Eurobench.com

voda 25 november 2016 16:37

0

Indian Revenue department notifies safeguard duty on Hot Rolled flat sheets and plates with floor of USD 504

Government of India Ministry of Finance (Department of Revenue) vide Notification No 3/2016-Customs (SG) dated 23rd November 2016, on the recommendations of Director General (Safeguard) dated 2nd August, has imposed safeguard duty on subject goods falling under heading 7208 or tariff items 7225 40 13, 7225 40 19, 7225 40 20, 7225 40 30 and 7225 99 00 of the First Schedule to the Customs Tariff Act, when imported into India, a safeguard duty at 10%, diminishing to 6% in 3rd year with floor price of USD 504

(a) ten per cent ad valorem minus anti-dumping duty payable, if any, when imported during the period from 23rd November, 2016 to 22nd November, 2017 (both days inclusive) at an import price below US Dollar 504 per MT on CIF basis

(b) eight per cent ad valorem minus anti-dumping duty payable, if any, when imported during the period from 23rd November, 2017 to 22nd November, 2018 (both days inclusive) at an import price below US Dollar 504 per MT on CIF basis

(c) six per cent ad valorem minus anti-dumping duty payable, if any, when imported during the period from 23rd November, 2018 to 22nd May, 2019 (both days inclusive) at an import price below US Dollar 504 per MT on CIF basis.

Nothing contained in this notification shall apply to imports of subject goods from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the Customs Tariff Act, except People’s Republic of China, Ukraine and Indonesia.

Product Description
Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel having nominal thickness less than or equal to 150mm and nominal width of greater than or equal to 600mm

The following are not included in the scope of subject goods
1. Hot rolled flat products of stainless steel
2. API grade steel conforming to X-52 and higher API grades for manufacturing pipes used for pipeline transportation systems in the petroleum and natural gas industries
3. Hot rolled plates for manufacturing boilers and pressure vessels confirming to IS 2002 and IS 2041 or its equivalent specifications SA515, SA516, SA537, SA285, SA299
4. The grades JIS Standard G3106:2008, SM 400C, SM 490C, SM 570, JIS G3101: 2015, SS400, SS 490, the Specific alloy steel grades SA203, SA302, SA533, SA537, SA542,15Mo3, 20MnMoni55, 9Cr1Mo and atmospheric corrosion resisting steels grades JIS G312522, CORTEN23, ASTM A 24224, ASTM A 58825 and ASTM A 60626
5. Steel plates that satisfy reduction ratio of 1:3 and are above 85mm in thickness
6. Special grade material of steel C 45, P 20, 4140 grade
7. Silicon electrical steel
8. Cladded steel
9. Quenched and tempered steel

Source : Strategic Research Institute

Bijlage:

voda 25 november 2016 16:41

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China steel capacity cut target "basically" achieved

CRI reported that China has "basically" achieved this year's steel and coal capacity reduction goals, according to a State Council statement. A statement released after a State Council executive meeting presided over by Premier Li Keqiang spoke highly of the results while noting problems such as uneven progress and certain companies seeking to add capacity.

Steel capacity is to be cut by between 100 and 150 million tonnes by 2020, including 45 million tonnes this year. This year's coal target was 250 million tonnes.

As the task has finished ahead of schedule, the next step is to ensure the stated cuts are effective. The State Council will send investigators to Hebei and Jiangsu provinces to probe into cases where capacity cut rules were breached.

The statement asked local governments to give financial support to and create jobs for workers made redundant by the cuts. In May, the Ministry of Finance announced 100 billion yuan (14.5 billion U.S. dollars) of aid for steel and coal companies to resettle laid-off workers.

Mergers and acquisitions will be encouraged for further consolidation in the two industries, the statement said.

Source : CRI

Bijlage:

voda 28 november 2016 17:15

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Tata Steel tekent intentieverklaring Britse desinvestering

Britse Specialty-activiteiten circa 120 miljoen euro waard.

(ABM FN-Dow Jones) Tata Steel heeft een intentieverklaring ondertekend met Liberty House Group voor de mogelijke verkoop van zijn Specialty Steels-activiteiten. Dit heeft Tata Steel maandag bekend gemaakt.

Met deze verklaring kunnen de twee bedrijven een begin maken met de onderhandelingen voor de uiteindelijk transactie.

De waardering van deze tak ligt op circa 100 miljoen Britse pond of circa 120 miljoen euro.

