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voda 23 mei 2013 17:00

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US Steel annual net profit down in 2012

According to US Steel Košice’s annual report, sales of the company dropped from EUR 2.605 billion in 2011 to almost EUR 2.48 billion last year.

The firm said that “The improvement of economic performance for 2012 against 2011 reflects the influence of lower prices of raw materials and an increase in the volume of orders that were partly offset by a drop in sales prices and an increase of energy prices."

US Steel Košice produced 3.5 million tonne of pig iron last year and 4 million tonne of slabs. The steelmaker had considered leaving Košice due to the end of its tax holiday, growing energy costs and stricter environmental regulations. The company is obliged to rebuild three coal-fired boilers to propel its power plant’s turbines by 2016, in compliance with measures introduced by Brussels.

The Slovak government and US Steel signed a memorandum on the steelmaker’s continued presence in the eastern Slovak metropolis. The government promised the company a reduction in energy and environmental fees.

US Steel Košice was set up after US Steel Corporation took over the metallurgical plant, VSŽ, in June 2000. Together with its affiliations, the company is one of leading manufacturers of flat-rolled products in Europe, supplied chiefly to the automotive, engineering and electro-technical industries. The main business line of U.S. Steel Košice is the production of steel, flat-rolled steel products, spiral welded pipes and radiators. On the whole, it employs approximately 11,000 workers.

Source - SITA

voda 23 mei 2013 17:09

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Iron ore bounces off 2013 low as weak steel market may cap gains

Reuters reported that spot iron ore prices climbed off their lowest level for the year after a higher than expected sale of an Australian cargo suggested demand from Chinese mills may be picking up although a soft steel market could limit further gains.

Shanghai rebar futures steadied on Wednesday after plumbing 8 month lows last week struggling to rebound with demand in top consumer China curbed by a tepid economic recovery.

According to data provider Steel Index, Benchmark 62% grade iron ore .IO62-CNI=SI rose half a percent to USD 123.60 per tonne on Tuesday. That was the first gain for iron ore in eight trading sessions. The price fell to USD 123 on Monday, the lowest since early December.

The increase followed the sale of a cargo of 61.4% grade Australian Pilbara iron ore fines at USD 125.18 per tonne higher than the 62% benchmark as well as market offers of USD 122 to USD 123 prior to the tender.

An iron ore physical trader in Shanghai said that "I'm not sure if the price increase can be sustained because the market is still relatively weak. Besides, I heard the end buyer of the Pb (Pilbara) cargo was a private steel mill that didn't have an import license but really needed the cargo so it had to buy through a trader."

Traders said that many small steel mills in China rely on trading companies to secure their raw material. While the mills sometimes end up buying at a higher price, they work out funding arrangements with trading companies to help ease the immediate financial burden.

Source - Reuters

voda 23 mei 2013 17:10

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Iron Ore ships extend decline as China seen cutting steel output

Bloomberg reported that rates to ship iron ore fell for a ninth day on speculation Chinese steelmakers will cut back from record high production as prices fall.

According to the Baltic Exchange, the London based publisher of shipping costs, daily earnings for Capesize ships hauling about 160,000 tonnes of the raw material slid 0.8% to USD 5,015 the lowest since May 1. That led the Baltic Dry Index, a broader gauge of commodities freight rates down 0.7% to 830, 27% lower than a year ago.

Mr Erik Nikolai Stavseth an Oslo based analyst at Arctic Securities ASA said that Chinese mills won’t be able to maintain output as prices decrease. That will curb demand to replenish inventories of iron ore, the commodity used to make steel.

Mr Stavseth said that “While the decline in iron ore prices remains a positive for a potential restocking cycle, falling steel prices are doing little to support this case at present. Continued record high output of steel in China is positive for demand but we do not see how steel mills can continue at such a high pace.”

Source - Bloomberg

voda 23 mei 2013 17:11

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Weak demand drives up China iron ore stockpiles

Xinhua quoted an expert as saying that rising stockpiles of iron ore at Chinese ports indicates dropping iron ore demand due to unfavorable economic conditions.

As per report, inventories of imported iron ore at 25 major Chinese ports stood at 72.49 million tonnes from May 14 to May 20 up 0.81% from the previous week.

The data showed that iron ore prices dropped to their lowest level this year. The price index for 63.5% grade iron ore imports dropped 6 points from the previous week to reach 124 points while the index for 58% grade iron ore dropped 5 points to 109 points.

