Eurobench.com

voda 25 mei 2017 16:37

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Steel scrap market outlook mostly positive - BIR

The outlook for the global steel scrap market over the rest of this year is mostly optimistic, Bureau of International Recycling ferrous division member Tom Bird said at the association's conference in Hong Kong Tuesday. Mr Bird said that "Demand should stay healthy and there is good balance, adding it would be necessary to watch for further signs of Chinese scrap exports in the coming weeks.”

Indian and sub continental countries would be most affected by this, as sentiment has been disrupted by offers of scrap from China at well below expected levels. This comes despite the large tariff levied against ferrous scrap exports by the Chinese government.

He said that US domestic scrap market is set to retain underlying strength along with good demand.

The European outlook is similar, with prices expected to stay in a range around current pricing, though a slowdown could be in the offing from Turkey due to Ramadan, he added.

Exports could also soften the market in Europe, with Turkey, Spain and Italy suffering from a lack of end-buyers for finished products.

Source : Platts

voda 25 mei 2017 16:38

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Hazardous condition alleged at AK Steel site did not exist - OSHA

Journal News reported that an investigation into alleged hazards at AK Steel’s Middletown Works site was closed shortly after it was opened on the grounds the hazardous condition did not exist, according to documents obtained by this news outlet from the Occupational Safety and Health Administration.

OSHA, in a March 22 letter to AK Steel, detailed the complaint it received regarding the alleged hazards, including “welders have no certification to weld or pressure pipes, structures, railings, etc.” and “no welding logs are being kept for certifications purposes.”

In its letter, OSHA informed AK Steel it had until March 29 to respond to the letter. That response was sent by OSHA last week as part of a public records request made by this outlet at the onset of the investigation.

AK Steel, upon receipt of complaint from OSHA, conducted “a prompt and thorough investigation,” gathering and reviewing welding certifications issued over the last 10 years, according to Mr Mick Paddock, manager of safety and health at the West Chester Twp.-based company, in a March 29 letter.

Mr Paddock said that “In that timeframe, AK Steel has certified nearly 200 of its employees as welders. The enclosed documents confirm that AK Steel maintains appropriate documentation of the certification of its welders, and the complaint’s vague allegation to the contrary is without merit.”

AK Steel is Butler County’s third-largest employer with a total of approximately 2,400 full-time employees at its Middletown Works and corporate headquarters in West Chester Twp.

Mr Paddock said the complaint’s second point about the maintenance of “welding logs” that “AK Steel does not maintain welding logs dedicated to welding certifications, but no such logs are required.”

Mr Paddock said that American Society of Mechanical Engineers standards indicate that a welder’s certification is renewed every six months as long as, within that six month period, the welder performs a successful weld using the relevant welding process under the supervision and control of a qualifying manufacturer, contractor or participating organization.

He said in the letter that “AK Steel’s employees regularly perform welding work under AK Steel’s supervision and control, and this work is inspected and approved upon completion of each job. This inspection and approval is documented in work orders associated with each job, but to gather and produce every work order would be voluminous and burdensome.”

AK Steel did provide OSHA with dated and signed welder qualification test records.

Mr Paddock said that given the large number of welders for whom AK Steel maintains certification, and AK Steel’s process for continuous inspection and approval of welding work performed at AK Steel’s Middletown Works, the company is “confident that its welding processes are performed by qualified and properly certified welders, and these processes do not pose any workplace hazards.”

He said that “Moreover, AK Steel is also confident that its record retention practices for welding certifications does not violate … any of the standards promulgated under the Occupational Safety and Health Act. OSHA standards do not specify any requirements to generate or retain any documents relating to the qualifications or certification of welder employees.”

He said that “While AK Steel maintains these records as a best practice, the absence of these records does not indicate a violation of any OSHA standard or requirement.”

AK Steel spokeswoman Lisa Jester said the company’s letter details how “the complaint was without merit” and how it complies with relevant OSHA standards. She said that “Our company’s safety record continues to exceed the industry average.”