Het gaat om verscheidene vestigingen in South-Yorkshire. Er werken in totaal 1.700 mensen aan staalsoorten voor de luchtvaartsector, automotive en de olie- en gassector.

De desinvestering maakt onderdeel uit van de herstructurering van de Britse portefeuille van Tata Steel.

Het aandeel Tata Steel noteerde maandag 0,5 procent lager op 406,60 pence.

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 28 november 2016 20:57

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SAIL restarts iron ore dispatch from Taldihi mine

Express News Service reported that the opening of a fresh mine, Taldihi iron ore block under Barsuan Iron Mines, has come as a breather for SAIL and its stakeholders who had been incurring losses after the closure of Tensa iron ore mine in 2014. The first rake of iron ore from Taldihi mine under Raw Materials Division of SAIL was flagged off from Barsuan Valley railway siding for Rourkela Steel Plant on Saturday by RMD Executive Director Alok Shrivastav.

Sources in RMD said, in the wake of suspension of mining operations at Tensa iron mine from May 16, 2014 following a Supreme Court order, the RMD decided to develop the unused iron ore block at Taldihi to meet the shortfall in production.

Accordingly, contract was awarded to a private firm for one year to generate one million tonnes per annum (MTPA) from Taldihi block. Work started from May 11 this year with laying of approach road and mobilisation of machineries. Production of ore started recently.

The BIM has two lease hold areas. While one licence covers the iron mine at Tensa with two MTPA capacity, the other lease licence covers Barsuan railway dispatch point having machinery installations for processing of ores.

Owing to non-clearance of forest norms, the court order restricted operations at the dispatch point which is connected to Tensa mine through conveyor belt. Presently, the nearby Kalta iron mine of RMD produces 1.03 MTPA.

RMD sources said, status report on forest norms compliance has been submitted to Ministry of Forest and Environment and would be produced in the apex court shortly.

Source : Express News Service

voda 28 november 2016 21:01

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Chinese government sends investigators to Qinhuangdao & Xuzhou to check steel mills

Xinhua reported that work teams from the State Council, China's cabinet, have been dispatched to two provinces to see if steel capacity cut rules were breached. They have arrived in the city of Qinhuangdao in Hebei Province and Xuzhou in Jiangsu Province to conduct on-site investigations into local steel companies' practices.

The investigation teams are composed of officials from ten government departments and industry associations including the National Development and Reform Commission and Ministry of Industry and Information Technology.

The move follows a State Council executive meeting earlier this week which revealed that some companies might still be seeking to add capacities.

Source : Xinhua

voda 28 november 2016 21:14

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Demand for steel skyrockets in Nepal

Himalayan News Service reported that Nepal’s import of iron and steel jumped by a whopping 127% in the first four months of fiscal year 2016-17 compared to the same period of the previous year, thanks to rapid acceleration of construction works across the country.

According to the statistics of Department of Customs, iron and steel worth NPR 29.63 billion have been imported in the country in the period between mid-July to mid November of current fiscal against the import of the same commodities standing at NPR 13.03 billion in the same period of last year.

Domestic steel and rod manufacturers have said that this significant surge in import of steel and rod is due to sudden boom in construction sector in Nepal.

Mr Dhurba Kumar Shrestha former president of Nepal Steel Rolling Mills Association said that “Construction works from houses to big projects have picked up significantly across the country at present which has swelled the demand for construction materials, including that of iron and steel adding that a large number of steel and rods was imported in the market from India following production constraint from domestic manufacturers due to rise in load-shedding.”

Domestic manufacturers have also said that the current surge in import is of temporary nature and would come down once reconstruction works of houses, heritages and projects affected by the earthquake last year draws to an end.

Mr Kiran Sakhwa vice president of NSRMA said that “The demand for construction materials suddenly skyrocketed after the government lifted ban on construction of new buildings and houses that was imposed after the earthquake, adding that the market share of Indian iron and steel has gone up following excessive demand. Otherwise, Sakhwa said that domestic production is sufficient to meet the normal demand of the commodities.”

Mr Sakhwa said that “Manufacturers can now run their factories in full-fledged manner as the government has reduced the power cut drastically. This will directly increase our production and contribute towards substituting imports from India.”

Source : Himalayan Times

voda 28 november 2016 21:15

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Cheap steel import from China spoil demand prospect in Thailand

Bangkok Post reported that growing demand for Thai steel is set to continue next year, strongly supported by the government's massive infrastructure investment. However, analysts and industry officials say Thai steelmakers are unlikely to completely capitalise on the rising trend as cheap steel from China has been flooding the market, eroding the market share of domestic producers.

