Eurobench.com

voda 5 februari 2019 21:15

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EU steel-using sectors grew by 2.3pct in Q3 - EUROFER

Total production activity in EU steel-using sectors grew by 2.3% year-on-year in the third quarter of 2018.

Voor cijfers, zie pdf

Total steel-using sector activity in the third quarter of 2018
Having grown at rather vigorous quarterly rates in 2017 and the first half of 2018, production growth in the EU steel-using sectors slowed down in the third quarter of 2018. The growth moderation was particularly evident in the automotive sector. In contrast, the only large steel-using sector that did not witness a growth deceleration was the construction industry.

Germany, Italy, the UK and Belgium registered a slight reduction in production
activity in the third quarter of 2018, but this was compensated by the continuation of rather robust growth in the other reporting countries.

Total output is estimated to have grown by 2.0% in the final quarter of 2018. As a consequence, total output growth in the EU’s steel-using sectors is estimated to have amounted to 3.1% in 2018.

Total steel-using sector forecast 2019-2020
The growth trend in production activity over 2018 confirms that the EU’s steel-using sectors have entered the late stage of the current business cycle. This implies that while economic fundamentals will remain mildly positive, actual growth rates of production activity will slow down in 2019 and 2020. Domestic demand will be supported by ongoing, but weaker, investment and private consumption growth. As far as the performance of the export sector is concerned, 2019 and 2020 look set to improve somewhat in comparison to the rather difficult conditions seen in 2018. This means the contribution of external trade to GDP growth could strengthen. The greatest risks stem from a global economic context which has become more uncertain due to rising protectionism, potentially leading to a further escalation of trade tensions between the US and its trading partners. This could have a negative impact on confidence and investment as well as exports.

Output in the EU’s steel-using sectors is forecast to grow by 1.5% in 2019 and by 1.7% in 2020.

Source : Strategic Research Institute

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voda 5 februari 2019 21:16

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EU Total EU exports in Q3 - EUROFER

Total EU exports of steel products to third countries fell by 10% year-on-year over the first eleven months of 2018. Underlying figures show that exports of semi-finished products fell by 13% year- on-year, total finished product exports fell by 9% year-on-year as a result of a 9% drop in flat product exports and a 10% reduction in long product exports.

While finished product exports had registered a slight decrease of 2% year-on-year over the first half of 2018, the reduction in export volumes was more striking in the second half of the year due to the combined effects of globally imposed trade restrictions and the slowing growth of global steel demand. Exports fell by 18% year-on-year in the third quarter of 2018 and by a similar rate over the October-November period.

Exports by country
Over the first eleven months of 2018, the United States, Turkey and Switzerland remained the largest export destinations for EU finished product exports, followed by Mexico and China. These three countries accounted for 42% of total EU finished product exports over this period. While exports to Switzerland stabilised at around the level of 2017, exports to the US fell by 3% year-on-year and to Turkey by 29% year-on-year.

The fact that the decline in EU exports to the US remained relatively mild reflects the loyal customer base of EU steel producers in that market owing to the specific value proposition of their products and services for which the majority of customers have apparently been willing to pay extra.

Exports by product category
Flat and long finished steel product exports accounted for 92% of total EU exports over the first eleven months of 2018 while semis accounted for the remaining 8% of exports.

Flat product exports accounted for 59% of total exports whereas long product exports accounted for the remaining 33%.

All main product groups registered a decline in export volumes over the first eleven months of 2018. The sharpest year- on-year reduction in exported volumes was
registered in rebar (-26%) and hot-rolled wide strip (-23%).

Source : Strategic Research Institute

voda 5 februari 2019 21:17

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UK Steel association warns on no-deal Brexit

UK Steel association said that a no-deal Brexit could add 4-5% to costs for UK steelmakers' selling into Europe and narrow the range of potential export markets. UK Steel said “UK mills exported 2.6 million tonne of steel to EU countries in 2017, around a third of production, and additional border checks and administration would have a major impact.”

UK Steel said “The UK would also fall under the EU's definitive steel safeguard and lose tariff free access to the more than 70 countries that have free trade agreements with the EU. It is "inconceivable that the UK can replicate these agreements by 29 March, when the country is due to leave the EU, The UK would also be unable to replicate the EU free trade deal with Turkey. This would mean Turkish mills would have tariff-free access to the UK, while UK mills would have to pay duties on sales into Turkey.”

The impact on steel demand of a no-deal Brexit would also be significant. A 10% tariff on UK-manufactured cars imported into the EU would reduce demand for UK cars and therefore on automotive steel, the association suggested. The association said one of the main advantages of the draft withdrawal agreement is that it provides for a transitional period, which would give certainty in the short-term and time to prepare. This is the minimum outcome needed to ensure the health of UK steel producers.

