Eurobench.com

voda 7 december 2016 17:07

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TATA Steel workers to get chance to vote on rescue plan for plant

South Wales Evening Post reported that workers at TATA Steel in Port Talbot are expected to be given the chance to approve a rescue plan for the plant tomorrow.

Union leaders are due to give the workforce details of the proposals which have been thrashed out with the company. It would likely see investment poured into the vast site in return for concessions on staff terms and conditions. It would mean job security for thousands of workers there.

In March, the company announced it be would putting its entire UK business including the Port Talbot plant up for sale. In July, though, the sale of the loss-making Port Talbot site was stopped after talks with potential bidders.

Central to the new plan is retention of the two blast furnaces, which turn iron ore and coke into molten iron. One is due to stop production in 2018 but unions have been fighting to keep it open.

Aberavon councillor Tony Taylor said the news signalled that the steel giant would remain in Port Talbot for "15 to 20 years", while steelworkers have welcomed the news "after a particularly turbulent year."

A Tata spokesman said that "We are seeking a positive future for the UK business and during discussions with the trade unions we made substantial assurances to achieve this."

Source : South Wales Evening Post

voda 7 december 2016 17:08

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China steel capacity elimination to target induction furnaces next year - SMM Reports

During a onsite survey November 24-27 in Xuzhou, Lianyungang and Suqian, Jiangsu Province,the State Council’s environmental protection team founded low-quality steel (hereinafter means low-quality steel using scrap steel as raw material, which is melt by induction furnace or rolled steel produced with such low-quality steel) and illegal steel capacity, so executed rectification on such capacities, mainly intermediate frequency furnaces. A few plants using intermediate frequency furnaces in northern Jiangsu have been dismantled. Power supply for plants using intermediate frequency furnaces in northern Jiangsu was cut off to suspend their production. Some intermediate frequency furnaces in southern Jiangsu were also forced to cease production.

Intermediate frequency furnace is a type of electric induction furnace, which uses scrap steel as raw material, with low investment, low volume and simple production requirements. It is mainly used to produce rebar or a small part of section and strip steel.

Economic and trade industry letter 2002 (156) defined that low-quality steel means steel using scrap steel as raw material and melt with induction furnace, whose ingredient and quality is difficult to control and rolled steel produced with the former.

Low quality steel can be defined by quality and production requirements:

1. Product quality is poor, and does not have the mechanical properties of ordinary steel, with low strength, stiffness and melting point, and porosity, and is easy to break 2. Chemical composition is disordered, and can not play its due role.

Intermediate frequency furnace’s steelmaking technique and quality of scrap steel used to produce steel have improved noticeably. Some steel plants using intermediate frequency furnaces purify by oxygen and argon blowing, or using refining devices. Some plants equipped environmental protection facilities this year given strict environmental protection requirements. Low-quality steel produced by these regular steel plants using intermediate frequency furnace still differs from that produced by small workshops. However, among steel plants using intermediate frequency furnaces, those having no steelmaking licenses still take a large proportion.

Low-quality steel capacity will be eliminated. Those capacities that have been constructed before receiving approval may be also eliminated in light of China’s capacity elimination policy and Anfeng Iron & Steel illegal construction before approval. Some of them are managing to gain licenses. Those already having licenses are still worried as either those with or without licenses were required to suspend production. Standard as to capacities elimination at steel plants using intermediate frequency furnaces has yet to be released.

China Steel Output by Intermediate Frequency Furnaces Expected to Be 50-60 Million Mt in 2016

According to non-official data, China’s steel capacity at steel plants using intermediate frequency furnaces is about 100 million tonne per year at present. China Association of Metal Scrap Utilization reported domestic scrap steel resources were 160 million tonne in 2014. Of these resources, 80 million mt was consumed by steel plants, and less than 20 million mt by foundry industry, with about 60 million tonne by low quality steel plants. Intermediate frequency furnaces almost use 100% scrap steel, so steel output by intermediate frequency furnace is expected to have been 60 million tonne in 2014.

