Eurobench.com

voda 20 april 2018 16:08

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ILVA Race - EC will ensure that Sidex Galati will remain open - Mr Bogdan Chiritoiu

Bursa reported that if ArcelorMittal decides to sell Sidex Galati, the European Commission will ensure that the new buyer will not close the plant and that the production will continue. Competition Council president Bogdan Chiritoiu said “It is a case handled by the European Commission as it affects many Member States. Mittal wants to buy a big mix in Italy, and the European Commission says Mittal would become too big in Europe, and then Mittal offers to give up more active in European countries, including the Sidex combination from us. The decision is not yet taken, but it does not take long.”

According to him, before deciding to authorize the transaction, the European Commission will consult with all competition authorities in the countries concerned. The Competition Council will submit its opinion to the Commission next week at the meeting of the Brussels Advisory Committee.

He said "No matter what decision the Commission will take, whether or not it accepts Mittal's commitments or whether it accepts Mittal's commitments, the Commission will insist that Sidex continues to work well. The Commission's analysis is to avoid distorting competition in the European Union through this transaction So if they say that Mittal is too big and has to sell an asset, they (European Commission officials - no) will ensure that the asset is sold to an operator who has the capacity. Here the interest of the European Commission is the same as that of Romania Both the EC and Romania want this combination to continue to function well.”

According to Chiri?oiu, the Romanian side will be able to intervene, if it has arguments, on the new owner.

The ArcelorMittal steel group has offered to sell more European steelmakers, including the Gala?i plant, to obtain the necessary EU anti-trust approvals for the acquisition of Italian steel producer Ilva, Europe's largest steelmaker. The ArcelorMittal Piombino, the only galvanizing line in Italy, ArcelorMittal Galati, Romania, ArcelorMittal Skopje, Macedonia, ArcelorMittal Ostrava, Czech Republic, ArcelorMittal Dudelange, Luxembourg, and the galvanization lines number 4, 5 from Flemalle; pickling, cold rolling lines and coated metal packaging in Tilleur, all from the Liege plant in Belgium.

Source : Bursa

voda 20 april 2018 16:09

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Tatmetal Celik chooses Danieli for its new cold mill plant

Featuring Danieli 6-high technology, the new 5-stand tandem will process 1.2 Mtpy of cold rolled strip eaturing 6-high technology, the new 5-stand cold mill for Tatmetal Celik San. ve Tic. A.?. in Turkey, will roll strip ranging from 0.2 to 3.0 mm thickness and up to 1,550 mm strip width. The 22,000 kN separating force, together with the installed modern technologies which are standard for Danieli mills, such as roll bending and shifting, ultra-low hysteresis HAGC, lubrication and strip drying systems, and new rolling models, will allow the production of high-strength quality grades with superior strip flatness.

The new tandem mill be installed in Eregly, linked to an existing continuous pickling line.

Danieli will be responsible to integrate the mill to the pickling line.

All the electrical equipment and control systems providing an integrated and optimized system configuration will be supplied by Danieli Automation.

Plant start-up is foreseen for Q4 2019.

This is the second tandem mill order for Danieli from Turkey in the last 18 months, with total 14 cold mills and processing lines supplied by Danieli in the last three years in the same market.

Source : Strategic Research Institute

voda 20 april 2018 16:10

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ILVA Race -Czech government concerned about future of Ostrava steelmaker

Radio Czech reported that the biggest Czech steelmaker and its home city of Ostrava are concerned they could be hit by a major ownership upheaval in the European steelmaking sector. And the Czech government is keeping close tabs on talks surrounding the fate of ArcelorMittal Ostrava.

General manager of ArcelorMittal Ostrava, Ashok Patil, met with Czech minister for industry and trade, Tomas Huner, and gave what assurances he could about the situation. He told ?We assured the minister that even in the case of a divestment scenario, Ostrava steelworks would continue to operate in full. There is no threat of a reduction of capacity and related jobs. We agreed with the minister that we will be in close touch and work on the subsequent steps as we work more on that decision. Of course, subsequent steps would be supervised and be under the guidance of the European Commission, but we will be in close touch with the minister to discuss the steps and have a constant dialogue.?

Mr. Patil later elaborated that one of Brussel’s targets should be to see a thriving Ostrava steelworks in whoever’s hands it might end up. He told ?When the Commission is reviewing the process of the remedy, they want to see more competition on the European market which covers the investments and the divestments. The units in the divestment need to be able to run fully and stand alone in the European market and compete.?

The Ostrava steelworks and its subsidiaries employ around 7,250, paying above average wages, in a city and region still suffering from a higher than average jobless rate. And the fate of other key local employers, such as coking coal producer OKD, are also closely tied to the steel plant.

