Eurobench.com

voda 27 april 2014 15:44

0

Domestic demand in EU supportive to growth - EUROFER

A key element in EUROFER’s base case scenario of a more balanced and sustainable recovery in the EU over the current forecasting period is domestic demand returning to growth following two years of contraction.

As mentioned before, encouraging signs could be observed already in the final quarter of last year as particularly gross fixed capital formation registered a 1.4% rise YoY and a fairly similar increase compared with the preceding quarter. It is expected that investment will gain further momentum this year and next, resulting in a growth of 2.8% in 2014 and more than 3% in 2015.

The private sector in Europe has gone through a prolonged downturn, which resulted in companies being stuck in survival mode, focusing on cost reductions and efficiency improvements. As a consequence, most investment plans have been scaled down or postponed. With improving sentiment indicators showing that this mood of negativism is slowly fading, the propensity to invest is seen improving again and will most likely result in pent up demand being unleashed.

Moreover, access to finance which has been a major drag on investment in the past years appears to be easing. The latest ECB Bank Lending Survey shows that credit standards have become somewhat looser off lately, whereas credit demand has started to improve.

Nevertheless, access to finance remains a hurdle for small and medium-sized enterprises in the EU. The ECB’s banking sector stress test and the recent agreement on the creation of a single agency to deal with failing Eurozone banks should further strengthen confidence in the EU financial sector and should be supportive to credit growth.

Domestic demand will also be supported by moderate growth in private consumption and government expenditure. As the anticipated improvement in the economic outlook is increasingly being confirmed by hard data, uncertainty at the private consumer level is also receding gradually.

Consumer confidence in the EU is now very close to the levels registered at the start of 2007. Also low inflation will be supportive to private consumption growth via its positive effect on real disposable household income. Lastly, the labour market appears to be stabilizing.

According to Eurostat employment in the Eurozone and in the EU as a whole grew 0.1% in the final quarter of 2013. Temporary hiring activity appears to be rising as well. While unemployment is still high stable at 11.9% in the Eurozone and 10.6% in the EU in February 2014 rising employment should consolidate the stabilization in the unemployment rate in 2014 and lead to a modest reduction in 2015. On balance, private consumption in the EU is seen rising almost 1% in 2014 and by around 1.5% in 2015.

Government consumption is foreseen to increase only very marginally over the current forecasting period. Thanks to reforms, fiscal consolidation and austerity programmes public finances have improved across member states, also in the more vulnerable countries in the Eurozone periphery.

Almost all EU economies returning to growth in 2014 and strengthening further in 2015 will have a positive impact on current accounts; although in most member states government budgets will be tightened further, the tightening stance will be less severe than in the past years and as a consequence act less as a drag on growth.

Source - Strategic Research Institute

voda 27 april 2014 15:45

0

Prosecutor in Thyssen case will ask for higher sentences

AGI reported that Mr Raffaele Guariniello Turin's public prosecutor for the ThyssenKrupp plant fire case commented on the Court of Cassation's decision to return part of the case to the Court of Appeal with instructions to redefine the managers jail sentences for manslaughter by gross negligence.

Mr Guariniello said that "The Court of Cassation's decision doesn't mean the sentences have to be reduced. We will ask for higher sentences. The fact that the crime was considered wilful inobservance of safety measures, but separate from the crime of disaster implies that higher sentences can be requested."

Source - AGI

voda 27 april 2014 15:46

0

Two danger signals for electric steelmakers - Fudenko Chairman

Two danger signals have arisen in the demand environment at home for what Japan's electric steelmakers put out as building materials.

Mr Katsutoshi Kurikawa chairman of the Non Integrated Steel Producers' Association (Fudenko) concurrently President of Godo Steel Ltd said that the two danger signals as separate year-on-year decreases in the floor area of steel frame structures and in that of ferroconcrete structures when he mentioned statistics on new construction starts in February this year.

