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voda 6 september 2016 19:54

Indian steel industry performance in April-August 2016

JPC in its latest DO report announced that while India's steel sector performance in August 2016 ie crude steel production & finished steel production for sale was better than August 2015, up by 9.8% & 12% YoY respectively, steel consumption gained just 1% YoY and 2.7% MoM.

Source : Strategic Research Institute

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voda 6 september 2016 19:55

China agrees on steps to reduce steel exports

China has agreed to steps toward reducing its politically volatile steel exports but avoided binding limits as leaders of major economies ended a summit Monday with a forceful endorsement of free trade. In a joint statement, President Barack Obama and Chinese President Xi Jinping and the leaders of Britain, Japan, Russia and other Group of 20 economies pledged to boost sluggish global growth by promoting innovation and to strengthen the global financial system.

In an effort to shore up public support for trade, they promised inclusive growth to spread the benefits of closer global integration more widely to millions of people who have been left behind by wrenching change. The pledge reflected a growing recognition that economic strains are fueling political tensions and a growing clamor to protect local industries.

The joint statement calls for formation of a steel forum to study excess production capacity. In a concession to Beijing, the statement doesn't mention China by name and says excess steel capacity is a global issue, though US and European officials say the vast Chinese state-owned industry, which accounts for half of worldwide output, is the root of the problem. Washington has hiked import duties by 500 percent on Chinese steel to offset what it says are improper subsidies.

Beijing promised in January to reduce steel production capacity by 100 to 150 million tons by 2020, a pledge Xi repeated Saturday ahead of the G-20 meeting. But that is half of China's estimated excess capacity of 300 million tons, so deeper cuts would be required to bring it in line with demand.

Source : China Post

voda 6 september 2016 19:56

Coking coal breaches USD 150 FOB mark on Monday

It seems that there is no end to rally in seaborne coking coal market as prices of spot Australian premium hard coking coal prices surged by about 9% on Monday to climb to USD 152 FOB Australia from Friday level of USD 140 as buyers from other countries are reported to have joined Chinese & Indians to secure spot cargoes taking the gains to 50% since August beginning and by 75% since June beginning on a host of factors including mine closures and flood hit logistic issues in China, supply side disruption issues in many mines in Australia & non availability from US amid higher appetite from Chinese steel mills thriving on good margins on strong steel prices as well as unpreparedness for such a spot scenario by steel mills in other countries.

Source : Strategic Research Institute

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voda 6 september 2016 20:00

Posco banks on global demand for steel in Vietnam

Korea Joongang Daily reported that in a strategic location between Vietnam’s capital city Hanoi and Haiphong, home to various manufacturing facilities, the nation’s largest steelmaker Posco operates a steel processing center with aims to snatch up overseas demand for processed steel.

Posco-VNPC (Vietnam Hanoi Processing Center) founded in 2009, is located in Hai Duong, 50 kilometers (31 miles) east of Hanoi and is one of 12 corporations the steelmaker operates in Vietnam. These corporations are affiliates of Posco Vietnam Holdings, which covers legal and managerial issues of all the steelmaker’s corporations in Vietnam.

Among the steel-related corporations, excluding affiliates such as Posco Energy and Posco ICT, there are four steelmaking corporations for cold-rolled steel, shape steel and iron bars and two processing centers. There’s one in the southern area of Vietnam and another in the north that enables Posco to produce, process and sell steel products across Vietnam and also to neighboring countries in Southeast Asia, including Thailand and Malaysia.

Source : Korea Joongang Daily

voda 6 september 2016 20:01

PTI to protest if PSM workers don't get salaries

The News reported that PTI chief Imran Khan threatened to protest if the government did not provide the dues of Steel Mill workers, in a visit to the industrial complex on Monday.

The PTI chief visited the camp set up by workers of the Steel Mill over non-payment of their salaries and dues. Imran Khan, in his visit to the camp, stated that some people were making money and shifting it abroad. The cricketer-turned-politician said that had it been a welfare country, the workers wouldn't be protesting.

The PTI chief assured the demoralized workers of the Steel Mill that if their dues are not paid by Eid, Pakistan Tehrik-e-Insaf's tigers would stand shoulder to shoulder with them.