Source : Radio Czech

voda 20 april 2018 16:11

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Primetals Technologies and ITR sign cooperation agreement on predictive maintenance solutions

Primetals Technologies and Industrial Technology Research (ITR), headquartered in Bethlehem, Pennsylvania, USA have signed an exclusive cooperation agreement covering the application of predictive maintenance solutions in steel related industries worldwide. Both companies have been working together successfully in the field of condition monitoring for more than 10 years and jointly serve currently more than 50 customers. In combination with the previously separate customer bases covering several hundred mills worldwide, the cooperation will represent a major player and the go-to supplier for all maintenance related services.

“With the technology, know-how and capabilities of ITR, especially in the area of prediction, we will be able to even better serve our customers through leading condition monitoring and predictive maintenance solutions”, stated Karl Purkarthofer, Senior Vice President and Global Head of Metallurgical Services. “This partnership also demonstrates our position as a technological front runner in the area of digitalization and Industry 4.0 for the metals industry.”

Most asset failure modes are predictable, provided the right data at the right time is collected and analyzed. Moreover, unplanned failures can be avoided if the necessary information is effectively communicated, so maintenance and reliability professionals can take timely action. By taking condition based action on minor issues - instead of reactive or just time-based actions -, organizations ensure small problems never evolve into big problems and can make the best use of their limited resources. In addition to immediate benefits, aggregated data is further analyzed to identify macro trends and help maintenance and reliability groups to continually improve purchasing as well as operational and maintenance practices over time.

In the mid-1970’s, ITR was one of the original founders of today’s worldwide vibration monitoring and analysis industry. ITR started as a research and development initiative in one of the world’s largest steel producers and quickly became a leading provider of these technologies and services. Today, 75% of ITR’s customer base is in steel related industries, including flat and long rolling, iron and steel making as well as casting, in more than 20 countries on 5 continents. ITR’s predictive maintenance offerings include all major predictive maintenance technologies, such as infrared thermography, airborne ultrasound, and fluids analysis.

Source : Strategic Research Institute

voda 20 april 2018 16:12

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Australian steel companies partner with SEA 5000 bidder

Defence connect reported that BlueScope and Liberty OneSteel will supply more than 48,000 tonnes of Australian steel for Australia's nine future frigate vessels if BAE Systems secures the AUD 35 billion project. Under the partnerships, BlueScope will potentially provide plate steel which will be manufactured at its facility in Port Kembla, NSW while Liberty OneSteel will provide structural steel sections for the future frigates from its Whyalla facility, as well as products for 4,000 tonnes of structural steel for shipbuilding infrastructure, including cradles and other fixtures.

Liberty OneSteel will also have the opportunity to provide value added processing, fabrication and welding in the Whyalla supply chain prior to delivery.

BAE Systems is offering its Global Combat Ship-Australia (GCS-A) for the SEA 5000 project, a variant of the Type 26 Anti Submarine Warship that is currently being manufactured in the UK for the Royal Navy, while Fincantieri has offered the FREMM-Frigate and Navantia has offered the F-5000.

BAE Systems Australia chief executive, Gabby Costigan, said the decision to work with the steel companies is part of its commitment to utilise Australian companies where possible for the project.

Mr Costigan said that "For SEA 5000 we are committed to building the future frigates in Australia using Australian suppliers at every opportunity. This includes maximising the use of Australian steel on the program. We are proud to support the Australian steel industry throughout our business and will grow that support if we are successful on SEA 5000."

Liberty OneSteel executive chairman, Mr Sanjeev Gupta, said the company, which just a year ago was named Arrium and facing a potential shutdown, was "honoured to be involved with such an exciting project" should BAE Systems be awarded the contract. Mr Gupta said that "It’s vital for the future of our industry that government projects adopt an Australian-made focus, so we commend BAE Systems for prioritising local products and services and trust this focus will assist in its bid.”

Mr Gupta said. That "SEA 5000 provides an opportunity to build on the decades-long industrial and shipbuilding partnership between Australia and the UK – one founded on trust and capability. From our perspective it will be a positive for our Whyalla operations, as it would represent another order on the books and assist in our strategy to increase utilisation of the plant."

BlueScope’s general manager of sales, marketing and innovation, Bernie Landy said: “BlueScope applauds BAE Systems in its commitment to maximise the use of Australian steel should it be selected by the Australian federal government to build the future frigates.

Mr Landy said. That “This is not only a significant opportunity for BlueScope but for the broader Australian manufacturing industry. We are thrilled about the prospect of a large scale local shipbuilding industry in Australia and are fully committed to assisting in its development.”

BlueScope, together with Bisalloy Steel, is also working with Rheinmetall to deliver armoured steel for processing and supply to local and export military vehicle programs, including LAND 400 Phase 2 and recently signed new contracts with Naval Group Australia to produce up to 250 tonnes of specialised steel for the Navy’s 12 next generation submarines.

The steel produced will be tested to determine whether it meets the specification for the pressure hull of the future submarines, an essential safety requirement.

A decision of the SEA 5000 project is expected as early as the end of May. The winner of the project will design, build and sustain nine vessels that will replace the Anzac Class frigates.

