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voda 5 juni 2019 16:40

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GMS Market Commentary on Shipbreaking in India in Week 22 - Reality Sinks In!

The election euphoria that greeted Mr Modi’s landslide victory last week appears to have marginally quietened down this week, as expectations begin to be tempered on the scale of the task he faces to boost an ailing economy, especially given President Trump’s ongoing global tariff wars that stand to have further indirect consequences on global steel prices. Although local steel plate prices recorded marginal declines during the early part of the week, overall, they did end the week on a positive note. Additionally, the Indian Rupee maintained its footing near the INR 69.5X mark as the week ended.

As such, Indian ship prices have remained relatively steady, especially when compared to others in the sub-continent markets. However, unlike the other markets, there is always a price limit Indian Buyers reach before deciding to go no further as compared to Bangladesh, where Buyers are often subject to irrational bouts of speculation, particularly if one is drawn to a certain vessel.

However, we still expect a few more deals to take place into the Indian market over these summer months (whilst Bangladesh and Pakistan remain hugely inert), but we do not expect a sudden surge in levels that would deviate from the ongoing norm.

Source : Strategic Research Institute

voda 5 juni 2019 16:42

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Trump Trade War - Nippon Steel Fears Potential Earnings Damage

Reuters reported that Nippon Steel Corp said any move by Washington to impose tariffs on Japanese cars and auto parts will hurt its earnings, but expects less of a direct impact from proposed tariffs on US imports from Mexico. Nippon Steel’s EVP Mr Katsuhiro Miyamoto told Reuters “The new tariffs are likely to have little impact on our business as steel which we export to Mexico is processed in our local joint venture and sold to automakers in the country. Although those automakers will be hurt by tariffs, the initial 5% tariff at least may not have a major impact because of the healthy US economy and cost competitiveness of automobiles made in Mexico.”

Nippon Steel’s joint venture in Mexico has an annual production capacity of 420,000 tonnes of galvanized coated steel used in automotive parts

Aiming to curb a surge in illegal immigration, US President Donald Trump said last week he would target all goods coming from Mexico with a 5% tariff from June 10, increasing to 25%, unless Mexico took immediate action. The move spooked global markets worried about a new front in the US trade war.

Source : Reuters

voda 5 juni 2019 16:44

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GMS Market Commentary on Shipbreaking in Pakistan in Week 22 - Currency Calamity!

Despite being mostly uninvolved over the previous 8 months or so, Pakistani levels sunk even lower last week, owing to yet another deprecating calamity on the currency. Pakistan port reports bear testament to the fact that basically no vessels (apart from a collection of small LDT offshore vessels) have been going to Gadani and domestic steel mills have begun to close as a result.

Prices being talked by End Buyers are well below USD 400/LDT on most units, which means they will remain entirely uncompetitive with their sub-continent rivals for another week. However, a lack of market fixtures means where today’s levels lie is still a mystery, especially until a unit (or two) are fixed locally.

Source : Strategic Research Institute

voda 5 juni 2019 16:47

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CISA Warns Of Steel Output Increase In China

Reuters reported that China’s Iron and Steel Association has warned of the risk of an output increase this year and called for steel mills to raise production rationally as demand growth is expected to be weak in the second half of 2019. Mr Wu Jingjing, a deputy director at CISA, at an industry conference, said “A big risk embedded in China’s steel industry is the increase of potential enormous production capacity thus we urge steel makers to rationally increase output. With the completion of capacity reduction in steel industry and weaker than expected environmental measures, it is very hard for China to trim more of its current steel output with administrative means such as the production restrictions. Thus, it will depend on market mechanisms to keep markets in balance.”

Mr Wu also warned of waning steel demand growth in China’s property market due to weaker financial support and declining fixed-asset investments from the central government in the second half of this year.

He said “We still maintain our forecast for 2019 steel demand to be 1%-2% higher than 2018, but demand from automobile, household appliances and energy sectors will be weaker.”

He added that steel exports for 2019 are also expected to hold near the same level as last year

China is currently seeing record levels of steel output even as concerns over slowing demand growth cloud the industry’s outlook amid the ongoing Sino US trade war.

Source : Reuters

voda 5 juni 2019 16:48

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Metalloinvest Announces Improved Commercial Terms For Tranche B of PXF-2017 Credit Agreement

Metalloinvest, a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, announces that it has improved the commercial terms for tranche B of its pre-export finance facility signed in 2017. The addition agreement constitutes a significant decrease in the interest rate margin linked to LIBOR for tranche B, which is in the amount of USD 250 mn and has a maturity period of 2022–2024.

