Eurobench.com

voda 30 november 2016 20:52

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Steel workers face new pension threat as Tata prepares deal with Liberty House

The Daily Mail reported that the sale of a major steel business has raised fresh fears about the pensions of workers at three UK plants. While unions welcomed the 'certainty' of the Liberty deal they warned workers could lose out on pension contributions. It is feared workers could be moved out of the British Steel Pension Scheme and into a new one with lower payouts.

Mr Harish Patel, Unite national officer for metals, said “There could also be an impact because the scheme includes options for people affected by any job losses. We will be trying to see if there is a way it can be part of the sale process. As a matter of urgency, we must see security for the pension scheme to which men and women have dutifully contributed all their working lives.”

Liberty, which also took over Tata steelworks in Scotland, said it was too soon to say what its plans were on pensions. However, they are not part of the employment conditions automatically carried over into the new deal.

Source : The Daily Mail

voda 30 november 2016 20:52

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Fall in steel demand is a temporary phenomenon – MD Tata Steel

PTI reported that Tata Steel today said the recent fall in steel demand following demonetisation is a temporary phenomenon and is expected to become normal in next two quarters.

Tata Steel MD Mr TV Narendran told reporters “The recent fall in steel demand post-demonetisation is a temporary phenomenon and is expected to become normal in next two quarters. It is a postponement of demand rather than vanishing of demand,"

He said "The demonetisation move is good for the government and good for the country.”

Mr Narendran added that in the long run the demand in parallel economy will flow back into the mainstream, benefiting organised steel producing companies.

He also said “The industry expects that the steel demand will be 5-6 per cent higher, while production will be 8-10 per cent as imports have come down.”

Source : PTI

voda 30 november 2016 20:53

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Pakistan launches anti dumping investigations into steel products import from China

Daily Times reported that to address the issues being faced by local steel producers due to relentless dumping of steel products from China, the National Tariff Commission of Pakistan has decided to initiate investigation into the matter. Pakistani steel manufacturers have been complaining about unfair practices adopted by Chinese exporters citing that dumping of CRC, billet, rebar & wire rod is causing massive losses to the local steel industry.

In this regard, Amreli Steels Limited, largest selling steel re-bars maker of Pakistan, being a party with other producers of Deformed Steel Concrete Reinforcing Bars (Rebars) had submitted an application with the NTC. Thus, the NTC while accepting the application submitted by the Amreli Steel limited under section 20 and 24 of Anti-Dumping Duties Act, 2015 has decided to start investigations against dumping of Rebars from People's Republic of China at larger level.

The Amreli Steels Limited stated in its application that dumping of Rebars from People's Republic of China by local importers is threatening to cause material injury to the domestic industry producing Rebars.

The NTC, in its investigations against dumping of Rebars from China, will determine whether the Rebars originating in and / or exported from China are being dumped into Pakistan and whether such dumping has caused material injury to the domestic industry. Earlier in March this year, the government had increased the regulatory duty by 15 percent on a number of items including steel rebars, which remained effective until June 30, 2016. The steel industry urged the government to continue with the existing regulatory duty (RD) of 30% on steel imports as 300 steel melting units and more than 500 re rolling mills in Pakistan were currently running below 30 percent capacity due to heavy influx of import of finished steel products particularly from China.

Pakistan is likely to witness increased demand of steel mainly due to the China Pakistan Economic Corridor which has kicked off last year with power plants, dams, airports and highway projects in the pipeline. These projects will require steel that is of the highest quality and steel manufacturers to deliver in bulk. Collectively, the CPEC projects estimated at $ 46 billion will require millions of tons of steel and its completion is expected to generate much-needed economic stimulus. CPEC being significant per cent of Pakistan's GDP and promises to help policymakers shift gears from stabilization to growth.

Source : Daily Times

voda 30 november 2016 20:56

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Nippon Steel & Sumitomo Metal chief wary of new wave of protectionism

Q: Steel product prices are on the rise, especially in Asia. What is driving the uptrend?

