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voda 12 augustus 2019 09:00

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Salzgitter snijdt in omzetverwachting

Gepubliceerd op 12 aug 2019 om 08:47 | Views: 208

SALZGITTER (AFN/BLOOMBERG) - Het Duitse staalbedrijf Salzgitter heeft zijn omzetverwachting naar beneden bijgesteld. Dat wordt deels veroorzaakt door een te groot aanbod op de Europese markt en de dalende prijs voor staal die daar het gevolg van is. De onderneming handhaaft wel zijn winstverwachting.

In de eerste zes maanden had Salzgitter 4,5 miljard euro aan omzet. Dat was een jaar eerder nog 100 miljoen meer. De winst kwam uit op 96,4 miljoen euro tegen 135,4 miljoen euro in de eerste helft van 2018. Salzgitter produceerde ook minder staal in de eerste jaarhelft.

voda 12 augustus 2019 16:14

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Italian Steel Plant Clean-Up is a Towering Task - Report

Physics reported that steel giant ArcelorMittal strives to clean up and turn around Italy's most polluting plant. The site in southern Italy's Puglia region, formerly owned by Ilva, is at the heart of a huge legal battle during which experts cited by prosecutors have charged that of the 11,550 people who died in the area over seven years, 7,500 were killed by cardiovascular and respiratory diseases and cancers linked to toxic emissions. AcelorMittal began leasing the plant, with an obligation to buy it, in November, and is investing 2.4 billion euros to revive it, including 1.2 billion euros to curb pollution by 2024. ArcelorMittal was given a period of legal immunity to bring the plant up to environmental standards. But the Italian parliament revoked that in June and the company is set to lose its immunity on September 6.

Without immunity, ArcelorMittal Italia has said it might have to throw in the towel, despite having already begun implementing its clean-up plan, which includes enclosing conveyor belts and installing new quenching towers.

Red and black dust from parks of iron-ore and coal have long covered balconies and playgrounds in the nearby Tamburi and Paulo VI neighborhoods, and locals shut themselves in and schools close when the wind blows their way. Huge stockpiles, some 20 meters high, cover an area the size of 56 football pitches. Work on mammoth white coverings to enclose them, which are to be 480 metres long, 250 metres wide and 80 metres high, is the most obvious sign of progress at the European Union's largest steelworks. The twin structures, each made of 20,000 tons of steel, will be the biggest such structures in the world. Henri-Pierre Orsini, who is responsible for implementing the plan, told AFP "The object is to ensure zero dust emissions.”

The upgrades are aimed at reducing dust, metals and dioxins, through new fabric filtration technologies and dedusting systems, and stopping the run-off of polluted water.

The company runs tours for workers and their families to change how they view the plant and distance itself from its dark past and the graves in a cemetery just across the road. As Taranto suffers from record unemployment some feel everything should be done to save the steel works, which employs 12,000 people. But ArcelorMittal has struggled to win hearts. In June it temporarily laid-off 1,400 workers owing to sluggish market conditions, and prosecutors launched an investigation in July after a worker was killed when a crane was blown into the sea. The deadly accident sparked strikes.

And while the company pledges to slash dioxin and dust emissions to below EU limits, they cannot be eliminated entirely. Families who have been hit by abnormal levels of tumours and respiratory diseases around Taranto say the plant should be closed, and the sprawling site cleaned up.

Source : Physics

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voda 12 augustus 2019 16:16

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British Steel Bid - Turkish Fund Seen Favorite

Reuters reported that British government is set to announce a preferred bid for British Steel within days, with a Turkish fund seen as the front-runner, as it scrambles to save thousands of jobs. A government announcement is expected this week. The winning bidder will have two weeks to perform due diligence. Sources told Reuters “A Turkish consortium Ataer Holding led by military pension fund Oyak, which is also the largest shareholder in steelmaker Erdemir, is the front-runner.”