According to the Kasikom Research Center (K-Research), demand for Thai domestic steel is expected to rise 2.3% to 4.5% next year from 8.4 to 8.6 million tonnes due to be used this year on rising consumption from the construction sector. The growth rate in 2015 was 2%.

An analyst at K Research said that "The government's massive investment in infrastructure is the main reason for the boost in demand for construction steel and the steel sector in general.”

The growing automotive industry will also help drive steel needs this year as well as next year. K-Research expects steel demand in the auto sector to grow' 1.2%-2.8% this year to around 3 million tonnes. Together, total steel demand from several sectors will be 16-17 million tonnes this year.

Rising demand may not provide opportunity for Thai steelmakers to capitalise as cheap steel from China is still being dumped on the Thai market, the analyst said.

Mr Win Viriyaprapaikit, president and chief executive of SET-listed steelmaker Sahaviriya Steel Industries Pic and member of a Thai steelmakers' group said the Thai steel market is still adversely affect by cheap Chinese steel.

Mr Wi said that the Thai government has imposed anti-dumping measures and duties to increase prices of imported steel from China to locally made steel levels to allow7 all players to compete fairly. But the moves are unlikely to help Thai steelmakers as the cheap steel from China is still being imported and snatching the market share of Thai steelmakers.

With Thai anti-dumping rules still in place, a certain amount of Chinese steel continues to be imported through other channels, which is a loophole, said Nava Chantanasurakon, vice-president of the Association of Thai Cold-rolled Steel. Mr Nava said that Chinese steelmakers export cheap steel to Vietnam, which is being used as a centre to distribute and re-export to Thailand to avoid anti-dumping duties.

Source : Bangkok Post

Bijlage:

voda 28 november 2016 21:16

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Kenya bans use of twisted steel bars in construction

The East African reported that Kenya has banned the manufacture, importation and use of twisted steel bars in construction starting next year over safety concerns, following in the footsteps of other East African nations. Regulator Kenya Bureau of Standards (Kebs) said that following consultations with local manufacturers it had been agreed that only ribbed bars will be manufactured and sold in Kenya.

Mr Charles Ongwae MD of kebs said that “Arising from a meeting recently held between Kebs management and representatives of the steel industry and the Kenya Association of Manufacturers, it was resolved that as from April 1, 2017, only ribbed bars shall be manufactured and offered for sale in the country.”

He added that “It has been noted that Kenya is the only country in the region that still allows the manufacture and use of twisted steel bars for reinforcement of concrete.”

Mr Ongwae warned all players in the construction sector, including the general public, manufacturers, importers and hardware stores to comply noting that the relevant Kenya standard for ribbed bars is KS ISO 6935-2:2007.

The April 1 date is meant to allow players in the sector to clear up their stocks. The Kenyan construction sector will be required to use ribbed or deformed steel bars which experts say provide reinforced concrete more strength.

The ban arises from new engineering studies which have raised concern over the structural properties of twisted bars, which are common at construction sites.

Source : The East African

voda 28 november 2016 21:17

0

Tata 'planning to invest £100m a year' in UK steel operations

According to a report in the Sunday Times, Tata Steel is planning to invest up to GBP 100 million a year in its UK facilities including Port Talbot steel works. It comes after reports on Friday that the Indian giant was preparing to commit to keeping its UK operations running for at least a decade.

According to the Sunday Times report, the latest investment plan depends on resolving the issue of the steel workers' pension fund, in addition to improving productivity at its UK plants.

The newspaper says that the Tata believes its UK operations could return to healthy profit within two to three years if productivity is improved and the pension fund can be restructured to remove the company's liabilities.

The new investment would involve both reinvested profits and additional capital from Tata Steel's Indian parent company.

A Tata Steel spokesman said: “We continue to actively seek solutions to the company’s structural challenges. Among those challenges are the need to develop a more sustainable business in the UK as well as a self-sustaining future for the British Steel Pension Scheme. Tata Steel UK has invested GBP 1.5 billion of capital over the last nine years. The company's boards consider the technical feasibility and economic returns of investments when taking decisions, as well as their affordability. The company is pursuing a transformation plan to create a sustainable future for its UK strip products business. The success of this plan is likely to influence decisions on future investments.”

Back in March Tata announced it was looking to sell its UK steel business, which, like much of the UK steel industry, was said to be bedevilled at the time by high energy costs, a glut of cheap imports and the burden of pension liabilities. However, the fall in the value of the pound since the Brexit vote in June has eased some of the pressure.

