Eurobench.com

voda 8 december 2016 17:02

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JSW Steel crude steel production in November surges by 45%

JSW Steel Ltd reports Crude Steel production at 1.227 million tonnes for November 2016 and achieved a growth of 45%.

Source : Strategic Research Institute

Bijlage:

voda 8 december 2016 17:02

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US Steel wants to accelerate investments & bring back jobs – CEO

US Steel CEO Mr Mario Longhi told CNBC on Wednesday that United States Steel would like to accelerate its investments and hire back laid-off employees now that Donald Trump will be occupying the Oval Office.

He said in an interview with CNBC's "Power Lunch” that “We already structured to do some things, but when you see in the near future improvement to the tax laws, improvements to regulation, those two things by themselves may be a significant driver to what we're going to do,.”

He noted “In addition, the belief that the US economy can grow at least 3.5 percent also adds to what the company can do.”

He told “I'd be more than happy to bring back the employees we've been forced to lay off during that depressive period," he said, which could be close to 10,000 jobs.”

Shares of the Pittsburgh-based company have soared about 80 percent since Trump's stunning victory on Nov. 8. Investors appear to be betting on increased infrastructure spending, which the president-elect has promised, as well as further restrictions on China-produced steel.

Source : CNBC

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voda 8 december 2016 17:06

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Steel minister asks Indian steel makers to focus on quality and R&D

Press Trust of India reported that India’s Steel Minister Chaudhary Birendra Singh said that companies will have to work on meeting global quality standards and follow international best practices, steps that will help India become a manufacturing hub. He told “In order to fulfill Prime Minister Narendra Modi's dream of making India a global manufacturing hub and ensure success of Make in India, there is a need to concentrate on enhancing quality standards and focus on R&D.”

He said “For India to become a manufacturing hub and to produce products for the global community, we need to meet and adhere to the global best practices and quality standards. I am of the firm opinion that this is the only way for steel industry in India to reach its true potential. As they say a dream is a goal with a deadline. So we must adhere to deadlines and treat them as sacrosanct.”

He said “India needs to find new markets for its products for better capacity utilisation and, quality is a pre-requisite for export-orientation. This is essential as steel products form the backbone of infrastructure, construction, household utilities, engineering goods and other sectors.”

Mr Singh's comments come against the backdrop of the Ministry looking at creating a comprehensive quality regime for the over USD 100 billion industry.

Source : Press Trust of India

voda 8 december 2016 17:07

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Mr Mistry was given option to quit but he refused - Mr Ratan Tata

Business Standard reported that seeking the support of minority shareholders to remove his former protege Mr Cyrus Mistry, Tata Sons Interim Chairman, Mr Ratan Tata said that Mr Mistry’s presence on the boards of various Tata group companies is a serious disruptive influence and can make Tata companies dysfunctional.

In a letter addressed to Tata group shareholders, Mr Tata said Mistry was removed as the Tata Sons board had lost confidence in him and his ability to lead the conglomerate.

Mr Tata said before his ouster Mrr Mistry was asked to leave on his own but he refused. He said “As a final step, he was offered an opportunity to step down voluntarily from the Chairman's position, which he rejected and said that it should be taken up at the Board.”

In his letter, Mr Tata said the holding company’s approach is to support and fund Tata businesses during development and growth phases and exit only when it becomes unviable. Tata supports group companies in multiple ways such as licensed use of Tata brand and financial support.

Source : Business Standard

voda 8 december 2016 17:08

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China liquidity fears trigger exodus from steel to rubber

Reuters reported that an exodus of cash from steel to rubber to zinc threatened a blistering months-long rally across global commodity markets on Wednesday, triggered by fresh concerns about liquidity in China, the world's second largest economy. Retail and institutional investors scrambled to exit bullish bets and shore up cash amid government efforts to steady the sliding yuan currency and curb capital outflows.

Coking coal futures and construction product steel rebar posted their biggest one-day falls on record, while Shanghai lead and zinc led steep falls across base metals and rubber dropped sharply. Mr Liu Xinwei, steel analyst at Sublime said that "Both longs and shorts are fleeing the commodities market. Capital is flowing into risk-free products, as the treasury bond prices fall and yields increase."

Yuan borrowing costs surged after the central bank pulled funds from the financial system, making investments in commodities and equities more expensive and less attractive. Analysts said the selloff was long overdue after a months-long surge in steel and iron ore, China's largest commodity futures markets, which fed into a recent speculative surge in copper, zinc and lead.