In a letter to the complainant, Ken Montgomery, OSHA’s area director, said the agency “feels the case can be closed on the grounds that the hazardous condition(s) did not exist.”

Source : Journal News

voda 25 mei 2017 17:07

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China's imports of North Korean iron ore in April highest since Aug 2014 - Report
China raised its imports of iron ore from North Korea in April to the highest level since August 2014, but bought no coal for a second month after Beijing halted coal shipments from its increasingly isolated neighbour, data showed on Tuesday.

The data came as total imports of North Korean goods in April fell below $100 million to a multi-year low, accelerating a months-long decline.

Source : Reuters

voda 26 mei 2017 14:34

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SAIL supplies 90pct steel for Dhola-Sadiya Bridge

India’s Prime Minister Narendra Modi will inaugurate the Dhola-Sadiya bridge over the Lohit river, a tributary of Brahmaputra, on Friday. The bridge is considered the longest in India

Source : Strategic Research Institute

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voda 26 mei 2017 14:34

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Chinese exports have little impact on US steel industry - China MOC

Xinhua reported that China’s Ministry of Commerce has rejected US claims that China is behind the global steel overcapacity, saying its exports have little impact on the US steel industry. MOC said in a research report on China-US economic and trade relations that “China understands that the United States is concerned about the closure of US steel companies and the resultant unemployment of blue-collar workers, but the root cause of this wave of global steel overcapacity is shrinking demand due to economic downturn since the global financial crisis.”

The report said it is untenable that the United States, while acknowledging the current steel overcapacity is a global issue that requires collective responses, blamed the Chinese government support for the steel sector as an important reason for the excess capacity.

As per eport, China's steel industry is positioned to meet domestic demand, and the Chinese government does not encourage the export of iron and steel products, but has adopted a series of measures to control exports.

It said the proportion of China's steel exports within the United States total steel imports is small, citing a YoY decrease of 51.5% in the volume of Chinese steel exports to the United States and a 40.1%decline in the value in 2016.

Source : Xinhua

voda 26 mei 2017 14:35

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Primetals Technologies to supply new rebar mill to Agha Steel Industries in Pakistan

Primetals Technologies has received an order from Pakistani rebar steel producer Agha Steel Pvt Ltd (Agha Steel Industries) for the supply of a new rebar mill in Port Qasim near Karachi, Pakistan

Source : Strategic Research Institute

Bijlage:

voda 26 mei 2017 14:36

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Industrial and Commercial Bank of China signs USD 3.8 billion debt swap with Shandong Steel

Reuters reported that world's largest lender, Industrial and Commercial Bank of China, has signed a CNY 26 billion (USD 3.79 billion) debt for equity swap framework agreement with Shandong Iron & Steel Group as China's lenders are signing deals with struggling, debt laden state firms to lower their leverage and cut financing costs following instructions from Beijing.

The deal will help state owned Shandong Iron improve its capital strength and promote diversification in its corporate ownership structure, the agency reported.

Source : Reuters

voda 26 mei 2017 14:37

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Figures of the first quarter reflect a recovery in process in steel sector in Latin America

Alacero, the Latin American Steel Association, announced that Latin America and the Caribbean during the first quarter of the year shows a positive balance in consumption and production. The finished steel consumption grew 7%, meanwhile the crude and finished steel production increase 12% and 3%, respectively, versus January-March 2016. For its part, the regional steel import represents 34% of Latin American consumption, two points higher than the same months of 2016 (32%). However, the trade balance of the region remains negative, increasing in 19% it deficit vs January-March 2016.

Crude steel - During January-March 2017, the region produced 15.2 million tonnes of crude steel, 12% higher than the volume recorded in January-March 2016 (13.6 million tonnes). Brazil it is still the main producer in the region with 54% of the regional production (8.3 million tonnes), increasing 14% versus first quarter of 2016.

