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voda 8 april 2020 14:38

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Brussel verhoogt heffingen op Chinees staal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
22,00 0,82 3,87 % Euronext Amsterdam
ArcelorMittal
9,337 -0,205 -2,15 % Euronext Amsterdam
Bekaert
17,96 1,36 8,19 % Euronext Brussel

(ABM FN-Dow Jones)De Europese Commissie heeft de importheffingen verhoogd op staal uit China, Indonesië en Taiwan, om dumpen van staal tegen lage prijzen op de Europese markt tegen te gaan. Dit maakte Brussel woensdag bekend.

De heffingen gaan omhoog van 6 procent naar 18,9 procent voor warmgewalste roestvrij stalen spoelen en platen uit de genoemde landen. Het tarief is gebaseerd op het niveau dat economische schade voor Europese staalproducenten wegneemt.

De maatregel geldt voor maximaal zes maanden, waarin de Commissie zal onderzoeken of definitieve maatregelen nodig zijn of niet.

Ook blijft Brussel onderzoeken of er sprake is van subsidiëring van de staalsector door overheden bij dezelfde producten.

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

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

voda 8 april 2020 15:39

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Nippon Steel Banking Blast Furnaces at Kashima & Wakayama

Nippon Steel Corporation said that it has been lowering the tapping ratio of blast furnaces, extending the time between blasting, and taking other measures to reduce overall steel output volume but responding to the immediate sharp drop in demand for steel products, however, it has decided to implement additional measures

Blast furnace banking
-The banking of the No 1 blast furnace at the East Nippon Works’ Kashima area will be carried out from the middle of April 2020, as soon as preparations are completed.
-The banking of the No 1 blast furnace at the Kansai Works’ Wakayama area will also be carried out from late April 2020, as soon as preparations are completed.

Coke Ovens
In accordance with the reduction in blast furnace tapping volume, we will adjust or suspend production of some of coke ovens at the East Nippon Works’ Kashima area and Kimitsu area, and the Kansai Works’ Wakayama area, in addition to a substantial reduction of their operating rates, which has already been executed.

Temporary off-days for employees
As one measure that contributes to maintaining employment, each of Nippon Steel’s offices, manufacturing bases, and R&D Laboratories will basically close for about two days per month from April 2020, while maintaining bare minimum operation and each employee will have two temporary off-days per month.

Banking is to take measures to temporarily stop blast furnace production but make it possible to restart production at a later date by stopping the air blast flow.

Source : Strategic Research Institute

voda 8 april 2020 15:40

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SAIL and Tata Steel Production Down by 50% amid Coronavirus COVID-19 Lockdown

PTI reported that facing reduction in demand due to the lockdown in the India, primary steel makers such as Steel Authority of India Ltd and Tata Steel have reduced their output by about 50 per cent. Sources said “The companies have taken the decision because of the reduced demand in the market after the lockdown, which has impacted logistics movement. Buyers are also reluctant in placing orders.”

While a SAIL official confirmed reducing output by about 50 per cent over phone, an e-mail query sent to Tata Steel remained unanswered.

Earlier media reports have suggested that AMNS India and JSW Steel have also cut their output substiantially.

Source : Strategic Research Institute

voda 8 april 2020 15:41

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JSW Steel Crude Steel Production in 2019-20 Declines by 4%

JSW Steel has reported crude steel production of 16.06 million tonnes in 2019-20 which marked a 4 per cent decline from 16.69 million tonnes in 2018-19. The production for flat rolled products totalled 11.35 million tonnes in 2019-20, down 3 per cent from 11.74 million tonnes in 2018-19 while production for long rolled products tumbled 4 per cent to 3.72 million tonnes from 3.87 per cent. JSW Steel said “The Company achieved 97.3% of revised production guidance of 16.50 Million tonnes of FY 2019-20. The slow down in economic activity due to unanticipated breakout of pendemic COVID19 and consequent nation wide lockdown in the later part of March 2020 led to a sharp fall in production across plant locations. The Company could have almost achieved the revised guidence if there were no such exceptional events as COVID19. The Company is making all preparations to recommence operations at all locations on lifting of lockdown in the next few days. The slow down in economic activity due to unanticipated breakout of pandemic COVID-19 and consequent nationwide lockdown in the latter part of March 2020 led to a sharp fall in production across plant locations. The company is making all preparations to recommence operations at all locations on lifting of lockdown in the next few days.’

