Eurobench.com

voda 5 juni 2017 16:12

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Plummeting ore price drives AUD 350 million Budget blowout

The West reported that Australia state government is facing a AUD 350 million blow to its already struggling Budget as the price of Iron ore plummets, forcing Treasurer Ben Wyatt to look for even more savings. Ahead of a surprise visit to WA by Federal Labor leader Bill Shorten that will be dominated by talks about the GST, The West Australian can reveal a 30% fall in the price of iron ore since March is pushing the Budget deficit for 2017-18 towards AUD 2 billion.

Iron ore slipped below $US55 a tonne on futures markets this week, continuing a run of sharp falls driven by concerns about China’s manufacturing sector and big iron ore stockpiles.

In its pre-election Budget update, State Treasury assumed iron ore would average $US70.30 a tonne this year before edging down to $US66 through the coming financial year.

Instead, iron ore has averaged $69.90 this year and is on track to fall to $US61.40 through 2017-18.

Such a fall will reduce iron ore royalty payments by $350 million in the coming year, which was already expected to show a $1.5 billion Budget deficit. It is not just iron ore prices that are putting pressure on the Budget.

Mr Wyatt admitted the fall in commodity prices was hitting the Budget bottom line. He said that "Like many other areas of State revenue, the State’s royalty revenue is under significant pressure."

He added that "This has been emphasised by both the Premier and I as we go about finding savings in the State Budget."

Mr Wyatt said the weakness of commodity prices and the economy was another reason for the GST allocation system to be changed.

Source : The West

Toekomstbeeld 5 juni 2017 16:54

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quote:
voda schreef op 5 juni 2017 15:52:
Opmerkelijk!

Chinese crude steel production hits monthly record

Is niet opmerkelijk.....is oud nieuws in een recent artikel. Stemmingmakerij in opdracht van shorters.

Gaat over Maart en April productiecijfers. Welke al meer dan 4 weken bekend zijn.

Al lezende leer ik elke dag meer over dit soort "uitwringen" door schrijvers van oud nieuws.

voda 6 juni 2017 16:06

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Beursblik: gewaagde overname door ArcelorMittal

Overname zal volgens Actiam voor de nodige synergievoordelen zorgen.

(ABM FN-Dow Jones) Investeerdersgroep Aminvestco, waar ArcelorMittal deel van uit maakt, lijkt een redelijk gewaagde stap te hebben genomen met de voorgenomen overname van staalfabriek Ilva, al zal de acquisitie wel synergievoordelen kunnen opleveren. Dit stelde analist Corné van Zeijl van Actiam dinsdag tegenover ABM Financial News.

Vanochtend werd bekend dat Aminvestco door de Italiaanse minister Carlo Calenda van Economische Ontwikkeling is verkozen om Ilva over te nemen. De investeerdersgroep betaalt volgens het ministerie 1,8 miljard euro voor de Italiaanse staalfabriek en zal bovendien 2,4 miljard euro investeren in onder meer het milieuvriendelijker maken van de fabriek.

Van Zeijl stelde dat er al lange tijd interesse is voor een overname van de fabriek. De Italiaanse overheid kocht de fabriek op na de vele problemen omtrent milieuvervuiling, zo wist de marktvorser te vertellen. Volgens de analist van Actiam lijkt het erop dat Aminvestco een redelijk hoge prijs betaalt voor de staalfabriek, zeker in het licht van de extra investeringen die nodig zijn.

De marktvorser sprak van een "gewaagde overname", maar wel een die de nodige synergievoordelen kan opleveren. "De fabriek heeft meer toegevoegde waarde onder de vleugels van Aminvestco dan onder die van de Italiaanse overheid", aldus Van Zeijl, die gelooft in de overnamestrategie van topman Lakshmi Mittal. "Mittal lijkt niet uit te zijn op het vergroten van marktaandeel, maar op het realiseren van synergievoordelen."

Op een licht rode beurs leverde het aandeel ArcelorMittal dinsdag 2,8 procent in.

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 6 juni 2017 16:06

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Aminvestco wint biedingsstrijd om staalfabriek Ilva

Investeerdersgroep met ArcelorMittal betaalt 1,8 miljard euro.

(ABM FN-Dow Jones) Investeerdersgroep Aminvestco, waar ArcelorMittal deel van uit maakt, heeft de bieding gewonnen die de Italiaanse overheid had uitgeschreven voor de overname van staalfabriek Ilva. Dit bevestigde een woordvoerder van ArcelorMittal dinsdag tegenover ABM Financial News.