Finished steel - In the same period, the production of finished steel reached 12.8 million tonnes, 3% higher than registered in January -March 2016. Brazil was the main producer with 5.4 million tonnes, accounting for 42% of the Latin American output. Mexico came second with 4.6 million tonnes with 36% share of regional output.

Finished steel consumption - In the first quarter of 2017, the region reached 16.6 Mt of finished steel consumption, 7% higher than January-March 2016. Largest increases in consumption, in absolute and percentage terms, were record in Mexico (additional 603 KT), an increase of 10%), Costa Rica (238 KT additional tons, up 115%) and Brazil (218 KT additional, up 5%). Conversely, in Argentina finished steel consumption shrank by 110 KT, down 10% vs January-March 2016. While Bolivia, Chile, Ecuador, Guatemala, Panama and Venezuela recorded declines of 75%, 2%, 35%, 55%, 24% and 21%, respectively.

From Latin-American’s total steel consumption, 56% corresponds to flat products (9.3 million tonnes), 42% for long products (7.0 million tonnes) and 1% to seamless tubes (237 KT).

Imports - In January-March 2017, Latin America imported 5.6 million tonnes of finished steel, 14% more than imported during in the same period of 2016 (4.9 million tonnes). Of this total, 67% corresponds to flat products (3.7 million tonnes), 31% for long products (1.7 million tonnes) and 2% to seamless tubes (134 KT). Currently, imports represent 34% of the regional finished steel consumption, which brings about disincentives to the local industry, trade frictions, and threatens jobs.

Exports - Latin American exports of finished steel reached 2.3 million tonnes, 8% more that January-March 2016 (2.1 million tonnes). Of this total, 51% are flat products (1.2 million tonnes), 38% for long products (872 KT) and 11% to seamless tubes (253 KT).

Trade deficit - Between January-March 2017, the region recorded a trade deficit of 3.3 million tonnes of finished steel. This imbalance is 19% higher than the one observed in January-March 2016 (-2.8 million tonnes).

Brazil and Argentina were the only countries to maintain a trade surplus of finished steel, 642 KT and 29 KT, respectively. Contrary, the largest deficit was recorded in Mexico (-1.4 million tonnes), followed by Colombia (-638 KT), Chile (-428 KT) and Peru (-423 KT).

Source : Strategic Research Institute

voda 26 mei 2017 14:38

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ThyssenKrupp & Tata Steel see EUR 400-600 million annual savings - Report

A German Monthly Manager Magazin magazine reported that Thyssenkrupp and Tata Steel expect a merger of their European steel businesses to yield annual savings of EUR 400-600 million. Monthly Manager Magazin, which cited unspecified sources, said talks had gained momentum again after temporarily stalling following Britain's decision to leave the European Union and a management reshuffle at Tata Steel.

The report said Thyssenkrupp Chief Executive Heinrich Hiesinger planned to offload EUR 3 billion of pension obligations onto the steel joint venture that would be formed in any merger deal with Tata.

Thyssenkrupp and Tata Steel have been in discussions since July about merging their European steel assets to cut costs and reduce overcapacity. The plan has been complicated by Tata's pension deficit in Britain. A source close to Thyssenkrupp said a deal this month to separate Tata's GBP 15 billion) UK pension scheme still left many questions unanswered.

The parties have agreed that if there was a hard exit of Britain from the EU, Tata's Port Talbot works in Wales would resort to supplying the UK automotive sector.

Hard Brexit refers to Britain leaving the EU’s single market in order to impose controls on immigration thus disrupting access to the country’s main trading partner.

Source : Reuters

voda 26 mei 2017 14:39

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PT Krakatau Steel eying USD 10 million net profit

The Jakarta Post reported that state owned and publicly listed Krakatau Steel aims to book USD 10 million in net profit this year after losing USD 171.69 million amid low steel prices last year.

Krakatau Steel president director, Mr Mas Wigrantoro Roes Setyadi said that steel prices could still go lower than they are today, but he expressed his optimism about achieving the company’s target through cost efficiency measures and more aggressive marketing.

