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voda 25 april 2013 17:14

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Performance of Vale in 1Q13

Vale had a solid financial performance in the first quarter of 2013, showing sequential increases in operating income, operating margin, earnings and cash generation.

Financial highlights in 1Q13

1 Operating revenues totaled USD 11.2 billion, decreasing 10.7% over 4Q12. The reduction was primarily due to the effect of lower volumes

2. Income from existing operations, as measured by adjusted EBIT was USD 4.2 billion, rising from an adjusted EBIT of USD 2.9 billion in 4Q12 and US$ 3.9 billion in 1Q12

3. Operating income margin of 38.0%, as measured by adjusted EBIT margin.

4. Underlying earnings in 1Q13 were USD 3.2 billion against USD 2.0 billion in 4Q12

5. Cash generation, as measured by adjusted EBITDA of USD 5.2 billion, 18.2% above 4Q12

6. CAPEX, excluding acquisitions, in 1Q13 equaled to USD 4.0 billion, 8.4% higher than 1Q12

Vale said “The quality of our financial performance is highlighted by the fact that cost and expenses were an important source of improvement, for the first time in many years. Operating costs as well as SG&A and other expenses were meaningfully reduced as an outcome of several initiatives being implemented. It is not an one-off event and we remain strongly committed to pursue further significant decreases in operating costs, SG&A and other expenses.”

It added “Despite the progress achieved, there is still a long road towards the transformation of the cost structure to guarantee shareholder value creation through the cycles, mitigating the influence of price gyrations.”

Source - Strategic Research Institute

voda 25 april 2013 17:14

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Indian ore output could up by 7pct-10pct in FY14

BS reported that with the Supreme Court giving a green signal for reopening of mines in Karnataka, India's iron ore production is set to increase this year by 7% to 10% compared to last year. Iron ore production witnessed a decline of 14.7% to 145 million tonnes for FY 2013 compared to 170 million tonnes in the previous year.

During FY 2014, iron ore production could touch 155 million tonnes to 160 million tonnes a growth of 7% to 10% assuming there is further delay in reopening of mines in Goa. The rise in production would be on account of reopening of mines in Karnataka and it is projected the state would contribute in the range of 17 million tonnes. Although the apex court had on April 18 approved reopening of Category A and B mines, a large number of mines are yet to secure several other statutory approvals which would take about 6 months.

Mr Prakash Duvvuri research head at OreTeam said that "The opening of mines in Karnataka would take at least 6 to 8 months and we expect the state to contribute about 17 million tonnes this year. And if the mines in Goa resume towards the H2 of the current financial year we can estimate the total iron ore production to go up to 160 million tonnes to 170 million tonnes."

The domestic iron ore production had seen its lowest level of 145 mt during 2004 to 2005 and it had peaked in 2009 to 2010 to 220 million tonnes. For the current financial year, the main contributors to domestic production would be Odisha, Chhattisgarh and Jharkhand while Karnataka and Goa are likely to stay next to these three states in terms of total state wise production.

Mr Ritesh Shah lead analyst at Espirito Santo said that "There could be some mining in Goa towards the end of this fiscal. If that happens, the overall production from India would be slightly better than last year. It will all depend on how fast Karnataka mines resume production and the apex court verdict on Goa."

Mr Shah said that Odisha and Chhattisgarh would contribute half of India's production at about 80 million tonnes with Odisha alone accounting for about 50 million tonnes. Karnataka and Jharkhand could contribute almost equal quantity at 17 million tonnes to 19 million tonnes this year.

Source - Business Standard.com

voda 26 april 2013 16:17

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Chinese traders spell more risk for steel sector

Chinese banks are slashing loans to steel traders further in the face of rising bad debts, a move set to put more pressure on a steel sector suffering from tepid demand.

A crackdown on lending by Chinese authorities launched last year shuttered thousands of trading firms who failed to repay loans as a slower economy hit steel consumption, a situation set to be repeated this year unless steel demand picks up.

