DeBeurs.nl

voda 15 mei 2020 16:22

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JSW Steel ready to close BPSL Deal – Mr Jindal

JSW Steel is confident of completing the Bhushan Power and Steel acquisition even in the current state of economy ravaged by Covid, if the Supreme Court gives its approval. JSW Group Chairman Mr Sajjan Jindal told BusinessLine that JSW Steel remains committed to the acquisition and will be able to proceed with fulfilling the requirements of the transaction on receipt of all appropriate clearances. He said “We are waiting for favourable decisions on certain matters related to the BPSL acquisition.”

The National Company Law Appellate Tribunal finally cleared JSW Steel bid in February with the immunity from investigation against the current promoters of BPSL. Aggrieved, BPSL promoters have moved the Supreme Court against NCLAT ruling. Interestingly, the Enforcement Directorate is yet to lift the attachment on the BPSL property that is being sold to JSW Steel.

Source : Strategic Research Institute

voda 15 mei 2020 16:23

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Arcanum Alloys Commercializes a New Electrical Steel

Grand Rapids Michigan based Arcanum Alloys Inc announced the launch of a new electrical steel under the trade name Opticore. This product is specifically designed to meet the increased demand for high-quality electrical steels brought on by the electrification of the transportation sector, and the infrastructure improvements needed to supply the corresponding demand for electric power. In addition to these trends, improving motor, generator, and transformer performance in aerospace, medical, and power electronics applications means that high-performance electrical steels will see higher demand in the years to come.

This new class of electrical steel alloys is made using Arcanum Alloys' proprietary Spatially Optimized Diffusion Alloying manufacturing technology. The Opticore series offers high-performance electrical steels at gauges from 0.002" to 0.010" (0.05-mm to 0.25-mm) for the world's most demanding applications. SODA technology seemlessly integrates into the exisiting infrastrucure of most steel mills and can be used to enrich the silicon and aluminum content of cold-rolled motor lamination steel, or low-carbon steel. Products with SODA technology can be reduced in gauge after alloying, allowing for virtually any gauge steel to be used as a starting material.

Source : Strategic Research Institute

voda 15 mei 2020 16:23

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Danieli to Overhaul Research Rolling Mill after Severe Fire Damage

Danieli Fröhling supplied a rolling mill to the Helmholtz Materials Research Center in Geesthacht, Germany in 2011, as part of the core research equipment of the Magnesium Innovation Center for developing magnesium alloy sheets. In July 2017, the research rolling mill was seriously damaged by a major fire. The mill was fully dismantled after the fire and then stored.

Recently, the institute decided to fully rebuild the Cast & Roll shop. The overhaul of equipment will be conducted In the Danieli Germany workshops, with final re-installation and commissioning at Helmholtz Center in 2021.

Source : Strategic Research Institute

voda 15 mei 2020 16:24

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Metalloinvest Modernises Pellet Plant 3 at Mikhailovsky GOK

Metalloinvest’s Mikhailovsky GOK received new equipment for the reconstruction of Pellet Plant 3, a roller press for implementing advanced technology in mining, grinding concentrate on high-pressure rolls. Currently, concentrate is delivered to PP-3 in the form of pulp from the beneficiation plant. It then passes through the processes of thickening, mixing, filtration and is sent for mixing with crushed limestone and clay bentonite by conveyor. The resulting mixture is used to produce iron ore pellets. The specific surface area of such concentrate is 1350-1650 cm2/year.

The introduction of the new technological scheme will increase the specific surface area of the concentrate by at least 200-300 cm2/year through additional grinding on the roller press (high-pressure rollers). Thus, the concentrate produced will be of a finer fraction, improving its pelletising and firing properties. In addition to obtaining high-quality pellets, gas and energy savings are also expected due to improved pelletising efficiency and increased productivity of the pellet plant.

