Eurobench.com

voda 30 juni 2017 16:37

0

Nanoparticles improve the strength of metallic alloys

Phys.org reported that superalloys are the wonder materials of metallurgy. By fine-tuning their composition, scientists can increase mechanical strength and improve resistance to corrosion and high-temperature shape changes. A*STAR researchers have shown that adding nanoparticles can make these materials even stronger. Inconel 625 is a superalloy that is 55 to 70% nickel with added chromium, molybdenum, iron, niobium-tantalum, plus trace amounts of numerous other metals. Inconel 625 is used in industrial marine applications because of its high corrosion-fatigue strength, tensile strength and resistance to chloride-ion stress-corrosion cracking.

Guijun Bi and co-workers from A*STAR's Singapore Institute of Manufacturing Technology and Institute of Materials Research and Engineering have reinforced Inconel 625 using titanium diboride nanoparticles. The improved superalloy is fabricated by a sophisticated technique known as laser-aided additive manufacturing.

Additive manufacturing is a class of fabrication methods that can create full-scale components by building them up one layer at a time. 3-D printing is one well-known example, but for metals, high-power lasers are typically needed. One such method is laser-aided additive manufacturing, a novel additive manufacturing technology which can be utilized for 3-D printing, surface modification and repair. It works by applying a laser beam as heat source, with the additive materials melted and deposited on to the surface layer by layer.

Bi explaned that "We show that adding nanoparticles to the metal base material is an effective way to tailor the material with significantly improved physical, thermal and mechanical properties, as well as excellent performance in terms of wear and corrosion resistance.”

Bi and the team mixed and ground together an Inconel 625 alloy powder and a titanium diboride powder with particles approximately 58 nanometers in size. Their additive manufacturing system comprised a powder nozzle on a six-axis robot along with the output from a high-power fiber laser. In this way, they were able to create one-millimeter thick layers of their material on a carbon steel substrate, which they built up into a rectangular block of 120 × 70 × 10 millimeters.

Analysis of their sample indicated that the titanium diboride nanoparticles mainly aggregated at boundaries between crystalline grains of the Inconel 625. Thus, the titanium diboride acted to reinforce the grain boundary. Mechanical testing of the sample demonstrated a significantly increased material strength, relatively high micro-hardness and good abrasive resistance.

Bi said that "We hope to develop this approach and explore new composite materials reinforced with nanoparticles for additive manufacturing.”

Source : Phys.org

Bijlage:

voda 30 juni 2017 16:42

0

Nanoparticles improve the strength of metallic alloys

Phys.org reported that superalloys are the wonder materials of metallurgy. By fine-tuning their composition, scientists can increase mechanical strength and improve resistance to corrosion and high-temperature shape changes. A*STAR researchers have shown that adding nanoparticles can make these materials even stronger. Inconel 625 is a superalloy that is 55 to 70% nickel with added chromium, molybdenum, iron, niobium-tantalum, plus trace amounts of numerous other metals. Inconel 625 is used in industrial marine applications because of its high corrosion-fatigue strength, tensile strength and resistance to chloride-ion stress-corrosion cracking.

Guijun Bi and co-workers from A*STAR's Singapore Institute of Manufacturing Technology and Institute of Materials Research and Engineering have reinforced Inconel 625 using titanium diboride nanoparticles. The improved superalloy is fabricated by a sophisticated technique known as laser-aided additive manufacturing.

Additive manufacturing is a class of fabrication methods that can create full-scale components by building them up one layer at a time. 3-D printing is one well-known example, but for metals, high-power lasers are typically needed. One such method is laser-aided additive manufacturing, a novel additive manufacturing technology which can be utilized for 3-D printing, surface modification and repair. It works by applying a laser beam as heat source, with the additive materials melted and deposited on to the surface layer by layer.

Bi explaned that "We show that adding nanoparticles to the metal base material is an effective way to tailor the material with significantly improved physical, thermal and mechanical properties, as well as excellent performance in terms of wear and corrosion resistance.”