A fresh wave of traders defaulting on loans could force more out of business and lead to a further swelling of steel inventories at mills, hitting their cashflow and dragging down steel prices already at multi-month lows.

Steel traders act as vital intermediaries greasing the wheels of China's steel industry the world's biggest with about 90 percent of mills relying on traders to sell their products.

A Shanghai based official at Minsheng Bank, China's seventh largest lender by market value said that "We will not ease credit to steel traders and are still tightening lending to some existing customers.”

The official said that "Bad loans (from steel traders) in Shanghai and Hangzhou are still serious, and they have risen in the first quarter from a year ago.”

Some of the banks, many of which are state-controlled, have sued traders in a bid to get back loans.

Source - Reuters

voda 26 april 2013 16:19

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POSCO war Zone - Major blow to Indian dreams of POSCO

Economic Times reported that the statutory environment panel has revoked the clearance given to POSCO’s steel plant and port project in Jagatsinghpur in Odisha and POSCO will now have to go through the process of environmental clearance all over again.

At its meeting on March 6, the expert appraisal committee noted “Keeping in view the observations & recommendations made by the said Expert Committee, the previous recommendation of the Expert Appraisal Committee (Industry -1) for extension of validity period of environment clearance accorded to POSCO India Private Limited has become infructuous."

The expert appraisal committee on industry has asked the company to furnish detailed information on a variety of aspects, including iron ore linkage, layout plan for the project, waste management plan before it can consider fresh clearance.

The panel has asked the developers to submit a revised plan for 2,700 acres of land, and mark out the initial plant size of 4 million tonnes per annum and the proposed expansion to a capacity of 12 million tonnes over an area of 4,004 acres. It also asked for plans for the 33% green belt, documents outlining the iron ore linkage for the plant, commitment for gas linkage for the captive power plant, among other things.

The decision by the environment panel comes following the recommendations made by the National Green Tribunal mandated K Roy Paul Committee. In March 2012, the Green tribunal suspended the final clearance granted in January 2011 and had asked the ministry to institute a fresh expert committee to look into the project. The K Roy Paul Committee submitted its report in October.

Source - Economic Times

voda 26 april 2013 16:20

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Steel ministry update on production by major steel plants

The Minister of Steel, Mr Beni Prasad Verma has said that there are two public sector steel manufacturing companies in the country, namely, Steel Authority of India Limited and Rashtriya Ispat Nigam Limited. The production of crude steel by SAIL and RINL has been 13.41 Million Tonnes and 3.07 Million Tonnes respectively during 2012-13.

In a written reply in the Rajya Sabha Mr Verma said that SAIL’s share of the total demand of finished steel in the country was 14% in the year 2012-13.

Mr Verma said, Steel companies in the private sector have added new facilities to cater to high end segments viz. Auto, White Goods, Oil & Gas, Ship Building etc. SAIL’s current product range does not cater to full requirements of such sectors. This increased competition has prompted not only SAIL but other steel producers also to continually improve their product offerings as well as standards of customer service. The recent slowdown of steel demand which is estimated to have grown by 3.3% in 2012-13, as per JPC estimates, coupled with continuing weakness in the global markets, there is a pressure on domestic steel players, including SAIL, to market their products without eroding their bottom line.

The Minister said, Steel is a deregulated sector. The role of Government is that of a facilitator. The Government promotes/encourages growth of steel industry through suitable policy measures, based on its assessment of industry performance. However, the Government has taken following major steps to increase the steel production capacity and to ensure raw material availability for the steel sector:

1. An Inter-Ministerial Group has been set up by the Government for effective coordination amongst State Governments, different Ministries of Central Government and various other Agencies’ and to expedite implementation of various projects in the steel sector.

2. Public Sector Undertakings namely SAIL/RINL are in the process of implementing large scale expansions in the crude/finished steel capacity.

