keetac's taconite production facility includes a basin where the company deposits tailings from taconite pellet production. During periods of high winds, drought or sometimes freeze/thaw conditions, tailings dust can become airborne and deposited beyond the facility's property.

Keetac has been idle since May of 2015, because of the domestic steel industry crisis.

Source : WDIO

Bijlage:

voda 11 augustus 2016 19:59

Steel prices likely to see a surge from October – Mr Naveen Jindal

ETNow caught up with Mr Naveen Jindal of JSPL, for his outlook on the steel industry.

Excerpts:

ET Now: There have been reports that your company is going to restructure around INR 7,500 crore of loans on your books. Any update on that?

Naveen Jindal: Most of that INR 7,500 crores of debt has been restructured. It is not really restructuring; it has actually been brought under the 5/25 scheme.

ET Now: As for your operations, reports say you were looking for some partners. Some Japanese names have cropped up. Have you finalised any of them?

Naveen Jindal: There are many companies that are keen to invest in JSPL. We keep engaging from time to time with people. But I am not supposed to divulge this information. When something concrete happens, I will come back to

ET Now: What is your outlook on steel prices going forward? What major business objectives or targets does your company have this financial year?

Naveen Jindal: I think steel prices have been quite low for a very long time. Steel is a cyclical industry. Now given the good monsoons this year, I am very hopeful that from October onwards there will be an upsurge in the price of steel.

Source : Economic Times

voda 11 augustus 2016 20:00

GAIL places order for steel pipes for Auraiya-Phulpur pipeline on Jindal Saw

PTI reported that GAIL India Ltd, the nation's biggest natural gas transporter, said that it has placed orders for purchase of 315 km steel pipes to carry fuel to shut fertiliser plants in Bihar.

GAIL said "Taking another key step in ensuring energy security for the Gorakhpur, Barauni and Sindri fertiliser plants under revival enroute Phulpur-Haldia natural gas pipeline, GAIL has placed orders for purchase of 315 km of line pipes for Auraiya-Phulpur pipeline on Jindal Saw and Essar Steel at a total cost of INR 305 crore.”

GAIL Chairman and Managing Director Mr BC Tripathi said the sections for which pipeline procurement have been placed are being taken up for revival of shut fertiliser plants at Gorakhpur, Barauni and Sindhri.

Auraiya-Phulpur pipeline is one of the main feeder lines of Phulpur-Haldia pipeline project, called 'Energy Highway (Urja Ganga)' of Eastern India.

GAIL has previously placed orders for line pipes of Phulpur-Dobhi (Gaya) section of the project at a cost of Rs 550 crore and awarded laying work contracts for the Dobhi- Patna -Barauni sections at a cost of Rs 216 crore.

The 315-km Auraiya-Phulpur pipeline, 341 Km Phulpur-Dobhi (Gaya) section and 414-km spurlines to Gorakhpur, Varanasi, Patna and Barauni will be completed by December 2018 at a cost of INR 4600 crore. Phase-ll (1201-km) and phase-Ill (583-km) of the Phulpur-Haldia pipeline project are targeted to be completed by December 2019 and December 2020 at an estimated investment of INR 5565 crore and INR 3425 crore respectively.

Source : Economic Times

Bijlage:

voda 11 augustus 2016 20:02

India lags in innovation in steel sector - Minister

Press Trust of India reported that stressing upon the need to increase focus on R&D, Steel Minister Chaudhary Birendra Singh said innovation in the sector has been lagging. He also called for increasing utilisation of steel in sectors such as roads and bridges in a bid to raise the consumption of the metal.

Mr Singh said at Minerals, Metals, Metallurgy and Materials International exhibition and conference (MMMM 2016) “We are lagging in innovation and original research, which needs to be stepped up if we need to raise our efficiency levels as well as stay competitive. This is precisely why we have set up the Steel Research & Technology Mission of India (SRTMI), so that India, like developed nations, can produce futuristic products, which not only helps keep the sector competitive but also explores others uses for the metal.”

On increasing steel consumption, the Minister said that the industry must explore use of steel in sectors such as roads, bridges, other industrial applications, etc so that the consumption can be increased.

Source : PTI

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