He made his comments at the regular press conference he held April 14 after he held talks with Fudenko vice chairmen and its board of directors met. Fudenko is a major organization of domestic electric steelmakers in the ordinary steel sector.

The following is a summary of what he said at the press conference;\
1. The total values of public works orders have held steady so far. In November 2013 to January 2014, they increased by 9% from what they were in November 2012 to January 2013. Tohoku, Kanto and Chubu showed favorable figures in particular among various areas.

2. As to new construction starts in February, the total floor area decreased by 2% from the same month of a year ago, a YoY decrease for the first time since August 2012. In terms of structures, the floor area of steel frame structures and that of ferroconcrete structures fell by 2% and by 8% respectively from the same month of a year ago.

3. Construction of commercial and service facilities indicated a year-on-year fall of 16% in the breakdown by purpose of the total floor area of new construction starts in February. In this connection, last minute demand for construction of steel frame structures before an increase in the consumption tax rate is believed to have run its course. Until recently, construction of stores such as suburban home improvement centers served as the driving force behind growth in construction of steel frame structures.

4. Concerning ferroconcrete structures, the total number of new construction starts for condominiums indicated YoY decline of 33% in February, affected by an increase in the consumption tax rate. Condominiums represent the main sector of construction demand for ferroconcrete structures.

5. Domestic small bar production totaled 741,000 tonnes in February when the nationwide inventory ratios of small bars averaged 94.9%. At present, the small bar market is under a temporary lull because work is slowing down in construction sites as a whole because trucks and artisans are in short supply.

6. Domestic rebar shipments are estimated to have totaled around 8,700,000 tonnes in fiscal 2013. As a result, it is understood that they turned out similar to what they were in fiscal 2008. Domestic demand for rebars is forecast to change little at best for a medium term. Therefore, this year will become a good year for various electric steelmakers if they execute strict rebar production to meet actual demand.

Source - The TEX Report

voda 27 april 2014 15:47

0

ArcelorMittal awards Grand Prix supplier of the year 2013

ArcelorMittal has been named Amica's Grand Prix supplier of the year 2013 in the customer service, stability of commercial conditions and general business relations category. Amica, Poland’s largest manufacturer of cookers and hobs and one of the biggest domestic appliances producers announced the award at a supplier’s day on 3 April in Poznan Poland.

ArcelorMittal received the award for their long term relationship with Amica. ArcelorMittal Eisenhüttenstadt, ArcelorMittal Europe Flat Products and ArcelorMittal Automotive Processing service centres directly supply Amica. Continuous communication and a strong working relationship between the Amica and ArcelorMittal teams have led to this result.

Mr Arkadius Luczak ArcelorMittal’s key account manager for Amica said that “We have been supplying Amica since 1991. We always try to find solutions for our partners, even during difficult times such as the global economic crisis. Being flexible and having a smooth supply chain are key to being successful. And this is the foundation of our partnership with Amica. This award is recognition of our efforts and close collaboration between the mills, our technical and commercial teams.”

Mr Marek Grabarz country head Poland, ArcelorMittal Europe Flat Products said that "After receiving a similar award from the Rettig Group, we can conclude that our commercial policy delivers the required results. We are proud of this achievement and it proves that we are on the right track.”

Source - Strategic Research Institute

voda 28 april 2014 16:48

0

Essar Steel to increase share of exports and value added sales

Business Standard reported that Essar Steel plans to increase the share of revenue from exports to up to 30%.

It also aims to target niche markets that require value added products, which come at a premium price to standard products.

Mr Dilip Oommen CEO and MD of Essar said that “Our value added products such as colour coated steel and galvanised steel will help us generate higher revenue this year. We aim to be profitable by the end of this financial year.”

Mr Oommen said that “The slurry pipeline has now been fixed and we have no issues there. We are using a combination of security and corporate social responsibility initiatives to maintain a peaceful working environment in the region.”