It is expected that the changes to the credit agreement will come into force after the fulfillment of a range of standard conditions precedent.

Source : Strategic Research Institute

voda 5 juni 2019 16:49

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Metalcraft Is Expanding in Beaver Dam

The Mayville-based company announced this week that construction has begun to add 100,000 square feet to its Beaver Dam facility, at 2020 N. Spring St. Horizon Construction Group will be handling the construction project, which is expected to be completed in next summer. The additions to the current building will include a new shipping and receiving area, new cold storage and a new paint line. Metalcraft purchased the site, which used to be Venture Manufacturing, in 2017. Metalcraft plans to add new employee positions once the project is finished. The facility as it exists now is also about 100,000 square feet and the company bought two parcels nearby earlier this year for possible expansion.

Mr Martin Gallun CEO said in a statement that “One of the reasons we chose this particular location was to have the ability to expand when the time was right. As a result of this addition, our Beaver Dam facility will now have all of the capabilities it needs to operate as a one-stop metal fabrication facility.”

Metalcraft’s main facility is located in Mayville and the company has a third site in West Bend, employing over 700 people. The company provides services in metal fabrication and custom engineering in various industries including agriculture and military.

Source : Strategic Research institute

voda 5 juni 2019 16:49

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GMS Market Commentary on Shipbreaking in Turkey in Week 22 - Holiday Mode

Given last week’s stable performance on local steel plate prices and the Turkish Lira, this week, the ongoing month of Ramadan further contributed to the relaxed performance of local fundamentals as plate prices remained steady and the Turkish Lira actually recorded a marginal firming against the US Dollar, ending the week at levels very close to TRY 5.8X against the US Dollar.

As the excruciatingly pinching shortage of tonnage continues to corrode the financial stability of local yards, local recyclers have resorted to offering well above what domestic fundamentals can justify. Yet, local recyclers have been unsuccessful at securing any meaningful tonnage.

As Ramadan holidays wrap up next week, the local market is expected to remain out of the running for the entire week as Turkey enters a weekly long set of holidays.

What happens once we are well into June remains a mystery, however, with local fundamentals stable today but the international trade wars now brewing, it remains anyone guess what the next few months have in store for the Turkish market.

Source : Strategic Research Institute

voda 5 juni 2019 20:57

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Guinea iron ore prospectors set sights on ArcelorMittal rail - Reuters

Jun. 5, 2019 2:37 PM ET|About: ArcelorMittal (MT)|By: Carl Surran, SA News Editor

The race to mine Guinea's iron ore has started with a focus on smaller finds whose production could be transported through Liberia if ArcelorMittal (NYSE:MT) shares its railway, rather than the country's giant Simandou deposits, Reuters reports, citing banking and industry sources.

Guinea's government says it is still trying to reach a deal with China to build the ~400 miles of railway needed to transport the iron ore through Guinea, but in the interim it has signed economic cooperation deals with Liberia, which would allow iron ore to be transported from the smaller Zogota project along a railway through the neighboring African country.

Elsewhere, BHP and Newmont Mining owns Guinea's Mount Nimba deposit, but BHP says Nimba does not fit with its focus on assets in stable, developed countries.

Both Nimba and Zogota would need to reach agreement with MT, Liberia's sole rail concession holder, to convince it to allow them to use its infrastructure.

voda 6 juni 2019 16:13

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Trending now: ArcelorMittal to temporarily layoff workers in Taranto

Kallanish Steel | June 06, 2019

ArcelorMittal Italia is to lay off 1,400 workers for a limited period of time of 13 weeks at its works in Taranto, Italy, the company has announced.
"It is a difficult decision but the market conditions are really critical throughout Europe. However, these are temporary measures, the steel market is a cyclical one, " ceo of ArcelorMittal Italy Matthieu Jehl says in a note on the layoffs seen by Kallanish.

The European steel sector is suffering a strong market slowdown due to an increasingly worse economic situation. The automotive sector is currently slowing by 10%. The Purchasing Managers Index (PMI) fell to 47.4 in March 2019 going below 50 for the sixth consecutive month and reaching the lowest level since May 2013, ArcelorMittal says.

