Eurobench.com

voda 15 november 2019 11:14

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Sunflag Iron & Steel Reports Q2 Results

Net profit of Sunflag Iron & Steel Company declined 42.24% to INR 20.88 crore in the quarter ended September 2019 as against INR 36.15 crore during the previous quarter ended September 2018. Sales declined 23.61% to INR 466.93 crore in the quarter ended September 2019 as against INR 611.22 crore during the previous quarter ended September 2018.

Source : Strategic Research Institute

voda 15 november 2019 11:16

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SAIL Announces Q2 Results

Steel Authority of India Limited declared the results for the Second Quarter of the current Financial Year. The Company posted a net loss of INR 342.84 Crore in Q2 FY’20. SAIL said “Considering the weak market sentiments and global consumption trends during the last few months, the overall margin of the steelmaker was affected, similar to other domestic steel producers. Owing to the extended monsoon season and low demand from the core sectors, the domestic steel demand was also affected. Notwithstanding these, SAIL achieved its best ever Q2 Hot Metal and Crude Steel production during Q2 FY’20. “

Voor cijfers, zie pdf.

Mr Anil Kumar Chaudhary, Chairman SAIL, said “The second quarter was affected by a lot of factors both domestic and global. It is common knowledge that several steel consuming sectors including auto, infrastructure and manufacturing did not perform well in the said quarter. At the same time, the prices have also faced continuing downward pressure. This has reflected in the results. During the period, the Company has undertaken several measures for cost reduction across the Organization. The measures include improving operational efficiency through better techno-economic performances, better utilization of raw materials and improving revenue generation through other means. These efforts were supplemented with higher employee engagement and participation in cost control efforts. The company will continue to take further measures in the area of cost control in the coming quarters.”

He added “Meanwhile, timely announcement of new corporate tax rates and a slew of measures for increasing infrastructure and allied demand for steel by the Government raise hope for the future. Its positive ripples will be reflecting in the coming quarters. The move for new corporate tax regime is expected to bring in investments in new projects from the freed up cash. The renewed thrust of the Government on investments and infrastructure projects, coupled with industry-friendly measures are likely to help in increasing steel demand in the second half of the Financial Year, signalling that the worst period may be over.”

Source : Strategic Research Institute

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voda 15 november 2019 13:18

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Europese staalindustrie vraagt Brussel kritisch naar redding en overname British Steel te kijken

De Europese staalindustrie heeft de Europese Commissie gevraagd onderzoek te doen naar een eventuele overname van British Steel door het Chinese staalbedrijf Jingye Group. Ook is Brussel gevraagd te letten of de Britse regering geen ongeoorloofde staatssteun verschaffen of al hebben verschaft aan het sinds mei van dit jaar in surseance verkerende Britse staalbedrijf. Eurofer, de organisatie die de belangen van Europese staalbedrijven in Brussel vertegenwoordigt, heeft dat vrijdag bevestigd na berichtgeving in Financial Times.

Afgelopen maandag werd bekend dat de Chinezen British Steel willen overnemen. Als de overname doorgaat, is dat voor het eerst dat een Chinees staalbedrijf een concurrent in Europa overneemt. Jingye zou £50 mln tot £70 mln (circa €58 mln tot 82 mln) willen neertellen voor de fabrieken in Scunthorpe, Teesside en Skinningrove aan de Engelse oostkust waar lange staalproducten als rails en buizen worden vervaardigd. Daarmee zouden vijfduizend banen, plus nog een 20.000 banen bij toeleveranciers, veilig kunnen worden gesteld. Te midden van de perikelen rondom de brexit is de Britse regering van Boris Johnson er veel aan gelegen British Steel van de ondergang te redden.

Maar Eurofer maakt zich om twee redenen zorgen over de huidige gang van zaken, zo laat een woordvoerder van de Europese staallobby weten. Als Londen British Steel te hulp schiet, dan dreigt concurrentievervalsing wegens ongeoorloofde overheidssteun. Bovendien is Jingye geen echte marktpartij, gezien het feit dat goedkoop staal uit China op de Europese markt wordt gedumpt, aldus Eurofer, waardoor er geen sprake is van een gelijk speelveld.

