Eurobench.com

voda 4 maart 2019 19:34

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Indian steel sector progressing towards 100% quality control regime - Minister

Times of India reported that Union Steel Minister Chaudhary Birender Singh said that Indian steel sector is progressing towards a quality control regime with India becoming the second top global producer. He said that to ensure production of quality steel in the country, the ministry has come out with a Quality Control Order and is committed to moving towards 100 per cent quality control regime. We are aware of challenges being faced by few consumers and suppliers. However, we are confident that in the long-term, the move will be highly beneficial as steel goes for various critical applications such as infrastructure, where concerns related to safety and health of consumers is very important.”

The minister said Indian economy is now the sixth largest economy in the world and is expected to grow at a faster rate than other big economies. He added that "Our aim is to be a USD 10 trillion economy in the coming years. To meet the aspirations and requirements of our growing economy, we have set an ambitious target of 300 MT of crude steel output by 2030-31. We are steadily and firmly moving forward in the direction of attaining these levels.”

He stressed that a lot of work also needs to be done to improve the sustainability of the steel industry as it has to reduce carbon dioxide gas emission intensity in steel production in a time-bound manner.

Source : Times of India

voda 4 maart 2019 19:35

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JSW Steel and Duferco ink USD 700 million prepayment deal

Financial Times reported that India’s JSW Steel has raised USD 700 million via a landmark cash-for-metal prepayment deal with Swiss based trader Duferco International. Under the agreement the largest trade finance facility to have been arranged for an Indian steel company JSW will repay the loan with physical steel over a period of 5 years. The company said that “This unique financing structure provides JSW long term funding to complement its plans for future growth secured by committed exports of steel products to Duferco.”

This deal has been arranged and financed by BNP Paribas, Natixis, ING, Citibank, Credit Suisse, Societe Generate, Standard Chartered and Mashreq Bank.

For Duferco, the world’s biggest independent steel trader, the deal offers a secure supply of metal. CEO Mr Matthew De Morgan said “We look forward to facilitating JSW’s existing and future steel exports to a diverse and multinational customer base.’

Typically, prepayments are fronted by a large commodity trader, which wants a captive source of supply, with the cash provided by a group of banks. So called pre payment deals have been rare in the steel industry, partly because the metal is difficult to hedge due to the lack of liquid futures market. However, JSW and Duferco have struck smilax deals, albeit for lesser amounts and with longer terms.

Source : Financial Times

voda 4 maart 2019 19:35

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Vistrat Real Estates insolvency petition against Bhushan Steel Ltd dismissed at NCLT

Bar & Bench reported that Bhushan Steel Linited, taken over by Tata Steel last year, faced yet another insolvency petition recently. An operational creditor moved against Bhushan Steel claiming a default amount of INR 17.97 crores. The new application against Bhushan Steel was moved by Vistrat Real Estates Private Limited in its capacity as an operational creditor. NCLT found that Vistrat was a related party to Bhushan Steel (prior to the commencement of CIRP) and its erstwhile promoters. Thus, liabilities of Bhushan Steel to such a party stand excluded in terms of the Resolution Plan.

To arrive at the conclusion that Vistrat was related to Bhushan Steel, the NCLT noted the presence of Neeraj Singal and Brijbhushan Singal (erstwhile promoters) as the signatories to the Memorandum of Association of Vistrat and its initial shareholders. The NCLT further noted the authorisation in favour of the Singals to act on behalf of Vistrat, though they were not directors of Vistrat at that time. The NCLT also observed that the transfer of shares to other parties, to Ritu Singal (wife of Neeraj Singal) took place less than two years prior to the commencement of CIRP of Bhushan Steel. Based on the above observations, the NCLT concluded that Bhushan Steel (prior to commencement of CIRP) had substantive control over Vistrat.

While Section 11 of the IBC does not prevent a creditor from filing a fresh petition post the Approval Order, the NCLT held that ‘the only course open to the petitioner was to file its claim before the IRP or RP’. The remedy of filing of a claim has been exhausted and has resulted in the acceptance of Vistrat’s claim partially by the RP, the NCLT held.