Source : Strategic Research Institute

voda 8 april 2020 15:42

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ArcelorMittal US to Idle Cleveland Blast Furnace - Argus

Argus reported that ArcelorMittal USA is expected to idle a blast furnace at its Cleveland flat-rolled steel mill as coronavirus-related shutdowns continue to ripple across the steel industry. Reports said that the blast furnace will be idled sometime this week. It must be noted that the furnace had just resumed operations following a maintenance shutdown.

The Cleveland mill has two blast furnaces with a combined 3.1 million short tons capacity. The smaller of the two blast furnaces No 6 can produce 1.5 millionn short tons of hot metal per year, while the No 5 blast furnace can produce 1.6 milion tonne short tons per year.

Source : Argus

Bijlage:

voda 8 april 2020 15:45

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Uttam Galva Defaults on Loan as Operations Hit b Coronavirus COVID-1 Lockdown

Business Standard reported that the coronavirus Covid-19 pandemic and the resultant shutdown have started impacting companies with Uttam Galva Steels, which shut its plants and operations after the lockdown, defaulting INR 664 crore to its lenders. A company source said the default is technical in nature and blamed the ongoing lockdown for it.

UGSL said it has an outstanding of INR 1,008 crore to its creditors. State Bank of India, Oriental Bank of Commerce, Indian Overseas Bank and Vijaya Bank also have exposure to the company. A large part of Uttam Galva’s loans was taken over by ArcelorMittal from public sector banks after it made the bid for Essar Steel in 2018 and later won it after a long-drawn legal battle. The loans were taken over by ArcelorMittal India Private Limited, which had paid off INR 4,922 crore to the secured financial lenders of UGSL to clear the overdue principal amount as on September 30, 2018, and interest due as on October 17, 2018. Later, the overdue principal paid was assigned to AMIPL and the remaining outstanding loan till completion of its tenure continued with existing public sector banks as surviving debt. Similarly, external commercial borrowing loan facilities were partly assigned to Citi Bank, London branch, and USD 136 million was paid by ArcelorMittal Luxemburg. The ownership of Uttam Galva stayed with the Miglani family, which had acquired ArcelorMittal’s 29 per cent stake in Uttam Galva for Rs 1 on February 7, 2018 – just before ArcelorMittal had made the bid for Essar Steel.

But the Supreme Court later asked ArcelorMittal to clear the dues of UGSL if it wanted to become eligible to bid for Essar Steel. Despite the takeover of loans, UGSL’s financial performance did not improve due to the economic slowdown and it consistently reported lower revenue and higher losses. For the quarter ended December 2019, it reported revenues of Rs 147 crore and loss of Rs 273 crore. In fiscal year 2019, its revenues were Rs 556 crore with a massive loss of Rs 2,126 crore.

Source : Strategic Research Institute

voda 8 april 2020 15:46

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ArcelorMittal Begins 3D Printing Ventilators and Face Shields in Spain

ArcelorMittal has joined forces with leading researchers and medical professionals in Spain to produce ventilators, ramping up efforts to find solutions for treating coronavirus. Working in full coordination with the Minister of Innovation for the Asturias Region, Spain, the ventilators have been produced using 3D printing and took one week to design. The ventilators are currently undergoing trials and safety tests and will be contingent on regulatory approval. Once approved, they could support patients with acute respiratory difficulties, which occur in severe cases of coronavirus. Spanish health authorities have also asked ArcelorMittal’s Research & Development team based in Avilés, Spain to support and develop 3D printed face shields for health professionals. In the space of two days, the team designed and created two types of face shields, including:

ArcelorMittal said “Face shields attached to the head – these will be used by doctors, medical professionals and pulpit operators of the plant in Asturias. We’ve already started delivering more than 350 to hospitals in Asturias and 300 to the plant for an order of 1000. We hope to have 4000 available next week, each costing less than EUR 5. ArcelorMittal Mexico is also producing a similar design. Face shields attached to the helmet – these are predominantly for use in our plants. We are currently producing 1000 for the plant in Asturias, each costing less than EUR 5.”

ArcelorMittal is currently working with a number of external partners to enable large scale production of these face shields.

