Eurobench.com

voda 20 juli 2018 16:46

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EU Safeguards - South Korean government meets steelmakers

Korea Joong-ang Daily reported that South Korean government met with representatives from the local steel industry on Thursday to discuss the impact that EU’s safeguard on 23 steel products would have on Korean steel exports, which are also facing pressure from US protectionist measures. Moon Seung-wook, head of the industry and enterprise innovation office at the Ministry of Trade, Industry and Energy, during the meeting with officials from 14 Korean steel companies held at the Korea Iron & Steel Association office in Seoul, said “The EU is the fourth-largest import market for Korean steel. The EU’s 25 percent tariffs could be an obstacle in further expanding our exports in the future.”

Moon said that this year is particularly difficult for the Korean steel industry, noting the recent agreement with the United States to limit Korean steel exports.

He said “It seems like a domino situation is happening, starting with the United States and now the EU. Although it may not be an immediate burden, we are concerned over the difficulties [the Korean steel industries face], as we now have to find new markets.”

According to the Korean government, last year Korea exported 3.3 million tons of steel worth $2.9 billion. Korea exported an average of 2.72 million tons of steel over the last three years. The types of steel exported to Europe are mostly high-value, including those used to build ships and automobiles, while most of the steel exported to the United States is in the form of pipes.

Source : Korea Joong-ang Daily

voda 20 juli 2018 16:47

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Turkish CEL-MER Celik Endustrisi seeks bankruptcy protection

Ahval News reported that a leading Turkish steel producer sought bankruptcy protection from the courts after it failed to repay its debts. The court in Gebze, an industrial zone near Istanbul, appointed two financial inspectors and a lawyer to the company, ÇEL-MER Çelik Endüstrisi, and will re-hear the case on September 17

ÇEL-MER was established in Istanbul in 1986 and was the first Turkish company to produce polished steel. It exports its products to neighbouring countries and to the European Union. The company also operates in the automovile sector, agriculture, white goods, machinery production and the defence industry.

Turkish companies are finding it increasingly expensive to repay loans after the lira slumped against the dollar and interest rates on lira debt surged. The currency has sunk more than 20 percent against the dollar this year.

Source : Ahval News

voda 20 juli 2018 16:47

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Liberty House to invest INR 300 crore to restart Adhunik Metaliks and Zion Steel

Business Line reported that Liberty House plans to invest INR 300 crore to restart and modernize Adhunik Metaliks and Zion Steel. Mr Sanjeev Gupta, Executive Chairman of GFG Alliance, which owns Liberty House, said the group will invest heavily to modernise and create a long-term future for Adhunik Metaliks and Zion Steel as the first step in a bid to build an integrated and sustainable business across India. He said “We are extremely pleased to finalise this very important acquisition for GFG Alliance and Liberty House. It not only gives us the first foothold in the Indian steel sector but also provides the foundation for a sustainable and integrated metals and industrial business in this fast-growing and exciting economy.”

The company on Wednesday received a formal NCLT order declaring it the highest bidder for Adhunik. NCLT Kolkata had approved Liberty House’s resolution plan for both the companies on July 17. The plan had received 99 per cent of votes from the committee of creditors.

Source : Business Line

voda 20 juli 2018 16:48

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MoU inked for setting up 41 steel industrial units in Mandi Gobindgarh

Times of India reported that Punjab’s Minister for industry Sunder Sham Arora on Thursday said the state government was going to implement the new industrial policy after getting the same approved from the cabinet in the July 25 meeting. The minister who was at Mandi Gobindgarh Fatehgarh in the Sahib district of Punjab to ink Molls worth INR 602 crore to establish 41 new steel industrial units in this industrial hub said the new policy aimed at giving a fillip to setting up of new industries and reviving the old ones by entailing exemption from GST, property tax, electricity duty and stamp duty.

The minister said the government would create an atmosphere congenial for the industrial development that would go a long way in fulfilling the promise of ‘Ghar Ghar Rozgar’ made by chief minister Captain Amarinder Singh.

