Eurobench.com

voda 6 april 2018 16:38

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Trump Trade War - Japan cool on response to US steel tariffs

Financial Times reported that Tokyo has opted for a low key response to Donald Trump’s tariffs on steel because Japanese mills believe US rivals cannot make the high-grade metals they export. The lack of retaliation threats from Japan, despite anger and frustration at the US president’s decision to target a close ally, reflects confidence that many of the country’s steel exports can win product-by-product exemptions from the tariffs. Japan’s calculated response highlights its determination to keep good relations with Mr Trump and the difficulty of using tariffs as a tool to force trade concessions when so many US industries rely on imports.

One official at a large Japanese steelmaker, who argued it would take years for US manufacturers to win customer certification for the speciality steels used in oil and automobiles, even if they invested in technology said that “The US steel industry is quite technologically backwards.”

According to industry officials, out of 2 million tonnes of Japanese steel exported to the US, about 190,000 tonnes are high-grade piping used deep underground in oil wells. Another 320,000 tonnes are speciality steels for the automotive industry and 170,000 tonnes are hard-wearing railway track. Much is supplied under long-term contracts with customers such as leading oil companies or Japanese carmakers with plants in the US. The applications are often critical to safety or performance.

Mr Trump last month ordered punitive tariffs of 25 per cent on steel and 10 per cent on aluminium, claiming that imports were a threat to US national security. He later announced temporary exemptions for Canada, Mexico, Australia, Argentina, Brazil, South Korea and the EU but Japan was not on the list. That threatens roughly USD 2 billion in Japanese exports from companies such as Nippon Steel & Sumitomo Metal, JFE Holdings and Kobe Steel.

Source : Financial Times

voda 6 april 2018 16:43

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Cleveland-Cliffs breaks ground for HBI plant at Toledo in Ohio

Cleveland-Cliffs Inc held a groundbreaking event with state and local dignitaries today to celebrate the construction of its first hot-briquetted iron (HBI) production plant. Cleveland-Cliffs broadcasted live the event from the project’s construction site.

Founded in 1847, Cleveland-Cliffs Inc is the largest and oldest independent iron ore mining company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. Additionally, we operate an iron ore mining complex in Western Australia. By 2020, Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, our employees endeavor to provide all stakeholders with operating and financial transparency.

Source : Strategic Research Institute

voda 6 april 2018 16:44

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Bisalloy to supply first trial order of special steel for SEA10000 Future Submarine Project

Australian steel maker Bisalloy Steels has confirmed receipt of an initial order for 250 tonnes of its specialized high performance steel plate from Naval Group Australia as part of the ongoing collaboration on the Commonwealth of Australia's SEA1000 Future Submarines Project. A key component of the development program for Bisalloy has been refining its technical and production capability to assure NGA it could produce the particular grade of steel required to meet the design demands of the project.

Greg Albert, Managing Director of Bisalloy Steels, said "Bisalloy Steels and Naval Group Australia (NGA) have been collaborating extensively on this project for over 18 months.

He said "This grade of steel has never been manufactured outside of France before so this first order is an important step in confirming Bisalloy's manufacturing processes and capabilities in producing the very high specification steel required. At Bisalloy we're excited to be supplying 100% Australian-made and processed armour plate for this important defence project. Knowing our armour plate will be used to protect Australian defence personnel is an immense source of pride for everybody at Bisalloy,"

The SEA 1000 Future Submarines Project is Australia's largest ever defence procurement project involving the construction of 12 "future class" submarines with an estimates budget of $50 billion. Construction of these submarines will be undertaken in Adelaide by Naval Group Australia and is expected to continue out to the 2040's.

Source : Strategic Research Institute

voda 6 april 2018 16:45

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Trump Trade War - Turkey is in touch with US - Minister

Daily Sabah reported that Turkey's Economy Minister Nihat Zeybekci said that Turkish government is in touch with the US over its decision to impose tariffs on steel and aluminum imports. He said "Our contact with the US continues through

The minister said the tariffs on steel and aluminum were unacceptable for Turkey. He said the reasons behind Washington's decision to impose tariffs on Turkey were wrong. He said "We have USD 1.2 billion in exports in the iron-steel sector and USD 1.3 billion in imports from the US. There is a gap here.”