One of the contents of the approved resolution plan submitted by Tata Steel pertains to a Memorandum of Lease entered into between Bhushan Steel and Vistrat. The MoL was entered into on May 1, 2015, and the CIRP was initiated on July 26, 2017. As per the MoL, the lease rental to be paid by Bhushan to Vistrat was INR 6 crore per month. During the course of the CIRP, an independent valuer ascertained that the rental sum of INR 6 crore was much higher than the market value. The independent valuer accordingly assigned a value of INR 5.61 crores. Further, the premises for which the MoL was entered into, was vacated on September 10, 2018, following completion of CIRP.

Bamnipal Steel Limited, a wholly owned subsidiary of Tata Steel Limited, had acquired majority shareholding in Bhushan Steel last year as part of the takeover pursuant to the approved resolution plan.

Source : Bar & Bench

voda 4 maart 2019 19:37

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Danieli to supply two new H3 wire rod mills in Russia

Two new High-productivity, High-quality and High-efficiency H3 rolling mills will be installed and put into operation in Russia during 2020. Abinsk Electric Steel Works Ltd. ordered a new 600,000-tpy H3 wirerod line to be installed at Abinsk, in the Krasnodar region, to produce wirerod coils (5.5- to 16-mm-dia smooth rounds; 6- to 12-mm-dia quenched and microalloyed rebar) for construction purposes, welding wire and CHQ grades. Novorossiysk Rolling Plant LLC ordered a new 500,000-tpy H3 wirerod mill to be installed at Novorossiysk, Krasnodar region, to roll 150x150 billets into 5.5 to 16-mm-dia wirerod and deformed wirerod in coils weighing up to 2.1 tons.

Depending on customer requirements, Danieli H3 mills operate at over 100 m/sec, and consist of ESS Energy Saving System cantilever-type and SHS housingless stands and fast-finishing blocks.

The Danieli Structure Control System includes a water-cooling line suitable for wirerod quenching and controlled cooling, whilst Oil-Film Bearing loop-laying head, Rotary Reforming Tube and Easy-Down System guarantee perfect coil pattern.

Danieli H3 mills typically are supplied along with Danieli Centro Combustion reheating furnaces equipped with the latest-generation, ultra-low NOx emission, flat MAB flameless burners.

Danieli Automation provides process control, power and instrumentation like medium-voltage Q-DRIVE, HiPROFILE LITE and HiSECTION measuring devices for in-line tracking and product monitoring, and the HiLINE optical system for rolling guides set-up, and for rolls and guides alignment of the fast finishing blocks.

Source : Strategic Research Institute

voda 4 maart 2019 19:37

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NINL plans major expansion at Kalinganagar

Daily Pioneer reported that Neelachal Ispat Nigam Limited plans to set up an additional coke oven, a power plant and a new TMT and wire rod mill at its Kalinganagar-based 1.1 million tonne integrated steel plant. The company has invited bids to set up of these units which are part of its strategy of value added production and capacity expansion plans. The proposed coke oven complex would be similar to its existing unit consisting of seven meter tall coke oven battery with 0.88 million tonne per annum capacity having 67 ovens. The new 25-MW power plant would add to its 62.5-MW capacity unit, whereas the new TMT and wire rod Mill are part of its plan of making value added production.

Mr SS Mohanty Vice-Chairman and MD of NINL said that "Our aim is to make significant contribution towards making crude steel capacity of 300 million tonnes by 2030."

Source : Daily Pioneer

voda 4 maart 2019 19:39

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Bluescope US expansion plans remain on track - Mr Mark Vassella

The Sydney Morning Herald reported that Bluescope said its billion dollar US expansion plan remains on track, as strong demand for its steel products drove a record half year profit. The only dark clouds on the horizon for the steelmaker were moderating demand from the housing market and the continuing high cost of energy in Australia. While the US steel prices have fallen following the sugar hit of President Donald Trump's tariffs, the case for expansion of its US plant remains strong.

Bluescope chief executive Mr Mark Vassella told analysts that "Prices are now sitting a levels above long-term averages, supported by strong demand fundamentals.”

For the Australian residential building sector - Bluescope's main market is detached residences, alterations and additions - the company noted that demand remained "robust" for the half year but said the down trend in approvals "does create some uncertainty over the medium term pipeline."

Mr Vassella said that "We have seen it come off a little bit but it is coming off a high level and it is not our expectation at this time that it is going to come off dramatically, quite frankly.”

China is continuing to provide another tailwind for the steelmaking industry as pollution controls lead to production cuts. This results in higher prices for Bluescope's operations in China and less competition from Chinese exports overseas.