Source : Strategic Research Institute

voda 5 februari 2019 21:48

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Braziliaanse mijnramp dreunt door in de hele sector

Beleeft het Braziliaanse mijnbouwbedrijf Vale zijn ‘Macondo-moment’? De vergelijking tussen de overstromingsramp deze week in Brazilië en de ramp met het platform van oliemaatschappij BP in het Macondo-olieveld dringt zich op. Het ongeluk op het platform Deepwater Horizon, voor de Amerikaanse kust, kostte beleggers in BP in 2010 de helft van de beurskoers, een klap die het bedrijf pas na vele jaren te boven kwam.

De dijkbreuk bij de mijn van het Braziliaanse Vale-concern had meer dan honderd slachtoffers tot gevolg en zorgde voor een forse daling van de beurskoers.

Foto: Reuters

Vale verloor deze week in één dag een kwart van de beurswaarde en het lijkt het niet op dat die koers snel weer op zal krabbelen. Beleggers die de nadruk leggen op duurzaamheid noemen de ramp met de Deepwater Horizon vaak als voorbeeld waarom je behalve om morele ook om financiële redenen niet in bedrijven zou moeten beleggen wiens activiteiten schadelijk zijn voor mens en milieu. Op de lange termijn kost dat geld, zo is de redenering.

Modder en mijnafval
Vorige week vrijdag brak in Brazilië een dam door bij de plaats Brumadinho in Minas Gerais, de mijnbouwstaat in Brazilië. Die dam was bedoeld om een bassin met modder en mijnafval af te sluiten en de breuk veroorzaakte een enorme modderstroom, met meer dan honderd doden tot gevolg. Dat dodental loopt waarschijnlijk nog op, omdat er nog honderden mensen als vermist zijn opgegeven.

Omdat vorige week vrijdag een feestdag was in Brazilië kon er toen niet worden gehandeld in aandelen Vale. Maar vanaf maandag reageerden beleggers en stortte de koers in. Braziliaanse rechters legden beslag op de rekeningen van het ijzerertsbedrijf, medewerkers werden gearresteerd. Topman Fabio Schvartsman beloofde de zaak tot de bodem uit te zoeken de best mogelijke veiligheidsmaatregelen te nemen voor de toekomst, maar ontmoette in Brazilië vooral hoon.

IJzerertsmijn
Het is namelijk niet de eerste keer dat er een groot ongeluk gebeurt met een Vale-mijn. In 2015 brak een soortgelijke dam in Brazilië, bij een ijzerertsmijn die gerund werd door een joint-venture van Vale en concurrent BHP Billiton. Bij deze ramp vielen 19 doden. Daarom overheerst ook bij beleggers de vraag: hoe kon dit een tweede keer gebeuren?

'Deze ramp kan gevolgen hebben voor de hele sector,' zegt Michael Stoner, analist bij het Duitse effectenmakelaar Berenberg. 'Er zijn wereldwijd steeds meer beleggers die bedrijven beoordelen op duurzame criteria, zoals de mensenrechten en het milieu. We verwachten dat Vale bij een aantal van die beleggers van het lijstje zal worden geschrapt, wat voor een langere tijd lagere koersen op zal leveren. Maar er zal ook kritisch gekeken worden naar andere mijnbouwbedrijven.'

Veiligheidsinspecties
Een groep grote internationale beleggers, aangevoerd door het beleggingsfonds van de Church of England, riep deze week op tot onafhankelijke veiligheidsinspecties van soortgelijke dammen overal ter wereld. Onder die beleggers zijn ook de Nederlandse vermogensbeheerder Robeco en APG, de pensioenbelegger die ambtenarenpensioenfonds ABP als grootste klant heeft.

Een woordvoerder van APG laat weten dat de belegger, als aandeelhouder van Vale, zeker in gesprek zal gaan met het bedrijf over de veiligheid bij de ijzerertsmijnen. Maar het verkopen van de aandelen is nog niet aan de orde, omdat APG als beleid heeft eerst in gesprek te gaan met bedrijven om die tot beter gedrag te bewegen. Het verkopen van de aandelen wordt als ultieme stap gezien.

Grote speler
APG geldt wereldwijd als een grote speler maar heeft met ongeveer €320 mln maar een relatief klein aandelenbelang in Vale. Tot de grotere aandeelhouders behoort het Amerikaanse BlackRock, met meer dan €5000 mrd onder beheer de grootste vermogensbeheerder ter wereld, maar dat bedrijf wil geen commentaar geven over Vale.

