Eurobench.com

voda 22 mei 2014 15:52

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Hebei province sees decrease steel output in April

ECNS reported that steel production in North China's Hebei Province dipped 7.1% in April from a year ago despite increasing output levels nationwide, a sign that the central government's war on pollution is already eating into industrial output in the region.

According to official air quality data, Hebei, home to seven of China's 10 smoggiest cities in 2013, has been under pressure to restructure and upgrade its economy and reduce its dependence on polluting industries like steel and cement.

According to data from the National Bureau of Statistics, Hebei Province produced 16.18 million tonnes of steel in April accounting for 23.5% of the national total. The province produced 17.43 million tonnes in March. Over the first 4 months of the year, Hebei produced 66.59 million tonnes, 24.5% of the total and 4% lower than in the same period of 2013.

Hebei, which surrounds the capital Beijing, has been the major front in a war on pollution that has targeted small scale industrial plants, including hundreds of privately owned steel mills.

The campaign has already had an impact on economic growth with provincial GDP up just 4.2% in the Q1 of 2014, down from a 9.1% expansion in the same period a year ago and growth of 8.2% in the Q1 of 2013.

Source – Ecns.cn

voda 22 mei 2014 15:53

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Glencore CEO sees opportunity in lack of iron ore assets

Bloomberg reported that Mr Ivan Glasenberg CEO of Glencore Xstrata Plc believed the company’s reduced risk from falling iron ore prices sets it apart from larger rivals BHP Billiton Limited, Rio Tinto Group and Vale SA.

He said that “We are not heavily exposed to iron ore except on the trading side and therefore we believe we have an opportunity against our peers there. We are not big players in the iron ore market.”

Mr Glasenberg said that “Prices are coming off because we see massive expansions coming there from our major competitors. They continue to expand these brownfields and put more supply into the market.”

The iron ore position of Glencore, the world’s fourth biggest mining company, pales in comparison with BHP, Rio and Vale. The three together controlled about 60% of seaborne supply in the USD 170 billion trade last year.

Thermal coal for power stations and copper are the biggest contributors to Glencore earnings. By contrast, Rio derived 88% of profits from iron ore last year. Glencore does have some iron ore capacity and approved USD 900 million iron ore project in Mauritania earlier this year. The mine, to produce 7 million tonnes a year, is expected to start output in 2017. The company, the world’s largest listed commodities trader, increased its iron ore trading business 68 percent last year to 33.2 million tonnes.

Source – Bloomberg

voda 22 mei 2014 15:55

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Chinese market factors fuel iron ore price slump

Xinhua reported that the return of Chinese domestic iron ore producers to an already over supplied market and a slowdown in China's residential property sector have contributed to the price of iron ore dipping below USD 100 per tonne.

Mr Ivan Szpakowski Citi commodities strategist said that the return of Chinese domestic iron ore producers to the market had impacted heavily on supply in the past month.

Mr Szpakowski said that " On a normal year, they come back on production around March. However, this year because of the price had fallen so steeply in March, quite a number had postponed production, then when prices rebounded back up to USD 115 per tonne to USD 120 per tonne, these miners came back online. Now in the last few weeks, we've seen this supply hit the market."

The slowdown in China's residential property, which accounts for 24% of steel consumption in the world's second largest economy, has also helped push the price of iron ore down.

Moody's analytics said that the construction, sales and outfitting of apartments represented 23% of Chinese gross domestic product last year, but China's National Bureau of Statistics has reported a drop in home sales of 18% in April and a fall in the value of sales to CNY 418 billion. New property construction fell 22% in the four months to the end of April.

Source - Xinhua

voda 22 mei 2014 15:58

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Miners target cost cuts as iron ore price at lowest level for 2 years

SMH cited miners as saying that as the price of iron ore slipped below USD 100 per tonne for the first time in nearly two years, they would continue to focus on driving down costs.

Iron ore, measured out of the Tianjin port in China, lost a further 2.2% per cent overnight on Monday, sliding to USD 98.50 per tonne, its lowest point since September 2012. The bulk metal has slumped 6.6% in May and has pushed deeper into bear market territory down 26.6% for the year.

Following iron ore's slide this year, Mr Andrew Forrest chairman of Fortescue has seen his company's share price and personal fortune tumble. At Fortescue's 2014 peak of AUD 6.23, Mr Forrest's fortune was worth AUD 6.43 billion. Since then, Fortescue's share price has plunged 26.8% to AUD 4.39, wiping AUD 1.91 billion from Mr Forrest's stake.