Source : Defence connect

voda 20 april 2018 16:16

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thyssenkrupp Materials Services is now omnifit

thyssenkrupp Materials Services is making rapid advances with its digital transformation: The thyssenkrupp Group’s materials experts are digitizing their entire range and consolidating it in the world’s biggest virtual warehouse. With more than 3.5 million square meters of storage space at 271 operating sites around the world, Materials Services is now closer than ever to its customers and offers round-the-clock access to more than 150,000 products and services through its new omnichannel structure, enabled by a powerful, self-developed AI (Artificial Intelligence) solution.

Mr Hans-Josef Hoss from the Board of thyssenkrupp Materials Services said that “Due to our holistic approach in the digital transformation of our business model, we have consistently and comprehensively created the important prerequisites over the last few years to enable the launch of innovative solutions. By digitally connecting our global inventories of roughly 150,000 products we can offer our customers the widest possible selection of our various materials and services and optimum availability 24/7.. From plastics, steel products and nonferrous metals to diverse materials and supply chain management services – nowadays customers of thyssenkrupp Materials Services want customized access to the entire range. Hans-Josef Hoss: “In surveys and personal discussions we listened closely to what our customers want, and for more and more of them the ability to order our products and services however and above all whenever they need them is of key importance. Our omnichannel solution guarantees direct access to us and our products – anytime and anywhere.”

Providing all required channels is key to the success of an omnichannel approach. At thyssenkrupp Materials Services customers can place orders via individual customer portals, EDI interfaces, online shops and in the future also via external platforms. Mr Axel Berger, Head of Digital Transformation at thyssenkrupp Materials Services said that “We digitize all our items and offer information in real time. Whether it’s just-in-time or just-in-sequence, customers will be able to order in line with their needs using the channel that’s most convenient to them. The focus is 100% on our customers and their requirements. That’s the basis for increasingly smart interaction in the future.”

Positive experience with first customers has already been gathered during a practical trial. A new B2B portal as part of the omnichannel approach is already in use. It will go live in summer 2018. Mr Berger said that “After the official launch we will of course continue to make further optimizations and integrate customer feedback. Work on our highly complex omnichannel structure is an ongoing process as the digital transformation of thyssenkrupp Materials Services also is, who despite this also stresses the central role of personal contacts: “Alongside the new digital channels, the human factor – personal customer support by our experienced sales staff – will always be a key success factor for our business.”

By starting to connect all its machinery last year with toii, thyssenkrupp Materials Services reached a key milestone in its digital transformation along the entire value chain. Mr Hoss said that “To profit sustainably from the advantages of digitalization, it’s important to take a holistic approach. In addition to new, smart solutions in procurement – such as our new cloud-based purchasing platform and sales, which are now served via our omnichannel strategy and the virtual warehouse, the intelligent digitalization of operating processes is also of key importance. Our IoT (Internet of Things) platform toii is an in-house development that allows machines of different types and ages to communicate with each other on a worldwide basis. In combination with our omnichannel approach this is leading to significantly faster and simpler coordination and planning processes. This is an effect which is substantially enhancing the efficiency of all players in the supply chain and a goal we will continue to work on in the future with the aid of new digital technologies.”

Source : Strategic Research Institute

voda 20 april 2018 16:19

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Steel Dynamics announces Q1 results

Steel Dynamics Inc announced result for first quarter 2018 financial results. The company reported first quarter 2018 net sales of USD 2.6 billion and net income of USD 228 million, or USD 0.96 per diluted share. Comparatively, prior year first quarter net income was USD 201 million, or USD 0.82 per diluted share, with net sales of USD 2.4 billion. Sequential fourth quarter 2017 net income was USD 305 million, or USD 1.28 per diluted share, which included debt refinancing charges of USD 0.02 per diluted share and a one-time tax benefit of USD 0.76 per diluted share, associated with the revaluation of deferred tax assets and liabilities in connection with the US Federal Tax Cuts and Jobs Act of 2017. Excluding these items, the company's adjusted fourth quarter 2017 net income was USD 128 million, or USD 0.54 per diluted share.

Mr Mark D. Millett, President and Chief Executive Officer said that "The team delivered a tremendous first quarter performance. Our first quarter 2018 income from operations increased 65 percent sequentially to USD 323 million, with adjusted EBITDA of USD 400 million. During the first quarter, we saw improved demand and product pricing across the entire steel platform. The increase in earnings was principally driven by our flat roll operations, as improved demand and pricing, supported meaningful volume and margin expansion. Domestic steel consumption remained strong from the automotive and construction sectors, while energy and general industrial demand continued to grow.”

Mr Millett continued that "Operating income from our metals recycling platform increased 24 percent sequentially in the first quarter 2018, as domestic steel mill utilization improved, strengthening ferrous scrap shipments and metal spread. Our fabrication platform also delivered a solid performance, as operating income decreased only slightly as a result of seasonally lower shipments. Our fabrication order backlog remains strong heading into the summer construction season, and our fabrication customer base continues to be optimistic concerning 2018 projects."