Source – Business Standard

voda 28 april 2014 16:53

0

EU's reliance on exports remains high - EUROFER

Although domestic demand will become a more important growth driver than in the recent past, the EU economy will continue to depend on exports as well.

As far as global economic prospects are concerned, this year and next are expected to see a stronger contribution to growth from the advanced economies rather than growth being primarily driven by the emerging regions as was generally speaking the case in the recent past.

Especially for the US the outlook is positive. Economic growth looks set to accelerate through the remainder of the year following a somewhat disappointing start of the year owing to economic activity having been disrupted by bad weather. Confidence in the corporate sector and at the private consumer level is high. Also other leading indicators suggest that the world’s largest economy will strengthen in the months ahead. Japan’s economic fundamentals are looking rather solid, fuelled by domestic demand and a steady performance of the export sector.

In contrast, prospects for the emerging world have become more uncertain lately. GDP growth is generally slowing in the BRICs but still quite dynamic in other regions such as Southeast Asia. The political and financial-economic framework is showing signs of volatility in several countries, while at the same time the combination of high inflation and high interest rates hampers investment. This has led to a deteriorating risk profile of several emerging economies and significant capital outflows as investors repatriate funds to the developed world. This resulted in some cases in a currency crunch.

All in all, the advanced economies look set to be leading the global recovery in 2014, with positive effects on international trade. This will generate positive spin off effects on the emerging regions and should help stabilizing economic conditions.

Source – Strategic Research Institute

voda 28 april 2014 16:54

0

Euros strength reason for concern - EUROFER

The Euro remained remarkably stable so far this year, showing only limited volatility within a fairly narrow bandwidth vis a vis the US dollar and other foreign currencies.

The fluctuations registered in the Euro exchange rate were mainly related to monetary policy trends in both the Eurozone and other economies such as the US and Japan in combination with the corresponding effect on investors’ speculative positions in foreign currencies. Early April the Euro stood at almost USD 1.39.

The Euro’s current strength appears to be in contradiction with underlying economic fundamentals in the Eurozone which are bleaker than for the US and the monetary stance in the Eurozone compared with policies in the US and Japan.

However, the Euro’s strength is also reflecting a more positive investor sentiment towards the single currency as investors’ concerns have become more focused on the risks and uncertainties in several emerging economies, in particular Brazil, India, Indonesia, Turkey and South Africa whereas concerns about the Eurozone have faded.

Demand for government bonds from peripheral Eurozone member states is on an uptrend. Moreover, the Crimea conflict is also prompting investors to repatriate funds from Russia and Eastern Europe and increase investment in Eurozone economies instead.

This implies that while the Euro may appear to be too strong against the underlying economic and monetary framework, its strength could continue as long as it is playing a safe haven role.

The ECB is clearly paying close attention to the Euro’s continued strength and the low level of inflation, since it has raised concerns on the Eurozone getting stuck in a longer term deflationary scenario. Eurostat’s flash estimate for March 2014 annual inflation shows that Eurozone inflation is down to 0.5% well below the ECB’s inflation target of 2%.

Nevertheless, the ECB decided in April to keep its key interest rates unchanged, citing that current economic developments have remained in line with ECB’s assessments. The ECB also stated that core inflation rates were relatively stable in recent months in most countries while the current very low inflation rate is seen as being temporary and caused by special factors.

Meanwhile, the ECB will remain committed to a high degree of monetary accommodation. The scope for other, unconventional monetary intervention such as a bond buying programme similar to the quantitative easing done by the Fed, the BoJ and the BoE appears to have widened recently.

Source – Strategic Research Institute

voda 28 april 2014 16:56

0

Unions fighting to save 100 jobs at TATA Steel Scunthorpe

UNIONS are fighting to save the jobs of 107 workers on Scunthorpe's TATA Steel works. The employees have been told their jobs are at risk as company chiefs strive to make savings estimated at GBP 20 million a year.