Bi and the team mixed and ground together an Inconel 625 alloy powder and a titanium diboride powder with particles approximately 58 nanometers in size. Their additive manufacturing system comprised a powder nozzle on a six-axis robot along with the output from a high-power fiber laser. In this way, they were able to create one-millimeter thick layers of their material on a carbon steel substrate, which they built up into a rectangular block of 120 × 70 × 10 millimeters.

Analysis of their sample indicated that the titanium diboride nanoparticles mainly aggregated at boundaries between crystalline grains of the Inconel 625. Thus, the titanium diboride acted to reinforce the grain boundary. Mechanical testing of the sample demonstrated a significantly increased material strength, relatively high micro-hardness and good abrasive resistance.

Bi said that "We hope to develop this approach and explore new composite materials reinforced with nanoparticles for additive manufacturing.”

Source : Phys.org

voda 30 juni 2017 16:43

0

Australian steel exports to US at risk on Section 232

The Australian reported that the Australian government is directly lobbying the Trump administration to protect Australia’s USD 130 million steel exports to the US amid fears of an imminent crackdown on foreign imported steel. Australia also exports around USD 62.5 million in aluminium to the US each year. Australia’s Trade Minister Mr Steve Ciobo has met with US Commerce Secretary Mr Wilbur Ross to plead Australia’s case for an exemption to a widely expected move by Donald Trump to restrict imported steel & aluminium into the US.

Mr Ciobo told The Australian that he met with Secretary Ross in Washington earlier this month to ensure that Australia’s concerns were being given appropriate consideration”. He said “It was an opportunity for me to advocate on behalf of Australian interests and to defend our national interests by engaging with the Trump administration.”

He added “We are an open economy, we don’t manipulate the steel market and North America has much to gain from the continued access to Australian steel. It is less than 1% market share in the North American market.”

Melbourne based company BlueScope Steel is the sole exporter of Australian steel to the US with exports worth around USD 130 million each year.

Source : The Australian

voda 30 juni 2017 16:45

0

Gerdau SA likely to benefit from Trump administration’s policies

Bloomberg quoted Gerdau CEO Mr Andre Gerdau Johannpeter as saying that Gerdau SA is well positioned to increase output at its North America plants if the Trump administration’s policies drive US demand growth. The CEO applauded President Donald Trump’s efforts to crack down on unfair trade, describing a so-called 232 probe into national-security risks posed by steel imports as “a very good initiative.”

He said he’s still optimistic that Trump will be able to push through infrastructure plans, even if it takes longer than first thought, and is confident Gerdau can handle any increased demand.

Mr Gerdau Johannpeter said in a Bloomberg Television interview that “Today we’re running at around 65 to 70% capacity utilization so we have a lot of room to supply the market. So it’s not a concern.”

Trump first started touting rebuilding US infrastructure when he was on the campaign trail, saying he would put a USD 1 trillion package in motion. Earlier this month, the president promoted a plan to use USD 200 billion in federal funds to leverage investment in infrastructure that would then spur at least $800 billion in spending by states, municipalities and private entities.

If infrastructure spending gets the necessary legislative approval to move forward, Mr Gerdau Johannpeter said there "would be a big jump in demand." Raw-material producers in the US have seen their share prices benefit on such prospects.

While Gerdau is based in Porto Alegre, Brazil, it gets about half of its revenue from operations in North America, according to data compiled by Bloomberg. With Brazilian demand weakened by recession and an ongoing political crisis, the company is exporting more from Brazil. It expects improvements in North America this year and “sideways” Brazilian demand.

Source : Bloomberg

Bijlage:

voda 30 juni 2017 17:01

0

Chinese expressway now starting work - Report

World Highways reported that construction work on a new expressway project in China is now starting. The new route will run from Lantianxiang in Huizhou City to Xinliangwu in Wengyuan County. The work is being carried out from Wengyuan and will gear up in due course. Completion of the project has been set for 2020 and it is expected to cost some USD 1.84 billion.