Bonnie Liu, General Manager of GF Futures in Hong Kong said that "If the cost of borrowing has gone higher, then obviously the bubble will come off a little bit. Technically we probably will see further selling, but probably we will see buying into the dips will be the strategy for next year."

Source : Reuters

voda 8 december 2016 17:08

0

Tata Steel agrees to 10 year investment plan for UK business

Tata Steel on Wednesday made a 10-year commitment to a GBP 1-billion investment plan as part of its crucial talks with steelworkers’ unions to save thousands of jobs in the UK. Tata Steel has reportedly offered a number of guarantees to its staff at Port Talbot steelworks in south Wales, the UK’s largest steel plant, including a minimum five-year guarantee to keep both furnaces operational at the site.

It said “We are seeking a positive future for the UK business and during discussions with the trade unions we made substantial assurances to achieve this.”

Details of the deal include a guaranteed, minimum five-year commitment to two blast furnaces, a 10 year GBP 1 billion investment plan to support steel making at Port Talbot, and a consultation on replacing the current British Steel Pension Scheme with a “defined contribution scheme” with maximum contributions of 10 per cent from the company and six per cent from employees.

Source : Business Standard

voda 8 december 2016 17:09

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Trump USD 1 trillion infrastructure plan could spur steel demand in US - Report

NWI Times reported that the incoming Trump administration's plans to spend USD 1 trillion on infrastructure over the next decade are projected to boost demand for steel. Kathryn Thompson, chief executive of the Thompson Research Group, said growth should continue for several years in a report prepared for the Steel Framing Industry Association.

Thompson said “Bipartisan federal and state support for rebuilding infrastructure, including highways, schools and hospitals, water systems and the electric grid, appears poised to help engender new private construction projects in areas served by that new and refurbished infrastructure.”

Thompson said “Much of the demand for steel in construction over the next few years could also come from the housing market. The strongest sector in the current cycle, multifamily construction, is cooling and may signal a shift to more single family construction where there is room to grow to meet current needs.”

Larry Williams, executive director of the Steel Framing Industry Association, said the forecast was good news for the steel framing industry that's supported by steel mills, coil coaters, processors, roll-formers, fabricators, engineers, material distributors and framing contractors. He said “The prospect of widespread multi-year economic stimulus resulting from new infrastructure projects presents a once-in-a-generation opportunity to those who manufacture, distribute and install steel framing.”

The American Iron and Steel Institute estimates construction accounts for 42 percent of overall demand for steel. Mini-mills make most of the construction products, but the strength of construction demand has a wide-reaching impact throughout the overall steel industry.

Source : NWI Times

voda 9 december 2016 15:48

0

Brussel begint nieuwe onderzoeken naar dumpen staal

Zowel China als India onder de loep.

(ABM FN-Dow Jones) Brussel begint drie nieuwe onderzoeken naar het dumpen van staal door bedrijven uit China en India. Dit maakte de Europese Commissie vrijdag bekend.

Twee van deze onderzoeken zouden kunnen leiden tot nieuwe heffingen op de import van staal uit beide landen. De Europese toezichthouder heeft negen maanden de tijd om vast te stellen of er voorlopige heffingen worden ingevoerd. In de daarop volgende zes maanden moet worden bekeken of deze invoer beperkende maatregelen een definitief karakter dienen te krijgen.

Het derde onderzoek betreft een herzieningsprocedure inzake het vervallen van bestaande anti-dumpmaatregelen voor de invoer van bepaalde types buizen van roestvast staal uit China. Heffingen hierop zijn sinds 2011 in werking. Nu moet worden bepaald of de maatregelen voor een periode van vijf jaar worden verlengd, of zullen worden stopgezet.

Nog niet eerder waren er zoveel handelsbeschermingsmaatregelen in Europa van kracht, die zijn gericht op het dumpen van staal vanuit landen buiten de unie. Van de 40 anti-dumping en anti-subsidiemaatregelen die momenteel gelden zijn er 18 gericht op China. Bovendien lopen er nog 20 onderzoeken, waarbij in drie gevallen er reeds voorlopige heffingen zijn doorgevoerd.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 9 december 2016 16:20

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USITC lifts dumping duties on Vietnam steel

Vietnam Competition Authority said that Vietnamese enterprises have become free from US anti-dumping duties on Circular Welded Carbon-Quality Steel Pipe in the US market. The information was recently released in the final conclusion of the dumping investigation on the import of CWP from Oman, United Arab Emirates, Pakistan and Vietnam by the US International Trade Committee.