But union negotiators are confident none of the town's steelworkers will be forced to accept compulsory redundancy. Restructuring of the business and potential vacancies created by redundancy volunteers have led to more than 250 job cross matching opportunities on the 2,000 acre site. All 107 workers whose jobs are at risk will be offered alternative employment within the next 14 days.

Mr Sean Scorer chairman of the Scunthorpe works multi union committee said that "We remain 100% committed to delivering the required cost saving requirements while refusing the need for hard redundancies."

It is now six months since it was announced 340 jobs in the town were to be axed. Company bosses have insisted there was no rush to enforce the redundancies and it could take another six months before the issue is finally settled. Initially around 500 Scunthorpe steelworkers volunteered to leave and some have already quit.

Mr Scorer said that "In the past four months a number of employees have already left the business. These leavers have all been volunteers or have left to seek alternative employment. The cross matching process is now well under way. We can now move forward in cross matching employees into suitable roles.”

He said that "Ongoing support is being offered by Communitas, the specialised learning section of the Community trade union, to help with CV writing and interview skills. There will also be additional support on issues like financial planning and self employment as we better understand individual's situations and concerns.”

A TATA Steel spokesman said that "The company has worked closely with employees and their trade union representatives and will continue to do so as the process moves forward. The company, along with Communitas, is supporting all those who have chosen to leave or are doing so voluntarily in the coming months. It would be wrong to comment further as this is a process which is still ongoing and TATA Steel is committed to allowing this process to take as long as it takes."

Source – Scunthorpetelegraph

voda 28 april 2014 16:57

0

US auto sales to rise 8.5pct in April 2014

Industry research firms JD Power and LMC Automotive said that US auto sales will rise 8.5% in April from a year ago as spring weather entices consumers to look at new products.

The annualized sales rate for April was forecast at 16.1 million vehicles, the firms said, with total sales at 1.395 million vehicles.

Edmunds.com, another research firm, said on Thursday that April auto sales would rise 9.1%t to 1.4 million vehicles, for an annualized selling rate of 16.2 million vehicles.

Edmunds said April sales for General Motors Co and Ford Motor Co would each show a rise of about 5% while three automakers would have double-digit gains: Nissan Motor Co at 18%, Toyota Motor Corp at 14%, and Chrysler Group, a unit of Fiat Chrysler Automobiles, at 12%.

Mr Jeff Schuster, senior vice president of forecasting at LMC Automotive said that "Auto sales are hitting their stride as the spring selling season begins, and the pace has returned to the level expected at this stage of the recovery. Fueling the growth further as the year progresses is a very robust level of new-model activity, with 63 new or redesigned models expected to hit showrooms, a 60% increase from last year."

However, March US auto sales finished at an annualized selling rate of 16.4 million vehicles, and last April's annualized selling rate was 15.2 million vehicles.

Source – Reuters

voda 29 april 2014 15:42

0

Indian steel prices in for windfall gain on input shortage

The splendid run in long and flat steel might be escalating in the coming days. Going by the direction and mood of Supreme Court in recently it seems iron ore production will be curtailed severely after scrapping of all deemed lease after 2007.

Judgment on Goa mining heralding peril today’s observation on Orissa mining inched closer to disaster. SC firmly indicated at Goa-style ban on all mining in Odisha for three months till the state government sorted out all mining illegalities and granted fresh leases.

Suspense remained with the court reserving its order. Of the 56 operating leases in Odisha, 26 fall under second and subsequent renewal. This include six of Tata Steel's iron and manganese leases and three of SAIL's, leases held by Roongta's mines. Aditya Birla group's Essel Mining, a mine owned by KJS Ahluwalia and two mines owned by state-owned PSU Orissa Mining Corporation.

In Goa the permission to mine 20 million tonne will be ineffectual as except for Vedanta-Sterlite most of the other miners will suffer the axe.