Starting in the first quarter of this year, the steel industry has witnessed a gradual reduction in demand which has been particularly strong for the coil sector. The company is seeing a gradual fall in orders due to a significant reduction in European steel consumption. Together with the demand slowdown in Italy an unprecedented increase in imports from third countries has been noticed.

“In the first four months of 2019 imports of coil and sheet products increased by 51% compared to the same period in 2018... This is happening at a time when stocks have risen well above the standard stock levels,” ArcelorMittal says. It is urging the European Commission to adopt more efficient safeguard measures as the current market protection weakness “… makes us vulnerable at a time when steel prices are low, energy costs are high and raw materials costs are constantly increasing.”

45 European steel executives and the head of the steelmakers’ association Eurofer have this week sent an open letter to Europe’s heads of state and governments and to EU institutions. The purpose of this is to demand the strengthening of the existing safeguard measures from beginning of July.
Despite this backdrop, ArcelorMittal Italia is confirming its commitment to implement both the industrial and environmental plan in Taranto.

The layoffs in Taranto follow the announcement in May that the group will reduce steel production in Europe due to critical market conditions. The cut in output is significant at the Taranto plant, where it will fall in 2019 from the planned 6 million tonnes to 5mt, Kallanish notes.

voda 6 juni 2019 16:17

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Severstal to develop its own digital businesses

PAO Severstal has established a new unit that will be focused on the development of digital businesses. The team will be headed by Sergey Khabarov, previously investment director at Genome Ventures, an innovative human capital development business. The new unit will be part of Severstal’s Business Development and Corporate Venture Projects department, which is headed by Mr Andrey Laptev, and will focus on developing platform solutions and online products and services, such as market places, for end users of Severstal products. Over the past year, Severstal has already launched several pilots of digital businesses aimed at better understanding its customers and creating additional services and sales channels for its target consumer industries, including construction and building materials. Severstal will continue to maintain a cautious approach to investment, with investments in digital businesses initially amounting to several million dollars a year.

AMr ndrey Laptev, Director of Business Development and Corporate Venture Projects at Severstal, said “We are convinced that the future of industry is for those companies that can learn to use innovative business models. Severstal has already developed significant internal expertise in creating services based on digital solutions, for example, our innovative online store. Now we will employ these skills to develop and incubate digital projects within Severstal that can eventually become independent businesses. Our focus will be on digital solutions that are directly related to our industry and those industries that consume our products, such as construction. This will also support the Company's marketing strategy. We expect that digital projects will offer additional services to Severstal’s clients, and, once these have become full-fledged businesses, will open up additional revenue streams to support Severstal’s ambitious goal of achieving 10-15% EBITDA growth annually.”

Source : Strategic Research Institute

voda 6 juni 2019 16:21

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SAIL Asked To Take Steps To Become Dominant Player by Mr Dharmendra Pradhan

PTI reported that India’s Steel Minister Dharmendra Pradhan has asked state run Steel Authority of India Limited to take concrete steps for making it a dominant player in both domestic and international markets. In a review meeting held on Tuesday, a strategic roadmap was also discussed to further enhance productivity of the state-run firm. Pradhan in a tweet said that he held a meeting with Minister of State for Steel Faggansingh Kulaste and reviewed the performance of SAIL along with senior officials of the ministry. He tweeted “Held a meeting with MoS Steel Shri @fskulaste and reviewed the performance of @SAILsteel along with officials of @SteelMinIndia. Shared my views on further synergising operations to seize the opportunities in the growing steel market. Deliberated upon ways to increase per capita productivity, value addition and cost effectiveness to make @SAILsteel a dominant player in both domestic and international markets. Also suggested to further enhance #SAIL’s presence in the global market.”

In a separate tweet, the Ministry of Steel said that in the review meeting with officials of SAIL, a strategic roadmap was also discussed to further enhance productivity of SAIL to make it a dominant player in the global steel market.

Source : PTI

voda 6 juni 2019 16:22

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Metinvest Upgrading Its Blast Furnace At Azovstal In Mariupol

Azovstal Iron and Steel Works operating under the umbrella of Metinvest Group is set to shut down two blast furnaces. BF No 5 will be decommissioned and BF No 6 will be overhauled. The upgraded BF No. 3 will be launched soon to produce to fill the opening gap in iron production. Metinvest modernises the blast furnace facilities as part of its Technological Strategy 2030 that includes a range of environmental projects. Major overhaul will make BF No.6 more efficient, lower production costs, and decrease dust emissions by 55%. All Azovstal's blast furnaces will feature a pulverised coal injection (PCI) system upon construction of the PCI plant at BF No 3.