Source : Wales On-Line

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voda 28 november 2016 21:18

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China to probe illegal expansion in steel sectors

The Fiscal Times reported that with most of the country's steel and coal enterprises making losses in 2015, China promised in February to slash 500 million tonnes of coal production capacity and 100 million to 150 million tonnes of crude steel capacity over the next three to five years in a bid to reduce price-sapping supply gluts.

The State Council said in a notice posted on China's official government website that this year's targeted closures had already been "basically completed", but some firms were still illegally expanding capacity.

The cabinet named as culprits the Hebei Anfeng Steel Corp, based in the northern port city of Qinhuangdao, as well as a small steel plant in eastern China's Jiangsu province.

China has traditionally struggled to rein in its massive steel and coal sectors, with local governments often turning a blind eye to expansion projects that provide additional local employment and economic growth.

But this year Beijing been trying to keep its regions on a tighter leash, and inspection teams from the Ministry of Environmental Protection have criticized several provincial authorities for failing to restrict capacity growth in the two sectors.

The State Council statement said it will also encourage "high-quality firms" in the two sectors to step up restructuring efforts along the lines of the merger between the state-owned Baoshan Iron and Steel and Wuhan Iron and Steel groups.

It added that China would unveil financial incentives for regions currently trying to deal with overcapacity, and would provide more support when it comes to re-employing laid-off workers.

The notice summarized the proceedings of a regular Wednesday meeting held by Premier Li Keqiang, which also passed a draft law on reining in unfair competition.

Source : The Fiscal Times

voda 28 november 2016 21:19

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Steel ministry in favour of RINL to operate NMDC Nagarnar steel plant – Report

VC Circle reported that even as the National Democratic Alliance government has strategic sale plans for state run National Mineral Development Corp Ltd’s Nagarnar steel plant in Chhattisgarh, the ministry of steel is of the view Rashtriya Ispat Nigam Ltd should operate the plant.

A senior government official said that “In a recent meeting of senior steel ministry officials, it transpired that RINL shall operate NMDC’s steel plant in Chhattisgarh as the plant is on the verge of being commissioned. NMDC has a core competency in iron ore mining and no expertise in steel making.”

Another government official confirmed the move and said discussions are on to implement the new plan but nothing has been formalised.

A senior RINL executive said the discussions have been held related to the issue of handing over Nagarnar unit to RINL but nothing has been communicated to the company so far by the government.

NMDC, as part of its diversification and forward integration plan, is setting up a three million tonne integrated steel plant at Nagarnar for which the construction work is in full swing. According to information available on the company’s website, work of more than INR 15,000 crore has been awarded and an expenditure of about INR 10,000 crore has already been made so far. NMDC’s plant is likely to be commissioned by December 2016.

Source : VC Circle

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voda 29 november 2016 16:37

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CSC raises steel prices by 12.6% for deliveries in Q1

Taipei Times China Steel Corp the nation’s only integrated steelmaker, raised steel prices by 12.6% for deliveries in the first quarter of next year, due to soaring international steel prices.

CSC president Mr Liu Jih-gang said that “Undersupply problems in the global steel market remain, which has stimulated raw material prices attributing the shortage of steel to Beijing’s measures to curb production.” He said that company’s global rivals, including the US and China, have increased prices in response to rising prices for raw materials.

Mr Liu said that given the rising costs, the company is to increase prices by NTD 2,265 per tonne for shipments due in the first quarter, with a shipment target of 3.27 million tonnes.

CSC said in a statement that Steel mills in the US have raised prices for steel plates by US$110 per tonne since the end of last month.

China’s major steelmakers, including Baoshan Iron & Steel Co raised prices by nearly CNY 450 (USD 65) per tonne for hot-rolled items to be delivered next month.

In addition, CSC said its raw material costs in the first quarter of next year would increase by more than USD 150 per tonne from the third quarter of this year.

Source : Taipei Times

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voda 29 november 2016 16:45

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Is China’s bid to slash the size of its polluting steel and coal industries working

South China Morning Post reported that China’s cabinet has “basically completed” its targets this year to reduce excessive production capacity in the nation’s steel and coal sectors, but analysts have questioned whether the government’s campaign will have any real impact.

Premier Li Keqiang ordered his ministers and local officials to shut down 45 millions tonnes of steel capacity this year and 280 million tonnes in the coal sector, with quotas allocated for each province to meet.

As the end of 2016 approaches, local officials have declared to Beijing they have done their part, leading the cabinet to say last week that the war against excessive capacity was “ahead of schedule”.