3. Import of critical raw materials for steel industry such as coking coal, non-coking coal, scraps etc. is subject to zero or very low customs duty.

4. To improve availability of iron ore for domestic iron and steel industry and also to encourage domestic value addition, duty on export of iron ore has been increased to 30%.

Source - PIB

voda 26 april 2013 16:21

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ThyssenKrupp to finalize sale of US and Brazilian steel assets in May - Report

Bloomberg, citing people familiar with the matter, reported that ThyssenKrupp has narrowed the bidders for its US and Brazilian assets

As per report “Cia Siderurgica Nacional SAis planning a binding offer for both a site in Alabama and a plant in the state of Rio de Janeiro without the direct financial support of the Brazilian development bank, known as BNDES. The company intends to make a USD 3 billion offer in May.”

The report added “Ternium has already made a binding bid for the Brazilian plant. ArcelorMittal with Nippon Steel & Sumitomo Metal Corp and US Steel Corp are in the running for the US site, while JFE Holdings Inc and Nucor are out of the running.”

The report also said that “ThyssenKrupp plans to select a winner before a board meeting scheduled for the middle of May.”

Source - Bloomberg

voda 26 april 2013 16:21

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Italy crude steel production down by 18.5pct YoY

According to data released by the Italian steel producers association Federacciai, Italy’s crude steel production totaled 2.201 million tonne in March, falling by 18.5% YoY.

In the Q1 2013, the country’s crude steel production totaled 6.125 million tonne, falling by 17.7% in comparison of the figures in the same period of a year ago.

Source - www.yieh.com

voda 26 april 2013 16:22

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AK Steel Q2 2013 Outlook

Consistent with its current practice, AK Steel said that it will provide detailed guidance for its second quarter results in June.

In advance of this guidance, the company said that it will have a planned 7 day maintenance outage at its Middletown blast furnace in the Q2, which is the first major maintenance outage that has been required for that furnace since a major reline in 2009.

Total maintenance outage costs, including the Middletown blast furnace, are expected to be about USD 21 million in the Q2 of 2013, compared to USD 1 million in the Q1 2013. The company expects the increased maintenance outage costs in the second quarter to be mostly offset as a result of lower costs, primarily for raw materials.

Source - Strategic Research Institute

voda 26 april 2013 16:23

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ThyssenKrupp expected to buy its electrical steel plants

It is reported that German ThyssenKrupp expected to seek a potential buyer for its grain oriented electrical steel business.

However, the company’s grain oriented plants in Gelsenkirchen in Germany, Isbergues in France and Nashik, India are with total 1800 employees. It will try to keep its non-oriented business which becomes part of TK’s European steel business.

Meanwhile, TK didn’t disclosure any detail when the plants will be sold at this moment.

Source - www.yieh.com

voda 26 april 2013 16:25

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China iron ore slips to near 5 week low

Reuters reported that spot iron ore prices dropped to the lowest in nearly five weeks as a soft outlook for steel demand in top market China curbed buying interest, prompting Chinese mills to sell some cargoes hoping to make quicker returns.

Some Chinese steel producers such as Baosteel Group which are traditionally buyers of iron ore have trading units that allow them to also unload cargoes into the market.

A shipping manager for an iron ore trading firm in Shanghai said that with the steel market not so good, these mills can probably get their money back quickly if they resell iron ore instead of using them to produce steel. Some mills are offering their cargo in the market which means that they have more than enough supply for their current production rate.

The country's steel industry association warned that China's steel market is slated to remain weak in May traditionally a peak consumption period, with downstream demand still uncertain and prices expected to remain low.

According to data provider Steel Index, Benchmark 62% grade iron ore IO62-CNI=SI fell nearly 1% to USD 135.10 a tonne. That is iron ore's cheapest level since March 21 and puts it not very far from its 2013 low of USD 132.90 touched in mid March. The price of the main ingredient for steel has fallen 15% from this year's peak.