Diversified miners are ramping up iron ore production while single metal miners continue to add to supply, leading to oversupply and a further slump in the iron ore price.

Mr Wayne Bould MD of minnow Grange Resources said “Iron ore prices were at pretty unsatisfactory levels and he had witnessed a major effort from buyers to push iron pellet prices lower in 2014. Normally there is a reasonable premium offered for the pellet products we sell into China but there has been an extremely large amount of pressure pushing that premium lower.''

Mr Ken Brinsden boss of Atlas Iron said that “The iron ore price was outside his control but he did not sweat over the short term moves. We will continue to focus on those things we can control and in particular growing our production base, controlling costs and looking after our strategy."

Mr Morgan Ball MD of BC Iron said that “The surprising thing about the current iron ore price fall was that the Australian dollar had not responded, although he expects pressure to remain on the currency. BC Iron has earned a reputation as one of the biggest dividend payers in the iron ore industry, and has vowed to pay out between 30% and 50% of net profits after tax to shareholders.”

Mr Ji Minlei trader who operates from the port of Rizhao said that “Pressure from banks partly explained why the iron ore price had dipped below USD 100 per tonne for the first time since September 2012. Some traders have been caught in the liquidity crunch and have been forced to sell.''

Mr Ji said that banks had been increasingly tightening credit this year and were now demanding deposits of up to 30% to finance cargoes, double the previous level. The biggest risk to the price now is that banks further tighten credit.''

Source – SMH.com

voda 23 mei 2014 15:20

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Unwanted bullish run might prove catastrophic for finished steel market in India

The current bullish run in Indian long steel market seems totally unwarranted in view of the demand. Barely any change in the demand fundamentals with construction and project sector languished the current spike is solely driven by cost escalation.

Stifling mining operations has spread scare furnace owners and primary mills alike pushing the cost up. The days will be ridden with hardship as the mining production plummets under after effects of closure of illegal mines.

It is reported that there is a hangover of finished shortage in market since April refusing to recede. However the truth of poor demand and credit squeeze haunts the marketplace.

The current price hike is likely to trigger unilateral price spike by the mills which will collapse if unsupported by demand since inventory pile up whether at mills end or at stockiest will unleash supply pressure .

It is learnt that raging price hike is so intense that some of the mils have hiked price midway by INR 500-1000 per tonne. It is also learnt that one of the major steel mill has even hiked price of rebar by INR 1250 in their retail segment mid month, which normally follows monthly changes

Going by the history of such maddening trends it would advisable for the mills to maintain modicum of balance between demands and price hike or be prepared for painful crash.

Source – Strategic Research Institute

voda 23 mei 2014 15:21

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JSW Steel may resort to iron ore imports

Economic Times reported that JSW Steel is considering the option of importing iron ore to tide over any disruption in supplies n the next two months in wake of the recent Supreme Court order that is set to affect mining across 26 mines in Odisha.

As per report, JSW's decision is likely to be influenced by two favourable factors, Rupee appreciation and international iron ore prices currently at an 18 month low.

The report quoted Mr Jayant Acharya director marketing of the company as saying that "We are assessing the option of importing iron ore to maintain our supplies. However, we are yet to take a call on the quantity of imports. The rupee has appreciated in recent days and global ore prices are at their lowest in recent months. This offers a window of opportunity.”

He added "However, imports would remain a costlier option.”

In case the company decides on ore imports, it is likely to be utilized at its port based Dolvi unit in Maharashtra.

Source – Economic Times

voda 23 mei 2014 15:25

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Goldman widens iron ore surplus forecast on steel output slow down in China

Goldman Sachs Group Inc said that the global seaborne iron ore glut will probably be 21% bigger than forecast next year as steel production slows in China

Goldman Sachs said that the surplus will reach 175 million tonnes in 2015, compared with a prior prediction of 145 million tonnes. The bank estimates that output will exceed demand by 72 million tonnes and prices will average USD 109 per tonne in 2014, before dropping to USD 80 next year.

Analysts including Mr Christian Lelong said that “The market is no longer in balance but in the early stage of a structural surplus. China will not act as the safety valve in an oversupplied market for much longer.”

Goldman said that disruption in Port Hedland would be costly for the producers affected and would drive a temporary price rally, but it would ultimately be washed out by global market fundamentals.