En wie een blik op de koersen werpt van concurrenten BHP Billiton en Rio Tinto ziet dat het voorlopig nog wel mee lijkt te vallen met de negatieve effecten voor de hele sector. Vale heeft als reactie op de ramp de productie teruggeschroefd en daar profiteert de concurrentie flink van. Door het lagere aanbod schiet de prijs van ijzererts omhoog en beide mijnbouwbedrijven wonnen deze week meer dan 10%.

Maar volgens analist Stoner van Berenberg kan de ramp op termijn zeker gevolgen hebben voor alle mijnbouwbedrijven. 'Beleggers dringen aan op betere veiligheidsmaatregelen, maar de belangrijkste stappen zullen van de overheid komen. Meer en strengere regels betekenen doorgaans hogere kosten, dus dat betekent dat op termijn de kosten voor de hele sector omhoog kunnen gaan.'

Jeroen Groot

fd.nl/beurs/1287931/braziliaanse-mijn...

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voda 6 februari 2019 16:37

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Beursblik: Aperam geeft zwakke outlook af

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
28,48 1,60 5,95 % Euronext Amsterdam

(ABM FN) De resultaten van Aperam kwamen iets onder de verwachtingen uit, waarbij de outlook voor het lopende eerste kwartaal zwak was. Dit stelde Jefferies woensdag in een analyse van de cijfers van Aperam over het laatste kwartaal van 2018.

Jefferies zat met zijn raming voor het aangepast operationeel resultaat twee procent boven de door Aperam gerapporteerde 90 miljoen euro. Dit is ook het niveau dat Aperam voor de eerste drie maanden van 2019 verwacht, terwijl Jefferies mikte op 129 miljoen euro.

Daar staat tegenover dat zich in het tweede kwartaal van dit jaar een opleving kan aftekenen als importmaatregelen van de Europese Unie zijn vruchten beginnen af te werpen.

Jefferies is verder goed te spreken over de investeringsdiscipline van Aperam.

Jefferies handhaafde woensdag het Kopen advies op Aperam op basis van het verhoogde dividendvoorstel en de aangekondigde aandeleninkoop. Het koersdoel luidt 37,00 euro.

Het aandeel Aperam sloot dinsdag op een groen Damrak 1,6 procent hoger op 26,88 euro.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

© Copyright ABM Financial News B.V. All rights reserved.

voda 6 februari 2019 16:43

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Minder winst voor Aperam

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
28,50 1,62 6,03 % Euronext Amsterdam

(ABM FN-Dow Jones)Aperam heeft in het vierde kwartaal van 2018 op kwartaalbasis zijn winstgevendheid zien teruglopen bij een vrijwel stabiele omzet en wil voor 100 miljoen eigen aandelen inkopen, terwijl de dividenduitkering wordt verhoogd. Dit bleek woensdag nabeurs uit de kwartaalcijfers van de fabrikant van roestvast staal.

Op een omzet die op kwartaalbasis met 3 miljoen euro daalde naar 1.120 miljoen behaalde Aperam een aangepast operationeel resultaat (EBITDA) van 90 miljoen euro. In het derde kwartaal was dit nog 123 miljoen euro en over het vierde kwartaal van 2017 zelfs 130 miljoen euro.

Dit komt niet als een verrassing. Het concern had bij de cijfers over het derde kwartaal al gewaarschuwd voor een daling van dit resultaat. Analisten gingen gemiddeld uit van een aangepast operationeel resultaat van 86 miljoen euro.

De nettowinst daalde van 72 miljoen naar 49 miljoen euro.

Aperam verscheepte in het afgelopen kwartaal 480.000 ton staal in vergelijking tot 467.000 ton in het derde kwartaal.

Aperam meldde woensdag verder een positieve kasstroom van 35 miljoen euro tegenover 15 miljoen een kwartaal eerder.

Aan het einde van het vierde kwartaal had Aperam een nettoschuld van 48 miljoen euro, terwijl dit eind september nog 64 miljoen euro bedroeg.

Dividend

Het bedrijf stelt een dividenduitkering voor van 1,75 euro per aandeel. Een jaar eerder was dit 1,53 euro.

Aandeleninkoop

Verder wil het bedrijf voor 100 miljoen euro aan eigen aandelen inkopen.

Beide voorstellen worden in stemming gebracht op de aandeelhoudersvergadering van 5 mei van dit jaar.

Outlook

Voor het lopende eerste kwartaal verwacht Aperam een aangepast operationeel resultaat dat overeenkomt met het resultaat over het laatste kwartaal van 2018. In de nettoschuldpositie komt naar verwachting gedurende het eerste kwartaal van dit jaar geen verandering.

