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voda 4 april 2019 15:55

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Construction starts on Baosteel Zhanjiang’s new blast furnace in Guangdong Province

Xinhua reported that construction on a new blast furnace project started on Friday in China’s leading steelmaker Baosteel Zhanjiang base in southern China’s Guangdong Province. Upon completion, the production capacity of molten iron, molten steel and steel products at the base is expected to reach the scale of 10 million tonnes. With a total investment of CNY 18.85 billion (USD 2.8 billion), the new blast furnace project is planned to be put into operation in July 2021.

The project is designed in accordance with the ultra-low emission standard of the Ministry of Ecology and Environment and adopts advanced environmental protection technologies during the production process and intelligent equipment in its logistics system.

Baosteel Zhanjiang Iron & Steel Co Ltd produced 8.39 million tonnes of molten iron and 8.61 million tonnes of commercial billets in 2018. After the operation of the new project, the company will increase its annual production of molten iron by 4.02 million tonnes, molten steel by 3.6 million tonnes, hot rolled products by 4.5 million tonnes, and cold rolled products by 1.66 million tonnes. By then, Zhanjiang Iron and Steel Base will have a capacity of 12.25 million tonnes of molten iron, 12.53 million tonnes of molten steel and 10.81 million tonnes of steel products.

Source : Xinhua

Bijlage:

voda 4 april 2019 15:56

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MOIL Limited reports 9% increase in turnover in 2018-19

MOIL said its core production, which does not include manganese ore fines, went up 15% during 2018-19, even as total production crossed 1.3 million tonne, a 9% YoY rise.The company has also achieved highest-ever production of non-fines manganese ore. Non-fines sales are also at a record-high of 1.1 million tonnes, up by 13% YoY. The company’s total production grew around 30% in the last three years.

Currently, MOIL holds 34% of manganese ore reserves of the country and is contributing 50% of the domestic production.

MOIL has put special thrust on expansion and modernization of its mines to sustain production levels and attain capacity enhancement. Projects of sinking of second vertical shaft at Chikla mine and shaft deepening at Kandri and Balaghat mines were completed during FY19. This will help sustain enhanced level of production from these mines while other projects like shaft sinking at Ukwa and Munsar mines and high speed shafts at Balaghat and Gumgaon mines are progressing as per schedule, the statement added

In addition to the above: development and production activities have been started during the year at Parsoda (in Nagpur district) - the company’s 11th mine. Annual production at this mine will gradually increase to 40,000 tonne MOIL is also actively pursuing cases of prospecting and mining leases in Maharashtra and Madhya Pradesh, mostly in areas adjacent to its existing mines. These projects and new leases are aimed at achieving MOIL’S vision of doubling production to 2.5 million tonne by FY 2024-25.

Source : ET

voda 4 april 2019 15:56

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GMS Market Commentary on Shipbreaking in India in Week 13 - CRUMBS OF COMFORT!

The Indian market remains as turbulent as ever, with local steel plate prices up and down each day and this week was no exception, as the week ended with plate prices declining by about USD 7/Ton overall. This has left end Buyers often confused and reluctant to dip into the buying until an increasingly elusive stability returns to this market. At least the Indian Rupee continues its stable and gradually improving journey against the U.S. Dollar as it circles around the Rs. 69 mark, having only recent traded in excess of Rs. 74 late last year!

Election fever is also ramping into overdrive, with the safe election victory for Mr. Modi unlikely to be as straightforward as many had been predicting, with an array of outspoken and bold challengers capturing public attention and potentially votes.

On the sales front, as local Recyclers continue to enjoy the flurry of offshore assets and rigs (priced under USD 400/Ton) in addition to units intended for green recycling, this week was no different as several (market and private) sales were reportedly concluded to Indian Buyers.

OBO SKS TANARO (18,438 LDT) was one of the (market) sales that was concluded to an Alang Recycler for strictly green recycling and at a decent USD 431/LT LDT. Ensco have also committed their Jack Up Rig ENSCO 97 (6,155 LDT) at a decent USD 280/LT LDT basis an ‘as is’ Bahrain delivery, for strictly green recycling as well.

Stronger levels or not, the Indian ship recycling sector has certainly carved a niche out for itself, subsequently ensuring a steady stream of incoming units for local yards.