USITC determined that CWP imported from Oman, UAE and Pakistan had caused significant damage to the domestic CWP industry.

Meanwhile, Vietnam and Pakistan will not be levied anti-dumping and countervailing duties, respectively, because their products satisfied the required conditions.

In accordance with the USITC's decision, the US Department of Commerce will not levy duties on Vietnamese and Pakistan products.

The DOC initiated the dumping investigation on Dec 17, 2015, after the DOC and ITC received petitions on anti-dumping and countervailing from Bull Moose Tube Company, EXLTUBE, Wheatland Tube and Western Tube & Conduit.

In a notice dated July 15, 2016, DOC defined the dumping margin rates for Vietnam Haiphong Hongyuan Machinery Manufactory Co Ltd and Hoa Phat Steel Pipe Co at 2.32 per cent.

The rate for SeAH Steel Vina Corporation remained unchanged at zero per cent. Other steel pipe exporters will still face the nationwide rate of 113.18 per cent, based on adverse reports.

According to the Vietnam Competition Authority, Vietnam's CWP exports to the United States reached US$60.6 million in 2014, the highest among the four countries probed.

Source : BERNAMA

voda 9 december 2016 16:25

0

Scunthorpe union to ballot over TATA Steel changes to British Steel Pension Scheme

Scunthorpe Telegraph reported that the Scunthorpe steel industry's biggest steel union Community is to ballot its members over changes to the British Steel Pension Scheme proposed by Tata Steel.

Community general secretary, Roy Rickhuss, said that "This is not the end of the process and it will be for all our members to now vote on this proposal. We will continue to work closely with Tata and all levels of government as we seek to build a sustainable future for Britain's steel industry."

Source : Scunthorpe Telegraph

voda 9 december 2016 16:26

0

Speculations about the sale of US Steel Košice continue

Spectator reported that rumors about the sale of the steelmaker US Steel Kosice have persisted, even though the steelmaker has not confirmed the so far published information. Earlier this week the Sme and Hospodarske Noviny dailies reported that the Czech steelmaker Trinecke Zelezarny has submitted a bid to acquire the steelmaker in eastern Slovakia. Chinese steel giant the Hesteel Group was mentioned as another possible buyer.

Now, there are allegedly two investors interested in the USSK plant. One is Czech steelmaker T?inecke Zelezárny which belongs to the Czech-Slovak group Moravia Steel. The group is controlled by Slovak millionaires Tomas Chrenek, Jan Moder, Evzen Balko and Mária Blaskova. Allegedly, they submitted to US Steel a bid for the purchase of USSK last Friday at its headquarters in Pittsburgh, the online version of Hospodarske Noviny reported, but it was turned down the same day.

US Steel, based on information of Sme, does not want to sell the plant in Kosice for less than EUR 1.5 billion. Now it remains to be seen whether the Americans will make an abatement or whether potential buyers will increase their bids. Moravia steel allegedly offered EUR 1.3 billion and Hesteel about EUR 1 billion, Sme wrote on December 7.

On the other hand, Hospodarske Noviny reported that Chrenek’s company offered EUR 700 million, while it should have joined with a German company to increase the bid to EUR 1.2 billion.

The Americans commissioned JP Morgan Chase bank in the middle of 2016 to find a buyer for USSK, the Trend economic weekly reported earlier this year.

Source : Spectator

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voda 9 december 2016 16:28

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Thyssenkrupp is latest victim of cyber attack

DW.com reported that steel giant Thyssenkrupp of Germany has said it's become the target of hackers, with a massive cyber attack resulting in the stealing of technical trade secrets. The firm said it could not yet estimate the losses. It said “Technical trade secrets were stolen from the steel production and manufacturing plant design divisions of Thyssenkrupp in cyber attacks earlier this year.”

In breaches discovered by the firm's internal security team in April and traced back to February, hackers stole project data from a variety of divisions, Thyssenkrupp said while declining to explain why the company had not previously disclosed the attacks.

The steelmaker attributed the breaches to unnamed attackers in southeast Asia in what it said were "organized, highly professional hacker activities."

