Eurobench.com

voda 12 april 2017 16:45

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German union IG Metall opposes ThyssenKrupp & Tata Steel JV

Bloomberg reported that Germany’s biggest union, IG Metall, is opposing a joint venture between Thyssenkrupp and Tata Steel. Mr Detlef Wetzel, who represents IG Metall for the steel unit at the Essenbased company, said “The project would be high risk for Thyssenkrupp, said

The joint venture would lead to job losses and the closing of steel factories in Germany, according to Wilhelm Segerath, chairperson of Thyssenkrupp’s works group council and a member of IG Metall’s board of directors.

IG Metall’s main concern is that the Tata joint venture could be a way for Thyssenkrupp to eventually exit steel entirely, said Segerath.

Another issue IG Metall raised was how the deal could affect debt levels. Thyssenkrupp is currently seeking a joint venture in which it has equal ownership with Tata. That could result in Thyssenkrupp adding debt to lower its stake, according to IG Metall.

Tata Steel has been in talks with Thyssenkrupp and others for a joint venture of their European steel businesses since 2016 as part of its strategy to increase profitability amid oversupply in the global market. In November, Thyssenkrupp CEO Heinrich Hiesinger said pension liabilities were a major stumbling block to an accord.

Source : Bloomberg

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voda 12 april 2017 16:47

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Employees of SAIL ASP, SSP, VISL go on strike to oppose disinvestment

PTI reported that Employees at three units of steel major SAIL went on day-long striketo protest against the government proposal to divest stake in them. India National Trade Union Congress National President G Sanjeeva Reddy told PTI that "All the existing unions, including INTUC and CITU, at SAIL's three units Alloy Steel Plant in Durgapur, Salem Steel Plant and a steel plant in Karnataka has begun their strike from 6 AM.There has been no production since 6 AM.”

Mr Reddy said that "They are demanding that government give them one more year so that workers and officers can show profitability of these plants.”

Around 10,000 employees of these plants including temporary and contract workers are on strike protesting against the government's proposal to divest in these units.

The government has in principle approved strategic disinvestment of SAIL's Bhadravati, Salem and Durgapur (alloy steel plants).

Source : PTI

voda 12 april 2017 16:48

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US DOC increase antidumping tariffs on OCTG imports from Korea

Yonap reported that the US Commerce Department has decided to impose antidumping tariffs up to nearly 25 percent on oil country tubular goods imported from South Korean steelmakers. The department announced that it will levy 24.92 percent tariffs on OCTG imports from Nexteel, 2.76 percent on SeAH Steel and 13.84 percent on Hyundai Steel and other South Korean steelmakers.

The final rates to be be applied to product are higher than the preliminary tariffs determined in October and are roughly on par with what was leveled on South Korean OCTGs during the middle of 2014.

The latest move comes after Peter Navarro, the director of the White House National Trade Council, officially asked the Commerce Department to raise antidumping tariffs on South Korean goods last month.

Source : Yonap

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voda 12 april 2017 16:50

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Latin America steel imports from China reach 1.3 million tonnes

Alacero reported that between January/February 2017, the total exports of steel from China to the world including finished (long steel, flat steel and seamless pipes) and steel-derivatives products (wire products and welded tubes)- decreased 27% versus Jan/Feb 2016,

Source : Strategic Research Institute

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voda 12 april 2017 16:52

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Cautious optimism over plan to privatise Ajaokuta Steel Plant in Nigeria

The Nation Online Nigeria reported that Nigeria federal government has concluded plans to privatise Ajaokuta Steel Company in Kogi State. But fears are rife that the exercise may go the way of previous failed attempts to breathe life into the moribund 38 year old steel complex on which Nigeria anchored its hope of industrialisation. The consensus is that unless government demonstrates the political will to confront the various infrastructural challenges and vested interests holding Ajaokuta and the steel sector down, the privatisation may yet be another hollow ritual, and the dream of diversifying the economy and creating jobs will remain elusive.

Minister of Mines and Steel Development Dr Kayode Fayemi has been particularly upbeat. The prospects of a major turnaround in the fortunes of the nation’s ailing steel sector following the recent return of Ajaokuta Steel Company Limited in Kogi State to the Nigerian Government has put him in a joyous and expectant mood.

With the removal of all the encumbrances around the multi-billion dollar steel company on which Nigeria anchored its hope of industrialisation, Fayemi believes that the coast is now clear to revamp ASCL. Encouraged by the resolution of the dispute, he has gleefully announced that the Federal Government has resolved to breathe life into Ajaokuta through privatisation.