De woordvoerder stelde dat Aminvestco door de Italiaanse minister Carlo Calenda van Economische Ontwikkeling is verkozen om Ilva over te nemen. De investeerdersgroep betaalt volgens het ministerie 1,8 miljard euro voor de Italiaanse staalfabriek en zal bovendien 2,4 miljard euro investeren in onder meer het milieuvriendelijker maken van de fabriek.

Aminvestco zal rond de tafel zitten met de Italiaanse regering om te spreken over de voorwaarden waaronder de transactie zal plaatsvinden. De woordvoerder van ArcelorMittal benadrukte dat het zodoende nog niet zeker is dat beide partijen tot een overeenkomst zullen komen.

Aminvestco bestaat uit onder meer ArcelorMittal, Marcegaglia en Banca Intesa.

Op een rood Damrak koerste het aandeel ArcelorMittal dinsdagochtend 3,0 procent lager op 18,23 euro.

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 6 juni 2017 16:12

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Italianen steunen Ilva-bod Arcelor

Gepubliceerd op 6 jun 2017 om 12:11 | Views: 2.574

ArcelorMittal 15:54
18,30 -0,49 (-2,61%)

AMSTERDAM (AFN/RTR) - Staalproducent ArcelorMittal heeft van de Italiaanse regering groen licht gekregen voor de overname van Ilva. Topman Lakshmi Mittal van Arcelor zei dinsdag blij te zijn dat het bod dat Arcelor samen deed met zijn Italiaanse partner Marcegaglia en Banca Intesa Sanpaolo, als beste uit de bus is gekomen.

Arcelor en Marcegaglia troefden in de biedingsstrijd een groep bedrijven onder leiding van het Indiase JSW Steel af.

Arcelor en Marcegaglia kondigden eerder al aan wilde plannen te hebben met Ilva, dat eigenaar is van de grootste staalfabriek van Europa in de Zuid-Italiaanse stad Tarente. In totaal zouden de twee bedrijven fors in Ilva willen investeren. ArcelorMittal en Marcegaglia willen de productie van het bedrijf opvoeren en tevens een nieuw onderzoekscentrum bijbouwen.

voda 6 juni 2017 16:28

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Italy backs ArcelorMittal and Marcegaglia bid for Ilva steel plant

Reuters reported that the Italian Industry Ministry said on Monday that government supports a joint bid by ArcelorMittal and Marcegaglia group for the polluted Ilva steel plant in southern Italy. Industry Minister Carlo Calenda has signed a decree backing the EUR 1.8 billion offer from the world's largest steelmaker and Marcegaglia for Europe's biggest steel plant by output capacity.

The commissioners running Ilva said last month the ArcelorMittal consortium had won the bidding. Under the plan presented by the ArcelorMittal consortium, called Am Investco Italy, Ilva's total workforce, which includes two smaller bases in northern Italy, will be cut from more than 14,000 to eventually reach 8,480 by 2024. Up to 4,100 of those to be laid off will be eligible for state unemployment support. Am Investco has said it was open to trying to reduce the number of job losses in the near term.

The next step in the sale process involves the environment ministry examining Am Investco's plans for cleaning up the site. Once the ministry issues its decree, expected during autumn this year, the deal must be approved by the European Union.

Steel production will remain at 6 million tonnes a year during the clean up of the site, which magistrates sequestered in 2012 amid allegations its emissions were causing abnormally high cancer rates. By 2024, Am Investco aims to have boosted output to the full 8 million tonnes Ilva is authorised to produce, the statement said, using three of Ilva's original five furnaces. The plan also includes a pledge to invest about EUR 2.4 billion in technology and environmental improvements.

ArcelorMittal chief executive Lakshmi Mittal said in a statement that the company "will work with all interested parties to guarantee Ilva, its workers and the regions where it operates a better, more stable and sustainable future."

Italy has been trying to sell Ilva, which is near the port city of Taranto, since 2015 when the state took full control of the plant in a bid to clean up the polluted site and save thousands of jobs in an economically depressed area.

