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voda 27 maart 2019 15:42

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Staff returning to Australian iron ore ports after cyclone – Rio Tinto

Reuters reported that Rio Tinto said that its staff were starting to return to the iron ore ports of Dampier and Cape Lambert on Australia’s west coast after a cyclone at the weekend. It said “With weather clearing, staff will gradually start returning to affected port and rail sites today, with normal operations to resume once it is safe to do so.”

Rio added “Mining at the Robe Valley operations is also resuming.”

Source : Reuter

voda 27 maart 2019 15:44

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Vale announce production and sales number for 2018

Vale SA iron ore fines production totaled 101.0 Mt in 4Q18 and 384.6 Mt in 2018, in line with its production guidance. In 2018, Vale's product portfolio Fe content reached 64.1%, alumina 1.2% and silica 3.9%. On a quarterly basis, iron ore production totaled 101.0 Mt in 4Q18, 3.8% lower than in 3Q18 due to the usual weather-related seasonality. Vale quarterly pellet production totaled 15.8 Mt mainly due to the ramp-up of the TubarSo I, TubarSo II and S3o Luis pellet plants. The annual production of 55.3 Mt in 2018 was in line with the production guidance.

Iron ore fines and pellet sales volume was 96.5 Mt in 4Q18, with sales volumes of iron ore fines reaching 80.5 Mt, 3.9% lower than in 3Q18, as a result of sales that were deliberately postponed to 1Q19 for margin optimization purposes. Vale's pellet sales reached 16.0 Mt in 4Q18, due to the above-mentioned pellet plant ramp-ups and to commercial initiatives to use occasional excess of pellet feed production that was transformed into pellets using third party capacity. As a result, the share of premium products in total sales was 84% in 4Q18 and averaged 82% in 2018. Iron ore fines and pellet quality premiums reached US$ 11.5/t2 in 4Q18 vs. US$ 11.0/t in 3Q18.

The nickel business transitioned to a smaller footprint in 2018 by adjusting investments and production to reflect current market conditions. Thompson transitioned to a mine-mill operation and Voisey's Bay production was adjusted to match the current mine life to the Voisey's Bay Mine Expansion project. Production was also impacted by the corrective maintenance of the shaft at the Coleman mine in 1Q18. Consequently, production of finished nickel totaled 244,600 t in 2018, 15.1% lower than in 2017.

Copper production reached 395,5001 in 2018, 9.8% lower than in 2017, mainly reflecting Vale's strategic decision to reduce its nickel production profile, leading to lower copper by-product from the North Atlantic operations.

Coal production remained practically in line with 2017 as operations faced some bottlenecks, which were augmented by heavy rains during 1Q18. As a response, the Coal business reviewed its business plan and is implementing initiatives to achieve a sustainable and reliable ramp-up from 2019 onwards through the development of mine capacity, higher mine productivity and higher plant yields. However, planned production is estimated to total 6,5 Mt in 1H19 as per the budget approved in 2018, despite the increase in total tons moved, as a result of lower ROM grade quality of the mine sections being opened.

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Source : Strategic Research Institute

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voda 28 maart 2019 13:57

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OECD Steel Committee concerned about excess capacity in steel sector

Low growth prospects for the global economy, slowing demand for steel and virtually unchanged steelmaking capacity are driving severe and persistent excess capacity in the steel sector, the OECD Steel Committee said at the end of its meeting this week. The Committee reiterated the need for capacity reductions in relevant economies and for the removal of subsidies and other support measures that are distorting steel markets. The Committee said that if planned new steel plants, some in regions where excess capacity is already prevalent, become operational, global steelmaking capacity could increase by 4-5% between 2019 and 2021. It called for the G20-led Global Forum on Steel Excess Capacity to swiftly implement agreed policy actions to eliminate excess capacity and market-distorting support measures, and expressed support for the continuation of the Forum’s work.

The Committee also discussed recent trade measures affecting steel and steelmaking raw materials, with several delegations expressing concern about the impact of certain trade measures on steel trade flows, as well as the effect of these measures in prompting trade measures in other jurisdictions.

Mr Jai Motwane, Vice Chairman of the OECD Steel Committee, said “At its 86th session on sregional steel market conditions, steel trade policy developments, the continuing challenge of excess capacity, technological developments contributing to sustainable practices in the steel sector, and OECD work on subsidies and other forms of government support that contribute to excess capacity in the steel sector.”