Steel market is brisk this year, and gains for scrap steel were less significant compared to coking coal and iron ore, leaving high profit at steel mills using intermediate frequency furnace. On November 28, prices for 6-8mm scrap steel were RMB 1,660/mt (excluding tax), and electric prices to produce per mt of steel were 650 kWh*RMB 0.5 kWh=RMB 325. When combined with auxiliary material and labor cost totaling RMB 150/mt (including lime, electrode waste and fireproofing material), cost for steelmaking using intermediate frequency furnace was RMB 2,135/mt (excluding tax) or RMB 2,500/mt (including tax). Profit reached RMB 700/mt given rebar prices of RMB 3,200/mt (including tax).

SMM survey finds steel plants using intermediate frequency furnace maintained operating rates high this year. With environmental protection regulations, their production was affected. So they only produced for 16 hours a day to avoid peak period. Some produced at night to elude examination. Providing that operating rates average 50-60% this year, steel output by intermediate frequency furnace will reach 50-60 million mt. Another reason they did not produce during peak period is high electric price, which will increase their cost. Commercial power prices during peak demand period is RMB 1.1/kWh in Jiangsu, with RMB 0.66/kWh during flat period and RMB 0.32/kWh during low demand period.

Scrap steel accounts for 78% of steelmaking cost at steel plants using intermediate frequency furnace. The chart below shows that profit at steel plants using intermediate frequency furnace was higher in 2016 compared to 2015. They reported operating rates in 2015 were much lower than 2016.

Rectification on intermediate frequency furnace especially low-quality steel capacity is in line with environmental protection and capacity elimination policy. Market participants expect steel capacity elimination will put emphasis on intermediate frequency furnace next year. Rebar accounts for 75% of steel output produced by intermediate frequency furnace, which represents 20% of national total rebar output. As steel output by intermediate frequency furnace is expected to be 50 to 60 million tonne this year, any possible elimination of these intermediate frequency furnace steel capacity will significantly affect rebar market.

Source : SMM News

voda 7 december 2016 17:09

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Mobarakeh Steel Company crude steel output up by 7%

Financial Tribune reported that Mobarakeh Steel Company produced 3.74 million tonnes of crude steel during the eight months to November 21, registering a 7% rise compared with last year’s corresponding period, the company’s public relations reported. Slab production accounted for 350,000 tons of the overall figure, while acid-washed and coated steel made up 2.45 million and 850,000 tons of the aggregate production respectively.

MSC’s steelmaking subsidiaries, Saba and Hormozgan steel companies produced 456,000 and 736,000 tons of crude steel in the same period. Located in Isfahan Province, MSC is Iran’s largest industrial complex and Middle East’s biggest producer of flat steel products. With seven subsidiary mining companies and more than 20,000 workers, the company accounts for about 50% of Iran’s steel production.

Source : Financial Tribune

voda 7 december 2016 17:11

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Primetals Technologies to supply new Minimill with EAF Quantum and WinLink to GPH Ispat in Bangladesh

GPH Ispat Ltd., a manufacturer of long products based in Chittagong, Bangladesh, has commissioned Primetals Technologies to supply a minimill with a total annual capacity of 815,000 metric tons of finished products and billets.

Source : Strategic Research Institute

voda 7 december 2016 17:12

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Baowu Steel & Wuhan Steel merger has no rating impact - Moodys

Moody's Investors Service says that China Baowu Steel Group Corporation Limited's progress in its merger with Wuhan Iron & Steel (Group) Co. (WISCO, unrated) has no impact on its Baa1 issuer and senior unsecured ratings and negative outlook.

Source : Strategic Research Institute

voda 7 december 2016 17:13

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Indian lenders led by ICINI sue Essar for default in Minnesota project in US – ET reports

Economic Times reported that Indian lenders led by ICICI Bank have started proceedings against the Essar Group for delays and cost overruns in its ambitious US project executed by Essar Steel Minnesota LLC.