He said that "We have a cost efficiency program targeting 15 percent lower (operational) costs than last year. We'll make the management of maintenance and procurement more efficient and reduce idle manpower.”

The firm reiterated its mission to also provide products it cannot produce itself by sourcing them from third parties in a bid to increase sales.

In the first quarter, the firm’s loss fell by 65.3% to USD 20.7 million, while its revenue increased by 12.5% to USD 350.1 million.

Source : The Jakarta Post

voda 26 mei 2017 14:40

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Vietnam announces second review of anti dumping duties on CR stainless steel from China, Indonesia, Malaysia and Taiwan

VNS reported that Vietnam’s Ministry of Industry and Trade has issued a decision to conduct a second review of anti-dumping duties on imported cold-rolled stainless steel. Decision No 1849/QD-BTC, dated May 23rd 2017 was issued in response to a review proposal submitted by several steel import companies and firms that sell steel to Viet Nam. The period for the second review is from May 1st 2016 to April 30th 2017.

As per the country’s anti-dumping regulations, concerned parties can request for a review of anti-dumping duties one year after the decision to impose it.

On September 5th 2014, the MoIT had issued Decision No 7896/QD-BTC related to imposing anti-dumping duties on several cold-rolled stainless steel products imported to Viet Nam from countries and territories including China, Indonesia, Malaysia and Taiwan.

The first review concluded on April 29th 2016. After the first review, the anti-dumping duty on cold-rolled stainless steel imported from China-based Shanxi Taigang Stainless Steel Co Ltd was hiked from 6.58% to 17.47% and from between 4.64- 6.87% to 25.35% for other Chinese steel producers. Cold-rolled stainless steel products from Indonesia was levied an anti dumping duty of 13.03% up from 3.07%. On the other hand, duty on products from Malaysia dropped from 10.71% to 9.55%. For products from Taiwan, the duty was maintained at between 13.79% and 37.29%. The duties are applicable from May 14, 2016, to October 6, 2019, as per the results of the first review.

Source : VNS

Bijlage:

voda 26 mei 2017 14:44

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US steel sector important to national security - Mr Leo W Gerard of USW

United Steelworkers International President Mr Leo W. Gerard appeared at a public hearing for the Section 232 Investigation into the effects of steel imports on US national security. In his testimony, President Gerard called for treating the entire iron and steel sector as important to national security.

Mr Gerard said that “From the materials utilized by our military to the materials necessary to build, maintain and repair our critical infrastructure, our national security is increasingly at risk because of the relentless economic attacks on our steel industry. Steel is the backbone of our country. It safeguards military might and our ability to respond to potential attacks. We need to revitalize the sector to meet growing needs and to ensure that we have the ability to supply our nation’s needs, should it be required. This means having not only productive capacity in our mills at a moment’s notice, but also the skilled workforce necessary to man the operations.”

He said that “The steel sector is not monolithic. There is a continuum of products from the basic materials through iron and on to steel. The Administration’s investigation should evaluate the challenges facing the entire industry. Basic materials, iron and steel products, silicon metal, manganese and chromium used in making alloys, are all important to our national security.”

“Our domestic industry is under attack from unfair, illegal, predatory and protectionist policies. China, employing a network of non-market economic policies, is the main offender. While China continues to attack our entire manufacturing sector, it has been targeting steel longer than any other product.”

“This Section 232 investigation has the potential not only to protect America’s national security by imposing market restraints on imports from those countries causing the problem, but also to create the impetus for serious negotiations. A negotiated solution is the best approach, but not the only one.”

“Any relief measures should focus on where the problem lies. It is not to our north, but to our east, west and south. In fact, we have a trade surplus in steel with Canada. From a national security perspective, Canada is one of the few countries that is always there for us. Our security relationship with Canada is truly unique. We share an uncontested border. We have an intelligence sharing agreement. We have the North American Aerospace Defense Command – NORAD – that has existed for more than sixty years that was the initial line of defense for North America during the Cold War. Canada is an ally, a friend and a trusted partner.”