At present, the site for installing the new equipment is being prepared at the thickening and filtration areas of PP-3. A conveyor system will be installed in order to supply concentrate to the roller press and return it following re-grinding.

Moreover, an expansion of the working area of PP-3 is planned as part of the reconstruction, through the extension of the drying and cooling technological zones. Additional aspiration systems will be installed, and exhaust fans will be replaced by more efficient ones.

Most of the modernisation work will be carried out during the planned shutdown of PP-3 in August-September this year. The modernised plant is scheduled to be put into pilot operation in Q4 2020.

As a result of the implementation of all measures, productivity of the pellet plant is expected to increase by 5%: from 630 tonnes per hour to 664 tonnes per hour. Earlier in 2018, during the first stage of reconstruction, productivity had already increased by 5% from the designed 600 tonnes per hour to 630 tonnes per hour.

Source : Strategic Research Institute

voda 15 mei 2020 16:25

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Algoma Steel Secures Iron Ore Supply

Algoma Steel Inc announced that they have signed a new four-year iron ore pellet purchase agreement with United States Steel Corporation. The contract replaces contracts that expire at the end of this year and provides Algoma Steel with surety of supply of quality iron ore pellets through to the close of the 2024 shipping season.

Algoma Steel CEO Michael McQuade said “This contract provides Algoma Steel with a competitive iron ore supply that will sustain our business through the steel market cycle.”

Source : Strategic Research Institute

voda 18 mei 2020 14:04

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Onverwacht vertrek directievoorzitter Theo Henrar bij Tata Steel Nederland

De directeur van Tata Steel Nederland, Theo Henrar, treedt af. Dat maakt de Europese directie van het staalbedrijf maandagochtend bekend. De terugtreding is in onderling overleg tot stand gekomen, zo valt te lezen in het persbericht.

Maar in IJmuiden wordt gesproken over een ontslag van de staalbaas. Diverse ingewijden spreken over 'bijltjesdag' voor Tata Steel Nederland. Er is nog geen opvolger en er is geen citaat van Henrar opgenomen in het uitgestuurde persbericht. Ook de centrale ondernemingsraad en vakbond FNV reageren onthutst.

Volgens NH Nieuws hebben medewerkers van de haven- kooks- en spoorafdelingen van Tata Steel het werk neergelegd. Ze eisen duidelijkheid over het vertrek van 'boegbeeld' Henrar. De medewerkers hebben om stipt 12 uur het werk neergelegd en worden op dit moment ingelicht over de stand van zaken. Vakbond FNV zegt meer spontane acties te verwachten.

De raad van commissarissen van Tata Steel Nederland zegt dat de aandeelhouder de wens te kennen heeft gegeven dat de directievoorzitter Henrar op zeer korte termijn vertrekt. Volgens de statuten beslist de aandeelhouder hier zelf over en heeft de rvc enkel een adviserende rol. 'De rvc heeft de aandeelhouder zeer dringend ontraden zijn voornemen door te zetten', schrijft het in een schriftelijke verklaring. 'De aandeelhouder heeft er helaas voor gekozen het dringende advies naast zich neer te leggen en heeft vervolgens een regeling getroffen met Theo Henrar.'

De ondernemingsraad noemt het 'een onbegrijpelijk en ondoordacht besluit' en zegt dan ook het vertrouwen in de Europese directie op. 'Dat dit besluit vandaag wordt genomen, met een wereldwijde coronacrisis en enorme problemen bij Tata Steel UK, geeft aan dat de leiding van Tata Steel niet meer in staat is zorgvuldige besluiten te nemen', zegt de werknemersvertegenwoordiging.

Er is al maanden sprake van een machtsstrijd tussen de Nederlandse en Europese directie van het staalbedrijf. Nederland is het niet eens met de bezuinigingsplannen van de Europese holding en de Europese topman Henrik Adam, waarbij er zo'n 975 banen in IJmuiden moeten verdwijnen. Daarnaast zette de Europese directie Nederlandse onderdelen in de etalage, zonder dit te bespreken met de Nederlandse directie. Ook wilde Henrar dat er geen geld meer vanuit IJmuiden naar de Britse tak van het staalbedrijf zou vloeien.