Source : Times of India

voda 20 juli 2018 16:53

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Trump Trade War -Electrolux sees steel tariffs sucking profit

Business Live reported that home appliance maker Electrolux cut its full-year forecast for sales growth in North America, its biggest market, after higher US steel tariffs forced it to increase prices for its products. The Swedish company said that it expected demand in North America to grow by 0% to 2% in 2018, lagging its previous forecast of 2%-3% growth, while it also lowered its outlook for the smaller Latin American and Australian markets.

Mr Jonas Samuelson CEO said Electrolux had raised prices in North America by 2% after US tariffs inflated prices of locally sourced steel and that it would lift prices further to offset any additional inflation due to the trade conflict.

Mr Samuelson said that "Steel tariffs and fuel cost inflation are affecting the market as a whole and we are passing that through as an industry, and ourselves, as a price increase, and that has a negative effect on demand." Mr Samuelson added that "Everything is interrelated."

Electrolux, which competes with Whirlpool, LG Electronics and Haier Group, estimated that the negative effect from raw material price changes would be about 1.8-billion Swedish krona (USD 203m) in 2018, at the top end of its previous guidance.

Impact from steel tariffs
Samuelson told analysts the impact from steel tariffs was accounted for in the guidance and that Electrolux would also see an impact of USD 10m or more on its net cost efficiencies in 2018 from a second batch of tariffs imposed in July.

Since taking the top job two years ago, Samuelson has focused on raising profitability at Electrolux through greater efficiency and by cutting lower-margin products, but new US tariffs on steel and aluminium imports, as well as duties on plastics, in 2018 have challenged his plan by leading to unexpected costs.

The US is also considering tariffs on additional goods worth USD 200bn, whose potential impact on Electrolux is unknown.

Mr Samuelson said Electrolux would explore curbing discretionary spending in areas such as marketing to offset some cost inflation and was also rethinking its capital investment in North America. "We are committed to making sure that we have a competitive manufacturing footprint in North America and that is the core source of our products. But the scope and scale and form of our investments are affected by these tariffs."

Source : Business Live

voda 20 juli 2018 16:54

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South Korean steelmakers see no major impact from EU safeguard measures

Yonhap News reported that South Korean steelmakers expect European Union's provisional safeguard measures on imports of steel products to not have any major impact on their exports to Europe. POSCO said in a text message sent to Yonhap News Agency that "The EU tariffs will be slapped on steel imports which exceed the average level over the past three years. And we don't see any big difficulties in maintaining our 3-year average export level to Europe this year."

Hyundai Steel Co, the country's largest steelmaker after POSCO, also expected it will maintain its existing export volumes to Europe this year. But it expressed concerns about stricter measures by the U.S. and Europe on steel imports in a "possible trade war" among countries.

Source : Yonhap News

voda 20 juli 2018 16:54

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Next wave of big change in steel will be in the secondary sector - Mr Partha Sengupta

Business Line reported that Indian domestic steel industry is likely to witness ‘rationalisation and restructuring’ of capacities over the next three-five years, particularly in the fragmented secondary sector. Mr Partha Sengupta, President, Operations, JSW Steel said there is likely to be some integration in different parts of the value chain to make valuations attractive. He said that “The theme of restructuring in the secondary steel sector would be value-pooling and the process would be led by investors including PE funds or bankers, and promoters may play a minimal role.”

Mr Sengupta said that “This restructuring will be primarily necessitated by the fact that they might be unable to service debt because of outdated technology and arbitrage products. The rationalisation of capacity may be through joint ventures of different segments of the value chain.”

The creation of excess capacity without a ‘solid underlying model’ has been cited as one of the major reasons of stress in the sector. While integrated players account for 50 per cent of the country’s steel production, the remaining comes from the fragmented sector comprising sponge iron and rolling mills.