However, the expressway will feature three lanes in either direction along its 83km length, featuring a speed limit of 100km/h. Once the new route is complete it is expected to reduce journey time between Xinfeng County and Shaoguan City from three hours at present to two hours.

Source : World Highways

Bijlage:

voda 30 juni 2017 21:38

0

U.S. steelmakers eyed after report of potential 20% import tariffs

Jun. 30, 2017 9:08 AM ET|By: Carl Surran, SA News Editor
U.S. steelmakers are on watch today after Axios reports Pres. Trump and a few top advisers are "hell-bent" on imposing tariffs on steel imports of as much as 20%, despite opposition from nearly the entire Trump Cabinet.

Penalties eventually could be extended to other imports, including aluminum, semiconductors, paper and household appliances, according to the report.

Trump reportedly was warned that an affected industry such as automakers likely would seek a court injunction within hours of any tariffs on steel.

However, WSJ reports Trump is set to miss a self-imposed Friday deadline for concluding a major report on of the national security implications of steel imports amid complaints from lawmakers and businesses.

www.axios.com/exclusive-trump-plots-t...

voda 3 juli 2017 16:34

0

JSW Steel creates USD 1 billion war chest to buy stressed asset

Business Line reported that JSW Steel has created a war chest of USD 1 billion to acquire stressed asset in the steel sector. Mr Sajjan Jindal CMD of JSW Steel said that “We will look at all those assets which are stressed from an opportunity point of view and as long as they are value-accretive to shareholders.”

Mr Jindal said the company today received shareholders’ approval for an enabling resolution to raise USD 1 billion in foreign currency convertible bonds or through ADR/GDR.

He said that “I don’t want to name any company as of now, but whichever asset is value-accretive to us, whichever assets we feel as good, we will evaluate them, adding there are many takers for these stressed assets.”

On the foreign currency fund raising, he said that “Since there are a lot of stressed assets and the global steel industry is also in bad shape, we feel that there could be opportunities at any given time, where we will not get much time to act. Therefore, we always make it to have an enabling resolution to have a war chest ready so that as and when we spot an asset we can snap them up.”

Source : Business Line

Bijlage:

voda 3 juli 2017 16:37

0

JSW Steel to increase capacity to 23million tonnes by 2020

DNA India reported that JSW Steel plans to spend INR 26,800 crore to take its capacity to 23 million tonne per annum by March 2020. Mr Sajjan Jindal chairman of JSW Steel said that "We have already outlined a capex program of INR 26,800 crore to expand overall steelmaking capacity to 23 million tonne per annum by Mar 2020 and increase our downstream flat steel capacity to 7 million tonne per annum by September 2019, along with a few other strategic projects.”

Mr Jindal said that these key projects will be set up at a very competitive capital cost and will improve the company's return ratios further. He said that "We are also working to operationalise all the five iron ore mines which we won in Karnataka in October 2016. We aim, with these mines, to meet approximately 20 per cent of the total iron ore requirement at Vijayanagar.”

The company is also striving to commence mining at the Moitra coking coal mine which it bagged in auction in Jharkhand at the earliest, he said, adding the company will continue to bid for more mines, both iron ore and coal.

Mr Jindal said the steel giant is also working towards operationalizing its US coal mines in the current year. He said that "Moreover, with better prospects for infrastructure spending in the US, and hence demand for key end markets for plates and pipes, we expect a turnaround at our US Plate & Pipe Mill facility in the current year.”

The JSW chief said the company is investing in people and sustainable practices to remain among the world's best run steel companies.

He said that Besides, to make the firm "future proof, we have recently embarked on a digitalisation journey, to do a full digital makeover plan and improve efficiency in the manufacturing processes and reduce costs.”

Source : DNA India

voda 3 juli 2017 16:40

0

US steel Section 232 tariff plan criticized at WTO

Reuters reported that US President Donald Trump's plan to restrict imports of steel and aluminium for national security reasons came under fire at the World Trade Organization on Friday, with China, the European Union, Brazil, Australia, Taiwan and Russia raising concerns. China and the EU both told the WTO's Goods Council that the "section 232" tariffs could not be justified on national security grounds, said a trade official who attended Friday's meeting, while others were concerned about a potential risk to the world trading system itself.