Source : The News

voda 6 september 2016 20:02

Universal Mining invests ZMK 70 billion in iron ore for Kaufe Steel plant in Zambia

Post Zambia reported that Universal Mining and Chemical Industries Limited is investing ZMK 70 billion into mining iron ore west of Kafue, says Dr Julius Kaoma and UMCIL sales manager Benjamin Belemu says a lot of steel being imported into Zambia is produced at Kafue Steel Plant.

In an interview, Dr Kaoma, who is UMCIL Kafue Steel Plant executive technical director, said the mine would help reduce importation of steel into Zambia.? He said “Scrap metal is in short supply, we are investing in iron ore 60 kilometres west of Kafue at Sanje hill, 15 kilometres east of Nampundwe Mine,” Dr Kaoma said.

Dr Kaoma, who was in Livingstone for an international conference on infrastructure development and investment strategies for Africa, said the Kafue Steel Plant was now producing 120,000 tonnes of steel, more than half below its installed capacity of 250,000 tonnes.

Source : Post Zambia

voda 7 september 2016 18:33

Lenders to meet on Essar Steel debt recast

Business Standard reported that lenders to Essar Steel will be meeting on Wednesday to discuss restructuring of company's long-term debt of INR 40,000 crore. The meeting will discuss various options including conversion of portion of loan into instruments carrying specific interest rates.

The proposal coming up for discussion has been on the table for the last couple of months after Essar Steel failed to meet its June deadline to find a new buyer for their 10-million-tonne plant.

A senior public sector bank executive told Business Standard "Though steel prices have moved up and the benefit of MIP (minimum import price) has improved financial profile of steel companies, it is still inadequate to meet repayment burden.”

He, however, did not elaborate on details of the proposal made by the steel producer. He said "The only option in a such scenario is to convert part of debt into instruments like preference shares which carry coupon. This could reduce the interest obligation for sometime. Over a period, this instrument could be redeemed as benefits of higher steel price accrued to companies," he added.

Of the total INR 40,000 crore debt Essar Steel carry's as on March 31, 2016, about INR 10,000 crore is the company's working capital loan.

Source : Business Standard

voda 7 september 2016 18:35

Turkish Competition Board opens probe against 5 steel mills

Hurriyet Daily News reported that the Turkish Competition Board has opened a probe against a number of iron and steel companies, including Kardemir. The investigations were opened against Ça? Iron and Steel, Çelsanta? Iron Products, Yolbulan Iron Products and Yolbulan Shipment in addition to Kardemir.

In a pre-investigation which was launched upon complaints, the activities in the sector of the companies were probed but proceedings were dropped

According to the statement “This board decision was, however, later canceled by a decision by the 13th department of the Council of State, numbered 2011/2373 E and 2016/777 K and dated March 22, 2016.”

It said “In line with this ruling, the board negotiated the related documents in a meeting on Aug. 18, and decided to open a probe against the companies to understand whether there was a violation in the scope of the 4th, 6th and 7th articles of Law No. 4054.”

Source : Hurriyet Daily News

voda 7 september 2016 18:36

Metinvest Ilyich installing new caster to increase steel capacity
Ilyich Iron and Steel Works of Mariupol of Metinvest Group launched a large-scale revamp project to build Continuous Casting Machine (CCM) No 4. Total investments in the project will amount to about USD 150 million.

Source : Strategic Research Institute

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voda 7 september 2016 18:37

JSPL to make Head Hardened rails

In a landmark achievement, Jindal Steel and Power Limited on Tuesday announced it has set up a new plant for manufacturing ‘Head Harden Rails’ for modern hi-speed trains and metros. With this launch, JSPL has become the first and the only manufacturer of ‘Head Harden Rails’ in India.

Source : Strategic Research Institute

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voda 7 september 2016 18:38

China making efforts to cut capacity despite difficulties - CMPRI

Steel overcapacity is a worldwide problem. At present, the utilization rate of the world's steel capacity is around 66 percent, and that of China is 71 percent. China is now the world's biggest steel producer and exporter. Its crude steel production capacity stands at 1.13 billion tons, accounting for nearly half of the world's total. During the 12th Five-Year Plan (2011-15), China cut around 90 million tonnes of crude steel capacity. The country plans to cut crude steel capacity by another 100 million to 150 million tonnes in the next five years, according to the 13th Five-Year Plan (2016-20).