Source : Business Line

voda 20 juli 2018 16:55

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NCLT approves JSW Steel-AION resolution plan for Monnet Ispat

The Mumbai Bench of the National Company Law Tribunal (NCLT) on Thursday approved the resolution plan for debt-laden Monnet Ispat and Energy, submitted by the JSW Steel-AION Investments Pvt II Ltd consortium. Monet Ispat informed BSE “The resolution plan (as amended and supplemented) submitted by the consortium of JSW Steel Limited and AION Investments Private II Limited and approved by the committee of creditors of the Company with certain amendments in respect of the corporate insolvency resolution process of MIEL was approved with modifications at today's hearing by the Mumbai bench of the Hon'ble National Company Law Tribunal.”

It added “The details of the written order of the NCLT are awaited. The Company will provide the salient features of the Resolution Plan as approved by the NCLT once the written order of the NCLT is received by the Company.”

The consortium had offered INR 28.75 billion to acquire the company. Monnet Ispat and Energy has an outstanding debt of around INR 114 billion. It owes secured financial creditors around INR 40 billion, unsecured financial creditors INR 70 billion and operational creditors INR 4.4 billion The total bid value, according to the earlier plan, was around INR 37 billion.

The consortium held 75 per cent of the equity of which AION held 70 per cent and JSW 30 per cent.

Source : Strategic Research Institute

voda 20 juli 2018 16:56

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Prosecutors indict Kobe Steel for faking product quality data

Kobe Steel, Ltd. has been indicted today on charges by the Tokyo District Prosecutors Office for allegedly violating the Unfair Competition Prevention Act over the misconduct concerning our products. It said We once again deeply apologize for the considerable trouble we have caused to our customers, suppliers, shareholders and many others concerning the misconduct at Kobe Steel, Ltd. and its group companies.”

It added “At this time, the Kobe Steel Group is implementing the measures stated in the “Report on Misconduct in Kobe Steel Group” dated March 6, 2018 to prevent a recurrence. We are taking this matter brought against us very seriously. The entire Kobe Steel Group is working together sincerely and straightforwardly to carry out the preventive measures and is making every effort to restore trust.”

Source : Strategic Research Institute

voda 20 juli 2018 16:59

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TMK announced H1 Russian division result

2Q 2018 vs. 1Q 2018
1. Total pipe shipments increased 10% quarter-on-quarter, mainly driven by seasonal demand for industrial pipe and higher LDP shipments.
2. Shipments of seamless pipe increased 3% quarter-on-quarter, with stable demand for seamless OCTG from the oil and gas companies and higher shipments of industrial pipe due to the seasonal factor.
3. Shipments of welded pipe increased 29% quarter-on-quarter, due to higher shipments of welded industrial and line pipe, as well as large diameter pipe (+41% quarter-on-quarter).
4. Shipments of OCTG grew 2% as drilling activity in Russia continued to grow.

1H 2018 vs. 1H 2017
1. Total pipe shipments increased 9% year-on-year, reflecting growth in both seamless and welded pipe shipments.
2. Shipments of seamless pipe increased 4% year-on-year, supported by higher demand for seamless OCTG and line pipe.
3. Shipments of welded pipe increased 22% year-on-year, due to a stronger performance across all welded pipe segments.
4. OCTG shipments increased 6% year-on-year.

Voor cijfers, zie pdf.

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voda 20 juli 2018 16:59

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Trump Trade War - Shell Pipeline asks for exemption

Times Online reported that Shell Pipeline Co has petitioned the federal government for an exemption to President Donald Trump’s tariffs on imported steel. Spokeswoman Virginia Sanchez said that the company has asked to be exempted from the 25% tariff on imported steel that was implemented by Trump in June. Specifically, the company asked for an exemption on 11,200 tons of steel that will be used to construct the Falcon pipeline, which will feed up to 107,000 barrels of ethane per day to Shell’s $6 billion cracker plant in Potter Township.

The 97 mile pipeline will consist of two legs: one running from Ohio and West Virginia into western Beaver County, and another from Washington and Allegheny counties into southern Beaver County. Construction on the pipeline is tentatively slated to start next year, and it could be operational by 2020.

Ms Sanchez said that Shell applied for the exemption in May, and company officials expect a decision to be rendered by the US Department of Commerce by mid-August.

