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voda 14 november 2019 19:35

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US Steel Mills Shipments in September down by 8.3% MoM

The American Iron and Steel Institute reported that for the month of September 2019, US steel mills shipped 7,767,310 net tons, a 8.3% decrease from the 8,472,088 net tons shipped in the previous month, August 2019, and a 0.6% decrease from the 7,811,745 net tons shipped in September 2018. Shipments year to date in 2019 are 72,577,746 net tons, a 1.6 percent increase vs. 2018 shipments of 71,468,627 net tons for nine months.

A comparison of September shipments to the previous month of August shows the following changes: cold rolled sheets, down 5%, hot dipped galvanized sheets and strip, down 9% and hot rolled sheets, down 10%.

Source : Strategic Research Institute

voda 14 november 2019 19:40

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Desktop Metal Studio System now 3D printing in 4140 chromoly steel

Desktop Metal has announced the latest addition to its 3D printing materials portfolio, 4140 chromoly steel. Designed for low volume production and prototyping on its office friendly Studio System, the material is characterised by its toughness, high tensile strength, abrasion and impact resistance, and joins H13 tool steel and 316L and 17-4 PH stainless steels, in the company’s metals library. Early tests show that the material is ideal for applications in industries such as automotive, oil and gas, pumps and hydraulics, agriculture and defense.

Desktop Metal has put forward a number of examples where the material could be beneficial such as the manufacture of connecting rods for combustion engines. The company says 4140 is a key material choice for the creation of functional prototypes as it can withstand necessary high temperatures and mechanical stresses. Further examples include custom press brake tools for sheet metal tooling due to the materials toughness and resistance impact, and the creation of working models for complex mechanical couplings used in machinery.

Source : Strategic Research Institute

voda 14 november 2019 19:42

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Big River Steel to Supply Steel to Array Technologies for Solar Installations

Array Technologies and Big River Steel have announced a long-term relationship between the two companies in which BRS will serve as a consistent provider of high-quality steel products used in Array’s industry-leading solar tracking equipment.

Source : Strategic Research Institute

voda 14 november 2019 19:42

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thyssenkrupp Starts test Use of Hydrogen in Blast Furnace

thyssenkrupp has launched a series of tests into the use of hydrogen in a working blast furnace. They are the first tests of their kind and are aimed at reducing significantly the CO2 emissions arising during steelmaking. The start of the test phase in the presence of NRW economics and digital minister Prof. Dr. Andreas Pinkwart marks a milestone in the transformation towards climate-neutral steel production.

The tests now started are an important part of thyssenkrupp’s climate strategy to become climate-neutral by 2050. By 2030 emissions from the company’s own production and processes (scope 1 emissions) as well as emissions from the purchase of energy (scope 2) are to be reduced by 30 percent. Dr. Klaus Keysberg, member of the Executive Board of thyssenkrupp AG responsible for the group’s materials businesses said that “We’ve set ourselves a clear goal with our climate strategy. Steel production will play an important part in reaching our climate targets because the potential for reducing emissions is huge. That’s why we’re working flat out to drive the transition to hydrogen technology.”

Source : Strategic Research Institute

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voda 14 november 2019 19:57

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Australia Makes Sunset Review Judgment on HR Section Steel Imports from Taiwan

The Australian Anti dumping Commission issued notice 2019 / 126, the Australian Minister of Industry, Science and adopted the Australian Anti-dumping Commission on imports from Japan, South Korea, Taiwan and Thailand hot rolled Structural Steel Sections) made the first anti-dumping sunset final judgment recommendation, decided from November 20, 2019, To terminate the current anti-dumping measures of Tung Ho Steel Enterprise Corporation in Taiwan; At the same time, continue to extend Japan, South Korea, Taiwan excluding enterprise Feng Hsin Steel Co Ltd and the Tung HoSteel Enterprise Corporation and Thailand involved in the products of the existing anti-dumping measures.