For nine years, the Federal Government was locked in a legal tussle with Global Steel Holdings Limited/Global Infrastructure Nigeria limited (GHIL/GINL), the Indian firm whose 10-year concession agreement with the Federal Government for the management of ASCL and National Iron Ore Mining Company (NIOMCO), Itakpe, also in Kogi State, was terminated on April 2, 2008. This was based on the recommendations of an administrative probe panel, which indicted the concessionaires over alleged asset stripping, poor performance and failure to comply with the provisions of the concession agreement.

But the termination of the concession granted by the Olusegun Obasanjo administration by the late president Umaru Musa YarÁdua’s government in 2008, did not go down well with the former Indian managers of Ajaokuta. The company dragged Nigeria to the International Chamber of Commerce in London, claiming USD 1 billion as damages.

The dispute, which put Nigeria’s hope of reviving the steel company on hold, was however, resolved after series of negotiations, which allowed Nigeria to take back Ajaokuta. Under the new agreement, Ajaokuta is now free for Nigeria to operate, while the Indian concessionaires are to take over NIOMCO and operate it for seven years.

The new agreement, however, stipulated that NIOMCO’s primary business will be supplying iron-ore to Ajaokuta before offering the raw material to other steel producers. The Nation also learnt that the rescue of ASCL from its former operators did not come with any attendant financial obligation to Nigeria. The concessionaires were said to have agreed to forfeit the USD 1 billion originally demanded as damages.

Source : The Nation Online Nigeria

voda 12 april 2017 17:00

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Indian iron ore to tune of 20 million tonnes extracted in Goa

The Statesman reported that fresh iron ore to the tune of 20 million tonnes was extracted during the financial year 2016-17, an indication that Goa's mining industry is getting back on the track. The Supreme Court which is currently monitoring the iron ore extraction and has fixed a limit of 20 million tonnes per annum for the trade which was earlier embroiled in the controversy over largescale illegalities.

Director of Mines and Geology Prasanna Acharya told PTI that “The target of 20 million tons has already been achieved by the mine owners during the last fiscal which generated royalty of Rs.340 crores for the state.” He said that the industry players are hoping that the SC increases the ceiling on the export of the ore.

The Directorate of Mines and Geology officials last week held a meeting with the mining firms to decide the plan of production and transportation for the current financial year 2017-18.

Mr Acharya further told the mine owners that “An expert committee appointed by the Supreme Court has recommended enhancing the production limit and the matter is before the apex court for consideration.”

He added that “Hence, it is the duty of the department and the industry to equitably distribute the production in eight months of the new financial year as mining activities are not carried out during the monsoon season from June to September assuring that the new maximum limit of production on lease to lease basis would be distributed shortly.”

The SC appointed Expert Committee in its report submitted in 2014-15 has proposed that the fresh production limit can go upto 27 million tonnes.

Source : The Statesman

voda 12 april 2017 17:01

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Shares rise in mining giant BHP Billiton after call for structural reform

belfasttelegraph.co.uk reported that shares in mining giant BHP Billiton rose sharply on Monday after it emerged activist investor Elliott Advisors is calling for an overhaul of the company's structure. Elliott's proposals, outlined in a letter to directors of the firm, include unifying BHP's dual-listed structure into a single Australian-headquartered and tax resident entity.

BHP is currently listed in both London and Australia, with Elliott pushing for a de-listing in the capital.

Elliott, which owns 4.1% of BHP, is also demanding that the group demerge its US oil business and return more money to shareholders through shaking up its tax structure.

Elliott said in the letter that "The goal is to provide details of the BHP shareholder value unlock plan to all of BHP's shareholders, so that BHP can engage openly with all parties on the plan to unlock shareholder value.”

The activist, which has a reputation for intervention in companies, said its proposals could help boost shareholder returns by circa 50%.

For its part, BHP rejected Elliott's plans, saying that "After reviewing the elements of Elliott's proposal, we have concluded that the costs and associated risks of Elliott's proposal would significantly outweigh any potential benefits. We have laid the foundations for the group to substantially grow the base value of its operations. Elliott's proposal would put this at risk."

It argued that, since 2001, BHP has returned around 23 billion US dollars to shareholders in buybacks and approximately 56 billion US dollars in cash dividends.