The economy minister said that Ankara will get "positive" or "negative" results next week, but he warned that if the results were "negative," his country would respond.

Source : Daily Sabah

voda 6 april 2018 16:45

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EU safeguard probe unnerves South Korean steelmakers -Report

Korea Times reported that another tariff risk is haunting the Korean steel industry as the European Union has begun a safeguard probe into imports of steel products. Given that the EU is a major export market for Korean steelmakers as big as the United States a possible import restriction could spell trouble for local steelmakers who currently face a quota on its steel exports to the US.

According to the Korea International Trade Association, Korea was the fourth largest exporter of the 26 products of concern to the EU among countries outside the trading bloc, with a share of 11.3% worth 2.39 billion euros (3.1 trillion won).

India was the EU's largest steel supplier of the 26% at 13.5%, followed by China's 13.1% and Turkey's 12.4%.

Korea's top steel export to the EU is a steel sheet. In 2017, local steelmakers shipped 2.9 million tons of steel sheets to the EU of their total steel export of 3.3 million tons.

In that respect, if a safeguard measure goes into effect, it would be another brutal blow to the local steel industry that needs to discover another export destination following the US import quota.

Although Korea evaded a 25 percent tariff on its steel exports to the US last month, it had to accept quotas on steel exports equal to 70 percent of its average annual shipments to the US between 2015 and 2017.

A steel industry official said that "While Korea's steel exports to the US will diminish due to the import quota, the EU's safeguard probe is another challenge ahead. The industry is required to aggressively respond to the situation.”

Remaining cautious about the investigation, the Ministry of Trade, Industry and Energy plans to explain its position by attending hearings and submitting questionnaires to the EC.

Source : Korea Times

voda 6 april 2018 16:50

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Double blow for high grade Americas iron ore supply

Atlantic iron ore markets have been hit by two supply shocks emerging since last week, hitting high grade concentrate and pellets from Canada and Brazil. A strike at the IOC operation in Newfoundland and Labrador may be prolonged, after port workers at the associated Sept Iles terminal voted to strike after rejecting an offer.

Any worker stoppages at Sept Iles will be after April 10, based on a prior arrangement. United Steelworkers 5795 and 6731 Locals at the mine have already taken action, leaving the Labrador City operation to care and maintenance.

The halt of mining and processing would likely affect cargo railings and port transshipment activity ahead of the April 10 timeline for industrial action, an informed source said last week ahead of the vote.

Monthly output at IOC is approximately 900,000 tonne of pellets and a little less in concentrate shipped out externally, with seasonal effects aiding shipments outside the Canadian winter.

The global seaborne pellet market for high-grade pellets, from Brazil, Sweden and Canada, may be less than 100 million mt/year, or around 8 million mt/month.

In Brazil, earlier reports of a damaged slurry pipe leak in Minas Gerais, had led Anglo American to suspend operations at Minas-Rio mine. Full-scale inspections of the main pipeline may last 90 days.

Anglo American delivers ore from Minas-Rio to Acu port in Rio de Janeiro State via a 530-km (329-mile) slurry pipeline.

Anglo said non-hazardous iron ore slurry leaked on March 29, which caused no disruption to local water supply. A similar leak occurred nearby on March 12, close to a pumping station.

The operation planned to produce 13 million to 15 million tonne in 2018, down from 16.8 million tonne in 2017, as a result of lower ore grades left at the permitted mining area and delays in securing an operational license for the stage 3 area.

Minas-Rio started up in 2014, and supplies a range of high-grade pellet feed and concentrate to buyers in Europe, the Middle East and Asia.

Anglo said that “Due to the length of the pipeline and the priority of ensuring the protection of the natural environment, the current expectation is that it will take approximately 90 days for the full inspection to be completed during which time operations at Minas-Rio will remain suspended.”

Source : Platts

ijzervreter 9 april 2018 09:04

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Australian government raises 2018 price forecasts for iron ore, metallurgical coal
Singapore (Platts)--9 Apr 2018 236 am EDT/636 GMT

Australia's chief economist has lifted its forecasts for iron ore and metallurgical coal prices for 2018 and 2019, but maintains its view that prices will drop over that time frame, the Resources and Energy Quarterly report released Monday showed.