Source : Strategic Research Institute

voda 4 april 2019 16:00

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KIOCL Ltd posts record turnover & pellet production in 2018-19

ToI reported that KIOCL Ltd has posted its highest numbers for turnover and production since 2011. While turnover at INR 1860 crore for FY18-19 was 15% higher compared to INR 1605 crore in FY 17-18, production of iron ore pellets at 2.24 million tonne during last fiscal was higher than target of 2.17 v set by steel ministry, but tad lower than 2.33 v achieved in 2017-18 on account of 30-day shutdown due to shortage of raw material.

Mr MV Subba Rao, CMD KIOCL, said “We could have exceeded pellet production numbers of 2017-18 but for inability to source raw material from NMDC Ltd mines in Chhattisgarh forcing a prolonged shutdown of the pellet plant here. The company imported iron ore from Brazil, South Africa and Iran as well as domestically from NMDC Ltd mines and limited quantity from Karnataka domestically for its pellet plant. Out of total pellet production, 71% was exported and rest used domestically.”

He said “For the first time, KIOCL exported 2.5 lakh tonnes to United Kingdom (Tata Steel Europe) in addition to regular export markets of China, Japan, South Korea and Peru.”

Noting that KIOCL is logistically away from steel market, Mr Subba Rao said this has prompted the company to focus on coastal market of Visakhapatnam (Vizag Steel) and Gujarat to take advantage of lower coastal logistics cost. The superior quality pellet of KIOCL commands a USD 10 per tonne premium in the international market and INR 1000 tonne in the domestic market compared to other manufacturers.

Source : ToI

voda 4 april 2019 16:02

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Mr Buhari rejects Ajaokuta Steel Company Completion Fund Bill, 2018

Premium Times Nigeria reported that Nigerian President Muhammadu Buhari had declined assent to eight bills recently passed by the National Assembly, including Ajaokuta Steel Company Completion Fund Bill, 2018. For the Ajaokuta Steel Company Completion Fund Bill, he said appropriating $1 billion from the Excess Crude Account is not the best strategic option for Nigeria at this time of budgetary constraints, and the nation cannot afford to commit such an amount amid competing priorities.

He also said the bill which seeks to make an appropriation of revenues to fund public expenditure, should be consolidated in the annual Appropriation Act, such that these proposals pass through the traditional scrutiny that budget proposals are subjected to by the Ministry of Finance, Ministry of Budget and National Planning and the National Assembly.

He said “Furthermore, as the Excess Crude Account funds belong to the Federation, it would be proper to consult with the National Economic Council and the States and relevant stakeholders; the Ministry of Mines and Steel Development and the Ministry of Industry, Trade and Investment were not fully consulted. The inputs of key stakeholders are necessary to create the optimal legal and regulatory framework as well as the institutional mechanism to adequately regulate the steel sector.”

Source : Premium Times Nigeria

voda 4 april 2019 16:03

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US cruse steel capacity utilization in Week 13 climbs by 4.8% YoY to 82.2% -AISI

AISI announced that in the week ending on March 30, 2019, domestic raw steel production was 1,913,000 net tons while the capability utilization rate was 82.2%. Production was 1,826,000 net tons in the week ending March 30, 2018 while the capability utilization then was 78.3%. The current week production represents a 4.8% increase from the same period in the previous year. Production for the week ending March 30, 2019 is down 1.1% from the previous week ending March 23, 2019 when production was 1,934,000 net tons and the rate of capability utilization was 83.1%.

Adjusted year-to-date production through March 30, 2019 was 24,208,000 net tons, at a capability utilization rate of 81.8 percent. That is up 6.7 percent from the 22,686,000 net tons during the same period last year, when the capability utilization rate was 76.6%

Broken down by districts, here's production for the week ending March 30, 2019 in thousands of net tons: North East: 210; Great Lakes: 715; Midwest: 187; Southern: 725 and Western: 76 for a total of 1913.

Source : Strategic Research Institute

voda 4 april 2019 16:12

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Ispat Indo and Nestlé push on cooling efficiency

Indonesian steel manufacturer Ispat Indo and Nestlé Indonesia have pledged to do everything in their power to cut global warming through improving the efficiency of their cooling equipment, following recognition at the Sustainable Business Awards Indonesia. Ispat Indo won in the Best Cooling Efficiency section of the awards, organized by Global Initiatives. The new category recognized how action on cooling can make a massive contribution to the fight against climate change. The company was recognized for setting clear targets to monitor consumption, which drives efficiency, and for continuously upgrading and replacing its cooling systems to create greater efficiency. Now the company plans to do even more to increase its cooling efficiency.