Aperam wil de investeringen tot 2020 terugbrengen van 150 miljoen euro naar 100 miljoen euro en heeft zijn winstdoelstelling tot aan dat jaar op een geannualiseerde basis verhoogd van 150 miljoen euro naar 200 miljoen euro.

De eerder aangekondigde investering in Genk wordt nog niet geactualiseerd.

Het aandeel Aperam sloot dinsdag op een groen Damrak 1,6 procent hoger op 26,88 euro.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 6 februari 2019 17:13

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BMRA appoints James Kelly as new chief

The British Metals Recycling Association has appointed James Kelly as its new chief executive, with immediate effect. Kelly joins from the British Security Industry Association, where he has been chief executive for nine years. Before that he was managing director of the Direct Marketing Association. He succeeds Robert Fell, who resigned last October after three years in office.

Kelly said “His priority would be to understand what members want from the BMRA. We robustly promote what we do for the membership, [and] that we continue to be demanding of stakeholders like Government because I think they owe us as much as we owe them.”

Source : Strategic Research Institute

voda 6 februari 2019 17:14

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Severstal announces 2018 financial results

Severstal announced its Q4 & FY2018 financial results for the period ended 31 December 2018. Group revenue remained almost flat, increasing by 1.1% QoQ to USD 2,085 million (Q3 2018: USD 2,063 million), as growth in sales volumes (steel products and iron ore pellets) was offset by a decline in steel prices QoQ. Group EBITDA increased by 3.4% QoQ to USD 794 million (Q3 2018: USD 768 million), reflecting increased profitability of the Resources division. The Group’s vertically integrated business model delivered an EBITDA margin of 38.1%, remaining one of the highest in the industry globally. Net profit rose 27.0% QoQ to USD 578 million (Q3 2018: USD 455 million) and includes a FX loss of USD 80 million and a USD 68 million reversal of the impairment provision including USD 51 million relating to Olcon.

Cash CAPEX increased by 33.3% q/q to USD 224 million (Q3 2018: USD 168 million).

Net debt grew to USD 1,227 million by the end of Q4 2018 (Q3 2018: USD 438 million), primarily reflecting lower cash balances after the dividend payout in Q4 2018. The Company’s public debt includes outstanding loan participation notes and convertible bonds due in 2021 and 2022.

Mr Alexander Shevelev, CEO of Severstal Management, commented that “The year of 2018 was a year of important changes to the Severstal business model. Pioneering with a complex programme of operational enhancements in 2010 in the Russian steel market we have been able to achieve and retain the highest EBITDA margin in the world among steel companies. Time to move forward. On top of our continued focus on costs we have identified two more development areas - superior customer experience and new business initiatives. All three pillars should help us to grow our EBITDA at a high pace in the coming years with the first effects already seen in 2018. I am happy to say that in 2018 Severstal delivered a solid performance as a combination of strong market conditions and the effect of our strategic programmes. The latter contributed some USD 426 million to EBITDA and exceeded the initial target of USD 350 million. Looking forward into 2019 we have set the same ambitious target of USD 350 million of additional EBITDA, which demonstrates our continued commitment to deliver 10-15% annual earnings growth. The fourth quarter of 2018 was in line with our expectations. Supported by our sales and marketing initiatives, our average selling prices declined at a lower rate than the decrease in global steel prices in Q4, and this contributed to the continued strong profitability of the Russian Steel division. Our vertically integrated business model enabled us to keep our EBITDA margins at the record level of 38% in an environment of rising prices for iron ore and coal. As announced at our Capital Markets Day in November 2018, our 2019 target investment programme will amount to about USD 1.45 billion and will focus on downstream upgrades and upstream expansion. Despite increased CAPEX, we plan to maintain a high dividend flow by utilising our strong balance sheet. Although domestic steel demand is moderating, we expect world steel demand to remain at good levels in 2019, based on a strong global economy and continued limits on steel production and economic incentives in China. This gives the Board of Directors confidence to recommend a dividend of 32.08 roubles per share for Q4 2018, bringing the dividend payout to more than 100% of the quarterly FCF.”

OUTLOOK

In Q4 2018, global steel prices declined in both export and domestic markets due to lower than expected construction activity, the risk of trade wars and the slowdown of the Turkish economy. China’s active environmental policy, and its introduction of selective production restrictions, should support steel prices in 2019. Global demand for steel and raw materials is expected to remain at good levels.

Despite some signs of local demand softening, Severstal’s proximity to export routes continues to be a major competitive advantage, giving Severstal the flexibility to quickly redistribute shipments between domestic and export markets to take advantage of higher prices.

