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voda 22 april 2020 20:21

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ArcelorMittal to halt BF2 at Fos-sur-Mer steel mill - Platts

Apr. 22, 2020 11:59 AM ET|About: ArcelorMittal (MT)|By: Carl Surran, SA News Editor

ArcelorMittal (MT +4.5%) plans to temporarily shut down the No. 2 blast furnace at its French steel mill in Fos-sur-Mer due to lack of orders, S&P Global Platts reports.

The Fos-sur-Mer works has a production capacity for 4M mt/year of steel and is one of France's largest producers of flat steel, of which 80% is produced for the automotive sector.

ArcelorMittal already stopped No. 1 blast furnace at Fos-sur-Mer on March 23 because of the coronavirus outbreak.

Separately, the company says it will idle its Hibbing Taconite iron ore mine and pellet processing plant in Minnesota starting May 3, resulting in layoffs of 650 of the plant's 750 workers, due to COVID-19.

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ArcelorMittal intends to halt BF2 at Fos-sur-Mer steel mill

Author Annalisa Villa
Editor Diana Kinch
Commodity Coal , Metals

London — ArcelorMittal intends to temporarily shut down the No. 2 blast furnace at its French steel mill in Fos-sur-Mer due to lack of orders, the company indicated in a document shared with S&P Global Platts Wednesday and which was sent last week to the local unions.

According to the document, the closure will take place over the next few weeks. The company said it will restart production when three conditions are met: when the health crisis is under control in the geographical area and even at the European level in which the company operates; when demand has resumed at a minimum level; and when companies, and ArcelorMittal in particular, is able to resume investments amid a slump marked by a sharp decline in resources.

The Fos-sur-Mer works has a production capacity for 4 million mt/year of steel and is one of France's largest producers of flat steel, of which 80% is produced for the automotive sector. Fos-sur-Mer serves the Mediterranean as well as the Maghreb countries, in particular 30% of its market share is in Italy, 30% in Spain, and the remaining 10% is shared between north Africa, Turkey and France. Italy and France are the countries worse hit so far by COVID-19 and with car manufacturing still on hold in both locations.

ArcelorMittal already stopped No. 1 blast furnace at Fos-sur-Mer on March 23 due to the coronavirus outbreak, as reported by Platts.

Europe's steelmakers have cut production and idled lines due to the severe market downturn and economic fallout from the coronavirus spread, with temporary shutdowns at European carmaking facilities. In March 2020, the EU passenger car market recorded a dramatic drop with a decrease of 55.1% in registrations of new vehicles as a result of COVID-19, as reported by the European Automobile Manufacturers Association, ACEA. With containment/lockdown measures taking hold in most markets, the vast majority of European dealerships were closed during the second half of March. Consequently, demand across the region fell by more than half last month, dropping from 1,264,569 units registered in March 2019 to 567,308 units.

ArcelorMittal employs 2,500 at its Fos-sur-Mer site and a further 1,500 outside contractors. The company has invested more than Eur1.3 billion at the site over the past 20 years. To reduce the site's environmental footprint, Eur100 million has been invested over five years, cutting emissions of dust and sulfur dioxides by 50%, according to the ArcelorMittal document.

NATURAL GAS | OIL | PETROCHEMICALS | SHIPPING 20 Apr 2020 | 14:00 UTC London

voda 23 april 2020 15:55

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Global Crude Steel Production in March 2020 Shrinks by 6% YoY

World crude steel production for the 64 countries reporting to the World Steel Association was 147.1 million tonnes March 2020, a 6.0% decrease compared to March 2019. China’s produced 79.0 million tonnes of crude steel in March 2020, a decrease of 1.7% compared to March 2019. India estimates 8.7 million tonnes of crude steel production in March 2020, down 13.9% on March 2019. Japan estimates 8.2 million tonnes of crude steel production in March 2020, down 9.7% on March 2019. South Korea produced 5.8 million tonnes of crude steel in March 2020, down 7.9% on March 2019. In the EU, Germany estimates 2.9 million tonnes of crude steel production in March 2020, down 20.9% on March 2019. Italy produced 1.4 million tonnes of crude steel in March 2020, down by 40.2% on March 2019. France estimates 1.2 million tonnes of crude steel production in March 2020, a 13.2% decrease compared to March 2019. Spain produced 1.2 million tonnes of crude steel in March 2020, down 14.6% on March 2019. The US produced 7.2 million tonnes of crude steel in March 2020, a decrease of 6.0% compared to March 2019. Russia estimates 5.9 million tonnes of crude steel production in March 2020, down 4.4% on March 2019. Ukraine produced 1.8 million tonnes of crude steel in March 2020, down 10.3% on March 2019. Brazil produced 2.6 million tonnes t of crude steel production for March 2020, down by 8.2% on March 2019. Turkey’s crude steel production for March 2020 was 3.1 million tonnes, up by 4.1% on March 2019.

