Eurobench.com

voda 7 mei 2019 14:54

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Trump administration denies Kinder Morgan steel tariff waiver for Permian Basin pipeline project

Associated Press reported that the Trump administration has denied a steel tariff waiver for a natural gas pipeline being developed in the Permian Basin by Houston-based operator Kinder Morgan. In a pair of memos signed late last month, the Department of Commerce denied two requests from Kinder Morgan to buy tariff-free steel pipes from Turkish manufacturer Borusan Mannesmann in order to build the Gulf Coast Express Pipeline. In their review of Kinder Morgan's requests, Department of Commerce officials determined that there is a reasonable amount of pipeline available in the United States with satisfactory quality for the project.

With a target service date of October 2019, Kinder Morgan is building the USD 1.75 billion and 514-mile pipeline to move 2 billion cubic feet of natural gas per day from the Permian Basin of West Texas to the Agua Dulce hub near Corpus Christi.

In a March 2018, decision, Trump imposed a 25% import tax on steel and a 10% import tax on aluminum on most countries and extended them in June to Mexico, Canada and the European Union. The administration allowed for companies to seek waivers based on a national security basis. Kinder Morgan argued that the Gulf Coast Express Pipeline would boost exports, unlock more oil production in the Permian Basin and strengthen ties to Turkey, a key US ally in the Middle East.

Source : Associated Press

Bijlage:

voda 7 mei 2019 14:55

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AISI update on raw steel production in US in Week 18

In the week ending on May 4, 2019, domestic raw steel production was 1,915,000 net tons while the capability utilization rate was 82.3 percent. Production was 1,796,000 net tons in the week ending May 4, 2018 while the capability utilization then was 77.6 percent. The current week production represents a 6.6 percent increase from the same period in the previous year. Production for the week ending May 4, 2019 is up 1.1 percent from the previous week ending April 27, 2019 when production was 1,895,000 net tons and the rate of capability utilization was 81.4 percent.

Adjusted year-to-date production through May 4, 2019 was 33,698,000 net tons, at a capability utilization rate of 81.7 percent. That is up 6.6 percent from the 31,610,000 net tons during the same period last year, when the capability utilization rate was 76.4 percent.

Broken down by districts, here's production for the week ending May 4, 2019 in thousands of net tons: North East: 207; Great Lakes: 720; Midwest: 192; Southern: 719 and Western: 77 for a total of 1915.

Source : Strategic Research Institute

voda 7 mei 2019 14:58

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Severstal announces sale of Mini-Mill Balakovo to Abinsk Electric Steel

Severstal announced that it has entered into a definitive agreement with Abinsk Electric Steel Works LTD for the sale of Mini-Mill Balakovo. The consideration of the transaction will be USD 215 million. Mini-Mill Balakovo has an annual capacity of 1 million tonnes of profiled iron for building materials (reinforcement, angle, channel). It produces a range of 40 different products. The mill has produced over three and a half million tonnes of products since it was first launched. Citigroup acted as financial advisor to PAO Severstal. The transaction is expected to complete in first half of 2019 following the receipt of approvals and other standard conditions.

Mr Alexander Shevelev, CEO of Severstal, said “Following the sale of Mini-Mill Balakovo, we plan to focus on developing steel production at our main asset, the Cherepovets Steel Mill. We are confident that this will enable us to streamline our internal processes to execute our updated strategic priorities successfully. We are committed to providing our customers with integrated solutions and increasing our production of high value-added products. At the same time Severstal will continue to supply long products via our long product facilities at CherMK. Mini-Mill Balakovo was the first producer of long products in the Volga Federal District and has become known as a trusted supplier of high-quality products. We believe that the Mini-Mill still has a lot of potential and will benefit from the new shareholder’s focus on long product production.”

Abinsk Electric Steel Works LTD (ASW) was founded in 2010, when it became the first ferrous metallurgy business in the Kuban region of Russia.

Source : Strategic Research Institute

voda 7 mei 2019 14:59

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Iran annual iron ore pellet production up (IMIDRO)

Iran Daily reported that according to the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report, Iran produced 26.7 million tonnes of iron ore pellets during the last Iranian year (ended March 20), to register a 49% YoY growth compared with the preceding year’s corresponding period. Golgohar Mining and Industrial Complex accounted for 11.706 million tonnes of the total output, followed by Middle East Mines and Mining Industries Development Holding Company with 4.94 million tonnes, Opal Parsian Sangan with 3.65 million tonnes, Chadormalu Mining and Industrial Complex, with 3.557 million tonnes and Iran Central Iron Ore Company with 2.866 million tonnes.