The Board is confident that Severstal will continue to be well-placed relative to both local and global peers.

Source : Strategic Research Institute

voda 6 februari 2019 17:14

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Tenaris and Severstal to form joint venture to build a welded pipe plant in West Siberia

Tenaris announced that it will form a joint venture with PAO Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russian Federation. Tenaris will have a 49% interest in the joint venture company, with Severstal owning the remaining 51%. The commencement of the project is subject to regulatory approvals and other customary conditions. The plant, which is estimated to require an investment of USD240 million and a two year construction period, is planned to have an annual production capacity of 300,000 tons.

Through this joint venture, Tenaris and Severstal aim to serve the growing market for welded OCTG pipe products in Russia and neighbouring countries, combining Tenaris’s knowhow in OCTG pipe manufacturing and sales with Severstal’s expertise in producing high quality steel products.

Source : Strategic Research Institute

voda 6 februari 2019 17:15

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Usiminas selects Danieli Corus for new convertor at Ipatinga BOF plant #2

Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas) has awarded to Danieli Corus the contract to replace converter #4 at Ipatinga integrated steelworks (BOF plant #2), in Brazil. This will be the seventh converter revamp project for Danieli and the first contract for such a project since the integration of Danieli Linz Technology into Danieli Corus. The converter vessel will be built by Usiminas Mecânica, subsidiary of Usiminas, with Danieli Corus providing design, supply of materials and supervision. The contract was signed on the occasion of the 56th anniversary of the Ipatinga plant.

The new 180-tonne converter will be equipped with an air-cooling system for the barrel part of the vessel and water-based cooling for the top cone. A Q-TEMP temperature-monitoring system and automation packages also will be installed as part of this revamp project.

The first heat with the new converter is scheduled for early 2020.

Source : Strategic Research Institute

voda 6 februari 2019 17:15

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Pacific Steel Casting files for bankruptcy

Pacific Steel Casting Company LLC, the 84-year old West Berkeley foundry that closed its doors in October, filed for bankruptcy on Jan. 25, but not before repaying a USD 3.8 million loan to Speyside Fund LLC, the entity that purchased the firm in 2014. The company also managed to pay more than USD 615,000 in salaries to its two top executives before the Chapter 7 filing, but couldn’t pay out the USD 845,746 in severance it owes about 70 employees.

Moreover, the only secured creditor, the first in line to get repaid, is the Speyside Fund. Pacific Steel Casting owes it USD 823,963 and the debt is secured by property. All the others owed money — former workers, the city of Berkeley (owed $88,712 for unpaid business tax and other fees), two sets of attorneys, the underwriters that provided a surety bond, plumbers, LinkedIn and more — will have to wait.

Conchita Lozana-Batista, whose law firm, Weinberg, Rogers & Rosenfeld, battled Speyside Equity in court when the Ann Arbor company stopped paying into the workers’ pension and health funds in 2017 said that “The bankruptcy filing makes clear what Speyside’s priorities are further looting the company to the detriment of the workers. We were surprised to see them as the only secured creditor. They are the ones that flipped it and stripped it, or tried to.”

Pacific Steel Casting Company repaid the Speyside Fund because it was a secured loan, said its attorney, Tracey Green of Wendel, Rosen, Black and Dean. The executives got paid because Pacific Steel was contractually required to pay them. She said workers got severance, too, although the filing shows they only received USD 35,000, not the full amount owed to them.

The Chapter 7 bankruptcy filing shows that Pacific Steel Casting Company has about $1.9 million in assets but $3.4 million in liabilities. Not listed among the creditors is the workers’ pension and health funds. Lozana-Batista said her firm would be filing a claim to recover unpaid pension contributions.

A meeting of creditors is scheduled for March 1 in bankruptcy court.

Source : Strategic Research Institute

voda 6 februari 2019 17:15

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Feralpi Siderurgica orders for SMS’s EBROS welding technology for Lonato plant in Brescia

Feralpi Siderurgica S.p.A. has placed an order with SMS group for the supply and installation of the EBROS welding technology at its Lonato plant in Brescia, Italy. The EBROS billet welding system is used to weld together the hot billets as they come out of the reheating furnace. This process makes ‘endless rolling’ possible, offering a considerable increase in productivity, material yield and plant utilization as well as guaranteeing a consistently high product quality.

Implementing EBROS in the existing wire rod mill, may increase Feralpi´s plant productivity by up to approximately eight percent. Furthermore, cobbles, and head and tail end cropping can be eliminated improving the product yield by at least three percent.