EU's representative at the meeting said the bloc might bear the brunt of US tariffs because Chinese exports are already largely subject to US restrictions and Canada and Mexico are likely to be exempt. The EU would be firm in taking all necessary actions if its exports are restricted, the official said, adding that a proliferation of such tariffs would cause unacceptable systemic risks a concern echoed by other countries at the meeting.

The trade diplomat from Russia, which called the debate on the issue, asked for details such as the timeframe and scope of potential tariffs, and also questioned the commercial justification for further US limitations on imports of steel and aluminium.

Australia warned that the United States could face retaliation, while Japan's representative said that Japan had an interest and was following the US government's actions closely.

The US diplomat at the meeting responded by saying that if US Commerce Secretary Wilbur Ross found steel or aluminium was being imported "in such quantities or in such circumstances as to threaten to impair national security", he would recommend actions to be taken to "adjust the imports of steel and aluminium."

Source : Reuters

voda 3 juli 2017 16:43

0

SBI and Standard Chartered differ on choice of IRP for Essar Steel - Report

Economic Times reported that Essar Steel insolvency proceedings could turn into a test case for India's bankruptcy framework with lenders differing on the choice of the so called interim resolution professional, the entity that will oversee the exercise, according to two people with knowledge of the matter. One of these is an unsecured lender and has apparently broken with the other banks and opted to pursue its case separately.

State Bank of India, the lead bank in the consortium of lenders, will file insolvency resolution proceedings against Essar Steel in Ahmedabad's National Company Law Tribunal bench. Standard Chartered Bank, the unsecured lender, did so a few days ago, at the same bench.

Essar Steel, which owes banks INR 44,000 crore is among the 12 companies identified by the Reserve Bank of India for speedy debt resolution through the Insolvency and Bankruptcy Code. The two banks with differing claims over the assets of the company are testing the waters on how NCLT reacts in such instances, said the people cited above.

A banker said that "Last week, SBI received a mandate from 89% of creditors to refer Essar Steel, so we plan to go ahead with it. We are surprised that Standard Chartered Bank as an unsecured creditor has approached NCLT and not kept other lenders in the loop."

Standard Chartered did not respond to an email seeking its views. SBI executives declined to comment. SBI has hired Alvarez & Marsal as its interim resolution professional (IRP) while Standard Chartered's choice is consulting firm EY, according to its filing with the bankruptcy court.

One executive suggested that Standard Chartered may have been prompted to pursue its own case because it's an unsecured lender. The Banker said that "There is some conflict brewing between secured lenders led by SBI and other lenders, which is now apparent from the (way) banks are looking at resolving stressed assets. Secured lenders say that Standard Chartered Bank is an unsecured lender and would be entitled to receive its dues only if something is left after all secured creditors' dues are paid."

Once a company is admitted by NCLT, its board is dissolved and a committee of creditors formed to take over its management. They will decide whether to continue with the IRP or finalize a new one.
Source : Economic TimesSBI and Standard Chartered differ on choice of IRP for Essar Steel - Report

Source : Economic Times

voda 3 juli 2017 16:43

0

Ahmsa chairman defends Nafta as success for steel

Bnameircas reported that steelmaker Altos Hornos de México's chairman Mr Alonso Ancira defended the Nafta free trade agreement as a success for the steel sector. Mr Ancira told an event in New York that the three Nafta members, Mexico, the US and Canada, have all seen significant growth in steel trade during the 23 years since the agreement was implemented.

His comments come as the US advances plans to renegotiate Nafta as part of a shake-up of its foreign trade policy. US President Donald Trump had previously threatened to scrap the agreement altogether.

Mr Ancira said that instead changes to Nafta, the member countries should seek closer cooperation in the face of global steel dumping.

Mr Ancira was quoted as saying in an Ahmsa release that was published on Twitter that "The success of Nafta obliges Mexico, Canada and the US to work together to tackle the impact of dumping in the steel sector, which is fundamental for the development of the three countries.”