According to Sky News, Ataer Holding, which is poised to enter a formal period of exclusive negotiations to buy British Steel this week, has drawn up a business plan that would involve approximately GBP 900 million of investment over several years. The figure is in addition to a support package from the government that could amount to GBP 300 million in the form of grants, indemnities and loans on commercial terms.

UK’s second largest steelmaker was put into compulsory liquidation on May 22 after Greybull Capital, which bought the company from Tata Steel for one pound three years ago, failed to secure funding to continue operating it.

Source : Reuters

voda 12 augustus 2019 16:17

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Tata Steel Launches steeljunction Retail Store in Kolkata

Tata Steel last week launched its steel retail store steeljunction in a new avatar with an aim to create new paradigms in steel retailing for the B2C consumers by providing a one stop destination’ for consumers intending to go steel shopping. Inaugurated by Tata Steel CEO & MD Mr TV Narendran, the store will showcase steel products catering to four consumer segments - Home Décor & Gifting, Home Building, Home Making and Tools & Implements. Located in a premium Kolkata area, this 6,000-sq. ft. store promises to offer a unique steel shopping experience, better quality products, greater time and money value to customers through a comprehensive product range, services and in-store facilities.

Mr Narendran said “steeljunction is integral to our strategic focus on the retail segment. It is aimed at providing a differentiated steel purchase experience to discerning customers. Steel is the most sustainable metal with diverse applications. This initiative will give a fillip to consumption of steel as products will be made available from more accessible locations.”

Tata Steel continues to invest in stronger customer relationships, distribution networks and brands that focus on value-added segments such as retail, and help to strengthen the revenue profile. steeljunction will feature premium branded products of Tata Steel including Tata Tiscon, Tata Pravesh, Tata Wiron, Tata Colour, Tata Agrico and Durashine. Apart from showcasing its own branded products, Tata Steel has also collaborated with its vendor partners to feature their premium branded products in the home making space at this store.

While the steeljunction store will promote the look and feel of products, customer can easily book these products online through the Company’s E-selling platform ‘Aashiyana’, that clocked a business of over INR 100 crore within one year of its launch. ‘Aashiyana’ is the online retail platform of Tata Steel that empowers home builders with relevant information, inspirational ideas and reliable contacts at their fingertips.

The Company has a large retail business that leverages an extensive network of over 200 distributors and 12,000+ dealers and a strong portfolio of brands to sell branded steel across the country. This segment is relatively insulated from the international cycles and provides strong cash flows.

Source : Strategic Research Institute

voda 12 augustus 2019 16:17

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India’s DGTR Extends Response Deadline in Tin Plate Probe

India’s Director General Trade Remedies vide a notice dated 8th August , based on requests for extension of time for filing questionnaire response have been received from a Japanese exporter and a user association, has extended time for filing questionnaire response in anti-dumping investigation concerning imports of Coated/Plated Tin Mill Flat Rolled Steel Products originating in or exported from the European Union, Japan, USA and Korea RP to 30th August.

DGTR had initiated probe on June 28 and the original deadline was 40 days

The probe was initiated on petitions from JSW Vallabh Tinplate Private Limited and The Tinplate Company of lndia Limited

The product under consideration in the present investigation is tin mill flat rolled steel products that are coated or plated with tin or chromium / chromium oxides, either on one side or both sides, whether lacquered and/or printed or not. Tin mill fiat rolled steel products include Tinplate as well as Tin-free steel, which is also known as Electrolytic Tin Plate (ETP), Tin Free Steel (TFS), Electrolytic Chromium Coated Steel (ECCS). The product under consideration may be supplied in coil form or sheets / scrolls. The sheets / scrolls may be supplied in various shapes including, but not limited to, square, rectangle, circle or any other shape, with or without blanking.