Mr Zeng Jiesheng an analyst with Mysteel.com said that "The growing stockpiles reflect a decline in iron ore demand. With China's economic situation remaining gloomy and stimulus policies unlikely to be issued, steel companies may have to reduce production which will further weigh on iron ore prices.

Source - Xinhua

voda 24 mei 2013 16:45

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Iron Ore seen extending decline as China steel mills shut down

Bloomberg reported that Iron ore will fall another 8% in the next several months as steel mills in China, the biggest importer, shut down because of maintenance, power rationing and squeezed profits.

Analysts led by Xiao Fu and Daniel Brebner said that prices may fall about USD 10 a dry metric ton in the next couple of months. Ore with 62% iron content at the port of Tianjin, a global benchmark, tumbled 22% to USD 123.60 per tonne from a 16 month high on February 20.

Deutsche Bank said that steel prices that have been pressuring Chinese mills are stabilizing as facilities shut down due to power shortages in Hebei province and more will close for routine maintenance and to draw down surplus steel inventories. Iron ore rose yesterday for the first time in nine sessions as an Australian cargo topped expectations.

It said that there remains some life in the market yet despite the operating pressures facing Chinese steel mills. We expect that more shutdowns will occur over the near-term, ostensibly for refurbishment. However we believe that the market needs to be rebalanced and excess steel drawn down from inventory.

Source - Bloomberg

voda 24 mei 2013 16:47

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Mittals reducing stake in JSW Ispat

The Hindu reported that ahead of its full integration with the JSW group, one of the promoter entities of JSW Ispat Steel Ltd, Ispat Steel Holdings, has been reducing its stake progressively.

Ispat Steel Holdings, an investment arm of Mittals and incorporated in Mauritius, had the single largest stake in Ispat Industries.

According to the disclosures to the stock exchanges, the Mauritius entity offloaded over 2.75 crore JSW Ispat Steel shares in the market in April through separate transactions. Till March 31st the entity held 10.85 crore shares or 4.31% stake. At the end of October-December of 2012, the Mauritius outfit had 7.36%.

Ispat Steel Holdings reduced to 3.22% from 4.31% in April.

Largely because of this off loadings, the total promoter holding of both the Sajjan Jindal group and the Mittals, had came down by 5.24% to 58.65% after March 31st.

The Bombay High Court has sanctioned the composite scheme of Amalgamation and Arrangement among JSW Ispat Steel Ltd and JSW Building Systems Ltd and JSW Steel Coated Products Ltd and JSW Steel Ltd and their respective shareholders and creditors on May 3rd.

Source - The Hindu

voda 25 mei 2013 16:16

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Auto steel demand in China to continue rising

The production and sales statistics is out of expectation since the beginning of this year, which is expected to continue rising. Therefore, auto steel demand has more room to grow as car ownership, auto manufacturing, research& development and maintenance increases.

According to statistics from China Association of Automobile Manufacturers, China's auto production hit 1.8994 million units in April, down 8.91 percent month on month and 15.29% year on year; sales reached 1.8417 million units, down 9.50% from a month earlier and 13.38% compared to the same period last year. In the first four months of this year, auto production totaled 7.2965 million units, up 13.44% year on year; sales aggregated 7.2662 million units, up 13.23% from a year earlier.

In March, automobile production reached 2.0852 million units, an increase of 54.76% month on month and 10.88 percent year on year; sales hit 2.0351 million units, up 50.22% month on month and 10.69% year on year. In the first quarter of this year, auto production totaled 5.3971 million units, up 12.81% year on year; sales aggregated 5.4245 million units, an increase of 13.18% from a year earlier.

In the first quarter of 2013, automobile production and sales made a better-than-expected performance, which layed a solid foundation for the whole year. It might greatly drive up demand of steel used for auto manufacturing, research& development. Moreover, the sizable number of car ownership ensures the demand of steel for auto maintenance. Auto steel dmeand has more room to grow as auto production and sales keep rising.

Steel products are the major raw materials of auto manufacturing. For example, steel products take up 72 to 88% of raw materials for producing one vehicle. Supposing that passenger car sales hit 15.4952 million units in 2012, steel demand was about 15.4952 million tonnes. To sum up, steel demand for the whole automobile industry might be 22.1501 million tonnes in 2012.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 25 mei 2013 16:20

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Price increase by US steel mills unlikely to stick - Credit Suisse

After US steel companies announced price increases in last few days, Credit Suisse thinks the full price hike is unlikely to stick.