Source : Strategic Research Institute

Bijlage:

voda 8 april 2020 15:48

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Northwest Pipe Company to Close Plant Operations in Mexico

Leader of engineered pipeline systems for water infrastructure Northwest Pipe Company has been ordered to close its water infrastructure manufacturing facility in San Luis Rio Colorado in Mexico through April 30, 2020 as a result of mandates made by Mexican authorities that companies that do not carry out essential activities must suspend business operations in order to combat and eradicate the existence and transmission of coronavirus disease 2019.

A United States government agency is administering the construction of a major water infrastructure project that relies on steel pressure pipe being produced at the SLRC plant. The Company is currently working with that agency to make appeals to State and Federal authorities in Mexico to ensure they consider the importance of this project. The Company’s goal is to convince the Mexican authorities that the Company’s manufacturing is essential.

Source : Strategic Research Institute

voda 8 april 2020 15:52

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COVID-19 Pandemic Negatively Impacts Voestalpine Results

The COVID-19 pandemic and its global impact will have a negative influence on voestalpine results for the past business year 2019/20, both operationally and as a consequence of one-time effects. Management Board of voestalpine AG announced the necessity of non-recurring write-offs due to impairments of assets. These impairments impact the EBIT, but not the EBITDA. Assets are being revalued as a consequence of the changed framework conditions for the 2020/21 business year. The effects of COVID-19 have also resulted in a higher discount rate, so that further write-offs to the amount of EUR 125 million are required. Furthermore, the first operational effects of the COVID-19 pandemic started to have an impact in mid-March. These effects are having a negative impact on both EBITDA and EBIT by around EUR 40 million.

Back in December 2019 the Management Board of voestalpine AG had already taken far-reaching decisions in response to a strategic analysis which had examined changes in the global economy, primarily the global trade dispute, but also Europe’s continuing development as an economic region with an evident dwindling interest in a continuous industrial value chain. Already at that time, the results of the analysis clearly showed the need for measures over and above purely short-term operative optimizations. Therefore, in the third quarter of the 2019/2020 business year non-recurring write-offs of EUR 270 million were announced in response to the impairment tests undertaken at that time. In addition, provisions for risks which will have a negative financial impact (including restructuring costs) of EUR 75 million were recognized. The COVID-19 pandemic now makes further revaluations necessary.

In addition to the measures taken in December 2019, voestalpine AG will now make non-recurring write-offs to the sum of EUR 125 million in several business segments during the 2019/2020 business year. The impairment tests indicated that non-recurring write-offs needed to be made at the foundries in Traisen and Linz, Seamless Tubes (Tubulars), Welding Consumables (welding sector), Buderus Edelstahl (Wetzlar, Germany), Cartersville and Texas (USA). The write-offs will have an impact on the EBIT during the fourth quarter of the 2019/2020 business year.

As announced at the end of March, of the total 22,300 employees in Austria, around 18,000 have already been registered for short-time work. This figure will rise to 20,000 by May. voestalpine has registered almost 6,000 of its 8,300 employees in Germany for short-time work; the deployment of similar models is currently being considered and implemented in Belgium and the Netherlands.

Outlook - Based on these exceptional, non-recurring measures, from its current standpoint the Management Board of voestalpine AG expects a slightly reduced (over the outlook in late 2019) operating result (EBITDA) of over EUR 1.1 billion for the business year 2019/20 ended on March 31, 2020. With respect to EBIT, the previous outlook no longer applies: profit from operations (EBIT) will be negative at around – EUR 135 million (previous outlook: “just positive EBIT”).

Source : Strategic Research Institute

voda 8 april 2020 15:53

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ArcelorMittal Tin Mill in Weirton Sees Higher Demand

WTOV9 reported that the steel industry is greatly affected by the COVID-19 pandemic, but ArcelorMittal mill in Weirton has seen an increase in demand. Weirton's United Steelworkers Post 2911 President Mark Glyptis said “The tin industry, what we make, we make tin here in Weirton. Tin and aerosol cans. Our business has actually increased. The increase in production has brought back jobs to the mill. We had 100 layoffs at one point. Ninety of them have been called back to work, and we expect to have the remaining 10 come back to work very soon as we ramp up the crewing to make additional cans.”

Mr Glyptis said that with the jobs coming back, the mill has also had to step up when it comes to following the CDC guidelines. He said "We are trying to stay 6 feet apart where possible. There are parts of the mill where you can’t be 6 feet apart, but we are sanitizing quite a bit. The employees are encouraged to wash their hands and be very careful.’