Dumping is a key threat to steelmakers across Latin America, with China seen as a major culprit.

Mexico has introduced a string of antidumping duties on steel imports in recent years, as well as a 15% tariff on more than 90 steel products.

Hinting at a potentially negative impact on US steelmakers from scrapping or watering down Nafta, Ancira said the US exports 1 million tonne per year more steel to Mexico than it imports, while the Mexican automotive and energy sectors are important niches of growing steel demand.

US steel exports to Mexico and Canada have nearly tripled under Nafta, Thomas Gibson, CEO of the American Iron and Steel Institute, told politicians earlier this week at a hearing of the US Trade Representative on the modernization of Nafta.

Source : Bnamericas

voda 3 juli 2017 16:44

0

JSW Steel looking at acquisition targets in US

Live Mint reported that JSW Steel Ltd is looking at acquisition targets in the US to expand its presence in a sector that’s been boosted by President Donald Trump’s pledge to rebuild infrastructure and focus on local manufacturing. Mr Sajjan Jindal CMD of JSW Steel told reporters in Mumbai that “Our own steel mill there is doing well under the Trump administration. We are looking at a few opportunities in the US and the company also plans to start its US coal mines in the current year.”

JSW Steel has said that it is also scouting for downstream assets in Europe as part of a long-term strategy to be closer to its overseas markets. A JSW Steel led consortium had bid for Italy’s Ilva steel operations but lost out to Am Investco Italy, an ArcelorMittal-led group.

Source : Live Mint

gpjf 3 juli 2017 16:44

0

Veel geschreeuw en weinig wol !

voda 3 juli 2017 16:45

0

Indian unorganized steel players may face problem in new tax regime - Mr Pahuja of ISSDA

Financial Express reported that as GST rolled out in India, the unorganised sector will have to go through a learning cycle to adapt the new tax structure. This will be more IT- enabled. The number of IT enabled stakeholders in the unorganised sector is not significant. Mr K K Pahuja president of ISSDA told PTI “They will have to get tech-compliant. People evading taxes would not be able to survive any longer.”

Big companies are already under the tax net and are technology driven so they will get into the system fast. Mr Pahuja said that “For unorganised sector, the rest of the year will be a learning year… like during post-demonetisation phase, I am anticipating, as any problem will come and government will give some relaxation… And for the first three to six months, unorganised sector be it from steel or textile, they may face problem in the new system but as the time will pass, they will learn and adapt the new rules.”

He said that the unorganised section of the steel sector may face some problem in the initial days after the GST rollout, an industry body said. The GST, which will subsume over a dozen taxes, including excise, service tax, VAT and other local levies, takes effect from midnight tonight. The unorganised section in the steel industry may face a little pain post GST rollout as all of them do not make use of technology.

Mr Pahuja said that “Organized players do their preparations. They put manpower, resources, hire consultants and Charted Accounts (CAs). But unorganized sector lacks that….the confusion will remain for some time… but yes they will learn with time.”

Source : Financial Express

voda 3 juli 2017 16:53

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Ms Lopez’s open pit mining ban has no legal basis - MGB

THE legal division of the Mines and Geosciences Bureau said that a review of open pit mining ban issued by former Secretary Regina Paz L Lopez has concluded that her order has no legal basis. MGB’s Legal Service Division Officer-in-charge Larry M Heradez told reporters on the sidelines of the forum on responsible mining Thursday in Quezon City said that “If you read the DAO (department of administrative order), the only premises for banning open pit are to safeguard the environment, the common good, things like that, which are already enshrined in the Constitution, while describing the controversial order as having no legal basis.”

He said “The geological characteristics of the Philippines are such that we expect to find mineral deposits through surface mining. We can mine on the surface and make it technically and financially feasible. It’s not a matter of economics. It’s technical.”