Tata Steel in IJmuiden.
Tata Steel in IJmuiden.Foto: Bas Czerwinksi voor het FD

In januari schaarde de Henrar zich al achter de werknemers in IJmuiden, die het niet eens zijn met de bezuinigingsplannen. De directievoorzitter stelde toen zich te willen houden aan het eerder afgesproken werkgelegenheidspact dat gedwongen ontslag tot oktober 2021 uitsluit bij het staalbedrijf.

De Europese directie wil reorganiseren om de winstgevendheid te vergroten. Het staalbedrijf kampte al voor de coronacrisis met een sterk verslechterde situatie op de Europese staalmarkt door de samenkomst van hoge grondstofkosten, lage staalprijzen en overcapaciteit. Tata Steel Europe wil het resultaat verbeteren door de bureaucratie te verminderen, meer hoogwaardige staalsoorten te verkopen en te besparen op personeelskosten.

De centrale ondernemingsraad zegt maandag definitief niet akkoord te gaan met de plannen. Ook roept het de Europese directie op 'om plaats te maken voor een team dat kan nadenken zonder hulp van externe deskundigen en de problemen echt gaat oplossen'. De werknemersvertegenwoordiging voorziet de komende maanden een harde confrontatie met de Europese leiding.

Vakbond FNV vreest dat het reorganisatieplan nu alsnog wordt doorgedrukt. Verder maakt de bond zich ook zorgen over de continuïteit van het bedrijf en de vergroening waar Tata Steel mee bezig is. ‘Als iemand zich hard maakte voor de belangen van Tata Steel Nederland, dan was het Henrar wel. Onbegrijpelijk dat ze hem de laan uit sturen’, zegt Roel Berghuis, bestuurder FNV Metaal.

Henrar kwam 33 jaar geleden in dienst bij het staalbedrijf. Hij is sinds 2008 directievoorzitter van de Nederlandse tak van Tata Steel. Hij blijft tot het einde van het jaar verbonden aan het bedrijf als adviseur. Ook treedt Henrar per 31 mei terug als verkoopdirecteur.

fd.nl/ondernemen/1345229/directievoor...

voda 18 mei 2020 15:09

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ArcelorMittal krijgt lening EIB voor CO2-reductie

Gepubliceerd op 18 mei 2020 14:37 | Views: 642

ArcelorMittal 14:48
8,48 +0,57 (+7,22%)

LUXEMBURG (AFN) - Staalbedrijf ArcelorMittal heeft een lening van 75 miljoen euro gekregen van de Europese Investeringsbank (EIB). Dat geld is bedoeld om twee projecten voor het beperken van de CO2-uitstoot op te zetten in Gent. Daarmee moet de hoeveelheid CO2 die ArcelorMittals fabrieken daar uitstoten worden verlaagd met de hoeveelheid die 250.000 auto's in een jaar uitstoten.

De twee projecten Steelanol en Torero kosten gezamenlijk 215 miljoen euro. Steelanol is een project om uitlaatgassen om te zetten in gerecylede ethanol, die door brandstoffen gemengd kan worden. Bij de Torero demonstratiefabriek wordt resthout omgezet in biokool dat kan worden gebruikt om de hoogovens op te stoken. De biokolen vervangen deels de steenkool die daar nu voor wordt gebruikt.

In de eerste fase moeten de twee projecten samen jaarlijks zorgen voor een vermindering van 350.000 ton CO2 per jaar.

voda 18 mei 2020 15:11

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ArcelorMittal ontvangt Europese milieulening

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
8,576 0,663 8,38 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft een lening ter waarde van 75 miljoen euro gekregen van de Europese Investeringsbank. Dit meldde de staalreus maandagmiddag.