The firm believes that the sector's fundamentals suggest that steel stocks are likely to remain range bound this summer.

However, the firm predicts that stronger demand trends are likely to drive steel stocks higher in the early fall.

Several US based steel mills including ArcelorMittal, US Steel, AK Steel, Nucor and NLMK have announced price hike for flat products ranging USD 30 to USD 50 per tonne

Source - theflyonthewall.com

voda 25 mei 2013 16:21

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ArcelorMittal probing cause of EAF accident at PA plant

Local media reported that 3people were hospitalized, two in critical condition, when a furnace exploded late Thursday at the ArcelorMittal steel mill off South First Avenue at Coatesville in Pennsylvania

Sources said water leaked into furnace containing molten steel, causing it to explode around 10 PM.

The explosion happened in the D EAF

According to William Steers, ArcelorMittal spokesperson, the incident is under investigation by both the company and the employees’ union, United Steelworkers. The Occupational Safety and Health Administration has also been notified.

The Coatesville plant produces materials used in machinery for oil, gas, rail transportation, ship building, automotive, marine, mining and other businesses

Source - southernchestercountyweeklies.com

voda 25 mei 2013 16:22

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Mr Mittal meets Romanian leaders to voice energy price concerns

Mr Lakshmi N Mittal chairman and CEO of ArcelorMittal met the Romanian president and prime minister on a one day visit to the country last week. Discussions centered on the Romanian steel industry and the challenges facing it including high energy prices.

Mr Mittal to president Traian Basescu, who greeted him at the Cotroceni Presidential Palace together with PM Victor Ponta said that "ArcelorMittal Romania is very important to us as a group."

However Mr Mittal, who was joined by business division east CEO Mr Sanjay Samaddar and other members of ArcelorMittal Romania management, raised his concerns about the sustainability of ArcelorMittal's business in the country.

He said that measures must be taken to address the high and increasing energy prices that are hurting the competitiveness of the steel industry in Romania and in the European Union as a whole.

Earlier this year, ArcelorMittal Romania's management spoke out against the incentives being offered to the renewable energy industry, and the related rise in energy bills for heavy-duty energy consumers such as steel companies:

He added that "We are extremely worried by the explosive increase of energy costs through the measures of awarding incentives for renewable energy and the liberalization of the pricing of local content of gas market. For us, these evolutions require an urgent re-equilibration in order not to lose the sustainability of the industrial activities in Romania".

However, energy costs for ArcelorMittal Galati, which employs 7,000 people, have risen by EUR 25 million in the past four years.

Mr Mittal's comments came on the same day that Mr Robrecht Himpe, ArcelorMittal management committee member and CEO of Flat Carbon Europe segment, issued a statement at the EUROFER European Steel Day which took place in Brussels, Belgium:

Mr Himpe said that "EU industrial policy should reduce operational costs such as the high costs of energy. It is important that Europe focuses on promoting growth and infrastructure investment and not only on austerity measures."

Source - Strategic Research Institute

voda 27 mei 2013 15:29

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Chinese 30 steel companies have total liabilities of USD 124 billion

China’s steel industry is in deep waters due to low steel prices and overcapacity, evident in its balance sheet. As of the end of the first quarter of 2013, China’s top 30 publicly traded steel companies have total current liabilities amounting to CNY 759 billion (USD 124 billion), and their current assets are only CNY 530 billion (USD 87 billion).

This figure was calculated by Sheng Zhicheng, the deputy secretary general of the China Steel Logistics Committee of the China Federation of Logistics & Purchasing and reported by Yicai, a top Chinese financial newspaper. According to Sheng, these firms’ total liabilities increased by CNY 26.9 billion (USD 4.39 billion) compared to the same period last year.

Current liability is a core component of a company’s balance sheet. It can be understood to be the company’s debts or financial obligations that are due within a calendar year and typically include short-term loans, bills payable, accounts payable, employee salaries, and taxes and dues payable.

On the other side of the balance sheet is a company’s current asset, which is the asset a company holds that can be converted to cash or used to pay current liabilities within 12 months.

Source - www.ibtimes.com

voda 27 mei 2013 15:31

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Mr Mittal puts up London home for sale- PTI

PTI reported that the credit crunch seems to be taking its toll on one of the world’s richest Indians, Mr LN Mittal, who has put up one of his mansions in central London up for sale.