On October 24, 2013, Australia launched an anti-dumping investigation into hot-rolled steel imported from Japan, South Korea, Taiwan and Thailand. On November 20, 2014, Australia issued a final anti-dumping ruling on imports of hot-rolled section steel from Japan, South Korea, Taiwan and Thailand. On January 3, 2019, Australia launched an investigation into the mid-term review of anti-dumping of hot-rolled section steel imported from Japan, South Korea, Taiwan and Thailand.

Source : Strategic Research Institute

voda 14 november 2019 19:58

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ArcelorMittal Taranto Plant Spark Fire Due to Furnace Hole

ANSA reported that a hole in the second blast furnace at the ArcelorMittal steel plant in Taranto sparked extremely high flames that reached some gas pipes. Unions FIM, FIOM and UILM said that "Only the prompt intervention of firefighters that managed the emergency in a professional manner avoided the worst, denouncing poor safety at the plant and calling for ordinary and extraordinary maintenance work, which has so far only been announced, without any effective intervention".

The Franco-Indian group's Lucia Morselli said last week that the plant would gradually shut down as ArcelorMittal implemented its plan to pull out of a deal to take over the works and the rest of the Italian steel group.

Source : ANSA

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voda 14 november 2019 19:59

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Iranian President Opens Baft Steel Mill

Iranian President Hassan Rouhani has opened a new steel mill at Baft Steel with a production capacity of 1.5 millions tonnes in southeastern province of Kerman. The mill has a total designed capacity of 800,000 tonnes a year for direct reduced iron, while it will produce a similar amount of crude steel.

It said construction for the mill started in 2017. More than EUR 120 million have been spent on the project where construction has involved 50,000 tons of concrete pouring, 4,890 tonnes of steel structure and 7,641 tonnes of machinery installation.

Source : Press TV

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voda 14 november 2019 20:19

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US Steel Lays Off Workers in Granite City Due to Challenging Market

An undisclosed number of non-union employees at Granite City’s US Steel plant have been laid off. US Steel spokesperson Ms Amanda Malkowski said “The layoffs were due to “challenging market conditions. We’ve been battling challenging market conditions, which means we need to truly become a leaner, more efficient organization faster. As part of this process, we are taking the difficult step to eliminate a number of non-represented positions in the United States.”

Ms Malkowski said that “Unfortunately, this was a necessary step in the execution of our strategy which will deliver cost and capability differentiation to create a world competitive best of both footprint. It’s always difficult when we have to say goodbye to valued colleagues, but these moves will allow us to better manage our resources amid challenging market conditions.”

Source : Strategic Research Institute

voda 15 november 2019 09:56

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ArcelorMittal krijgt groen licht voor overname Essar - media

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
14,966 0,182 1,23 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft toestemming gekregen van de hoogste rechtsprekende instantie in India voor de afronding van de overname van Essar Steel. Dit meldde persbureau Bloomberg vrijdag.

Met de overname van het failliete Essar steel is krap 6 miljard dollar gemoeid.

Volgens Bloomberg lijkt hiermee de laatste horde door ArcelorMittal genomen om eindelijk Essar te kunnen inlijven. Daarmee wordt een langdurig en onzeker proces afgesloten.

Op 4 juli oordeelde de ondernemerskamer dat de schuldeisers van het failliete Essar Steel circa 60 procent van hun vorderingen ontvangen uit de betalingen van ArcelorMittal. De ondernemerskamer stelde dat de verkoopopbrengsten proportioneel verdeeld zouden worden over de schuldeisers.

De schuldeisers kondigden vervolgens aan in beroep te gaan.

De rechters zetten de overname van Essar vervolgens in de wacht.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 15 november 2019 10:58

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Italian Government Will Fight ArcelorMittal Exit from ILVA

ANSA reported that Foreign Minister Mr Luigi Di Maio said the government will oppose the suit filed by ArcelorMittal to get out of their contract to take over the former ILVA steel works, including its Taranto plant, the biggest in Europe. Mr Di Maio told Radio24 that "We will oppose the request presented by ArcelorMittal to rescind the contract. The contract must be respected.”

The former ILVA group's three extraordinary commissioners are expected to file an appeal by Friday stating that the juridical conditions do not exist for the Franco-Indian steel giant, the world's largest, to pull out of the takeover deal.