With Essar Steel Minnesota LLC defaulting on a $530 million loan syndicated by a clutch of Indian banks, ICICI Bank has also invoked corporate guarantees given by Essar's offshore group holding company Essar Global Fund Ltd as security against money borrowed for completion of the project. EGFL is the Cayman Islandsregistered holding company of the Ruia family, the Essar Group's founder promoters.

The suit filed by ICICI's Singapore branch in September in the New York Supreme Court seeks $560 million in damages, including $530 as principal and $29 million in interest until August besides $4.82 lakh in attorney fees.

It was filed against four Essar group companies EGFL, Essar Steel Mauritius Ltd, Essar Steel Asia Holdings Ltd and Essar Mauritius Ltd that are guarantors to the loan.

ICICI Bank is the leader in the consortium of five Indian lenders, which together gave $530 million to ESML in December 2010. The foreign currency loan was given by ICICI's New York branch in association with State Bank of India's New York branch, the London branches of Syndicate Bank and Canara Bank | and the Hong Kong branch of Union Bank of India

ESML filed for Chapter 11 protection in the United States on 8 July, 2016.

Essar moved into Minnesota in 2007, shortly after it acquired a Canadian steel manufacturer in Algoma. The Minnesota foray-a first for Rewant Ruia, Essar co-founder Ravi Ruia's younger son-was to help the company be close to high-value steel markets and sources of iron ore. Commercial operations were expected to begin in June this year but the start has since been deferred to sometime in between October 2016 and March 2017. Initial project cost of $1.8 billion has risen to $2.2 billion.

Source : Economic Times

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voda 7 december 2016 17:14

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Negative returns in TATA Steel Europe a risk to group – Mr Mistry

Press Trust of India reported that up against TATA Sons' move to remove him as director of Tata Steel, ousted Chairman Cyrus Mistry defended his leadership of the company, especially the handling of European operations, saying that the huge capital employed in it was earning negative returns and posed a risk to the entire group. He also lashed out at "insinuations that Tata Steel board only looked at UK investments through a short term financial lens" saying it was "furthest from the truth".

In a representation to the Board of Directors of Tata Steel ahead of an EGM, which is to consider a special resolution moved by Tata Sons to remove him as director on December 21, Mr Mistry said the sole premise of the step was his "removal from the Chairmanship of Tata Sons, which was illegal to begin with. There have been insinuations that the Board of Tata Steel only looked at the UK investments through a short term financial lens. This is furthest from the truth..."

Mr Mistry cited "continued investments in these assets, as well as the significant amount of management bandwidth devoted to optimise operations" in order to refute the allegations. While asking the board to circulate his representation to its shareholders so that they can take an informed decision, he drew attention to the European operations saying the total amount of capital employed there, which is earning negative returns posed a risk to the overall group".

Mr Mistry said that "Total capital employed in Tata Steel Europe grew from INR 67,000 cr in FY12 to INR 93,500 cr in FY15. Defending decisions to divest in the UK operations. While pursuing a long term solution to the current issue, it is important to balance the needs of nearly one million shareholders of the company, who have supported the company for decades and many of whom rely on Tata Steel to supplement their income." He added that "Our aim has always been to have a robust and resilient global operations.”

To ensure this outcome, we believe it is important to tackle some of the structural challenges with the UK assets, namely the potential high pension deficits, high energy costs and high taxes." On November 25, in sharp escalation of boardroom tussle at India's largest conglomerate, Cyrus Mistry was ousted as Chairman of Tata Steel.

Source : Press Trust Of India

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voda 7 december 2016 17:16

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China has achieved its coal and steel capacity reduction targets for 2016 - ANZ

Business Insider reported that Chinese policymakers vowed to cut steel capacity by 45 million tonnes, and coal production capacity by 250 million tonnes, in 2016 alone. As shown in this chart from ANZ, both targets have largely been met, helping to partially explain the recent boost in bulk commodity and steel prices.