The dedusting system will also be revamped in the course of the overhaul: existing electrostatic precipitator will be replaced by two bag filters. The first filter will capture emissions from the cast house, and the second one will capture emissions from the skip pit and the charging device.

The company is about to complete the modernisation of BF No3 for it to fill the opening iron production gap. The overhaul will double the furnace's capacity to 1.3-1.6 million tonnes per year and reduce production costs by bringing down coke consumption. Pulverised coal injection technology will reduce natural gas consumption. The blast furnace will reduce dust emissions by 64% after Metinvest upgrades the dedusting system and switches to the closed-cycle cooling of the furnace. The company has invested over $145 million in the modernisation. The new equipment will make BF No. 3 one of the most environmentally friendly facilities in Ukraine.

Source : Strategic Research Institute

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voda 6 juni 2019 16:27

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SMS Group To Supply 3 Convertors To SAIL DSP

Steel Authority of India Limited Durgapur has awarded SMS group a turnkey contract for the supply of three new 110 tonne converters for its steelmaking plant No 2 to replace the converters SMS group supplied 25 years ago. The new converters will be rated for ten percent more volume.
Moreover, SMS group will supply secondary dust collecting systems for the three converters. The new systems will be installed in the works for the first time and will more than meet the relevant environmental requirements. Commissioning of the complete plant is scheduled for September 2020.

The new converters will be equipped with a bottom stirring system for combined blowing, which cuts the stirring and homogenization time, reduces surface vibrations, and minimizes refractory lining wear. The objective is to reduce the use of alloying elements previously required.

Thanks to the maintenance-free lamella converter suspension system developed by SMS group, the converter vessel can be arranged in the trunnion ring without restraint. The use of the lamella suspension system, a larger air gap, and high-quality special-purpose steel grades will ensure the converters are suitably adapted to the thermal loads. This is achieved without additional cooling fluids. Sufficient cooling is ensured by the natural thermal current alone.

The X-Pact® electrical and automation systems for the entire converter shop will ensure cost-effective production and high steel quality.

SMS group’s scope of supply comprises the turnkey installation of the equipment, design and supply of the converters, the bottom stirring system, secondary dust collection systems, and X-Pact® electrical and automation systems, as well as the erection and commissioning work.

Source : Strategic Research Institute

voda 6 juni 2019 16:28

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Baosteel Zhanjiang Chooses Fives Furnace For Automotive Steel Production

Baosteel, the largest automotive steel producer in China, continues to expand its Zhanjiang integrated steel production complex in southeastern Guangdong province. The expansion project comprises the installation of the cold rolling mill N3, aiming to meet demand for automotive grade steel in the South China and Southeast Asia markets. Fives, a historical and strategical partner of Baosteel, has again been contracted to supply the complete thermal part for the continuous annealing line (CAL) with a production capacity of 630,000 tons per year. The line aims to produce both standard steel grades and advanced high-strength steels. The first coil will be produced by the end of 2021. Fives’ scope of supply will include detailed design, supply and installation supervision of a Stein Digiflex® furnace and CELES induction heaters.

The Stein Digiflex® furnace includes
The compact and efficient jet preheating furnace
Advantek® combustion system
FlashCooling® system for rapid cooling
Waste gas system
Virtuo® thermal optimization solution

The Fives’ offer is unique in that it consists of two metallurgical paths to rapid cooling
Dry FlashCooling® with high hydrogen content for high cooling rates
Wet FlashCooling® for ultra-rapid cooling rates to produce martensitic grades

FlashCooling® is a proprietary technology that gives steelmakers total flexibility to reach the optimum cooling pattern.

Given the importance of environmental responsibility among steelmakers in China, the high energy efficiency and low NOx emissions delivered by the AdvanTek® combustion system are a real boon to Baosteel Zhanjiang. This is further enhanced by the Virtuo®, thermal optimization solution, which optimizes strip temperature control stability, helps to reduce gas consumption, eliminates production faults that lead to downgraded coils and improves productivity.

The line will be also equipped with CELES induction heaters, serving as in-furnace heating boosters to perform the most stringent thermal cycle required. CELES induction heaters are a versatile, compact and economical solution to reduce energy consumption, which in turn brings down costs and harmful emissions.