Global Initiatives, in partnership with the Kigali Cooling Efficiency Program (K-CEP), developed the new award to recognize the leadership and innovation of companies developing and adopting the most efficient cooling technologies.

Nestlé Indonesia and United Tractors also received special recognition in the category. Nestlé has an energy efficiency policy that focuses on industrial refrigeration and has implemented numerous initiatives to reduce energy consumption from cooling systems. United Tractors calculates its cooling loads and implements initiatives to reduce energy consumption, such as installing a variable refrigerant flow system and changing the indoor temperature based on building occupancy.

The importance of action on cooling

Cooling, in its current form, is energy intensive, expensive and polluting. With growing economic status and rapid urbanization, the demand for cooling systems, such as air conditioners and refrigerators is rising substantially. In air conditioning alone, the number of units in use is projected to rise from 1.2 billion to 4.5 billion by 2050, driven by rising incomes and a shift to the Global South. Business as usual will see the sector grow 90 per cent by 2050 over 2017 levels. This demand could lead to an increase in greenhouse gas emissions from not only the higher electricity consumption, but the hydrofluorocarbons (HFCs) that are used as cooling agents. If these gases are not managed, they could account for close to 20 per cent of climate pollution by 2050.

Source : Strategic Research Institute

voda 4 april 2019 16:12

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S&P revises Tata Steel’s outlook to positive from stable

S&P Global Ratings, citing diminishing prospect of Bhushan Power and Steel Ltd’s acquisition and the sustained high steel prices in India, has revised its outlook on Tata Steel to positive from stable. S&P said “The positive outlook reflects our view that stable prices and improvements in earnings combined with our expectation that the acquisition of BPSL would not happen, are likely to improve Tata Steel’s credit ratios in the next 12 months,.”

S&P also noted that Tata Steel will continue to support its 100% subsidiary Tata Steel UK Holdings when needed. It said “In line with the rating action on Tata Steel and in view of stable operating performance in TSUKH, we are revising our outlook on TSUKH also to positive.”

S&P added that it expects Tata Steel to successfully divest its European business housed under TSUKH in the next two to three months.

Source : Strategic Research Institute

voda 4 april 2019 16:13

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SBI moves to Supreme Court against NCLAT suggestion in Essar Steel case

Express News Service reorted that State Bank of India has moved the Supreme Court against the National Company Law Appellate Tribunal order suggesting that the committee of creditors consider a higher payout for Standard Chartered Bank in the Essar Steel insolvency case, a move that is set to further delay resolution of the 21-month-old insolvency case.

NCLAT had asked lenders to re-look at the apportioning of dues to Standard Chartered and operational creditors and consider the 85:15 formula suggested by NCLT Ahmedabad for distribution of INR 42,000 crore offered by ArcelorMittal. On Saturday, however, the CoC unanimously voted against a higher payout to Standard Chartered and sought to curtail payment to the private lender at INR 60.71 crore as originally envisaged.

Apart from SBI, which has the largest exposure in Essar Steel, the other creditors, including IDBI Bank, ICICI Bank and Edelweiss ARC, who have formed a core committee to take a decision on behalf of lenders, don’t want the plan changed as it will eat into their payouts and could file a caveat in the Supreme Court if the NCLAT did not rework its proposal.

Source : Express News Service

voda 4 april 2019 16:34

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Philippines steel consumption seen at record high in 2019 – PISI

Today Online reported that Mr Roberto Cola, president of the Philippine Iron and Steel Institute, told Reuters that steel consumption in the Philippines is likely to rise by 5-6%in 2019 to a record 11.1 million tonnes as the country's economy continues to grow. He told “After rising just 2% in 2017 due to high prices, Philippines steel consumption jumped about 9% in 2018 to a record 10.5 million tonnes, driven by public and private construction projects. Steel demand will track GDP growth target og 6-7%.”

He said “Domestic steel demand will be supported in the next few years by President Rodrigo Duterte's signature "Build, Build, Build" infrastructure programme, under which the country is set to build more roads, bridges, railways and airports and upgrade existing ones.”