Het geld is bedoeld voor twee projecten, Steelanol en Torero, van in totaal 215 miljoen euro om de uitstoot van CO2 terug te brengen bij de fabrieken van ArcelorMittal in het Belgische Gent.

ArcelorMittal heeft beloofd de CO2 uitstoot in 2030 met 30 procent te hebben verminderd en in 2050 zelfs CO2-neutraal te zijn.

Ook meldde ArcelorMittal maandag dat BlackRock inmiddels een belang heeft van 5,11 procent. BlackRock schoot door de meldingsdrempel van 5 procent heen.

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

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

NELU1952 18 mei 2020 15:23

0

Weet iemand wat is de total lening schuld van Arcelor Mittal ??!!
Volgens mij veer boven 10 miljard .

voda 18 mei 2020 15:26

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ThyssenKrupp praat met concurrenten over staaltak - media

FONDS KOERS VERSCHIL VERSCHIL % BEURS
SSAB AB -A-
SEK 21,30 1,635 8,31 % OMX Stockholm
SSAB AB -A-
2,01 0,18 9,84 % Helsinki Stock Exchange
ThyssenKrupp AG
4,826 0,425 9,66 % Frankfurter Wertpapierbörse (Xetra)

(ABM FN-Dow Jones) ThyssenKrupp is met een paar concurrenten in gesprek over een eventuele fusie van hun staalactiviteiten. Dit schreef het Duitse Handelsblatt maandag.

ThyssenKrupp praat volgens bronnen van de krant met het Chinese Baosteel, het Zweedse SSAB en ook nog met het Indiase Tata Steel, waarmee eerdere gesprekken nog afketsten.

Een verkoop van bezittingen is nodig om de financiele situatie van ThyssenKrupp te verbeteren, aldus Handelsblatt.

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

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

voda 19 mei 2020 15:34

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Beursblik: Credit Suisse verlaagt koersdoel ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
8,509 0,029 0,34 % Euronext Amsterdam

(ABM FN-Dow Jones) Crédit Suisse heeft het koersdoel voor het aandeel ArcelorMittal verlaagd van 24,00 euro naar 21,00 dollar, met handhaving van het advies op Outperform. Dit bleek uit een analistenrapport van de Zwitserse zakenbank.

De bank wees op de recente emissie waar 2 miljard dollar mee werd opgehaald door de staalreus, omdat daar een verwatering mee gepaard gaat. De ramingen voor het operationeel resultaat liet Crédit Suisse intact.

Voor het eind van dit jaar gaat Crédit Suisse nu uit van een nettoschuld van minder dan 8 miljard dollar, terwijl met het lopende optimalisatieprogramma de doelstelling van 7 miljard dollar schuld tegen het einde van het jaar weer in beeld zou kunnen komen.

Het belangrijkste risico voor ArcelorMittal is volgens de analisten een opleving van COVID-19.

De koers van het aandeel ArcelorMittal noteerde dinsdag op een rood Damrak 0,1 procent hoger op 8,49 euro.

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

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

voda 19 mei 2020 16:08

0

Iron ore prices return to precoronavirus levels

Last week, iron ore prices returned to levels not seen since before the coronavirus was officially declared a public health emergency of international concern (PHEIC) by the World Health Organisation (WHO).

According to Kallanish indexes, the KORE 62% Fe index gained $1.81/tonne to $91.86/ dry metric ton cfr Qingdao on Friday, the highest level since 26 January. According to the WHO official timeline, coronavirus was officially declared a PHEIC on 30 January when less than 8,000 cases had been confirmed worldwide. Since then iron ore prices have been under some pressure, but managed to remain always above the $80/t cfr Qingdao for 62% content.

The rise registered last Friday was supported by firm Chinese economic data and falling port stocks. With political meetings expected to announce policy support for the economy this week, traders are confident high prices can be sustained.