ANZ said “Steel and coal prices have surged sharply as the markets appear to respond well to the pace of capacity reduction in these two industries, after they achieved about 40% of 2016’s target in August and September.”

It added “Although we doubt the quick closure of production capacity in the past two months is temporary, stricter government enforcement has arrested the downward pressure on industrial and commodity prices.”

Source : Business Insider

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voda 7 december 2016 17:17

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Not much demonetization pain for Indian steel sector as yet - Jefferies

Barrons reported that that Indian domestic steel demand was surprisingly steady in November despite India’s surprise move to remove a majority of its currency from circulation, but demonetization is likely to affect supply and demand. Jefferies analyst said “After demonetization in India in November, a slowdown in construction could affect demand as a third of domestic steel demand comes from the construction industry.”

Jefferies steel Analyst Bhaskar Basu wrote “Domestic steel demand was surprisingly steady in Nov despite demonetization. Impact could come with a lag, in our view. Demonetisation could hit production at secondary mills, but may be offset by softer demand. We believe domestic steel prices to rise in the fourth quarter on cost push, but supply overhang remains. We believe demonetization could affect demand and dampen steel mills’ ability to fully pass thru higher costs.”

He added “Our channel feedback indicates, sales in retail/ trade segment has been impacted by demonetization. Cash component in this segment is high. We believe impact from other end use sectors would come with a lag as manufacturers adjust production plans. Pig iron purchase by foundry units (supplier to auto cos) has slowed. Interestingly, import bookings started to rise Oct onwards as importers expected steel prices to rise in 4Q. However, this has paused post demonetization.”

He wrote “Demonetization could affect both demand and supply. Production from secondary steel producers was largely unaffected in Nov, despite demonetization as per JPC data. Our channel feedback, on the contrary suggested some disruptions to production at smaller secondary steel mills. We expect production at smaller secondary steel mills to be hit, given higher cash linkage and exposure to construction sector. Primary producers could gain share, though this would be mainly in long products segment. Secondary mills account for 70% of long products production. We believe supply impact would largely be affected by weaker demand from sectors like construction (~35% of steel demand).”

Source : Barrons

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voda 7 december 2016 19:56

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Acrow's prefabricated modular steel used on Mississippi bridges

Acrow Bridge, a leading international bridge engineering and supply company, has announced that three of its modular steel bridges are being used during the replacement of existing structures in Mississippi's Panola and Quitman counties.

Source : Strategic Research Institute

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voda 7 december 2016 19:57

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Philippines steel industry bullish on USD 1 billion investments over 6 years

Manila Times reported that iron and steel industry is bullish on USD 1 billion steel investments over the next six years. Philippine Iron and Steel Institute president Roberto Cola said that “For this administration, we estimated USD 1 billion for steel investments that can generate 5,000 direct employment.”

He said that, Nicua Mining Corp earlier invested USD 250 million to put up a steel-manufacturing project in Leyte, a move that will enable the Philippines to inch closer to its goal of becoming an emerging industrialized nation.

Cola added that Steel Asia Manufacturing Corp. in July also announced a USD 500 million expansion program that will increase production of wire rods, steel plates and steel sections.

Cola, also the manager for industry affairs of Steel Asia said that the company is bullish on the economy.

He said that steel demand in the Philippines is growing faster than that of the gross domestic products, creating a huge opportunity to expand the market.

Earlier, Cola said the apparent demand for steel in the Philippines is 6 million tonne, of which 60% is for long products and the rest for flat products. All flat products are now imported.

He added that “The per capita consumption of steel in the Philippines is 60 kg which is far behind those of its neighbors Indonesia and Malaysia and the global average of 220 kg.”

Source : Manila Times

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voda 7 december 2016 19:58

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Rumours about the sale of steelmaker USSK re-emerge

The Spectator reported that Skovak steelmaker US Steel Kosice has again become the centre of attention in early December, when rumours about its sale re emerged. Online versions of dailies Sme and Hospodarske Noviny reported on December 5 that Slovak millionaires have submitted a bid to acquire the steelmaker in eastern Slovakia.