The latest system, which comes with an advanced transformer solution to yet better control the welding operations, includes an easier cleaning system, reduces maintenance and sparks and provides efficient deburring with a collecting bucket and a quick change system. A two-megawatt induction furnace supplied by SMS Elotherm, a company of the SMS group, will be included in the supply to ensure billet temperature equalization at the entry into stand No. 1 in order to keep the rolling temperatures within the correct range and enhance final product tolerances.

The machine will exploit the furnace capacity of 130 tons per hour and weld billets up to 150 millimeters square and 12 meters length to be rolled on the existing mill.

Commissioning of this plant is scheduled for the first quarter of 2020.

This latest order sets the score to ten EBROS units supplied by SMS group worldwide, and it further underlines SMS group´s expertise and position as a leading partner in the world of metals – having installed already 543 rolling mills for wire rod, SBQ and special applications, bars and merchant products since 1950

Source : Strategic Research Institute

voda 6 februari 2019 17:16

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Standard Chartered Bank demands equal treatment from CoC members of Essar Steel

PTI reported that during the hearing of Essar Steel’s insolvency case at the Ahmedabad bench of National Company Law Tribunal, Standard Chartered Bank counsel argued that SBC was discriminated against and not counted as a secure financial creditor and, as result of which, the bank was getting mere INR 60.71 crore against INR 3,487 crore, which is hardly 1.7% of total claim. The counsel told NCLT on Tuesday that SBC too should be treated equally with other members of committee of creditors. He told the bench that the CoC members led by State Bank of India were paid full in principal amount and 40% of interest accrued from the bid offered by ArcelorMittal in tune with INR 42,000 crore. However, according to him, SBC was excluded from the CoC and not even counted as secured financial creditor.

The counsel told “On October 22, 2018, a meeting of CoC was held to discuss resolution plan submitted by ArcelorMittal. The final plan was presented the next day on October 23, minutes before the voting on the plan initiated. Moreover, CoC appointed a four-member sub-committee to renegotiate the plan with ArcelorMittal and kept SCB in dark.”

It is worth mentioning that CoC didn’t declare SCB as secured financial creditor, saying that ESL was not a direct corporate debtor of SCB and the private sector bank also not offered any collateral.

Source : PTI

voda 6 februari 2019 17:16

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Salzgitter reports strong results for 2018

The Salzgitter Group released the preliminary figures of the financial year 2018 along with the sales and profit forecast for the financial year 2019. According to the still preliminary figures now available, the Salzgitter Group generated a pre-tax profit of EUR 347.3 million in the financial year 2018 (2017: EUR 238.0 million), marking the fifth earnings increase in a row and the best pre-tax result in the last ten years. Along with the performance of the Strip Steel Business Unit, the gratifying contributions first and foremost by the Trading, Technology, and Plate / Section Steel business units, as well as approximately EUR 150 million (FY 2017: EUR 97 million) in additional earnings improvement potential realized for the first time from the Group’s profit improvement programs contributed to this development. The result includes a netted EUR -63.4 million burden on earnings from special effects (FY 2017: EUR -82.9 million), among others as precautionary measure a provision pertaining to the known and ongoing investigation of the German Federal Cartel Office against plate and strip steel producers as well as adjustments to fixed asssets of Mannesmann Precision Tubes Group.

In view of the gloomier sentiment and numerous economic and political uncertainties, we anticipate the following for the Salzgitter Group in the financial year 2019:
• a slight increase in sales to above the EUR 9.5 billion mark (FY 2018: EUR 9.3 billion),
• a pre-tax profit of between EUR 125 million and EUR 175 million (2018: EUR 347 million) and
• a return on capital employed (ROCE) that is notably lower than the previous year’s figure (FY 2018: 10.4%).

The EBT range we predict therefore moves within a corridor below the average of the current market expectations. Against this backdrop and the generally still challenging environment, the programs of measures successfully implemented since 2013 are to be continued in an updated form.

Source : Strategic Research Institute

voda 6 februari 2019 17:17

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US Steel Kosice’s profit boosted last year

SITA newswire reported that last year was successful for the Košice-based steelworks. The European segment of the US Steel concern, which is represented by the plant in the eastern Slovak city, reported a pre-tax profit of USD 359 million, which is an increase of about 10 percent. However, it seems that US Steel Košice will not report similarly high profits in the near future. The reason is, according to the US company, that its European branch faces massive pressures that will reduce the volume of production in the first quarter of 2019 year-on-year, due to higher prices of production inputs in Košice and the unfavourable impact of the euro exchange rate.