If this were to come out true Indian steel mills will be starved of iron ore and sponge iron leading to production shortage as the capacity utilization will decline. Odisha caters to nearly 50% of iron ore production in the country.

The secondary sector contributes nearly 30% of crude steel production but more than 60% of long steel production. This sector is dependent on imported scrap (4.5 million tonnes) and sponge iron about 23-24 million tonne. Moreover the primary sector steel production is solely dependent on iron ore.

Indian steel price have gained 4% since January. Trend remains up as the cost of production has led to hiked conversion cost by INR 1000-1500 per tonne from scrap/sponge iron to ingot and TMT.

Imported Scrap offers from European suppliers have gone upto USD 8-10 per tonne on anticipation of GRI (General Rate Increase) on freight of container transportation from Europe to Asian countries to be implemented in the month of May ’14. Moreover with domestic consumption of scrap going up in European and US market its availability is likely to be restricted in the coming months .Current offers are hovering at USD 385-390/MT CFR Mumbai against USD 380-385/MT CFR last week for HMS 1&2 and USD 405-408/MT CFR Mumbai for Shredded Scrap.

Flat steel price levels despite looming threat from cheap Chinese imports has maintained parity gap of around INR 3000 per tonne and is unlikely to decline in the coming days if shortage becomes reality. Moreover with summer demand from white good sector picking up price will be ascendant.

In all steel market in India is held on tenterhooks by the Supreme Court rather than by market fundamentals of demand and supply. Heady days are ahead for the steel price levels. Moreover with stable government being formed the prospects of economic and monetary reforms becoming brighter demand from construction, auto, white good sector will pick up giving much desired traction.

Source – Strategic Research Institute

voda 29 april 2014 15:43

0

L&T Construction wins USD 740 million for Doha Metro project in Qatar

The Heavy Civil Infrastructure Business of L&T Construction has made a major breakthrough in the State of Qatar by winning a prestigious USD 740 million order from Qatar Railways Company for the design and construction of the Gold Line of the Doha Metro project in Qatar.

The contract was signed in the presence of Eng Mr Saad Al Muhannadi, CEO of Qatar Railways Company.

L&T secured the order along with its JV partners Aktor - Greece, Yapi Merkezi Insaat - Turkey, STFA Group - Turkey and Al Jaber Engineering - Qatar. The total value of order for the joint venture is USD 3.3 billion.

The project is scheduled to be completed in 54 months. The contract includes the design and construction of twin tunnels for an approximate length of 11 kilometer and 9 underground metro stations including architectural finishes and mechanical, electrical and plumbing works.

This Metro project is among the key infrastructure projects of national interest as per the Qatar National Vision 2030.

Mr SN Subrahmanyan, Member of the Board and Senior Executive Vice President (Infrastructure and Construction) L&T, said that "This order, close on the heels of Riyadh Metro order, has been won in the face of stiff global competition and reflects the growing confidence of clients in L&T's capability to handle mega projects in the Middle East."

Mr Subrahmanyan said that "We are very seriously pursuing our programme of internationalization and such orders go a long way in opening the doors to new geographies and opportunities."

Source - Strategic Research Institute

voda 29 april 2014 15:48

0

Deteriorating steel market in China choking courts with disputes

It is reported that the situation with Chinese steel company debt continues to deteriorate.

Last year there were a total of 2500 lawsuits at the relevant court in Pudong, Shanghai; in the Q1 of 2013 there were 1051 lawsuits.

Last year the cases amounted to JPY 19 billion, this year they are already JPY 11.4 billion, in other words the average case in 2013 was about JPY 7.6 million but this year it is up to JPY 10.8 million, an increase of 40%.

The situation is expected to continue worsening into next year, with concern that this is still the tip of the iceberg.

According to an insider at the court, this year’s cases have some new characteristics. The first is the concentrated debt, such as the case of Xiao Jiashou, the Shanghai Steel Trading King, which involved seizing assets of JPY 460 million. Second are larger and larger cases in general with cases above JPY 10 million in debt more frequent. Third, the service rate is down (service of process) because the defendants have fled.