Source : The Phil Star

voda 20 juli 2018 17:01

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British Steel announced Q1 result

British Steel has reported a Q1 profit of GBP 21 million. In its second annual trading update, British Steel said its turnaround remains firmly on track and reported:

Highlights:
1. A significant long-term investment plan to support the business for years to come

2. GBP GBP 50 million will be invested upgrading the Scunthorpe Rod Mill

3. In addition, GBP 40 million has been committed to other capital expenditure in FY19 to maintain and improve the existing asset base (GBP 120 million in first three years of the business)

4. And a further GBP 500 million of projects are being pursued

5. Annual turnover was GBP 1.4 billion in FY18 versus GBP 1.2 billion in FY17

6. An EBITDA of GBP 68 million pro forma for FY18 (excludes the GBP 47m one-off cost of a blast furnace chill for which the company is pursuing an insurance claim)

7. Profits rose at FN Steel, the company’s first major acquisition in October 2017

8. 1,000 people have joined the business since its launch in June 2016. Employees are now receiving a staggered 4% pay rise and have been allocated a further one million company shares

British Steel Executive Chairman Roland Junck said that “Our transformation remains firmly on track and continues apace with unprecedented levels of investment going into the business. Without the unique blast furnace chill last summer the impact of which was widely reported by media we’d have exceeded our year 2 target which demonstrates the growing strength of our business.

“This strength is why a number of leading financial institutions continue to provide us with additional financing to support our investment and growth plans. This is not only enabling us to improve our plant, products and services – as demonstrated with our rod mill investment – it’s allowing us to expand our portfolio by making strategic acquisitions such as FNsteel.

Increased raw material costs and fluctuating steel prices continue to be a challenge. It’s important safeguarding action is taken to prevent the dumping of cheap steel into Europe following the imposition of steel tariffs by the US. However, we remain in positive talks with the Government, and our other stakeholders, and are confident about our future.

Our order book is strong and we’ve the capacity and capability to play a significant role in major infrastructure projects such as HS2 and the Heathrow expansion. We continue to invest in our people and products, remain focused on reducing the cost of liquid steel and are growing into new markets across the globe. With the support of our employees we’ve achieved a great deal in a short space of time and while a lot of hard work lies ahead, we’ve made significant progress towards building a sustainable future.”

Source : Strategic Research Institute

voda 20 juli 2018 17:01

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Sinosteel Equipment begins construction at Bolivia's Mutun steelworks

S&P reported that China's Sinosteel Equipment began construction of steelworks near Bolivia's Mutun iron ore mine on Wednesday, more than three months after government authorization, the Bolivian Chamber of Hydrocarbons and Energy said Thursday.

Sinosteel was given the green light on April 2 to develop the Mutun steelworks at the site in Puerto Suarez, when Bolivian President Evo Morales signed legislation approving its construction. The reason for the delay in construction was a lack of investments from the Bolivian government The Bolivian government was expected to invest $15 million-$20 million in the project, around 15% of the total amount for the steelworks, but the investment had not yet been released, the sources said.

The expectation is that the initial activities -- primarily cleaning the area for primary construction -- will take up to three months, then infrastructure works will begin.

Construction is expected to take about 30 months, with operations expected to begin no later than 2020. It was originally slated to start in April.

The first phase of the steelmaking project includes building an iron ore concentration plant with capacity of 650,000 mt/year, a pelletizing plant and a direct reduction plant with capacity of 250,000 mt/year and a steelworks with a continuous caster and a rolling mill that can produce 190,000 mt/year of long products.

A second phase aims to build a caster with capacity to produce 450,000 mt/year of flat products.

A third phase expects long steel capacity to reach 450,000 mt/year and flat steel capacity to reach 550,000 mt/year. No timetable was disclosed for phases two and three.

Source : S&P

voda 20 juli 2018 17:02

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Trump Trade War - Could hit markets & GDP growth – EU

Sputnik News reported that top EU officials and economists are warning of a slowdown in global trade and a possible further escalation in trade wars, which could both adversely affect global GDP expansion, as well as the performance of international financial markets. Kristian Rouz European Commissioner for Economic and Financial Affairs Pierre Moscovici says a further escalation in global trade tensions could deal a blow to stock and bond markets worldwide, particularly in the Eurozone and the US.