US Steel Košice used its production capacity to 100 percent last year. The total production volume of raw steel in the plant amounted to more than 5 million tonnes, while it delivered nearly 4.5 million tonnes of steel to its customers.

SITA wrote that though it was a minimal annual decrease in both cases, the realisation prices in dollars were increased by more than 11 percent. The total revenues of US Steel Košice thus rose by 8.5 percent to USD 3.228 billions YoY.

Source : SITA newswire

voda 6 februari 2019 17:19

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EUROFER calls for coherent long-term deployment of EU steel safeguard measures

Axel Eggert, Director General of the European Steel Association, said “Member states overwhelmingly supported the imposition of these final measures in December 2018 – the publication of the measures in the Official Journal puts these definitive safeguards into force tomorrow. These measures are completely justified given the large-scale diversion of steel to the EU market, partly as a result of the impact of global overcapacity, distortions and the US’ section 232 measures”.

He said “This ‘relaxation’ of the measures is completely out of step with the evolution of the steel market, which is expected to be flat in 2019. 2016 and 2017 were joint record years, meaning the quota was already set at the maximum level reached in a global market suffering massive overcapacity and distortions in foreign producer countries. In 2018 imports rose 12% over and above the record 2017 level, even as domestic producers’ deliveries grew by a paltry 0.6%.This future relaxation of the quota could see the door being opened to even greater surges even as the market is expected to be flat.”

He said “This disproportionate change will only benefit importers who, in any case, have taken market share of 25% up from a historical 17% in just three years. This upsets the delicate balance otherwise established by the safeguards: The notion that EU steel users should be able to access traditional trade flows without local steel producers being flattened by deflected and cut-price steel products from outside the EU. Recent market and trade volatility have had a severe impact on the European steel industry. These safeguard measures must prove effective in achieving their aim, and their coherent long-term deployment is key to their succeeding.”

The structure of the final measures differs slightly from the provisional version. While the 0% tariff import quota remains, there are country-specific import quotas for large, traditional steel exporters to the EU and quarterly quotas for the remainder of countries that do not have their own. More worryingly for EUROFER, the quota, which was set at 100% of the average of 2015-2017 during the provisional stage, is immediately enlarged by 5% on the day of the imposition of the final measures. There is another upwards revision of 5% in July.

Steel consumption growth is expected to rise by just 0.5% in 2019, according to EUROFER’s latest Economic and Market Outlook. This means the rise of the quota to around 110% of actual historical imports is many multiples the growth rate of the market.

Source : Strategic Research Institute

voda 6 februari 2019 17:19

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SSAB introduces Docol HE – hot rolled AHSS with improved edge ductility

Developed for the most demanding applications and manufacturing conditions in the automotive industry, Docol HE steel provides improved properties for those facing design and production challenges with conventional HSLA material. The benefits of Docol HE includes improved edge ductility with greatly increased local formability, sheared edge quality and hole expansion ratios. This can result in fewer rejections, less scrap, better cost-efficiency and the ability to develop new and innovative components that fully utilize the properties of the steel.

Mr Daniel Sund, Product Manager Hot Rolled, SSAB said that “Our new range of Docol HE is unique to the market and part of the SSAB strategy to not only create stronger grades of steel, but also to improve the properties of our existing and widely used AHSS grades. With a finer microstructure and improved edge ductility, Docol HE allows for the forming of components with cut edges to be done without risking micro cracks, burrs or failure, which can be costly to production.”

Docol HE is currently available with yield strengths of 355MPa, 420MPa, 460MPa and 500MPa. They are available in thicknesses from 2-6mm and are delivered as coil or sheet. The next step in product development for this type of steel will focus on extended dimension ranges and higher strengths.

Automotive components that are suitable for Docol HE includes a wide range of chassis components, consoles, seats as well as for parts in power trains, clutches, couplings and any component that is stamped with a stretched edge. Fine blanking with Docol HE is also excellent, which opens for new areas of use.

Docol HE grades meet and exceed EN10149.2. They can be delivered with dual certifications in order to solve current production issues or enable new complex designs without having to change existing standards.

Docol HE grades are the result of innovative production practices made possible with the modern production line at the SSAB hot rolling mill, which provides the capability and the accuracy to hit the exact properties desired. The low alloy composition results in improved welding by conventional means as well as excellent formability in general.

Source : Strategic Research Institute

voda 6 februari 2019 17:20

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Philippines steel makers back drive against substandard steel

The Philippine Iron and Steel Institute supports the Department of Trade Industry in the crackdown of substandard steel in Baguio, Pampanga and Quezon Cities. In a statement sent to SunStar Baguio, Pisi President Roberto Cola said they will continue helping the DTI in market monitoring of steel products that are covered by the mandatory Philippine National Standard.Mr Cola said that “We need to work together to protect the public from purchasing substandard steel materials that are not safe to use in constructing buildings and homes.”