Helal Miah, investment research analyst at The Share Centre, said that "We have seen a modest recovery in a broad range of commodities since the lows at the start of 2016. With all these dynamics coming together, interested investors may want to note that BHP has reported encouraging numbers in recent trading updates. The ongoing restructuring is taking BHP Billiton back in the right direction and we believe that the worst may be over for the commodities sector. We are therefore continuing with our Buy recommendation on the stock for investors seeking a balanced return and willing to accept a medium to high level of risk."

Source : belfasttelegraph.co.uk

voda 12 april 2017 17:06

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Quebec confirms MoU with two Mining Companies

Societe du Plan Nord, Tata Steel Minerals Canada and Quebec Iron Ore Inc a subsidiary of Champion Iron Limited will work together, in a multi-user approach, to manage and develop the industrial facilities at Pointe?Noire in Sept-Iles, Quebec, via the limited partnership Societe Ferroviaire et Portuaire de Pointe Noire. The new partners will develop an innovative business model that meets the needs of the private sector while also promoting maximum benefits for future projects in the region.

Pierre Arcand, Quebec's Minister of Energy and Natural Resources, Minister responsible for the Plan Nord and Minister responsible for the Cote-Nord region, made the announcement to confirm the memorandum of understanding at a press conference at the Pointe?Noire site. Rajesh Sharma, CEO and Managing Director of Tata Steel Minerals Canada, and Michael O'Keeffe, CEO and Chairman of QIO, were also present on the occasion. This memorandum of understanding is the first step towards the development and enhancement of this strategic infrastructure.

The two mining companies will make their expertise available to help manage operations at Pointe Noire. The Quebec government will continue its active involvement to maintain and assure a multi-user approach and increase benefits for current and future projects in the area covered by the Plan Nord. All three parties agree that they will endeavour to ensure that the Pointe Noire infrastructures are developed to match anticipated needs while continuing to provide services at the lowest possible cost for all potential users. A phased capacity enhancement plan will be drawn up as quickly as possible. The first action from this plan will be to build a conveyor to connect to the multi-user dock in the port of Sept-Iles.

Source : Strategic Research Institute

voda 12 april 2017 17:07

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Fortescue fined for water spill

Business News reported that iron ore miner Fortescue Metals Group has paid a AUD 25,000 fine to the Department of Environment Regulation over a discharge accident in 2015.

The DER issued the modified penalty to Fortescue subsidiary Chichester Metals, which operates the mining parent's Cloudbreak operation, over the discharge of up to 3.6 million litres of hypersaline water into nearby vegetation.

The water, which contained nearly double the salinity of sea water, damaged about 7.5 hectares of vegetation.

Source : Business News

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voda 13 april 2017 17:08

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China Dongbei Special Steel fails to make interest payment on bond

Forex Live reported that China's Dongbei Special Steel fails to make interest payment on 5-year bond due April 12 and said that it faces uncertainties paying interest on some debt

Owned by the Liaoning provincial government in the country's "rustbelt" northeast, Dongbei formally entered into a bankruptcy restructuring process in October aimed at recovering a reported $10 billion in debt

The company has been at the heart of troubles in China's debt market, defaulting on nine separate bonds last year, and the province is home to other struggling state steel mills such the Anshan Group and the Benxi Iron and Steel Group.

Source : Forex Live

voda 13 april 2017 17:09

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Indian domestic steel companies focus on exports to enhance revenues

Business Standard reported that domestic steel producers will continue to focus on exports on the back of increased competitiveness in the global market and fluctuating demand back home. Mr Sanak Mishra, secretary general and executive head of Indian Steel Association said that “Indian steel has become more competitive in the global market and since a favourable export environment has emerged, Indian steel exports are expected to remain strong in coming months.”

According to Joint Plant Committee data, steel exports more than doubled to 8.24 million tonnes in 2016-17 from about 4 million tonnes in the previous financial year. Production, too, was 11 per cent up at 101.27 million tonnes on year-on-year basis.

Tata Steel, Bhushan Steel, JSW Steel, Essar Steel, Jindal Steel & Power, Steel Authority of India and Rashtriya Ispat Nigam are some of the top producers of the alloy in the country.

Source : Business Standard

voda 13 april 2017 17:11

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Posco pioneers novel way of producing high manganese steels

Pulse News reported that South Korea’s largest steelmaker Posco developed a novel way of manufacturing high manganese steels using ferromanganese (high-purity FeMn) in liquid state. The development is the fruit of its four-year-long research & development (R&D) at a cost of KRW 55 billion (USD 48.2 million) since 2013.