World crude steel production was 443.0 million tonnes in the first three months of 2020, down by 1.4% compared to the same period in 2019. Asia produced 315.2 million tonnes of crude steel in the first quarter of 2020, a decrease of 0.3% over the first quarter of 2019. The EU produced 38.3 million tonnes of crude steel in the first quarter of 2020, down by 10.0% compared to the same quarter of 2019. North America’s crude steel production in the first three months of 2020 was 29.5 million tonnes, a decrease of 4.0% compared to the first quarter of 2019.

Worldsteel said “Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates from national and regional associations, which may be revised with next month’s production update.”

Voor de top-25 landen (Nederland staat op plek 25), zie pdf

Source : Strategic Research Institute

Bijlage:

voda 23 april 2020 15:57

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SAIL Reports Steel Production Results for 2019-20 FY

Steel Authority of India Limited announced that SAIL produced 16.15 million tonnes of crude steel during the financial year 2019-20. SAIL Chairman Mr Anil Kumar Chaudhary said “SAIL has been continuously focussing on ramping up its steel production from the new units, which came up under modernization along with optimally utilizing the older units. The concerted efforts to increase volumes have resulted in the company becoming the largest domestic steel producer in FY'20. The Company’s well-coordinated production strategies leveraging augmented production capacities, which were installed under the modernization, have started to fructify. In the near future, as the Nation comes out victorious in the fight against Corona virus, the market will definitely show green shoots of steel consumption and SAIL is fully geared up to cater to the steel demands of the Nation.”

During the FY 2019-20, SAIL has also achieved the best ever annual sales of 14.5 million tonnes with a growth of 2.8% over FY 2018-19. The Company’s strategies to expand its market portfolio also yielded the highest ever exports of 1.18 million tonnes during FY 2019-20 which is an astounding 54% YoY growth

Among other notable achievements, SAIL recorded the best ever despatch of 12,994 numbers of WAG9 Wheels for electric locomotives, a product which is an import substitution. The company has also supplied 7295 tonnes of DMR plates to critical defence projects of the Nation, a quantity which is also highest in the last 5 years. SAIL has also recorded the highest ever rail production of 12.85 Lakh Tonnes of UTS 90 prime rails in FY’20 with a 30% growth over CPLY. The Company also witnessed a whopping 52% growth in production of 260 metres rails, a part of the UTS 90 prime rails productions, over CPLY for the Indian Railways.

Source : Strategic Research Institute

voda 23 april 2020 16:07

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CISA Sees Remarkable Recovery in Chinese Steel Demand in Q2

China Iron and Steel Association announced that China is expected to see its weakened demand for steel forge a strong recovery in the second quarter as the country's infrastructure investment and production resumption gains more momentum. CISA Chairman Mr He Wenbo, citing favorable demand-side plans, including the renovation projects of old urban residential areas and enhanced investment into new infrastructure, said the quarter-on-quarter growth would be remarkable.

China will intensify the renovation of old urban residential areas in 2020, with 39,000 communities to be renovated and benefiting around 7 million households. A number of local governments have already unveiled guidelines to boost spending in new infrastructures. Planned investments in 31 provincial-level regions totaled 6.7 trillion yuan (about 947 billion US dollars) this year, with 23 percent involving new infrastructure

The majority of steelmakers tracked by the CISA had resumed production amid broader reopening in the Chinese economy, with 178 out of 191 enterprises back on track as of April 19.

Source : Strategic Research Institute

voda 23 april 2020 16:07

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SAIL Director Finance Raises Red Flag

PTI reported that Steel Authority of India Ltd’s Director Finance Mr Amit Sen said that the slowdown in offtake of products has put great strain on SAIL as the steel maker's cash collections have fallen to record lows and borrowings have crossed level of INR 52,000 crore amid increasing inventory levels. He also raised concerned that the borrowings could further go up and has sought management's cooperation to save SAIL from getting paralysed by lack of liquidity. Mr Sen in a letter to SAIL Chairman, Plant CEOs and other key officials wrote “This is an unsustainable situation. Among the many threats that it poses, stoppage of operations, ratings downgrade and debt-trap are the most imminent."

