Eurobench.com

voda 20 maart 2019 16:51

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Supreme Court quashes criminal cases, lookout notices against Mr Pramod Mittal

ET reported that the Supreme Court has quashed all criminal cases and lookout notices against Mr Pramod Mittal, his wife and children after he paid up all his dues to public sector enterprise State Trading Corporation. A bench of justice Abhay Manohar Sapreand and justice Indu Malhotra also quashed any lookout notices that may have been issued against Mittal and his family by these agencies, besides 11 complaints of cheating and criminal breach of trust pending in a lower court in Delhi.

The bench invoked its extraordinary powers to quash all proceedings, possibly a first in a corporate debt case.

Mr Promod Mittal, the younger brother of Mr LN Mittal, was facing multiple court proceedings in India and abroad in connection with his dues to the company. These included FIRs filed by the Central Bureau of Investigation and the Enforcement Directorate and a show-cause notice issued by the Passport and Consular Wing of the Indian High Commission in London.

Source : ET

Bijlage:

voda 20 maart 2019 16:52

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MMK remains largest supplier of galvanized steel in Russia in 2018

Magnitogorsk Iron and Steel Work sold a record amount of galvanized steel in 2018 - around 1.3 million tonnes. MMK's share in the product’s consumption in Russia amounts to 34%. According to the Senior Manager of MMK's Coated Products Sales, Vadim Dorofeev, who spoke at the 14th International Conference "Galvanized and painted steel - production and consumption trends," MMK remains the largest supplier of galvanized steel in Russia with total sales amounting to 1.269 million tonnes at the end of last year, a record number for the plant. At the same time, the sales to export destinations and to CIS countries are gradually increasing. Nevertheless, the Company continues following its sales strategy aimed at the Russian market, which accounts for 80% of sales. In 2018, MMK sales to the Russian market amounted to 1.08 million tonnes. The main consumers of MMK's galvanized steel are the construction sector (64%) and the automotive industry (26%).”

MMK also remains one of the largest players in polymer-coated steel market. In 2018, the Company sold 559,000 tonnes of this product, of which 90% (500,000 tonnes) were shipped to the domestic market. The merger of the Lysvensky Metallurgical Plant (LMP) into MMK Group enabled MMK to achieve a significant increase in sales - by over 27%. Thus, MMK Group's production and supply of polymer-coated steel now takes place at two different production sites. In 2018, 270,000 tonnes of polymer-coated steel were shipped to the Russian market from the MMK site and 231,000 tonnes from the MMK-LMP site. These products are mainly used by the construction industry. Polymer-coated steel is profiled and used as a semi-finished rolled product for the manufacturing of metal roofing tiles (22%), profiled sheeting (56%) and sandwich panels (7%).

MMK Group produces a wide range of polymer-coated steel - from basic products to premium types of polymer-coated steel - and LMP's facilities enable MMK to sell this polymer-coated steel to all sectors of the market, manufactured under the brand name SteelArt and Moire. Currently, the niche for premium types of polymer-coated steel is at the initial stage its development and has high growth potential.

Source : Strategic Research Institute

voda 20 maart 2019 16:56

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Sidor shuts all operations after energy blackout - Report

SP Global, citing sources within the mill, reported that Venezuela's largest steelmaker Sidor shut all operations after the country's energy blackout March 8 and that there is no timetable for resumption. The company's steelmaking operations have been offline since August 2018, while other units, including its pellet plant, were operating at reduced levels before the blackout.

Sidor has an installed crude steel capacity of 5.1 million tonnes, 2.8 million tonnes of hot-rolled coil capacity, 1.7 million tonnes of cold-rolled coil, 600,000 tonnes of wire rod, 390,000 tonnes of rebar and 280,000 tonnes of tinplate.