Normally, high manganese steels are made by pouring solid high-purity FeMn into iron mold in an electric arc furnace. The method requires significant time and cost during the process as iron mold needs to be cooled and warmed up again. In addition, the welding process can damage the inner wall of the furnace.

Posco developed specially designed heat reserving storage dubbed PosLM (Posco liquid manganese) to store high-purity FeMn in liquid form. Using the storage to pour liquid high-purity FeMn into the furnace will boost efficiency by 10 percent and cut processing time by half.

Steel with high percentage of manganese is mainly used for inner parts and body of industrial power transformers and also liquefied natural gas (LNG) storage tanks because of its excellent resistance to wear and abrasion.

Source : Pulse News

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voda 13 april 2017 17:12

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Mechel to supply 1 million tonne of coking coal to BaoSteel

Mechel PAO, one of the leading Russian mining and metals companies, reported that its cooperation agreement with Baosteel Resources which is part of China Baowu Steel, China’s largest steelmaking group, has been prolonged.

Source : Strategic Research Institute

voda 13 april 2017 17:14

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Goodluck India to set up pipe plant in Kutch

Business Line reported that Goodluck India Ltd, formerly Good Luck Steel Tubes Ltd, a producer of steel tubes, pipes & precision tubes will set up its first manufacturing facility in Gujarat at Sikra village of Kutch with a capacity of approximately 72,000 tonne per annum.

Goodluck India will invest INR 74 crore for setting up the new manufacturing facility, which is expected to be commissioned by April 2018.

The company’s existing manufacturing facility at Sikandrabad (Uttar Pradesh), having capacity of 230,000 tonnes, is presently running at optimal capacity utilisation. The new facility will take the company’s total production capacity to 302,000 tonnes.

The location of proposed facility, which is close to two ports Kandla and Mundra, is strategically very suitable as it will reduce freight cost for exports to a significant extent and will give an edge over the competitors. Exports accounted for about 27% of the company's total revenue (of INR 1098.9 crore) in FY16.

Source : Business Line

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voda 13 april 2017 17:16

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One worker killed at SteelSummit Ohio steel plant

WLWT-TV reported that 46-year-old Brian Cupp, of Hamilton, was killed Monday at SteelSummit in Forest Park after a coil weighing more than 30,000 pounds (13,600 kilograms) fell on him.

The company said in a statement that it’s cooperating with the Hamilton County Coroner’s Office and the Occupational Safety and Health Administration in their accident investigations.

SteelSummit’s website said that the company provides rolled steel for the automotive, heating and air conditioning and construction industries.

Source : The Courier

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voda 13 april 2017 17:17

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Surge in sponge iron to support Tata Sponge Iron

Economic Times reported that rising sponge iron prices, raw material sourcing issues for peers and strengthening rupee may help Tata Sponge Iron to turn around business.

Sponge iron is used in steel manufacturing as a substitute to scrap steel. The domestic price of sponge iron has risen by over 64% to around INR 18,000 per tonne in April from the lows seen in mid-2016. It has gained over 18% since the beginning of 2017.

With 390,000 tonne capacity, Tata Sponge is the leading sponge iron manufacturer. It has been running its plants at almost full utilisation for the last two quarters.

According to various reports, other players, mostly unorganised, are struggling with sourcing of iron ore due to re striction on the iron ore production in various regions. Tata Sponge has an edge as it sources mostly from Tata Steel at an arm's length price.

Source : Economic Times

voda 13 april 2017 17:18

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Qatar finds eco friendly solution to steel slag stockpile

Gulf Times reported that Qatar has found an environment-friendly solution to its large stockpile of steel slag, aggregating more than 1.6 million tonnes, by planning to utilise it in the construction sector, especially for roads, in view of the fast-paced infrastructure development taking place ahead of hosting the 2022 FIFA World Cup.

A well-researched move undertaken by TRL (the UK Transport Research Laboratory), in collaboration with the Ministry of Municipality and Environment (MME), Ashghal and Qatar Steel would reduce the dependence on the imported aggregate and hence savings in foreign exchange.

The pilot project, marking a forward step in Qatar’s continuing efforts to achieving sustainable development and environment protection, was yesterday disclosed by Ashghal president Dr Saad bin Ahmed bin Ibrahim al-Mohannadi in the presence of Dr Mohammed bin Saif al-Kuwari, Assistant Undersecretary for Laboratories and Standardisation at MME.

