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voda 17 juli 2020 13:54

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Air Liquide & NLMK Signs New Long Term Contract for ASU

Air Liquide and NLMK have entered into a new long-term partnership. Under the agreement, Air Liquide will invest around 100 million euros in the flagship site of NLMK in Lipetsk, a combination of three projects which include the construction of a state-of-the-art Air Separation Unit, the acquisition of existing hydrogen unit for the steel plant and of the unit for Rare Gases production. This project also provides the base for growth of Air Liquide’s Industrial Merchant activity in one of the largest industrial Merchant markets in the Moscow region. Leveraging on new ways of working, the teams were able to finalize this new partnership digitally during the lock-down due to the Covid-19 pandemic crisis.

Air Liquide will design, build, own, and operate a new Air Separation Unit providing the highest industry standards in safety, efficiency and reliability. The unit with a production capacity of 1,000 tons of oxygen per day will be built on the Lipetsk site to increase steel production of the flagship site of NLMK. The Lipetsk site is among the top five most competitive sites in the world for slabs and hot-rolled coil production. Based on the latest energy efficiency technologies, the new Air Liquide unit will be contributing to the increased cost competitiveness of the site. The start-up of the unit is expected in 2023. Under the partnership, Air Liquide will also take over in the coming months all the assets for the production of hydrogen and rare gases at the NLMK site.

This contract, finalized digitally in the midst of Covid crisis, highlights the ability of the two companies to move forward despite the environment. This long-term partnership with NLMK strengthens Air Liquide’s position in Russia and illustrates the company’s strategy development in major industrial sites. In addition, this project provides momentum for growth in one of the largest Industrial Merchant markets in the Moscow region representing 30% of the country and reliable sourcing of Rare Gases for Air Liquide customers worldwide.

Source : Strategic Research Institute

voda 17 juli 2020 13:55

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IG Metall Sats Action Plan Important Signal for Green Steel

German union IG Metall’s Mr Jürgen Kerner said "From the employees' perspective, the action plan sends an important signal in the direction of" green steel. The Federal Government has thus created a good basis for promoting the transformation of the steel industry. Only if the path to the climate-neutral steel industry is followed consistently will this secure the 85,000 jobs in the steel industry and many more along the value chain. Concrete support programs and practical implementation must now quickly grow out of the steel action plan. The current crisis and the associated underutilization of the industry can lead to massive liquidity difficulties and requires close support from the federal and state governments. This is the only way we will be able to produce "green steel" in Germany."

Mr Kerner is main treasurer of IG Metall and executive board member responsible for the steel industry, on the steel action plan of the Federal Ministry of Economics.

Source : Strategic Research Institute

voda 17 juli 2020 13:55

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EU Steel Service Centres Shipments Dip by 23% in January-May

The latest EUROMETAL figures on sales from European steel service centres and multi-products distributors confirm the difficulties faced by the distribution sector.According to the latest report issued by the association of European steel and metal distributors EUROMETAL, in the first five months of the current year steel shipments to end-user segments by European flat steel service centers decreased by 22.8 percent year on year. In May, strip mill product shipments declined by 38.5 percent year on year, while they had decreased by 50.8 percent year on year in April. The negative trend in SSC shipments was accompanied by higher SSC stock indices. When expressed in days of shipments, stocks at EU-based SSCs reached 102 days in May this year, compared to 70 days in May 2019.

In the first five months this year, sales by multi-product and proximity steel stockholding distributors were lower for almost all products of their portfolios. Only rebar shipments were higher. In the first five months, total shipments dropped by 13.6 percent year on year. In May alone, all steel product shipments by the distributors decreased by 32.9 percent year on year.

Expressed in days of shipments, stock volumes of multi-product and proximity steel stockholding distributors amounted to 97 days of shipments in May this year, compared to 76 days in May 2019.