Source : SP Global

voda 20 maart 2019 16:56

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BAML analysts warn of price-crushing 'Steelmageddon' steel glut in US

Seeking Alpha reported that US steel capacity is set to increase by 20% around 2022, pushing down prices for steel commodities, BofA Merrill Lynch warns as it dubs the upcoming several years of turmoil as "Steelmageddon." The price crushing steel glut will sweep through the industry over the next few years as new project startups create an oversupply of steel commodities, the firm says, after which the US industry will emerge with a smaller footprint as new electric arc furnaces replace older blast furnaces.

BAML believes Nucor and Steel Dynamics could emerge with improved market share and healthier profit margins but warns Steelmaggedon should deter most long-term investors from buying into the space.

Source : Seeking Alpha

voda 20 maart 2019 16:57

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AISI update on raw steel production in US in Week 11

In the week ending on March 16, 2019, domestic raw steel production was 1,930,000 net tons while the capability utilization rate was 82.9 percent. Production was 1,826,000 net tons in the week ending March 16, 2018 while the capability utilization then was 78.3 percent. The current week production represents a 5.7 percent increase from the same period in the previous year. Production for the week ending March 16, 2019 is down 0.6 percent from the previous week ending March 9, 2019 when production was 1,941,000 net tons and the rate of capability utilization was 83.4 percent.

Adjusted year-to-date production through March 16, 2019 was 20,310,000 net tons, at a capability utilization rate of 81.4 percent. That is up 6.7 percent from the 19,035,000 net tons during the same period last year, when the capability utilization rate was 76.6 percent.

Broken down by districts, here's production for the week ending March 16, 2019 in thousands of net tons: North East: 226; Great Lakes: 729; Midwest: 205; Southern: 711 and Western: 59 for a total of 1930.

Source : Strategic Research Institute

voda 20 maart 2019 17:05

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Share sales by Mr Abramovich and partners lower sanction risks – Evraz CFO

Reuters reported that Evraz said a decision by Mr Roman Abramovich and his partners to sell some of their shares in the group would reduce sanctions risks. Evraz CFO Mr Nikolay Ivanov said “In my opinion this further decreases risks of the introduction of sanctions on Evraz. Evraz had recently changed its ownership structure in a way that would also reduce sanctions risks. So if the sanctions will be introduced against one of our key shareholders, Evraz will be significantly less vulnerable to that.”

Chelsea soccer club owner Abramovich, businessman Alexander Abramov and other top Evraz shareholders sold around 25.4 million shares in Evraz on Monday, raising some GBP 151 million. Their sale of a total stake of 1.8% brought Abramovich and Abramov’s combined stake in the company to less than%

The United States and other Western countries have imposed sanctions on Russian officials, companies and banks since Moscow’s annexation of Crimea in 2014, and the campaign continues to gather force. As recently as last Friday the United States, Canada and European Union imposed fresh sanctions to punish Russia for its 2018 attack on three Ukrainian ships as well as its annexation of Crimea and its activities in eastern Ukraine.

Source : Reuters

voda 20 maart 2019 18:37

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Increase in iron ore production of Iran's major mining companies - IMIDRO

Trend reported referring to the website of Iranian Mines and Mining Industries Development and Renovation Organization, the iron ore production of Iran's major mining companies has increased by 19 percent during the 11 months of the current Iranian year.

According to the report, 41.9 million tons of metal ore were produced by Iran's major iron ore producers in 11 months - this figure, however, stood at 35.1 million tons during the same period last year. Some 14.4 million tons of iron ore concentrate were produced by Iran's Golgohar Mining & Industrial Company, with Chadormalu Mining and Industrial Company producing 8.2 million tons, Iran Central Iron Ore Co producing 4.9 million tons, Middle East Mines & Mineral Industries Development Holding Company producing 4.57 million tons, Gohar Zamin Iron Co producing 4.06 million tons, Opal Parsian Sangan Co producing 2.76 million tons, National Industrial and Mining Development Co producing 1.41 million tons, Sabanour Mining and Industrial Development Company producing 1.02 million tons, and the Jalalabad Complex belonging to Iran Minerals Production and Supply Company producing 475,000 tons.