Source : Reuters

voda 6 juni 2017 16:29

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Tangshan starts new campaign to implement steel cuts

Reuters reported that Chinese steel city of Tangshan has launched a fresh crackdown on mills that illegally restart production or violate industry overcapacity rules, according to a notice published by the China Iron and Steel Association on Monday. Tangshan, in Hebei province, produced 88.3 million tonnes of steel last year, up 6.8 percent on the year putting it on the front line of the central government's efforts to curb overcapacity in the sector. It aims to close around 8.6 million tonnes of annual production capacity this year.

But the city was the subject of a central government investigation earlier this year amid concerns that firms continued to raise steel output despite mandatory capacity cuts.

New guidelines drawn up by the Tangshan planning commission promise to put grassroots government departments under greater pressure to comply with anti-pollution and overcapacity guidelines, and identified the names of officials tasked with ensuring that shuttered plants do not reopen, power and water supplies are cut off and equipment dismantled.

The guidelines also cover illegal new capacity expansions in the steel, cement and coking coal sectors, as well as the closure of coal mines in the province.

Hebei aims to cut major emissions by more than 15 percent by 2020 and will step up efforts to force local industries to meet their pollution targets for 2017, the official Xinhua news agency reported, citing a local government plan published on Sunday.

Source : Reuters

Bijlage:

voda 6 juni 2017 16:29

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SAIL RSP clarifies on high silicon content in hot metal produced by BF

Express News Service reported that the management of Rourkela Steel Plant has clarified that the high silicon content in hot metal produced by Blast Furnace (BF)-V after its revival would not have any detrimental effect on the refractory linings of the BF-V and converters.

This was stated by the RSP after reports in a section of the media based on information of technical experts of the plant apprehended that presence of 1.5 to 2 per cent silicon content against the permissible limit of 0.6 to 0.8 per cent may severely damage the refractory linings of the BF-V and converters of Steel Melting Shops in later stage.

The RSP management said after revival of BF hot metal, output with high silicon content for a few days is normal and the high silicon limit reduces in the next few days. The management allayed fears of any damage to refractory linings. The management hoped that BF-V will be restored in the next 5 to 6 days.

RSP sources said the BF-V on trial produced 1,457 tonnes of hot metal on May 29, which reached 3,558 tonnes on May 31. They said hot metal production came down to 2,464 tonnes due to eight-hour shutdown on Thursday. Despite three-hour shutdown, hot metal production on Friday may reach 4,000 tonnes, they added.

The BF-V, which produces about 8,000 tonnes of hot metal daily for downstream production units, fully stopped operating on May 18 morning due to a breakdown.

Source : Express News Service

voda 6 juni 2017 16:30

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Mexico slaps antidumping duty on flat coated steel from China and Taiwan

BNAmericas reported that Mexico has imposed antidumping duties on imports of flat coated steel from China and Taiwan. Duties were set at between 22.2% and 76.3% after an investigation found evidence of dumping and a threat of damage to domestic producers.

The probe was launched by the economy ministry in December 2015 at the request of local producers Ternium and Tenigal.

The products covered are flat carbon steel or steel alloy, corrosion resistant and with a metallic or non-metallic coating.

Duties were set at 22.2-22.3% for imports by Chinese Steel Corp, Baoshan Steel and other imports from Beijing Shougang, Shougang Jingtag and Tangshan. The figure is 52.6% for other Taiwanese exporters and 76.3% for other Chinese exporters.

Source : BNAmericas

voda 6 juni 2017 16:32

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Indian steel minister wants sweeping changes the way steel PSUs function

Financial Express quoted India steel minister Mr Birender Singh as saying that he wants sweeping changes in the way steel PSUs SAIL and RINL function so that they could return to profitability and catch up with their private-sector peers. He said that diversification of the product mix with more value-added items, changes in the tendering system and honing the leadership are on top of the minister’s to-do list for the PSUs that have been incurring losses in the recent quarters.

The domestic steel industry had been passing through a great turmoil for the past two years as a result of subdued demand and burgeoning predatory imports, though things have changed for the better with the imposition of a series of traiff and non-tariff measures since February last year. However, while the private sector has been able to come out of the turmoil, SAIL and RINL have been incurring net losses after losses, though their financial have improved a bit recently.

Mr Singh told FE in an interview that “The domestic industry is certainly out of the woods now. Private players have made much headway in the present scenario and I should say PSUs have also tightened their belt to a great extent. I found that SAIL has made cash profit also in the last quarter. There is improvement in the case of RINL also. But a lot is to be done.”