According to the Islamic Republic’s Vision Plan, the country’s total steel production capacity is to hit 55 million tons a year by 2025, with exports figure expected to reach 10-15 million tonnes.

Source : Iran Daily

voda 7 mei 2019 14:59

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Fitch upgrades Metalloinvest rating to ‘BB+’ with a stable outlook

Metalloinvest announced that Fitch Ratings has upgraded the Company’s corporate rating to “BB+” with a stable outlook from “BB”/positive. According to Fitch statement, rating upgrade reflects the Company’s continually strong operational profile with strategic focus on high value-added products, competitive cost position, healthy liquidity, improved financial metrics and incorporates the progress the Company has made to improve the level of corporate governance.

At the same time, Fitch has upgraded the senior unsecured ratings assigned to the notes issued by Metalloinvest Finance D.A.C. to “BB+” from “BB”.

Mr Alexey Voronov, Finance Director of Management Company Metalloinvest, said “We welcome the agency’s decision to upgrade Metalloinvest’s rating to BB+ (one step to the investment grade). Fitch is the third international rating agency, which upgraded Metalloinvest’s rating to BB+/Ba1 level since the beginning of 2019 year”.

Source : Strategic Research Institute

voda 7 mei 2019 15:03

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Sandvik initiates an internal separation of Sandvik Materials Technology

Sandvik Board of Directors has decided to initiate an internal separation of the business area Sandvik Materials Technology. The intention is to increase Sandvik Materials Technology’s structural independence from the Sandvik Group and thereby put greater focus on the business’ future development possibilities as well as create flexibility. The Board of Directors has also decided to explore the possibility of a separate listing (Lex Asea) at the Nasdaq Stockholm Exchange, should that strengthen Sandvik Materials Technology’s position and future development.

, Johan Molin, Chairman of the Sandvik Board of Directors, said “The decision to initiate an internal separation of Sandvik Materials Technology is based on the board’s belief that each part will develop more favorably by itself, increasing opportunities for profitable growth and improving long-term shareholder value.”

Björn Rosengren, President and CEO of Sandvik, said “Sandvik Materials Technology represents the origin of Sandvik and great businesses have sprung out of it to shape the current structure. It is my view that a separation will allow full focus on Sandvik Materials Technology’s key strengths and its further improved performance.”

The separation and preparation for a possible listing is expected to take at least a year. There is no guarantee that a decision to finally list Sandvik Materials Technology will be taken.

Business area Sandvik Materials Technology is a world-leading manufacturer of advanced stainless steels and special alloys for the most demanding industries. The offering covers a large variety of product forms, such as tube, pipe, bar and strip steel as well as products for industrial heating.
Key figures 2018
Revenues: 15,111 million SEK
Operating profit: 1,391 million SEK
Employees: 6,102

Source : Strategic Research Institute

voda 7 mei 2019 15:04

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Workers protest against possible privatization of Pakistan Steel Mills

Pakistan Today reported that workers protested against the possible privatization of the Pakistan Steel Mills in Karachi on Monday and blocked the National Highway. The employees ended their symbolic protest after one hour and restored the track of the highway that had been blocked for traffic.

Pakistan Tehreek-e-Insaf-led federal government has decided to reorganize the list of national institutions for privatization immediately after May 10 following consultation with the International Monetary Fund. The expanded list will then be forwarded to the cabinet for approval.

Source : Pakistan Today

voda 7 mei 2019 15:04

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GMS Market Commentary on Shipbreaking in Wee 18 - DEADLINES BECKON!

Activity seems to be slowing this week as the cut-off date for the budget in Bangladesh and the incoming monsoon season seem to overall hamper End Buyer offers and have considerably curtailed demand for later deliveries. Indeed, the weather has already started to take a turn for the worse as cyclone Fani batters the East Indian & Bangladeshi coasts this week. Moreover, towage jobs will struggle to be approved from a Marine Warranty Surveyor / insurance perspective. So inevitably, there will be the much-expected slowdown in supply for vessels arriving into the subcontinent.

Also, during the seemingly unending rains of the monsoon season, many laborers return to their home towns as production on the yards slows due to the constant rains (hampering cutting / recycling activities), as much of the tonnage imported during the first half of the year gets gradually absorbed into the respective local markets.