The steel tycoon had bought the property on Palace Green in Kensington for GBP 117 million in 2008, when it was declared the most expensive home in Britain. The 12 bedroom palatial home was bought for Mr Mittal’s son, Mr Aditya, from Israeli American financier Mr Noam Gottesman. But Mr Aditya and his family reportedly never moved into the new mansion.

Mr LN Mittal himself lives nearby at Kensington Palace Gardens, dubbed London’s “billionaire’s row” with neighbors including fellow tycoons such as Roman Abramovich and Len Blavatnik.

As a result of the credit crunch and a fall in demand for steel from China, Mr Mittal’s fortunes took a hit of an estimated GBP 2.7 billion last year, resulting in him being deposed as the richest man in Britain by Russian industrialist Mr Alisher Usmanov after eight years at the helm.

Source - PTI

voda 27 mei 2013 15:34

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Critics condemn kill Mittal online game in France

An online game in which players try to kill steel tycoon Mr Lakshmi Mittal has been released in France.

However, it features players hurling barrels and rocks at police outside the loss making blast furnaces in Florange, eastern France, which the British based, Indian billionaire closed.

Mr Mittal is characterised in the game, set in 2030, as a robot who must be bludgeoned to death.

Critics have condemned the game for its violent nature and for glorifying the militancy of French unions, blamed by many for the decline of the country’s industrial sector.

But the game’s creator, Mr Alexandre Grilletta, insists it is just a bit of fun, adding that the Florange protests just had the right ingredients of heroes and baddies to make a good game.

Source - AP

voda 27 mei 2013 15:35

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ILVA Steel board resigns after asset seizure

Reuters reported that the management board of Italian steel group ILVA has resigned, following the seizure of 8 billion euros of assets from its controlling company in connection with allegations of environmental crimes.

ILVA said in a statement that the resignation of the board, led by Chief Executive Mr Enrico Bondi and President Mr Bruno Ferrante, would be presented at a meeting of shareholders on June 5, when a new board would be nominated.

ILVA, whose main plant in the southern city of Taranto is Europe's largest, has been under special administration since July last year and prosecutors are also investigating its main shareholder, Mr Emilio Riva, for tax evasion.

ILVA provides work for about 20,000 people around Taranto, making it one of the biggest employers in a region with high unemployment and little industry.

Source - Reuters

voda 27 mei 2013 15:38

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Iran to become second biggest sponge iron producer in world

Mr Assadollah Farshad Deputy Head of Iran's Steel Alloy Company said that Iran is the second largest producer of sponge iron in the world.

Mr Farshad said a press conference that "Iran is the largest iron sponge producer in the world in terms of quality and quantity. Iran's home made product is gas fueled reaching 15 million tonne. Iran is followed by India whose output hits over 22 million tonne. India uses coal to produce iron sponge while Iran makes the material with gas, making less environmental pollution.”

Last month, Iranian President Mr Mahmoud Ahmadinejad inaugurated the country's second sponge iron plant, and oxygen nitrogen unit of Saba Steel Complex in the central Iranian city of Isfahan.

The iron sponge plant with the annual output capacity of 1.5 million tonne will increase the country's total sponge iron production to 10 million tonne per year.

The plant developed on a USD 193 million budget will create 700 jobs in the region.

Also the oxygen nitrogen unit of the Saba Steel Complex founded on a USD 540,000 million investment has created some 230 job opportunities for the people.

The unit produces 20,000 cubic meters of oxygen, 16 cubic meters of nitrogen and 200 cubic meters of argon.

Source - www.payvand.com

voda 28 mei 2013 16:19

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Interesse voor fabriek Luik van ArcelorMittal uit Qatar - media

AMSTERDAM (Dow Jones)--Een ondernemer uit Qatar heeft interesse in de koude lijn van een staalfabriek van ArcelorMittal (MT.AE) in het Belgische Luik, schrijft De Tijd dinsdag.

De krant schrijft dat ArcelorMittal bezwaar zou kunnen hebben tegen een eventuele overname omdat de onderneming maandag aankondigde EUR8 miljoen te willen investeren in de fabriek, wat als een signaal zou kunnen worden gezien dat het staalconcern geen afstand van de activa wil doen.