According to Shanghai Steelhome Information Technology Company, China’s inventory at ports rose 1.8% to a record 112.55 million tonnes in the week to May 16 from a week earlier. As much as 40 percent of inventory at ports may be tied up in financing purposes.

Mr Doug King the London based chief investment officer of the Merchant Commodity Fund said that “A meaningful amount of iron ore stockpiles in China is tied to financing, which means an unwinding can be excessive. Real demand will be dampened when those stockpiles are sold into the market.”

Source – Bloomberg

voda 23 mei 2014 15:27

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Recovery in Chinese PMI supports Chinese steel rebar and iron ore futures

Reuters reported that Chinese steel and iron ore futures rose on Thursday, pulling away from all time lows reached earlier in the week, as an improved performance by the country's manufacturing sector helped repair sentiment battered by a bearish demand outlook.

The most-active rebar for October delivery on the Shanghai Futures Exchange advanced 0.8 percent to CNY 3,096 (USD500) a tonne, after falling to an all-time low of CNY 3,055 on Wednesday.

Iron ore for delivery in September on the Dalian Commodity Exchange gained 1.3 percent to CNY 715 a tonne, moving away from a contract low of CNY 695 reached on Tuesday

The HSBC Flash China Manufacturing Purchasing Managers' Index recovered to a five -month high of 49.7 in May from April's 48.1.

But the figure is a tad below the 50 point level that separates growth in activity from a contraction, indicating that manufacturers actually experienced a slight drop in business.

Source – Reuters

voda 23 mei 2014 15:27

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APEA confirms steel as most recycled packaging material in Europe

The figures released this month by APEAL, the Association of European Producers of Steel for Packaging, indicate that in 2012, 2.7 million tonnes of steel packaging were recycled, corresponding to an average European rate of 74%. This reinforces the long term trend for steel as the most recycled packaging material in Europe.

Steel packaging’s recycling rate has increased threefold over the last 20 years and steel remains the most recycled packaging material in Europe. Plastic, beverage cartons, aluminum and glass have rates of 35%, 39%, 68% and 70% respectively.

Mr Alexander Mohr secretary general of APEAL said that “While steel maintains its position as the most recycled packaging material in Europe, it is clear there is still some work to be done in order for the industry to hit its vision of 80% recycling rate by 2020.”

According to the Steel Recycling Institute, for the US, the overall recycling rate for steel in 2012 was 88%, with nearly 84 million tonnes of steel recycled. This included the more than 1.3 million tonnes of tin plate steel the equivalent of 21 billion steel cans, which were recycled at a rate of 71%, the highest among packaging materials.

Mr Thomas J Gibson president and CEO, American Iron and steel Institute said that “The steel industry’s internationally recognized energy efficiency, coupled with the recycling rate that is the highest of any material, proves our commitment to sustainability and resource conservation.”

Steel products naturally contribute to resource conservation through their lightweight potential, durability and recyclability. Steel is 100% recyclable. It can be infinitely recycled without loss of key properties, ensuring that the resources invested in its production are not lost and can be infinitely reused.

Steel recycling accounts for significant raw material and energy savings. Due to its magnetic properties, steel is easy to separate from waste streams, enabling high recovery rates.

Recovery rates differ from recycling rates. For example, about 85% of automobiles are recovered for recycling, and nearly 100% of the steel in these recovered vehicles is recycled. More than 1,400 kilogram of iron ore, 740 kilogram of coal, and 120 kilogram of limestone are saved for one tonne of steel scrap made into new steel.

Source – Strategic Research Institute

voda 23 mei 2014 15:31

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Global steel trade to follow 2013 trend

From the detailed global steel trade data that have just been made available for 2013, a few interesting facts can engage our attention. Total steel trade reached nearly 390 MT comprising of 188 MT of flats, 64 MT of long, 42 MT of tubes and the balance in semis. The export coverage ratio was 24.3% of crude steel production. This is around 7% to 9% lower than the average of the last few years.

Though for China exports constituted only 7.4% of domestic production, there are countries like Japan, South Korea, Ukraine, Russia and Turkey where the share ranged from 34% to 75%. This indicates demand stagnation and surplus capacity in these countries and the consequent urge to export to keep the mills running in their own countries, leading to declining trend in steel prices in the global market.

Further, the surplus steel in Japan is making the issue of technology transfer relating to high value added flat products comparatively easy for Indian steel producers to set up these facilities in the country in collaboration with Japan.