The website biztweet.eu, is reporting that the bid was submitted by Czech steelmaker Trinecke Zelezarny which belongs to the Czech-Slovak group Moravia Steel.

The Slovak owners of the Czech steelmaker showed an interest in USSK which employs roughly 11,000 people in eastern Slovakia, late in 2015. At that time they failed to agree upon the purchase price with the owner but now an unnamed source knowledgeable about the situation in Trinecke Zelezarny confirmed the submission of the new bid to the weekly EURO.

The Czech company controlled by a group of Slovak millionaires - Tomas Chrenk, Jan Moder, Evzen Balko and Maria Blaskova submitted the bid for purchase of USSK last Friday in Pittsburg, the online version of Hospodarske Noviny reported, but it was turned down the same day.

Trade unionists at USSK have confirmed rumours about submitted bids. Allegedly a Chinese investor has also submitted a superior bid to that of Trineckee Zelezarny, Mikulas Hintos, the head of trade unions at USSK told biztweet.eu.

Both companies have refused to comment.

Source : spectator.sme.sk

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voda 7 december 2016 20:00

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Iranian steel sector is transforming

Financial Tribune reported that there is a mismatch between Iran’s steelmaking capacity and steel demand at present. A number of obstacles must be overcome for its steel industry to reach its true potential.

The international community’s interest in Iran, particularly its steel sector, has increased significantly since sanctions were partially removed at the beginning of this year. Many foreign steel producers, traders and equipment suppliers have rushed back to Iran to renew ties, seeing great business potential in this market. Nevertheless, as much as it is promising, the Iranian market still remains challenging.

On the one hand, with the liberalization of trade relations and the inflow of investments into different sectors of the country’s economy, it is expected to see significant growth in steel consumption.

Investments in steel production itself will spur the country’s export potential. Iran holds abundant raw materials and energy resources to feed its growing steelmaking industry.

On the other, the recovery of the economy is still hampered by lingering banking issues, which means steel-consuming and steelmaking project realization may take longer than expected.

Besides, the industry suffers from water and electricity supply problems as well as inland and external transportation problems. Export markets are not so welcoming now, in view of the number of antidumping investigations and protective duties being applied internationally.

The structure of the Iranian steel market has changed over the years of sanctions. Following the implementation of a number of steel projects and decreased consumption, Iran is losing its status of net-importer.

Iran used to purchase around 3 million tons per year of billet (in 2012, for example), with Russia and Kazakhstan being the largest suppliers. In 2014, however, this figure plunged to around 250,000 tons, while in 2015-16, billet imports shrank further to just occasional deals. Now, with the expansion of production facilities, the country faces the need to find markets for its steel.

Over the first nine months of 2016, Iran’s steel production reached 13.21 million tonnes, up 8% year-on-year, according to the World Steel Association. Despite these positive dynamics, this figure means that the steelmaking capacity utilization rate is little over 60%. One of the reasons for that is a stagnation of consumption in major steel-intensive sectors.

In the last Iranian year (March 2015-16), the country’s steel consumption was assessed at 15 to 16 million tonnes, according to estimates by market participants. This is down around 1 to 1.5 million tonnes year on year.

A producer said that “The problem is in the lack of investments in steel-consuming sectors. The World Bank expects GDP growth of around 4% for Iran this year. The hike of activity in the oil and gas sector will contribute 2.6% of this growth. The balance will come from the services sector. Steel-intensive sectors such as construction and infrastructure are not expected to show sizable growth until 2017.”

Source : Financial Tribune

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voda 7 december 2016 20:01

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Magnesium prices rising in Japan as China curtails steel production

Nikkei reported that magnesium prices are rising for Japanese importers. They have shot up over 40% since the beginning of the year, due to higher raw material prices caused by a cut in steel production in China.

Japanese metal importers, such as Nippon Kinzoku, Kurimoto and Kobe Steel, currently pay USD 2,640 to USD 2,670 per ton of magnesium, including freight cost. The price hit bottom sometime around late December last year and early January. The pace of price increases has accelerated since the summer.