Mr Sen has suggested some measures which need to be taken on an urgent basis to conserve cash. He wrote “All purchase orders and contracts to be reviewed and delivery period may be deferred and non essential purchase may be foreclosed. All high-value purchase orders and contracts to be re negotiated and if sufficient rebates are not forthcoming such POs and contracts may be considered for closure and fresh tender quickly floated to quickly capture the benefit of reduced prices in the market. All fresh indents are also to be rigorously reviewed and deferred unless absolutely essential.”

He has also pointed out that allocation of funds from corporate office will be barely sufficient to meet only employee payments and statutory payments. Very little funds will be available for making vendor payments. He wrote “Therefore, I request you to give special emphasis liquidation of scrap and defectives' inventory lying at plants. The money realised from these sales accrues to the plants and can be used to pay vendor payment liabilities.”

Mr Sen also said that inventory level has crossed 2 million tonnes and another about 1 million tonnes is in process as the inventory will increase as production continues while sales are weak. He wrote “A large amount is blocked in form of these inventories. Further production to be regulated and only those grades which the market is ready to absorb should be produced.”

He went up to saying that that cash is lifeline of SAIL and sought Chairman's and cooperation of other officials in making efforts to conserve cash so that SAIL does not get paralysed by lack of liquidity.

Source : PTI

voda 23 april 2020 16:20

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COVID-19 Crisis Could Halve EU Steel Output – EUROFER

European steelmakers' association Eurofer told S&P Global Platts that European Union steel production has already been cut by 50% as a result of the current coronavirus crisis with further losses expected as mills' new order bookings are down by as much as 75%. Eurofer said “Steel mills had already put production restrictions in place in March. However, weakening order books are likely going to result in more outages, possibly resulting in 50% of EU steelmaking capacity at key mills being put out of production by the current crisis. In some regions there are no customers anymore. We estimate that around 40% of the workforce is affected or considered by temporary lay offs and reduced working.

EUROFER said "Steel mills are preparing or considering further significant cuts in production as demand continues to fall, notably given the almost complete shutdown of the automotive industry, some sources say 70-80%, the significant decrease in construction activity, some sources say down by around 40%, and other manufacturing sectors.”

Voor cijfers, zie pdf.

Source : S&P Global

Bijlage:

voda 23 april 2020 16:24

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Chinese Steel Exports will drop in Q2 – CISA

China Iron and Steel Association reported that China’s steel exports in the second quarter of 2020 are expected to fall as the coronavirus outbreak spreads to other countries. CISA Chairman Mr He Wenbo said “The coronavirus is spreading globally since March and overseas steel demand fell sharply. The impact on Chinese steel exports from the overseas situation will be centralized in Q2. Some heavily hit countries are key destinations of Chinese steel products steel consumption in the manufacturing sector may face downward risks again.”

He encouraged traders to move their export businesses back home as domestic demand is gradually resuming, especially in the construction sector.

He also said that indirect steel exports in the form of vehicles and home appliances have also suffered.

China shipped out 14.3 million tonnes of steel products in the first three months of 2020, down 16% from the same period year earlier as the coronavirus pandemic disrupted economic activities and hurt demand.

Source : Reuters

voda 23 april 2020 16:25

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Indian Steel Ministry Extends BIS Certification Deadline for Steel Products

Economic Times reported that India’s Ministry of Steel has extended the deadline for certification of steel products to three months from April 23rd as the Bureau of Indian Standards has shut operations and closed laboratories due to the ongoing lockdown and travel ban. Steel Ministry order said "In pursuance to the notification of the steel and steel products order 2000, the date of enforcement of the following Indian standards is hereby extended by three months beyond 23rd April.”

BIS spokesperson said "The process doesn't come under essential services, we have to shut operations and even our laboratories are closed. Some steel products that are procured from outside India needs to come under compulsory certification, for which we need to travel, which is not happening for sometime.”

Source : Economic Times

voda 23 april 2020 16:26

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Precision Castparts Cuts Workforce at Oregon Plant

Portland based Precision Castparts said that it will significantly cut its workforce because of falling demand during the coronavirus outbreak. Precision Castparts Communications Director Mr David Dugan wrote in an email “As the impacts of the pandemic and other macroeconomic factors have weighed on the nation, many of our customers have or intend to curtail or reduce their production. Due to the resulting impact on orders, we have significantly reduced our workforce to align our production with our customers’ needs.”