It is well known that currently, regional blocks primarily based on geographical proximity indulge in a good deal of free steel trade within the boundaries of the region. The total steel trade therefore includes internal trade of EU-27 of as high as 94 mt, 101 mt in Asia and around 30 mt in CIS, South America and NAFTA, and this total volume is generally not subject to anti-dumping investigations for lack of evidence on injury parameters.

While Chinese steel exports peaked at 57.8 MT followed by Japan at 42.1 MT, Indian exports have been shown as 9.3 MT possibly by including exports of miscellaneous steel items. It is interesting to note that around 64% of the total exports of 157 mt by Asia comprised of internal trade, including the tonnages under CEPA to India from Japan and South Korea that the Indian steel producers are cribbing about.

The US continued to retain number one position in steel imports (28.6 MT), way above China (14.4 MT). Over 46% of steel imports of NAFTA countries are sourced from Asia (South Korea, Japan, China, Taiwan, India and Vietnam) and this fact should be further strengthened in 2014. The net exporter club now consists of China, Japan, EU-27, South Korea, Ukraine, Russia, Turkey and Taiwan. India joins this group as a marginal net steel exporter. The net importer club belongs to the US, Thailand, Indonesia, Canada and Mexico.

Source - Hellenicshippingnews.com

voda 23 mei 2014 15:33

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BHP to ask government to Intervene to stop iron ore port strike

Bloomberg reported that BHP Billiton Limited is likely to ask the Australian government to intervene to stop a threatened strike that would halt iron ore shipments from the world’s largest export harbor.

M Jimmy Wilson CEO of BHP’s iron ore unit said that “Mining operations may start winding down after two days of strike action because stocks at port Port Hedland are reasonably high. We choke reasonably quickly, two to three days.”

BHP, the world’s third biggest exporter of iron ore, is already facing reduced earnings at the unit as prices fell into a bear market in March and slumped to a 20 month low. Industrial action may cost producers about USD 94 million a day, prompting BHP to follow in the steps of Australia’s national carrier Qantas Limited which sought government intervention in a 2011 labor dispute.

Mr Wilson said that “They are literally holding us to ransom and that is something we have to push back on. It is highly likely that we would ask the government to help in the name of national interest.”

Disrupting global iron ore supplies may in the short term bolster the iron ore price, which has plunged 27% this year. Goldman Sachs Group Inc warned a global surplus may be 175 million tonnes next year, up 21% on an earlier forecast.

Fortescue Metals Group Limited, Australia’s third largest ore exporter, and Atlas Iron Limited also ship from Port Hedland. BHP fell 0.8% to AUD 37.17 in Sydney, while Fortescue declined 2.4% and Atlas lost 2.7%.

Mr Wilson said that “Deckhands at Teekay Shipping (Australia) Pty, which is contracted by BHP to run tugboat operations at the port, are seeking a 40% wage increase over four years and a cut in work time from six months to four and a half months a year. They are the highest-paid port workers in the country.”

Source – Bloomberg

voda 23 mei 2014 15:34

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Australia's April iron ore exports to China jump 46pc on year

Reuters reported that Australian exports of iron ore to China surged 45.8% in April from a year earlier with the country's miners pushing ahead with expansion plans to meet demand from the world's top consumer.

Monthly shipments imported by China from Australia reached 47 million tonnes in April, amounting to 56.4% of the total volume of 83.39 million tonnes, the second highest on record.

The rapid increase came amid weaker iron ore prices, with the country's miners, including Rio Tinto and BHP Billiton all in the middle of plans to expand production capacity on expectations of rising Chinese demand.

Despite plunging prices and worries that growth in demand could be running out of steam, Chinese steel production has also remained at record levels, with output from large mills hitting a record high of 1.824 million tonnes per day in the first 10 days of May.

But increased iron ore supply has also brought stockpiles at major Chinese ports to record levels above 110 million tonnes, weighing on prices, which have already fallen 27% so far this year.

Brazil's Vale, the world's top producer, is on course to increase annual iron ore output to 450 million tonnes by 2018, from 306 million tonnes last year, while third ranked BHP Billiton is set to increase its annual capacity to up to 270 million tonnes from a forecast 217 million tonnes this year. Global iron ore suppliers are expected to bring in total additional capacity of 240 million tonnes this year and next, Vale has estimated.

Australia has exported a total of 165.2 million tonnes of the steelmaking raw material to China in the first four months of 2014, jumping 35% from the same period last year.

Brazil, the second largest exporter of the commodity, shipped 14.1 million tonnes of iron ore to China in April, up 12% on the year. Its total shipments rose about 10% to 55.7 million tonnes in the first four months from a year ago.