In a recent interview, Moscovici urged a gradual de-escalation in trade disputes, which could be achieved through talks. Such negotiations, however, should pursue a goal of maintaining the status-quo in international trading relations, the officials suggested, which is hardly in the interest of the current US administration. He stressed “An escalation – no matter from which side – would have serious consequences for the economy, including for the financial markets, which would hurt all sides.”

Moscovici’s comments come after EU officials warned of the possible negative effects of trade wars on economic growth in the advanced nations. At this point, trade war are understood as a realignment in global supply chains, as US President Donald Trump’s actions are aimed at fixing the imbalances in his country’s foreign trade.

Source : Sputnik News

voda 20 juli 2018 17:03

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Steel rebar price climbs to PKR 107,000 in Pakistan

The Dawn reported that the price of steel bars in Pakistan has hit a new peak further pushing up cost of construction. A steel dealer said the price of high quality rebar now hovers between PKR 107,000-110,000 per tonne against PKR 97,000 per tonne in April. Faizul Sultan at BMA Capital said Amreli Steel on Tuesday raised prices of rebar by PKR 4,000 to PKR 107,000 per tonne. This is the fourth straight increase since February, taking cumulative price increase to 20 per cent. He attributed price rise to latest rupee devaluation. The local currency lost its value by 21pc from December 2017 till to date against the dollar.

Following the price increase, the discount of imported versus locally produced rebar has narrowed to 20pc, which is in line with the trend seen in recent months. The movement in international scrap price has been nominal since the last price increase in June, he added.

Senior Vice-Chairman Association of Builders and Developers of Pakistan (ABAD) Fayaz Ilyas told Dawn that the cost of construction has risen by 10-12pc in the last six months due to price rise in steel bars alone which was INR80,000-84,000 per tonne.

Source : Dawn

voda 20 juli 2018 17:03

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Angang Steel units forge new union

Caixin Global reported that shares of major steel producer Angang Steel Co. Ltd. rallied on Thursday after the company said it would pay CNY 5.9 billion to buy sister company Angang Chaoyang from their parent, bolstering its position in China’s consolidating steel sector. The move marks the latest step in Beijing’s broader efforts to consolidate the nation’s vast network of mostly state-owned steel-makers, an effort that has begun to bear fruit as many companies start to show improving financial performance with stabilizing prices.

Based in Northeast China’s Liaoning province, Angang Steel said Angang Chaoyang will become one of its wholly owned units after the purchase from the two companies’ parent, Angang Holding, according to a company statement issued on Wednesday.

The Chaoyang unit is mostly engaged in iron and steel smelting, steel rolling processing, distribution of steel products, iron and steel recycling and coke smelting. Angang Steel’s primary businesses include production of hot- and cold-rolled steel sheets, galvanized steel sheets, silicon steel, wire rods and seamless steel pipes.

Source : Caixin Global

voda 20 juli 2018 17:04

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US Steel does not plan to leave Kosice - Slovak Deputy PM Richard Rasi

Slovakian Spectator reported that US Steel is satisfied in Kosice and is considering further investments in its local plant. For now, it does not plan to leave the city, said Slovak Deputy PM Richard Rasi, following his meeting with US Steel top management in Pittsburgh. He said “US Steel is the biggest employer in Kosice and one of the biggest employers in Slovakia. It is an absolutely stable partner.”

Rasi discussed the company’s problems at the meeting with the steelworks’ president and CEO David D. Burritt and Kosice-based plant’s head Scott D. Buckis. He said “These concern mostly emissions, and we talked about costs for labour force and utilities. The government will do everything to help employers like U.S. Steel within its legal possibilities.”

The company is currently doing well in Slovakia and is considering further investments, which might include the expansion of its capacities.