The minister said a committee has been constituted a month back under the chairmanship of the steel secretary to review the functioning of the two PSUs and what steps should be taken to improve their efficiency levels. He said SAIL itself has engaged an outside agency to find out how it can come out of the prevailing situation. At the same time, he felt both the firms should focus on value-addition.

He said that “There are so many factors. Of course, leadership issue is also there, adding that though the plants were old, the leadership should not take so much time to ramp up capacity through modernization and expansion.”

Source : Financial Express

voda 6 juni 2017 16:32

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JSPL to break even from Angul operations in October

Business Standard reported that Naveen Jindal promoted Jindal Steel & Power Ltd expects to break even from its Angul steel plant operations from October this year with the successful commissioning of the blast furnace that has taken the plant capacity to six million tonne per annum. With the blast furnace commencing operations, JSPL has also planned to go for temporary shutdown of its loss making coal gasification based-DRI plant which is running at a depleted capacity.

Mr Naveen Jindal chairman of JSPL said that “I hope from October, we will be breaking even from the Angul plant. From July, we hope that we will be doing much better and we will be producing 0.2 million tonne of steel every month. The blast furnace has started to produce and everything is going on well. This year, we hope to produce six million tonne of steel in India and more than 1.5 million tonne in Oman, so we will be producing more than 7.5 million tonne.”

Source : Business Standard

voda 6 juni 2017 16:33

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Foreign investors with modern technology welcome in steel sector - Steel Minister Chaudhary Birender

Financial Express reported that government has welcomed foreign investors with modern technology to set up steel plants in India as the country aims to increase the output to 300 million tonnes by 2030.

Steel Minister Chaudhary Birender Singh told PTI that “If somebody comes with a new technology with any joint venture or some company from abroad wants to put their plant they are also welcome. The ministry is quite open to this. Any transfer of technology will be welcomed. May be they can have joint ventures, they can have MoUs.”

The government aims to more than triple the crude steel output in the country from current 97 million tonnes to 300 million tonnes.

The minister said that “In such a situation they would be coming with a new technology. In this sector even 100 per cent FDI is allowed. So they have all their funds utilized for that. That means this would also serve to have sufficient FDI. Our target by 2030 is 300 million tonnes. We are going to create this capacity.”

In 2016-17, India’s crude steel production was at 97.385 million tonnes, registering a growth of 8.5% over the year-ago period. SAIL and ArcelorMittal have already inked a pact to set up a INR 5,000 crore auto-grade steel plant. The joint venture is in final stage and is progressing fast. It will produce high-end steel based on latest technology.

Source : Financial Express

Bijlage:

voda 6 juni 2017 16:34

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SAIL RSP struggles to fully revive blast furnace

Express News Service reported that officers and employees of Rourkela Steel Plant continue to sweat it out for the last 15 days to fully revive the Blast Furnace (BF)-V as during its partial run, hot metal production reached about 3,500 tonnes on Thursday. Yet, technical experts in the RSP apprehend that the management’s haste in restoring production may backfire as the inferior quality hot metal with high silicon content at later stage may damage the refractory linings of the BF and the converters. Apparently, the management is under intense pressure as failure of the BF-V had rendered several downstream production units idle.

BF-V, on an average, produces about 8,000 tonnes of hot metal daily. After its erratic functioning since May 15, the operation of BF-V had completely stopped on May 18.

Sources said as part of the revival process, at least 30 of the 36 tuyeres have been put to use and low-quality hot metal is getting tapped through Tap Hole-1.

Sources said at a time when the RSP is reeling under financial crisis, hot metal with high silicon content may prove detrimental to the campaign life of the refractory linings of the BF-V and the converter of SMS-II when the BF-V reaches its full capacity utilization.

Source : Express News Service

Bijlage:

voda 6 juni 2017 16:40

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Global glut in iron ore will not be helped by investment by Rio Tinto

Mining reported that the global glut in iron ore will not be helped by an investment by Rio Tinto to develop its Koodaideri iron ore deposit in Western Australia. The British and Australian mega miner said that it has committed to spend USD 30.9 million on a feasibility study for the project. The upcoming feasibility report follows a prefeasibility study done in November 2016, the contents of which included a 40 million tonnes per annum dry crushing and screening non-process infrastructure, product stockyards, rail loop and load-out, and a 170 kilometer rail link to the main line.