The report, which is released quarterly by Australia's Department of Industry, Innovation and Science, said it expects FOB Australia iron ore to average $61.80/mt this year, which is up $10.30/mt from the forecast it gave in the October-December 2017 quarter, and up $11.30/mt from its year earlier forecast.

"The iron ore price has held higher than expected in early 2018, and some short-term support is expected from ongoing resilience in steel prices and production in China," the Canberra-based unit said in the report.

Despite the revised outlook, prices are still expected to fall in the longer term.

"The iron ore price is projected to decline further to $49/mt (FOB Australia, in real 2018 dollars) in 2020, as a result of moderating demand and growing supply, before a modest recovery to $53/mt in 2023 as supply growth softens,' it said.

"The projection is underpinned by the assumption that first, the price will trend towards the break-even level required by producers of the last tonnages needed to meet demand, and second, that a small (5 per cent) proportion of producers (largely in China) will be loss-making,' it added.

Despite the forecast decline in prices, the vast majority of Australian producers were expected to remain highly profitable due to high quality and low-cost production, it added.

Meanwhile, the new report trimmed 6 million mt from the December quarter's forecast for 2018 Australian iron ore exports, taking it to 874 million mt, and dropped the 2019 forecast by 14 million mt to 880 million mt. "Roy Hill faced some technical difficulties in the December 2017 and March 2018 quarters, but is expected to return to its nameplate capacity of 55 million tonnes [mt] later in 2018,' it said.

For the first time in a year, the report included yearly forecasts extending beyond the coming year.

The chief economist is expecting Australian iron ore exports to grow to 891 million mt in 2020 and then to 896 million mt in 2021, before easing back to 895 million mt and 894 million mt in 2022 and 2023, respectively.

"Iron ore exploration expenditure is likely to have largely bottomed out, with ongoing investment increasingly needed to replace depleting reserves,' it said.

As for metallurgical coal, the department is now expecting 2018 contract prices to average $200.50/mt, which is up by $49.20/mt from the previous forecast. It also lifted the price expectation for 2019, by $32/mt to $152.20/mt, it said. "Metallurgical coal prices have stayed at relatively high levels in recent months, as disruptions to Australian export supply continue to leave the seaborne market short,' the report said.

It added that supply was expected to expand to better match growing demand and put downward pressure on prices.

The price was expected to bottom out at $142.10/mt in 2020 before steadily climbing to $162.90/mt in 2023, it said.

Rail and port maintenance issues pose a major risk to metallurgical coal exports this year, the report said, adding that a repeat of 2017 -- when bad weather and weather-related damage, as well as infrastructural problems -- could hamper exports and drive price spikes.

"Temporary closures for maintenance at a number of berths at Gladstone and Dalrymple Bay in April and May will add to the impact of similar berth closures at Hay Point and Abbot Point in March," it said.

"Of major concern, the Aurizon Network -- the below-rail operator of the Central Queensland Coal Network -- has advised that 20 million mt of capacity could be lost across the system, as it aligns maintenance operations with the Queensland Competition Authority's Draft Access Undertaking," it added.

The undertaking curbs annual maintenance charges that Aurizon can bill the system, and the report said that miners in Queensland could be expected to build stockpiles to make sure that they are ready to transport coal when or if the rail transport system returns to previous capacity levels.

The government department bumped up its 2018 Australian metallurgical coal export forecast by 3 million mt from the previous quarterly to 197 million mt, and raised its 2019 forecast by 7 million mt to 201 million mt.

Exports are expected to steadily climb to 212 million mt in 2023, it said.

--Nathan Richardson, newsdesk@spglobal.com --Edited by Norazlina Juma'at, norazlina.jumaat@spglobal.com

voda 9 april 2018 19:55

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NO GO eco zones could hit Chiria iron ore mining plans - DNA Report

DNA reported that the Indian government's draft plan on sustainable iron ore mining in Jharkhand's Saranda has proposed go and no-go zones and biodiversity hotspots to protect the rich Sal forest and over 200 elephants and that the plan, if finalised, will halt big-ticket mining projects of giants such as Steel Authority of India, Vedanta and JSW at Chiria iron ore block in the Ankua forest.