The Steel Committee

1. Expressed concerns about the low growth prospects for the global economy and global steel markets, noting that decelerating demand growth and virtually unchanged steelmaking capacity result in a persistence of severe excess capacity in the steel sector;

2. Overviewed recent trade measures affecting steel and steelmaking raw materials, with several delegations expressing concern about the impact of certain trade measures on steel trade flows, as well as the effect of these measures in prompting trade measures in other jurisdictions;

3. Reiterated the need for further capacity reductions in relevant jurisdictions and for the swift removal of subsidies and other support measures that are distorting steel markets, as the only long-term solution to the structural imbalances in steel markets; and

4. Discussed technologies and business practices that are being implemented to help tackle environmental challenges

The outlook for steel markets faces considerable downside risks

1. The expansion of the global economy lost momentum in 2018. According to the OECD interim Economic Outlook released on 6 March 2019, global GDP growth forecasts were revised downward, to 3.3% for 2019 and 3.4% for 2020. Downside risks include a further increase in trade frictions, high economic policy uncertainty, and a further erosion of business and consumer confidence.

2. The second half of 2018 saw a marked decline in steel market conditions, with steel prices erasing their earlier gains to fall back to pre-2018 levels. Global crude steel production increased by 4.8% in 2018, while steel consumption growth has been decelerating in most of the large steel-consuming economies. Risks to the steel sector outlook are high, given the pronounced weakening of the global economy, trade frictions, and persisting structural imbalances.

3. With only minor adjustments observed in 2018, global excess capacity continues to be a major challenge for the global steel industry. The latest available data suggest that global steelmaking capacity (in nominal crude terms) remained nearly unchanged in 2018, at 2.234 billion metric tons, following declines in 2016 and 2017. Information on closures, as well as recent reports indicating that some planned investment projects were postponed, led to a slight downward adjustment in the estimate for global steelmaking capacity in 2018. The gap between steel capacity and production is therefore expected to remain high, at 425.5 million metric tons in 2018. However, many new investments continue to take place around the world and others are in the planning stages, including in regions where excess capacity is most prevalent. Should these projects be realised, global steelmaking capacity could increase by 4-5% between 2019 and 2021, in the absence of closures. The Secretariat’s monitoring work shows that foreign investors are the source of a number of these projects.

4. The Committee reiterated concern about persisting structural imbalances in the global steel sector, and emphasised the need to swiftly remove market-distorting policies that contribute to excess capacity.

5. The Committee also called for the Global Forum on Steel Excess Capacity to swiftly implement the agreed policy actions to eliminate excess capacity and the market distorting support measures that contribute to excess capacity, and expressed support for the continuation of the Forum’s work.

6. Steel trade declines in most major steel-producing economies whilst trade policy actions continue to increase. Steel trade continues to decline amidst increasing trade actions in the global steel market. Exports from most major steel-producing economies decreased significantly during January-October 2018, compared to the same period in 2017. The year 2018 has been characterised by a significant increase in the number of trade actions related to the steel sector compared to 2017. Several delegates continued to express serious concerns about the effects of trade and other policy measures on steel trade and market conditions in their economies, including the effect of certain measures in prompting trade measures in other jurisdictions.

7. Understanding how subsidies and other government support measures affect steel market outcomes. The Committee discussed its work on subsidies and government support measures directed towards steel. The Committee is booking progress and will work further on refining the scope and modalities of the work and its content. Better data and analysis in this area could be an important part of the Committee’s work on long-term solutions to tackle excess steel-making capacity.

8. Efforts to address environmental challenges. The Committee discussed recent technological developments that have been implemented by the steel industry to tackle environmental challenges, as well as business strategies that can contribute to sustainable practices. Delegates highlighted the benefits of exchanging information on industry good practices and examples of cleaner modes of production.

The OECD Steel Committee has 25 members (Austria, Belgium, Canada, the Czech Republic, Finland, France, Germany, Hungary, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the UK, the US and the EU). In addition, four associates (Brazil, Romania, Russia and Ukraine) and seven participants (Argentina, Bulgaria, Egypt, India, Malaysia, South Africa and Chinese Taipei) bring their perspectives to the Committee’s work. A number of other economies also participate in some Steel Committee meetings as invitees. OECD Steel Committee members, associates and participants account for around 45% of global production and 75% of global exports of steel.

Source : Strategic Research Institute

voda 28 maart 2019 13:58

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Essar Steel CoC meets over distribution of funds

PTI reported that the lenders of Essar Steel Wednesday informed the National Company Law Appellate Tribunal that meeting of the Committee of Creditors of the debt-ridden firm is going on over distribution of INR 42,000 crore coming from the resolution plan of global steel major ArcelorMittal. The appellate tribunal was informed that a decision by CoC on whether StanChart, an unsecured financial creditor, should get higher payout for its dues to Essar Steel would come by Friday, following which it adjourned the matter to April 9 for the next hearing. 2 member NCLAT bench headed by Chairman Justice S J Mukhopadhaya said "We have to see the outcome of the Committee of Creditors meeting.”