Source : Strategic Research Institute

voda 12 augustus 2019 16:18

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Mechel Signs Long-Term Contract with China’s Baosteel Resources

Mechel PAO reported signing of a major contract for coking coal supplies with Baosteel Resources which is part of China Baowu Steel, China’s largest steelmaking group. The new agreement will be valid starting September 2019 to August 2020. During this time, Mechel will supply Baosteel Resources’ facilities with up to 700,000 tonnes of premium-grade coking coal. According to the contract, a major part of this coal, up to 40,000 tonnes monthly. will be supplied by Yakutugol Holding Company AO. The price will be determined on a monthly basis.

Mechel PAO’s deputy Chief Executive Officer Pavel Shtark said “Our Baosteel Resources partners are well aware of our products’ high quality and our focus on customers that we adhere to. Our companies have many years of positive cooperation to go by. I am sure that as our Far East project, Elga coking coal deposit, gradually develops, our trade and economic ties have a great potential for growth in years to come.”

Source : Strategic Research Institute

voda 12 augustus 2019 16:20

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EVRAZ Announces Financial Results for H1 2019

EVRAZ plc announced its unaudited interim results for the six months ended 30 June 2019. EVRAZ’ Chief Executive Officer, Mr Alexander Frolov, said that “We have finished the first half of the year with a set of rather healthy results, supported by positive trends in our key product markets. In Russia, we saw a recovery of the construction activity and, as a result, an increase in the consumption of most of our products. Our EBITDA reached almost USD1.5 billion, a 22% decline in year-on-year terms, amid depressed vanadium prices and lower average coking coal prices. This resulted in a slight increase of the net debt to LTM EBITDA ratio to 1.1x times as at 30 June 2019, compared with 0.9 times as at 31 December 2018. The efficiency programme generated USD 111 million of additional EBITDA during the period, mostly through productivity growth, yield improvements and numerous savings projects. Together with customer focus initiatives, these amounted to USD 150 million in total. Our total CAPEX reached USD 309 million. Major investment projects are currently in the equipment supplier selection stage or the engineering phase. Overall, the Group invested USD 79 million in development CAPEX in the first half of 2019.”

H1 2019 HIGHLIGHTS
Consolidated EBITDA totalled USD 1,482 million, down 22.2% from USD 1,906 million in H1 2018, driving the EBITDA margin down to 24.1% from 30.0% due to lower vanadium, coal and steel product prices.

EBITDA effect from cost-cutting and customer focus initiatives amounted to USD 150 million.

Net profit was USD 344 million, compared with USD 1,145 million in H1 2018.

The cash cost of steel and raw materials in Russia was mostly lower:
The cash cost of slabs decreased to USD 230 per tonne from USD 248per tonne in H1 2018
The cash cost of washed coking coal fell to USD 34 per tonne from USD 47per tonne in H1 2018
The cash cost of iron ore products was nearly flat at USD 38 per tonne (H1 2018: USD 37per tonne)

In Q2 2019 the US lifted the 25% Section 232 tariffs on steel imports from Canada and Canada removed its retaliatory tariffs. The US anti-dumping duty for imports of line pipe (16” or greater) produced in Canada was reduced from 24% to 12%.

Source : Strategic Research Institute

voda 12 augustus 2019 16:21

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Severstal Joins Renewable Energy Development Association

PAO Severstal has joined the Renewable Energy Development Association. ARVE is a non-profit organization representing the interests of participants in the renewable energy sector in Russia and leading activities to stimulate investment and promote the use of renewable energy in the country. The Association brings together a wide range of stakeholders, including generating companies, renewable energy project developers, equipment manufacturers and suppliers, research centers and financial institutions, in order to jointly ensure the formation of a reliable institutional environment and effective infrastructure for the influx of investments into the renewable energy sector.

Severstal pays close attention to the development of technologies for the renewable energy sector. Since 2014, the company’s metal service center in Kolpino (SMC-Kolpino) has been manufacturing and supplying steel billets for the construction of wind turbine towers. For the production of products, SMC-Kolpino uses metal rolling of the mill 5000 of the sheet-rolling workshop (LPC) of Severstal pipe production (LPC is located on the same industrial site as the SMC-Kolpino).