The plan has been sent for vetting to Environment Minister Dr Harsh Vardhan. The plan was prepared in light of the findings of the Justice MB Shah inquiry commission report on illegal mining in Jharkhand. The Ministry is treading cautiously on the issue because CBI is probing alleged violations by former Environment Minister Jayanthi Natarajan in granting forest clearance to Electrosteel Castings Ltd and JSW Steel.

The Ministry has proposed two mining zones, two conservation areas and three critical biodiversity hotspots for sustainable mining in the region. The mining leases of SAIL and private sector giants fall in the Koina range, one of the biodiversity hotspots. The mining zones are spread over 33 forest compartments across Ghatkuri, Samta, Karampada, Tirilposi, Thalkobad, Kumdi ranges, while 18 compartments fall in the no-go zone. All of them fall in the Ankua forest. The Karo-Karampada elephant corridor, providing connectivity to Odisha, falls in the mining zone of Karampada and Thalkobad range. The plan showed that Sasangda and Koina range have been marked as critical biological hotspots.

Source : DNA

voda 9 april 2018 20:00

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NCLT reserves order in Essar Steel case - Report

Domain B reported that the Ahmedabad bench of the National Company Law Tribunal (NCLT) has concluded hearing arguments from all the parties in the Essar Steel bankruptcy case last week and decided to reserve its order. In the final round of hearings the NCLT heard arguments from Numetal and ArcelorMittal, both of which in the race to acquire the bankrupt Essar Steel, as the two once again tried to convince the tribunal over their disqualification by the resolution professional, claiming that rules have been followed before submitting their bids.

The tribunal, comprising adjudicating authority Manorama Kumari and Harihar Prakash Chaturvedi, kept its order reserved for a future date, possibly on 12 April.

Numetal and ArcelorMittal knocked on the doors of NCLT over their disqualification in the first round of bidding claiming that rules have been followed before submitting bids.

Senior counsel Mihir Thakor, appearing for Numetal, said that his client has challenged the resolution professional's decision to disqualify it from the first round of bidding because there was no impropriety in restructuring Numetal. While admitting that Numetal was formed by the promoters of the Essar Steel itself with the purpose of submitting the resolution plan to acquire Essar Steel, Thakor said that was no bar on Numetal to bid for Essar’s assets.

RP's lawyer Darius Khambata had on Friday told the bench that Numetal's bid was rejected because Essar Steel promoter Ravi Ruia's son Rewant Ruia was, in some way or other, in control of Numetal through Aurora Trusts. He said such an arrangement was in violation of the section 29 (A) of the Insolvency and Bankruptcy Code (IBC).

Appearing for ArcelorMittal, senior counsel Abhishek Manu Singhvi said Numetal's demand that Mittals should first pay up the debt of Uttam Galva, an NPA firm, is a classic case of diversion and deflection. Singvi said while on one side Numetal questions the non-payment of debt on Uttam Galva, on the other side Ruias themselves brought Essar Steel to its kneels by making it an NPA.

Source : Domain B

voda 9 april 2018 20:01

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Despite challenges, steel key for sustainable future - Dr Edwin Basson

The Korea Herald reported that Dr Edwin Basson, the director general of World Steel Association, in an email interview with The Korea Herald told that after years of prosperity, the steel industry is facing slower demand due to market saturation and the increasing reuse of steel amid rising concerns over its impact on the environment. He said “Steelmakers around the world, however, should face these challenges and join efforts to convince customers that the metal product still remains the foundation of a sustainable future.”

He said “Steel remains an exceptional product in terms of sustainability. Steel being a 100% and infinitely recyclable makes it the foundation of a sustainable future. However, with intense competition from other materials, the industry will need to continue working to convince its customers and society at large of its environmental advantages.”

He added “One thing that all steel producers should be aware of is the impact of the circular economic model on steel demand ... As an industry it is likely that we will need to deal with slower demand growth for steel on a continuous basis.