He added that "The fundamental changes out of China drive what goes on globally with the industry so we watch it very closely. It's an excellent result, our best half on record. It was driven by strong demand and steel spreads in our US and Australasian markets.”

Source : The Sydney Morning Herald

voda 4 maart 2019 19:40

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TMK Artrom Slatina to boost capacity by 60pct

Romania Insider reported that Romanian subsidiary of Russian steel group TMK, industrial pipe producer TMK Artrom Slatina, plans to expand its production capacity from 200,000 tonnes of industrial pipes annually to 320,000 tonnes by 2024.

The company reported a turnover of RON 1.4 billion (EUR 300 million) in 2018, up 18% compared to the previous year. TMK Artrom completed a USD 36 million investment last year in a heat treatment capacity. This investment did not increase production capacity but expanded the range of value-added products.

The industrial pipe maker in Slatina exports more than 80% of its production mostly to the European or American market. The company seeks to employ another 60 this year after it increased its personnel by 380 over the past three years at 1,500 (plus 830 at TMK Resita, a subsidiary of TMK Artrom Slatina).

Source : Romania Insider

voda 4 maart 2019 19:41

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Evraz publishes 2018 results

EVRAZ has posted its Annual Report for the year ended 31 December 2018 and submitted to the UK National Storage Mechanism a copy of its 2018 Annual Report in accordance with LR 9.6.1 R. EVRAZ Chief Executive Officer, Alexander Frolov, said “In 2018, EVRAZ delivered robust growth due to favourable market conditions and ongoing efficiency and cost initiatives. The Group generated EBITDA of US$3,777 million during the reporting period, its highest level since 2008, which made it possible to pay dividends of USD 1.6 billion. EVRAZ remained focused on implementing its efficiency improvement program in the amount of 3% of the cost base, the effect from which totalled USD 340 million in 2018. EVRAZ believes that its low net debt and superior cost base will help to withstand any market downturns, thereby helping the business to develop sustainably.”

FY 2018 HIGHLIGHTS

• Robust free cash flow of USD 1,940 million (FY2017: USD 1,322 million)

• Continued reduction in net debt: USD3.6 billion (FY2017: USD 4.0 billion)

• Total EBITDA effect from cost-cutting and customer focus initiatives was USD 340 million in 2018

• Consolidated EBITDA of USD 3,777 million, up 43.9% from USD 2,624 million in FY2017, driving the EBITDA margin from 24.2% to 29.4%, due to strong market conditions and numerous improvement initiatives

• Net profit surged to USD 2,470 million vs. USD 759 million in FY2017

• Cash-costs:
o cash cost of slabs decreased to USD 242/t from USD 247/t in FY2017 amid rouble depreciation and higher sales volumes
o cash costs of washed coking coal increased to USD 47/t (FY2017: USUSD 42/t) due to more complex geological conditions, rise in auxiliary materials prices and higher involvement of contractors
o cash costs of iron ore products increased slightly to USD 37/t (FY2017: USD 36/t) amid lower sales volumes of Evrazruda

Source : Strategic Research Institute

voda 4 maart 2019 19:52

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Metinvest increased payment of taxes and duties by 1.5 times to UAH 22.2 billion

In 2018, Metinvest Group, including affiliated companies and joint ventures, transferred UAH 22.2 billion to state budgets of all levels of Ukraine, up 50% year-on-year. In 2018, Metinvest paid UAH 11.1 billion as corporate income tax, up 76% year-on-year. In addition, single social contribution by the Group increased by 30% to 3.1 billion, and personal income tax payments increased by 22% to UAH 2.9 billion. This was possible due to salary raises at Metinvest Group's enterprises.

Mr Yuriy Ryzhenkov CEO of Metinvest Group said that "Metinvest traditionally is among the first one hundred largest tax payers of Ukraine, and steel-making is among five industries that Ukrainian economy is based on. Last year was in general favourable for steel-makers. In spite of protectionism in the international markets and shortage of railway locomotive traction capacity, we managed to realize the largest investment program vs. previous seven years, while salaries at our enterprises grew by 30% on average.