The NCLAT had on March 20 asked the resolution professional of Essar Steel to call for a fresh meeting of its CoC to reconsider distribution of INR 42,000 crore fund. The Appellate Tribunal also said that the March 8 order of the Ahmedabad-based bench the National Company Law Tribunal approving ArcelorMittal plan should be implemented in letters and spirit.

NCLT Ahmedabad has suggested a 85:15 distribution between the financial and operational creditors against the 90:10 distribution between them as proposed in the resolution plan.

Source : PTI

voda 28 maart 2019 13:59

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Nucor selects Kentucky to build new plate mill

Nucor Corporation announced that it will build its new state of the art steel plate mill in Brandenburg, Kentucky, located along the Ohio River southwest of Louisville. The company will invest approximately USD 1.35 billion to build the mill, which will be capable of producing 1.2 million tons per year of steel plate products. The plate mill will employ more than 400 full-time teammates at an average annual salary of USD 72,000, and is expected to be fully operational in 2022, pending permit and regulatory approvals.

The new plate mill will significantly strengthen Nucor's plate product portfolio, giving the company the ability to produce 97 percent of the products demanded in the domestic plate market, including the specialty higher-margin products. The mill will produce cut-to-length, coiled, heat-treated, and discrete plate ranging from 60 to 160 inches wide, and in gauges from 3/16 of an inch to 14 inches. The selected location on the Ohio River will give Nucor logistical advantages in sourcing raw materials and serving customers throughout the Midwest. Nucor currently operates plate mills in North Carolina, Alabama and Texas.

Nucor has two additional major investment projects underway at its Gallatin sheet mill in Kentucky. Nucor Steel Gallatin's new galvanizing line will be operational during the second quarter of this year. And, its project to increase Gallatin's hot rolled coil capacity at expanded widths of up to 73 inches is expected to come online during 2021. The new plate mill and the projects at Nucor Steel Gallatin represent more than USD 2 billion in investments in the state of Kentucky.

Source : Strategic Research Institute

voda 28 maart 2019 13:59

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JSPL and SMS Group commission new combi caster at Angul

Jindal Steel & Power Limited and SMS group have successfully commissioned the high-speed seven-strand combi-caster established at the Angul Odisha plant in India. This combi-caster is the largest high-speed billet caster in India and was commissioned within 12 months only from project start. The combi-caster was designed in cooperation with SMS Concast, a company of SMS group, for the production of low- and high-carbon, ball bearing and free-cutting steel. With a casting radius of nine meters and seven strands (continuous straightening with two unbending points), the casting machine speeds range from 0.6 up to five meters per minute, whereas the maximum capacity is 2.3 million tons per year for 165 x 165-millimeter square billets. The casting formats include billets of 150 x 150 up to 200 x 200 millimeters and provision is made for round sections from Rd. 162 to Rd. 220 millimeters.

Presently, JSPL Angul casts 165 x 165-millimeter square billets on the new combi-caster and, in 100-percent open casting mode, can reach up to 2.3 million tons per year for the production of rebar grade steel. However, for 100-percent closed casting of rebar grade steel, it has a maximum production capacity of 1.8 million tons per year. The maximum open casting speed for 165 x 165-millimeter square billets attains 3.6 meters per minute and the maximum closed casting speed for 165 x 165-millimeter square billets is 2.8 meters per minute.

JSPL is already operating two six-strand (Raigarh) and three eight-strand billet casters from SMS Concast, two thereof in Angul and one at Jindal Shadeed, Oman. The new seven-strand caster at the Angul plant is equipped with ladle turret, tundish car with lifting and lowering device, CONVEX® mold tubes, electromagnetic stirrers and mold oscillators, overhead cross-transfer, turn-over cooling bed and automatic torch cutter. JSPL will benefit from this new high-speed combi-caster with CONVEX® technology by lower operating costs and increased productivity.

Source : Strategic Research Institute

voda 28 maart 2019 14:00

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ArcelorMittal offers to repay debt of Essar Steel’s terminals - Report

Mint, citing said two people familiar with the matter, reported that with ArcelorMittal close to taking over Essar Steel Ltd, two Essar Group-owned terminals supplying coal to the bankrupt steel plant have become prized assets and ArcelorMittal has agreed to repay the entire debt owed by these terminals once its Essar Steel acquisition is completed. A source said “ArcelorMittal is willing to pay 100 cents to the dollar on the outstanding debt on these assets. These are stressed assets and as of now, the principal amounts are not being serviced. The Essar Group paid interest on this debt last in October, but hasn’t paid any instalments that have been due since then."