Source : The Korea Herald

voda 9 april 2018 20:04

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ArcelorMittal raises issue of capacity concentration if JSW wins bid for Essar Steel

Steel News - Published on Mon, 09 Apr 2018

Business Line reported that as the battle for the stressed assets of Essar Steel gets fiercer, ArcelorMittal is now claiming that JSW Steel’s bid could come in for scrutiny from the Competition Commission of India. Brian Aranha, Executive President, ArcelorMittal, told BusinessLine “If JSW Steel wins the bid for Essar Steel, it will have 41% of the flat-rolled coil market in India, and the top three players, JSW Steel, Tata Steel and SAIL, will command 90% of the flat-rolled business. This kind of concentration is not really in the best interest of the country, and the competition authority would naturally look at it.”

JSW has bid for Essar Steel by joining hands with Russia’s VTB Bank-promoted Numetal. Aranha said that JSW would take charge of Essar Steel as the operator, as the bank (VTB) is not likely to run the steel plant.

JSW Steel has a production capacity of 18 mtpa (million tonnes per annum), which is around 14 per cent of the total steel produced in India. Even if Numetal wins the bid for Essar Steel, JSW’s production will reach about 28 mtpa, which will still be just over 20 per cent. JSW plans to add 5 mtpa to its Dolvi unit in Maharashtra.

Source : Business Line

voda 9 april 2018 20:05

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Trump Trade War - India to raise steel tariffe issue at TPF meet on Apr 10

PTI reported that India will take up the issue of duty hike on certain steel and aluminium products by the US at the Trade Policy Forum (TPF) meeting on April 10. A commerce ministry official has said “Other issues, including greater market access for certain fruits like mangoes as well as visa related matters, will also figure in the meeting of senior officials of India and the US.”

The Trade Policy Forum is the premier bilateral forum for discussion and resolution of trade and investment issues between the two countries. It has five focus groups: Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services, and Tariff and Non-Tariff Barriers. Both sides would discuss ways to further boost the bilateral trade and investments.

Source : PTI

voda 9 april 2018 20:05

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Tata Steel open to taking majority stake in Thyssenkrupp tie-up – Report

Reuters, citing to two sources familiar with the matter, reported that Tata Steel would consider taking a majority stake in its planned European steel joint venture with Germany’s Thyssenkrupp after the business has publicly listed. The report quoted a source as saying that “Tata’s willingness to increase its holding is a sign of its commitment to expanding its steel empire globally. They have different visions. Thyssenkrupp is looking to exit the steel sector while Tata is looking to stay and grow”

Such a development in the planned joint venture, which would create Europe’s second-largest steel group after ArcelorMittal, would also fit with Thyssenkrupp’s strategy of reducing exposure to steelmaking to concentrate on manufacturing high-margin industrial and technology goods.

Source : Reuters

voda 9 april 2018 20:06

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Trump Trade War - Russia to discuss response soon - Deputy PM

Reuters reported that Deputy Prime Minister Arkady Dvorkovich said that Russia’s government will discuss measures to protect Russian companies from US trade tariffs on steel and aluminium in the coming days.

Russia said in March it will likely prepare a list of restrictions on imported products from the United States in response to the US tariffs.

Source : Reuters

voda 9 april 2018 20:10

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MECHEL REPORTS THE 2017 FINANCIAL RESULTS
Steel News - Published on Mon, 09 Apr 2018
Image Source: globenewswire.com
Mechel PAO a leading Russian mining and steel group, announces financial results for the full year 2017. Mr Oleg Korzhov CEO of Mechel PAO said that “The 2017 financial results exceeded those of 2016. High coal prices greatly supported our mining division’s results. The steel division last year had to work in a more difficult environment, but by the end of the year the situation stabilized and the division attained good results. Metallurgical coal prices in 2017 were influenced by a large number of different factors, including weather cataclysms in Australia, China’s policy of regulating mining and steelmaking volumes, production and shipping problems in Australia’s mines and ports. As a result, coking coal prices were fluctuating very widely, with the annual average greatly exceeding expectations.”

“The steel product market was less volatile, though the first and the second halves of the year were markedly different insofar as prices for finished products and production costs were concerned. The beginning of the year was characterized by high costs as coal and iron ore prices spiked, even as many products in our range met with weak demand and low price levels. The situation improved only in the second half of the year. One of our mining division’s key challenges was restoration of its mining volumes which
have declined due to the lack of a sufficient amount of coal prepared for extraction. Starting in the second half of 2017 and throughout this year’s first quarter, we took steps to increase stripping operations by acquiring new equipment, actively funding repairs and bringing in contractors with equipment of their own.”