Source : Strategic Research Institute

voda 4 maart 2019 19:53

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Thai steel maker to compensate nearly 300 Myanmar workers

MM Times quoted Myanmar Labour Attaché’s Office in Bangkok as saying that Thailand's Chow Steel Industrial Plc will compensate nearly 300 Myanmar migrant workers that it laid off recently. The office said the Thai company will have to pay baht 12 million (USD 380,890) to the 292 migrant workers it laid off after it stopped operations for renovations to its facility.

Chow Steel Industrial, which employs about 400 workers, is in Kabinburi district of Prachinburi province.

The workers were reportedly paid only 75 percent of their wages when the factory shut down, so the Thai Department of Employment ordered the factory to follow labour regulations and pay the workers based on their years of service.

Chow Steel Industrialagreed to continue employing 100 of the 392 workers that would have to be compensated.

The Labour Attaché’s Office said in a statement that Thai and Myanmar labour officials worked together to calculate a fair amount of compensation for the laid-off workers, and are trying to find new employment for the 292 workers before the Songkran holiday begins on April 13.

Source : MM Times

voda 4 maart 2019 19:54

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MMK boasts success for its innovations scheme

Russian steelmaker MMK, one of the world's largest steel producers, is claiming success for its new innovations scheme. The company claims that its 'expert commission' considered 5,792 proposals, of which 3,872 (66.8%) were selected as innovative ideas to be implemented. Of the latter figure, 2,579 proposals financially benefitted the company to the tune of RUB 453.6 million. The company said that "Traditionally, most of the ideas submitted addressed the issues of labour protection and industrial safety, energy efficiency, as well as of saving material and technical resources.”

The most economically advantageous aspects of the rationalisation proposals were blast furnace production in the main metal workshops (RUB 124.1 million), sheet steel production in the main rolling workshops (RUB 55.2 million), steam-blowing in the plant's energy workshops (RUB 50.6 million), and logistics management in other areas (RUB 5.4 million).

In 2018, MMK held two annual competitions dedicated to innovation. Following the results of the competition entitled Best Young Innovator and Inventor of MMK, 15 of the best innovators under the age of 30 were identified. The competition "Best Innovation Proposal of PJSC MMK" was split into three categories: 'Occupational Health and Safety', 'Saving of Material and Technological Resources' and 'Energy Saving', with the best innovation proposals in each category winning prizes.

In order to attract new employees to invent and innovate, teams in MMK divisions hold quarterly competitions for the best ideas for solving current issues. The issue at hand is chosen by the head of the division, the winners are determined through expert evaluation and the prizes are RUB 15,000, RUB 10,000 and RUB 7,000. A further aim of the innovators is to identify bottlenecks and introduce the best global practices in technological and functional processes, equipment, tools, designs, and to attract new workers to innovation.

MMK's School of Efficiency program was introduced in May last year using TIPS (Theory of Inventive Problem Solving) to search for new solutions to problematic production scenarios. Last June, in order to motivate employees to be technically creative and to attract them to innovate for the third year in a row, publicity for Fresh Idea took place on the same date as Russia's Day of the Innovator and Inventor.

MMK said that its inventors and innovators make a significant contribution to increasing productivity and reducing production costs. It said that "Thanks to the innovative proposals of employees, production efficiency has increased, costs have been reduced, the consumption of material, technical and energy resources has decreased, labour safety has improved, and environmental issues are being resolved.”
Source : Strategic Research Institute

voda 4 maart 2019 20:01

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Amreli Steel profit down by 67pct to PKR 107.7 million

The Express Tribune reported that despite recording almost double sales, Amreli Steels Limited’s profit plunged 67.2% to PKR 107.7 million in the second quarter ended December 31, 2018. The company had reported earnings of PKR 328.6 million in the same period of previous year. Earnings per share of Amreli Steels came in at PKR 0.36 in the Oct-Dec 2018 quarter against PKR 1.11 in the quarter ended December 31, 2017. Sales stood at PKR 6.4 billion in the second quarter of FY19, 1.8 times higher than PKR 3.5 billion in the same quarter of 2017. Despite the handsome revenue, the company could not increase its profit.

Topline Securities said that “This was due to decrease in gross profit margins by 900 basis points year-on-year and increase in finance cost by 2.56 times year-on-year.”

The steel producer posted gross profit of PKR 617 million in Oct-Dec 2018 against PKR 654.8 million in the same period of previous year.

On a half-yearly basis, net profit remained almost flat at PKR 516.3 million for the period ended December 31, 2018 against PKR 524.4 million in the same period of 2017. EPS stood at PKR 1.74 against PKR 1.77 last year.