Even as they keep their steel production high many small to midsize mills which typically buy iron ore off the spot market are limiting their iron ore inventories.

Source - Reuters

voda 26 april 2013 16:26

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Japan iron ore import value down 20pct in March

According to the provisional data released by the Japanese Ministry of Finance, in March this year Japan's iron and steel product exports came to 4 million tonnes rising 12.25% MoM and up 4.8% as compared to the same month of the previous year while these exports generated a value of JPY 348 billion almost stable on YoY basis.

In the given month, Japan's iron and steel product exports to the US decreased by 20.7% to 192,000 tonnes its exports to the EU decreased by 16.9% to 25,000 tonnes while iron and steel exports to China decreased by 0.5% to 526,000 tonnes exports to the Middle East fell by 33.5% to 171,000 tonnes and iron and steel exports to ASEAN countries rose by 20.7% to 1.3 million tonnes all compared to March 2012.

Meanwhile, Japanese iron and steel product imports amounted to 541,929 tonnes in February this year decreasing 14.6% compared to the same month of the previous year with a value of JPY 57.3 billion. Japan's iron ore and concentrate imports in the month in question amounted to 10.85 million tonnes down by 4.8% YoY with a value of JPY 107 billion falling 20.3% compared to March 2012.

Source - Visit www.steelorbis.com for more

voda 26 april 2013 16:27

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IBOV futures after Morgan Stanley iron ore forecast

Bloomberg reported that Brazil’s Ibovespa futures gained as speculation that central banks will take more steps to spur economic growth sent commodities higher boosting the outlook for raw material producers.

Natura Cosmeticos SA, Brazil’s biggest cosmetics maker may move after saying it plans to buy back as many as 2.5 million shares. Petrochemicals producer Braskem SA may be active after JPMorgan Chase & Company and Citigroup Inc both raised their recommendations to the equivalent of buy.

Ibovespa futures contracts expiring in June added 0.1% to 55,075 in Sao Paulo. The real was little changed at 2.0228 per dollar. The Standard & Poor’s GSCI index of 24 raw materials rallied 0.4% as speculation mounted that the European Central Bank will cut its key interest rate to a record low next week. The Reserve Bank of Australia has more room to cut rates, Treasurer Wayne Swan said after inflation was slower than estimated.

The Ibovespa has retreated 13% from this year’s peak on January 3 amid concern accelerating inflation may curb Brazil’s economic recovery and the government’s interventionist policies will hurt profits in industries including utilities and energy. The MSCI BRIC Index of shares in Brazil, Russia, India and China has lost 7.8% over the same period.

Brazil’s benchmark equity gauge trades at 11.4 times analysts’ earnings estimates for the next Q4 compared with 10.5 for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Source - Bloomberg

voda 29 april 2013 16:24

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ArcelorMittal advies omhoog naar buy bij ING

AMSTERDAM (Dow Jones)--ING heeft het advies op staalbedrijf ArcelorMittal (MT.AE) verhoogd naar buy van hold. De bijgewerkte verwachtingen voor de operationele winst (EBITDA) van analist Filip de Pauw liggen onder de consensus, maar toch verhoogt hij zijn advies aangezien dit volgens hem ruimschoots is ingeprijsd door de markt. Vooruitlopend op de kwartaalresultaten maakt de analist op uit cijfers van sectorgenoten dat er qua volumes een verbetering is opgetreden ten opzichte van een kwartaal eerder, de prijzen licht lager zijn en de staalmarges vlak. Het koersdoel gaat omlaag naar EUR11 van EUR13. Het aandeel is vrijdag gesloten op EUR9,29. (LDF)

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 29 april 2013 16:39

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CISA warns against high expectations of steel demand in China

Reuters reported that China's steel industry body warned its members on Saturday to rein in expectations for the remainder of the year, saying that an anticipated increase in demand would not be enough to justify big rises in production in coming months.