The company generated solid cash flow from operations of USD 178 million during the first quarter 2018. As evidence of the confidence in the company's sustainable long-term cash flow generation capability, the board of directors approved a 21 percent increase in the company's first quarter 2018 cash dividend, reflecting the strength of the company's capital structure and liquidity profile, and the continued optimism and confidence in its future prospects.

First quarter 2018 operating income for the company's steel operations increased 63 percent sequentially to $338 million, based on a seven percent increase in shipments and metal spread expansion, as average steel product pricing increased more than consumed raw material scrap costs. The first quarter 2018 average product selling price for the company's steel operations increased USD 61 to USD 822 per ton. The average ferrous scrap cost per ton melted increased USD 21 to USD 321 per ton.

First quarter 2018 operating income attributable to the company's flat roll steel operations increased over 70 percent sequentially, driven by metal spread expansion related to higher selling values and a five percent increase in shipments. Operating income from the company's long product steel operations increased over 25 percent, as a result of improved shipments and metal spread expansion, primarily from the company's Engineered Bar Products and Roanoke Bar divisions. The company's steel production utilization rate was 94 percent in the first quarter 2018, compared to the estimated domestic steel industry utilization rate of 76 percent.

First quarter 2018 operating income from the company's metals recycling operations increased to USD 28 million, compared to USD 22 million in the sequential fourth quarter, based on higher average selling values and a seven percent increase in recycled ferrous shipments, resulting from strong domestic steel mill demand.

The company's fabrication operations recorded first quarter 2018 operating income of USD 20 million, compared to sequential fourth quarter results of USD 22 million, as improved average selling values were more than offset by seasonally lower shipments.

Outlook

Mr Millett said that "We remain confident that current and anticipated macroeconomic and market conditions are in place to benefit domestic steel consumption in 2018. Domestic steel inventory levels remain reasonably balanced. World steel demand and pricing have improved. Based on strong domestic steel demand fundamentals and customer optimism, we believe price momentum and growth in steel consumption will continue during the year. We also believe recent U.S. Federal Administration steel trade actions will result in reduced imports during the year, and that tax reform will provide a stimulus for additional domestic fixed asset investment and growth. In combination with our expansion initiatives, we believe there are firm drivers for our growth in 2018. We continue to strengthen our financial position through strong cash flow generation and the execution of our long-term strategy. We are well-positioned for growth, and remain focused on delivering shareholder value through organic and strategic growth opportunities.”

Source : Strategic Research InstitutE

voda 20 april 2018 16:20

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Final hearing on transport of iron ore in Goa on April 24

Navhind Times reported that the High Court of Bombay at Goa has directed the state government and other respondents and also petitioner to submit rejoinders and arguments by April 20 in a matter related to transportation of iron ore post March 15. The directions came on a petition filed by an NGO which states that iron ore was being transported despite the Supreme Court directing that all activities connected to mining carried out by the 88 mining leaseholders must stop from March 15.

The High Court has scheduled the final hearing in the matter in the next week. Some more ore traders had approached the High Court pleading to implead them as parties to the NGO’s plea and the High Court has allowed their plea.

The state government filed an affidavit before the High Court through which it has sought consent to allow transportation of royalty-paid ore lying outside mining lease areas. The state government has through the affidavit sought to draw attention of the High Court to the latest Supreme Court order.

The affidavit states that that the royalty-paid ore at the other storage points outside lease area and the ore transported at the jetties after March 15, 2018 till March 28, 2018, in government’s assessment enjoys the protective equity of the apex court clarification of April 4, 2018 and this should also be permitted to be treated at par with the ore.

The Supreme Court in its latest order has allowed Vedanta Ltd and some other firms to transport royalty-paid iron ore, which was extracted and lying at jetties on or before March 15. The apex court’s ruling came in response to a special leave petition filed by the mining companies. The companies had challenged the March 28 verdict of the High Court, which had stopped all transportation of iron ore.

The NGO through its petition in the High Court has alleged that the department of mines and geology and erstwhile leaseholders colluded to extract vast quantities of ore illegally between February 7 and March 15 and also allowed them to dump this material outside the lease areas, despite Supreme Court directives prohibiting such an action.

Source : Navhind Times

Bijlage:

voda 20 april 2018 16:22

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Indian iron ore stocks climb on falling exports and fragile demand

Business Standard reported that inventory of iron ore is going up at mine heads with the lack of enough demand to absorb lower grade fines and downtrend seen in exports. At the end of 2016-17, 148.66 million tonnes of iron ore had accumulated at the mine pit heads and the figure is estimated to breach 150 million tonnes by 2017-18 end. The stock is made up mostly by low-grade fines for which there is no demand in the domestic market.

An industry source said that "Iron ore fines are mostly getting piled up in Odisha and Jharkhand as lower grade fines (iron content between 58 and 62 %) could not be exported due to prevailing export duty. Also, China's steelmakers have shown the propensity for buying higher grade iron ore on pollution concerns.”