According to Taurus Securities’ analyst Adnan Sami Sheikh “The company recently installed a new plant of 400,000 tonnes, which lifted its total production capacity to 600,000 tons due to which the output of Amreli Steels remained higher. However, 32% rupee depreciation since December 2017 restricted the growth in its profit according to sales. The steel industry imports scrap and other raw material, which comes in dollar and increases their financial cost.”

Source : The Express Tribune

voda 4 maart 2019 20:15

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GMS Market Commentary on shipbreaking in Week 09 - POSITION - POSITIVE!

After some worrying declines at the start of the year, the Indian sub-continent markets appear to have stabilized of late, with Bangladesh (and now India) still positioned on a positive footing as we enter the third month of the year. Pakistan, as usual, remains uncompetitive (as it has been for much of the past 6 months or so) given its domestic steel reversals and a drastically depreciated currency that has seen Gadani finish at bottom of the pile for yet another week.

Meanwhile, political tensions between India and Pakistan have been the talking point for much of the week – a situation, which thankfully seems to have resolved itself sensibly with the release of the Indian air force pilot on Friday.

Finally, Turkey seems to be facing some minor jitters as local steel plate prices continue to reverse and local sentiment turns increasingly wary in the wake of.

On the sales front, some larger LDT deals are in play – including Capesize bulkers, Panamax containers and a VLOC – and with the recent banking issues across the Indian sub-continent, Cash Buyers need to carefully evaluate which end Buyer is open and capable (in terms of LC limits) to take in such large units.

The traditional annual TradeWinds ship recycling conference will convene in Hong Kong next week – a topical venue given the emergent number of HKC compliant yards in the sub- continent (over 70 now in India and 1 in Bangladesh) that now possess Statements of Compliance from NK, Rina and IRS classes.

We expect the EU regulations on the safe and environmentally sound recycling of ships to certainly be a topic of conversation, with EU flagged ships permitted to go only to EU approved yards as no Indian facility has been approved (as yet), despite several audits reportedly having taken place last year.

Source : GMS Weekly

voda 4 maart 2019 20:15

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US Steel appeals order to lower its sulfur emissions

State Impact reported that US Steel is appealing an order from the Allegheny County Health Department to curb sulfur dioxide emissions at several of its Pittsburgh-area facilities, after a Christmas Eve fire damaged pollution controls at its Clairton Coke Works. Since the fire, emissions of sulfur dioxide from US Steel’s facilities in Clairton, Braddock, and West Mifflin have ballooned to five times the amount normally allowed under their county air pollution permits. The department issued an enforcement order giving the company five days to respond with a plan to reduce emissions from the three sites, collectively called the Mon Valley Works. The statement said that “We are committed to correcting the damage caused by the fire and completing equipment repairs within the next 8-9 weeks that will allow us to restart the environmental controls that will return our plant to compliance. Unfortunately, the Order included required actions and deadlines that would place the safety of our employees and local communities at risk.”

Clairton is the largest coke plant in north America; it produces coke, a key component of steelmaking, by baking coal at high temperatures.

The company said it’s been undergoing changes to its operations, like extending the amount of time it leaves coal in its coking ovens, in order to reduce pollution, but said extending them further would create problems with health and safety. It added that “We cannot extend those times on the schedule set forth in the Order without jeopardizing the safety of workers and the community, and also negatively affecting the Clairton Plant’s environmental compliance.”

Meghan Cox, a company spokeswoman, said the company would need “ample time” to properly adjust its coking times. “Our safety concerns stem from the fact that longer coking times (over 26 hours) create a potentially dangerous situation on the coke battery. When times are extended, gas flow from the battery must be carefully managed to ensure an explosive atmosphere does not occur in the piping that collects coke oven gases.”

Mr Ryan Scarpino, a spokesman for the Allegheny County Health Department, said in an e mail that “As a matter of policy, we do not comment on matters in litigation and so will have no further comment on the filings, or any statements made by the company.”

Mr Scarpino did not provide details on how long the appeal would take to work its way to a resolution. “When additional information is available regarding procedural steps, orders or decisions by the hearing officer, that detail will be provided.”