Thyssenkrupp's belated disclosure came just one week after an attack on nearly 1 million routers caused outages for Deutsche Telekom customers in Germany.

German business magazine "Wirtschaftswoche" reported the attacks on Thyssenkrupp hit sites in Europe, India, Argentina and the US.

A criminal complaint was filed with police in the state of North Rhine-Westphalia, and an investigation is ongoing.

Thyssenkrupp noted the infected computer systems had been cleansed and were now subject to constant monitoring against potential intruders.

Source : DW.com

Bijlage:

voda 9 december 2016 16:29

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Regulator warns of pension hurdles in Tata Steel UK plans

The Guardian reported that UK’s Pensions Regulator has warned there are still major hurdles to overcome to secure the future of Tata Steel’s UK pension scheme, which is pivotal for saving the Port Talbot steelworks in south Wales.

Regulator has warned that there is a lot of work to do to resolve the problems facing the pension scheme. It has to approve the entry of a pension scheme into the PPF or any major changes to pension benefits and a company’s commitment to the scheme. As the BHS scandal has demonstrated, the Pensions Regulator has the power to pursue companies and individuals if it believes they have dodged their commitment to a pension scheme.

A spokesperson for the Pensions Regulator said: “We note the announcement from Tata Steel and look forward to seeing more detail from them regarding any proposal for the British Steel pension scheme. There are still significant issues to be resolved and we will consider any proposals carefully in light of their impact upon the 130,000 pension scheme members and PPF levy payers.”

Tata Steel and trade union leaders have agreed a deal to save 8,000 jobs in the steel industry and the Port Talbot steelworks, with the Indian company committing £1bn of new investment to its UK business. However, the deal is reliant on employees agreeing to changes to the British Steel pension scheme, which has liabilities of GBP 15 billion and 130,000 members.

Tata Steel wants to shut the final salary pension scheme and replace it with a less generous defined contribution scheme. But the company is yet to confirm how it will fund the existing benefits, with the scheme at risk of entering the Pension Protection Fund (PPF), which would result in a 10% cut to members’ benefits. Steelworkers will vote on the changes early in the new year.

The government has reversed plans to change the law so that Tata Steel can restructure the scheme by moving it into a new vehicle and shifting the annual inflation-linked increase in benefits to a lower CPI measure rather than RPI. Instead the government will not interfere in the restructuring and will leave it to Tata, pension trustees and the Pensions Regulator.

Source : The Guardian

Bijlage:

voda 9 december 2016 16:30

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Mr Lisin sells 1.5% stake in NLMK - Report

Reuters reported that Russian billionaire Mr Vladimir Lisin is selling a stake of around 1.5% in steelmaker NLMK, which he controls. US bank Goldman Sachs said it was offering the stake in NLMK to investors after acquiring it from Cyprus-based Fletcher Group Holdings, a company connected to Mr Lisin.

After the deal, Fletcher will control 84 percent of NLMK, Goldman said in a statement, adding that Fletcher had agreed not to dispose of further shares in NLMK for at least 90 days.

Mr Lisin's stake sale comes as NLMK and other Russian steelmakers have benefited from a recovery in global steel prices. NLMK reported stronger than expected third-quarter results and its shares have risen sharply since October.

Source : Reuters

Bijlage:

voda 9 december 2016 16:31

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Welsh Government announces GBP 8 million investment in Port Talbot steel works

Wales Online reported that the Welsh Government has announced it is investing GBP 8 million to help make Port Talbot steel works more viable in the future. The money will be spent on reducing energy costs and cutting carbon emissions at the plant, and is part of an GBP 18 million investment, the rest of which will come from Tata Steel UK.

It comes on top of a GBP 4 million investment in skills and training for Tata workers announced yesterday.

First minister Carwyn Jones said: “The Welsh Government has worked tirelessly over many months to help find a viable future for the Tata operations in Wales. We have worked closely with Tata’s management teams to develop an investment plan to enable real efficiencies to be delivered across the Welsh plants and help safeguard jobs into the future. Innovation and working to high environmental standards are critical to ensuring the steel industry in Wales is globally competitive and has a long term future here. So I am delighted to be able to announce this package of support to ensure the Tata sites in Wales remain at the cutting edge of the industry.”