The second person, an official from one of the lenders to the terminals, said: “The Essar Group has also told us they will pay the outstanding in full. Let’s see if this comes through. We cannot force a change in management, but we will consider insolvency proceedings if the outstanding is not paid. We are hoping that once there is a final resolution on Essar Steel, there will be a resolution to these loans as well."

A third person said the Essar Group has engaged Moscow-based VTB Bank to scout for financial investors in the Hazira assets.

Of the two dry bulk coal terminals, the Hazira terminal in Gujarat owes lenders INR 1,364 crore, while the Paradip terminal owes INr 484 crore.

Source : Mint

voda 28 maart 2019 14:01

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CME Group announces new US Midwest Hot-Rolled Coil Steel (Platts) Futures Contract

CME Group has announced it will expand its metals offering with the introduction of a new US Midwest Hot-Rolled Coil Steel (Platts) Futures contract to begin trading on April 15, 2019. The U.S. Midwest Hot-Rolled Coil Steel (Platts) Futures contract will be 20 short tons in size and will be financially settled against the Platts TSI HRC U.S. EXW Indiana price assessment.

Young-Jin Chang, Global Head of Metals Products CME Group, said “Increased volatility of steel markets and uncertainty around regional prices has led to a growing demand for risk management tools across the steel supply chain,” said. “This new contract will complement our existing steel and ferrous metals product suite, and provide customers with another tool to manage regional price risk.”

Ferrous metals futures and options trading volumes have increased more than 80 percent since the start of the year to nearly 1,500 contracts traded on average per day. Open interest reached nearly 37,000 contracts at the end of February.

Source : Strategic Research Institute

voda 28 maart 2019 14:01

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Hyundai Steel elects new board of directors

Korea Herald reported that Hyundai Steel elected its new board of directors during its annual shareholders meeting last week, in its first move to achieve this year’s corporate goals of expanding sales and innovating corporate culture, the steelmaker said Wednesday. The firm appointed new inside directors -- CEO Ahn Dong-il, Vice President Park Jong-sung and Finance Executive Suh Kang-hyun. CEO Ahn was also elected as chairman of the board of directors.

As for outside directors, Chung Ho-yeol, a professor of Sungkyunkwan University’s law school, and Hong Kyung-tae, a researcher at the Korea Institute of Science and Technology, were appointed.

Source : Korea Herald

voda 28 maart 2019 14:02

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Tata Steel UK to cut 65 jobs at Wednesfield plant amid losses

Express and Star reported that Tata Steel is to axe more than 60 jobs at its base in Wednesfield as part of a restructure aimed at halting losses at the struggling business. The firm said it was enter into consultation with workers and hoped the job losses would be met through voluntary redundancy or redeployment elsewhere in the business where possible. A letter to staff said "Over the last six months we have also seen a marked deterioration in the market, most notably in the automotive industry and increasingly in construction. All four of our businesses at Steelpark - Automotive, Profiling, Slitting and Light Gauge Decoiling - are now loss-making. This is a situation we cannot allow to continue for the long-term sustainability of our site. We need to be both better at what we do, but also be more efficient." We are proposing to create a single Steelpark business with a functional organisation for the sales and operational activities across both Steelpark and Round Oak Rail. The new organisation will replace the existing business unit structure and will deliver cost savings by reducing duplication and increasing flexibility across the sites. The decision to reduce our headcount has not been taken lightly and has only been taken after a thorough strategic review of our business. We need to make this structural change in our business costs and our performance in order to be a sustainable business."

A Tata spokesman said: “We have informed employees at our Steelpark steel distribution centre of plans to merge the four operating businesses on site into a single unit. These proposals are aimed at improving the focus and competitiveness of the business while providing a more flexible service for customers. The plans would reduce duplicate roles at Steelpark and regrettably lead to the loss of 65 jobs at the site."

Source : Express and Star

voda 28 maart 2019 14:02

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Gerdau Midlothian releases FAC for Danieli Q-MELT

Installed on EAF “B” at the Midlothian plant in Texas, USA, and started up in January 2019, the new Danieli Q-MELT suite is helping Gerdau to perform at high levels. Q-MELT suite is an EAF automatic system consisting of MeltModel, Q-REG and Lindarc technological packages, and which improves EAF performances significantly by lowering energy consumption, power-on time and electrode consumption. By processing chemical and/or electrical profiles, Melt-Model -the advanced Danieli Automation EAF software based on neural networking and with self-learning capabilities- makes the necessary process adjustments, dynamically and automatically, according to the best practice.