Source : ANSA

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voda 15 november 2019 10:59

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SSAB to be first to market with fossil-free steel

SSAB plans to be the first company in the world to get fossil-free steel onto the market. The plan for transitioning to iron-ore based fossil-free steel production was presented to more than 400 customers and key players in the industry, in conjunction with SSAB’s Swedish Steel Prize seminars this week in Stockholm. Mr Martin Lindqvist SSAB’s President and CEO said ”SSAB will offer the first fossil-free steel products on the market already in 2026. We seek to initiate partnerships with our customers around common goals so that they can be the first in the world to include fossil-free steel in their own products.”

Recently it was announced that the HYBRIT initiative, where SSAB is one of the owners, will step up work and that SSAB will be able to deliver fossil-free steel to the market already in 2026. In line with SSAB’s global ambitions, the company anticipates that its US operations, which utilize scrap-based electric arc furnace technology, will be powered completely by renewable energy by 2022 in its Iowa operations. It will also be able to offer fossil-free steel products starting in 2026, utilizing sponge iron developed through the HYBRIT initiative in Sweden.

That SSAB already at this stage seeks to engage customers in its plans to switch over to a completely new steelmaking technology is a natural step in the company’s ambition to step up the pace in transitioning to being fossil free.

In 2016, SSAB, together with LKAB and Vattenfall, launched the HYBRIT initiative with the goal to replace coal and coke, which are used as reduction agents in the steelmaking process, with fossil-free hydrogen gas. Interest in fossil-free steel has since grown rapidly. SSAB, LKAB and Vattenfall, the owners behind the HYBRIT initiative, have decided on investments totaling around SEK 1.7 billion and the Swedish Energy Agency has granted government support totaling SEK 599 million.

Further, SSAB has decided to replace the two blast furnaces in Oxelösund with an electric arc furnace already in 2025. This will eliminate most of the carbon dioxide emissions at SSAB Oxelösund. The switch to an electric arc furnace is a necessary step in order to be able to utilize the sponge iron from the HYBRIT demonstration plant, which will start operating at the same time.

Source : Strategic Research Institute

voda 15 november 2019 11:00

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EUROFER Seeks Scrutiny of Jingye bid for British Steel

European steel lobby EUROFER plans to raise concerns over Chinese group Jingye's proposed purchase of British Steel with the European Commission, saying the deal may flout rules on fair competition. Mr Axel Eggert, director general of EUROFER told Reuters that "We need to be sure there is no state aid contribution by the UK government which could be considered as not in line with EU state aid rules.”

EUROFER said the planned purchase is a fresh instance of China exporting excess steel capacity to the edge of the European Union.

Source : Reuters

voda 15 november 2019 11:05

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JSW Bhushan Power Acquisition in Deep Freeze

Business Standard reported that JSW Steel, looking to acquire bankrupt Bhushan Power and Steel Ltd, might have a longish wait. . The ED is learnt to have told the tribunal and the Union ministry of corporate affairs that revoking property attchment will require amending the Prevention of Money Laundering Act. A senior ED official said that “The probe agency, under Section 41 of PMLA, cannot revoke any action taken under the said law, unless the Supreme Court intervenes.”

Section 41 says: "No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Director, an adjudicating authority or the appellate tribunal is empowered by or under this Act to determine, and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act."

The National Company Law Appellate Tribunal had directed the government's Enforcement Directorate to revoke the properties the latter had attached of Bhushan. The ED had done so on the reasoning that these were proceeds from criminal acts.

Source : Business Standard

voda 15 november 2019 11:06

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Salzgitter Group Reports 9 Months Results

In an environment characterized by great political uncertainty, compounded by multiple trade conflicts and economic headwind, the Salzgitter Group generated a pre-tax profit of EUR 40.7 million in the first nine months of the financial year 2019. The gradual decline in rolled steel selling prices over the course of the year, accompanied by a temporary sharp increase in the cost of iron ore and a downturn in demand, not only from the automotive sector, burdened the steel producing and processing companies in particular. By contrast, the KHS Group as the largest company of the Technology Business Unit continues to develop very satisfactorily.