There are also the upcoming Indian elections to consider as many are hoping that the pro- business Mr. Modi gets re-elected (which should be good for steel prices, currency and the ship recycling industry in general), but there has been the nagging suspicion that moods are beginning to shift and an unexpected surprise could well be on the cards.

Pakistan too remains firmly on the sidelines for another week and these are indeed troubled times for a once vibrant industry, with virtually no new vessels being imported this year (only smaller LDT general cargo vessels) as the currency too continues to struggle and steel mills close locally.

Finally, Turkey remains strung, suspended for the third straight week with no change in the comparatively weakened steel plate prices, a depreciated Turkish Lira that’s about to breach the TRY 6.0 mark, and an overall nervous sentiment, all of which have been exacerbated by a shortage of available tonnage. As such, there remains little this market is able to do at this moment.

Source : Strategic Research Institute

voda 7 mei 2019 15:11

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TimkenSteel announces Q1 2019 results

TimkenSteel has reported first-quarter 2019 net sales of USD 371 million and net income of USD 4.2 million. In the same quarter last year, net sales were USD 381 million with a net loss of USD. Mr Tim Timken, chairman, CEO and president, said "As anticipated, our performance strengthened in the first quarter, with continued expansion in gross margin and increased net income compared with the same quarter last year. We achieved these results by executing a strategy to sell a richer mix of products, improve price and deliver on time. This commercial strategy combined with operational excellence in safety, quality and customer service remains our priority and will drive shareholder value."

First-quarter net sales decreased USD 10 million or 3% YoY.

Ship tons were 260,900, a decrease of 13% YoY from first-quarter 2018. The decrease was in line with prior guidance and primarily due to lower oil country tubular goods billet shipments.

Net sales benefited from improvements in product mix and price, driven by improved 2019 contract pricing, prior-year spot price increases and a continued focus on the sale of higher-margin products.

Surcharge revenue of USD 90 million represents a slight decrease from the prior-year quarter, primarily as a result of lower volumes.

First-quarter 2019 EBIT increased to USD 8.5 million compared with USD 2.8 million for the same period a year ago.

EBITDA for first-quarter 2019 was USD 26.3 million, an increase of USD 5 million over the same quarter last year.

Net income was USD 4.2 million, an increase of USD 6.1 million from first-quarter 2018.

Improvements in contract pricing and the benefit of prior-year spot pricing, combined with lower OCTG billet volume, resulted in a USD 22 million improvement in product mix and price.

Source : Strategic Research Institute

voda 7 mei 2019 15:54

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Aandeelhouders stemmen in met agendapunten ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
17,80 -0,57 -3,10 % Euronext Amsterdam

(ABM FN-Dow Jones) De aandeelhouders van ArcelorMittal zijn bij de jaarvergadering met sterke meerderheid akkoord gegaan met alle agendapunten. Dat maakte het staalconcern dinsdag bekend.

Van de stemrechten was bijna 70 procent aanwezig op de vergadering.

De aandeelhouders gingen akkoord met de herbenoeming van Vanisha Mittal Bhatia, Suzanne Nimocks, Jeannot Krecké en Karel de Gucht als bestuurders voor een termijn van drie jaar.

Het staalconcern kondigde maandag aan zijn Europese productie te verlagen met 3 miljoen ton vanwege de lagere vraag en concurrentie van buitenlands staal. Donderdag volgen de cijfers over het eerste kwartaal.

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

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

voda 7 mei 2019 16:29

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Aandeelhouders Aperam akkoord met benoemingen

Gepubliceerd op 7 mei 2019 om 16:16 | Views: 91

Aperam 16:12
25,64 -1,07 (-4,01%)

LUXEMBURG (AFN) - Aandeelhouders van roestvrijstaalbedrijf Aperam hebben ingestemd met alle voorstellen van de aandeelhoudersvergadering. Ze gaven onder andere groen licht voor de benoeming van Bernadette Baudier als lid van de raad van bestuur, die voornamelijk controlerende taken heeft.

Baudier is senior vicepresident bij de divisie van olie- en gasbedrijf Total voor exploratie en productie. Bij hetzelfde concern was ze eerder verantwoordelijk voor de interne audit. Ze is bij Aperam benoemd voor een termijn van drie jaar.