The move to cut the size of China’s coal and steel sectors comes as the government attempts to shift the focus of the nation’s economy away from heavy industry and cheap manufacturing in favour of the high tech and service sectors.

Beijing is also under pressure from trading partners including the European Union, who have accused China of dumping its glut of unwanted steel on their markets.

But a take deeper look at the government’s efforts to cut production capacity and the picture becomes much more murky.

First is the question of whether China’s official data accurately measures the true scale of the country’s hodgepodge network of coal and steel producers, according to industry researchers.

According to Wei Yansong, an analyst at Mysteel, an industry group that tracks steelmaking, China’s steel plants if run at full steam can produce 1.3 billion tonnes of metal a year, far higher than the 1.2 billion tonnes reported by the government.

As China’s output of crude steel was only 800 million tonnes last year, it meant about 500 million tonnes of production facilities remained idle in 2015 and so shutting down 45 million tonnes of capacity makes little difference to China’s actual steel production, according to Wei.

Julian Evans-Pritchard, a China economist at Capital Economics, also said efforts to reduce capacity were more a numbers game than a concerted attempt to scale back the coal and steel industries. He warned that “Much steel capacity could still stay idle and may come back online when prices rise.”

Source : South China Morning Post

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voda 29 november 2016 16:46

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China, Korea, Japan account for 75% of steel import into India in H1 FY17

Money Control reported that China, Korea, Japan account for 75% of steel import in H1 FY17 China, South Korea and Japan together accounted for more than three-fourths of the 3.60 million tonnes of steel imported into the country in the first half of this fiscal.

While China was at the top with 1.08 million tonne during the April to September period in 2016-17, South Korea was second with 1.02 million tonnes. Japan, last in the list, exported 5.60 lakh tonnes of the metal to India during the period.

Data from the Steel Ministry's Joint Plant Committee showed that on the brighter side, steel imports have declined by 37% to 3.60 million tonnes in the first half of this fiscal compared to the year ago period. According to JPC, India remained a net importer of total finished steel during April to September 2016-17 but emerged as a net exporter of same during September 2016. Steel exports from India shot up by 111% to 0.66 million tonnes in September 2016 over September 2015.

Another silver lining is the contraction in steel imports in October and April to October period. Imports of the metal in October 2016 fell by 55% to 0.54 million tonnes against October 2015 and by 12.4% compared to September 2016. During April to October 2016-17, imports fell by 40% to 4.14 million tonnes compared to the year ago period.

Source : Money Control

voda 29 november 2016 16:47

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South Korea steel exporters violated anti-dumping laws – Chinese official

China Post reported that China ministry of finance has issued a final decision finding steel exporters from six countries, including China and South Korea, in violation of Taiwan's anti dumping rules by selling their products at unfairly low prices in the local market.

The MOF said that the ministry has sent the steel dumping decision to the Ministry of Economic Affairs which is expected to make a decision on damage caused by these steel vendors from the six countries. In addition to China and South Korea, the MOF's final decision also listed firms from Indonesia, India, Brazil and Ukraine, according to the ministry.

The ministry said that after the MOEA's decision on damage caused, the MOF said, it is expected to impose anti-dumping tariffs, ranging between 4.02 percent and 80.5 percent, on the companies no later than in February. The financial punishment will last for five years.

The MOF said that the decision comes after two motions on anti-dumping accusations were filed by six steel makers in Taiwan, including China Steel Corp and Yieh Phui Enterprise Co. Ltd.

One accusation said that vendors on certain flat-rolled steel products plated or coated with zinc or zinc-alloys from China and South Korea dumped their products at unfairly low prices in Taiwan.

The other accusation pointed out that exporters on carbon steel plates from Brazil, China, India, Indonesia, South Korea and Ukraine violated Taiwan's anti-dumping law.

Hsieh Ling-yuan deputy director-general of the MOF's Customs Administration, said that after an investigation into the accusations, the ministry has found that exporters from the six countries did violate Taiwan's anti-dumping rules.

Source : China Post

voda 29 november 2016 16:48

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Government approves strategic disinvestment of SAIL Salem Steel Plant

Press Trust Of India reported that government has in-principle approved strategic disinvestment of loss-making subsidiary of India's largest steelmaker SAIL, Salem Steel Plant.

Minister of State for Steel Vishnu Deo Sai said in a written reply to the Lok Sabha said that "The government has accorded in-principle approval of strategic disinvestment of SSP in Salem district of Tamil Nadu.”