A: Steel product prices in Asia hit bottom in December last year. The price of benchmark hot-rolled coil is now hovering around $450 per ton in Southeast Asia, up from slightly above $280 at the end of last year. Given rising materials prices, the prices of steel products are likely to head higher still.

Domestic demand for steel products grew from 14.93 million tons in the April-June quarter to 15.62 million tons in the July-September period. It is projected to increase further to 15.73 million tons in the October-December quarter. In the construction sector, demand in both the housing and nonhousing segments started picking up this summer. Auto production has already recovered from the negative effects of the Kumamoto earthquakes [in April]. Our plants that manufacture automotive steel sheet are currently running at full capacity.

Demand for steel is generally firm and domestic inventories of thin steel plate have fallen to appropriate levels.

Q: Are you worried about a resurgence of protectionism in the U.S. under President-elect Donald Trump?

A: A total of 209 anti-dumping investigations involving steel imports are underway worldwide, and 32 of them involve Japanese products. The number of cases in which safeguard measures are taken [to protect domestic industries from the effects of sudden increases in imports] has also increased. A new wave of protectionism in the U.S. could lead to greater Japanese imports of products made in countries that have been pushed out of the U.S. market, like South Korea.

If the Trans-Pacific Partnership trade pact fails to come into effect, or NAFTA (North American Free Trade Agreement) is reviewed, the auto and other steel-consuming industries will be affected seriously. Such moves [against free trade] are based on an outdated view that imports and immigrants cost domestic workers their jobs.

Countries should persuade the Trump administration to discard this old-fashioned way of thinking and promote free trade to create jobs at home.

Nippon Steel chief wary of 'new wave of protectionism'

Q: Have concerns about the Chinese economy eased?

A: China produced 68.51 million tons of crude steel in October, a 4% increase from a year earlier. China's crude steel output in the first 10 months of this year was also larger than the same period last year. Still, the country's domestic crude steel inventory has not increased. Its crude steel exports declined to 7.7 million tons in October from over 10 million in July.

It seems that China's policy measures to shore up the economy, such as public investment and tax breaks for car purchases, are proving effective. But China's structural problems, including excess production capacity, remain unresolved.

Q: Will the country's steel industry be able to cut its excess capacity?

A: The Chinese government has demonstrated a strong commitment to its goal of reducing the country's steel production capacity by 150 million tons in five years. A merger between two leading state-owned steelmakers, Baosteel Group and Wuhan Iron and Steel (Group), has been announced. It will, of course, take time to eliminate excess capacity because doing so requires massive employment shifts. Europe, the U.S. and Japan were also forced to push through capacity reductions of about 20% after their industries reached maturity.

China will have to carry out capacity consolidation of a similar scale, meaning it will have to go beyond its current streamlining goal.

Q: What do rising materials costs mean for the steel industry?

A: This is a sticky situation for steelmakers. The spot price of coking coal has jumped to $300 per ton from less than $100 at the beginning of the year. The uptick was triggered by the Chinese government's move to slash coal production to wipe out the excess. Iron ore prices are following the upward path of coal prices. A sharp decline of the yen is also pushing up materials costs [for Japanese steelmakers].
Source : Nikkei

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voda 30 november 2016 20:58

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POSCO takes lead in steel market for cars

Korean Times reported that POSCO has been mobilizing substantial resources to develop the next-generation of automobile steel plates to become a global leader in the rapidly expanding segment. Korea's largest steelmaker produced a total of 8.7 million tons of auto plates at home and abroad in 2015, accounting for about 10 percent of the global demand, and plans to bolster its annual capacity to 10 million tons by 2018.

A POSCO spokesman said that "Of the 800 steelmakers around the world, only 20 are capable of producing automotive steel plates. This means making premium, high value-added products requires a high degree of technological knowhow and expertise. We will continue to invest in honing our core competence and increase our production volume to become a leader in the global automotive steel plate segment."

The spokesman said the company will strengthen its partnership with domestic and foreign automakers to secure more supply contracts. He said that "Based on the mutually-beneficial partnership we have formed with global carmakers, we will increase our annual capacity to 10 million in 2018."