In December 2018, Severstal, together with RUSNANO Management Company and Windar Renovables SL, opened the VRS Tower LLC plant in Taganrog, Rostov Region. The plant was built as part of the state program for the development of renewable energy, which provides for the localization of renewable energy equipment and the creation of a new sector of high-tech power engineering. The joint venture was the first Russian production of towers for wind power plants. At the first stage, the total investment in the project will amount to more than 750 million rubles.

Source : Strategic Research Institute

voda 12 augustus 2019 16:21

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Bekaert Improves Profitability & Reduces Debt Leverage

In challenging market conditions, Bekaert improved its financial performance in the first half of 2019: Achieved 3% sales growth, particularly in tire and construction markets; Realized major cost savings in operations and overheads; Enhanced pricing power and product-mix; Improved the business mix of Bridon-Bekaert Ropes Group; Significantly improved the average working capital on sales; Deleveraged and successfully refinanced debt.

Underlying EBIT reached EUR 126 million for the first half of 2019, up 14% from last year and representing a margin on sales of 5.7%. Underlying EBITDA totaled EUR 239 million, up 12% and reflecting a margin of 10.8%. Underlying ROCE was 9.3% compared with 8.1% for the same period last year. Net debt on underlying EBITDA improved from 3.1 (as per 30 June 2018) over 2.7 (at the close of 2018) to 2.6 on 30 June 2019.

Outlook – “The business conditions in various sectors are trending lower as a result of continued uncertainty. We do not foresee a rebound in our agriculture, automotive OEM, and industrial markets in the near future. We project tire and construction markets to hold up well, but with the normal seasonality of the second half of the year. We will continue to offset the headwinds with effective cost actions and by making further progress in enhancing our operating performance. Despite seasonality and a softening demand in various sectors, we will continue to focus on year-on-year underlying EBIT margin improvement as we progressively rebuild to above 7% over the medium term. We will further strengthen our balance sheet with strict control on working capital and capital expenditure, in order to continue reducing net debt/underlying EBITDA.”

Source : Strategic Research Institute

voda 12 augustus 2019 16:23

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Vietnam Starts Sunset Review of Safeguard Measure on Steel Billets & Rebar

The Trade Remedies Authority of Vietnam is verifying some domestic companies’ dossiers that seek a sunset review of the safeguard measure on steel billets and long steel products imported into the country. On July 18, 2016, the Minister of Industry and Trade decided to take the global safeguard measure on steel billets and long steel products imported into Vietnam. The measure is applied for four years, from March 22, 2016 to March 21, 2020. On May 31 this year, the TRAV, an agency of the MoIT, issued an announcement asking domestic companies that want to seek a sunset review of the safeguard measure to submit dossiers. In July, steel companies Hoa Phat Hai Duong Steel JSC, Southern Steel Company Ltd, VNSteel, Thu Duc Steel JSC and Bien Hoa Steel JSC submitted sufficient documents, the TRAV said, adding that within 30 days since the dossier reception, it will verify those documents to submit them to the MoIT minister for consideration of whether or not the sunset review will be conducted.

The TRAV has also called on other domestic businesses to provide relevant information to serve the verification.

Data of the MoIT show that Vietnam imported 4.97 billion USD worth of steel products in the first half of 2019, up 0.8 percent from the same period last year. The biggest steel exporters to the country were China, the Republic of Korea and Japan.

Source : Vietnam Plus

voda 12 augustus 2019 16:23

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Bokaro MSMEs Going Bankrupt Due To Payment Delay by SAIL BSL

Telegraph India reported that MSMEs of Bokaro, facing closure due to delayed payments by Bokaro Steel, were planning to meet Union steel minister Dharmendra Pradhan who was scheduled to visit the steel town on Sunday to lay the foundation stone of an LPG bottling plant. Mr Sanjay Vaid, the president of Bokaro Chamber of Commerce said that “We will try to meet the minister during his Bokaro visit. We have requested Bokaro MLA Biranchi Narayan to arrange a meeting. The situation is going out of hand due to locked up capital owning to delay in payments by BSL.”