The mill makes tin-coated sheet steel used in making food and aerosol cans -- and the demand for canned goods at grocery stores across the country is high.

Source : WTOV9

voda 8 april 2020 15:54

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ArcelorMittal Bremen Optimize Downgrading Rate with AI Solution for Grades with Demanding Applications

ArcelorMittal Bremen has commissioned the AI company Smart Steel Technologies to introduce its SST Casting Optimization AI and SST Surface Inspection AI software products. These AI solutions serve to optimize the continuous casting process and automated surface inspection. ArcelorMittal Bremen will permanently reduce downgradings due to surface defects, and will install a system for AI-supported analysis of production data to implement effective further optimization measures. Smart Steel Technologies will also improve surface inspection for ArcelorMittal Bremen with a centralized, cross-plant aggregation of all detections and application of robust defect classifiers based on SST’s proprietary Deep Learning technology.

The implementation of the optimization measures in production will take place after project duration of six months. ArcelorMittal Bremen will quickly benefit from a substantial increase in quality and a cost reduction in quality.

Source : Strategic Research Institute

voda 8 april 2020 15:55

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Primetals Technologies Sells Steel Rod Mill to HBIS Shijiazhuang Iron & Steel Co

To comply with environmental regulations and improve production, HBIS Shijiazhuang Iron & Steel Co Ltd has signed a contract with Primetals Technologies for a new steel rod mill in Shijiazhuang, Hebei Province, People’s Republic of China. The plant, which is being relocated from within Shijiazhuang City limits because of environmental protection rules, will feature high-capacity Morgan Reducing Sizing Mill technology for thermo-mechanical rolling of larger diameter products. Start-up is expected in late 2020. The new plant will provide improved tolerance and mechanical properties for high-quality carbon steel products. The mill will include a high-speed rod outlet with 250 “V” pre-finishing mill, 680 shear, eight-stand 250/230 Morgan Vee No-Twist Mill, 250/150 RSM, Pinch Roll/Laying Head, an 11-zone Morgan Stelmor Conveyor and a stepless reform station. The plant will have an annual capacity of 400,000 tons and is designed for output speeds of 115 meters per second. Rods ranging from 5 to 25 millimeters in steel grades including alloyed structural, bearing, spring, free cutting, tire cord, welding wire, cold heading quality and tool steel will be manufactured from billets of 200 millimeters square and 150 millimeters square.

HBIS Shijiazhuang Iron & Steel Co. Ltd., which is based in Shijiazhuang, produces quality carbon steels, spring steel and bearing steel for automotive, cold heading applications, welding wire and wire rope. The company is a subsidiary of HBIS Group Co Ltd, which was founded in 2008. The company also has purchased a bar mill from Primetals Technologies that is in operation and is not part of the relocation. HBIS Group has several rod mills from Primetals Technologies in Handan and Xuan Hua.

Source : Strategic Research Institute

voda 8 april 2020 15:59

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Negotiations Concerning Temporary Lay-Offs in SSAB’s Finnish Operations Ended

Last week, SSAB initiated employer-employee negotiations concerning temporary lay-offs in its Finnish operations following weakened market conditions as a result of the Covid-19 pandemic. The negotiations applied to SSAB Group’s personnel in Finland, excluding subsidiaries Ruukki Construction and Tibnor. The negotiations have now ended and there will be a need for temporary lay-offs averaging 3 weeks in April-June.

The lay-offs apply to all Finnish operations excluding the subsidiaries mentioned above. The exact timing of lay-offs will depend on the workload situation of the various functions and production lines. Steel production capacity will be cut in line with weakened demand and one of the blast furnaces at the steel mill in Raahe will be temporarily idled in April.

Source : Strategic Research Institute

voda 8 april 2020 17:47

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Beursblik: Europese staalheffingen goed nieuws voor Aperam

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
22,20 1,02 4,82 % Euronext Amsterdam

(ABM FN) De verhoging van de Europese importheffingen op staal uit onder meer China is een goede stap voor de Europese markt en vandaag in het bijzonder voor Aperam. Dit stelde het Hoofd Investor Relations van Aperam woensdag tegenover ABM Financial News.

Maar ook analist Patrick Casselman van BNP Paribas Fortis sprak van goed nieuws voor Aperam.