Mr Cola said “Country's heavy dependence on steel imports would drop significantly if the Philippines' first integrated steel complex, a USD 4.4 billion project by China's second-biggest steelmaker, HBIS Group, and three other parties including Steel Asia, begins production. However, that project in the southern Philippines, with a planned capacity of 8 million tonnes per year, is still undergoing feasibility studies, with no definite timeline yet for its completion.”

Philippines imports about 70% of its steel, with half of that coming from the world's top producer and exporter China. China's steel shipments to the Philippines last year accounted for 7% of its total steel exports at 66.9 million tonnes.

As its demand for steel has risen, the Philippines has seen an influx of induction furnaces which were banned in China but made their way to parts of Southeast Asia, hitting domestic steelmakers and fuelling safety and environmental concerns.

Source : Today Online

voda 4 april 2019 16:35

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Tata Steel UK restarts blast furnace revamped by Primetals Technologies at Port Talbot in Wales

In late January, a blast furnace revamped by Primetals Technologies was relit at Tata Steel Europe´s steelworks in Port Talbot in South Wales, United Kingdom. The aim of this major investment project was to extend the useful life of Blast Furnace 5 and thus strengthen the position of Britain´s biggest steelworks. Primetals Technologies won the contract to execute the work and was responsible for engineering, planning, equipment and material supply, demolition and erection - all to be executed during an ambitious shutdown stoppage in late 2018. The major areas of work included the replacement of a ring of the furnace shell, replacement of cooling elements inside the shell, partial replacement of the carbon hearth refractories, the waste gas downcomer replacement, further shell modifications as well as general furnace lining repairs.

Tata Steel is one of Europe's leading steel producers, with steelmaking plants in the Netherlands and the United Kingdom, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction and infrastructure, automotive, packaging and engineering. The Port Talbot steelworks operates two blast furnaces and produces slab, hot rolled, cold rolled and galvanized coil. Before the revamp, Blast Furnace 5 had been running for 15 years and produced some 30 million metric tons of iron.

Tata Steel and Primetals Technologies, together with their sub-contractors, worked together to deliver the program scope in a professional manner, ensuring safety and security to the daily tasks. Primetals Technologies were involved in design of the replacement parts, stress analysis of these items, lifting stress calculations, construction engineering, construction planning, temporary works calculations and all other tasks necessary to follow the British CDM (Construction Design and Management) regulations, in addition to the daily management of the works site.

Source : Strategic Research Institute

voda 4 april 2019 16:36

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MMK sells 98% of its long products to domestic market

Magnitogorsk Iron and Steel Works sold around 1.8 mln tonnes of long products in 2018, of which 98% were shipped to the domestic market including CIS countries. This was announced by the MMK Sales Department's leading expert, Alexander Margishvili, at the Long and Shaped Products: New Market Configuration conference which took place in Moscow. According to him, despite an increasing excess production capacity for long products in Russia (currently, less than 50% of production capacities are being utilised), MMK’s sales in 2018 have remained at approximately the same level as the previous year, amounting to around 1.8 mln tonnes. MMK's production capacities for long products are being fully utilised. Thus, 78% of long products were sold in the Russian market, another 20% went to CIS countries, and the remaining 2% was exported.

Recently, MMK has been aiming to reduce production of its ordinary range and to increase its production of more high-margin products. The latter already accounts for around 30% of sales. MMK is increasing its long product sales via its own sales network, MMK Trading House, which has over 30 branches in Russia, including a production site in Shchyolkovo, a service metal centre (SMC) in Magnitogorsk, as well as 5 warehouses in Kazakhstan. Since 2014, MMK Trading House's long product sales both in Russia and Kazakhstan have grown by 23% from 315,000 tonnes to 387,000 tonnes. In order to increase its long product sales, MMK is working to enter new markets and commercial sectors and aims to continuously improve the quality of its products, customer service, and business processes as well as to introduce IT technologies.

The 9th National Conference for Long and Shaped Products: New Market Configuration is organised by the Metal Supply and Sales magazine and took place between 28-29 March both in Moscow and in the Kaluga Region. Among those who attended the conference were company management and specialists, suppliers and processors of reinforced and shaped products, and representatives from metals & mining companies, SMCs, industrial enterprises and construction sectors, state departments, research organisations and analytical agencies. The focus of the event was on the forecasts of leading experts for the production market and of long product demand in Russia, for sales and investment policy of domestic long product manufacturers in 2019, for new production projects, and on the predictions for market changes in the near future.