According to the report, 6 large companies produced 6.03 million tons of iron ore granule in 11 months, which shows a 15-percent increase when compared to last year's figures for the same period - namely, 5.22 million tons.

Meanwhile, Opal Parsian Sangan Co produced 1.74 million tons of of iron ore granule, while Sabanour Mining and Industrial Development Company produced 1.62 million tons, Iranian Central Plateau Iron Ore Mines Complex produced 916,000 tons, Chadormalu Mining and Industrial Company produced 378,000 tons, and Mishdovan Complex belonging to Iran Minerals Production and Supply Company produced 62,200 tons.

Source : Strategic Research Institute

voda 22 maart 2019 15:03

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NCLAT directs Essar Steel RP to call CoC meeting to reconsider distribution of funds from ArcelorMittal

Financial Express reported that the National Company Law Appellate Tribunal on Wednesday directed Essar Steel’s resolution professional to convene a meeting of committee of creditors to reconsider the distribution of the INR 42,000 crore coming from ArcelorMittal’s resolution plan among financial and operational creditors, as suggested by the National Company Law Tribunal. The two-member NCLAT bench headed by Justice SJ Mukhopadhaya said the CoC must reconsider the apportionment of fund and as such, a meeting of the lenders was warranted. They said “We are not staying the impugned order of the adjudicating authority. It has to be implemented in letter and spirit. It did not have any intent to stop implementation of the resolution process for Essar Steel. If there was any discrimination in the distribution of funds, it would order modification in the apportionment.”

Approving ArcelorMittal’s resolution plan in a March 8 order, NCLT’s Ahmedabad bench had suggested that lenders give 15% of the proceeds to operational creditors on a pro rata basis, but had left the decision entirely to their discretion while rejecting the claims by operational creditors.

NCLAT was hearing a plea moved by Standard Chartered Bank alleging that ArcelorMittal’s plan was discriminatory and therefore, the distribution of funds should be stopped.

Source : Financial Express

voda 22 maart 2019 15:04

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Explosion at Tata Steel plant in IJmuiden injures four workers

Dutch News reported that four people were injured Wednesday morning when an explosion took place at a Tata Steel facility in Velsen-Noord, Noord Holland. All four of the victims are employees who were transported to area hospitals, the company said. Their injuries were not specified, but were not believed to be life threatening. The accident took place during maintenance at the Kooks- en Gasfabriek 1, part of the sprawling factory complex between IJmuiden and Wijk aan Zee. The explosion was first called in at about 11:15 AM. Firefighter crews, at least two ambulances, and a helicopter trauma team were dispatched within a couple of minutes.

One Wijk aan Zee resident told regional broadcaster NH that they heard a loud dull boom, and could feel the ground rumbling below his home. The situation was reportedly under control by noon, and no toxic emissions were released.

The cause of the blast is under investigation by the steel conglomerate and the Ministry of Social Affairs and Employment's investigative agency Inspectie SZW.

Source : Dutch News

voda 22 maart 2019 15:04

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Indian steel consumption growth in 2019 to slow down to 7% - Mr NA Ansari JMD JSPL

CNBC reported that Mr Naushad Akhter Ansari, joint managing director of JSPL, said that steel consumption in India is likely to grow by 7% in 2019. He said “If you look at the apparent steel use in India in 2018, it went up by more than 8%. In 2019, it is expected to go up by a little more than 7%. So relatively, the growth is lower but, the growth is quite handsome. We see the demand had dipped down a little bit towards the end of December, a little bit in January also but subsequently it has been picking up. Today we have no difficulty in selling the products that we have. We are able to sell all the products despite our ramp-up, which is happening substantially.”

With regards to steel prices, he further mentioned, “Last two quarters were also a bit of a roller-coaster. At some point of time, they might have gone even up to INR 48,000-49,000 per tonne, now we are talking about INR 45,000-47,000 per tonne, so certainly there has been some decrease."