Investeringsmaatschappij Greybull Capital nam het staalbedrijf in 2016 over van Tata Steel UK, het zusterbedrijf van Tata Steel Nederland, voor een symbolisch bedrag van £1. Het bedrijf kreeg een nieuwe bedrijfsnaam British Steel, niet te verwarren met het oude British Steel dat in 1999 met Koninklijke Hoogovens in IJmuiden opging in Corus. Greybull kreeg het Britse staalbedrijf niet winstgevend waarop het in mei faillissement moest aanvragen. Sindsdien voert de overheidsinstantie Official Receiver het bewind over British Steel en is EY gevraagd kopers te vinden.

fd.nl/ondernemen/1324583/europese-sta...

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voda 15 november 2019 13:32

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ArcelorMittal mag eindelijk Indiase miljardendeal afronden

Staalfabrikant ArcelorMittal MT€15,03+1,66% kan na een strijd van ruim anderhalf jaar een miljardendeal in India afronden. Het Indiase hooggerechtshof heeft het bedrijf toestemming gegeven om zijn failliete branchegenoot Essar Steel in te lijven voor €5,3 mrd.

Dat melden persbureaus Bloomberg en Reuters. Met de aankoop betreedt ArcelorMittal de snelgroeiende Indiase markt. Het bedrijf doet dat bovendien op een gunstig moment: de Indiase overheid is bezig om omgerekend tientallen miljarden euro's in infrastructuur te investeren, wat de vraag naar staal verder zal stimuleren.

Slepende overnamestrijd
Essar, de nummer vier op de Indiase staalmarkt achter onder meer Tata Steel, bezweek eind 2017 onder een miljardenschuld. ArcelorMittal troefde vervolgens in een biedingenstrijd een consortium rond de Russische bank VTB af.
De oprichters van Essar Steel, de broers Shashi en Ravi Ruia, weigerden zich daar echter bij neer te leggen en trachtten de verkoop via de rechter tegen te houden. Ook werd de zaak vertraagd door een juridische strijd tussen schuldeisers over de verdeling van de verkoopopbrengst.

Nieuwe faillissementswet
Het Indiase hooggerechtshof maakt nu een einde aan dat laatste conflict. Het hof heeft ArcelorMittal toestemming gegeven om de overnamesom voor Essar te betalen.
€1 mrd
ArcelorMittal betaalt circa €5,3 mrd voor de aankoop van Essar Steel. Daarna heeft het toegezegd nog een €1 mrd in de Indiase staalfabriek te investeren.

De uitspraak pakt gunstig uit voor Indiase banken, die gezamenlijk ruim €6 mrd aan het bedrijf hadden geleend. Zij krijgen nu zo'n 90% van hun geld terug, achtergestelde schuldeisers moeten het doen met een fors lagere uitkering.
De kwestie is in India van groot belang, omdat de afwikkeling van het faillissement van Essar Steel een van de eerste zaken is onder een nieuwe faillissementswet. De uitspraak van het hof schept dus een belangrijk precedent voor andere faillissementen en voor de verhoudingen tussen verschillende typen schuldeisers.

Italiaans conflict
De overname van Essar is een welkom succes voor ArcelorMittal. Het bedrijf heeft te kampen met verliezen door afnemende vraag en lage prijzen in Europa. Ook is het bedrijf in conflict beland met de Italiaanse regering over de overname van staalbedrijf Ilva.

ArcelorMittal blies de aankoop van de Ilva-fabriek in Zuid-Italië onlangs af, omdat het Italiaanse parlement Arcelor niet langer juridische immuniteit wil geven voor eerder milieuovertredingen door Ilva. Dat kwam het bedrijf op felle kritiek uit Rome te staan.
Ook hier dreigt een juridische strijd te ontstaan. De Italiaanse regering heeft gezegd ontbinding van het contract via de rechter te willen voorkomen. Arcelor heeft zelf dinsdag een rechtszaak aangespannen om het verkoopcontract juist ongedaan te maken.

fd.nl/ondernemen/1324508/arcelormitta...

voda 15 november 2019 16:45

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Court OK to complete Essar Steel deal

Nov. 15, 2019 9:26 AM ET|About: ArcelorMittal (MT)|By: Carl Surran, SA News Editor

India's Supreme Court has removed the last legal hurdle for ArcelorMittal's (NYSE:MT) $6B takeover of Essar Steel, upholding key provisions of the three-year-old bankruptcy code in a critical test of the country's new debt resolution process.