Last year the assets in these cases were better, and people were willing to mediate. This year asset quality has deteriorated and so defendants don’t care.

The case load is putting pressure on the court system in Pudong. The work load is heavy for each case: there’s an average of 15 defendants. There’s the lending contract, loan certificate, guarantee contract, mortgage contract, warehouse agreement, plus third parties involved in the steel trade.

And based on the evidence below, many of the guarantor firms themselves may be other steel trading firms also in default. This is the interconnected finance situation seen also in Xiaoshan and in fact all over China. One case has 20 boxes of files. More cases come as parties file claims with credit insurance companies, who then come to the court seeking compensation.

Source – Macrobusiness.com

voda 29 april 2014 15:49

0

Development of major steel consuming industries in China - SEASI

As reported by the China Iron and Steel Association at its 12th International Steel Market and Trade Conference, China’s apparent crude steel consumption in 2013 registered 728 million tonnes an increase of 7.1% YoY. The volume for the first two months of 2014 was 120 million tonnes, a YoY growth of 2.5%. This points to a slowdown in growth of steel demand in the country.

Many of the major steel consuming sectors in China managed to maintain a continuous growth rate in 2013 while a few sectors saw a slowdown in growth.

According to CISA, the machinery industry as a whole registered a moderate growth rate and showed a steady development in 2013. The total profit of machinery enterprises in 2013 was CNY 1.41 trillion, a YoY increase of 15.56%. Output of most of the products of agricultural machinery maintained its growth momentum but saw a decrease in small and medium sized tractors and feed production equipment.

Output of machine tools was found to suffer a downward trend in 2013. Domestic production of cutting machine tools registered 725,000 units, a decrease of 1.54% YoY. Heavy mining machinery saw a negative growth rate of 5.08% YoY in 2013. However, material handling machines witnessed faster growth in 2013.

The mechanical industry’s growth picked up moderately in 2013 after experiencing sharp decreases in 2011 and 2012 and is expected to maintain a steady growth path from 2014 onwards. The power generation equipment sector, on the other hand, continued its negative growth trend with declines of 4-5% over the last two years.

The fastest growing sector in China is the automotive industry which showed a new high growth rate in production and sales. Passenger car production registered 12.1 million units in 2013, an increase of 12.4% YoY. Sales grew by 12% YoY to 12 million units. MPV and SUV vehicles showed dramatic increases in production in 2013 with output of 1.3 million units and 3 million units, up 168% YoY and 51% YoY respectively.

The shipbuilding industry in China continued to register declines in completed vessels, after hitting a new record high in 2011. In 2013, the sector completed the building of 45.34 million deadweight tonnes of ships, a decrease of 24.7% YoY. it is projected that shipbuilding activity in China will remain sluggish in 2014 with about 40 million deadweight tons of completed vessels and about 120 million deadweight tons of order in hand.

Source - SEASI

voda 29 april 2014 15:50

0

Turkish largest steel producer Erdemir makes record profit in Q1

The biggest steel producer in Turkey, Erdemir reported a net profit of TRL 432.4 million in the Q1 an increase of 89% compared to the previous quarter. Behind the unexpected leap is an increase in sales, the devaluation of the lira and decreasing prices of raw materials. The sales income of the company came to TRL 2.93 billion, an increase of 21% from the previous quarter.

Mr Ali Pandir CEO of Erdemir Group said that the company targeted a raise in the export share, which is 10% of all sales to 15%. The company would make an annual investment of USD 300 million in the next 5 years.

Mr Pandir emphasized Erdemir went through a successful Q1 in 2014 despite volatility in exchange rates and uncertainty in elections. We foresee a growth of 7% in 2014 in terms of tonnage. We will sell more than 8 million tonnes of products.