Source : CNBC

voda 22 maart 2019 15:10

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Thyssenkrupp & Tata Steel JV remedy deadline extended to Apr 9

Reuters reported that Thyssenkrupp and Tata Steel have agreed with the European Commission to extend a deadline to submit remedies in exchange for regulatory approval for a planned European steel joint venture. . This will move the overall deadline for a decision to May 13 from April 29. The report quoted a spokesman for Thyssenkrupp as saying that “In the ongoing merger control proceedings the deadline to submit a proposal, through which Thyssenkrupp and Tata Steel will address the Commission’s concerns. To adequately draw up the proposal the partners have agreed to apply for an extension by 8 working days as part of the constructive dialogue with the Commission.”

Thyssenkrupp confirmed it remains confident that the transaction, which will create Europe’s second-largest steelmaker after ArcelorMittal, can be completed in the spring.

Source : Reuters

voda 22 maart 2019 15:10

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Israel’s PM Mr Netanyahu facing new probe related to steel company

YNET News reported that sources in the State Prosecutor's Office believe that Israel’s Prime Minister Benjamin Netanyahu could be facing yet another criminal investigation, this time into the massive profits from shares in a Texas steel plant managed by a relative while it was performing poorly. According to the Israeli media, Netanyahu's shares in the SeaDrift factory quadrupled in value between 2007 and 2010, despite a poor performance by the plant.

Haaretz said that Netanyahu acquired SeaDrift shares worth some NIS 4 million (approx. USD 1.1 million) in 2007, when he was head of the opposition and Ehud Olmert was prime minister. Netanyahu sold his shares in the factory, which is managed by his cousin Nathan Milikowsky, on November 29, 2010 - approximately a year and a half after he was elected prime minister. According to Haaretz, he received at least NIS 16 million for the sale, roughly four times the value of the shares when he acquired them, despite a dramatic downturn in the performance of the company.

The State Prosecutor's Office is examining when Netanyahu received the shares and why, the Israeli TV reports said. Investigators suspect that the inflated value could be disguising a gift worth millions of shekels, Haaretz newspaper reported. Investigators also want to know why Netanyahu asked his personal lawyer and relative David Shimron for a loan in order to pay the taxes on the sale.

Source : YNET News

voda 22 maart 2019 15:13

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USITC votes to continue investigations on Fabricated Structural Steel from Canada, China, and Mexico

The United States International Trade Commission determined that there is a reasonable indication that a US industry is materially injured by reason of imports of fabricated structural steel from Canada, China, and Mexico that are allegedly subsidized and sold in the United States at less than fair value. As a result of the Commission’s affirmative determinations, the US Department of Commerce will continue with its antidumping and countervailing duty investigations concerning imports of this product from Canada, China, and Mexico, with its preliminary countervailing duty determinations due on or about May 1, 2019, and its preliminary antidumping duty determinations due on or about July 15, 2019.

Product Description: Fabricated structural steel (FSS) products are fabricated from steel mill products for erection or assembly into structures, including, but not limited to, commercial buildings (commercial, office, institutional, and multifamily residential); industrial and utility projects; parking decks; arenas and convention centers; medical facilities; and ports, transportation, and infrastructure facilities. FSS products, whether assembled or partially assembled, may include fasteners and may be painted or coated. Specifically excluded are (1) fabricated concrete reinforcing bar, (2) FSS for bridge and bridge sections, (3) pre-engineered building systems, (4) steel roof and floor decking systems, and (5) open-web steel bar joists and joist girders.

Status of Proceedings:
1. Type of investigation: Preliminary countervailing duty and antidumping investigations.
2. Petitioners: American Institute of Steel Construction LLC, Full Member Subgroup, Chicago, Illinois.
3. USITC Institution Date: Monday, February 4, 2019.
4. USITC Conference Date: Monday, February 25, 2019.
5. USITC Vote Date: Wednesday, March 20, 2019.
6. USITC Notification to Commerce Date: Friday, March 22, 2019.