The fight among Essar Steel's creditors, who were owed a combined $7B, over distribution of the proceeds from MT's acquisition had upended the takeover process last summer.

The court decision not only ended tycoon Lakshmi Mittal's long wait to enter the world's second biggest steel market, but also comes as a reprieve for Indian banks which are struggling with bad loans worth $140B.

MT +1.3% pre-market.

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voda 15 november 2019 16:48

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ArcelorMittal’s $6bn takeover of Essar Steel has last hurdle removed
India’s Supreme Court upholds key provision of bankruptcy code on priority claims

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Amy Kazmin in New Delhi 3 HOURS AGOPrint this page0
India's Supreme Court has removed the last legal hurdle for ArcelorMittal’s $6bn takeover of debt-ridden Essar Steel, upholding key provisions of the three-year-old bankruptcy code in a critical test of the country’s new debt resolution process.

In its highly-anticipated ruling, the court upheld the bankruptcy code provision for financial creditors’ claims to have priority over unsecured, operational creditors — a principle common in western countries.

The bitter infighting among Essar Steel’s creditors, collectively owed $7bn, over distribution of the proceeds from ArcelorMittal’s acquisition had upended the takeover process last summer.

The ruling on Friday paves the way for the deal’s completion, giving Lakshmi Mittal, ArcelorMittal’s India-born chairman and chief executive, a long-sought foothold in a large economy where demand for industrial metal is projected to boom.

Analysts say many legal precedents set in the long-running battle over Essar should also make dealing with future cases faster and easier.

“It’s a huge boost to the financial system,” said Amit Tandon, founder and managing director of Institutional Investor Advisory Services. “Now you can say that the bankruptcy code is a truly effective legislation.”

Touted as one of the biggest reforms of Prime Minister Narendra Modi’s government, the bankruptcy code was intended to strengthen the hands of India’s state-dominated banking system in dealing with politically influential defaulters, long accustomed to forbearance and debt rollovers.

But pushing indebted companies through the new resolution process proved slower and more painful than expected, as powerful tycoons — and rival creditor groups — challenged every aspect of the new bankruptcy law in court.

The battle over whether financial creditors should have precedence over operational creditors was seen as particularly critical for India’s ability to deal with its huge backlog of stressed assets.

“This is an important step in the direction of developing a mature insolvency process,” said Aurodeep Nandi, India economist at Nomura. “For a long time, India’s insolvency situation was like the Hotel California: you could check out any time you like but you could just never leave.

“The process of leaving hasn’t been easy and India is now reforming it.”

The Essar Group, a business empire built by brothers Shashi and Ravi Ruia, was one of 12 huge debt defaulters that India’s central bank had ordered to be put into bankruptcy proceedings back in 2017.

Last year, Essar’s heavily-indebted steel arm, whose assets include the prized Hazira steel facility, one of the world’s largest steel plants, was auctioned to ArcelorMittal, which was eager to establish a presence in India, but which had struggled to set up its own greenfield projects.

But ArcelorMittal’s plans to take over Essar were thrown into disarray in July, when the National Company Law Tribunal unexpectedly took issue with bankruptcy code provisions dictating the distribution of proceeds from the sale.

India’s bankruptcy law adopts the common western practice giving top priority to the claims of banks and other secured creditors, who sit together in a creditors’ committee to decide how monies recovered should be distributed.

But the NCLT judge, who had little expertise in bankruptcy or commercial law, ordered that all of a troubled company’s creditors — not just its bankers — be treated equally, infuriating both banks and foreign distressed debt funds that had already bought up much of Essar’s debt.

In its ruling on Friday, the Supreme Court set aside the NCLT order, saying the court could not interfere with commercial decisions made by the creditors’ committee, a huge relief to banks. ArcelorMittal has also expressed its satisfaction.

“We are very pleased with the judgment that our resolution plan has been approved,” a company spokesman said. “We look forward to the closing of the acquisition soon.”

www.ft.com/content/41a67e6a-0787-11ea...

voda 18 november 2019 07:04

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Topman Tata Steel zoekt confrontatie met IJmuiden

Staalproducent Tata Steel in IJmuiden moet zich schrap zetten voor een grote sanering. Volgens de ceo van het Europese moederbedrijf presteert het onderdeel al enkele jaren ondermaats. Er zullen banen verdwijnen als onderdeel van een omvangrijke kostenbesparingsoperatie.