Aandeelhouders gaven ook hun fiat voor een nieuwe, driejarige termijn voor ArcelorMittal-topman Lakshmi Mittal als voorzitter van de raad van bestuur. Daarnaast gingen ze akkoord met de herbenoeming van Romain Bausch, Kathryn Matthews en Aditya Mittal tot leden van de raad van bestuur.

voda 7 mei 2019 21:32

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BHP voor miljarden aangeklaagd na instorting Braziliaanse dam

(ABM FN-Dow Jones) BHP Group is aangeklaagd voor miljarden voor nalatigheid rond de instorting van de Fundao-dam in Brazilië in 2015, waarbij 19 mensen om het leven kwamen.

De Engels-Australische mijnbouwer ontving een massaclaim ter waarde van 5 miljard dollar van 235.000 Braziliaanse burgers en organisaties, vertegenwoordigd door het Britse advocatenkantoor SPG Law. Gemeenten, nutsbedrijven, indianenstammen en de katholieke kerk sloten zich aan bij de claim.

BHP was mede-eigenaar van het bedrijf Samarco Mineracao dat de dam exploiteerde. Volgens de claimanten wist BHP dat er toenemende zorgen waren dat de dam kon breken en was het concern ook verantwoordelijk voor de besluitvorming rond de exploitatie en het onderhoud van de dam.

De klagers verwijten BHP herhaalde waarschuwingen te hebben genegeerd en de productie van ijzererts steeds verder te hebben opgevoerd, waardoor het waterniveau verder steeg, ondanks de zorgen over de veiligheid van de dam.

Tom Goodhead, partner bij SPG Law zei: "BHP heeft zich schuldig gemaakt aan grove nalatigheid in zijn zorgplicht en de verlangde schadevergoeding staat geheel in verhouding tot de verwoesting die werd toegebracht aan de inwoners van Mina Gerais, Espirito Santo en Brazilië."

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

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

voda 8 mei 2019 13:01

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Winstval voor Aperam

Gepubliceerd op 8 mei 2019 om 07:31 | Views: 3.160

Aperam 12:39
25,38 -0,24 (-0,94%)

LUXEMBURG (AFN) - Maker van roestvrijstaal Aperam heeft het eerste kwartaal van het jaar afgesloten met fors minder winst op een lagere omzet dan een jaar eerder. Het bedrijf ondervindt naar eigen zeggen hinder van moeizame marktomstandigheden die de staalmarkt wereldwijd dwars zitten. In het bijzonder wordt gewezen op de impact van geïmporteerd staal uit opkomende economieën naar Europa, die concurrentieverstorend werkt.

Topman Timoteo di Maulo zegt in een verklaring er bij de Europese Commissie op aan te dringen om maatregelen te nemen tegen de grote staalstroom uit landen als Indonesië. De resultaten an sich van Aperam noemde hij ,,veerkrachtig".

Aperam sloot de meetperiode af met een omzet van bijna 1,18 miljard euro. Dat was een jaar eerder 1,22 miljard euro. De operationele winst viel ruim twee keer lager uit op 46 miljoen euro. Onder de streep resteerde 25 miljoen euro, tegen 85 miljoen euro een jaar eerder. Aperam verscheepte 501.000 ton staal in de eerste maanden van het jaar. Dat was vorig jaar 517.000 ton.

Dumping

Di Maulo wees naast de impact van het op grote schaal dumpen van goedkoop staal op de Europese markt ook op de zwakkere marktomstandigheden in Brazilië. Voor de komende kwartalen verwacht hij dat de resultaten zullen verbeteren, geholpen door ingrepen binnen de eigen gelederen. Tegen eind 2020 mikt het bedrijf op een structurele besparing van 200 miljoen euro. Daarvan was na het afgelopen kwartaal 67 miljoen euro gerealiseerd.

Aperam gaat voor het lopende kwartaal uit van een verbetering van het bedrijfsresultaat ten opzichte van het de 81 miljoen euro uit het eerste kwartaal van het jaar. Verder rekent het bedrijf er op dat de schuldpositie op een vergelijkbaar ,,laag" niveau zal blijven. Eind maart stond de nettoschuld op 106 miljoen euro.

voda 8 mei 2019 13:02

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'Minder resultaat Aperam was voorzien'

Gepubliceerd op 8 mei 2019 om 10:10 | Views: 1.079

AMSTERDAM (AFN) - Dat roestvrijstaalmaker Aperam met mindere resultaten op de proppen kwam, was niet geheel een verrassing. Dat schrijven analisten van ING in een rapport. De resultaten waren evenwel nog iets minder dan waar de kenners rekening mee hielden.