Administrative Order No 2017-20 issued and signed by Ms Lopez on April 27,2017, requires all open pit metal mines that have not become operational but with an approved Declaration of Mining Project Feasibility to review their proposed mining methods and submit their findings by October. The order did not say what is to be done with the results, nor did it list sanctions on miners that fail to comply.

The Philippines has an estimated USD 1 trillion worth of untapped mineral reserves. Data from the MGB show that, as of June 2016, 2.70% or 0.811 million hectares of the Philippines’ total land area is covered by mining tenements.

Other than the open pit stoppage, Mr. Heradez said the MGB is reviewing all of Ms Lopez’s directives. The legal division chief said that “The goal is to determine if the directives were proper, appropriate, and relevant. After the review, the new secretary can revise, amend, or supersede [the orders].”

He added that “Secretary (Roy A.) Cimatu, right from the start, ordered the review of policies. They have been reviewed at the staff level by Undersecretary (Mario Luis J.) Jacinto... We have the result of our review and are ready to produce it anytime, if ordered.”

Source : BWorld Online

Bijlage:

voda 3 juli 2017 16:53

0

Mining Scam - SIT inspects two illegal iron ore dumps

Times Of India reported that Special investigation team investigating into the INR 35,000 crore illegal mining scam in the state, and officials of the directorate of mines and geology, on Friday, conducted an inspection of two dump sites, one at Paicul at Valpoi and the other at Sacorde at Dharbandora, to verify whether the iron ore dumps have been illegally handled. A senior SIT officer said that prima facie it appeared that the illegal dumps at both sites have been handled.

The inspection was conducted following the arrest of Kancha Gaunder, a trader, on Friday, in the illegal mining case. The senior SIT officer said that during interrogation Gaunder said that he lifted iron ore from the Paicul and Sacorde dump sites.

The SIT senior officer also said that Gaunder illegally extracted and transported ore causing huge loss to the state exchequer. Examination of his bank account revealed that he received crores of rupees through RTGS fund transfer from mining-related firms and individuals.

SIT investigation has revealed that Gaunder, in connivance with others, including an influential politician, illegally excavated iron ore at Paicul.

Source : Times Of india

Bijlage:

voda 3 juli 2017 16:55

0

JSW Steel captive iron ore mines in Karnataka to meet 20% requirement of Vijaynagar plant

PTI reported that JSW Steel has won five iron ore mines in Karnataka with an estimated reserve of 111 million tonnes. The steel major has also secured Moitra coking coal mine through an auction in Jharkhand. The mine has total extractable coal reserve of around 30 million tonne.

JSW Steel said in its Annual Report 2016-17 “The company has won five mines in the auctions of C-category iron ore mines in Karnataka. Two mines (0.71metric tonnes per annum capacity) will be operational by first half of 2017-18 and the remaining three will be operational by the end of the fiscal. All five mines are expected to produce approximately 4.7 million tonnes iron ore.”

It is in the process of seeking all statutory clearances for commencement of mining operations. The company believes this will enhance its raw material security.

JSW Steel CMD Mr Sajjan Jindal said “The government has put in place a transparent mechanism for allocation of mineral resources through auction. We participated in auctions of iron ore mines in Karnataka and won five mines in October 2016, which have estimated reserves of 111 million tonnes that meets approximately 20% of the total requirement at Vijayanagar.”

The company is also striving to commence mining at the earliest, while continuing to bid for more iron ore and coal mines, he said.

It continues to focus on backward integration by investing in its resource base to secure critical raw materials, the statement said.

Source : PTI

voda 3 juli 2017 16:56

0

Scrap metal exports balloon as China cracks down on shoddy steelmakers

Caixin Global reported that China’s scrap metal exports have soared in recent months, spurred by an impending deadline to wipe out cheap furnaces that recycle the metal into subpar building supplies. According to figures published by the national customs administration, an unprecedented 15,000 tonnes of scrap metal exports in the single month of April surpassed ten-fold those of an entire previous average year. The number for May then grew five-fold from April, to a staggering 80,000 tonnes.