The process includes refining the iron from impurities that float on the top of melted steel in the form of slag, which is then transported, tipped, and quenched with treated water and left to air-cool and weathering for one-year. After weathering, the slag is processed by crushing and removal of residual metal, by electro-magnets, before use in construction.

Qatar Steel managing director and general manager Ali bin Hassan al–Muraikhi said that “Qatar is mainly relying on imported aggregate… Developing high value aggregate from the steel slag has major environmental, economic and social benefits, including reduced dependence on imported materials, increased use of local materials, reduced carbon emission associated with imported materials, and cost savings.”

Qatar Steel has accumulated large quantities of steel slag from its factory in Mesaieed, exceeding more than 350,000 tonnes annually with stockpiles amounting to over 1.6 million tonnes.

To avoid land disturbance and waste accumulation, the Industries Qatar subsidiary had appointed TRL to identify a potential market for the use of steel slag in the construction. It reviewed local and global information on the use of slag products in construction, development of asphalt and concrete products made with steel slag, and the potential use of fine slag aggregate to replace dune sand in improving the properties of unbound sub-base materials for road construction.

The full-scale trial roads were constructed at Qatar Steel site in 2016 to demonstrate the successful use of steel slag in the various road construction layers of asphalt base and unbound sub-base. In addition, pre-cast concrete elements of crash barriers, soakaways, manholes, kerbstone and solid blocks were produced to demonstrate high-value applications in the concrete industry.

In view of the large benefits, TRL has recommended quality production of slag aggregate, certification of slag products by the authorities including MME and Ashghal, development of case studies and the inclusion in the next update to the Qatar construction specification.

Qatar Steel said that “The implementation plan will provide more confidence in the use of slag in real projects and enhance its effective uptake by the construction industry, to support the government initiatives of sustainable development and green construction.”

Source : Gulf Times

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voda 13 april 2017 17:20

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No anti dumping duties on steel imports from Iran - EC spokesman

Financial Tribune reported that European Commission has officially announced that it has decided not to impose preliminary duties on the import of hot rolled coil from five countries, including Iran. EC’s spokesman told Metal Bulletin that “The commission decided not to impose provisional duties on hot rolled flat steel products from Brazil, Iran, Russia, Serbia and Ukraine.”

The EC was expected to set preliminary anti-dumping duties on HRC from the five countries on April 7. It initiated an anti-dumping investigation into such imports on July 7, 2016, and on January 6, 2017, implemented a ruling that HRC imports from Russia and Brazil must be registered on arrival in the EU.

Rumors that the EC would decide against imposing preliminary duties had been circulating in the EU market a couple of weeks before the official announcement confirmed it.

The fact that no preliminary duties were imposed does not mean that steelmakers in the five exporting countries will not be assessed with definitive duties at a later date.

The EC spokesman said that “The investigation in relation to imports from these countries will continue for another six months and will assess in further detail the effects of potential measures on industries using imported steel for further downstream production within the EU.”

The spokesman added that “The decision not to impose provisional measures on imports from Brazil, Iran, Russia, Serbia and Ukraine does not prejudge the final outcome of that investigation.”

The EC imposed definitive anti-dumping duties at rates of 18.10 to 35.90% on HRC imported from China at the end of last week.

Iran’s top steel export markets in Europe during the eight months to November 20 were Italy, Spain and Belgium. Italy accounted for 486,000 tonnes valued at USD 265.7 million, Spain 144,000 tonnes valued at USD 107.4 million and Belgium 37,000 tonnes valued at USD 34.8 million.

Source : Financial Tribune

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voda 13 april 2017 17:21

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MMK to invest over RUB 5.6 billion in Environmental Programme in 2017

OJSC Magnitogorsk Iron and Steel Works Group plans to complete 87 environmental initiatives in 2017 with total investments estimated at around RUB 5.6 bln (USD 98.3 mln) under its Environmental Programme.

Source : Strategic Research Institute

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voda 13 april 2017 17:22

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Massive loss of property in fire at Shivam Steel in Nepal

The Himalayan Times reported that a fire that broke out at the Shivam Steel Industry Pvt Ltd in Adarshanagar of Birgunj destroyed property worth millions of rupees on Tuesday. According to DSP Rupak Mainali at the Parsa District Police Office, the fire started at 5 pm yesterday.

A preliminary estimated showed property, including raw materials and products, worth Rs 70 to 80 million was destroyed in the incident.

Lawmaker Raj Kumar Gupta owns the industry, according to police.

The inferno was brought under control after two hours with the help of police, locals and workers of the factory.

Source : The Himalayan Times

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