The USD 2.2 billion project, which Rio said that is intended to replace existing production, would begin construction in 2019. The new open-pit mine, or collection of pits, is expected to produce up to 70 million tonnes a year of ore and have a mine life of about 30 years.

Rio Tinto Iron Ore chief executive Chris Salisbury said in a statement that “We remain firmly focused on our value over volume strategy and maximizing returns through enhanced productivity. We are examining the Koodaideri project as an option to help us maintain our low cost competitive position and assist in maintaining the Pilbara Blend product quality.”

The move comes as the iron ore price moves another leg down.

Among the factors in causing the price to slip are a weak Chinese economy, which consumers three quarter’s of the world’s iron ore; record-high stockpiles in China; the increasing use of scrap steel by Chinese steelmakers; and the continuing over-supply of iron ore. The global glut has worsened in recent months due to fresh supply coming from recently opened mines, such as Roy Hill in Australia, Anglo American’s Minas Rio and Vale’s S11D in Brazil.

The worsening market situation has prompted analysts, such as BMI Research to revise their prices outlook down. In May, the research arm of Fitch Group said it expected seaborne iron ore to drop to USD 65 a tonne this year (down from a previous forecast price of USD 70), and USD 50 in 2018, to end up touching a low of USD 44 by 2021.

Source : Mining

Bijlage:

voda 6 juni 2017 16:46

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Cliffs CEO support Mr Trump’s decision to leave Paris Climate Agreement

mining Journal reported that Cliffs Natural Resources Inc expressed support for President Donald Trump’s decision to withdraw from the Paris Climate Agreement. The statement came in response to the Trump administration announcement that it plans to invoke the formal withdrawal mechanism of the accord.

The move, according to a New York Times article published Thursday, is a legal process that will take four years to complete, meaning the official exit from the agreement would not be until Nov. 4, 2020 the day after the next presidential election.

With the withdrawal, the US joins Syria and Nicaragua as the only three nations in the world that are not participating with the agreement designed to keep the planet from warming by more than 1.5 degrees Celsius above preindustrial levels.

Mr Lourenco Goncalves Cliffs’ chairman, president and chief executive officer said that Cliffs applauds President Trump’s decision to withdraw from the Paris climate accord. He said that “The Paris climate accord is a bad deal for America in its current form. We must understand that staying in the accord is not equivalent to protecting the environment. As a nation, we could no longer accept the restrictions imposed on the United States while other countries are allowed to continue to pollute the world.”

Mr Goncalves, who has been a vocal critic of pollution caused by the steelmaking process in countries like China, said the US steel industry has been a leader in environmentally safe practices. He said that “The American iron and steel industry is the most environmentally compliant among the major industrial nations. We exclusively use iron ore pellets in our blast furnaces, while China relies on highly polluting sinter feed iron ore fines from Australia and Brazil to over-produce steel, flood the steel markets and weaken the U.S. steel industry. We believe that being pro-environment, pro-industry and pro-business are not contradictory goals.”

The United States entered into the agreement in 2015, with a plan submitted under the Obama administration to reduce greenhouse gas emissions by 26 to 28% by 2025.

Source : Mining Journal

voda 6 juni 2017 16:49

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Mustang pellets project now in production

Grand Prism reported that Cliffs Natural Resources, which owns the mining operations in Eveleth and Forbes hosted a ribbon cutting ceremony to celebrate the completion of the Mustang Pellet Project. The USD 75 million project, which corresponds with a 10 year pellet agreement with ArcelorMittal, came in on time and on budget.

It also boasted of 250,000-plus estimated hours of labor during construction with not one loss-time incident. Employment peaked at 120 during construction, including management, craft and labor.

This new production at UTAC is replacing operations at Michigan’s Empire mine, where ore supplies concluded last year. Lakehead Constructors was the primary contractor on the project.

The Mustang project required a new storage facility, silos, a limestone crusher, conveyors and rail infrastructure on site.

The Mustang superflux pellet is in full production mode for shipment to ArcelorMittal, and will make its debut arrival there on June 2.

The ceremony marked almost exactly one year to the day that UTAC reopened after an 11-month idle. It also signifies a reversal in the iron ore market on the Range, and hope for an extension of the mine’s life.

Simply put, mining was put back on the map.

Congressman Mr Rick Nolan said that “Mining and iron ore are the backbone of our nation’s economy, the backbone of our national security and we’re back on track again and this time we’re going to keep it on track. This Mustang Project is helping to strengthen that foundation, secure our nation and our jobs, and it has Minnesota’s Iron Range on the rebound.”