The Q-MELT suite makes it possible to reach in a brief period, and to maintain consistently, the best operational practices with immediate benefits to the performances and melting process consumption levels.

Like at Gerdau Midlothian, Q-MELT offers the highest results when operating in combination with the fast-response, high-efficiency M-ONE oxygen and carbon injection system.

Gerdau Midlothian released the final acceptance certificate after just 15 days of operation.

During the last 12 months Danieli has been awarded 10 orders for Q-MELT suites.

Source : Strategic Research Institute

voda 28 maart 2019 14:05

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Mechel reports 2018 operational results

Mechel PAO announced 2018 operational results. Mechel PAO’s Chief Executive Officer Oleg Korzhov said “Global coking and thermal coal prices remained at a fairly high level in this accounting period. This trend was due to two key factors — a stable demand for steel and so for steel commodities in Asia Pacific as well as occasional problems with supply from exporter countries due to infrastructure limitations. Experts expect that global coal trade turnout will go up 10% in the nearest 8-10 years. India, China and several other Asia Pacific states will continue to be this market’s key drivers.”

“In response to circumstances caused by an overall shortage of gondola railcars and thus stock accumulation, as well as the necessity of conducting stripping works at an accelerated rate to catch up with the lag of the past few years, operations at our mining facilities in the second half of 2018 and early 2019 were planned as to yield best results in mid-term perspective. In this accounting period our stripping volumes greatly exceeded 2017 results as mining and sales somewhat declined. At the same time we took advantage of a favorable market situation and redirected our coal sales to more profitable markets. For example, in 4Q2018 we diverted our coking coal concentrate in favor of more marginal consumers — Japan and South Korea, increasing our quarter-on-quarter sales to each country by 15%. We also redirected our thermal coal exports to Vietnam, South Korea, India and Thailand. Our sales to Vietnam in particular went up by record 400%. In 4Q2018 we also increased anthracite sales to France by 84% and Germany by 110%. By early 2019, the railcar situation stabilized, which enabled us to start decreasing our accumulated coal product stocks. Our technical upgrade program continues which helps revamp our mining fleet and replace aged mining machines, to ensure efficient operations at our mining assets. “Elga Coal Complex has demonstrated significant growth on all key counts. We brought mining volumes up to 4.9 million tonnes (+19% as compared to 2017). Sales volumes amounted to 3.2 million tonnes, which is a 14-percent increase.”

“At Korshunov Mining Plant which faced a shortage of rolling stock and the need for a major increase in stripping, we decided on a path similar to those of our other mining assets — of redirecting resources in favor of boosting stripping works. Our production and sales of finished products reflected this as iron ore concentrate sales went down by 21%. The plant also reduced sales to Chelyabinsk Metallurgical Plant, which had less need of iron ore due to equipment repairs.”

“The steel division also demonstrated a minor decline in last year’s operational results due to major repairs conducted at Chelyabinsk Metallurgical Plant and Izhstal. This year the repair program will continue, but is not likely to have a negative impact on our production and sales results. With our steel production reduced, we focused on more marketable products. For example, in the second half of 2018 we more than quintupled stainless steel output as compared to the first half of the year. We see ample opportunities for import substitution in this segment and plan to continue restoring our position in the stainless steel market. We also focused our efforts on producing and selling sections which are currently more profitable than rails. In 2018 our universal rolling mill mastered output of 17 new profiles which brings the total of those mastered since 2013 to nearly 70. Worthy of note is that most of these profiles are new for Russia and enable us to successfully substitute imports. In 2019 we plan to master production of 10-11 profiles more. Stable demand for railroad axles creates a good basis for increasing supplies of components for rolling stock production and repairs. In 2018 Urals Stampings Plant boosted stampings sales to wagonbuilders by half.”

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Source : Strategic Research Institute

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voda 28 maart 2019 14:06

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Worthington Industries reports Q3 results

Worthington Industries Inc has reported net sales of USD 874.4 million and net earnings of USD 26.8 million for its fiscal 2019 third quarter ended February 28, 2019. The current quarter was negatively impacted due to a replacement program related to certain composite hydrogen fuel tanks, resulting in a pre-tax charge of USD 13.0 million. In addition, the current quarter included estimated inventory holding losses of USD 10.8 million in Steel Processing and a pre-tax net restructuring gain of USD 11.2 million related to the sale of certain assets in the Pressure Cylinders business. In the third quarter of fiscal 2018, the Company reported net sales of USD 841.7 million and net earnings of USD 79.1 million and included a significant one-time benefit from the Tax Cuts and Jobs Act

Steel Processing’s net sales totaled USD 555.9 million, up 7%, or USD 37.8 million, over the comparable prior year quarter driven by higher average direct selling prices, partially offset by lower direct volume. Operating income of USD 10.2 million was USD 20.9 million less than the prior year quarter on lower direct spreads, which were impacted by significant inventory holding losses in the quarter and continue to be negatively impacted by an expanding gap between the cost of steel and scrap prices, combined with lower direct volume. The mix of direct versus toll tons processed was 57% to 43% in both the current and prior year quarters.