Source : Slovakian Spectator

voda 20 juli 2018 17:05

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2nd ILVA jobs proposal under discussion - Industry Minister

ANSA reported that Italy’s deputy prime minister and labor and industry minister Luigi Di Maio said Wednesday that another proposal for the ILVA steel plant in Taranto was currently under discussion. Di Maio, while speaking at the Italian House of Representatives on the situation of the crisis talks at the Ministry of Economic Development, said”On the previous proposal, this government was not satisfied with the employment and implementation plans and thus asked ArcelorMittal for an improved proposal, which is currently under discussion and analysis by commissioners and ArcelorMittal.”

Di Maio had said the Italo-Indian consortium's previous plan for an environmental clean-up at the highly polluting steel plant was not satisfactory and that we need guarantees from the company that will ensure an environmental improvement as well as guarantees concerning employment.

Source : ANSA

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voda 20 juli 2018 17:08

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SMS to modernize CR Mill of Severstal

In April 2018, PAO Severstal has contracted SMS group to modernize the exit section of the tandem cold mill “2100” at its Cherepovets plant in northwest Russia. In the forefront there is the target of full utilization of the maximum possible strip width of 1,850 millimeters. The supply scope will mainly comprise a new tension reel featuring a motor coupling of about nine meters length connected to a new electrical gear (AC motor and converter), in order to coil the strip under high tension. In addition, there will be two coil cars guided on one common running rail to serve for coil transportation to the inspection station respectively to the coil storage which will be arranged in a neighboring shop. Further, an offline inspection station of the Rotary Inspect type will be supplied for ergonomic and fast inspection of the finished strip.

The modernization will be carried out during a scheduled downtime of only 23 days. Commissioning of the tandem cold mill equipped with the new exit-side installations is scheduled to take place in summer 2019.

In 2016 already, SMS group comprehensively modernized the tandem cold mill “2100” of PAO Severstal and completely exchanged the entry section and the four mill stands. In addition, rolling technologies and electrical and automation systems were lifted up to the latest technological level through the use of X-Pact®. By these measures, the rolling mill “2100” was very well prepared to satisfy the increasing material requirements of PAO Severstal’s customers, especially regarding high-grade carbon steels, high-strength steels and micro-alloyed silicon steels.

The new exit-side concept includes the cutting-edge Rotary Inspect offline inspection station permitting the fast and especially ergonomic inspection of strip top and bottom sides.

Source : Strategic Research Institute

voda 20 juli 2018 17:22

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Olympic steel gets International Automotive Quality Recognition

Olympic Steel Inc, a leading national metals service center, announced that it has been awarded an IATF 16949 management system certificate for manufacturing flat rolled steel, stainless and aluminum, including slitting, cut to length, and configured blanks.

Mr Andrew Greiff Executive Vice President and Chief Operating Officer of Olympic Steel said that "We are proud of this recognition, which reflects our long-term expertise in partnering with metal consumers. Automotive manufacturers can improve their supply chains and optimize component outsourcing with Olympic Steel. Our commitment to providing consistently high-quality products made from automotive aluminum, stainless steel and carbon steel is also advancing the industry's transition to lighter weight vehicles."

Mr Edward L Maschmeier, Associate Vice President, Certification stated that "SRI is pleased to acknowledge that Olympic Steel has demonstrated effective implementation of a management system that satisfies the tough auto standard: IATF 16949." Mr Maschmeier added that "Their certification shows automotive customers worldwide that Olympic Steel is recognized as a long-term supplier of quality goods and services."

IATF 16949, was developed by the International Automotive Task Force and the Japan Automobile Manufacturers Association, in conjunction with the international standards community. IATF 16949:2016 is an international management system automotive "sector-specific" technical specification based on ISO 9001:2015 and several other international automotive requirements. The certification was granted to Olympic Steel's facility in Detroit, Michigan by SRI Quality System Registrar.

Meanwhile, Founded in 1954, Olympic Steel is a leading US metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum and tin products. The Company's CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel operates from 31 facilities in North America.

Source : Strategic Research Institute

Vertraagd	14 jun 2024 17:36
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Volume gemiddeld	2.723.124
Volume gisteren	2.243.870

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