Aperam zag het bedrijfsresultaat op kwartaalbasis met 10 procent dalen tot 81 miljoen euro. Aanhoudende zwakke marktomstandigheden zaten het bedrijf dwars. Daarnaast zijn de prestaties in Brazilië in het eerste kwartaal seizoensgetrouw zwak. ING had evenwel op een bedrijfsresultaat van 90 miljoen euro gerekend. De algehele consensus lag op 88 miljoen euro.

ING wijst er op dat de het niet kunnen voldoen aan de verwachtingen door Aperam eigenlijk ook niet geheel als een verrassing komt. De kenners wijzen onder meer op veel minder dan verwachte resultaten waar branchegenoot Outokumpu dinsdag mee naar buiten kwam.

Staalimport

Verder concludeert ING dat Europese maatregelen om staalimport te matigen klaarblijkelijk nog niet al te doeltreffend zijn. In het bijzonder wordt gerefereerd naar de verklaring van Aperam die er bij de Europese Commissie op aandringt om maatregelen te nemen voor eerlijke handel.

ING hanteert een hold-advies op Aperam met een koersdoel van 50 euro. Het aandeel stond woensdag omstreeks 10.00 uur 2,5 procent hoger op 26,23 euro.

voda 8 mei 2019 14:36

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Beursblik: dalende winst voor ArcelorMittal voorzien

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
17,494 -0,314 -1,76 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft in het eerste kwartaal van 2019 vermoedelijk minder winst geboekt. Dit verwachten analisten die bijdroegen aan de bedrijfsconsensus.

Gemiddeld rekenen analisten op een EBITDA van 1.680 miljoen dollar. In de eerste drie maanden van 2018 was dit nog 2.512 miljoen dollar en in het vierde kwartaal kwam het bedrijfsresultaat uit op 1.951 miljoen dollar.

ArcelorMittal liet eerder deze maand al weten te kampen met een zwakkere vraag, concurrentie van goedkoop importstaal en hogere kosten voor energie en CO2-uitstoot. Als gevolg besloot de staalreus de plaatstaalproductie in het Poolse Krakow en het Spaanse Asturias tijdelijk stil te leggen. Met de sluiting kiest het staalconcern voor "kosten en kwaliteit boven volume". De staalproductie daalt hierdoor op jaarbasis met ongeveer 3 miljoen ton.

"Het staalconcern is heel expliciet dat de winstgevendheid in Europa onder druk staat door het aanbod van buitenlands staal," analist Rochus Brauneiser van Kepler Cheuvreux. Kepler heeft een koopadvies op ArcelorMittal met een koersdoel van 30,00 euro.

Analisten van Citi Research verwachten dat de marktomstandigheden pas in de tweede helft van dit jaar zullen verbeteren, door een omslag in de stijgende grondstofprijzen en de dalende verkoopprijzen.

Bij publicatie van de jaarcijfers in april stelde ArcelorMittal voor 2019 een lichte stijging van de mondiale vraag naar staal te verwachten. De raming van ArcelorMittal voor deze toename ligt op 0,5 procent tot 1 procent.

De prijzen voor verscheept ijzererts blijven in de verwachting van het concern dit jaar stabiel in vergelijking tot 2018.

ArcelorMittal opent donderdag voorbeurs de boeken. Woensdagochtend daalde het aandeel 0,7 procent naar 17,68 euro.

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

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

voda 8 mei 2019 15:21

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GMS Market Commentary on Shipbreaking in PAKISTAN in Week 18 - BARREN BEACHES!

Ship recycling yards in Gadani remain barren for another week with no new purchases and minimal arrivals to speak of. All we have seen from Gadani this year have been small LDT general cargo units that have arrived local shores for recycling. Overall, it has been nearly a year since Pakistan was leading the way on prices, having reopened its waterfront for tankers back in 2018. Subsequently, an influx of VLCCs, Suezmax, and Aframax tankers ensued, in what was the last real spree for this market, before its most recent downturn.

The way the Pakistani currency is currently positioned, means that competing at today’s high levels with Bangladesh (or even India) is not entirely feasible for Gadani Recyclers and their strategy is to just wait and hope that prices from its competing subcontinent neighbors spiral lower towards their target range, before moving forward with any fresh acquisitions of its own.