Pressure Cylinders’ net sales totaled USD 290.7 million, down 2%, or USD 4.8 million, from the comparable prior year quarter due to the impact of divestitures and lower volumes in the industrial products business, partially offset by higher volumes in the consumer products business. Operating income of USD 19.0 million increased USD 1.5 million over the prior year quarter. The improvement was the result of an USD 11.2 million net restructuring gain, primarily related to the sale of the Company’s solder business and certain brazing assets, combined with improvements in the oil and gas business, which were almost offset by the USD 13.0 million charge for the tank replacement program and the impact of lower volumes in the industrial products business and increased input costs in the consumer products business.

Source : Strategic Research Institute

voda 28 maart 2019 16:06

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ArcelorMittal Kryvyi Rih will continue to invest in automotive equipment

In 2018, ArcelorMittal Kryvyi Rih spent over UAH 125 million on the purchase of new vehicles for the mining and metallurgical industries. In 2019, the company will spend another 182.6 million UAH for these purposes. Last year for miningThe company received four new BelAZ dump trucks with a payload capacity of 136 tons, two irrigation machines, a bulldozer, a tanker truck, as well as two new KrAZ-65053 shifts and a KrAZ-63221 shift truck for transporting people, spare parts and tools. In addition, the mining department of the company received a specialized vehicle - Yale fork lift truck with a lifting capacity of 4 tons with a boom reach of six meters in height and a new Liebherr self-propelled crane with a lifting capacity of 90 tons and a maximum boom departure of 47 meters, which is involved in repairs of large-sized equipment, in the quarry (a similar new crane is used on metal production facilities).

This year, five 130-tonne BelAZ dump trucks, two new bulldozers (wheeled and tracked), as well as an onboard Volkswagen Crafter with a payload capacity of 1,303 kg will be bought for mining production. A large-scale renewal of the mining equipment park will allow the company to increase ore mining to 25 million tons this year and concentrate production to 10 million tons.

Among the new vehicles that the company purchased in 2018 for metal production are the Caterpillar loader with a lifting capacity of 8.1 tons, the Liebherr bulldozer and the tank truck for transportation of drinking water. The plans for 2019 include the purchase of a tanker truck, an on-board vehicle with a manipulator, a semi-trailer, a heavy truck and a truck tractor, two dump trucks with a lifting capacity of 20 tons for transporting bulky cargo, and a fire engine.

Source : Strategic Research Institute

voda 1 april 2019 15:22

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ArcelorMittal investigates the industrial use of pure hydrogen

To permanently reduce CO2 emissions, ArcelorMittal has developed a low-emissions technology strategy, which targets not only the use of alternative feedstocks and the conversion of CO2 emissions, but also the direct avoidance of carbon (Carbon Direct Avoidance, or CDA). This year, the Group intends to launch a new project in the ArcelorMittal plant in Hamburg to use hydrogen on an industrial scale for the direct reduction of iron ore in the steel production process for the first time. A pilot plant is to be built in the coming years.

Already today, the Hamburg plant has one of the most efficient production processes of the ArcelorMittal Group due to the use of natural gas in a direct reduction plant (DRI). The aim of the new hydrogen-based process is to be able to produce steel with the lowest CO2 emissions. The project costs amount to around 65 million euros. In addition, a cooperation agreement with the University of Freiberg is planned to test the procedure in the coming years at the Hamburg plant premises. The hydrogen-based reduction of iron ore will initially take place on a demonstration scale with an annual production of 100,000 tonnes.

In the process, the separation of H2 with a purity of more than 95 percent from the top gas of the existing plant should be achieved by so-called pressure swing adsorption. The process is first tested with grey hydrogen (generated at gas separation) to allow for economical operation. In the future, the plant should also be able to run on green hydrogen (generated from renewable sources) when it is available in sufficient quantities.

With the Hamburg hydrogen project, ArcelorMittal is advancing pioneering technology for direct CO2 avoidance as one of several potential pathways for low-emissions steelmaking. The Group is already investing more than 250 million euros in various carbon emissions reduction technologies, for example in Ghent where waste carbon gases will be used for the production of alternative fuels or in chemical products. Likewise, methods are tested in which biocoal from waste wood is used instead of coking coal as a reducing agent in the blast furnace.