During the 2016 North American Auto Show in Detroit in January, POSCO organized a tech exhibit featuring its twinning-induced plasticity (TWIP) steel, hot-press-forming (HPF) steel and other advanced automotive materials.

The firm's TWIP steel received keen attention from global automakers for its exceptional mechanical properties including high strength and ductility. TWIP has been applied to the manufacture of bumper beams for its superb ability to absorb shock at the instant of a collision.

The firm's Giga Steel, an ultra-high strength steel that can withstand the tensile strength of one gigapascal (GPa), has been attracting a great deal of interest from automakers and auto parts makers around the world.

POSCO, which developed Giga Steel using its own technology, has been trying to expand its market through establishing partnerships with carmakers.

The spokesman said that "Automakers have been focusing on producing lightweight cars by using Giga Steel and other new materials that are lighter but stronger than conventional steel plates. We will continue to expand the market for our newly developed steel products and increase our production capability."

In May, the company completed the renovation of its auto steel plant in Gwangyang, South Jeolla Province, which began operating in 1997. The facility, capable of making an annual 2.2 million tons of auto steel plates, churns out mostly advanced high strength steel for carmakers in the United States and Japan.

In August, POSCO also started operating an auto steel plate plant in Thailand to take advantage of rapidly expanding car production in the Southeast Asian nation.

The facility, which can produce up to 450,000 tons of auto plates annually, deals mainly with Toyota, Nissan, Ford and other automakers' operating factories nearby.

Source : Korean Times

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voda 1 december 2016 16:37

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Beursblik: Berenberg verhoogt koersdoel ArcelorMittal

Koersdoel naar 9,00 euro.

(ABM FN-Dow Jones) Berenberg heeft donderdag het koersdoel voor ArcelorMittal verhoogd van 8,00 naar 9,00 euro met een ongewijzigd koopadvies.

De analisten benadrukten het sterke momentum van de staalprijzen, aangewakkerd door de piek van de steenkoolprijzen halverwege het derde kwartaal en het woensdag aangekondigde akkoord van de OPEC om in de olieproductie te gaan snijden.

In reactie op deze ontwikkelingen verhoogden de analisten van Berenberg hun EBITDA-verwachting voor 2017 met 6,1 procent tot 7,3 miljard dollar. De verwachte winst per aandeel ging voor komend jaar omhoog met 18 procent tot 0,73 dollar per aandeel. Voor 2018 rekent Berenberg op een bedrijfsresultaat van 7,7 miljard dollar en een winst per aandeel van 0,88 dollar.

Het aandeel ArcelorMittal sloot woensdag 1,1 procent hoger op 7,13 euro op een groen Damrak.

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 1 december 2016 17:17

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Six steel stocks downgraded at Macquarie

Seeking Alpha reported that steel stocks look expensive following their post election rally, but the strong US dollar could keep a lid on prices while slowing growth in China could derail the steel price rally, Macquarie analysts say as they downgrade several names in the sector.

US steel prices have risen to $550-$560/ton, driven partly by tight domestic supply and a lack of imports, but at current levels steel stocks reflect steel prices of more than $600/ton, increasing the risk posed by the shares, the firm says.

Macquarie downgrades Nucor, TimkenSteel and Worthington to Underperform from Neutral, and cuts Steel Dynamics, AK Steel and Reliance Steel to Neutral from Outperform; U.S. Steel is maintained at Underperform, while Argus analysts downgraded X, saying the shares are overbought.

Source : Seeking Alpha

voda 1 december 2016 17:18

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Gerdau, Sumitomo Corporation and Japan Steel Works to begin production of parts for wind industry in 2017

The joint venture formed by Gerdau and Japanese companies Sumitomo Corporation and The Japan Steel Works has just been approved, without restrictions, by the Administrative Council of Economic Defense in Brazil.