De Europese Commissie besliste woensdag de importheffingen op roestvast staal uit China, Indonesië en Taiwan te verhogen van 6,0 tot 18,9 procent.

De beslissing rond roestvrij staal is vooral positief voor Aperam, stelde Casselman, aangezien het bedrijf zich hierin specialiseert.

"Recente ontwikkelingen toonden een enorm agressieve import naar Europa. De import in één van de drie types roestvrij staal waarin wij actief zijn bedroeg maar liefst 60 procent van de markt in december bijvoorbeeld", zo lichtte hoofd Investor Relations Thorsten Zimmermann toe aan ABM Financial News.

"Sinds augustus vorig jaar loopt er een onderzoek naar deze handel[stroom] door de Europese Unie en vandaag kwamen ze met voorlopige maatregelen tegen drie landen die voor 80 procent van die import verantwoordelijk waren. Dat is een goede zaak voor Aperam en we hopen dat dit meehelpt tot het realiseren van een gelijk speelveld."

"De grote uitdaging voor de Europese staalmarkt in het algemeen blijft de invoer uit onder meer China, maar ook landen als Turkije en Rusland. Vaak aan goedkope dumpprijzen", aldus de analist van BNP.

Europa maakt volgens Casselman werk van de overcapaciteit in de sector.

"Twee jaar geleden zijn ze met heffingen begonnen. Tegen eind dit jaar zouden ze ook een soort van CO2-taks willen invoeren op geïmporteerd staal, hetgeen onze bedrijven al moeten betalen", verklaarde de analist van BNP.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

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

voda 9 april 2020 19:03

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COVID-19 to hit Expansion Plans of Indian Steel Mills

According to experts, the outbreak and spread of the COVID-19 pandemic may adversely impact the expansion plans of domestic steel makers. Until now several ratings agencies have been pointing out that the spread of coronavirus has adversely affected the steel markets across the world including India in-terms of prices, profit margins, affecting raw material supply chain, demand and building up of inventories. According to Corporate Sector Ratings Icra Senior Vice-President and Group Head Jayanta Roy, the outbreak and spread of the novel coronavirus will take a toll on Indian steel player’s expansion plans. He said “Even before the outbreak, we have seen that some companies have deferred their plans of commissioning green field and brownfield projects.”

India Ratings Senior Analyst Akash Krishnatry said COVID-19 pandemic is expected to push the expected India’s steel capacity expansions by 3-9 months depending upon the severity, spread, duration of the virus along with the preventive measures adopted. He said “Preventive measures like country-wide lockdowns and logistical challenges shall defer the expansion plans as steelmakers need to conserve liquidity in these times while cash flow from operations would be severely impacted. Also, continuing construction would also not be possible in these times, though overall project costs could also increase due to time overruns.”

Indian players had been working on expansion plans in line with the government’s ambitious target of scaling up the total steel making capacity to 300 million tonne per annum by 2030. Many steel makers in India have scaled down their production by up to 50 per cent amid the nationwide lockdown in the wake of the pandemic.

Source : Strategic Research Institute

voda 9 april 2020 19:03

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Korean Steelmakers to See Lower Demand on Coronavirus Impact

Moody's Investors Service said that South Korean steelmakers will suffer a sharp decline in demand and prices due to the growing coronavirus impact on the steel and related industries. Moody's said "In Korea, we expect domestic and export demand will fall dramatically, reflecting lower auto production and sluggish housing construction. The rated steelmakers in Korea have high exposure to the auto sector and are therefore vulnerable to declining auto production.”

The report said “On the supply side, steelmakers will cut production but not to an extent sufficient to curb oversupply. Steel inventory buildup is likely, given the weak end markets and difficulty in drastically reducing blast furnace utilization. Given these factors, along with weaker distribution prices in China and elevated steel inventory levels, prices and spreads should fall further over the next three months or so.”

Source : Strategic Research Institute

voda 9 april 2020 19:04

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Steel Consumption Falls in Latin America

Latin American steel association Alacero estimates that the steel industry figures will continue to worsen amid the new environment of the health crisis and its economic effects. February results of crude steel production show a 6% reduction compared to the same month of 2019, 4.8 million tonnes. At 3.4 million tonnes, rolled steel production was 2% lower than the result seen in February last year. The three countries that are the main producers reflect decreases in the accumulated (January-February): Mexico (-15%), Argentina (-7%) and Brazil (-6%). In the comparison with February of last year, Mexico (-17%) and Brazil (-1%) fell, Argentina had an increase of 8%.