Source : Strategic Research Institute

voda 1 april 2019 15:39

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Essar Steel CoC votes to give INR 1,000 crore to operational creditors - Report

DNA reported that Essar Steel’s committee of creditors, which met on Saturday, unanimously voted for paying the operational creditors INR 1,000 crore while not revising the payout to Standard Chartered Bank. The report quoted a banker, who is part of the CoC, as saying that "Essar Steel gave a guarantee to a loan that SCB gave its Mauritius-based subsidiary, Essar Steel Offshore Ltd. Essar Steel was not a direct debtor nor it did offer any collateral but had defaulted on its guarantee. The company never took a no objection certificate from lenders, so why should we make the sacrifice at this juncture. SCB loan is not connected to Essar Steel. The financial creditors are also getting paid by Essar Steel which is a going concern. In these twenty months that the NCLT case is dragging the operational creditors have been paid their current dues by the company.”

As per National Company Law Tribunal’s approved resolution plan of ArcelorMittal, financial creditors would get INR 41,987 crore out of their total dues of INR 49,395 crore while operational creditors would get just INR 214 crore against the outstanding of INR 4,976 crore. The NCLAT said all the operational creditors below INR 1 crore along with the employees of Essar Steel should get 100% of the dues. Only 90% of INR 42,000 crore should be allowed to financial creditors. The NCLT Ahmedabad has also suggested an 85:15 distribution between the financial and operational creditors against the 90:10 distribution between them as proposed in the resolution plan.

Thus operational creditors and SCB are fighting for their dues. Earlier, SCB had moved the National Company Law Appellate Tribunal against the plan as its counsel contended that the bank was being given only 1.7 % of its total dues to Essar Steel while other financial creditors, forming part of the CoC, were getting over 85% of their dues.

Source : DNA

voda 1 april 2019 15:39

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Government officials call for output control at Chinese steel mills

Reuters reported that government officials and industrial experts in China are calling on the nation’s steel mills to restrain output, as the flooding of products in the market severely dents profit margins in the sector.Mr Liu Zhenjiang chairman of China Iron & Steel Association at CISA’s annual steel conference said “Nearly a quarter of steel companies in the country saw balance sheet falling in red in January and February. Profits were being squeezed by rising raw material prices, largely caused by production disruptions at Vale SA after its tailings dam disaster killed 300 people. But that is not the main reason for falling margins. Steel mills must control their own production rhythm in accordance with the pace of China’s economic development.”

Officials from the industrial ministry, the market regulation administration and experts from the China Academy of Engineering also said that the fat profit margins enjoyed by the steel sector will not be seen in 2019 due to a supply glut and waning demand.

China produced 149.6 million tonnes of crude steel in the first two months this year, up 9% from same period in 2018 and accounting for 52% of the world’s total, even though most steel mills closed for two weeks during the Lunar New Year in February.

Source : Reuters

voda 1 april 2019 15:50

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Nippon Steel & Sumitomo Metal Corporation becomes Nippon Steel

Nippon Steel & Sumitomo Metal Corporation has changed its corporate name to Nippon Steel Corporation (Nippon Steel). Mr Eiji Hashimoto, President of Nippon Steel, in a message said “On April 1, 2019, we began a new chapter as Nippon Steel Corporation. Since October 2012, when the former Nippon Steel and the former Sumitomo Metal Industries merged to become Nippon Steel & Sumitomo Metal Corporation, we have promoted business development aggressively and implemented restructuring in Japan and abroad. Recently, we have made Nippon Steel Nisshin our wholly-owned subsidiary. In the case of Sanyo Special Steel which also became our subsidiary, acquisition of Ovako in Sweden was included in the arrangement. Jointly with ArcelorMittal, we are now engaged in the process of acquiring Essar Steel, an integrated blast furnace steelmaker in India. At this important time, we renamed ourselves as Nippon Steel Corporation, as inheriting what biologists call hybrid vigor, to move forward and grow in the world market, as a global steelmaker with origins in Japan.”

He said “We must appropriately address social and industrial megatrends. This includes our response to structural changes in society and industries, such as rapid progress in advanced information technology, and electrification of automobiles, and autonomous driving. In addition, we must make our contribution to achieving the Sustainable Development Goals (SDGs) – or more specifically, reduction of greenhouse gas, formation of a recycling-oriented society, and other measures aimed at realizing a sustainable society. Even in the midst of such a changing environment, steel remains a basic material with outstanding properties, which cannot be replaced by alternative materials, and will continue to be widely used in society, especially as the global economy continues to grow.”