“For these reasons, Canada is the only country that should be exempted from any potential action in the steel sector. Canada must, however, ensure that it enforces trade laws so that steel producers do not use their market as a way-station to enter the US market, circumventing and evading our laws and interests. I am confident that the leaders of Canada will embrace these efforts with the goal of sustaining and advancing our individual and joint national security interests.”

Source : Strategic Research Institute

Bijlage:

voda 26 mei 2017 14:52

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Conscience clear over Simandou - Mr Sam Walsh

Australian Financial Review reported that Mr Sam Walsh was but 106 words into his latest coming-out speech when the former Rio Tinto chief executive boldly introduced his Brisbane audience to the Guinean elephant that has so darkened his executive retirement and non-executive future. In so speedily anticipating public interest in the purported scandal over the way Rio recovered ownership of the world's best undeveloped iron ore deposit, Walsh appeared to be offering us a lens through which to assess the scale of his disappointment over the way his former employer has treated him.

After announcing that his "conscience was clear" over the conduct of negotiations with the Guinean government over the fate of the two iron ore leases that were once to be Rio's Simandou iron ore project, Mr Walsh launched into a reinforcing account of the scale of the corporate rescue job that he engineered through his three years at the top of the Anglo-Australian mining house.

Mr Walsh's reward for his craft and application has, quite famously, been the deferral of up to AUD 20 million of long-tailed remuneration benefits that will be paid progressively as there is clarity over the joint and separate investigation by US, British and Australian regulators of payments the miner made to the consultant that helped recover the fateful mining rights in Guinea.

The consultant's name is Francois de Combret and Rio paid him USD10.5 million after successfully negotiating the recovery of two of four Simandou leases that had been reclaimed in 2008 by the government.

In August last year a leaked 2012 email conversation between Mr Walsh, his erstwhile boss Tom Albanese and the executive charged with solving the Guinean problem, Alan Davies, triggered internal concerns at Rio over the probity of that payment and the successful negotiation that triggered it.

On November 9, Rio announced that it had handed the results of an internal inquiry over the Simandou emails to regulatory authorities and that it had suspended two executives, Davies and chief legal officer Debra Valentine. Both had there contracts summarily terminated eight days later.

The public hammer blow to Mr Walsh's reputation arrived with the release of Rio's annual report in early April. It revealed a deed that installs a two-step delay on payment of about AUD 20 million worth of deferred shares that had been awarded under short and long-term incentive plans.

Progress being satisfactory to the Rio board, Walsh will get half of his entitlement on December 31 next year and the balance on December 31, 2020.

One of the miserable byproducts of the potential that there really is a scandal to be revealed here is that Mr Walsh felt compelled to introduce his chat to a Queensland University of Technology leadership forum with seven passionate paragraphs of self-defence.

Mr Walsh said that "There is something of an 'elephant in the room' that I feel compelled to address right up front. Some of you, no doubt, may be asking: 'How can this chap lecture us about leadership when he has been caught up in some investigation around mining rights, in Guinea, West Africa?."

He said that "On this, I would just say that notwithstanding some of the innuendo from our friends in the media the company has not made any accusation against me personally, nor do I expect that there will be. I operated ethically and legally at all times during my 25 years at Rio. In fact, the chairman of Rio at their London AGM on April 13 commented that there had been no admission of bribery or corruption by the company."

Mr Walsh said that "I am positive that truth will ultimately prevail and I have no fear of the truth at all, hence why I come here today, with my conscience clear, before "getting down to business."

And a big part of getting down involved an unusually frank assessment of the corporate basket case that he was unexpectedly invited to run in January 2013.

He described a business that lacked leadership, that had become "distracted by fads" and had mislaid its "true purpose."

He described a business financially stretched by "unprecedented impairments of AUD 23 billion over two years, on assets relatively recently acquired."