Part of Fives’ equipment will be engineered and manufactured in China under the close supervision of Fives’ subsidiary in Shanghai.

In 2017, Fives designed and supplied an annealing line furnace and a galvanizing line furnace for the 1550 mm cold rolling mill at the Zhanjiang complex, while in 2013 Fives delivered an annealing line furnace for the cold rolling mill N1 at the same complex.

Source : Strategic Research Institute

voda 6 juni 2019 16:40

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PMAI Confident Of Iron Ore Production In India Post 2020

Devdiscourse reported that Pellet Manufacturers' Association of India said that there will be no iron ore scarcity in the country post-March 2020 as about 200 MTPA mine capacity will still be operational and auctioned virgin iron ore blocks will start adding to the production. According to Mines and Minerals (Development and Regulation) Act, licences of mines expiring will not be renewed and the mines will be allotted on the basis of fresh auction. Merchant miners have cited a possible shortage of iron in the market post expiry of mining leases and have appealed for an extension of leases up to 2030. However, in a letter to Niti Aayog, PMAI has said that leases of mines expiring in 2020 should not be extended.

PMAI said that "There would not be any scarcity of iron ore in the country. Post-2020, around 200 mtpa mine capacity will be in operation. The speculation that there will be a crisis like situation if the leases, if not granted an immediate extension, are false and baseless. Balance existing operating leases are capable to meet the domestic requirement. In addition to this, operations in auctioned virgin iron ore blocks will start to supplement in the existing production. The auction of operating mining leases can be done in phases. However, suitable amendment in mineral concession rules 2017 may be made allowing captive miners to sell up to maximum 25 per cent of the total mineral excavated in the previous year in line provision for auctioned blocks under Mineral Auction Rules 2015.”

Licences of 288 merchant mines, of which 59 mines are under operations, will expire by March next and if the auction of the mines is delayed it could significantly affect the steel production .

Source : Devdiscourse

voda 6 juni 2019 16:41

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Liberty Group Backing Away From British Steel Bid - Report

This Is Money reported that steel tycoon Mr Sanjeev Gupta is backing away from a bid to buy British Steel and save 5,000 jobs. Mr Group does not believe the site fits his futuristic greensteel recycling model. A source said that “At the moment the odds are he won't make a bid.”

Liberty said that “The business does not fit Liberty's greensteel strategy in its current form. We are monitoring the situation at British Steel and share the concern of the UK industry about the future of the site and the jobs.”

The news will disappoint British Steel workers whose jobs are in jeopardy after private equity firm Greybull Capital led it into administration two weeks ago. There are believed to be a handful of realistic potential suitors, although bids are not expected this week.

Source : This Is Money

voda 6 juni 2019 16:42

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Chung Hung Hopes To Boost Overseas Sales

Taipei Times reported that with the domestic steel market still sluggish, Kaohsiung-based Chung Hung Steel Corp said that it is looking to boost orders from overseas buyers. A public relations official told the Taipei Times that “Our strategy is to increase the sales ratio from overseas markets as demand from domestic markets remains low. We expect foreign orders to account for 60% of total orders this year, compared with 40% two years ago.”

The official said that “Sales contributions from Vietnam, the US, Pakistan and Malaysia are expected to outpace last year’s levels. Vietnam could possibly replace the US as the company’s largest market this year, as its economy has been booming due to its growing population and as a result of the US-China trade dispute.”

Vietnam sales totaled NTD1.77 billion in the first four months of this year and accounted for 20% of the company’s total exports, compared with NTD 1.87 billion for US shipments

Chung Hung’s cumulative revenue in the first four months increased 8.48% annually to NTD 16.29 billion (USD 517.5 million), thanks to increased overseas sales.

Chung Hung operates five plants in Kaohsiung and Changhua, with an annual output of 2.4 million tonnes of hot-rolled steel coil, 450,000 tonnes of cold-rolled steel coil and 248,000 tonnes of steel pipes. Total output of its pickling and galvanizing unit is 900,000 tonnes.

Source : Taipei Times

voda 6 juni 2019 16:48

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US Steel Appeals Fine From Allegheny County Health Department

Tribune Live reported that US Steel is appealing a May enforcement order issued by the Allegheny County Health Department related to emissions at the Clairton Coke Works during the first quarter of 2019. The order, which carries a USD 337,670 fine, was not related to the December 24 fire at the facility, according to a May statement from the health department.