Data compiled by mining lobby body Federation of Indian Mineral Industries Ltd shows exports of iron ore have slid from 30.48 million tonnes in 2016-17 to 18.47 million tonnes (mt) in FY18 (January-end). On the contrary, imports of iron ore in the comparable period have shot up from 4.6 mt to 5.95 mt.

Of the total stock of 148.66 million tonnes, Odisha's mine heads have accumulated 86.49 million tonnes. Jharkhand comes next with stock of 40.85 million tonnes whilst another iron ore producer Karnataka has 10.44 mt. Together Odisha and Jharkhand are contributing 85 % to the stockpile at mine heads. Both the states produce iron ore of higher grade than Goa (more than 58 %) whose exports are taxed at 30 %. Fimi has been repeatedly appealing to the Centre to abolishing export duty for iron ore up to 62 %.

The Odisha government, too, had alerted the Union mines ministry on rising stocks of iron ore and the need to reduce export duty to nil. Though the state recorded iron ore production in upwards of 100 mt, lack of domestic market to absorb this ore was a limiting factor. In the context of plummeting international prices, exports from Odisha were not competitive with the prevailing 30 % duty.

The other worrying factor is skewed demand-supply scenario for domestic iron ore. India's iron ore output in FY17 was 191 mt but compared to this, domestic demand was only 107.91 mt, growing barely 10 per cent over the year-go fiscal- in the same period, production moved up 23 per cent. Though exports saw a substantial increase to 28 mt in FY17 (from 4.5 mt in 2015-16), they were mainly done by National Mineral Development Corporation. The public sector miner's exports are canalised through MMTC and enjoy concessional export duty of 10 %.

Source : Business Standard

voda 20 april 2018 16:25

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BHPB Q1 iron ore production update

Rio Tinto announced that its total iron ore production for the nine months ended March 2018 increased by two % to a record 175 million tonne, or 203 million tonne on a 100 % basis. Guidance for the 2018 financial year has been reduced to between 236 and 238 million tonne, or between 272 and 274 million tonne on a 100 % basis reflecting car dumper reliability issues as we push to record levels of production.

At WAIO, increased production was supported by record production at Jimblebar and Mining Area C, and improved rail reliability. This was partially offset by the impact of lower opening stockpile levels following the Mt Whaleback fire in June 2017, planned maintenance and port debottlenecking activities in the first half of the financial year. Volumes decreased by six % from the December 2017 quarter reflecting impacts from Cyclone Joyce and unplanned car dumper maintenance, despite improved rail reliability and an increase in peak performance in the number of rakes per day. With the system constraint now at the port, a program of work is underway to improve car dumper availability and performance. On 16 February 2018, BHP received regulatory approval to increase capacity at its Port Hedland operations to 290 million tonne per annum (100 % basis) and expects to reach this run rate by the end of the 2019 financial year.

Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

Source : Strategic Research Institute

voda 20 april 2018 16:27

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BHP operational review for 9 months

Mr Andrew Mackenzie Chief Executive Officer, said that “BHP remains on track to achieve six per cent volume growth for the 2018 financial year. Strong performance in copper was underpinned by the Los Colorados Extension project at Escondida and higher utilisation rates at Pampa Norte. This more than offset the slower than expected ramp-up of Olympic Dam during the quarter following planned smelter maintenance. Incremental improvements across our operations from debottlenecking and increased throughput delivered record production in iron ore. Our exit from Onshore US is progressing to plan with bids expected by June 2018.”

1. Full year production guidance remains unchanged for Petroleum, Metallurgical Coal and Energy Coal.

2. Total Copper production guidance narrowed to between 1,700 and 1,785 kt, however guidance for Olympic Dam reduced to approximately 135 kt following a slower than planned ramp-up after the major smelter maintenance campaign.

3. Iron Ore production guidance reduced to between 272 and 274 Mt (100% basis) reflecting car dumper reliability issues.

4. Group copper equivalent production is expected to increase by 6% in the 2018 financial year.

5. The exit process for Onshore US is progressing to plan, with bids expected by June 2018 and transactions potentially being announced in the first half of the 2019 financial year.

6. In Petroleum, we have increased our footprint in the northern extension of the Wildling prospect in the US Gulf of Mexico through the acquisition of 33.33% interest in the Samurai prospect. We have also secured an option to purchase an additional 10% interest in the Scarborough development.

7. All major projects under development are tracking to plan.

Source : Strategic Research Institute

voda 20 april 2018 16:28

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BHPB metallurgical coal production update for 9 months

Metallurgical coal production for the nine months ended March 2018 decreased by two per cent to 31 million tonne. Guidance for the 2018 financial year remains unchanged at between 41 and 43 million tonne.