Of the 250-odd industrial units at Bokaro Industrial Area Development Authority in Balidih, many were on the verge of shutting down, claimed Vaid.

Mr Vaid said that “I sent a letter to the steel minister on Thursday detailing the unforeseen situation faced by MSMEs of Bokaro since last six-seven months due to the apathetic attitude of BSL adding that some of the suppliers have been catering to the steel PSU ever since it was established in 1965.”

The Telegraph had reported on July 19 how because of inordinate delays in issuing goods receipt note (GRN) /acceptance on the part of BSL against materials supplied, MSMEs were unable to raise bills.

Source : Telegraph India

voda 12 augustus 2019 16:32

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AIL Declares Q1 Results

Announcing the Q1 performance for the Financial Year 2019-20 (Q1 FY20), Steel Authority of India Limited declared profit before tax of INR 103.93 crore and profit after tax of INR 68.84 crore. The volatile market conditions, which have led to subdued demand as well as realisations, have impacted the performance of the entire Steel Industry including SAIL. Accordingly, SAIL witnessed a reduction in its top-line as well as bottom-line despite having consistent physical performance. Meanwhile, SAIL is maintaining the tempo of improving its physical performance and has registered its best ever Hot Metal and Saleable Steel performance for Q1 at 4.323 million tonne and 3.653 million tonne respectively. Despite the challenging market conditions, SAIL achieved Saleable Steel sales volume of 3.249 Million Tonnes during the first quarter of FY’20 which was almost equal to the performance during CPLY.

Voor cijfers, zie pdf

Mr Anil Kumar Chaudhary, Chairman, SAIL said that “The domestic steel industry has witnessed lower NSR and subdued demand during the first quarter of the financial year compared to CPLY. However, with the government announcing planned investments in steel intensive sectors including infrastructure & construction, a positive impact can be expected for the industry for the rest of the financial year. Coupled with this, the Company’s strategic priorities to ramp up volumes especially from the modernized units, improving product-mix and improving operational efficiencies lend a positive outlook to the Company’s future. Inspite of market challenges, the Company has continued its profit streak over past seven quarters.”

Source : Strategic Research Institute

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voda 12 augustus 2019 16:33

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Hebei Province Warns Cities for Pollution Failures

Reuters reported that China’s biggest steel producing province of Hebei has summoned the leaders of three cities after they failed to control air pollution in the first half of this year. , the local environmental protection agency said in a notice “Some local party committees and governments were paying insufficient attention to the prevention and control of air pollution, pointing to supervision blind spots.”

Hebei, which produces about a quarter of the country’s steel, is set to impose tougher emission requirements on its industrial firms this year, and the province is under more pressure from neighboring Beijing after three of its cities failed to meet their smog targets in the first six months. Average concentrations of hazardous airborne particles known as PM2.5 rose in the cities of Handan, Hengshui and Xingtai in the first half of 2019, bucking provincial and national trends and “failing to meet public expectations”, Hebei’s environmental protection agency said.

Source : Reuters

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voda 12 augustus 2019 16:35

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Tata Steel to Reduce CAPEX in 2019-20 amid Slowdown

PTI reported that facing headwinds amid a slowdown in the economy, Tata Steel Ltd on Saturday said it is likely to revise the planned capital expenditure for 2019-20 to INR 8,000 crore from INR12,000 crore. Tata Steel CEO and MD Mr TV Narendran said "We have given a guidance that the CAPEX will be 20-25% lower than the original plan between Europe and India operations. Our original estimate was INR 12,000 crore for the Tata Steel Group, it will now be around INR 8,000 crore."

He said "Both sides (India and Europe) will take a cut.”

He said the CAPEX for India will largely be deployed for its Kalinganagar plant in Odisha.

Of the INR 12,000 crore, the steel major had initially planned to spend around INR 8,000 crore on India operations.