During the same day, the Kallanish KORE 65% Fe index gained $0.39/t to $108.03/dmt cfr, while the KORE 58% Fe index was up $1.68/t to $79.54/dmt cfr. On the Dalian Commodity Exchange, September iron ore settled up CNY 9.5/t at CNY 656/t ($92.62/t). On the Singapore Exchange June 62% Fe futures settled up $2.85/t at $90.54/t. The same contracts for 65% Fe and 58% Fe futures settled up $3.05/t at $106.37/t, and up $0.99/t at $76.95/t respectively.

Iron ore volumes at Chinese ports have continued to decline rapidly amidst high Chinese steel output. Stocks at 35 ports fell another 1.18 million tonnes last week to 21.89mt, according to a count by SMM. The shortage of supply of high-grade products means that iron ore may remain supported until that gap in supply is filled.

Both steel and iron ore markets are meanwhile looking to the political meetings in Beijing in the coming two weeks. Policies are expected to be supportive and a number of key announcements are expected. These include a higher local government special bond quota, distribution of vouchers to boost consumer spending and a fiscal deficit possibly as high as 3.5%. If policies match expectations then Chinese steel and iron ore prices could remain firm for some time. This would also potentially support the expected slow recovery in the western world as lockdown restrictions are beginning to be eased in most countries.

Source: Kallanish.com

voda 19 mei 2020 16:30

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LIBERTY Steel Appoints Mr Paramjit Kahlon as CEO for Primary Steel and Integrated Mining Businesses

LIBERTY Steel Group has announced the appointment of Mr Paramjit Kahlon as CEO, Primary Steel and Integrated Mining, LIBERTY Steel Group. This newly created role will bring together all of LIBERTY’s primary steel making and integrated mining operations into one global structure to drive synergies and operational efficiencies. Mr Kahlon has held senior positions at ArcelorMittal between 2008-2019, including as Chief Technical Officer, Chief Operating Officer and more recently as CEO for CIS and the Middle East. Mr Paramjit will oversee all of LIBERTY Steel Group’s primary steel and integrated mining businesses located in Ostrava in the Czech Republic, Galati in Romania, and Whyalla and Tahmoor in Australia.

His immediate focus will be on dealing with the COVID-19 crisis and then ensuring the operations are sustainable over the long term through investment in lower carbon technologies such as hydrogen, DRI and Electric Arc Furnaces.

In April 2020 LIBERTY Steel Group announced the formation of a Board of Directors which includes executive and independent non-executive directors. Later this year LIBERTY Steel Group will publish its first consolidated set of accounts for the year ending March 2020.

Online News, Business News, Steel News, Steel Prices, Steel Forecast, Steel Demand, Steel, Coronavirus, COVID-19, Coronavirus Outbreak, Coronavirus Lockdown, LIBERTY Steel, Paramjit Kahlon

Source : Strategic Research Institute

voda 19 mei 2020 16:31

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Bangladeshi Steel Makers Seek Stimulus Package

Star Business Reported that Bangladeshi steelmakers have demanded BDT 3,000 crore working capital at low interest from the government-announced stimulus package such that they can make up for the losses caused by the pandemic. Bangladesh Steel Manufacturers Association chairman Mr Manwar Hossain said “During March-April, the industry faced a net loss of BDT 3,000 crore as sales were insignificant while the manufacturers had to pay staff salaries and bear other expenditures. We are bracing for massive losses as the pandemic has disrupted import of raw materials and production, which will take a toll on infrastructure development."

Mr Hossain said “As much as 90 per cent of the raw materials are imported from the US, Canada, Italy, the UK and Australia, which have gone into partial or full lockdown since the beginning of March to contain the spread of the novel coronavirus. The lockdown in those countries are unlikely to be lifted soon. If the situation goes on like this until December, the losses will run into BDT 15,000 crore. The sector would need around two years to recoup the present losses."