He said that sub contractors are quoting within the context of TANAP. In the TANAP project, Erdemir seems to be the only producer that meets the requirements of pipe production in Turkey. However, we cannot accurately know the exact volume now.

Source – Dailysabah.com

voda 29 april 2014 15:52

0

China's domestic iron ore production in March up 10pct to 120 million tonnes

According to the announcement made by the National Bureau of Statistics of China on output and growth rate of major industrial products for March, the country produced 120,931,000 tonnes of homemade iron ore (crude ore), up 10% from the same month of the previous year. As a result, the cumulative production during January to March amounted to 307,681,000 tonnes, rising by 7% from the corresponding period of the preceding year. China's iron ore production has continuously been increasing.

Crude ore is unlearned one being delivered to be in a state being mixed with lumps and fines after simple treatment by hand at mine sites and accordingly, its average Fe content is as low as 17% or so. It is different from processed iron concentrates (sinter feed), which are poured in a blast furnace through pretreatment such as beneficiation.

Also, the National Bureau of Statistics says that in March China produced 61,545,000 tonnes of pig iron, down 0.9% and 70,247,000 tonnes of crude steel, up 2.2% from a year earlier. During January to March, the cumulative production of pig iron amounted to 179,702,000 tonnes, up 0.1% and that of crude steel 202,699,000 tonnes up 2.4% from the same period of the prior y ear.

Source - The TEX Report

voda 29 april 2014 15:57

0

EU carbon steel plate price expects up again

According to the source said that European heavy plate producers are planning another attempt to increase their transaction prices by higher offer prices.

They prepare to raise prices in the range of EUR 20 per tonne to EUR 30 per tonne but analysts said the prices are impossibly to be accept by the buyers in the market.

EU producers complain that prices continue to fall because of cheaper imports and low demand in the domestic market. Producers in southern Europe expect prices to go back to the level at EUR 530 per tonne to EUR 540 per tonne ex works, however current prices are at EUR 480 per tonne to EUR 490 per tonne ex works.

Currently, prices in southern Europe at EUR 505 per tonne to EUR 520 per tonne ex works. Producers in southern Europe expect that prices can be uplifted by EUR 25 in May.

Source - www.yieh.com

voda 29 april 2014 16:01

0

Deutsche Bahn to sue ArcelorMittal and Saarstahl for damages

Reuters reported that Deutsche Bahn was filing claims against a number of steel companies including ArcelorMittal and Saarstahl for damages which the German rail operator alleges were caused by fixing of the price of railway sleepers.

Mr Gerd Becht Deutsche Bahn management board member said that "The companies that took part in the cartel have declined to hold talks on damages. That is why we are suing now.”

A spokeswoman for the state owned company said that the companies involved included ArcelorMittal and Saarstahl and said the suit was to be filed in the Netherlands.

Bild am Sonntag cited internal Deutsche Bahn documents as saying that the company believed it was sold 48 million reinforced concrete sleepers at prices that were too high over an 18 year period, causing damages worth a three digit million euro sum.

The European Commission in 2010 fined 17 producers of prestressing steel a total of EUR 518 million for running a price fixing cartel for 18 years. The fine was later reduced to EUR 270 million 45.7 million of which fell on ArcelorMittal.

Source – Reuters

GVteD 29 april 2014 18:13

0

Chicago, IL – April 29, 2014
ArcelorMittal Slips to Strong Sell

Zacks Investment Research downgraded steel giant ArcelorMittal (MT-Free Report) to a Zacks Rank #5 (Strong Sell).

Why Downgraded?

ArcelorMittal, on Feb 7, posted a net loss of $1.2 billion or 69 cents per share for the fourth quarter of 2013, narrower than the net loss of $3.8 billion or $2.47 per share a year ago, thanks to lower impairment charges. Adjusted loss, however, was 31 cents per share, wider than the Zacks Consensus Estimate of a loss of 16 cents per share.