Source : Strategic Research Institute

voda 4 april 2019 16:36

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Thyssenkrupp & Tata Steel see little room for more concessions -Report

Reuters, citing a person familiar with the matter, reported that Thyssenkrupp and Tata Steel see little scope for making more concessions to try to win regulatory approval for a planned joint venture, casting doubt over whether the deal will go ahead. The source said “Companies’ concessions included selling two hot-dip galvanizing plants in Spain and Belgium that supply the automotive industry. They also proposed selling packaging steel activities operated by Tata Steel in Britain and Belgium. Groups would not make far-reaching concessions that would question the entire joint venture, which was set up to reduce overcapacity and create a stronger and more competitive player.”

A second source with direct knowledge of the matter, said selling Galmed, Thyssenkrupp’s hot-dip galvanizing line in Spain, would not be enough to win over the Commission as it also has concerns in markets such as Germany, France and the Benelux countries.

However, the source added that EC has dropped its concerns in the area of electrical steel.

The source also said “The planned joint venture is targeting EUR 400-500 million in annual synergies, a goal that would still be achievable under the proposals made on Monday.”

Thyssenkrupp and Tata Steel, which have been working for three years on a deal that would create Europe’s second-biggest steelmaker, submitted proposals to the European Commission on Monday aimed at addressing its concerns over the deal’s impact on competition. Along with packaging, automotive steel has been one of the areas of competitive concern for the Commission. The Commission has until June 5 to review the firms’ proposals and make a decision.

Source : Reuters

voda 5 april 2019 15:20

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Crude steel production capacity in Hebei Province to be capped at 200 million tonnes

China Daily reported that crude steel production capacity in Hebei province and Tianjin will be capped at 200 million tonnes and 15 milleion tonns by 2020, as part of China's efforts to optimize the iron and steel industry. Mr Lyu Guixin, an inspector with the raw material department of the Ministry of Industry and Information Technology, said "There is too much capacity in the Beijing-Tianjin-Hebei region and the surrounding areas, as well as the Yangtze River Delta region. The Beijing-Tianjin-Hebei region takes up only 2.2% of China's territory, but accounts for 25% of the nation's crude steel output. Most of the steel firms in the region still use blast furnaces that are more polluting than electric furnaces, which results in huge energy consumption and pollution discharge burdens. To better protect the environment, it is not enough to relocate the production capacity from one place to another within a province as some local governments have done.”

Lyu revealed that the authorities will carry out a random inspection on illegal steel production activities this year, through means such as satellite remote sensing, electricity consumption monitoring, and illegal production activity reporting platforms.

Although official figures from the Chinese authorities are not available, Zeng Jiesheng, chief analyst with steel e-commerce platform Ouyeel.com, told Chinese media earlier that the iron and steel capacity of the Beijing-Tianjin-Hebei region stood at about 280 million tonnes.

Source : China Daily

voda 5 april 2019 15:21

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India starts anti dumping duty probe on Al-Zn coated steel from China, Vietnam & Korea

India’s Directorate General of Trade Remedies has initiated anti-dumping investigation on the imports of “Aluminium and Zinc coated flat products” originating in or exported from China PR, Vietnam and Korea RP on an application filed by JSW Steel coated Products Limited. The product under consideration for the purpose of present investigation is “Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc. This alloy of Aluminium and Zinc may contain one or more additional elements which in individual or in combination shall not exceed 3% by weight. It may be in coil form or not in coil form whether or not plain, corrugated or in profiled form. The PUC may be skin-passed / processed on temper-mill or non skin passed whether or not surface treated with or without additional non metallic coating. PUC may be supplied in various trade names including but not limited to Alu-Zinc, Al-Zn, Zinc Aluminum, Aluminum Zinc, Zincalume, Galvalume etc.”