Source – Reuters

voda 23 mei 2014 15:35

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EU approves carbon floor price compensation for energy intensive firms

The European Union has approved UK plans to compensate businesses operating in energy intensive sectors, such as chemicals, steel and iron, paper and plastics, to help them cope with the financial impact of the Treasury's controversial carbon floor price.

The European Commission yesterday granted state aid approval for the government to provide compensation worth up to 80 per cent of the carbon floor price, which currently stands at GBP 9.55 per tonne of CO2 and will next year rise to GBP 18.08 per tonne.

The government argues the compensation is required to remove the threat of carbon leakage whereby energy intensive businesses relocate to other countries to avoid the impact climate change policies. Yesterday's decision forms just one element of the government's multi-million pound Energy Intensive Industries Package announced last year by the Department for Business Innovation and Skills.

Mr Gareth Stace, of EEF the manufacturers' association, said that “The decision would be welcomed by its members as it will help alleviate the significant costs associated with climate change policies that energy intensive firms face. He said the carbon price floor currently adds between five and ten per cent to the energy bills of energy intensive companies, making them less competitive on the international stage.”

Mr Stace said that "We very much welcome it, although it's taken quite some time to get approval, considering our members have been paying the carbon price floor for over a year now. The government should now press the Commission further to secure backdated compensation from April 2013, when the Carbon Price Floor was first introduced.”

Mr Stace also voiced concern that a number of industries, such as cement and lime, gypsum, glass and ceramics, will not be eligible for compensation as they were excluded from the Commission's list of industries that qualified for support to help them cope with the costs associated with the Emissions Trading System earlier this year.

Mr David Powell economics campaigner for Friends of the Earth said that “The compensation scheme would undermine UK efforts to tackle climate change. One way or another the UK needs to get all parts of its economy, including its manufacturing base, off fossil fuels it's bad policy and bad for our competitiveness if climate policies are repeatedly rejigged as soon as industry protests about short term costs."

He said that "Now that industry has got everything it wanted from George Osborne, I hope they'll throw equal weight behind demanding an impressive low carbon industrial strategy that cements our future prosperity in a sharply decarbonising world."

Source – Business Green.com

voda 23 mei 2014 15:37

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ArcelorMittal SA appoints O'Flaherty as new CEO

South African media has reported that ArcelorMittal SA has appointed Mr Paul O’Flaherty as CEO and executive director with effect from July 1, following the resignation of Nonkululeko Nyembezi-Heita as CEO in February.

Mr O’Flaherty, former chief financial officer at Eskom, will take the hot seat as it, gets set to release its first Factor Report on July 1.

The study, conducted last year in partnership with an external consultancy, quantifies the effect ArcelorMittal South Africa’s business has on the country’s social, environmental and economic landscape.

Since Ms Nyembezi-Heita’s departure in March, Hans Ludwig Rosenstock has been acting CEO. He has previously held numerous executive positions in the global group

ArcelorMittal SA chairman Mpho Makwana said on Thursday the group was "delighted" that Mr O’Flaherty would inject new energy into its strategic turnaround.

Source – bdlive.co.za

voda 23 mei 2014 15:38

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TATA Steel saves 7400 MWH with ABB DriveSave

A plant wide series of energy saving projects has saved more than 7,400 MWH a year from TATA Steel’s energy use at its Port Talbot steelworks. Altogether 62 ABB variable speed drives were installed ranging from 15 KW to 200 KW.

Conducted by ABB, the projects were performed as part of the ABB DriveSave programme, which guarantees that users will achieve a specified level of energy savings.

ABB DriveSave is aimed at industries like metal processing, chemical, oil & gas and pulp & paper which are willing to make significant investment across many applications on a site to achieve targeted savings, totalling 1,000’s of MWH and above per year, with a return on investment in under three years.

In addition to the guaranteed energy savings and the design, installation and commissioning of the VSD scheme, DriveSave offers a 5 year warranty for all of the installed drives, together with a 5 year preventive maintenance program.

ABB’s Mr John Guthrie said that “We have worked with TATA Steel for a long time on energy saving applications. TATA knows ABB and what we can do, so they know that VSDs can save energy and that we work in partnership with our customers. The main driver for TATA Steel was that this was one project, meaning a single purchase order. The local areas of the plant do not have their own capital expenditure budget for this amount of work, so this represented an easier solution for them rather than finding other capital for them.”