Source : Strategic Research Institute

voda 1 december 2016 17:19

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Preliminary steel imports into US in October decline 3.4%

Based on preliminary Census Bureau data, the American Iron and Steel Institute reported today that the US imported a total of 2,682,000 net tons of steel in October 2016, including 2,225,000 net tons of finished steel (down 3.4% and up 4.7%, respectively, vs. September final data).

Source : Strategic Research Institute

voda 1 december 2016 17:21

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SAIL BSP starts production of 130 meter long single piece rail

Business Standard reported that Steel Authority of India Limited has started commercial production of world’s longest rail from its new Universal Rail Mill in its Bhilai steel plant. The 130-meter rail, which would be the world’s longest rail line in a single piece, was rolled at URM on Tuesday

The Bhilai steel plant is SAIL's only rail producing entity. The company has been supplying about 800,000 tonnes of rail supply to the Indian railways every year.

For the last two years, the railways have been demanding the setting up of a 260-meter-long rail. The Bhilai plant was fulfilling the demand by welding 65-meter rails produced from the old set-up. The plant’s 130-meter-long URM roll out, would require only one weld joint to meet the required demand.

The new URM has been set up under a collaborative modernisation programme of SAIL and BSP and will cost around Rs 1200 crore. The project would entail scaling up rail capacity to 7 million tonnes per annum from 1.2 mtpa.

According to a spokesperson, SAIL and BSP are now in a position to meet the special requirements of railways and further strengthen partnership with it.

Source : Business Standard

voda 1 december 2016 17:22

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NLMK launches large pelletizing at Stoilensky

NLMK Group has successfully launched pelletizing plant at Stoilensky, the key investment project of its ‘Strategy 2017’.

Source : Strategic Research Institute

Bijlage:

voda 1 december 2016 17:22

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US DOC issues final dumping duties on CTL steel plate from Brazil, South Africa and Turkey

US Department of Commerce has issued an affirmative final determination for cut to length steel plate imports from Brazil, South Africa and Turkey maintaining high antidumping margins

Source : Strategic Research Institute

voda 1 december 2016 17:23

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UK economy minister calls for clarity after changes at the top of Tata steel

ITV reported that UK economy minister has written to Tata steel's interim chairman to find out what changes at the top of the company will mean for its plants in Wales.

Mr Ken Skates said that the replacement of Tata's chairman and plans to consider the appointment of new Directors raise issues for Wales. He said that he's written to the interim chair, Ratan Tata, to find out what the impact might be.

He added that “I have written to Mr Ratan Tata to seek clarification on what these senior level changes mean for the future of Tata’s operations in the UK and in particular, the plants in Wales. I have also reiterated that the Welsh Government remains fully committed to delivering action to help secure a sustainable and long-term future for steelmaking in Wales.”

Source : ITV News

Bijlage:

voda 1 december 2016 17:24

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Tata Steel ferrochrome and Saraf titanium units at Gopalpur inaugurated

Odisha Chief Minister Naveen Patnaik on Wednesday inaugurated two major industrial projects near Gopalpur. The projects are a ferrochrome plant of Tata Steel built at a cost of INR 542 crore and a high-titanium slag making unit of Saraf Agency set up with an investment of INR 350 crore.

The 55,000 tonne per annum ferrochrome plant is claimed to be the first greenfield ferrochrome project of Tata Steel in the country. It has come up in the Gopalpur industrial park, for which Tata Steel is the anchor developer.

Mr TV Narendran, managing director, Tata Steel (India and South East Asia), said “With the commissioning of the ferrochrome plant, the Gopalpur industrial park should see lot more investors coming forward to set up industries here, adding to the industrial progress of the region.”

Mr Arun Misra, vice-president, project Gopalpur & managing director, Tata Steel Special Economic Zone Ltd, said "The ferrochrome plant at Gopalpur uses state-of-the-art pollution control equipment and technology. It has 100 per cent water harvesting facility that caters to most of the water needs of the plant. Also, it is the first plant in India to use briquetting method of chrome ore fines agglomeration.”