“Last year, we have acquired and launched dozens of machines for our mines, open pits and washing plants, as well as modernized our environment-protection equipment. That includes 55 new equipment units for our Yakutia assets alone, including 5 excavators and 23 BelAZ trucks. This year more new equipment is forthcoming, which will enable us to step up mining volumes and take better advantage of the favorable market situation. The steel division consistently worked on optimizing its product range. Due to a decrease in the share of low-margin product sales, we increased output of high-value added products structural steel, flat products, rails, stampings and forgings, products from specialty steels, and hardware from high-alloyed and stainless steels.”

“The Group’s capital investment in 2017 totaled 11 billion rubles, including leasing, which is 25% more than the previous year. Our plans for 2018 include a further increase in capital investment.”

Consolidated Results For The Full Year 2017

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voda 9 april 2018 20:13

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OEMK confirms compliance with international standards

OEMK (part of Metalloinvest) has successfully undergone a recertification audit of its Quality Management System for compliance with the international standard ISO 9001:2015. Auditors from TUV SUD Management Service GmbH (Munich, Germany) confirmed that OEMK is in line with the required standards.

During the audit of the operations of the Quality Management System, auditors visited the plant's production and secondary departments, inspected the enterprise's documents and assessed its finished products. The experts confirmed that OEMK's production facilities operate with all of the necessary equipment, raw materials and qualified staff.

Mr Nikolay Shlyakhov MD of OEMK, commented that “The certification of OEMK's Quality Management System demonstrates that the organisation of production processes at our enterprise is in line with international standards. This enables OEMK to maintain a strong position in the high-quality steel product market and forge long term partnerships for Metalloinvest with both local and international customers.”

The ISO 9001:2015 Quality Management System certificate is valid for three years and is one of the most important conditions for supplying quality metal products. The certificate covers such areas as development, engineering, production and marketing of metallised pellets, continuous cast billets, and large, medium, and small-diameter rolled steel products.

Consumers value high quality products and reliable technologies. Among the world's leading consumers of rolled steel products (SBQ) are Peugeot, Citroen, Volkswagen Group and Russian automobile producers. OEMK is the leading supplier of SBQ to KAMAZ. KAMAZ orders up to 80% of its long steel product requirements from OEMK.

Source : Strategic Research Institute

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voda 9 april 2018 20:17

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New freight train eases Chinese steel exports

A new international freight train service has opened in Tangshan (China). It links northern China’s port of Caofeidian and the Mongolian capital of Ulan Bator. The first train ran to Ulan Bator via the inland port of Erenhot, in northern China's Inner Mongolia Autonomous Region.

The train carries electrical appliances, furniture and raw materials. It will also ease China's ability to export steel products and construction materials to Mongolia and Europe.

Caofeidian is an economic development zone. The port will be built to access the China–Mongolia–Russia economic corridor. The Caofeidian Port Group and the government of Ulanqab City of Inner Mongolia have signed a strategic cooperation agreement.

Source : www.mcg.com.cn

voda 9 april 2018 20:20

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Actress Ms Reshma Rathore to fight for Bayyaram steel plant

Deccan Chronicle reported that South Indian actress Reshma Rathore, who recently announced her entry into politics, declared that she would fight for the establishment of a steel factory in Bayyaram. Ms Reshma said she would declare her political allegiance on April 14 and announced that she would contest from the Mahbubabad Parliament Constituency in the upcoming general elections. Ms Reshma was born in Yellandu of Kothagudem district to Haridas Rathore, an executive officer in Singareni, and Radha Bai, an advocate in the Hyderabad High Court. Like her mother, she too graduated in law.

Speaking to this newspaper, Ms Reshma said it was unfair on the part of the Central government to divert the steel factory that was to have been set up in Bayyaram of Mahbubabad district to Palvoncha. She said the Central government was not fulfilling the promises made in the Andhra Pradesh Reorganisation Act. She said that “To compensate for the loss in the Palvoncha Sponge Iron Project by dive-rting the Bayyaram Steel Project is an injustice to the people of Yellandu and Bayyaram. The Centre had planned to link the steel plant with iron ore mines in Bailadila in Chhattisgarh, to ensure that Bayyaram would have access to up to 170 million tonnes of raw material.”