Source : Strategic Research Institute

voda 22 maart 2019 15:13

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Godo Steel completes acquisition of Asahi Industries

SP Global reported that Japan's Godo Steel acquired 86.96% of shares in Asahi Industries this week, making it one of the mini-mill's subsidiaries from March 25, as part of an overall plan to improve competitiveness, especially in the rebar market.

Godo Steel produces rebar at its Funabashi plant near Tokyo, while Asahi produces rebar and structural steel at its Saitama plant, also near Tokyo, with combined production from these plants hitting a total of around 600,000 mt/year.

This acquisition makes Godo Steel one of the three largest base-sized rebar producers in the Kanto region around Tokyo. The other two are JFE Bars & Shapes with plants in Kashima, Ibaraki prefecture, and in Tobu, Saitama; and Tokyo Tekko and Itoh Iron & Steel which has plants at Oyama in Tochigi, north of Tokyo, and Hachinohe in Aomori, north Japan.

Source : SP Global

voda 22 maart 2019 15:14

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Algerian Qatari Steel to start hot test at Algerian Bellara steel rod line soon

SP Global reported that a 500,000 tonnes wire rod rolling mill will start its hot test at the Algerian Qatari Steel's works in Bellara, Jijel province, 300 km east of Algiers, at the end of March. The plant will have three rolling mills (one wire rod line and two rebar lines) in operation by the end of this year, allowing Algeria to become a totally self-sufficient producer of rebar and rods. AQS started production at rebar rolling mill No. 3 (8-16 millimeters) in May 2018 and its rebar rolling mill No. 1 (16-40 mm) in October 2017. Each of the rebar rolling mills has a capacity of 750,000 mt a year. The wire rod line will produce 5.5-12 mm diameter rod

At present the facility is importing billet, but once its two melt shops are in in operation the company will produce its own and also install a direct-reduced iron plant with capacity of 2.5 million tonnes. The first melt shop is ready to operate and the second one will be ready mid-year, according to the executive.

The Bellara plant is a joint venture between Algeria's Sider Co. & National Investment Fund (holding a combined 51% stake) and Qatar Steel International (with the remaining 49%). The project was launched in 2015 with support from the Algerian government, which wants to reduce dependence on imported material.

Source : SP Global

voda 22 maart 2019 15:15

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Jiangsu ChangBao orders seamless tube plant from SMS group

Jiangsu ChangBao Precision Steel Tube Co, Ltd based in Changzhou in Jiangsu Province, China, has awarded SMS group the contract to supply a new, state-of-the-art PQF® (Premium Quality Finishing) seamless tube plant and related automation. Particular highlights of the scope of supply include various performance modules and a KR I 35/45 CNC groove dressing machine. This highly automated plant will enable ChangBao to meet the growing demand for precise, high-strength tubes on the local market. The PQF® ordered will be used to produce tubes within a diameter range of up to 6 5/8 inches and wall thicknesses of between 4 and 20 millimeters. Its annual capacity is 300,000 tons of tubes. These are used in oil and gas production (OCTG tubes) and must satisfy very high quality and tolerance requirements in accordance with API standards.

With the BCO-type PQF® plant (Bilateral Change-Over), the stands are changed at both sides of the mill. The compact, easily accessible construction enhances the user-friendliness of the plant. The drive is simpler in design and is easier to service. In addition, the hydraulic capsules (hydraulic adjustment) are positively connected to the mill frame. This ensures the rolling forces are distributed symmetrically over the mill, resulting in a further significant improvement in wall thickness variations. This increases both the efficiency and flexibility of the mill.

The order also includes the full automation of the machinery and plant sections, as well as state-of-the-art laser technology for measuring the wall thicknesses downstream of the PQF® and the stretch reducing mill (SRM). What’s more, the CaliView® measuring system developed by SMS group allows for fast, inline calibration of all rolling mills, and so guarantees the perfect alignment of the mill line over a period of time. A networked, CNC-based groove dressing machine (KR) for high-precision machining of the SRM stands will also be supplied.