In China, which supplies more than 80% of the world's magnesium, the metal is produced by smelting dolomite, a mineral, and ferrosilicon, an alloy containing iron and other substances. The furnace is heated to high temperatures by gas produced in the process of baking coal to make coke. Both coke and ferrosilicon are also used to make steel.

China has been increasingly shedding excess steel production capacity. This year, two of its major steel companies decided to merge and the government has cut production of coke and ferrosilicon. As a result, the benchmark spot price of coke at the port of Tianjin has risen by 50% since September to around $344 per ton.

Source : Nikkei

voda 8 december 2016 16:33

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Glencore wil belang nemen in Rosneft

Transactie in samenwerking met Qatar.

(ABM FN-Dow Jones) Glencore bevindt zich in de laatste fase van onderhandelingen met Rosneft over een belangenneming in het Russische concern. Dit meldde het grondstoffenconcern uit het Zwitserse Baar donderdag voorbeurs.

De belangneming moet plaatsvinden in samenwerking met de Qatar Investment Authority en omvat 19,5 procent van de aandelen Rosneft, omgerekend goed voor 10,2 miljard euro.

Een definitief akkoord is vervolgens afhankelijk van goedkeuring van de betrokken relevante autoriteiten.

De Russische staat is de belangrijkste aandeelhouder in Rosneft, maar met de lage olieprijs zou Moskou op zoek zijn naar een andere inrichting van de aandeelhoudersstructuur. Eerder dit jaar ging het gerucht dat Rosneft onderhandelde met partijen in China en India.

Het aandeel Glencore sloot woensdag 3,8 procent hoger op 296,75 Britse 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 8 december 2016 16:33

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Chinese staalexport opnieuw afgenomen

Daling voor vierde maand op rij.

(ABM FN-Dow Jones) China heeft in november voor de vierde maand op rij minder staal geëxporteerd. Dit bleek donderdag uit cijfers van de Chinese douane.

Vorige maand daalde de export van staal met 16 procent ten opzichte van dezelfde maand een jaar eerder, naar 8,12 miljoen ton. In oktober was sprake van een afname van 15 procent, na dalingen in september en augustus van respectievelijk 22 en 7,4 procent.

Gemeten over de periode januari tot en met november van dit jaar, lag de Chinese staalexport 1,0 procent lager op 100,68 miljoen ton.

China heeft last van handelsmaatregelen in de vorm van invoertarieven die zijn opgelegd door onder meer Europa en Amerika. Het dumpen van het goedkopere staal uit China tast de marges aan van zowel Amerikaanse en Europese staalfabrikanten.

"Deze maatregelen zijn nog steeds van kracht. Het is onwaarschijnlijk dat andere landen deze beperkingen spoedig zullen opheffen dus de Chinese staalexport blijft onder druk staan", aldus econoom Rajiv Biswas van IHS.

De impact op de vraag naar staal werd tot nu toe deels gecompenseerd door het sterke aantrekken van de Chinese huizenmarkt, maar dat zet volgend jaar naar verwachting niet door. Ondertussen voert Beijing hervormingen uit om de productiecapaciteit van staal tegen 2020 met 150 miljoen ton te hebben teruggedrongen.

Uitgedrukt in dollars steeg de totale Chinese export in november met 0,1 procent, terwijl de uitvoer van Chinese goederen gemeten in de eigen valuta met 5,9 procent toenam op jaarbasis. De verrassende stijging in dollars was volgens economen van ANZ waarschijnlijk eenmalig en had te maken met een vertraging in de export van goederen in september en oktober.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

(END) Dow Jones Newswires

voda 8 december 2016 16:39

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Grote cyberaanval op ThyssenKrupp

Gepubliceerd op 8 dec 2016 om 13:56 | Views: 1.896
ArtikelReacties (2)

ESSEN (AFN/RTR) - Het Duitse staal- en industrieconcern ThyssenKrupp is doelwit geworden van grote cyberaanvallen eerder dit jaar. Daarbij werd bedrijfsinformatie buitgemaakt door onbekende cybercriminelen, afkomstig uit Zuidoost-Azië, aldus het bedrijf.