Dit maakt Henrik Adam duidelijk in een gesprek met Het Financieele Dagblad. De Duitser geeft sinds 1 juli leiding aan Tata Steel Europe, waarvan IJmuiden de grootste productievestiging is met in totaal negenduizend werknemers.

'Als het om prestaties gaat, was IJmuiden een referentiepunt in Europa. We zijn die positie kwijt.' Volgens Adam is dat al drie jaar het geval. Hij laat zich niet uit over de oorzaken. Daarover wil hij vanaf komende week in gesprek gaan met onder andere de werknemersvertegenwoordigingen in het bedrijf.

De ceo wacht een grote confrontatie. De centrale ondernemingsraad wil zich naar eigen zeggen 'duidelijk gaan verzetten als de leiding van Tata Steel Europe met plannen komt die ten koste gaan van banen bij Tata Steel in Nederland'. Vakbond FNV is bereid om stakingen te organiseren.

De vestiging in IJmuiden, ter grootte van 1500 voetbalvelden, is een belangrijk uithangbord van de Nederlandse industrie. Politiek Den Haag kijkt met grote zorg naar de gebeurtenissen bij het staalbedrijf.

Tegenhouden van de plannen

Tata Steel Nederland heeft nog een aparte raad van commissarissen. Die kan saneringsplannen tegenhouden als er te veel werkgelegenheid of productie verdwijnt, al zullen de commissarissen ook rekening moeten houden met het belang van het gehele Europese bedrijf.

Bij vakbonden leeft al langer het gevoel dat de Nederlandse activiteiten lijden onder de verliezen in het Verenigd Koninkrijk. Adam spreekt echter van een 'mythe' dat IJmuiden de rekening betaalt. 'Deze locatie heeft nog nooit een pond, een euro of een gulden betaald om verliezen af te dekken in het VK. Dat is juridisch verboden.'

IJmuiden moet beter presteren

Adam laat er geen misverstand over bestaan dat IJmuiden beter moet gaan presteren. 'IJmuiden was toonaangevend, kan toonaangevend zijn en moet dat ook zijn. Dat zijn we nu niet', zegt hij.

Volgens de topman moeten daarom ook in IJmuiden de personeelskosten omlaag. Over het gehele bedrijf wil hij zo £150 mln (€175 mln) aan kosten besparen. Vakbonden vreesden vorige maand al voor een verlies van 2500 banen. In IJmuiden zingen inmiddels grotere getallen rond. Adam wil nu nog geen getallen noemen.

Adam stelt dat hij in zijn ruim twintigjarige carrière in de staalindustrie nog nooit zulke zware tijden heeft meegemaakt. De gehele Europese staalindustrie lijdt onder hoge grondstofkosten, lage staalprijzen en overcapaciteit.

In de afgelopen zes maanden behaalde Tata Steel Europe een bedrijfsresultaat (ebitda) van slechts £25 mln. Adam wil de jaarwinst in maart 2021 naar £750 mln hebben gebracht. Alleen dan kan de staalproducent in zijn ogen de benodigde investeringen doen om een financieel houdbare toekomst te garanderen. De winst moet in de toekomst nog verder omhoog om te voldoen aan nieuwe milieu-eisen.

fd.nl/ondernemen/1324593/topman-tata-...

voda 18 november 2019 08:45

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Update: ArcelorMittal krijgt groen licht voor overname Essar

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
15,156 0,00 0,00 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft toestemming gekregen van de hoogste rechtsprekende instantie in India voor de afronding van de overname van Essar Steel. Dit meldde het staalbedrijf maandag, nadat persbureau Bloomberg vrijdag al melding maakte van de goedkeuring.

Met de overname van het failliete Essar steel is krap 6 miljard dollar gemoeid.

Hiermee is de laatste horde door ArcelorMittal genomen en kan de transactie nog voor het jaareinde worden afgerond. Daarmee wordt een langdurig en onzeker proces afgesloten.

Op 4 juli oordeelde de ondernemerskamer dat de schuldeisers van het failliete Essar Steel circa 60 procent van hun vorderingen ontvangen uit de betalingen van ArcelorMittal. De ondernemerskamer stelde dat de verkoopopbrengsten proportioneel verdeeld zouden worden over de schuldeisers.