Officials with the China Iron and Steel Association told reporters at a briefing that the government was looking for new ways to restructure the sector, which was still facing massive problems.

CISA chairman Mr Zhu Jimin said producers should not be misled by "bright spots", including improvements in downstream sectors like automobiles, railway construction and shipbuilding.

He said that "Downstream demand will gradually improve, but at the same time it is difficult to see any relatively big rises in steel consumption, and the expectations of steel firms should not be too high, and they should not blindly expand output.”

Source - Reuters

voda 29 april 2013 16:39

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Chinese crude steel capacity approaching 1 billion tonnes

According to industry estimates, total annual crude steel production capacity in China is approaching 1 billion tonnes, with mills still expanding even though apparent demand is predicted to reach just 698 million tonnes this year.

CISA officials called on firms to improve "self-discipline".

Mr Li Xinchuang, CISA's deputy secretary general said "We can put it like this - current steel capacity can already completely satisfy peak domestic steel consumption and we should stop all blindly expanding projects.”

Mr Li said the government was examining ways of tackling the industry's overcapacity problems, and tougher environmental measures and technological requirements could be used to try to ensure smaller firms face the same social responsibilities as their big state-owned counterparts.

He said "There is a huge gap between companies that protect the environment properly and those that don't, with costs per tonne of steel around 157 yuan higher - this is unfair competition.”

Source - Reuters

voda 30 april 2013 14:56

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Chinese steel market likely to stay weak in May

Shanghai Daily reported that China's steel market may remain weak next month although it is a peak consumption season traditionally.

According to China Iron and Steel Association, although it's a peak season for the steel industry, demand remains lukewarm, with housing starts falling and the overall manufacturing sector remaining weak.

China's first-quarter economic growth slowed to a disappointing 7.7% year on year, compared with 7.9% in the fourth quarter of last year. The association said that "This means China's economy faces many uncertainties to bounce back steadily.”

According to the National Bureau of Statistics, still, steel production remained at a high level. China's crude steel output reached 191.89 million tonnes in the first three months of this year, an increase of 9.1% from a year earlier.

Source - Shanghai Daily

voda 30 april 2013 14:58

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BaoSteel new ultra high strength steel makes cars safer and more fuel efficient

Among the newly released Teana models by Dongfeng Nissan, ultra high strength steel with more than 590 MPa car body application ratio reaches up to one third, with 980 MPa of maximum strength

While maintaining the most powerful engine in same level, one hundred kilometer integrated operating condition fuel consumption reaches 7.3 liters, which is the lowest fuel consumption.

According to research and estimation, auto body accounts for about 30% of the total auto weight. Under no load condition, about 75% of gasoline consumption is on auto body weight. If auto body is reduced by 100 kg, fuel consumption per 100 km can be reduced by 0.3-0.6 liters and carbon dioxide emission per kilometer can be reduced by about 5 grams.

Thus lightweight is an effective way to reduce vehicle fuel consumption and emission and improve vehicle fuel economy. At present, high strength steel has been proved as the most economically viable material in realizing vehicle lightweight. It allows the car to maintain a better safety performance while losing weight at the same time.

By European standards, the collision strength of auto body which does not use high strength steel has only one star, while for those which uses high strength steel for more than 50%, the collision strength can reach the highest level: five stars.

Source - Baosteel

voda 1 mei 2013 16:27

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Deutsche Bahn obtains first damages in price rigging scandal

Voestalpine of Austria said that Deutsche Bahn has obtained first damages in the wake of a large price fixing scandal that broke back in 2011. It would pay millions in compensation.

Deutsche Bahn said that it would obtain damages in the double digit euro region from Austrian steel maker Voestalpine. The Süddeutsche Zeitung newspaper reported the German rail operator would get EUR 50 million in compensation from the Austrian company.

Mr Peter Felsbach spokesman of Voestalpine confirmed there had been a settlement with Deutsche Bahn, but gave no further details.