He said “The £18m investment in the power plant at Port Talbot will reduce electricity costs and cut carbon emissions by recycling waste process gasses that currently escape to the atmosphere. Tata have also agreed to make South Wales one of their two main R&D sites in the UK and will explore the development of new products at Port Talbot. Our support provides a critical component part of the company's plan to deliver a sustainable business and following yesterday’s agreement between Tata and the unions and our £4m investment in developing the skills of the workforce, today’s announcement is a further step forward towards a more confident future for steel making in Wales.”

This investment is the latest tranche in a series of similar investments as part of an ongoing programme of support by the Welsh Government to secure the long-term future of the Tata steel works in Wales.

Source : Wales Online

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voda 9 december 2016 16:33

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Metinvest Avdiivka Coke is fighting for its survival
Published on Fri, 09 Dec 2016

At night of 7 December Metinvest Group’s Avdiivka Coke lost electricity supply. Both feeds got cut out. For over 24 hours Avdiivka Coke employees are fighting to preserve production capacity. As of 13:30 on 8 December the plant stopped issuing coke.

Source : Strategic Research Institute

Bijlage:

voda 9 december 2016 16:34

0

Steel Price Scenerio in Nov-Dec & Q4

As per latest numbers from Joint Plant Committee, steel consumption in Nov'16 dipped by 14% MoM as the buying cycle was severely disrupted by withdrawal of Rs 500 & Rs 1000 notes due to high cash component in secondary steel market as well as trading & retail segment.

Source : Strategic Research Institute

voda 9 december 2016 16:35

0

NLMK Group launches new green energy facility at BF 6

NLMK Group, a vertically integrated international steel producer with operations in Russia, the EU and the USA, has successfully completed guarantee tests of the Blast Furnace No.6 top pressure recovery turbine.

Source : Strategic Research Institute

voda 9 december 2016 16:36

0

Bombay HC stays proceedings against JSW Alibaug steel plant

Hindustan Times reported that Bombay High Court, in an interim order on Wednesday, stayed the National Green Tribunal’s proceedings following a notice to the JSW group’s Alibaug steel plant alleging it of violating the Coastal Regulation Zone norms. A bench of Justice VM Kanade and Justice Nutan Sardessai have also asked JSW to file a reply of its arguments.

The directions came while the bench was hearing a plea filed by JSW against an NGT notice of November, last year. At the time, NGT had issued a notice both to JSW and to the ministry of environment and forests, following allegations that JSW, in the process of expansion of its Ispat Steel Plant at Dolvi near Alibaug, had destroyed mangroves and violated CRZ norms but the MoEF had still granted it clearance.

The notice came after one DN Patil, a resident of Alibaug, filed an appeal before the NGT.

In 2014, a PIL was filed by another Alibaug resident on similar grounds, though at the time, the expansion was yet to receive the MoEF’s assent. The PIL is currently pending hearing before the HC and is likely to be taken up by another division bench in January next year.

JSW argued that it already had all permissions for the expansion of its steel plant from the capacity of five million tonne to ten million tonne. It also argued that since the 2014 PIL was pending before the HC, the NGT notice must not be acted upon and instead, the matter should be decided by the High Court.

HC has now tagged JSW’s plea with the 2014 PIL and is likely to take them for further hearing on January 6 next year.

Source : Hindustan Times

voda 9 december 2016 16:37

0

Jeffords Steel planning USD 1.5 million expansion

North Country Now reported that Jeffords Steel and Engineering Co is planning to double manufacturing space at its outer Maple Street plant and hire 10 more people, with the help of USD 300,000 in state aid. Jeffords plans to an additional 8,000 square feet for its structural steel fabrication work.

Mr Mark Hewitson, general manager at Jeffords’ Potsdam plant said that
“In the last four or five years we’ve been trying to expand our business territory and it’s worked. So we’re trying to expand this space to meet the demand.”

Mr Jesse Ringer, president of the Plattsburgh-based company said that the Potsdam plant has a “very tight fabricating facility, so we want to create more manufacturing space,:

The North Country Regional Economic Development Council, which is seeking more than USD 25 million in state economic development funding for projects in the North Country for 2017, has included Jeffords’ request in its application. Gov. Andrew Cuomo is expected to announce Thursday the total amount the North Country region will receive.

The USD 300,000 Jeffords is requesting for from the state is part of the total of USD 1.5 million cost of he expansion, according to the application for aid.

Jeffords takes steel stock and makes structural steel items such as I-beams and assorted miscellaneous products for building components.

Source : North Country Now

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