Mr Nolan said all indications are that there’s a minimum of 500 years of good mining left. He added that “That’s if we only have the wisdom and the good judgment to do what needs to be done to get it and keep it on track. Hats off to Cliffs.”

Source : Grand Prism

voda 6 juni 2017 17:06

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India will be an automotive hub - Steel Minister

Economic Times reported that ArcelorMittal and Steel Authority of India are on the verge of signing a deal to make high-value products, in line with the governments make in India mission. Steel minister Chaudhary Birender Singh told ET in an interview with Sarita Singh and Himangshu Watts, Mr Singh also said India's steel sector was poised for strong growth and that his ministry had proposed to build houses made of steel for INR 2 lakh under the Centres housing schemes.

Edited excerpts:
Q - The steel policy is about capacity building while low consumption remains a major concern. How will you address this?

A - In our national steel policy, we aim to create a capacity of 300 million tonnes. Consumption is a concern but one thing is clear that there is a bright future for Indian steel industry in times to come. For the next 50 years, Indian steel industry would be comfortable in terms of demand. In India, you are still to cover 80% of the infrastructure.

In union budget 2017-18, a provision of INR 4 lakh crore for infrastructure spending includes railways, shipping, national highways has been made. Five crore houses are to be built under Pradhan Mantri Grameen Awas Yojana. If you take out 10% of this infra spending, you would be increasing steel consumption by INR 40,000 crore. We want to carry the message of our industry that we can prepare houses made of steel for INR 2 lakh. If that clicks, we may have lot of demand.

Q - Have you spoken to other departments to secure tenders for houses made of steel?
A - We are in touch with the rural development ministry where three crore houses need to be constructed under PMAY and also urban development ministry where 1.95 crore houses are to be built. We have also approved a policy where for government tenders above INR 50 crore, domestically manufactured iron and steel products should be given preference. Raising demand is not that difficult for us. I have asked the industry to make marketing as a subject of research. I have been to Luxemburg where one of the offices had beautiful steel curtains. This is how one has to be innovative in marketing, I am sure consumption is not that a big issue.

Q - How can the local steel industry be made competitive?
A - Coking coal, the most important raw material is not available in our country. There should be replacement if want to be competitive. We have thought of two things. We will set up washeries as most coal taken out in India is supposed to be thermal coal. If it is washed, 20-25% can be convert into coking coal. We have huge stocks of fines, which in layman's language is sand. We want some pellet plants be put up and have asked PSUs to set up or award private companies. These two put together, we may not be able to replace imports, but saving 25-30% or INR 8,000-10,000 crore of forex.

Q - Imports from China have been a major worry. Is the government considering minimum import price (MIP) or duties?
A - MIP was imposed 15 months ago and it gave good results to us. After that anti dumping was also imposed on some of the products. In the last 3 months, MIP has been completely withdrawn. Earlier, some products were flooding our markets, now there are zero imports. Imports have gone down to 37%, while exports increased to 102%. Though I must admit it is a very small quantity, it is a feather in the steel industry's cap that it has become a net exporter of steel.

Q - When will ArcelorMittal's joint venture with Steel Authority of India materialize?
A - The deal with ArcelorMittal is finally going to be clinched. About 99% of the bottleneck has been resolved. I held two meetings and the secretary steel, sat with them for hours. SAIL has an autonomous board, they had some matters to resolve during negotiations. The last date was May 31 and now extension has been granted for three months. The format for the joint venture has to be vetted by legal experts. As soon as that is final, SAIL will be signing the joint venture. This is one achievement where a plant of 1.5-mt capacity will be put up and they will be producing all value addiction steel which would be useful for automobile industry. India is moving to a direction where in next 1-2 years it would be automotive hub. About 28% of car manufacturing will be done in our country. Mittal's JV will be of great help in this.

Q - Will there be subsidy support for specialized steel products?
A - Subsidy may not be of any help. We are taking steps where raw material can be made available at lesser cost. We are talking with railways to build slurry pipelines alongside railway tracks. We may save 67% of transport cost of any material. I have appointed a committee to see there should not be quick fluctuations in iron ore pricing. Gas for steel manufacturing was not in priority list earlier. We got in touch with ONGC and oil ministry and we have some understanding that gas for steel making be included in priority list. Gas will be cheaper and price pooling will be the next step.