De schuldeisers kondigden vervolgens aan in beroep te gaan.

De rechters zetten de overname van Essar vervolgens in de wacht.

Update: om bevestiging door ArcelorMittal toe te voegen.

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

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

voda 18 november 2019 09:02

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Arcelor: overname Essar dit jaar rond

Gepubliceerd op 18 nov 2019 om 08:37 | Views: 612

ArcelorMittal 16 nov
15,16 0,00 (0,00%)

LUXEMBURG (AFN) - Staalconcern ArcelorMittal verwacht de overname van het failliete Indiase Essar Steel nog voor het einde van het jaar af te kunnen, nu het hooggerechtshof van India definitief goedkeuring heeft gegeven voor de deal.

Na afronding zal ArcelorMittal samen met samenwerkingspartner Nippon Steel de controle uitoefenen bij Essar. Het grootste staalconcern ter wereld en zijn Japanse partner boden ongeveer 5,8 miljard dollar in contanten voor het bedrijf en beloofden er veel geld in te pompen.

De overname van Essar geeft ArcelorMittal een goede kans om een sterkere positie op te bouwen in India, de snelst groeiende staalmarkt ter wereld. De Indiase overheid is bezig flink te investeren in infrastructuur en daardoor is er grote vraag naar staal.

voda 18 november 2019 16:24

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Italy Files Appeal to Stop ArcelorMittal from Quitting Ilva Deal

The Italian government has filed a legal appeal on Friday to prevent ArcelorMittal from walking away from a 2018 deal to buy Europe's largest integrated steelmaking mill. Italian Prime Minister Mr Giuseppe Conte said “Rome considers the troubled Ilva steel mill in the southern city of Taranto a strategic industrial site. The government will not allow the deliberate closure of the blast furnaces at the site as it would amount to ending any chance of investment to make the site viable and safeguard some 8,000 jobs. If ArcelorMittal walked away from the badly polluted site it would be a clear violation of contractual commitments and cause grave harm to the national economy."

He said the group would have to answer in the courts and face paying damages to the Italian state.

Source : Strategic Research Institute

voda 18 november 2019 16:26

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SC Clears Final Hurdle for ArcelorMittal Acquisition of Essar Steel

India’s Supreme Court has set aside the 4 July order of National Company Law Appellate Tribunal approving ArcelorMittal's INR 42,000 crore bid for acquiring Essar Steel, which had given financial creditors equal status with operational creditors in the distribution of ArcelorMittal's bid amount. A bench comprising of Justice RF Nariman, Justice Surya Kant and Justice V Ramasubramanian clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors. The said “The tribunal can send the plan back to the committee in case it finds that legal parameters are not met but it cannot tinker with the plan.”

Banks had moved to the Supreme Court after an appellate court judgment put the claims of Essar’s operational creditors on a par with those of its lenders. In its July 4 order, the NCLAT had said that financial creditors will get 60.7% of their admitted claims of INR 49,473 crore, almost same as operational creditors. Before that, the core committee of bankers in charge of coming up with a resolution plan had decided financial creditors would get paid 90% of their claims.

Source : Strategic Research Institute

voda 18 november 2019 16:27

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ArcelorMittal Italia to Shut Down Ilva Blast Furnaces

ArcelorMittal Italia will place all blast furnaces at the former Ilva steelworks in Taranto on standby mode by January 15, 2020, as it moves to shut down all production at the site. BF2 will stop operating on December 12, BF4 on December 30, and BF1 on January 15, while the Strip Mill 2 will be closed between November 26 and 28. BF3 and BF5 are not currently operational.

ArcelorMittal Italia CEO Mr Lucia Morselli has informed the unions of the blast furnace shutdown plan. Italy’s FIM-CISL union said that ArcelorMittal has confirmed it would hand over the troubled Ilva steel plant to state-appointed administrators on December 4 and had already begun winding down operations. FIM-CISL secretary general Marco Bentivogli said “The latest statement from ArcelorMittal today confirms what the union has said for weeks. It is clear that if the Ilva special administration does not take on all staff quickly on December 4, the situation will become even more serious.”

ArcelorMittal Italia also denied local press reports that it may remain as the site's operator until May 2020.