Besides the new unit at Gopalpur, Tata Steel has two other ferrochrome plants in the state- a 65,000 TPA plant at Bamnipal in Keonjhar district and the other at Athagarh in Cuttack district of 55,000 TPA capacity under the management of its subsidiary T S Alloys. Both the units were acquired by the steel behemoth earlier.

Similarly, the high-titanium slag plant of 36,000 tonne per annum is established in the Titanium dioxide park near Takiria Berhampur by Saraf Agency. The Kolkata based firm is developing a Special Economic Zone on 260 acres of land there. The titanium slag, made from ilmenite, a rare earth product, would be exported to countries like Japan, China, UK etc. The plant will also produce 20,000 tonne per annum pig iron as its bye-product.

The company has plans to add titanium dioxide, Titanium ferroalloys and scandium plants in the next two years with an investment of Rs 2000-crore.

Source : Business Standard

voda 1 december 2016 17:27

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Indian steel makers stepping up exports as Rupee weakens - Report

Economic Times reported that Indian steel makers are eyeing a window of opportunity in export markets as the rupee tumbles against the US dollar in the aftermath of the government's demonetization move. With international prices moving up, the timing couldn't have been better for domestic companies battling weak demand at home.

Mr Vikram Amin executive director (strategy & business development) at Essar Steel India said that "Exports are a good option. International prices have improved and this is giving us an impetus. We are increasing focus on countries and regions we have been exporting to.”

JSW said its exports are clawing back to earlier levels after suffering a significant fall in the previous year (FY16). Mr Jayant Acharya director commercial and marketing of JSW Steel said that "International prices are correcting upwards mainly based on cost push factors.”

Steel exports have been on the rise since September this year. During September 2016, exports rose to 0.6 million tonne, up a whopping 111% over September 2015, according to data from Steel ministry's Joint Plant Committee.

JSW Steel, one of the country's largest private sector steel players, said it is also seeing a pickup in exports. The company exported 1.6 million tonne of steel in the first six-seven months of the year and has already crossed the volumes it did for the whole of last year.

Source : Economic Times

voda 1 december 2016 17:28

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Steel sector in Asia to weaken except in India - Moody's

Moody's Investor Service in its Asian 2017 Outlook report said that the outlook for steel in Asia is negative as the earnings will weaken amid declining production and lower profits and that India is the only area of strength in the subdued Asian steel market aided by rising demand and government measures to curb imports like MIP and anti-dumping duties.

Source : Strategic Research Institute

voda 1 december 2016 17:29

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China steel exports to remain high in 2017 - Fitch

Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tonne in 2017, due to flat ‘apparent’ consumption and slow capacity rationalisation.

Source : Strategic Research Institute

voda 1 december 2016 17:30

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Iran HRC steel product output made up 39%

Financial Tribune reported that Hot rolled coils made up 39.8% of Iran’s 10.28 million tonne steel product output during the seven months to October 22, registering a 4% drop year on year. According to the latest data released by the Iranian Steel Producers Association. With a 36.2% share, rebar was the next in line. Its output shrank 2% compared with last year’s similar period. It was followed by cold rolled coil with a 10% share, coated coil with 5.9% and beams with 5.8%.

Iran produced 10.74 million tonnes of crude steel in the seven month period, posting an 8% growth year on year. Billet and bloom production accounted for 5.66 million tonnes of the overall figure, and slab output for 5.08 million tonnes. Iran is currently ranked the world’s 14th largest steelmaker with a production capacity of 31 million tonnes.

Source : Financial Tribune

jessebrown 1 december 2016 18:33

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Foto: BLOOMBERG
Mijnbouwers keren weer dividend uit
4 uur geleden
Mijnbouwer Glencore ging vorig jaar bijna kopje onder. Aandeelhouders moesten bijstorten om het concern te redden. Het Zwitserse bedrijf keert nu, zoals veel meer mijnbouwers, toch weer dividend uit.

,,Mijnbouwers lijken het ergste te hebben gehad", aldus Chris Beauchamp van IG Group.