At Queensland Coal, production was lower due to challenging roof conditions at Broadmeadow and geotechnical issues triggered by wet weather at Blackwater. This was partially offset by record production at four mines, underpinned by improved stripping and truck performance, higher wash-plant throughput from debottlenecking activities and utilisation of latent dragline capacity at Caval Ridge. Mining operations at Blackwater stabilised in the current quarter and are expected to return to full capacity during the June 2018 quarter as inventory levels are rebuilt. At Broadmeadow, progression through the fault zone is expected to be completed during the June 2018 quarter. In March 2018, we successfully reached agreement with employees on the BMA Enterprise Agreement 2018(2) and it is currently with the Fair Work Commission for approval. The Caval Ridge Southern Circuit project is progressing according to plan, with production expected to ramp-up early in the 2019 financial year.

Energy coal
Energy coal production for the nine months ended March 2018 decreased by four per cent to 20 million tonne. Guidance for the 2018 financial year remains unchanged at 29 to 30 million tonne.

New South Wales Energy Coal production was down one % as higher truck utilisation and additional bypass coal were offset by higher average strip ratios compared to the corresponding period. Volumes decreased by 16 % from the December 2017 quarter following unfavourable weather impacts and then a significant build in raw coal inventory late in the quarter. This inventory is expected to support an uplift in volumes in the June 2018 quarter.

Cerrejón production declined seven per cent, due to unfavourable weather impacts on mine sequencing, equipment availability and higher strip ratio areas being mined.

Source : Strategic Research Institute

voda 20 april 2018 16:39

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Demolition market under pressure - Clarkson Platou

Ship owners are finding it harder to secure attractive offers from recyclers of older vessels over the course of the past week, shipbrokers reported. According to the latest weekly report from Clarkson Platou Hellas, the renegotiation games have began on the Bangladesh coast. The shipbroker said that “we do not wish to create any dramas but there are certainly some issues at the waterfront in Chittagong. It has been some time since we had to report attempted renegotiations by the ship recyclers but unfortunately it appears these issues have resurfaced this week once again. Cash buyers appear to have relented to financial pressures and have commence reselling some of their larger tanker units preciously acquired which has seen a large quantity of units arrive to the Chittagong anchorage. Subsequently, timing of these arrivals is not perfect as sentiment has been hit locally with continuing financial difficulties in Bangladesh, lack of U.S. Dollar currency and Letter of Credit problems”.

According to the shipbroker “a ship recycler will sadly use any opportunity/excuse they can to secure a lower price from previously agreed transactions and this is what cash buyers are currently facing once their vessel arrives to the anchorage. In some cases, if no Letter of Credit has been opened before the vessel arrives, then the vessel will not receive clearance to enter the anchorage to complete the usual custom formalities which creates further tension for the cash buyer (and sometimes Ship Owner). These are certainly trying times at the moment as many previously concluded tonnage purchased ‘asis’ basis remain unsold and leaves a cash buyer in the disjointed position of not knowing what to do next. One positive aspect is perhaps the lack of new units currently being made available may aide a recovery in sentiment and subsequent inquiries. Recently, any new vessel has attracted very little buying interest and so the quiet period that has descended on to the market may help cash buyers concentrate on handling their tonnage currently on their books”, Clarkson Platou Hellas concluded.

Meanwhile, in a separate note, Allied Shipbroking said that “a market still moving sideways and with mixed messages being thrown into the mix by the political aspects with regards to ship recycling safety in the Indian Sub Continent. In part this could explain the limited volume being noted this week from the four main shipping sectors, namely dry bulkers, tankers, containership and gas carriers. Nevertheless things continued to be fairly busy, with a number of units having been committed. To this end it seems as though we have a mixed balance being noted in terms of pricing, with some softening having been noted over the past couple of weeks, but with further price withdrawals having been held back by the limited interest from buyers. At the same time, it looks as though a fairly complicated affair is being seen on the fundamentals which drive this market, with steel plate prices having helped keep things relatively buoyant for the time being, but with troubling signs being noted in the horizon as part of the trade frictions being seen between some of the biggest economies”.

The world’s leading cash buyer, GMS added in its weekly note that “battered Bangladeshi sentiments displayed virtually no signs of improving this week as recycling markets and Cash Buyers bottom lines continue to bleed, all thanks to the purchasing exuberance displayed over the previous months, with deliveries now suffering, LCs not opening and renegotiations reportedly commonplace for the most frivolous of reasons. It will certainly take several more weeks (at the very least) for prices to find a level ground until some kind of bottom is reached, as each day brings with it, fresh drama and further declines. To this end, each new vessel introduced into the market is being greeted with increasingly lower prices as most Sellers and Cash Buyers with inventory in hand, continue to chase down the market.

With Pakistan yet to reopen its beaches for tankers, the ongoing delays are further ramping up anticipation and pressure as each new delegation and meeting between the PSBA and government officials yields no results, despite the fact that only one final signature is remaining / required to reopen Gadani’s shores for tankers and finally put an end to this saga. For now, India remains perhaps the most stable of the sub-continent markets and as a result, has managed to secure two interesting units for the week – a large LPG and another reefer from the Baltic fleet, as sales from this particular sector continue at pace. As such, it remained another shaky week in the Indian subcontinent as large amounts of wet tonnage continues to arrive the Bangladeshi waterfront, where it is expected to take some time before the ongoing deliveries are absorbed / consumed and demand returns to acceptable levels”, GMS concluded.

Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide

voda 23 april 2018 16:47

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Call for fresh bids for Essar Steel - Mr Sheshagiri Rao of JSW

DNA reported that Ahmedabad bench of National Company Law Tribunal (NCLT) in its order on Numetal India and ArcelorMittal India case, in its observation, batted for initiation of fresh bids for Numetal, this would involve starting from the scratch by inviting expression of interest (EoI). It said “In our humble view such option seems to be more sound, reasonable and legally transparent keeping in view of the statutory change/amendment took place in Section 29 of the Code by inserting a new clause.”

Mr Sheshagiri Rao, joint managing director JSW Steel and JSW Gorup CFO, whose company is keen to join the fray as an individual bidder, also believes inviting fresh bids would get more value to the lenders. He said “In the light of the judgement, we still feel that in the interest of all the stakeholders and if they (CoC) want to maximum value they have to call for fresh bids instead of struggling with these two parties (Numetal and ArcelorMittal). Giving them time to rectify defects in bids could delay the whole process. It could also be more litigious. So, go for fresh bid as now time has been given by the court up to May 31. JSW Steel can also come in directly.”

In its conclusion, the Ahmedabad bench upheld the primacy and autonomy of the CoC, said legal experts.

Source : DNA

voda 23 april 2018 16:48

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ArcelorMittal must clear entire debt of UGSL and KSS to qualify for bidding - NCLT

Times of India reported that ArcelorMittal will have to ensure that the outstanding debt of Uttam Galva and KSS Petron are repaid to be in the race for Essar Steel. A detailed reading of the 89-page order by the National Company Law Tribunal (NCLT) reveals that the ArcelorMittal Group was in control of both Uttam Galva and KSS Petron, which were non-performing assets (NPAs), when the resolution process began. Uttam Galva has outstanding loans of INR 5,654 crore, while KSS Petron has INR 1,340 crore. (ie total of INR 6994 crores)

The tribunal observed that ArcelorMittal has been a promoter of Uttam Galva since 2009 and the company was an NPA in the books of Canara Bank and PNB as of March 2016. Also, on the date of commencement of corporate insolvency resolution process, August 2, 2017, ArcelorMittal was connected to both the defaulting companies. The order said “In order to become eligible, overdue amounts to lenders, in both the cases of KSS Petron and Uttam Galva Steels, should be paid by ArcelorMittal before being eligible to bid as provided in Section 29A itself.”

From the order, it can be discerned that the NCLT is of the opinion that even when bids are put in by promoters who are in default, they should have an opportunity to participate provided they pay back the entire outstanding debt.

Source : Times of India

voda 23 april 2018 16:49

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India will roll out a red carpet to foreign steel firms - Steel Secretary

PTI reported that Indian government will roll out a red carpet to big foreign players who want to set up greenfield steel projects and the country’s steel manufacturing capacity is expected to rise to 150 million tonnes by 2020. Steel Secretary Dr Aruna Sharma said the sector provides huge growth potential against the backdrop of the country becoming the world’s second largest alloy producer with increasing consumption. Stating that earlier there had been some issues with greenfield projects, Sharma said that now there is good scope for setting up such projects. She told PTI “Learning from the past, the land bank issues have also been taken care of now. If anybody wants to set up large units, we will roll out a red carpet for them.”

Speaking on the sidelines of an event, Dr Sharma said: “We are sure that our steel manufacturing capacity will increase from the present 134 million tonnes to 150 million tonnes by 2020.’’

No foreign player has yet applied for any greenfield project but such players are watching the market.

She also urged the industry to adopt new technology to reduce the use of coking coal in the production of steel. She said “We have to adopt a new technology to reduce the use of coking coal in steel-making as India and most of Asian countries minus China do not have much coking coal reserves.”

Source : PTI

voda 23 april 2018 16:50

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Uttam Galva Steels asks lenders for counter offer to settle dues - Report

Business Standard reported that Uttam Galva Steels has asked for a counter offer from its lenders at a joint lenders' meeting. The BS report quoted sources as saying that “It was indicated at the meeting, held on Saturday, that if the lenders confirmed to the terms then an investor who had agreed to pay Uttam Galva’s dues would deposit the same. Once the lenders accepted the terms, Uttam Galva would submit a scheme that would detail the payment schedule.”

The report added that “The lenders, however, said on Sunday they would think about the offer and get back.”

Uttam Galva had offered to pay INR 52 billion and settle its dues with all its lenders. However, the lenders had indicated the dues to be between INR 56 billion and INR 59 billion.