De aanvallen kwamen in april aan het licht en vonden sinds februari plaats. Er is aangifte gedaan en de politie doet onderzoek naar de zaak. Volgens ThyssenKrupp werden de aanvallen uitgevoerd door goed georganiseerde en zeer professionele hackers.
Inmiddels zijn de aangevallen computersystemen weer in orde gemaakt en wordt er constant gelet op verdere cyberaanvallen.

www.iex.nl/Nieuws/ANP-081216-192/Grot...

voda 8 december 2016 16:55

0

Tata Steel UK Speciality Steels not part of deal - Report

The Star reported that steel unions say they have a commitment from Tata to secure the future of jobs and production at Port Talbot and other steelworks across the UK but the deal does not cover South Yorkshire.

Mr Roy Rickhuss, general secretary of the Community union, said Speciality Steels in Stocksbridge and Rotherham were not covered by the announcement. He said:“We recognise that today’s announcement does not cover the Speciality Steels business in South Yorkshire or the SAW mills in Hartlepool. We will continue to work hard with the companies involved to secure the investment necessary to ensure those businesses grow and that our members are protected.”

It was reported last month Tata had signed a ‘letter of intent’ on the sale of its speciality steels business for GBP 100 million, meaning it had entered exclusive talks with Liberty House.

Source : The Star

voda 8 december 2016 16:56

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British Steel secures rail supply contract from Finnish Transport Agency

Scunthorpe Telegraph reported that British Steel is celebrating the 10th anniversary of rail production at its Scunthorpe plant with the news it has secured another contract in Europe.

On December 7 2006, the company replaced the old rail facility in Workington with a new one in Scunthorpe. It has since rolled more than 1.5 million tonnes of rail enough to lay track between London and Delhi.

And the landmark has been made even more significant by the announcement the Finnish Transport Agency (FTA) has chosen to use rails made by British Steel for the sixth consecutive year.

Mr Peter Smith British Steel's managing director rail said that "This is an important contract for us in a very competitive market place. The full contract will be split 50/50 between British Steel and another supplier, with our half of the contract seeing 5,500 tonnes of steel being delivered by April 2017. This will be produced at our Scunthorpe Rail and Section Mill, which is now 10 years old. The first deliveries will be made to the FTA over the coming weeks and the fact they have chosen us again is testament to the high standards we set. This is a major exporting contract for one of our target markets and it comes as a boost against strong European competition.”

He added that “There are only four other approved bidders competing to supply the FTA, reflecting their strict requirements for service and quality."

As reported, the Scunthorpe Telegraph's campaign to bring the HS2 steel contract to the town gathered hundreds of signatures in just its first week. The steel will be used for the agency's annual maintenance work, which will see the British Steel rails used across multiple sites.

Source : Scunthorpe Telegraph

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voda 8 december 2016 17:00

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Tata Sons plans EGM to expel Mr Cyrus Mistry as director - Report

Economic Times, citing an official close to the development, reported that Tata Sons has commenced spadework for calling an extraordinary general meeting to remove Mr Cyrus Mistry as a director.

He said "Board members on Tata Sons have been alerted on taking a quick decision at short notice. Those discussions have been done. Since Tata Sons is an unlisted company, there will be no issues around it, given that Tata Trusts is the majority shareholder.”

He added "Tata Sons does not have an agreement with Shapoorji Pallonji Group to give them a seal on Tata Sons' board as an 18% shareholder. The right to nominate a director on board of Tata Sons rests solely with Tata Trusts.”

Mr Mistry, ousted as chairman on October 24, remains a director on the board of Tata Sons. The Mistry family holds about 18.4% stake in Tata Sons and Tata Trusts own 66%

Source : Economic Times

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