Source : Australian Financial Review

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voda 26 mei 2017 14:55

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Rio Tinto gives nod for Koodaideri study

The West reported that Rio Tinto has pushed the button on a AUD 30.9 million feasibility study to develop its Koodaideri iron ore project in the Pilbara. The mining giant needs the project to replace existing production as other deposits deplete. The Koodaideri project, which has an estimated capital cost of USD 2.2 billion, includes a 40mtpa dry crushing and screening plant, a 170km rail link to the company’s main line and associated infrastructure.

If approved, the development will require an expected 1600 construction jobs and a further 600 operational staff.

The feasibility study will focus on obtaining necessary consent and permits, increasing our understanding of the orebody and technical elements, and providing the data necessary to validate the project.

The final decision on the progression of the Koodaideri iron ore development will be made following the completion of the feasibility study and subsequent review by the Rio Tinto investment committee and board.

Source : The West

voda 26 mei 2017 14:56

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Rio Tinto launches new debt reduction programme

Rio Tinto will use its strong liquidity position to further reduce gross debt, launching a bond purchase plan for up to USD 2.5 billion. Under the plan, Rio Tinto has issued a redemption notice for approximately USD 1.72 billion of its 2019 and 2020 US dollar-denominated notes

Source : Strategic Research Institute

voda 26 mei 2017 14:58

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BHP seeking environmental approval for two new mines

Reuters reported that BHP Billiton is seeking environmental approval to dig two new mines to extend the life of its Nickel West unit in the state of Western Australia, which is facing a shortfall in ore supply.

Nickel West, which produces about 5% of the world's nickel metal, has lodged an application with the Environmental Protection Authority of Western Australia to clear 842 hectares (2,080 acres) for two open pit mines, according to the authority's website.

BHP has earmarked about USD 2 million per month during 2016 and 2017 for making improvements at Nickel West.

Nickel West gets much of the concentrated ore it uses to feed its 100,000 tonnes-per-year Kalgoorlie nickel smelter from its nearby Mount Keith mines and has also contracted with other miners operating in the region for additional feed.

BHP said in a statement that "At the current rate of production, the resource supporting Mount Keith will need to be sustained from other ore sources at some stage over the next five years.”

The company said that "Securing environmental approval for the proposed Mount Keith Satellite Project will help to ensure Nickel West has a strong future and will continue to make a significant economic contribution.”

Source : Reuters

voda 26 mei 2017 15:05

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Steel mills in Lahore put citizens health at risk

Pakistan Today quoted Pakistan official record as saying that at least 350 steel mill units are operating in Northern Lahore, and most of these mills work on substandard fuel that can prove toxic for the people living in close proximity to the steel mills.

Sources in EPA said that the issue of steel mills, violating environmental laws, is not a new one for the department as it had been receiving complaints of the dwellers in the area for quite some time now. The source added that “In the past, the department had started a drive against those steel mill owners that were involved in using substandard fuel in their mills The department raided and closed these steel mills many times but they started reworking after paying fines. Majority of steel mills use sub-standard fuel, used-tyres and other burning material, that are restricted, to run the plants.”

An official seeking anonymity told Pakistan Today that the matter regarding such steel mills is under notice of EPA officials, but the problem occurs when violators get relief by using their political links. He informed this scribe that such steel mills are using substandard fuel that release pollutants such as sulphur dioxide, nitric oxide, carbon monoxide, carbon dioxide and some toxic metals. He further said that the hazardous gases emitted by the steel mills were the major cause of increasing cancer patients in the city.

In November 2016, following the first ever toxic smog in Lahore, EPA launched a curb drive against such steel mills. Agency sources underscored that at that time of the drive, most of the steel mills were found using substandard fuel and during that drive around 50 steel mills were sealed by the department. Later these steel mills resumed their work while the drive was also halted for unknown reasons.

It has also been observed that the EPA also launched a similar curb drive in March, 2016, under section 16 of PEPA act. For this purpose, the department had constituted five different teams with four persons each. All of the teams were equipped with testing laboratories. That time the drive was stopped as well.

Sources in EPA further informed that many steel mill units are owned by political notables, against whom the department has failed to take action due to political pressure.