Uttam Galva had earlier made a one-time settlement offer of INR 28.85 billion. Following this, the lenders sent a loan recall notice. On April 10, State Bank of India told the NCLT Bench that the offer was rejected and that it would agree to an out-of-court settlement only if 100 per cent of the defaulted amount was paid.

Though Uttam Galva had been referred to the NCLT, it had not been admitted. Meanwhile, minority shareholders of Uttam Galva, representing 0.03 per cent shares, had moved the Securities Appellate Tribunal against declassification of ArcelorMittal as promoter from the stock exchanges. This case will be heard on Monday.

If Uttam Galva's dues are paid, it could smoothen ArcelorMittal's bid for Essar Steel. The NCLT Ahmedabad Bench had observed that mere sale of shares and declassification by ArcelorMittal will not make it eligible for Essar Steel.

Source : Business Standard

voda 23 april 2018 16:51

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Trump Trade War - US rejects India’s plea to join safeguard consultations at WTO

Mint reported that US has rejected a request from India to enter into what are called safeguard consultations at the World Trade Organization (WTO) on additional duties imposed by US President Donald Trump on steel and aluminium imports last month. The US has dismissed India’s request on the grounds that the additional duties are not based on rules set out in the WTO Safeguards Agreement. The US said that under Section 232 of its Trade Expansion Act, 1962, Trump has determined that tariffs are necessary to adjust imports of steel and aluminium articles that threaten to impair the national security of the US. Washington emphasized the US actions are not safeguard measures, and therefore, there is no basis to conduct consultations under the Agreement on Safeguards with respect to these measures. The US also rejected requests from China, the EU and Russia to enter into safeguard consultations.

On 8 March, the US enacted tariffs of 25% on steel and 10% on aluminium against all countries, invoking national security. Several countries— China, India, the European Union (EU), Russia and Thailand among others—called upon the US to enter into safeguard consultations. In its request on 17 April, India said it considers the US measure to be an emergency action/safeguard measure within the meaning of Article XIX of the General Agreement on Tariffs and Trade, 1994, (GATT 1994) and the Agreement on Safeguards. India said “As an affected member with significant export interest to the United States for the products at issue, it wants consultations with the United States pursuant to Article 12.3 and Article 8.1 of the Agreement on Safeguards and Article XIX:2 of the GATT 1994.”

New Delhi said it reserves the right to “consult on the specifics of the measures and its right to determine appropriate trade compensation with the United States.”

Source : Mint

voda 23 april 2018 16:52

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ArcelorMittal likely to gain EU approval for Ilva acquisition - Report

Reuters quoted two people familiar with the matter as saying that ArcelorMittal, the world’s largest steelmaker, is on track to win EU antitrust clearance to acquire Italian peer Ilva after agreeing to sell a number of significant assets across Europe. As per report ArcelorMittal has offered to sell its only galvanized steel plant in Italy, as well as units in Romania, Macedonia, the Czech Republic, Luxembourg and in Belgium.

Sources said that is a far bigger package of sales than originally planned as the company bowed to regulatory demands in its quest to buy Europe’s biggest capacity steel plant. The galvanized steel plant in Italy, Piombino mills, for example, makes 800,000 tonnes a year of the product.

The EU competition enforcer has been concerned that the deal may reduce competition in some flat carbon steel products and result in higher prices for customers in southern Europe.

The European Commission is scheduled to decide on the deal by May 23

Steel service center S.Polo Lamiere said it had provided industry feedback on ArcelorMittal’s concessions to the Commission. Mr Tomasso Sandrini CEO told Reuters that “The global feedback was that those remedies were considered sufficient by the different operators in the market, so the feedback the Commission received from stakeholders was positive.”

The size of the divestments has prompted worries in some countries where the businesses to be sold are located.

Source : Reuters

voda 23 april 2018 16:53

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Trump Trade War - Steel tariffs will kill more jobs than they save - Report

NYPOST reported that President Trump’s 25% tariff on some imported steel “is likely to cost more jobs than it saves,” according to the Federal Reserve Bank of New York. The tax, which Trump ordered last month, is likely to hit US workers whose companies buy steel even if they buy American, according to the branch of the central bank. The report, written by economists Mary Amiti, Sebastian Heise and Noah Kwicklis, argued that “A tariff increases the price of imported steel, and it enables domestic steel producers to also increase their price. In other words, US steel manufacturers will have more room to hike their prices because they’ll still be cheaper than the imports. That, in turn, could squeeze US companies that make motorcycles, auto parts makers and home appliances and force them to lay off employees to offset the costs.”

In 2002, President George W Bush hiked steel taxes by 30%, which contributed to 200,000 job losses, according to a 2003 study by the Consuming Industries Trade Action Coalition, a trade group.

Source : NYPOST

Vertraagd	15 mei 2024 15:19
Koers	24,050
Verschil	-0,070 (-0,29%)
Hoog	24,220
Laag	23,970
Volume	934.567
Volume gemiddeld	2.532.571
Volume gisteren	2.279.793

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