ArcelorMittal has delivered negative earnings surprises in 3 of the last 4 quarters, with an average negative surprise of 233.76%.

While the company's efforts to cut debt, reduce costs and increase steel-making capacity are encouraging, weak steel industry fundamentals and a tough pricing environment remain concerns.

ArcelorMittal remained exposed to challenging conditions in Europe, volatility in steel pricing and tough competition. Production ramp-ups by peers, increased domestic imports and an increased Chinese production have led to oversupply in the steel industry, which in turn, is causing a decline in steel prices.

Moreover, demand for steel is about 30% below pre-crisis levels in Europe. ArcelorMittal has closed some its operations in the region, given slack demand and the weak European economy. Recovery in the demand environment in the region is expected to be sluggish this year.

ArcelorMittal is still seeing soft demand across some of the key end-use markets. The company's Flat Carbon Europe division remains under pressure due to lower average steel selling prices.

Considering the challenging economic conditions, ArcelorMittal reduced its annual dividend payout in 2013. The company intends not to increase the dividend or ramp-up any major steel growth capital expenditure until the medium-term $15 billion net debt target has been achieved and market conditions improve in 2014.

For 2014, the Zacks Consensus Estimate for ArcelorMittal has gone down roughly 17.2% to 77 cents per share since fourth-quarter 2013 earnings release. The Zacks Consensus Estimate for 2015 has also declined 15.6% to $1.35 per share.

[verwijderd] 29 april 2014 18:18

0

Just Eat Holding

Sinds een paar dagen is Just Eat op de beurs...Ik wachtte hier al heel lang op, maar gezien de koers wacht ik nog even. Iemand meer info ??

GVteD 29 april 2014 20:13

0

29.04.2014 (www.4investors.de) - Im Vorfeld der Quartalszahlen von ArcelorMittal haben die Analysten der Commerzbank ihre Einstufungen für die Aktie des Stahlkonzerns bestätigt. Man bewertet das Papier bei einem Kursziel von 11 Euro mit „Hold“. Am Dienstagnachmittag notiert die Stahlaktie im XETRA-Handel bei 11,61 Euro nur wenig verändert. ArcelorMittal wird die Quartalsbilanz am 9. Mai vorlegen. Die Experten erwarten unter anderem einen EBITDA-Rückgang um 10 Prozent auf 1,72 Milliarden Euro, wofür unter anderem das harte Winterwetter in den USA sowie der Wegfall eines positiven Einmaleffektes verantwortlich seien. Im laufenden Quartal solle die Summe aber wieder auf 2 Milliarden Euro klettern. Das erste Quartal falle zwar wohl etwas schlechter als erwartet aus, die Experten rechnen aber mit einer Kompensation in der zweiten Jahreshälfte, sodass man die EBITDA-Schätzung unverändert lasse. - See more at: www.4investors.de/php_fe/index.php?se...

Vertraagd	7 mrt 2025 17:36
Koers	30,480
Verschil	-1,690 (-5,25%)
Hoog	31,770
Laag	30,480
Volume	4.319.928
Volume gemiddeld	3.001.505
Volume gisteren	8.534.283

10:02	ArcelorMittal, Air France-KLM en bank...
03 mrt	Video: beursexperts somber gestemd vo...
02 mrt	Experts somber gestemd voor maart maa...	8
11 feb	Von der Leyen verwerpt Amerikaanse im...	2
10 feb	Trump dreigt met importheffingen op s...
09 feb	ArcelorMittal en Aperam weekwinnaars
07 feb	Deutsche Bank verhoogt koersdoel Arce...
06 feb	Beursblik: ArcelorMittal overtreft ve...
06 feb	AEX opent waarschijnlijk hoger. Let o...	2
06 feb	ArcelorMittal ziet verlies afnemen	1

Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

Meedoen aan de discussie?

Direct naar Forum

Detail

ArcelorMittal nieuws