Source : Strategic Research Institute

voda 18 november 2019 16:28

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Steel & Tube Flags Adverse Trading Conditions

New Zealand based Steel & Tube Holdings Limited announced that adverse trading conditions are continuing and its first half results are expected to be lower than the prior year. It said “As previously indicated, the first half result will be impacted by Project Strive change execution costs, including site consolidation costs with an expected impact of approximately NZD 2 million, which will be included in the first half year results. The second half result is expected to benefit from these Project Strive initiatives, cost savings and other proactive measures being undertaken. The competitive intensity and pricing pressures from the second half of the last financial year have continued. Initiatives to improve product margins are starting to have a positive impact and market share has remained relatively stable. Market activity levels have been softer, particularly in the vertical construction and stainless steel markets, albeit more recently there have been improvements in sales and tender activity levels. The trading conditions in the first few months of the financial year have had an impact on both sales and credit quality with an increase in debt write-offs and provisioning expected to impact earnings by approximately $2 million in the first half of the year. Given the challenging trading conditions, the Board and Management are continuing to review the business operating model and remain focused on delivering improved earnings and value to shareholders. An update will be provided with the half year results in February 2020, and accounting carrying values will be reassessed at that time.

Steel & Tube CEO Mr Mark Malpass said “We have had a challenging winter, although improvements we have made to customer service and cost structure, coupled together with recent signs of activity improvement, are expected to lead to improved performance in the second half.”

Source : Strategic Research Institute

voda 18 november 2019 16:28

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Protests Start against JSW Utkal Steel Plant in Odisha

Odisha media reported that a movement is gaining ground against the proposed JSW Utkal Steel Limited plant in Jagtsinghpur district. Activists Mr Prafulla Samantara, former MLA Mr Radhakanta Sethi, Manorama Khatua and Tuna Mohanty have alleged that the new steel plant project is more dangerous than Posco. They said “The proposed project is a 13 million tonne per year steel plant along with cement, cold and hot rolled mills and 900 MW power plant. Each is a pollutant unit. There will be huge cumulative effect on environment and the pollution will invade air, agriculture land as well as water bodies. This will have also a port at Jatadhari which will be harmful to agricultural land and fisher community. The cumulative pollution will spread more than 20 km radius for which more than 50,000 villagers of nearby villages will be affected and deprived of livelihood.”

They have demanded a proper environment impact assessment report for the new project and discarded the one already done, what they said to be lacking facts.

They said that after Posco left its project, the forced acquired land has to be returned to the farmers as per the Land Acquisition Act, 2013.

Source : Strategic Research Institute

voda 18 november 2019 16:32

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Chinese Customs Sends Back 150 Containers Loaded with Steel Mill Scale

Qingdao Customs in east China’s Shandong Province refused entry of 4,067 tonnes of solid waste into China and 150 containers loaded with mill scale were shipped back to a port where it originated. China custom said “Mill scale, one of the solid wastes banned from import, will cause severe damage to the ecological environment once entering the country.”

China began importing solid waste as a source of raw materials in the 1980s and for years has been the world’s largest importer. But with rising awareness of environmental protection and China’s green drive, it will halt imports by year end.

Source : Strategic Research Institute

voda 18 november 2019 16:33

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WTO rejects most Indian claims against US Duties on Steel Pipes

Reuters reported that World Trade Organization adjudicators on Friday rejected most of India’s claims that the United States was not respecting an earlier WTO ruling related to anti-subsidy duties on Indian steel. The WTO panel rejected many of the Indian complaints, although it did say that the United States needed to bring a legislative provision into line with WTO rules.

India brought its original complaint to the WTO in April 2012, after the US Commerce Department set an import duty of nearly 286 percent on a circular welded carbon-quality steel pipe product from India to offset government subsidies. India had complained that the United States failed to meet an April 2016 deadline to comply with a WTO decision that faulted it over its imposition of countervailing duties on hot-rolled carbon steel products from India.

The Commerce Department acted after receiving a petition from Allied Tube and Conduit, JMC Steel Group, Wheatland Tube and United States Steel Corp.

Source : Strategic Research Institute

voda 18 november 2019 16:35

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Severstal Cherepovets Reduces Emissions

Severstal’s Cherepovets Steel Mill will reduce emissions of carbon monoxide and carbon dioxide through the introduction of new technology enrichment of iron ore concentrate at one of Severstal’s resource assets Olkon JSC. The environmental effect will be ensured due to an increase in the quality of iron ore concentrate produced by Olkon. The company achieved record monthly average indicators for the quality of raw materials. So, in October, the average iron content in the produced concentrate of Olenegorsk GOK was 68.78%.