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

voda 28 mei 2013 16:36

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ILVA crisis deepens with resignations after asset seizure

Reuters reported that Italian government on Monday met with the board of ILVA as pressure mounted for a change in the ownership structure of Europe's largest steel plant.

Officials attending the meeting on Monday said the time had come to consider transferring ownership of the plant away from the Riva family. Puglia governor Mr Nichi Vendola said after the meeting “To me it seems the moment has arrived to separate the destinies of the family and the company. Extraordinary administration is the best way to press ahead with the clean up and activities at the plant.”

Mr Maurizio Landini, secretary of the Fiom metalworkers union, said on Monday the Taranto plant needs a different ownership structure" that excludes the Riva family and gives back confidence to all those people that are related to the company.

But Italy’s industry ministry state secretary Mr Claudio Di Vicenti said We want to understand what prompted the resignation and what the financial and management situation of the group is after the seizure. We hope that circumstances will allow a rethink.”

The Italian government has been caught in the middle of a complex battle over the future of ILVA since prosecutors ordered the partial closure of the plant in July last year following a damning series of environmental reports.

Magistrates ordered the assets to be seized from holding company Riva Fire on suspicion of criminal association to commit environmental offences linked to steel production at ILVA, one of the biggest industrial employers in southern Italy.

Source - Reuters

voda 28 mei 2013 16:41

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Iron ore prices in free fall as Chinese steel price crash continues

Reuters reported that iron ore prices are in free fall as the domestic steel prices in China continue to crash

Benchmark 62 percent grade iron ore .IO62-CNI=SI was at USD 123.20 a tonne on Thursday, just off the 2013 low of USD 123 reached earlier last week.

A Shanghai trader said “In the past weeks, people were looking at USD 120 as the bottom price. But now it seems that a lot of people are looking at USD 110 to USD 115. The sentiment is bearish. We have almost cleared all our stocks and we're not buying any cargo. We are quite pessimistic; we think the market will fall further.”

The price hit a peak of USD 158.90 in February, a 16 month high.

voda 28 mei 2013 16:42

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Iron Road adds 1 billion tonnes resource at Central Eyre Iron Project

Iron Road announced that an additional one billion tonnes in Mineral Resources have been added to the Central Eyre Iron Project, increasing from 2.6 billion tonnes to 3.7 billion tonnes at a grade of 16% iron.

Highlights

1. Global Mineral Resource for CEIP increases by 42% to 3.69Bt at a grade of 16% iron for the Warramboo mineralisation.

2. The Mineral Resource now contains 2.7 billion tonnes in the Measured and Indicated categories (at a grade of 15.7% iron) that is eligible for conversion to a Mining Reserve (under the JORC Code), allowing the ongoing Definitive Feasibility Study to envisage a long life mining operation.

3. CEIP has the largest Measured + Indicated magnetite resource in Australia - whilst test work also indicates the project is one of the easiest to process with significantly less grinding required than other large scale projects.

It said “Importantly, the Measured and highest confidence level part of the resource now makes up 2.2 billion tonnes or 60% of the overall Mineral Resource. This resource upgrade places Iron Road in a strong position as the Company advances towards the final phase in CEIP’s development of project financing arrangements and commencement of construction.”

It added “Globally, the project now ranks in the Top 20 of magnetite projects alongside producing projects from Russia and the Ukraine together with advanced development projects in Canada. This significant Mineral Resource upgrade reinforces the belief that CEIP has the potential over time to produce one billion tonnes of high grade iron concentrate.”

Source - Strategic Research Institute

voda 28 mei 2013 16:53

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Order voor ArcelorMittal in Zambia

Gepubliceerd op 28 mei 2013 om 16:42 | Views: 35

AMSTERDAM (AFN) - De Zuid-Afrikaanse poot van ArcelorMittal levert in de komende 5 tot 7 jaar 120.000 ton staal aan het Chinese bedrijf Sinohydro Corporation, dat het materiaal zal gebruiken voor waterkrachtcentrales in Zambia. Dat maakte de staalfabrikant dinsdag bekend.

De betrokkenheid van ArcelorMittal bij de waterkrachtcentrales in Zambia is volgens het bedrijf onderdeel van zijn groeistrategie in Afrika. De staalproducent ziet ook groeimogelijkheden in onder meer Botswana, Malawi, Mozambique en Namibië. Financiële details over de order werden niet bekendgemaakt.

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