Q - Where do you see the steel industry two years?

A - Steel industry contributes over 2% of GDP. It is in a better position. SAIL has made a cash profit for the first time. In the next few months, we would be the second largest steel producing country in the world, outdoing Japan. This is an example that things are moving in the correct direction.

Source : Economic Times

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voda 6 juni 2017 17:11

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Whyalla steel mill rescue a step closer - Report

The Australian reported that the embattled Whyalla steel mill and its associated Arrium steel and mining business are a step closer to rescue after two conditional bids were submitted by Korean and British backed buyers. A deal is now scheduled to be concluded before the end of this month, and Arrium administrator Mr Korda Mentha said that the lengthy process could finally be nearing an end. This would provide certainty for Whyalla, 380km north of Adelaide, and the steelmaker’s creditors, which include the country’s big four banks.

Mr Korda Mentha said that offers for the whole Arrium business, including steelworks, mines and distribution systems, have been received from the two short-listed bidders.

The bidders are an alliance made up of Liberty House Group and SIMEC, both controlled by the billionaire Anglo-Indian Gupta family, and Newlake, a private equity company managed by former Blackstone executives and backed by Korean steelmaker Posco.

Administrator Mark Mentha said that “The process from here will involve a thorough review and comparison of the offers in consultation with Morgan Stanley, our sale advisers.” He said that “This is a complex business and the offers have many conditions to be worked through (that) will require active dialogue with the bidders, government and key stakeholders.”

Source : The Australian

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voda 6 juni 2017 17:12

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British Steel looking to introduce electric arc furnaces

Scunthorpe Telegraph reported that Scunthorpe based British Steel business is looking at introducing electric arc furnaces to run alongside the traditional blast furnaces. As per report, executive chairman Mr Roland Junck revealed that “We are working on it. But it is not an easy option. The use of such furnaces recycling scrap metal could maximize the profits from making liquid steel.”

Earlier the company announced during the first of trading the cost of raw materials, coal and iron ore, used in traditional steel-making had soared by 44%.

The use of electric arc furnaces allows steel to be made from a 100% scrap metal feedstock. This greatly reduces the energy required to make steel when compared with primary steel-making from ores.

Another benefit is flexibility: while blast furnaces cannot vary their production by much and can remain in operation for years at a time, arcs can be rapidly started and stopped, allowing the steel mill to vary production according to demand.

As the arcs require large amounts of electrical power, many companies schedule their operations to take advantage of off peak electricity pricing.

Source : Scunthorpe Telegraph

Bijlage:

torro 6 juni 2017 17:13

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Credit Suisse ziet potentie in niet renderende Italiaanse staalfabriek.
(ABM FN-Dow Jones) De overname van de Italiaanse staalfabriek Ilva door een consortium onder leiding van ArcelorMittal is een goede deal voor de in Nederland genoteerde staalreus. Dit schreven analisten van Credit Suisse dinsdag.
De marktvorsers wezen erop dat het management zes jaar de tijd krijgt om de fabriek te vernieuwen, voordat de balans beïnvloedt wordt. Als ArcelorMittal en partner Marcegaglia erin slagen om de productie te verhogen, terwijl de winstgevendheid per ton staal op peil blijft, dan kan het zelfs een "zeer goede" acquisitie worden.
Dit is volgens de analisten ook precies waar ArcelorMittal goed in is, namelijk het opkopen van niet renderende staalfabrieken om dan vervolgens de boel goed op de schop te nemen en zorgen dat er wel weer winst wordt gemaakt. Onderdeel van de plannen voor Ilva is volgens Credit Suisse een fikse reorganisatie die het personeelsbestand in de komende jaren moet terugbrengen van ruim 14.000 naar minder dan 8.500.
ArcelorMittal bezit 85 procent van het consortium en Marcegaglia heeft de rest. De Italiaanse overheid heeft Ilva verkocht voor in totaal 1,8 miljard euro, maar daarbovenop zal het consortium ook 2,4 miljard in de fabriek investeren, onder meer om de fabriek milieuvriendelijker te maken.
Credit Suisse heeft een Outperform advies op ArcelorMittal met een koersdoel van 31,00 euro. Op een rood Damrak noteerde het aandeel dinsdag 2,1 procent lager op 18,39 euro.
Door: ABM Financial News.
info@abmfn.nl

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