Germany's Federal Audit Office in the summer of 2011 already punished a cartel of steelmakers which had sold tracks and switches to DB at irregular prices. The office slapped a fine of EUR 124.5 million on subsidiaries of ThyssenKrupp, Vossloh and Voestalpine. ThyssenKrupp alone was fined EUR 103million.

Sources from the ruling coalition as saying the deal would ratchet up the pressure on other cartel members to follow suit said that the Süddeutsche Zeitung reported the German government had called the settlement with Voestalpine a big success.

Source - Reuters

voda 1 mei 2013 16:28

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US Raw Steel production decrease in last week

In the week ending April 27th 2013, domestic raw steel production was 1,866,000 net tonne while the capability utilization rate was 77.9%. Production was 2,014,000 tonne in the week ending April 27th 2012, while the capability utilization then was 80.9%.

The current week production represents a 7.3% decrease from the same period in the previous year. Production for the week ending April 27th 2013 is down 0.4% from the previous week ending April 20th 2013 when production was 1,858,000 tonne and the rate of capability utilization was 77.6%.

Meanwhile, adjusted year to date production through April 27th 2013 was 31,045,000 tonne, at a capability utilization rate of 76.2%. That is a 7.6% decrease from the 33,603,000 tonne during the same period last year, when the capability utilization rate was 79.7%.

Source - Strategic Research Institute

voda 1 mei 2013 16:30

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US Steel Corporation Q1 2013 results

United States Steel Corporation reported a Q1 2013 net loss of USD 73 million as compared to a Q4 2012 net loss of USD 50 million and a Q1 2012 net loss of USD 219 million

Adjusted net loss for the Q1 2013 was USD 51 million, or USD 0.35 per diluted share, excluding an after-tax charge of USD 22 million, or USD 0.16 per diluted share, related to repurchases of USD 542 million principal amount of our 4.00% Senior Convertible Notes due 2014, reducing the outstanding principal amount for these notes to USD 321 million.

Adjusted net loss for the Q4 2012 was USD 59 million, or USD 0.41 per diluted share, excluding a USD 9 million favorable settlement related to a supplier contract dispute.

Adjusted net income for the Q1 2012 was USD 110 million, or USD 0.67 per diluted share, excluding a USD 399 million loss on the sale of US Steel Serbia; a USD 58 million gain on the sale of transportation assets; and a USD 12 million gain on property tax settlements.

Mr John P Surma chairman and CEO of US Steel said that "Total reportable segment and Other Businesses operating results improved compared to the Q4 of 2012 despite the difficult global economic environment and very competitive steel market conditions."

The company reported Q1 2013 reportable segment and Other Businesses income from operations of USD 94 million, or USD 17 per tonne, compared to income from operations of USD 59 million, or USD 11 per tonne, in the Q4 of 2012 and income from operations of USD 295 million, or USD 52 per tonne, in the Q1 of 2012.

Net interest and other financial costs in the Q1 of 2013 includes a USD 34 million pre-tax charge related to repurchases of USD 542 million principal amount of our 4.00% Senior Convertible Notes due 2014.

Additionally, net interest and other financial costs includes a foreign currency remeasurement loss of USD 9 million, or USD 0.06 per diluted share.

For the Q1 2013, we recorded a tax provision of USD 7 million on our pre-tax loss of USD 66 million. The tax provision does not reflect any tax benefit for pre-tax losses in Canada, which is a jurisdiction where we have recorded a full valuation allowance on deferred tax assets.

As of March 31st 2013, US Steel had USD 733 million of cash and USD 2.5 billion of total liquidity compared to USD 570 million of cash and USD 2.4 billion of total liquidity at December 31st 2012.

Source - Strategic Research Institute

Vertraagd	14 feb 2025 17:35
Koers	27,220
Verschil	-0,480 (-1,73%)
Hoog	27,650
Laag	26,030
Volume	3.375.349
Volume gemiddeld	2.585.455
Volume gisteren	4.408.986

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