Marktonderzoeker Morningstar ziet groot optimisme in de sector dankzij het investeringsplan van de nieuwe Amerikaanse president Donald Trump in fossiele grondstoffen.

Handelshuis Glencore, met een marktwaarde van $39,7 miljard, $170 miljard omzet in 2015 en 160.000 werknemers, komt van ver en miste al twee dividendbetalingen. Het is nu weer in staat om $1 miljard aan dividend over 2016 uit te keren.

China geeft gas
Glencore rekent voor 2016 op een winst voor rente en belastingen van tussen de $2,5 miljard en $2,7 miljard.

De basis voor deze verdiensten ligt in groeiend China, dat wereldwijd de helft van de meeste grondstoffenaankopen voor zijn rekening neemt.

De futures, toekomstige contracten voor leveringen van zink, gingen dit jaar met 68% omhoog. Tin steeg in diezelfde maanden met 46%, palladium 37%, lood 31%, nikkel 28% en koper 22%.

In olie liepen volumes wel terug. De omzet uit de handelsdivisie van de grootste grondstoffenhandelaar in de wereld draagt ook bij aan de winst en uiteindelijk het dividend voor aandeelhouders.

Topman profiteert
Zakenbank Goldman Sachs belegt in Glencore. Zijn analisten waren ,,verrast": niemand had dit jaar nog zo'n dividendaankondiging verwacht.

Topman Glasenburg van Glencore ging zelf financieel het schip in, maar kreeg het lek boven. Glencore moest voor miljarden aan activiteiten afstoten. De laatste verkoop was bijna $5 miljard groot.

Het in Londen genoteerde conglomeraat kreeg de opdracht van de banken om zijn schuld van $30 miljard tenminste te halveren. Daarin lijkt Glasenburg geslaagd, in december is de schuld teruggebracht tot $17,5miljard.

Parkiet
Hij kan zelf $84 miljoen aan bestuurdersbeloning verwachten, het jaar erna $143 miljoen als zijn voorspellingen uitkomen.

Glencore is de spreekwoordelijke parkiet in de kolenmijn. Veel mijnbouwers zijn afgeslankt, hersteld en klaar om met investeringen te profiteren van economische groei.

Marktonderzoeker Morningstar noemt vooral BHP Billiton ($52,3 miljard omzet, 27.000 werknemers) en Rio Tinto ($55,14 miljard omzet, 54.880 werknemers) vanwege de ingezakte beurskoers als koopwaardig.

Branchegenoten volgen. Het Braziliaanse Vale, de grootste exporteur ter wereld van ijzererts, met vorig jaar $$42,5 miljard omzet en 74.000 werknemers, gaat zijn dividend eveneens in ere herstellen.

Groei
Anglo American staat dit jaar bijna 100% hoger op de beurs na het opschuiven van zijn dividend vanwege slechte resultaten.

De twee grootste mijnbouwers, BHP Billiton en Rio Tinto, keerden recent al een deel van de winst uit. Volgens Bloomberg profiteren de bedrijven van een omslag deze maand van winning van edelmetalen naar grondstoffen voor de industrie.

voda 1 december 2016 21:19

0

CITU Union appeal to protect steel industry from crisis

The Hans India reported that the 15th All India CITU Conference being conducted in Puri, (Odisha) has unanimously passed the resolution introduced by Mr J Ayodhyaram of Steel Plant Employees’ Union appealing to the Central and State governments to protect the steel industry, which has been facing a rough weather in the recent past.

Narrating reasons behind the steel industry crisis, Mr Ayodhyaram informed the meeting that India was importing steel from China, Japan and Russia on a large scale and the Central government was not imposing any import duty. He said though there was a good demand for the steel, made in the country, it was not being utilised. He demanded the Centre to impose import duty.

Mr Ayodhyaram said that “The Centre is trying to handover the steel industries of Selam and Bhadravathi to corporates besides disinvestment in Vizag Steel Plant,” he accused and threatened that the unions would agitate against the move.

Source : THE HANS INDIA

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