The high iron content allows to reduce the consumption of fluxes limestone in coke-agglomeration production and, as a result, to reduce the consumption of solid fuel coke breeze for its sintering. Reducing the consumption of coke breeze gives a reduction in CO emissions from CherMK sources, since the process of sintering of raw materials occurs in sintering machines, which is accompanied by the release of CO. The event is included in a comprehensive plan to reduce emissions of pollutants in the city of Cherepovets for 2019 - 2024, developed as part of the national project "Ecology".

Source : Strategic Research Institute

voda 18 november 2019 16:37

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EY Makes GBP 25 Million Managing British Steel Sale

The Daily Mail reported that accounting firm EY has been raking in GBP 1 million a week running British Steel since it collapsed. It means EY has made about GBP 25million so far and stands to make as much as GBP 40million if British Steel is not sold until the end of February

Its restructuring specialists were appointed by the Official Receiver in May, with Government funding keeping British Steel going while a buyer is sought.

Source : The Daily Mail

voda 18 november 2019 16:38

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Shape Corp wins Swedish Steel Prize 2019

The winner of the 20th international Swedish Steel Prize is Shape Corp from the United States. The prize is awarded for the groundbreaking use of martensitic steel in a 3D formed tube for automotive roof rail applications. Shape Corp.’s cost effective and robust manufacturing process for 3D shaped tubes made it possible to utilize the cold forming martensitic steel Docol 1700M, from SSAB, for a unique lightweight solution for A-pillar and roof rail tubes, with a minimal profile size. The components will soon be implemented in a number of Ford vehicles, including the 2020 Ford Explorer and 2020 Ford Escape. Thanks to 3D forming, instead of hydroforming, Shape Corp has succeeded in creating smaller profiles than traditional solutions, allowing for better driver visibility, more interior space as well as better packaging of airbags. The 3D formed A-pillars also have an improved strength to weight ratio of over 50 percent, which has led to an overall mass reduction of 2.8 to 4.5 kg per vehicle.

Shape Corp’s highly innovative technology and use of steel has been proven viable within the global automotive industry and represents a major leap forward in both car safety and automotive design.

The Swedish Steel Prize, which celebrates its 20th anniversary this year, recognizes good engineering, cooperation and steel innovations that lead to a better and more sustainable world. The winner receives a diploma, a statuette by the sculptor Jörg Jeschke and intense media exposure. In conjunction with the Swedish Steel Prize 2019, SSAB will make a SEK 100,000 donation to UNICEF in support of their efforts to provide quality education and learning opportunities to children and adolescents worldwide.

The other finalists, Austin Engineering from Australia, Kampag from Brazil and Roofit.solar from Estonia, were runners-up for the Swedish Steel Prize 2019.

Source : Strategic Research Institute

voda 18 november 2019 16:39

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Dr Greg Ludkovsky Awarded Honorary Doctorate by the University of Oviedo in Spain

ArcelorMittal vice president of global R&D Dr Greg Ludkovsky has accepted the title Doctor Honoris Causa awarded to him by the University of Oviedo in Asturias in Spain. Mr Santiago Garcia Granda, vice-chancellor of the University of Oviedo, said “On behalf of the entire university community, I express my gratitude and congratulations to Greg Ludkovsky. The University of Oviedo is proud to count you as a member of our faculty. You are joining an important and distinguished list of doctors and doctors honoris causa. Knowing is not enough; we must also apply. Willing is not enough; we must also do."

In his acceptance speech, Dr Ludkovsky paid tribute to the crucial role universities, and particularly the University of Oviedo, play in acquiring and transmitting knowledge, by saying “If you take a risk, you will sometimes fail; if you don’t take any, you will always fail. Asturias flourishes because it learns from mistakes and never gets discouraged by them.”

Dr Ludkovsky holds two dozen patents and is an author of numerous publications in the field of physical metallurgy.

The title of Doctor Honoris Causa is one of the most prestigious accolades awarded by universities to honour foreign personalities for outstanding service to science, the humanities or the arts, to a country or a university.

Source : Strategic Research Institute

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