The PUC falls under tariff items 72106100, 72125090, 72259900 and 72269990 of the Customs Tariff Act, 1975. The PUC is also being imported under other Customs Tariff Items 72101290, 72103090, 72104900, 72106900, 72107000, 72109090, 72121090, 72122090, 72123090, 72124000, 72169910, 72255010, 72259100, 72259200, 72269930 etc

PUC does not include the following products
i. Flat rolled steel products coated with Zinc without addition of Aluminium
ii. Flat rolled color coated steel products

The Application has been filed by SW Steel Coated Products Limited, as domestic industry of the product under consideration. According to the Petitioner, they are the major producer of the PUC in India, account for more than 60% of the total production in India. Apart from the petitioner, there are three other producers of the PUC in India, namely, Tata BlueScope Steel Private Limited, Tata Steel BSL Limited and Asian Colour Coated Ispat Limited. However, Asian Colour Coated Ispat Limited has not produced the PUC from 2017 onwards.

The period of investigation for the present investigation is from 1st October 2017 to 30th September 2018. The injury investigation period will, however, cover the periods April 2015-March 2016, April 2016-March 2017, April 2017-March 2018 and the POI.

The known exporters in the subject countries and their government through their Embassies in India, importers and users in India known to be concerned with the subject goods and the domestic industry are being informed separately to enable them to file all the relevant information in the form and manner prescribed not later than 40 days from the date of the publication of initiation notification. If no
Source : Strategic Research Institute

voda 5 april 2019 15:22

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AI provides spark of hope for Japan's steelmakers

Mainichi reported that Japanese steelmakers are increasingly putting artificial intelligence to use and streamlining their production with new technology to avoid manufacturing problems. The trend comes amid an increase in trouble stemming from aging equipment built during Japan's postwar period of high economic growth, and the retirement of high numbers of experienced employees that has made it difficult to pass on skills to younger workers.

In March JFE began full-scale operation of an AI response system at all six of its manufacturing bases in Japan. In the event of an electrical fault or other equipment malfunction, AI will identify the issue. Until now, the causes of glitches were pinpointed either by consulting huge user manuals or having experienced engineers conduct investigations. With the new system, the AI can analyze a vast database of previous fault logs to identify the cause. The system can also investigate new issues and suggest steps to resolve problems. JFE Steel President and CEO Yoshihisa Kitano is among those who are keen to see a technological makeover in manufacturing, He said "In improving our competitiveness in the global market, the really important thing for us is applying AI and other cutting-edge technology to our business. The ways in which we apply it to our practices will undergo major changes. Since the system was introduced, the time taken from identification of an issue to its resolution has been reduced by up to 30 to 40 percent in some cases. As JFE has had to contend with problems including blast furnace ventilation issues at three of its production bases since last year, which resulted in a reduction of production, hopes are high that AI will help stabilize operations.”

The Nippon Steel Corp, meanwhile, is using AI in its recognition software at its manufacturing plants. Many images of steel plates of varying shapes, sizes and conditions have been uploaded to the AI system's memory. This is connected to a surveillance feed of the production line. If a steel plate does not appear to conform to a standard, the system will automatically adjust the manufacturing process to fix it. Thanks to this system, employees on the production line have been able to divert their attention to other tasks. Mr Yoshiaki Nakagawa, head of the steelmaker's operational process reform promotion department, sees other potential uses of the technology. He said "We are also investigating whether AI can be used to optimize the company's production planning. For a company that adjusts its products by size, hardness and delivery deadlines to meet customer demand, the ability to optimize planning is directly tied to profitability.”

AI uptake is also spreading outside of the ironworks. Ryo Katayama, the head of planning in the AI advancement division at Kobe Steel Ltd., commented on the technology's flexibility. He said "We had the AI memorize images of difficult welding work that can only be done by hand to abstract the specifics of the task," he said. The company says it has now become possible to utilize AI in robotic welding, and it aims to develop and sell a welding robot for use in factories.”

Source : Mainichi

voda 5 april 2019 15:23

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KG Group to acquire Dongbu Steel - KDB

Korea Times reported that South Korean chemicals conglomerate KG Group is close to purchasing Dongbu Steel, Korea's No 5 steelmaker. The Korea Development Bank (, Dongbu Steel's largest shareholder, said it had selected a consortium comprised of KG Group and Cactus Private Equity as the preferred bidder for the steelmaker. Nearly 85% of Dongbu Steel shares are held by creditors, with KDB having a 39.17% stake, NongHyup Bank 14.9%, Korea Export-Import Bank 13.58% and several other lenders having over 8%.