He added"We are not seeking donation. We are asking for low-cost loans to fight the ongoing crisis. Banks can extend the tenure of payment for letters of credit by an additional six months without the need for taking prior permission from the central bank.”

The association also called for reducing customs duty to BDT 500 from existing bdt 1,500 for importing each tonne of melting scrap and imposing a 15 per cent supplementary duty on import of finished MS rod.

The BSMA also demanded reduction of corporate tax to 10 per cent from 35 per cent now and withdrawal of 5 per cent advance income tax at the import stage for the next fiscal year.

The steel industry is now worth BDT 50,000 crore and the country has about 40 active steel makers, who altogether can manufacture nine million tonnes of steel a year. Of them, Abul Khair Steel, GPH Steel, BSRM and KSRM meet more than half the annual demand for about eight million tonnes.

Source : Strategic Research Institute

voda 19 mei 2020 16:32

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Worker Unions Oppose Layoffs at Tata Steel Netherlands

Reuters reported that labour representatives at Tata Steel’s Dutch operations said that the company plans to cut 1,000 jobs in the Netherlands. Tata Steel Netherlands’ Central Works Council said that Tata Steel Europe aimed to cut its Dutch operations in order to save its loss-making British operations. It said “The CWC does not agree to the scrapping of 1,000 jobs in the Netherlands.”

A spokesman for Tata Steel Europe confirmed that Chairman Theo Henrar will leave Tata Steel Netherlands in a decision agreed by mutual consultation. The CWC said that Henrar had been dismissed in what they described as an incomprehensible and ill-considered decision made in the interests of Tata Steel UK at the expense of the Dutch arm. It said “Both the shareholders in India and the European leadership of Tata Steel have been failing to solve problems in Britain for years. Billions of pounds and euros have not been able to make Tata Steel UK profitable.”

Tata Steel Europe began talks with workers in November over a transformation programme that would lead to 1,250 job cuts in Europe, following a decision by European Union competition regulators to block a joint venture with Germany’s Thyssenkrupp.

Tata Steel Europe employs 21,500 people, including 9,000 people at Ijmuiden in the Netherlands and 8,500 in Britain.

Source : Strategic Research Institute

voda 19 mei 2020 16:32

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Tokyo Steel Rolls Over Steel Prices for June Sales

Japan’s top electric-arc furnace steelmaker Tokyo Steel Manufacturing announced that it will keep product prices unchanged in June as it will take a while to see a recovery in demand from industries hit by the COVID-19 crisis. For June, prices for steel bars, including rebar, will remain at 55,000 yen a tonne, while its mainstay H-beams’ prices will stay at 76,000 yen a tonne.

This is the second month the company has held prices steady for all of its steel products, including its main H-shaped beams.

Source : Strategic Research Institute

voda 19 mei 2020 16:33

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GMS Market Commentary on Shipbreaking in Week20 -Confusion Reigns

Whilst the various recycling destinations remain far from fully open today, the anticipation of subcontinent markets opening within the month / before June has once again motivated Cash Buyers to take speculative positions and commit vessels at some firmer levels over the recent weeks. It is true that there have been some easing of restrictions in both India and Bangladesh, however, there are still restrictions on vessels arriving both locations with foreign crew onboard, in addition to domestic crew flying overseas for 'as is' take overs, as all international flights in and out of the subcontinent markets are still grounded at present. There may be further easing of restrictions in the coming week(s) on international tonnage, however, for now, only those vessels that have received special exemptions and have domestic crew on board are being allowed to beach in India and Bangladesh. India is allowing ships with Indian crew to beach whilst anchoring and beaching permissions are not being granted for vessels with international / foreign crew for the time being. The same is true in Pakistan and Turkey as well. In Bangladesh, foreign crew cannot disembark without getting special permissions from the police and immigration departments and this is causing some confusion for those vessels that have arrived locally and are waiting to beach for some time now.