Steel imports in January advanced 0.1% in relation to the same month of 2019. Exports showed a 20% cut in relation to January of last year, although they were 9% higher than the result of December 2019 (728 thousand tonnes ). This performance indicates the continuation of the effects derived from the low economic activity present since the end of 2019, which has discouraged the demand for steel, an essential material for many other industries.

Analysts and international institutions agree that 2020 will be a difficult year when the effect of the decrease in economic activity due to the general confinement due to the coronavirus and the fall in the price of oil joins. Given Latin America's high dependence on oil, commodities, and global economic performance, the region may face a complex scenario. In order to adapt production to market demand, the sector has reacted by reducing activity with blast furnaces operating at lower capacity.

Source : Strategic Research Institute

voda 9 april 2020 19:10

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Asia Steel Pipe Corporation Starts Welded Steel Pipes Production in Kazakhstan

Kazakhstan’s Ministry of Industry and Infrastructure Development said that a new plant in Almaty in southern Kazakhstan will produce 100,000 tonnes of large-diameter steel pipes annually. It said “The project will be launched in the second quarter of 2020 in the industrial zone of Alatau district of Almaty. The total area of the construction site is 18.3 hectares. The construction of a high-tech plant will make it possible to ensure import substitution of pipe products imported into Kazakhstan by 70%.”

For implementation this project, a Kazakhstan-China joint venture, Asia Steel Pipe Corporation, was established as part of the integrated strategic cooperation program in the oil and gas industry between two oil companies – KazMunayGas and CNPC.

These welded pipes will be used for transporting oil, gas, water and oil products, as well as for use in mining, construction, chemical industry, and energy.

Source : Strategic Research Institute

voda 9 april 2020 19:11

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UK Steel Industry Falling Off a Cliff as Coronavirus Hammers Economy

With Britain's fragile steel sector faces yet another crisis as the pandemic hammers firms and the economy plunges towards a recession, Union leaders issued a rallying call to workers to follow strict social distancing rules at plants which remain open. National Trade Union Steel Coordinating Committee said: “There can be no doubt that the current crisis poses a threat to the steel industry in this country. In many cases order books have fallen off a cliff and it will be months before normal conditions return. We know that steel is a strategic foundation industry that underpins critical sectors of our economy. Steelworkers are resilient and we have been through crises before; it is imperative that our industry survives this latest threat to our livelihoods and our communities.”

Community steelworkers' union general secretary Roy Rickhuss, who chairs the NTUSCC, said “Our members are carrying out important roles in a vital foundation industry, feeding into essential manufacturing supply chains including for the NHS and food production. We want to make sure our industry can continue to play its part, survive this crisis and thrive in the future, which is why we are focused on keeping everyone safe at work so steel plants can remain in production.”

UK Steel director-general Gareth Stace said “It is crucial that the steel industry continues to manufacture the high quality steel products that Britain needs, and it is good to see that there is support for that across the industry. Britain’s steelmakers are making an important contribution to the national effort, supplying steel into critical supply chains in fighting this disease. This contribution includes the steel tubes for our NHS Nightingale beds and trolleys, the packaging that is keeping food on the shelves of our nation’s supermarkets, and much more besides. When this crisis passes the steel industry will be critical to our economic recovery, supply materials into the manufacturing, construction and infrastructure projects that will rebuild our economy. But first we must all pull together and do what we can to defeat this disease.”

Source : The Mirror

voda 9 april 2020 19:11

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AHMSA Cuts Production at Minera del Norte Plant

Mexican integrated steelmaker Altos Hornos de Mexico has cut output levels due to Covid-19, after Mexico declared which areas are considered essential. AHMSA did not disclose details on how much it is operating out of its 5.5 million tonnes crude steel capacity. A spokesperson said Minera del Norte’s Palau plant has provisionally suspended activities. Minera del Norte is a mining subsidiary of AHMSA, and the Palau unit products metallurgical coal.

AHMSA said reduced output at its Palau unit at Minera del Norte led to a reduced workforce, which made the company suspend activities. The company said it dismissed workers over 60 years of age as well as those included in at-risk groups.

Source : Strategic Research Institute

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