China has made a significant contribution to the global efforts to cut steel capacity, in spite of its own mammoth difficulties. Mr Li Xinchuang, head of the China Metallurgical Planning and Research Institute, said “China has been actively cutting its steel overcapacity to help solve the global oversupply problem. China's large and medium-sized steel companies are taking the lead in this endeavor.”

He said "The US, Japan and European countries have spent more than 10 or 20 years solving the overcapacity issue in their steel sectors. The scale of China's steel capacity reduction plan is much bigger than that of those countries, which means China is facing many more difficulties.”

Source : ECNS

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voda 7 september 2016 18:41

Chinese steel output headed for further contraction – CISA

Global Times reported that an industry report said on Tuesday that China’s steel output fell in August and is likely to contract further during the rest of months this year. Experts noted the trend is a result of sagging market demand and the government's pledge to cut overcapacity.

Daily production for the China Iron and Steel Association's member companies amounted to 1.76 million tons in early and mid-August. Based on that number, it is estimated that the daily output of crude steel was 2.23 million tons nationwide in early and mid-August.

The figure represented a 3.3 percent increase from July, but it still lagged behind the average of 2.3 million tons of daily output in the second quarter of 2016. In the first seven months of 2016, national pig iron output dropped 2.25 million tons year-on-year to 467 million tons, said the report.

Source : Global Times

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voda 7 september 2016 18:42

Mexico continues CVD on wire rod imports from Mexico

Mexican government has extended existing definite countervailing duties on imports of non-alloyed wire rod from Ukraine as it found sufficient elements to determine that eliminating existing CVD over the imports of the product from Ukraine would result in the repetition of what it labeled as unfair practices.

Source : Strategic Research Institute

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voda 7 september 2016 20:18

Goed bezig, met het opkopen van die peperdure leningen!

ArcelorMittal wil obligaties terugkopen

Gepubliceerd op 7 sep 2016 om 15:55 | Views: 4.070

AMSTERDAM (AFN) - ArcelorMittal wil voor een bedrag van 1,5 miljard dollar aan eigen obligaties terugkopen. Dat maakte de staalgigant woensdag bekend.

Het gaat om leningen met een rente van 5,125 procent tot 9,850 procent met een uiterste looptijd variërend van 2018 tot 2022. Obligatiehouders kunnen hun waardepapieren tot 4 oktober aanbieden.

[verwijderd] 7 september 2016 20:56

Verdere versterking van balans, ratio en winst per aandeel. Tegenover meer uitstaande aandelen staat nu een substantieel lagere schuld. Implicied signaal dat cashflow over 2016 positief is.

Naar verwachting in 2017 week hervatting van dividend. Dhr. Mittal wil vanzelfsprekend zijn bij de emissie geinvesteerde miljard weer terug.

Jaarwisseling € 7-8

voda 8 september 2016 20:07

Gas supply dispute with Air Liquide may cost big to Evraz Highveld

BD Live reported that Evraz Highveld Steel and Vanadium has taken another potentially giant financial blow amid the winding down of the defunct steel maker over three years. This means creditors of what was once SA’s second-largest steel producer will possibly see a massive dilution of monies owed to them.

Business practitioners for the Russian-backed group have applied to the High Court in Johannesburg to cancel obligations under a gas-supply agreement between Evraz Highveld and global French gas supplier Air Liquide over a period of 20 years. The application will be heard on September 13.

Air Liquide has opposed the application and will file an answering affidavit. The French group has stated through Werksmans Attorneys that it would suffer damages of at least R1.4bn, as the contract would not run its full term.

In July, Evraz Highveld suspended (under section 136(2) of the Companies Act) minimum payment to Air Liquide in terms of a take-or-pay supply agreement, allowing business rescuers to apply to court for the cancellation of the obligations.

Evraz Highveld shut down steel production in July 2015. Since then, it has retrenched 3,700 employees, including contractors, as part of the business rescue. This has affected the livelihoods of about 20,000 people, according to court papers.

In 2011, Evraz Highveld signed a contract with Air Liquide for the daily supply of 770 tonnes of oxygen, nitrogen and argon for its steel and vanadium making processes.

Source : BD LIve

voda 8 september 2016 20:08

US steel import market share is 25% in August - AISI

Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of August totaled 3,028,000 net tons. This was an 8% decrease from the 3,294,000 permit tons recorded in July and a 7% decrease from the July final imports total of 3,266,000 NT.