Source : State Impact

voda 4 maart 2019 20:16

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MMK increases metal shipments to TMK by 10pct in 2018

The meeting of the coordinating council of Magnitogorsk Iron and Steel Works and TMK was held in Magnitogorsk. The representatives of both companies reviewed their joint work in 2018 and discussed future collaboration. According to the results of 2018, 504,600 tonnes of MMK's flat steel products were shipped to TMK’s pipe mill. This represents an almost 10% increase on 2017. The council concluded that the protocol from the previous meeting had been successfully implemented, and discussed the quality of metal products along with the development perspectives of new types of metal products for TMK. Both parties discussed participation in promising joint projects and other topical issues surrounding further collaboration. The next coordinating council meeting is scheduled to be held in September 2019 in Volzhsky.

Executives and specialists of technical and commercial departments of MMK and TMK, as well as members of TMK's Volga and Northern pipe plants, took part in the work of the current coordinating council. Such events are held on a regular basis - the current coordinating council meeting is the 26th in a row. Twice a year, representatives of the two companies meet at the buyer's or seller's sites to discuss important strategic issues, current and future collaboration.

Source : Strategic Research Institute

voda 6 maart 2019 16:41

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ArcelorMittal kondigt uitgifte nieuwe obligaties aan

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
19,846 -0,209 -1,04 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft woensdagmiddag de uitgifte van een nieuwe dollar-obligatie aangekondigd.

De staalreus wil hiermee bestaande schulden aflossen, waaronder een bedrag van 1 miljard dollar van een uitstaande kredietfaciliteit ter waarde van 7 miljard dollar voor de overname van Essar Steel India.

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

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

voda 15 maart 2019 16:59

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ArcelorMittal Essar Steel Minnesota arbitration award recovery battle in UK court - Report

The Print reported that Mr LN Mittal has opened a new front in the UK in a worldwide legal battle with the Ruia family. Set against the backdrop of an ongoing tussle in India, he has accused his fellow Indian tycoons of hiding funds through a series of sham transactions within the Essar Group. As part of efforts to seize assets relating to a USD 1.5 billion Minnesota arbitration award, the case has moved to London, with Mr Mittal on one side and Mr Prashant Ruia on the other, awaiting a judge’s ruling on the legality of the search. So far not one cent of the US award owed to ArcelorMittal following the collapse of an iron-ore contract has been paid.

As per report “A squad of lawyers and computer specialists from ArcelorMittal was at the London offices of a company controlled by the Ruia family’s Essar Group and a team working for Essar were out to stop them.

ArcelorMittal’s attorney, Anthony Peto, said at a court hearing last week “The Ruias must have thought they had “successfully hidden behind the battlements. They felt they were safe: they were not.”

Essar Steel’s lawyer Daniel Toledano said “This is a case of the English court being asked to act not just as the world’s policeman, but as its detective agency as well.’

For ArcelorMittal, Essar’s Lansdowne House offices may be the key to tracing the group’s assets. That’s because a company in the building, just minutes from London’s Ritz Hotel, had acted as a financial controller for various Essar units. Not only was a group server found on the premises, but company accounts pointing to where the money had gone. But for Essar, which settled another London lawsuit earlier this year where creditors sought the seizure of a yacht and an oil refinery, the case is an example of judicial overreach. A UK court should have no jurisdiction over an American award against a company incorporated in Mauritius, Essar Steel’s attorneys argued.

Meanwhile the ruling in the Minnesota arbitration case, which ArcelorMittal is trying to enforce in London, arose out of a terminated contract to supply iron-ore pellets. But Essar Steel Ltd, which had assumed the liabilities of the US contract, has said it couldn’t pay. It now has less than USD 2.5 million in assets.

Source : The Print

voda 15 maart 2019 17:01

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IBC set to hand over management of Essar Steel to ArcelorMittal consortium - Report

Arabian Business reported that India’s insolvency and bankruptcy agency is set to hand over management of the 10 million tonne Essar Steel to AreclorMittal consortium. A top official of India’s ministry of corporate affairs, the nodal ministry for IBC, told Arabian Business “We are waiting for the written order from the Ahmedabad bench of National Company Law Tribunal which has approved the resolution plan of ArcelorMittal for Essar Steel. We expect the written order to come in a day or two, after which the order will be issued for the management change in Essar Steel.”

The government official, however, said the ministry will clear the management change in Essar Steel once the written order from NCLT is received and the legal contentions against the takeover can continue even after it.