The use of LASUS® technology means the otherwise commonly applied radioactive isotope measuring technique can be replaced by a safe laser technology, which is extremely environmentally friendly to operate and ensures monitor control with the PQF®-SecControl-Technology® as well as front and tail end sharpening in real time with the FTS system.

Any yield losses are minimized using the latest modules in the CARTANEO technology system. The well-known functions CEC (Crop End Control for reducing thick ends), WTCA (Wall Thickness Control, Average), and WTCL (Wall Thickness Control, Local) have been significantly improved thanks to self-learning algorithms (Artificial Intelligence, or AI).

With this investment ChangBao is banking on ultra-modern, highly stable tube production. The lower material stress allows the product range to be extended to include even thinner-walled dimensions and higher-alloy steel grades. The high level of digitalization of all equipment was what convinced the customer to be well equipped for the future.

The new seamless tube plant is scheduled to be commissioned in the first quarter of 2020.

Source : Strategic Research Institute

voda 22 maart 2019 15:17

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Taiwanese Tung Ho Steel has invests in Vietnam steel plant

VnExpress reported that Taiwan’s Tung Ho Steel has invested a total of VND 4.22 trillion (USD183 million) in a plant in southern Vietnam as it seeks to take on local players. Tung Ho chairman Mr Huang Bing Hua said “The company chose Vietnam because the market had seen a compounded annual growth rate of 20% in the 2014-2017 period. But there are signs of supply exceeding demand and some steel products are being slapped anti-dumping steel in other countries. What foreign companies have to deal with in Vietnam is competition with traditional brands. To achieve competitive pricing, Tung Ho has invested in advanced technologies to reduce 75% of energy consumption and carbon dioxide emissions”

The plant, which has been operating since 2008 in Ba Ria Vung Tau Province, has an annual capacity of 1 million tonnes of steel billets and 600,000 tonnes of hot-rolled steel.

Source : VnExpress

voda 22 maart 2019 15:18

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ArcelorMittal Kryvyi Rih will build a new tube furnace and continue the reconstruction of sinter shop No. 2

ArcelorMittal Kryvyi Rih presented at public hearings environmental impact assessment reports for two investment projects - reconstruction of a complex of buildings and structures of sintering machines No. 1-3 of the second aglo shop and construction of a tube furnace in the benzene department capture coke production. Public hearings were held with the participation of representatives of public environmental organizations, interested residents of the city, as well as specialists from ArcelorMittal Kryvyi Rih. The hearing was conducted by Andrey Tishchenko, a representative of the Ministry of Ecology and Natural Resources of Ukraine.

The first project presented is a continuation of the reconstruction of the sinter shop No. 2, which produces fluxed sinter for blast furnaces. Earlier, in 2014–2015, the complex of sinter machine ? 6 was reconstructed to restore its design capacity - 850 thousand tons of sinter per year, as well as to achieve emission standards and improve personnel working conditions. In addition, since 2017, the reconstruction of sintering machines ?? 4 and 5.

A draft was prepared for the renewal of sintering machines No. 1–3, which is planned to be completed by 2021. It includes the replacement of sintering carts and incendiary horn, dust removal conveyors from under the collectors of sintering machines, gas ducts, reconstruction of linear coolers, installation of a new scraper conveyor. Plus, the wet gas cleaning system will be replaced by a more advanced - dry, using electrostatic filters, which will increase the efficiency of gas cleaning from dust to 98.75%. The upgrade will also help increase the sintering layer to 450 mm and reduce fuel consumption.

Second project - At the public hearings, the construction of a tubular furnace in the benzene department of the coke-chemical recovery plant was held. After construction and commissioning of a new tube furnace, the old one, which has been used since 1983, will be decommissioned. To do this, dismantle the pipeline section of coke oven gas due to its wear, replace the pumps and the pipeline section for supplying cold absorption oil. Also update the section of the hot oil pipeline in the area of ??distillation columns. Finally, they will directly install the new tubular furnace, complete with the necessary equipment, and bring in new pipelines.