There is a lingering anticipation that the markets may start to improve once the official notification on reopening comes through, as Indian steel plate prices & sentiments have started to firm this week on the back of Mr. Modi's expansive stimulus package for the economy, in addition to a recently announced ban on the export of steel scrap from UAE for a period of 4 months.

Source : Strategic Research Institute

voda 19 mei 2020 16:34

0

Leeco Steel Appoints Mr John Purcell as Vice President Of Sales

One of the largest suppliers of steel plate in North America Leeco Steel announced the appointment of Mr John Purcell as Vice President of Sales, effective May 18, 2020. Mr Purcell has over 30 years of sales and leadership experience in the steel industry. He joined Leeco in 2005 and has assumed progressive roles of responsibility, including serving as a member of Leeco Steel’s Executive Leadership team for 11 years. Prior to his appointment to Vice President of Sales, Mr Purcell served as Leeco’s Vice President, Energy Division.

Mr Purcell will continue overseeing Leeco Steel’s Energy Division – which includes wind, oil, gas and electricity transmission clients – and will work closely with Leeco’s Executive Vice President and Director of Sales to craft and execute sales and marketing strategies across the company.

Source : Strategic Research Institute

voda 19 mei 2020 16:36

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Odisha Steel Units Resent High Pricing of OMC Iron Ore

Express News Service reported that high pricing of iron ore for long-term linkage customers has been resented by steel and other end-use industries in Odisha. Industries sourcing iron ore via e-auctions organised by State-owned Odisha Mining Corporation said the price determination for long-term linkage customers is arbitrary and not based on actual cost. Drawing the attention of Chief Secretary Asit Tripathy to the arbitrary pricing of iron and chrome ore, Kalinga Nagar Industries Association said “The procedure followed by OMC to determine iron ore price is not appropriate as it leaves no margin for end users.”

In a letter to Tripathy, a copy of which was submitted to Chief Minister Naveen Patnaik, president of KNIA PL Khandoi said the bid price of INR 2,800 per tonne at e-auction on April 28 for Daitari calibrated lump ore is unaffordable for LTL buyers. No bidder participated for the high price in the bid.

Noting that survival of industries across the country is at stake due to the current Covid-19 lockdown, Kandoi said several steel plants at Kalinga Nagar in Jajpur district have already closed down due to various challenges faced by them.

Source : Strategic Research Institute

voda 19 mei 2020 16:37

0

Vietnamese Steel Producers Report Robust Q1 Results

VNS reported that Vietnamese listed steel companies reported positive business results in the first quarter of this year despite the impacts of the COVID-19 pandemic. Hoa Phat Group earned revenue of VND 19.5 trillion in the quarter, up 28 per cent year-on-year and reported post-tax profit of VND 2.3 trillion in Q1, up 27 per cent against last year. Hoa Phats market share of construction steel increased to 31.9 per cent in Q1 with an output of nearly 733,000 tonnes after excluding steel billets. Of the estimate, the amount of exported finished steel products reached 135,000 tonnes, up 74.8 per cent over the same period last year. The provision of steel billets reached about 350,000 tonnes, mainly for export. The company also provided the market with nearly 145,000 tonnes of steel pipes.

Another notable steel producer, Hoa Sen Group, also witnessed profit growth during the reviewed period. In the quarter, Hoa Sen’s revenue reached VND 5.8 trillion, down by 16.3 per cent year-on-year. Post-tax profit reported in the quarter was VND 201 billion, nearly four times higher than the profit achieved in the same period last year.

Other steel enterprises that reported profit growth in the first three months of this year was Vietnam Germany Steel Pipe JSC. The company recorded profit of VND 10.6 billion, up 3.8 per cent year-on-year. But this profit was less than one third of that reported in the previous quarter.

According to SSI Securities Co, these results were attributed to the improvement in gross profit margin. Inventories were kept at a safer level, which allowed the company to focus on profits instead of sales as in previous years.

Source : Strategic Research Institute

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