Mr Dugan didn’t say how many employees will lose their jobs but workers say the layoffs top 200 altogether. It’s not clear whether similar changes are underway elsewhere at the company.

The company told employees earlier this month that it would furlough workers at its large parts campus in Southeast Portland from April 20 until May 3. Employees say the company has turned those furloughs into indefinite layoffs. Some employees said Precision Castparts will also cut jobs at its small structures business operations plant in Clackamas.

Source : Strategic Research Institute

voda 23 april 2020 16:27

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Kobe Steel to Reduce Workforce – Report

Jiji Press reported that Kobe Steel Ltd plans to put employees on temporary leave in response to falling demand amid the novel coronavirus pandemic. The report quoted sources as saying that Kobe Steel will propose the leave scheme to its labor union by the end of this month, with aim of setting details of the measure. Sorces said “The measure is expected to initially cover workers at facilities including its mainstay steelworks in the city of Kakogawa in Hyogo Prefecture in Western Japan. A total of about 10,000 Kobe Steel employees would be subject to the temporary leave system if it is applied across the company.”

Nippon Steel and JFE have already launched similar measures earlier.

Source : Jiji Press

voda 23 april 2020 16:27

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Liberty Steel in Georgetown to close for three months

Liberty Steel Georgetown announced that it is shutting down for at least three months because of a drop in demand for its products caused by the coronavirus pandemic. It said “Liberty Steel Georgetown is being placed under a care and maintenance regime, which will enable it to reopen quickly once the economic environment improves. Approximately 130 employees and contractors will be temporarily laid off or redeployed, with a small number of support function roles put under review. A skeleton staff will manage the maintenance of the facility. In the meantime, all customer orders for the wire rods the facility produces will be fulfilled from Liberty’s steelworks in Peoria, Illinois.

Liberty Steel USA chief executive officer Gregory Jones said “Since the outbreak of COVID-19 we have seen demand for our products soften considerably and therefore we need to rebalance our production with forecast demand. This is a difficult decision which hasn’t been taken lightly. A small number of employees will remain on site to ensure that the mill is fully maintained and we will re-evaluate the position in three months’ time. In spite of the pandemic, we continue to work closely with the city, state and other stakeholders on a long term plan for Liberty Steel Georgetown and believe there is a positive future for the steelworks.”

The steel mill has struggled to remain open in the past. It was closed from 2015 until June 2018, resulting in the loss of hundreds of jobs. It reopened after it was purchased by Liberty House, a London-based company in late April 2017, from ArcelorMittal. The plant was originally owned by the International Steel Group, and closed for a few weeks in both in 2003 and 2008 due to struggles.

Source : Strategic Research Institute

voda 23 april 2020 16:28

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MMK Orders Danieli Q-MELT Technological Package for EAF Steelmaking

Danieli will supply Magnitogorsk Iron & Steel Works -MMK with a new Q-MELT technological package for the existing, 180-ton EAF#2 at Magnitogorsk in Chelyabinsk region in Russia. The Danieli Q-MELT package will allow a further decrease in OpEx for an already performing EAF, which is being charged with up to 40% of hot metal. The order also includes an oxygen injector and a set of post-combustors for optimized chemical energy utilization. The expected savings for the MMK EAF will be more than 2.5 USD per ton of liquid steel guaranteed, for a payback of 8 months only. The package will be installed during a planned EAF maintenance shutdown in Summer 2020.

The Danieli Q-MELT EAF package consists of a Danieli Q-REG electrode regulator, Lindarc laser off-gas analysis tool and Danieli Melt Model heat optimization package.

Source : Strategic Research Institute

voda 23 april 2020 16:29

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Tata Steel Raises INR 510 Crore via Debenture Issue

Tata Steel has raised INR 500 crore through issue of non-convertible debenture through private placement. Tata Steel Board’s committee of directors approved allotment of 5,100, 7.85 per cent unsecured, redeemable, rated, listed non-convertible debentures having face value of INR 10 lakh each for cash aggregating to INR 510 crore, to identified investor on private placement basis on terms and conditions as mentioned in the information memorandum for the issue. The NCDs are proposed to be listed on the Wholesale Debt Market segment of BSE

The company has announced plans to conserve cash as the business environment turned challenging with the ongoing lockdown depressing steel demand.

Source : Strategic Research Institute

voda 23 april 2020 16:32

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Worldsteel Announces World Champions of steelChallenge-14

The World Steel Association has announced the new World Champions of the 14th steelChallenge. Keun Hak Kim from POSCO in South Korea won in the industry category and Huan Xu from Chongqing University of Science and Technology in China won in the student category.