He said “Meanwhile, the balance of supply and demand for steel is drastically affected by a long-term decline in demand in Japan, stemmed from its shrinking population, and by the rising global trend of favoring domestically-produced steel products and promoting protectionism. We must also deal with such structural changes. We at Nippon Steel Corporation re-dedicate ourselves to be the best steelmaker with world-leading capabilities by enhancing competitiveness and achieving corporate value through tireless pursuit of three elements: technological innovation, cost reduction, and global reach.”

He said “Let me explain four priority issues we are now working on. The first priority issue is to take all possible measures for a steelmaker related to safety, environment, disaster prevention, quality, and compliance. I believe that the trust afforded by society is the foundation of the existence of a company and is a prerequisite for sustainable growth. Each and every one of us in the Nippon Steel Group pledges to firmly comply with the set rules.”

He said “The second issue is to rebuild and reinforce our profit base. Rebuilding our “strength in manufacturing” is critically important. Some of our manufacturing workplaces had operational and equipment troubles, which led to an increase in cost and a drop in production, and have not fully met the expectations of our customers. We must therefore restore stable production as quickly as possible: by establishing a solid manufacturing base, including refurbishing key facilities; by executing practical measures regarding hardware and software, including measures to prevent operational problems; and by thoroughly implementing initiatives to enhance managers’ capability in line management and to strengthen training and development in workplaces. Next comes the enhancement of our strength in sales and marketing. What I mean by strength in sales and marketing is the ability to make the value of our products and services merit and be appreciated by our customers thereby allowing us to secure appropriate margins that enable us to sustain business. Our value should include stable supply in an increasingly difficult material purchasing environment as well as in making proposals to help our customers add value and improve productivity. The steel industry plays a critical role upstream in the industrial supply chain and, unless we earn sufficient margin that allows us to keep production at a satisfactorily high level, we may not be able to maintain that role. We will therefore continue efforts for securing margins.

He said “The third priority issue is to expand profit in overseas business. While global steel demand will continue to increase, particularly in emerging countries, the trend favoring domestic-made products and protectionism must be anticipated to accelerate. Against such a background, we will focus on injecting our management resources in markets with high potential demand growth, and in areas where we can make use of our technological and product strength. At the same time, we are committed to expanding earnings power of our overseas business by raising our presence as well as by contributing to the host countries’ shift towards self-sufficiency.”

He added “The fourth and last priority issue is to promote business transformation, standardization, and workstyle reforms. Our aim is to establish the working environment in which we can perform our best, partly by aggressively adopting advanced IT tools. This should lead us to become more productive and more competitive, and improve our outcome.”

He concluded “I embrace the expectations of all stakeholders and am absolutely committed to taking the lead and making my utmost efforts so that the Nippon Steel Group, as a vigorous, integrated whole, will achieve growth through enhanced alliances and generation of synergies, earning the trust and credibility from society as a steelmaker with origins in Japan, increasing corporate value, and expanding the power of our brand. Let me ask for your support and cooperation in our journey to position ourselves surely and firmly as the best steelmaker with world-leading capabilities through speedy decision-making and unfaltering, consistent execution.”

Source : Strategic Research Institute

voda 1 april 2019 15:52

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JSW Steel targets INR 650 crore EBITDA for Monnet Ispat merger

ET reported that JSW Steel is targeting operational earnings EBITDA of INR 650 crore for Monnet Ispat and Energy, which it acquired recently, before it takes a call on the company’s merger with itself. Mr Seshagiri Rao JMD of JSW Steel told analysts that Monnet Ispat will also be required to bring its net debt to Ebitda ratio down to 3.5x before any of the two parties, JSW Steel or Monnet Ispat, can seek a merger. In any one single financial year, if the two conditions are satisfied, then either party has a right for merger into JSW Steel.”

In the December quarter, Monnet Ispat earned an EBITDA of INR 21.6 crore, with sales revenue of INR 494 crore and net loss of INR 78 crore.

Source : ET

voda 1 april 2019 15:53

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Trump Trade War – India extends customs duties imposition date again

The Finance Minister of India has notified that the retaliatory customs duties on 29 US products have been extended, yet again, till May 2, 2019. This is perhaps the seventh time that the Indian government has postponed the duties. Earlier, the deadline was on April 1. Since June 2018, the government is extending the deadline to impose customs duties on the US in retaliation to the higher tariffs imposed by the Trump administration on certain imported aluminium and steel products. India is pushing the dates as the two countries are negotiating a trade package to boost bilateral commerce.

However, earlier in March, the US decided to remove Indian exporters’ incentives that were being provided for exporting certain goods under the Generalised System of Preferences programme. The expected date of the incentives withdrawn is May 2 onwards.

Source : Strategic Research Institute

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