Ms Rathore pointed out that the Steel Authority of India Limited had studied the feasibility of establishing an integrated steel plant and found that the venture would be profitable to the state as well as the Centre. She said that “All the required resources are available near Bayyaram. There is coal in Yellandu and Dolomite in Madaram. Bailadila is just 155 km away, which makes transport easier. Taking all these facts into consideration, SAIL must withdraw its proposal to establish the steel plant in Palvoncha.” She said that the plant would directly and indirectly provide employment to thousands of people, especially the youth. She added that she would continue to fight for the cause in the future.

Source : Deccan Chronicle

voda 9 april 2018 20:21

0

Schnitzer Reports Second Quarter 2018 Financial Results

Schnitzer Steel Industries, Inc reported results for its second quarter of fiscal 2018 ended February 28, 2018. The Company's reported and adjusted earnings per share from continuing operations were USD 1.42, which include discrete tax benefits of USD 0.52 per share associated with the recently enacted tax reform legislation and the release of valuation allowances on certain deferred tax assets. These results compare favorably to first quarter fiscal 2018 earnings per share from continuing operations of $0.64 and adjusted earnings per share of USD 0.63, and the prior year second quarter earnings per share from continuing operations of USD 0.40 and adjusted earnings per share of $0.37. For a reconciliation of the adjusted results to US GAAP, see the Non-GAAP Financial Measures provided after the financial statements in this document.

Auto and Metals Recycling's operating income of USD 45 million, or operating income per ferrous ton of USD 50, represented a significant increase compared to the prior year second quarter operating income of USD 25 million, or USD 34 per ferrous ton. AMR's improved operating performance year over year reflected the benefits of expanded metal spreads, operating leverage from 21% higher ferrous sales volumes, higher average ferrous net selling prices of 27%, and contributions from sustained productivity improvements. Second quarter results also included a favorable impact from average inventory accounting of USD 4 million, or USD 5 per ferrous ton, consistent with the prior year second quarter.

Cascade Steel and Scrap delivered second quarter operating income of USD 5 million representing a significant improvement compared to the prior year second quarter operating loss of USD 1 million. CSS' improved operating performance was driven primarily by higher finished steel sales volumes of 18% which benefited from lower levels of rebar steel imports, increased average selling prices of 20% which primarily reflected higher raw material costs, expanded metal spreads, higher export ferrous sales volumes, and additional productivity improvements from the integration of our steel manufacturing and Oregon metal recycling operations.

Mr Tamara Lundgren, President and Chief Executive Officer said that "In the second quarter of fiscal 2018, we delivered our strongest quarterly consolidated operating performance since fiscal 2011. In a market environment in which we saw strong demand and higher prices for recycled metals, AMR increased its ferrous sales volumes by over 20% compared to the prior year second quarter and achieved operating income per ferrous ton of $50, a level last reached during fiscal 2011 when both volumes and scrap prices were significantly higher than today. This performance demonstrates the operating leverage created in our platform by the success of our commercial initiatives to profitably grow volumes and our continued focus on increasing productivity. CSS also achieved significantly improved performance compared to the prior year second quarter, with operating margin expansion driven by higher volumes and prices and continuing productivity improvements. Reflecting our strong performance as well as the enactment of tax reform, during the second quarter we provided a special bonus to our employees."

Source : Strategic Research Institute

voda 9 april 2018 20:23

0

Trump Trade War - Japan steel output forecast does not reflect impact - METI

Reuters reported that Japan's industry ministry says its steel output forecast for the second quarter does not reflect any possible impact from new US import tariffs on steel as it is not clear how the move will affect global flows of the metal. The ministry said it expected Japan's crude steel output in April-June to rise 0.9 percent from a year earlier.

Yasuji Komiyama, director of the metal industries division of Japan's Ministry of Economy, Trade and Industry, told a news conference "We do not know how the new duties would impact global steel markets, as it is unclear how many products will be excluded.”

Source : Reuters

Vertraagd	29 mei 2024 09:02
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Volume gemiddeld	2.522.510
Volume gisteren	1.614.856

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