US Steel argued that the facility did not violate its permit, according to an appeal letter submitted June 4. In addition, US Steel argues that “inspectors have failed to conduct proper, fair and unbiased evaluations of the facility,” and that the “unnecessarily punitive” order relies on inaccurate data to support alleged permit violations, the letter said.

The facility is already working to fix the problem outlined in the May order by responding to a separate order issued in January, the letter said.

The Allegheny County Health Department in May also issued a USD 5,750 penalty for a failed stack test that occurred in 2017 but was resolved in late 2018.

Since June 2018, the health department has levied fines totaling more than USD 2.3 million against U.S. Steel related to air quality issues at the Clairton Coke Works, according to a statement from the health department.

Source : Tribune Live

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voda 6 juni 2019 16:48

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Big River Steel Closes on USD 487 Million of Thirty-Year Debt Financing

Big River Steel announced that it closed and funded USD 487 million of thirty year bonds and USD 290 million of equity financing on May 31, 2019. The bonds, which are interest-only for the next twenty years, were priced at par with a coupon of 4.5% and traded in the when-issued market as high as 103 to yield 4.137%. The equity financing was provided on a pro rata basis by Big River's current ownership group.

Big River Steel will use the bond and equity proceeds to expand its scrap metal recycling and flat-rolled steel production facility in Osceola, Arkansas. The expansion will double Big River's flat-rolled steel production rated capacity to 3.3 million tons annually. The expansion also sets the stage for an incremental downstream investment which will allow the company to produce even higher grades of electrical steels, demand for which is expected to escalate with continued focus on energy efficiency and announced increases in hybrid and electric vehicle production.

Big River Steel began operating its Flex Mill™ thirty months ago and has already positioned itself as one of the premier steel producers in North America in terms of profitability, product quality, employee productivity and environmental sustainability. Highlighting the company's focus on environmental sustainability is the fact that Big River is the only steel producer in the world to be LEED certified (Leadership in Energy and Environmental Design). Big River's Flex Mill™ technology, along with the company's focus on machine learning and data analytics, allow the company to produce some of the most demanding steel grades while maintaining an industry-leading cost structure.

When commenting on the highly successful bond offering, Mr Ari Levy, Big River Steel's director of finance, stated that "The level of interest shown by the bond investor community in supporting Big River Steel's long-term growth is much appreciated and is a testament to the outstanding effort put forth by our employees in meeting the needs of our customers. Our ability to quickly penetrate several of the most demanding steel markets, including directly selling to a number of the world's leading automakers, was a significant factor leading to our success in issuing what we believe to be the longest maturity bonds in the North American steel industry."

Source : Strategic Research Institute

voda 6 juni 2019 16:50

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ArcelorMittal Ballari Steel plant sits on 2600 acres

TOI reported that for seven years, the state government has been waiting for the world’s largest steel producer, ArcelorMittal, to set up its plant in Ballari. But the company, which had signed a lease-cum-sale deed in 2012, seems to be “eluding" the state despite getting 2,659 acres of land for the purpose. The company had been dilly-dallying over the proposed INR 30,000 crore plant and if government sources are to be believed, the wait will continue for a few more months or even years.

Industries principal secretary Gaurav Gupta said the company is yet to make a concrete proposal on the steel plant revival. He said that “After the government rejected its earlier plan of setting up a solar farm on the same parcel of land in Ballari, the company decided to revive its steel plant plans. The government has asked for a firm commitment and timeline of its project implementation. We’re yet to formally hear from them.”

The government continues to hold on to the land for the last seven years hoping that the MNC owned by billionaire Lakshmi Mittal will finally “honour” its commitment. This is despite norms suggest that land acquired for a project, if it’s a non-starter, can be cancelled by the government within two years from the date of acquisition.
“It’s been a long wait and the land is locked for the project, however, the brand value and employment it would generate are important. We’ve not pushed them hard enough to give a commitment till now. This is being done now," sources in the government said.

According to sources, the company too might not be keen on losing the huge extent of land for which it has signed a lease-cum-sale deed for 10 years after which it will be sold to them. Recently, the lease-cum-sale agreement for a huge parcel of land entered into by the government with JSW Steels was converted into a sale.
It is learnt that ArcelorMittal is still unsure of the worldwide steel market and what must be the extent of investment to be made in Ballari to set up a new plant.

Source : Times Of India

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