The World Champions are:

Voor lijst, zie pdf. Ook Arcelor is genoemd.

The World Championship of the 14th steelChallenge took place online on 21 April 2020. Originally scheduled to take place in London, UK, the competition took place remotely to follow the social distancing guidelines of health authorities around the world. The 5 winners of the Regional Championship from each of the industry and student categories competed for the global title. The task was to produce a specific engineering steel grade at the lowest cost using steeluniversity’s Electric Arc Furnace Steelmaking and Secondary Steelmaking simulators.

Source : Strategic Research Institute

Bijlage:

voda 28 april 2020 15:34

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Fors minder winst voor Nucor

(ABM FN-Dow Jones) Nucor heeft in het eerste kwartaal van 2020 een lagere omzet en fors lagere nettowinst geboekt. Dit bleek dinsdag na publicatie van de kwartaalcijfers van het staalbedrijf uit North Carolina.

Het staalbedrijf zei dat de COVID-19 pandemie een aanzienlijke impact heeft op de resultaten. Nucor zei zich in te blijven zetten om verstoringen voor klanten en in de toeleveringsketen te minimaliseren.

"Terwijl de auto- en energiemarkt de sterkste daling hebben ondergaan, heeft de utiliteitsbouw, onze grootste eindmarkt, veerkracht getoond tijdens deze pandemie", aldus Nucor.

Nucor boekte in de eerste drie maanden van 2020 een nettowinst van 20,3 miljoen dollar, in vergelijking met 502 miljoen dollar in dezelfde periode een jaar eerder. De winst per aandeel kwam uit op 0,07 dollar per aandeel, tegenover 1,63 dollar per aandeel vorig jaar.

De fors lagere winst komt niet helemaal als een verrassing, aangezien de staalreus half maart al waarschuwde voor een lagere kwartaalwinst vanwege "gebruikelijke" seizoenseffecten.

Het uiteindelijke resultaat van 0,07 dollar per aandeel is echter wel veel lager dan de 0,95 tot 1,00 dollar per aandeel die Nucor zei te voorzien. De tegenvallende winstdaling is het resultaat van afschrijvingen ter waarde van 288 miljoen dollar, ofwel 0,92 dollar per aandeel.

De omzet daalde van 6,1 miljard dollar in het eerste kwartaal van 2019 naar 5,6 miljard dollar het afgelopen kwartaal.

Outlook

Nucor zei dat het waarschijnlijk is dat het concern in het tweede kwartaal van 2020 verlies zal maken.

Het staalbedrijf zei wel te verwachten dat de markt in het tweede kwartaal een bodem zet, waarna het concern in de tweede helft van dit jaar weer winstgevend kan worden.

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

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

voda 28 april 2020 16:08

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US Steel to Blank Blast Furnace 1 at Mon Valley Works - Report

S&P Global reported that US Steel is set to cut additional blast furnace capacity at its Mon Valley location outside of Pittsburgh amid depressed demand conditions. S&P report quoted market sources as saying that “The steelmaker is set to take the No 1 blast furnace at its Mon Valley works offline by the end of next week, according to the sources. The blast furnace has an annual rated capacity of 1.09 million st and is one of two at the mill. There are no plans to take the smaller No 3 blast furnace offline at the mill at this time.”

Sources added that Gary Works No 6 blast furnace of of 1.23 million st is also expected to be taken offline, leaving only the No 14 furnace running at the location

A buy-side source said a US Steel contact confirmed only three blast furnaces would remain operational after the adjustments. The three furnaces expected to remain operational were at Mon Valley, Gary and the Granite City works in Illinois.

Source : Strategic Research Institute

voda 28 april 2020 16:08

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Severstal Reduces CAPEX Plan for 2020

Severstal has cut its 2020 capital expenditure forecast by 15% to USD 1.45 billion, expecting a drop in domestic demand as the coronavirus pandemic spread. Severstal Chief Executive Alexander Shevelev said “We recently took the decision to suspend part of our 2020 investment projects and to change the financing schedule for some of them.”

Severstal expects lower domestic demand, despite growth at the start of the year, due to gross domestic product contraction and the introduction of strict measures to prevent the spread of the coronavirus pandemic.