He added that a DTI Consumer Protection Group has been formed and launched with market monitoring operations ongoing to protect consumers and ensure that construction materials used in homes and buildings are safe and strong.

The statement added a series of operations by DTI’s Consumer Protection Group led by Undersecretary Ruth Castelo confiscated steel bars which did not meet quality standards in several hardware stores in Luzon. It also confiscated substandard steel bars by Pampanga-based Wan Chiong Steel which was supposed to be under suspension already due to various violations.

According to Castelo, Wan Chiong Steel was initially suspended in June 2018 but was allowed to operate again after it complied with the regulatory requirements. However, it was issued another suspension order last December following another inspection which showed that its steel products did not meet the required tensile strength.

Wan Chiong Steel uses induction furnace (IF) equipment to produce steel which has already been banned in China due to the pollution it had been causing and the usually below standard quality of their output.

It has been reported by the Asean Iron and Steel Council that 90 percent of the rebars produced in China using the IF process were “substandard with poor mechanical property in elongation and strength which could easily fracture during application.”

Source : Sun Star

voda 6 februari 2019 17:20

0

Ontario call to drop retaliatory tariffs would mean surrender - Ottawa

Global News reported that Ottawa dismissed a call from Ontario’s economic development minister Monday to drop retaliatory tariffs against the United States, saying doing so would mean “unilateral surrender” to the Americans. The federal government applied tariffs on USD 16.6 billion worth of American imports of steel, aluminum and other products after the US imposed steel and aluminum levies last year.

Ontario’s Economic Development Minister Todd Smith had said earlier on Monday that the tariffs are hurting industries and workers in both countries, and if Canada dropped its countermeasure tariffs the US could drop theirs.

Federal Economic Development Minister Navdeep Bains rejected the suggestion, saying in a statement that his government has been hard at work pressuring the Americans to end the trade dispute. He said that “The Ford government’s call for Canada to unilaterally and unconditionally remove its counter-tariffs would equal unilateral surrender to the Americans. The reciprocal tariffs are critical to pressuring the Americans to end this dispute once and for all.”

Prime Minister Justin Trudeau has discussed the tariffs over the phone with US President Donald Trump and Finance Minister Bill Morneau has met with U.S. Treasury Secretary Steven Mnuchin. Bains said the last time any Ontario official visited Washington was five months ago.

Mr Bains wrote that “While we’re standing up against illegal US tariffs and supporting steel and aluminum workers in Ontario, Doug Ford’s government is nowhere to be seen. We’re not aware of any efforts by the Ontario government to persuade any American leaders to drop the tariffs – no meetings, no phone calls.”

Mr Smith noted that Premier Doug Ford met at the auto show in Detroit with car makers, who are concerned about the tariffs. He added that “We continue to burn up the phone lines in the US to remind them that these tariffs are hurting them just as much as they’re hurting us. Ontario is doing its part, now it’s time for the federal government to do theirs.”

Source : Global News

voda 6 februari 2019 17:21

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MAHLE new steel pistons to be used in powerful passenger car engines

A new production process from MAHLE with maximum design freedom for the piston gallery permits the way for the use of steel pistons in powerful passenger car diesel engines. The special laser welding process that is used allows for a kidney-shaped cross section of the piston gallery. MAHLE is thus solving a problem existing since the invention of the cooled piston itself. Thick walls have poor heat dissipation and produce high temperatures at the bowl rim. On the other hand thin walls can lead to undesired high temperatures at the inner wall of the piston gallery, causing a layer of oil carbon to form. This acts as a thermal insulator and promotes due to excessive operating temperatures undesired wear and damage to the piston and cylinder liner. The solution: a piston gallery with a kidney-shaped cross section that guides the cooling oil flow in an optimal hydraulic path and ensures uniform heat dissipation that makes overheating impossible.

Such a design is only feasible, however, using the laser welding process developed by MAHLE. It is typical to use friction welding to produce pistons, but the material buildup in the cooling channel hinders the controlled guidance of the cooling oil flow.

The use of steel pistons in passenger car diesel engines saves fuel and thus significantly reduces CO2 emissions. The reason is the lower expansion of steel relative to an aluminum piston, which has a positive effect on frictional losses. Steel pistons can also have a shorter top land and allow for a longer connecting rod with their low overall height. The smaller pivoting angle of the longer connecting rod results in smaller lateral forces and lower friction in the region of the piston skirt.

Source : Strategic Research Intitute

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