The boom in exports comes as China’s domestic capacity for processing scrap metal which comes either as a manufacturing byproduct or from end-of-life steel products and structures declined because of a nationwide campaign to close substandard steel mills. The deadline for stamping out these low-grade steel manufacturers has been set for June 30 though gauging its success will be difficult, due to the number of factories operating in the shadows.

China has tried to curb the outflow of scrap metal which can be melted and recycled into other products, consuming a fraction of the energy with a 40% export tax. But that tax has proved powerless in blocking the glut of metal.

Most of China’s scrap steel finds a market in Taiwan, Indonesia or India.

A drive to dismantle the smaller workshop-size furnaces producing shoddy steel most of which becomes construction material with poor weight-bearing capacity has been on the nation’s agenda since 2002, when regulators first assessed the hazards in an industry in which quality controls were nearly absent.

The unlicensed producers have been named “Ditiaogang,” or “strip steel,” after the long molds employed in the cooling process.

But the industry crackdown began in earnest late last year, with the nation’s top decision-making body pledging to eliminate inferior and polluting furnaces as part of a campaign to trim overcapacity.

Substandard steel mills operate stealthily and are not included in China’s steel-capacity measurement of 1.13 billion tons, as there is no official data about their production numbers or capacities.

A total of 93 million tonnes of scrap metal was produced in China in 2016, according to figures from the China Association of Metal Scrap Utilization, an industry group. But a analysis by Caixin shows that the actual figure is closer to 160 to 170 million tonnes and that 30-40% is processed by “ditiaogang” firms.

But the excess capacity in the unsustainable and shady scrap metal industry is likely to be temporary. Earlier this year, the Ministry of Information and Industry published a set of market-access guidelines for the scrap metal recycling industry, and since 2013 has been tentatively selecting qualified furnaces that meet the requirements.

Source : Caixin Global

Bijlage:

voda 3 juli 2017 16:58

0

ArcelorMittal and SAIL agree to mediator's proposal

Reuters reported that ArcelorMittal and Steel Authority of India Ltd have agreed to a proposal to export a fifth of the auto-grade steel they aim to make under a planned USD 913 million joint venture. The proposal is one of several made by Indian government think-tank NITI Aayog, which is mediating talks on commercial terms for the delayed venture that will give ArcelorMittal a foothold in the world's fastest growing steel market.

The document, dated May 26, offered a "status report" on talks aimed at resolving a list of outstanding issues.

It was not immediately clear when a final deal would be reached. A preliminary agreement to set up the venture was signed in May 2015.

The proposal to export a fifth of the auto-grade steel made by the venture was listed as agreed by both parties in the document. A few proposals were listed as "under discussion".

Among the proposals that were also agreed were that ArcelorMittal waive a fee for the venture to use its brand and its research and technology, that any losses caused by delays in setting up the partnership would be borne by the venture and that the USD 913 million cost to establish the venture could rise.

NITI Aayog, chaired by Prime Minister Narendra Modi, has also proposed that the two companies should be offered an exit clause after more than 10 years, but a firm choosing to leave should give the other the first right of refusal.

Source : Reuters

voda 3 juli 2017 17:00

0

Aligning with GST among top priorities - JSW Steel

Press Trust of India reported that JSW Steel adoption of Goods and Services Tax rules in the systems and processes across locations of the company will be among its top priorities in this ongoing fiscal. JSW Steel in its Annual Report for FY 2016-17 has listed adoption of GST rules in the company's business systems and processes across all locations. Introduction of advanced analytics along with mobility first for workflows and implementation of MES system for Salem in 'Priorities for FY 2017-18' section of the report.

On the country's performance on macro-economic front, the JSW report said India's economic growth will bounce back and hit 7.2% this fiscal on account of various policy initiatives taken by the government.

It said that "Single national market will improve the efficiency of goods movement between states. Tax compliance and governance are expected to improve.”

It added that "GST is also seen as a tool to drive India's GDP growth rate to 8 per cent and above. The growth momentum should rise, driven by the government's policy initiatives in areas such as taxation, foreign direct investment and the ease of doing business, among others.”

Source : Press Trust Of India

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