After commissioning of the new furnace, emissions will decrease by 6.57 tons per year, by greenhouse gases - by almost 400 tons per year.

Both projects do not envisage a significant environmental impact both in the course of the work and in the further operation of the facilities; they comply with the requirements of the current environmental legislation. Authors of the prepared reports and representatives of various services of ArcelorMittal Kryvyi Rih answered the questions of residents and the public.

Source : Strategic Research Institute

voda 22 maart 2019 15:19

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CMC reports Second Quarter Fiscal 2019 Results

Commercial Metals Company has announced financial results for Q2 of FY 2019. For the three months ended February 28, 2019, earnings from continuing operations were USD 14.9 million. Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said " We continue to be highly confident they will provide the anticipated benefits and generate attractive return typical seasonality and unprecedented rainfall levels in many of our markets, which impacted construction activity resulting in results of our ongoing operations and remain very optimistic about our growth in the second half of fiscal 2019."

Our Americas Recycling segment recorded adjusted EBITDA of $10.1 million for the second quarter of fiscal 2019, company second quarter, reflecting a decreasing ferrous and nonferrous scrap price environment. Despite the recent price volatility, operating cost structure, disciplined buying practices and efficient inventory turnover rates.

Our Americas Mills segment recorded adjusted EBITDA of $112.4 mi lion for the second quarter of fiscal 2019, an increase for the second quarter of fiscal 2018. The current quarter results include a non-cash charge of $10.3 mi lion related to the f acquisition of the four rebar mills from Gerdau S.A.. Excluding this $10.3 mi lion non-cash charge, the second quarter result acquired mills on shipments of 391 thousand tons.

Total mill shipment volumes for the existing operations, excluding the incremental shipments from our new micro mi l in Dura fiscal 2018. While demand from U.S. non-residential and infrastructure construction activity remains strong; during the quar in many markets that far exceeded historical norms, resulting in lower shipment volumes. Metal margins increased by $91 pe combination of higher costs associated with the new facilities, reduced production levels and inflationary pressures on certai approximately 28% per ton as compared to the prior year.

Source : Strategic Research Institute

voda 22 maart 2019 15:20

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US Steel announces enhanced benefits for workforce

United States Steel Corporation has announced a number of new and enhanced benefits the company has made available to its non-represented employees to support the diverse and inclusive workforce at the company. All new benefits will be available in full by April 1, though most became available at the beginning of 2019.

The new and enhanced benefits for the company’s non-represented workforce include:

Parental leave: Up to eight weeks paid time off for either parent following the birth of a child, the birth of a child of a domestic partner or the placement of a child for foster care or adoption. For birth mothers, this new parental leave is in addition to the available short-term disability period of six or eight weeks depending on the type of delivery.

Infertility coverage: Additional medical coverage for infertility treatments and medications.

Dependent care flexible spending account (FSA) match: The company will match employee contributions up to 50 percent of the applicable IRS limit.

Bereavement leave has been extended for up to 15 days for immediate family.

Vacation purchase program allows employees to purchase a certain number of additional vacation days to be used within the calendar year.

Adoption assistance: The company will reimburse up to $4,000 for eligible expenses related to the adoption of a child.

Domestic partner coverage: The allowance of eligible domestic partners and eligible children to receive coverage under US Steel’s health and welfare programs.

Healthcare continuation for work-related or military service fatalities: Healthcare continuation for surviving eligible family members of employees who are fatally injured at work or in the line of duty while on military leave.

Gender reassignment procedure coverage: Additional medical coverage for treatments and medications associated with gender reassignment.

Source : Strategic Research Institute

Vertraagd	11 feb 2025 17:39
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Volume gisteren	3.104.041

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