The deal is valued at around KWR 500 billion (USD 440.84 million) and management of the steelmaker is expected to be transferred through a rights issuance. By issuing approximately 27.5 million new shares to the buyer, the stake held by the creditors will be pushed below 50%.

Dongbu Steel has been up for sale for the past five years, with creditors attempting a split sale, package deal and several other methods to exit from the steelmaker. It went through a corporate workout program in 2015. The company has been suffering financial difficulties for years. Last year, the firm logged KWR 65.61 billion in operating losses, up from KWR 11.77 billion a year earlier. The firm is capable of producing 4.8 million tons of steel a year, with annual sales hovering over KWR 2.5 trillion in 2017 and 2018.

Source : Korea Times

voda 5 april 2019 15:24

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JSW Livin launches Forma brand steel furniture

JSW Group has ventured into the fastest growing furniture market with the launch of its brand, Forma, as a brand of JSW Living. The company plans to invest approximately INR 250 crore over the next 5 years in the new venture and the business conglomerate is targeting to be among the top 5 ready made furniture brands in India. Ms Tarini Jindal Handa, MD JSW Livin, said “Forma aims to be a significant disruptor in the Indian furniture market with focus on sustainable material, unique product portfolio, user experience and market penetration.”

Ms Tarini Jindal Handa said that the company plans to come out with their exclusive retail stores by FY23 and is targeting 50 exclusive Forma outlets in the next few years. She further said that the retail expansion of Forma will be supported by expansion of the products portfolio to include living room, bed room and dining products along with accessories.

Forma furniture will be made using steel as its base for structural stability and use other recycled or recyclable material in addition to steel. The company will be present across the value chain of furniture, furnishings and daily living objects.

Source : Strategic Research Institute

voda 5 april 2019 15:27

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CIIT recommends tariffs for two types of steel only

The Canadian International Trade Tribunal announced that tariffs should stay on two types of steel originating from many countries other than the United States, and those on five other steel products should be lifted. The Canadian government had argued the special tariffs, called safeguards, were needed to protect local steel mills from a surge in imports from producers shut out of the US market by President Donald Trump’s metal tariffs. Producers want the safeguards to remain in place for all the products, but the CITT recommended they be kept only for stainless steel wire and heavy plate because of a threat of serious injury to the domestic industry. CIIT recommended tariffs be imposed on heavy plate and stainless steel wire coming from most countries except for Korea, Panama, Peru, Colombia, Honduras or nations that benefit from a General Preferential Tariff. For the remaining five steel products – concrete reinforcing bar, energy tubular products, hot-rolled sheet, pre-painted sheet and wire rod – the tribunal found no serious injury to the domestic industry, even when flows of certain of these products increased significantly.

As a result, Canada has charged a 25% safeguard tariff since October 25th 2018, on seven types of steel from most overseas producers, where import levels are above average. The products covered included heavy plate, concrete reinforcing bar, energy tubular products, hot-rolled sheet, and pre-painted steel, among others.

On October 10, 2018, the Tribunal was directed by the Order Referring to the Canadian International Trade Tribunal, for Inquiry into and Reporting on, the Matter of the Importation of Certain Steel Goods, P.C. 2018-1275 (Order), to conduct a safeguard inquiry concerning the importation into Canada of certain steel goods. The classes of goods subject to the inquiry were
(1) Heavy plate
(2) Concrete reinforcing bar
(3) Energy tubular products
(4) Hot-rolled sheet
(5) Pre-painted steel
(6) Stainless steel wire
(7) Wire rod

As in the US, trade cases are arbitrated along two tracks in Canada. The CITT, like the US International Trade Commission, decides whether the domestic industry has been injured. And like the US Commerce Department, the Canada Border Services Agency decides on margins.

Source : Strategic Research Institute

voda 5 april 2019 15:27

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Voith chairman Mr Siegfried Russwurm to join Thyssenkrupp board - Report

Reuters, citing two people familiar with the matter, reported that Thyssenkrupp is expected to nominate Mr Siegfried Russwurm, currently chairman of German engineering group Voith, to its supervisory board. Sources also said that Mr Russwurm, also a former member of the management board of Siemens, would take the seat left vacant following the departure of former Hochtief Chief Executive Hans-Peter Keitel.

Thyssenkrupp declined to comment.

Source : Reuters

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