Source : PTI

voda 12 augustus 2019 16:36

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Goa to E Auction 5 Million Tonnes of Iron Ore

ToI reported that Goa government last week decided to e-auction 5.34 million tonnes iron ore lying at jetties and plots on August 22. The state government had identified 15 million tonne ore lying at jetties and plots out of which 10 million tonnes have been e-auctioned.

In 2012, the Supreme Court in its judgment had declared mining after 2007 as illegal. Ore lying at jetties and plots were declared as state property. In March 15, 2018, mining in Goa came to a halt following the apex court order quashing second renewal of 88 mining leases. Since then the state government is trying to restart mining.

Source : TOI

voda 12 augustus 2019 16:36

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Odisha to Resume Auctions of Iron Ore Blocks

Business Standard reported that the Odisha government has decided to revive auctions of iron ore blocks. A high-level committee of the state government has decided to issue the Notice Inviting Tenders for auctions of 11 more virgin blocks on August 16. The proposed roster includes eight iron ore blocks and one each for manganese, graphite and limestone. All the enlisted blocks will be offered as composite licenses-prospecting licenses cum mining lease. The freehold blocks lined up for auctions are Narinpanga, Pureibahal, Chandiposhi, Jhumka Pathiriposi, Dholtapahad, Unchabali, Gandhalpada, Rengalbeda North-East, Netrabandha Pahar (West), Kalimati and Uskalvagu.

The second phase of the auction follows the NITs issued on July 31 this year. The tenders were for seven non iron ore blocks. The high level committee had kept in abeyance the decision to open tenders for iron ore blocks.

The state government has decided to carry forward with the auctions process. Accordingly, it has worked out tentative schedules. A pre-bid conference is to be held on August 28 with technical bids opening on September 23. The preferred bidder is set to be announced on October 22 and November 1. The letter of intent to the successful bidder is proposed to be issued on November 15.

Source : Business Standard

voda 12 augustus 2019 17:09

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Danieli Breda Performed Final Acceptance Tests on New Graphite Extrusion

Recently Danieli Breda performed the Final Acceptance Tests on the new graphite extrusion technology supplied to Graftech Ibérica SL, Navarre, Spain, for the production of the graphite electrodes. Danieli Bredas’ 35-MN Graphite Extrusion Press, equipped with a tilting container, allows vertical charging of the graphite paste, which notably enhances the press performance in terms dead-cycle time reduction and a consequent increase in productivity.

During the test the press was switched to fully automatic mode and met all contractual technical and performance figures.

Source : Strategic Research Institute

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voda 12 augustus 2019 17:10

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Metinvest Executes First Procurement Transaction through Blockchain

Metinvest, the vertically integrated steel and mining group of companies, is pleased to announce that it has signed its first smart contract on we.trade, a trade finance blockchain platform supported by UniCredit. The we.trade platform works in partnership with major European banks (Austria, Belgium, Denmark, Finland, France, Germany, Great Britain, Greece, Italy, Netherlands, Norway, Spain, Sweden and Switzerland) and is based on distributed ledger technology, the major underlying elements of which include blockchain and smart contracts. When a smart contract is created on the we.trade platform, the payment will be automatically triggered according to the terms agreed by the counterparties once the buyer has confirmed the delivery of the goods, making the transaction considerably faster and more transparent.

This blockchain transaction demonstrates the importance of digitalization in the steel industry. We.trade is a truly successful inter-bank collaboration that can help to redefine business relationships among companies, removing obstacles that typically make international transactions costly and complex while delivering benefits for corporates.

Commenting on the deal, Mr Jamilya Baimukhambetova, Head of Corporate Finance at the European Re-rolling Business Unit of Metinvest Group, said that “We are pleased to continue our cooperation with UniCredit. Importantly, this is the first blockchain transaction provided by UniCredit to Metinvest Group and is a new digital instrument for us. Blockchain technology allows for the creation and management of a large distributed transaction management database that can be shared across multiple nodes of a network. Such transactions demonstrate the Group’s willingness to work in a trusted environment with secure technology, improved risk mitigation and enhanced visibility.”