The Salzgitter Group’s external sales decreased to EUR 6,637.3 million in the first nine months of the financial year 2019 (9M 2018: EUR 6,931.2 million) due above all to selling prices. Earnings before taxes of EUR 40.7 million (9M 2018: EUR 284.6 million) comprise a risk provision of EUR 141.0 million in connection with the desired mutually agreed and timely end to the investigations conducted on the grounds of suspected cartel arrangements regarding heavy plate and strip steel products, as well as well as the release of EUR 48.8 million in provisions at the Strip Steel and Plate / Section Steel business units. The result also includes a contribution of EUR 78.1 million from the participating investment in Aurubis AG accounted for using the equity method (9M 2018: EUR 29.2 million). The after-tax result stood at EUR –29.8 million (9M 2018: EUR 194.0 million). The high tax rate is attributable in particular to the provision established in the context of an end to the anti-trust investigation proceedings and that is not tax deductible, as well as to the remeasurement of deferred tax assets relating to loss carryforwards. Earnings per share therefore came in at EUR –0.63 (9M 2018: EUR 3.51) and return on capital employed at 2.5 % (9M 2018: 11.6 %). Even after another reduction in the actuarial rate applicable to pension provisions to only 0.75 %, the company continues to enjoy an extremely sound financial basis, with an equity ratio of 33 %.

Outlook - We affirm our earnings forecast for the financial year 2019, adjusted on September 26. Against the backdrop of restructuring expenses still to be determined for the implementation of the “FitStructure 2.0” profit improvement program, we anticipate for the Salzgitter Group a pr-tax loss in the mid-double-digit million euro range, lower external sales of under EUR 9.0 billion compared with the previous year, a return on capital employed (ROCE) that is tangibly below the year-earlier figure. We make reference to the fact that criteria of the annual financial statements and imponderables, including changes in the cost of raw materials, precious metal prices and exchange rates, may still have a considerable impact on the end of the financial year 2019.

Source : Strategic Research Institute

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voda 15 november 2019 11:07

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Flack Global Metal to Build Coil Coating and Processing Facility in Osceola

Leading US metals service center Flack Global Metals announced that it is moving forward with plans to build and operate a coil coating and downstream processing facility adjacent to Big River Steel's Flex Mill located in Osceola in Arkansas. FGM has plans to invest approximately USD 150 million and create more than 150 new jobs with its business expansion plan. FGM hopes to begin construction on the facility in the summer of 2020 and to commission the facility in late 2021.

This investment will add production capability to the Big River Steel campus for pre-painted steel and aluminum coils. Downstream slitting, blanking and embossing are being developed to further add value to painted material and to complement FGM's growing business platform.

Source : Strategic Research Institute

voda 15 november 2019 11:10

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Breal Capital Acquires Pulman Steel

Insider Media reported that a historic West Yorkshire steel business which employs more than 80 staff has been acquired by private equity firm Breal Capital. Founded in 1830, Pulman Steel has grown to become one of the largest independent steel stockholders and leading steel processing centres in the North. It employs more than 80 people with a turnover expected to reach GBP 13 million in 2019. The company operates from a purpose-built, 100,000 sq ft facility in Sowerby Bridge near Halifax, and serves industries including fabricating, sheet metal, construction, engineering, storage, oil and gas, transport, aerospace, rail and offshore energy.

Following the acquisition, Pulman Steel has become part of Breal Capital's network of regional UK steel stockholders, and is set to benefit from the combined buying power and operational synergies of the group.

Following the acquisition, majority shareholder David Shoesmith will retire from Pulman Steel following a short handover. Shareholder and finance director Chris Horner will remain with the business and work with the long-standing management team, with the support of Breal Capital, to continue the growth of the company.

Mr Horner said that "Becoming part of Breal Capital's family of businesses will support our continued strategic growth and strengthen our position as one of the largest, independent steel stockholders in the North of England. Our customers will directly benefit from our new position as a result of the economies of scale that comes with being part of a larger network while maintaining our dedicated and established service to industry across the North."