Even as the corporate affairs ministry is awaiting the written order from the NCLT bench to clear the order on management change in Essar Steel, a fresh petition by was filed before the Ahmedabad bench of the tribunal on Monday by Essar Steel MD Prashant Ruia and Essar Group executives seeking to set aside the ArcellorMittal’s winning bid.

Source : Arabian Business

Bijlage:

voda 18 maart 2019 14:59

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NCLAT declines to stay ArcelorMittal’s offer for Essar Steel

The National Company Law Appellate Tribunal on Friday refused to stay the order of National Company Law Tribunal approving ArcelorMittal’s INR 42,000-crore resolution plan for Essar Steel, but sought a fresh plan for the distribution of bid amount between financial and operational creditors of the bankrupt firm. Asking the committee of creditors to bring a fresh distribution plan at the next date of hearing on March 18, the the two-member NCLAT bench, headed by its chairperson justice SJ Mukhopadhyay said that there cannot be any discrimination, all are equal and you cannot be a Shylock to have the full flesh. It also asked State Bank of India-led CoC to bring a fresh distribution plan at the next date of hearing

The NCLAT was of the view that the CoC cannot reserve 92% of the bid amount for financial lenders and leave just 4% for operational creditors. Operational creditors, it felt, are the oppressed lot and cannot be handed out just 4% of their outstanding. Making a suggestion, the NCLAT said all operational creditors below INR 1 crore should get 100% of the dues and so should the employees of Essar Steel. Only 90% of INR 42,000 crore should be allowed for financial creditors.

On Essar Steel’s directors complaint that they were never shown the resolution plan, the NCLAT said they should have pleaded this point before the resolution plan was approved. They said “Your time has gone. You had to cry at that time. You haven’t filed any appeal. It’s a rotten case.”

Source : Strategic Research Institute

voda 18 maart 2019 19:51

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Rein in clandestine imports from Iran - ISA

Business Line reported that Indian steel companies have urged the government to stop the dumping of steel by Iran through the United Arab Emirates at a much lower price. In a letter written to Mr Binoy Kumar, Secretary Steel, the Indian Steel Association said it is alarming that steel imports to India from the UAE are growing at a fast pace and is expected to go up over three times to 0.234 million tonnes this fiscal as against 0.118 million tonne in year before. Mr Bhaskar Chatterjee, Secretary General ISA, said “Steel imports from Iran, or transshipment from the UAE, must be banned since it is a grave violation of the US sanction and can attract retaliatory measures by on India. Steel imports, at predatory prices, pose a serious challenge to the Indian steel industry. Unchecked imports from Iran, which ships 30% of its exports to Asean countries, pose a major threat to Indian steel companies”

Imports from the UAE, at 0.175 million tonnes in the first nine of this fiscal, has already surpassed imports during the whole of last year. On the other hand, shipments, directly from Iran, have come to standstill from the 34,330 tonnes logged in FY18.

The top-three Iranian steel producers – Mobarakeh Steel Company, Khouzestan Steel Company and Esfahan Steel Company – are subsidiaries of government-owned Iranian Mines and Mining Industries Development and Renovation Organisation, which is under US economic sanctions. The three companies have a cumulative production capacity of 13.6 million tonnes.

Iran offers hot-rolled coil prices at USD 450 a tonne against China’s quoted price of INR 515 a tonne, including ocean freight of USD 25. Consequently, the landed cost of shipment from Iran works out to INR 36,350 a tonne, against China’s INR 41,600 a tonne.

Source : Business Line

Vertraagd	25 apr 2024 17:35
Koers	23,540
Verschil	-0,100 (-0,42%)
Hoog	23,690
Laag	23,170
Volume	2.802.569
Volume gemiddeld	2.481.401
Volume gisteren	2.185.626

23 apr	Mondiale staalproductie daalt toch weer
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12 apr	Video: cyclische aandelen bieden kansen
09 apr	World Steel Organisation ziet vraag n...
22 mrt	Mondiale staalproductie in de lift
12 mrt	ArcelorMittal neemt groot belang in V...
05 mrt	Beursblik: experts vinden koerswinst ...
23 feb	Mondiale staalproductie daalt opnieuw
08 feb	ING: ArcelorMittal doet het beter dan...
08 feb	Fors verlies voor ArcelorMittal

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