He added that SSP is a loss-making unit of Maharatna firm SAIL.

The minister added that "It has been consistently making losses for the last 5 years despite investment of around INR 2,200 crore by SAIL under the modernisation and expansion project of SSP.”

Source : Press Trust Of India

Bijlage:

voda 29 november 2016 16:49

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India imposes antidumping duties on met coke imports from China & Australia

India has imposed antidumping duties on met coke imports from China and Australia, which will be effective over the next five years. Ministry of Finance's Revenue Department vide notification no 53/2016-Customs (ADD) dated 25th November 2016 announced imposition of anti-dumping duties of USD 25.20 per tonne and USD 16.29 per tonne on imports from China and Australia respectively for 5 years.

Source : Strategic Research Institute

Bijlage:

voda 29 november 2016 16:50

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Tata Steel & Thyssenkrupp looking at reducing Port Talbot capacity - Report

Reuters reported that Tata Steel and Thyssenkrupp are looking at reducing the size of Britain's largest steel plant in Port Talbot, Wales, industry sources said, as the two firms press ahead with plans to merge their European steel operations and deal with the overcapacity afflicting the industry.

The move could see one of Port Talbot's two blast furnaces shut, halving the plant's capacity. Up to 4,000 people are employed at the site.

An industry source close to Thyssenkrupp's board said the German group expected the struggling plant to be downsized in the event of a merger, without specifying by how much.

Two officials from the Community labor union said in a message emailed to union members last week and seen by Reuters, that Tata has only pledged to keep the two blast furnaces at Port Talbot running for three years, at which point one of them is due to close in the absence of further investment.

"Three years is nowhere near enough. Our line in the sand has always been keeping two blast furnaces running (long term). We want guarantees and besides, they've given us guarantees before that haven't materialized," said a union source.

Source : Reuters

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voda 29 november 2016 16:53

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Tata Steel in talk to sell UK speciality steels business to Liberty House

The Guardian reported that Tata Steel has agreed to sell its speciality steels business in northern England for GBP 100 million to Liberty House, ending months of uncertainty for 1,700 workers. Tata Steel has signed a letter of intent with Liberty about the deal, which means both parties now enter exclusive negotiations and can work on finalising terms.

The speciality steels business employs 1,700 people and produces materials for the aerospace, automotive and oil and gas industries. It is under investigation by the Serious Fraud Office over forgery allegations, which led to the managing director of the business being suspended. Its primary sites are in Rotherham, Bolton and Stocksbridge near Sheffield.

The deal is subject to due diligence and clearance from competition authorities. The agreement will not be completed until the first quarter of next year at the earliest.

Mr Bimlendra Jha, chief executive of Tata Steel UK, said: “This is an important step forward in seeking a future for speciality steels and we have reached this stage thanks to the efforts of employees, trade unions and management. We continue to actively seek solutions to the company’s structural challenges and work with all stakeholders. Among those challenges, there is the need to develop a more sustainable business in the UK as well as a self-sustaining future for the British Steel pension scheme.”

The deal was welcomed by trade unions and MPs, who said the announcement secured the future of the business’s workers and key sites.

However, the future of the rest of Tata Steel UK, which employs 11,000 people, remains unclear.

Tata Steel had put the business up for sale earlier this year after reviewing its struggling UK operations, which also include Britain’s largest steelworks in Port Talbot, south Wales.

Source : The Guardian

Bijlage:

voda 30 november 2016 20:51

0

Government backtracks on gas price reduction for steel mills in Egypt

The Daily News Egypt reported that Egyptian government has backtracked on its decision to reduce the price of gas supplied to steel factories from $7 per one million British Thermal Units to $4.5, which was announced in March, due to the high real cost of fuel caused by the average price of imported and locally produced quantities.

Tarek El-Molla, Minister of Petroleum & Mineral Resources, told Daily News Egypt that the price of gas will not be reduced.

He added that the government is heading towards the liberalisation of the energy market and is adopting new regulations prescribed by the gas market regulatory authority, which is currently being established to become the main entity tasked with managing gas trade and setting its prices for the local market.

He noted that the authority will allow the private sector to import gas and to use the national pipeline grid in order to move it from ports to factories according to fees that will be agreed upon with importers and private factory owners.

Managing director of Suez Steel, Raffiq El-Daw, said that backtracking on the decision will be catastrophic and will lead factories to import billet rather than produce it locally, which will burden the state by $1.8bn per year and increase demand on hard cash.

Source : The Daily News Egypt

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