When contacted, EPA’s Director Monitoring Laboratory and Implementation Mr Tauqir Qureshi said that the EPA is all set to take action against the owners of the steel mills that use substandard fuel. He said that department has hired staff which will start monitoring the violators of environmental laws.

Source : Pakistan Today

voda 26 mei 2017 15:07

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ArcelorMittal Temirtau GD complains about outflow of qualified staff

KazTAG reported that Mr Paramjit Kahlon general director of ArcelorMittal Temirtau has proposed to reconsider the pension age of employees of the mining metallurgic complex of Kazakhstan and complained about staff outflow to Russia. He said "There is one more problem outflow of highly qualified staff to the states of near and distant foreign states, which offer more attractive social guarantees. Many people leave for other states, as they seek better conditions.”

He told “For instance, the pension age of the employees of the mining metallurgic complex of Kazakhstan is 63, in Russia it is 54. They move to Russia as they know that they can retire even in the age of 45 and then continue working in a different place or improve their qualification.”

He added “After they turn 45 they get pension and can get additional earning. Thus, we have applied to the Government of Kazakhstan to reconsider the pension age.”

He said outflow of qualified work power affects the mining complex of Kazakhstan.

He told "Realizing the need of taking measures to keep qualified work power in Kazakhstan, ArcelorMittal Temirtau declares the initiative to bring amendments in the law On pension provision in Kazakhstan. We must aspire to give a chance to people to retire after at least 25 years of work experience in hazardous industries. If one starts working in the age of 20, when he turns 45 he can retire.”

Source : KazTAG

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voda 26 mei 2017 15:10

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Accession into OECD steel committee will contribute to of Kazakhstan steel sector - Dy PM Mr Mamin

KazTAG reported that Mr Askar Mamin, First Prime Minister of Kazakhstan, said that accession of Kazakhstan in the steel committee of the Organization of Economic Cooperation and Development will let the state develop fair competition at the market and take part in decision making on subsidizing problem, state support of metallurgic enterprises.

He said at the forum AMM-2017 that “The Republic of Kazakhstan is aspired to become a member of the OECD steel committee. Taking in account that Kazakhstan is one of the biggest manufacturers of iron-ore crude products and steel, we hope our application will be approved. The membership in the committee will let us take part in the decisions making concerning subsidizing, state support of metallurgic companies and take efforts to develop fair competitiveness on the market of steel, including taking in account the WTO requirements.”

He said “Now we are preparing for the 25th world mining congress in Astana in 2018, the industry 4.0 will be on the agenda as well as application of new technologies for company’s modernization in the mining-metallurgic complex and allied fields.”

He said Kazakhstan takes the 7th place in the world on iron ore stocks and 33rd on the steel production volume. The contribution of the mining-metallurgic complex in the industrial structure makes more than 18%. By the results of 4 months of the year economy growth of Kazakhstan amounted to 3.7%, industrial production volume- 107.1, including mining field- 107.8, processing- 106.8.

Source : KazTAG

voda 26 mei 2017 15:11

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ArcelorMittal South Africa closes ZAR 4.5 billion loan facility

Business Live reported that ArcelorMittal SA has closed a revolving ZAR 4.5 billion structured commodity-trade finance facility over 36 months to finance working capital, as part of its balance sheet restructuring. The announcement came after the group’s annual general meeting in Johansburg.ArcelorMittal said that the facility had been signed between itself and subsidiary Saldanha Steel, and Deutsche Bank, Absa and other lenders.

The amount is ZAR 1 billion more than the ZAR 3.5 billion it said in April it would borrow as part of a new capital-raising plan. But it is not part of a recent ZAR 4.5 billion rights issue that had lowered debt considerably. The group said the facility was increased to ZAR 4.5 billion as it was oversubscribed. The interest rate was confidential.

CEO Wim de Klerk said “We previously advised our shareholders that ArcelorMittal SA was exploring options to strengthen our balance sheet. The facility ensures that the company is appropriately funded."

Source : Business Live

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