He said that “What makes DriveSave special is the performance guarantee; so the customer can look at this as purchasing energy saving. It is also attractive to Tata Steel because the savings guarantee means ABB shares the project risk and allows them to penalise ABB for under achievement and reward a bonus for over achievement.”

Source – Strategic Research Institute

voda 23 mei 2014 15:40

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Chinese steel traders look to the Internet

Xinhua reported that China's largest steel trader, China Minmetals Corporation opened its e-commerce platform to other dealers to help the sector handle overcapacity and a credit crunch.

Mr Yu Engang deputy GM of Minmetals Development Company Limited said that “The platform, www.xinyilian.com, will link commodity buyers with sellers and gradually become an online steel supermarket. The platform also provides online financing for steel dealers. During hard times, the steel sector must build an open and standard e-commerce platform."

According to data by the China Iron and Steel Association, China's steel industry is struggling through the mire of overcapacity and losses amid the economic slowdown. Steel companies posted combined losses of CNY 2.33 billion in the Q1 compared with profits of CNY 8 billion a year ago. Crude steel output continued to expand in the Q1 by 2.4% to 203 million tonnes.

According to the China Chamber of Commerce for Metallurgical Enterprises, the steel industry, which relies heavily on bank loans for financing, was among the hardest hit by the credit crunch. The average debt to asset ratio for the steel industry now stands at 70%.

Mr Zhao Xizi honorary president of CCCME said that “Steel companies or dealers have to endure a 10% reduction in credit and higher interest rates. The whole steel industry will have to hold on for another three years before going through the winter period.”

Mr Liu Leiyun president of China National Association of Metal Material Trade said that "It's unnecessary for everyone to launch their own e-commerce platform, trading company or logistics park. Otherwise, it will become another overcapacity problem."

Mr Dong Baoqing an official from the Ministry of Industry and Information Technology, sees e-commerce as a good way for the steel industry to win back trust from banks, burned by steel companies embezzling credit for speculative purposes. A reliable platform could reduce risks to controllable levels and facilitate the healthy development of the sector.

Source - Xinhua

[verwijderd] 23 mei 2014 16:23

0

Vandaag Aperam verkocht met mooie winst (maar toch nog te vroeg) en flink ingestapt in Mittal. Gok of hoop op een herstel richting € 12,00 na een paar dagen van dalende koers.

GVteD 23 mei 2014 17:50

0

Was dit al gemeld vandaag
23 mei '14 Kopen € 13,2 Citigroup

voda 24 mei 2014 15:37

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Sale of US plants only an option not a decision - Severstal CEO

Freep cited Mr Alexey Mordashov CEO of Severstal as saying that company is accepting bids for its two North American steel plants but that doesn’t mean it will sell them.

Mr Mordashov said that “The Russian steelmaker’s two US mills in Dearborn and Columbus, Miss are profitable. However, Severstal is a small player in North America. Basically, there are two options: to develop it and stay or to dispose it, to create maximum value, to monetize. We invested a lot and it’s up to the best standards in the United States.”

Mr Mordashov said that “We are not retreating from the United States. We have not made a decision to dispose of any of our assets. We are contemplating different options, but that doesn’t mean we have decided anything.”

Severstal employs about 1,800 in Dearborn and about 700 in Mississippi. It has invested USD 1.4 billion in Dearborn since purchasing the former Rouge Steel operations for USD 285 million in 2003. The plant, built a century ago as part of Henry Ford’s Rouge complex, is across from Ford’s Dearborn truck plant.

Source – Freep.com

voda 24 mei 2014 15:38

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Growing use of aluminum in cars concerns for steelmakers - Severstal CEO

Bloomberg cited Mr Alexey Mordashov CEO of OAO Severstal as saying that the growing use of aluminum in cars is a concern for steelmakers, as the industry grapples with excess capacity.

Mr Mordashov said that “The use of substitutes for steel by the auto industry has been evident for decades. Steelmakers have previously responded to the challenges posed by substitute materials and should do so again.”

Mr Mordashov said that “His industry continues to confront overcapacity. We see global steel demand growing by 3.5% to 4% this year but the shutting of capacities is going slower.'

Automakers have started to use increasing amounts of aluminum because it reduces the weight of vehicles and assists in curbing carbon emissions and meeting environmental standards. Ford Motor Company (F) will roll out its aluminum-bodied F-150 pickup this year. The model may add more than 250,000 tonnes to US aluminum demand.

Source – Bloomberg

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