The underlying transaction is the purchase of equipment for one of Metinvest’s production re-rollers from a European supplier. One of the pilot project’s objectives is to try the new platform from the client side, so that the Group can evaluate its potential as a new type of payment terms that it can offer to some of its major customers.

Exploring the potential of blockchain trade finance is one way that Metinvest Group is implementing its digital innovation strategy.

Source : Strategic Research Institute

voda 12 augustus 2019 17:11

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Moody's Affirms Nippon Steel's Baa1 Ratings

Moody's Japan KK has affirmed NIPPON STEEL CORPORATION's Baa1 senior unsecured debt rating as well as the Baa3 subordinate rating. At the same time, Moody's has changed the outlook on the ratings to negative from stable. This action follows NSC's announcement of its full-year guidance that its consolidated business profit will be JPY150 billion for the fiscal year ended March 2020 (fiscal 2019), down 55% from the previous year.

Mr Takashi Akimoto, a Moody's Analyst said that "The change in outlook principally reflects the likelihood that NSC's financial profile will deteriorate over the next 12-18 months, as challenging conditions in both the Asian and Japanese domestic steel markets will pressure its earnings. He added that “The deterioration in NSC's operating performance reflects the challenging steel market conditions and higher raw material prices. These factors, along with NSC's planned acquisition of Essar Steel India Limited, will likely push its debt/EBITDA towards 5.0x for fiscal 2019 from 3.6x for fiscal 2018.”

Market demand for NSC's core value-added flat steel products has moderated due to weakness in its end markets, represented by the auto sector. At the same time, the cost of its raw materials iron ore and coking coal prices have risen. The narrowing product spreads are pressuring NSC's profitability, because its sales contracts entail a time lag in adjusting sales prices to pass on raw materials costs.

NSC's Baa1 senior unsecured rating reflects its position as one of the largest steel producers in the world. NSC also benefits from its leading market positions across a diverse portfolio of premium steel products, and in particular in specialized steel for automobiles and tubular products for the energy industry. At the same time, the rating takes into consideration the company's weak profitability and the inherent volatility of the steel market.

The negative outlook indicates that NSC's ratings are unlikely to be upgraded.

The outlook on NSC's ratings could return to stable if the company meaningfully improves its profitability and financial leverage through the steel business cycle, with debt/EBITDA sustained below 4.5x.

On the other hand, NSC's ratings could be downgraded if its profit deteriorates, or if leveraged M&A activity or share repurchases push its leverage above Moody's expectation, with debt/EBITDA rising above 4.5x on a sustained basis.

Source : Strategic Research Institute

voda 12 augustus 2019 17:11

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Hòa Phát Group Post Low Profits on Rising Iron Ore Prices

Hòa Phát Grouphas reported revenue of VND 15.3 trillion (USD 656.7 million) in the second quarter, up 6% YoY, but its profit after tax declined 7% in the reviewed period, reaching VND 2.05 trillion. Ending June, the company’s revenue increased 10.3% on year to more than VND 30 trillion, but its net profit dropped 12.8% to VND 3.86 trillion.

Hoa Sen Group (HSG) reported its net revenues slumped by 30% to VND7.2 trillion (USD 309 million) in the third quarter for the fiscal year 2018-19 (April 1 – June) but its net profit rose 94% year-on-year to VND161 billion.

It said it managed to cut management costs by 50% thanks to installing the enterprise resource planning and focus on exploring new export markets.

Sharp increases in iron ore prices were attributable to unenthusiastic business results of steel companies, according to analysts at Vietinbank Securities JSC.

The price of iron ore, which account for 30-40% of the cost of steel production, rose to USD 130 per tonne in some future contracts, the highest since 2016. Higher cost of production accompanied by increasing capacity of domestic enterprises is driving up competition, a July report on the steel industry of Vietinbank Securities JSC showed.

Source : Vietnam News

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