Source : Strategic Research Institute

voda 8 september 2016 20:09

Severfield order book remains at a strong level in UK & India

Yorkshire Post reported that Britain’s biggest steel work contractor Severfield said that its order book has remained at a very strong level in the months following the EU referendum. The order book slipped from a six-year high of GBP 270 million in June to GBP 268 million at the end of August.

The Thirsk-based firm, which has won prestigious new contracts at Wimbledon’s No 1 Court and Tottenham Hotspur FC’s new ground, said it is working across a wide range of market sectors and project sizes Severfield, which supplied the steel for Arsenal’s Emirates Stadium, the Shard skyscraper and the London 2012 Olympic stadium.

Chairman John Dodds told shareholders “The UK order book of GBP 268 million as at August 31 has remained at a very strong level in the period following the EU referendum result. Our pipeline of potential future orders has also remained stable with a good balance of work across all key market sectors. With its strong order book, continuing profit improvement programme and our ability to work across a wide range of market sectors, including infrastructure, the UK business is well placed to continue to meet expectations.”

He added “The Indian business continues to perform steadily and is well placed to benefit from any improvement in the Indian economy. Overall, the group is on track to progress as expected over the remainder of the financial year. With an order book of GBP 37 million, the Indian business remains steady and continues to generate an encouraging level of new opportunities amid signs that economic optimism in the country is beginning to increase.”

Source : Yorkshire Post

voda 8 september 2016 20:09

Essar Steel seeks INR 12,200 crore debt for equity swap – FE

Financial Express reported that Essar Steel wants to repay the principal in 20 years and is seeking an interest rate of 9.8% for the next three years and thereafter reset the rate following changes in interest rates. A senior company executive told FE “Essar Steel has requested banks to convert INR 12,200 crore of loans into equity of INR 9,000 crore into preference shares redeemable after 12-18 years and INR 3,200 crore into common equity,. As part of the restructuring proposal, the promoters will bring in INR 1,500 crore as additional equity.”

Lenders to Essar Steel were expected to meet on Wednesday to discuss the company’s proposal. The plan, if accepted by banks, will reduce the Ruias-promoted steelmaker’s debt to INR 27,900 crore.

The company has also sought the conversion of INR 6,000 crore of working capital loans into a term loan. Moreover, it has asked for an additional term loan of INR 1,900 crore to acquire Odisha Slurry Pipeline Infrastructure. The company is understood to have told lenders that with the rise in steel prices it would be able to service a substantial portion of its debt.

In July, FE had reported that lenders were exploring the possibility of restructuring INR 31,000 crore worth of the company’s loans under RBI’s Scheme for Sustainable Structuring of Stressed Assets (S4A) norms.

Sources added Essar’s lenders appointed MECON, a government-run engineering and steel sector consulting company, to conduct a techno-feasibility study into Essar’s operations, based on which the lenders will take a final call. Significantly, the appointment of MECON in April was a parallel process initiated by Essar’s lenders even as they were looking for potential buyers for a majority stake in Essar Steel.

Source : Financial Express

voda 8 september 2016 20:11

Low plate prices blamed for layoffs at Essar Steel Algoma

Published on Thu, 08 Sep 2016 0 times viewed

Soo Today reported that in highly unusual market conditions, plate steel prices have dropped below those of hot-rolled coil. Essar Steel Algoma advised affected employees just before the Labour Day long weekend that their services are no longer required at this time. Between 70 and 85 employees of Essar Steel Algoma received layoff notices from the mill just prior to the Labour Day long weekend.

Ms Brenda Stenta, the company's manager of corporate communications, told Soo Today “Current market conditions have prompted a reduction in production levels and the company has had to adjust staffing levels accordingly.The plate market has experienced a significant drop driven by low demand in consuming markets, including those on the energy side along with rail-car and agricultural markets. This, combined with a continued presence and threat of low-priced and dumped imports has pushed plate prices below hot-rolled coil, a highly unusual turn of events."

She said "We regret the impact this will have on our employees, their families and the community. In the event there is a recovery in market conditions and staffing needs increase, consideration will be given to those individuals impacted as a result of shortage of work."

Source : Soo Today

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