Source : Strategic Research Institute

voda 8 mei 2019 15:21

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Outokumpu announces Q1 results

President & CEO Roeland Baan said “Outokumpu’s first quarter performance was in line with our expectations. Our adjusted EBITDA amounted to EUR 54 million reflecting the challenging market situation. Seasonally demand in Europe was stronger than in the previous quarter but not to the extent we would usually experience. In spite of this, we increased our market share. Realized base prices came down slightly compared to fourth quarter. Business area Europe’s adjusted EBITDA was further burdened by EUR 12 million currency derivative loss. As expected, business area Americas had a weak quarter caused by high inventories of expensive raw materials. These inventories have now been consumed and we expect the Americas’ profitability to improve supported by the new leadership and revamped commercial and supply chain processes. Operating cash flow developed favorably thanks to increased focus on working capital. The increase of our net debt to EUR 1.37 billion was due to the IFRS 16 accounting change. The EU’s permanent safeguards, introduced in February, have proven to be effective. Cold-rolled imports to Europe have come back to the levels before the introduction of steel tariffs. However, the full market recovery will take some time as the overall economic uncertainty is adversely influencing demand and volumes. Thanks to diligent execution of our must-win battles, our productivity and operational stability have improved substantially providing us a hedge against adverse market circumstances.”

Highlights in the first quarter of 2019
Stainless steel deliveries were 621,000 tonnes (644,000 tonnes).
Adjusted EBITDA was EUR 54 million (EUR 133 million).
EBITDA was EUR 40 million (EUR 140 million).
Operating cash flow was EUR 39 million (EUR 39 million).
Net debt increased to EUR 1,370 million (Dec 31, 2018: EUR 1,241 million).
Gearing was 51.6% (Dec 31, 2018: 45.1%).
Return on capital employed (ROCE) was 4.3% (Dec 31, 2018: 7.0%).
Q1 2019 compared to Q1 2018

Outokumpu’s sales increased to EUR 1,715 million (EUR 1,671 million). The first-quarter adjusted EBITDA of EUR 54 million was significantly lower than EUR 133 million in the first quarter of 2018 driven particularly by increased graphite electrode and other input costs. Deliveries decreased due to high distributor inventories and softer demand in the Americas and Long Products. Realized base prices decreased as a result of a challenging market in Europe, partly offset by improved pricing and product mix in the Americas. Ferrochrome profitability was negatively impacted by lower contract price and higher costs. The adjusted EBITDA includes a loss of EUR 12 million from currency derivatives. Raw material-related inventory and metal derivative losses were EUR 13 million compared to losses of EUR 5 million in the first quarter of 2018. Other operations and intra-group items’ adjusted EBITDA amounted to EUR 1 million (EUR 10 million). Other operations and intra-group items’ result includes a EUR -14 million adjustment related to a preliminary settlement between Outokumpu and Thyssenkrupp regarding a tax consolidation claim in Italy, as well as other earlier claims from the merger between Outokumpu and Inoxum.

Outlook for Q2 2019 - In the second quarter, there are no significant changes expected in the stainless steel markets. As a result, Outokumpu expects its stainless steel deliveries to remain at a similar level to the first quarter of 2019. The Ferrochrome result will be positively impacted by the higher ferrochrome benchmark price, partly offset by planned maintenance work in the Tornio ferrochrome operations. Outokumpu expects its second-quarter adjusted EBITDA to be higher than in the first quarter of 2019 (Q1/19: EUR 54 million).

Source : Strategic Research Institute

voda 8 mei 2019 15:23

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GMS Market Commentary on Shipbreaking in TURKEY in Week 18 - STRUGGLING!!

The Turkish market has been really struggling of late, with local steel plate prices that have found an unexpected stability at a relatively weakened USD 315/MT, the Turkish Lira that has degraded to point of nearly breaching the TRY 6.0 mark against the US Dollar, local market sentiments that remain rather pessimistic (expecting further declines ahead), and a diminutive supply of meaningful tonnage that is really hampering Turkey’s recycling market. Moreover, as the subcontinent markets remain positioned some ways ahead (despite the onset of the monsoon season and domestic budgets), there seems little that the Turkish market is able to do on its own, in order to attract the attention of more Ship Owners.