Source : Insider Media

voda 15 november 2019 11:12

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UK Steel Director Statement on Jingye Steel Sales Contract

Commenting on the announcement that Chinese firm Jingye Steel has entered into a sales contract to purchase British Steel, Mr Gareth Stace, UK Steel Director General, said that “This announcement is positive news for British Steel and its workers. British Steel’s production facilities in Scunthorpe and elsewhere in the North East represent one third of the UK’s steel production and are a major strategic asset to our country; their loss would leave our manufacturing, construction and infrastructure capability in a considerably poorer state. Today’s announcement is a huge hurdle overcome on the way to delivering a sustainable future for this cornerstone of British industry. A commitment to long-term investment and production in the UK is absolutely essential and naturally must sit at the heart of any purchase that now goes ahead.”

He added “Government support will be critical in helping to deliver this and its efforts and interventions already provided to date are to be much welcomed. We must not lose sight of the longer term picture for the whole steel sector. It is vital we move on” from the current reactive approach, to one in which a shared, long-term strategic vision sits front and centre. Today we have launched an ambitious new manifesto for the UK steel sector that does just that. We urge politicians of every stripe to take note and take action."

Source : Strategic Research Institute

voda 15 november 2019 11:12

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Tata Steel sets up 4 Vertical

Tata Steel is bringing together its mining activities under a single vertical to be called Tata Steel Mining. The vertical will include Tata Steel Alloys, the steelmaker's wholly-owned subsidiary that recently bagged chrome ore mines in Odisha. Global CEO and Managing Director, TV Narendran said that "Tata Steel Mining will be the vehicle for all mining activities. The company will participate in mining auctions under Tata Steel Mining.”

Mr Narendran had said that the company is consolidating domestic business units into four verticals long products, downstream, mining and infrastructure.

Source : Money Control

voda 15 november 2019 11:13

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US Steel to Reduce Greenhouse Gas Emissions Intensity By 20%

United States Steel Corporation took another step in the execution of its strategy to become the best of both in the steel industry with the announcement of its plans to reduce greenhouse gas emissions intensity across its global footprint. The company has set a goal to reduce its global greenhouse gas emissions intensity by 20%, as measured by the rate of carbon dioxide equivalents emitted per ton of finished steel shipped, by 2030 based on 2018 baseline levels. This target will apply to US Steel’s global operations.

US Steel’s greenhouse gas emissions intensity reduction goal will be achieved through execution of multiple initiatives. These include the development of electric arc furnace steelmaking at US Steel’s Fairfield Works and at Big River Steel, the first LEED-certified steel mill in the nation, in which US Steel recently acquired a minority interest with an option to acquire the remainder over the next four years. Electric arc furnace steelmaking relies on scrap recycling to produce new steel products, capitalizing on steel’s status as the most recycled material on earth. Further carbon intensity reductions are expected to come from the company’s introduction of state-of-the-art endless rolling and casting technology and construction of a cogeneration facility at its Mon Valley Works announced in May, as well as implementation of ongoing energy efficiency measures, continued use of renewable energy sources and other process improvements.

Source : Strategic Research Institute

voda 15 november 2019 11:14

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KIOCL Reports Q2 Result

KIOCL Ltd recorded a profit after tax of INR 4.07 crore in the second quarter of 2019-20 as against a profit of INR 49.52 crore in the corresponding period of previous fiscal. The total revenue of the company stood at INR 386.04 crore (INR 450.02 crore) during Q2. Of this, the revenue from operations was at INR 361.22 crore (INR 425.42 crore) during the period. The company recorded a profit after tax of INR 20.71 crore in the first six months of 2019-20 as against INR 45.89 crore in the corresponding period of 2018-19. The total revenue of the company increased to INR 1012.71 crore (INR 875.42 crore) in the H1 of 2019-20. Of this, revenue from operations was at INR 959.66 crores (INR 818.60 crore) during the period.

Mr MV Subba Rao CMD of KIOCL Ltd said here that “The company’s profitability has been affected due to severe drop in global steel as well as pellet prices. The company is continuing to procure iron ore from different sources to reduce input raw material cost, he said, adding that it is continuously exploring new markets for sale of pellets as well as raw material sources for cost effectiveness.”

Source : Strategic Research Institute

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