Source : Strategic Research Institute

voda 28 april 2020 16:09

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Metalloinvest CEO Mr Andrey Varichev Has Passed Away

Mr Andrey Varichev, CEO of Management Company Metalloinvest, passed away unexpectedly on April 27th following a severe illness. Alisher Usmanov, Founder of USM, said “A brilliant leader, a strong-willed professional and, most importantly, a dear friend has passed away. Sadly, Andrey has left us at a young age and at the peak of his career. He was there from the very start of Metalloinvest and led the Company for many years with an inherent passion. Everything he has created will serve Russia and its people. He will forever live in my memory and my heart.”

Ivan Streshinsky, Chairman of the Board of Management Company Metalloinvest, said "It is difficult to convey the weight of this loss. A close friend and reliable partner, an expert in his field and a wise mentor for colleagues has died. My sincere condolences to his family and friends. Andrey was an outstanding and strong man, a real fighter. We will miss him."

Andrey Varichev headed Metalloinvest since 2009. From 1992, he held senior positions at a number of Russian metallurgical enterprises. In 2005-2006, he headed Mikhailovsky GOK, then, in 2006-2009, he held the positions of Commercial Director and First Deputy CEO of Management Company Metalloinvest. He was awarded the Order of Friendship and the title of Honorary Metallurgist.

Source : Strategic Research Institute

Bijlage:

voda 28 april 2020 16:10

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thyssenkrupp Begins Restructuring of Springs and Stabilizers Business in Germany

thyssenkrupp has approved an extensive restructuring plan for the German sites of its Springs and Stabilizers business unit. Under the plan, production of stabilizers at the Olpe site will be discontinued by the end of 2021. The Hagen site will be realigned and converted into a center of excellence for the development and manufacture of springs and stabilizers. Around 490 jobs will be impacted by the restructuring of the Olpe and Hagen sites, some 330 of them at Olpe. In the coming weeks agreements are to be reached with the employee representatives on a reconciliation of interests and a social plan for the two sites.

A permanent workforce of around 330 employees is currently employed at the site in Olpe. Existing customer projects will be completed by the end of 2021 and production then discontinued. Over the course of this year and next, targeted measures will be implemented to prepare employees for subsequent employment within the Group or elsewhere. Details of the package of measures and support will be determined in discussions with the employee representatives in the coming weeks.

The Hagen site has been producing springs for customers in the automotive industry since 1925. A permanent workforce of around 400 employees is currently employed here. In the future, all development and production capacities of the Springs and Stabilizers group in Germany will be concentrated in Hagen. This will include prototyping, production of stabilizers for small-batch orders and the spare parts business, and the production of springs for heavy cars and electric vehicles. To this end the site’s entire production strategy will be revised and switched to a higher degree of automation. The optimization of production processes will result in the elimination of around 160 jobs at the Hagen site by early 2022. The details of a socially responsible restructuring process will be determined in the upcoming negotiations with the works council and trade unions.

thyssenkrupp’s Springs and Stabilizers business currently operates nine production sites in Germany, Hungary, Brazil, Mexico and China and employs around 3,400 people worldwide. Last year this business unit was designated by the Group as a business under review following a clearly negative performance over the past fiscal years. The business unit is suffering in particular from declining prices for springs and stabilizers and global overcapacities in this product segment. The restructuring of the German sites is an important step to restore the business unit’s competitiveness.

Source : Strategic Research Institute

voda 28 april 2020 16:11

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SSAB Report Q1 Results

SSAB’s operating profit for the first quarter of 2020 was SEK 343 million, down SEK 1,331 million compared with the first quarter of 2019. SSAB Special Steels’ shipments were 305 (338) thousand tonnes. Operating profit was SEK 458 (678) million, lower volumes compared with the first quarter of 2019 had a negative impact. Compared with the previous quarter, demand recovered and earnings were up SEK 584 million. For SSAB Europe, shipments were 955 (907) thousand tonnes and operating profit decreased to SEK 0 (347) million. Compared with the fourth quarter of 2019, shipments and earnings recovered. SSAB Americas’ operating profit for the first quarter decreased to SEK 106 (956) million. The first quarter a year earlier was characterized by favorable market conditions with high heavy plate prices.

SSAB said “We are adjusting production and costs to demand, rolling mill production in SSAB Europe is reduced by at least 25%, and one of the blast furnaces in Raahe was idled in mid-April. All three steel divisions have brought forward annual planned maintenance outages to the summer. Short-time work allowances and layoffs have been introduced, external services have been sharply reduced, projects have been pushed back and all other costs are being reviewed. These measures will deliver annualized savings totaling more than SEK 1 billion. We are postponing strategic investments of at least SEK 500 million that had been planned for 2020, but maintenance investments will be performed as planned.”

Source : Strategic Research Institute

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