Most in the local economy are expecting an overall weakening in the Turkish market to be forthcoming, given the U.S. sanctions on Iranian oil, a major exporter to the Turkish market. As such, a potential inflation in the Turkish economy during the summer months would certainly degrade the current situation further.

Time will tell what’s really in store for the Turkish market as a lot of aspects currently seem to be conspiring to make it a slow summer in Aliaga.

Source : Strategic Research Institute

voda 8 mei 2019 15:24

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Essar Steel Asia Holdings moves to NCLAT seeking rejection of ArcelorMittal's bid

Press Trust of India reported that Essar Steel Asia Holdings Ltd, Essar Steel's majority shareholder of 72%, has moved National Company Law Appellate Tribunal seeking rejection of ArcelorMittal's INR 42,000 crore bid of the bankrupt company, alleging that its promoter Lakshmi Mittal hid his association with loan defaulting firms run by his brothers, that made his firm ineligible to participate in insolvency proceedings. In its plea before the NCLAT, ESAHL alleged that Mittal was a promoter of GPI Textiles, Balasore Alloys and Gontermann Piepers, firms run by his brothers Pramod and Vinod Mittal, had been classified as non-performing assets or bad loans by banks. In its petition, ESAHL said ArcelorMittal India Ltd and its promoter Lakshmi Mittal had misled the Supreme Court, lenders and insolvency court into believing that they had ceased to have any business association with Pramod and Vinod Mittal and their companies.

It challenged a sworn affidavit filed by Sanjay Sharma on behalf of Lakshmi Mittal and ArcelorMittal on 17 October, 2018 that stated that there was no business association between Mittal and/or Arcelor and his brothers and their companies for more than 20 years and that Lakshmi Mittal and/or Arcelor has no shareholding in any of the companies where his brothers are promoters, including GPI Textiles, Balasore Alloys and Gontermann Piepers.

ESAHL enclosed with its application various documents to show that as late as 30 September, 2018 Mittal was a co-promoter of one Navoday Consultants Ltd (Navoday) along with his brothers Pramod and Vinod, and that Navoday was in turn a promoter of GPI Textiles, Balasore Alloys and Gontermann Piepers.

ESAHL stated that these facts make it clear that ArcelorMittal had suppressed and concealed from the Committee of Essar Steel Creditors and all courts that its promoter Lakshmi Mittal continued to have business relations with his brothers Pramod and Vinod and accordingly ArcelorMittal was ineligible to submit a resolution plan under Section 29A of the IBC.

ESAHL alleged that ArcelorMittal was fully aware of such ongoing business association and consequent ineligibility. And in order to hide this, Mittal sold his shareholding in Navoday between 1 October, 2018 and 31 December, 2018 and stopped showing himself as the promoter of the company.

Source : Press Trust of India

Bijlage:

voda 8 mei 2019 15:26

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Trump Trade War - Costing Americans USD 900,000 per job created

The Washington Post, citing experts at the Peterson Institute for International Economics, reported that US President Trump's steel tariffs are costing American consumers USD 900,000 for every job the tariffs have created or saved. According to the Peterson Institute for International Economics, US companies have been paying roughly 10% more for steel since Trump's tariffs went into effect nearly a year ago, amounting to about USD 11.5 billion per year. The Alliance for American Manufacturing claims that more than 12,700 jobs have been created or saved because of Trump's tariffs, which is how the experts came to the USD 900,000 per job figure.

According to calculations by experts at the Peterson Institute for International Economics, the cost is more than 13 times the typical salary of a steelworker. Mr Gary Hufbauer, a senior fellow at the Peterson Institute who did the steel tariff cost calculation, said “It's very high. It's arresting. The reason it's so high is that steel is a very capital intensive industry. There are not many workers."

Trump has claimed that other countries are paying the tariff bill, but evidence shows the tariffs are taxes paid by Americans. U.S. companies that buy metals are either absorbing higher costs or passing them along to consumers. Mr James Knott Jr, chief executive of Riverdale Mills Corporation in Northbridge, Massachusetts, which makes wire mesh products for everything from fences to commercial fishing nets, said "The consumer pays for this in the end. They just don't always recognize it. These 232 tariffs protect my foreign competition rather than protecting me."

Pressure is growing on Trump to remove steel and aluminum tariffs that were put in place in March 2018, but the president continues to say the tariffs are working.

Source : The Washington Post

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