Source : Strategic Research Institute

voda 17 juli 2020 13:56

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Fitch Affirms Metalloinvest at 'BB+'; Outlook Stable

Fitch Ratings has affirmed Russia-based AO Holding Company METALLOINVEST's Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at 'BB+'. The Outlook on the Long-Term IDR is Stable. A full list of rating actions is at the end of this commentary. The affirmation and Stable Outlook reflect Metalloinvest's strong operational profile, including low cost iron ore, pellets, hot briquetted iron (HBI) and long steel production, and an expectation that the company will maintain neutral or positive free cash flow after dividends over the next four years, based on the distribution policy put in place in January 2019. Forecast earnings are clearly lower than last year, with Fitch EBITDA of USD 1.9 billion for 2020 taking into account both competitive steel markets linked to the sudden coronavirus-induced recession and continued deficit in the iron ore market supported by demand from China and some upside volatility of prices from supply restrictions.

Fitch forecasts funds from operations gross leverage of 2.3x-2.4x over the rating horizon, in line with the ratio guideline for the 'BB+' rating. The affirmation takes into account currently stressed market conditions for steel, whereas Fitch rates through the cycle, and that the company retains financial flexibility to further reduce capex or distributions if the economic recovery takes longer to materialise than the end of 2021.

Source : Strategic Research Institute

voda 20 juli 2020 15:04

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NUMSA to picket at ArcelorMittal South Africa Plants

According to a report in News24, the National Union of Metalworkers of South Africa announced that it would picket at multiple sights of operation at ArcelorMittal on Monday. NUMSA said “The picket would take place on Monday morning, after which the union would hand a memorandum of demands to. Picketing will take place at ArcelorMittal in Sedibeng, Vanderbijlpak, Vereeniging, Pretoria and Newcastle. Our members feel that they must resort to this drastic course of action because of the relentless onslaught that AMSA through the backward management of Kobus Verster the current GCEO, have launched against employees."

The statement said ArcelorMittal SA was consulting employees on a section 189 process, and contemplating retrenchments.

In June, the company said it would begin large-scale restructuring. ArcelorMittal SA in January already announced 1 000 job cuts in a bid to rein in costs, but on Thursday said in a statement that cost-saving initiatives previously implemented will not be sufficient.

Source : Strategic Research Institute

voda 20 juli 2020 15:05

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POSCO Gwangyang Blast Furnace No 3 Blown In

On July 10, POSCO CEO Mr Jeong-Woo Choi held a Blow-In ceremony at the No 3 Blast Furnace site of Gwangyang Works to commence the third operation of the furnace on completing its second refurbishment, .a maintenance operation conducted after extinguishing the fire inside a blast furnace to replace the internal firebricks and renew some parts of the facility. Through the second refurbishment, Gwangyang No 3 Blast Furnace has been transformed into a super-gigantic, smart, and also sustainable furnace. The maintenance project has boosted its internal capacity to 5,500 cubic meters from 4,600 cubic meters, which has, in turn, improved productivity by 25%, amounting to 4.6 million tonnes per year. Another significant change is that it has prolonged facility lifespan, reduced carbon emissions, and cut costs. By introducing smart technology with AI, POSCO has taken the stability of steelworks operation and quality to the next level. It also has strengthened sustainability of the Blast Furnaces with investment in gas-cleaning facilities and water resource facilities. The refurbishment of Gwangyang No 3 Blast Furnace lasted for one year and eight months with a total investment of 400 billion KRW and 230,000 workers yearly.

With the restart of Gwangyang No 3 Blast Furnace, POSCO possesses a total of four smart furnaces, two in Pohang and Gwangyang, respectively.

A blast furnace that has more than 5,500 cubic meters internal capacity is considered a super-gigantic furnace, and as of present, there are 15 super-gigantic furnaces around the world. Among them, POSCO has a total of six super-gigantic furnaces: two in Pohang and four in Gwangyang, including Gwangyang No 1, which is the world’s largest blast furnace with 6000 cubic meters internal capacity.

Source : Strategic Research Institute

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voda 20 juli 2020 15:06

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Worker Unions Red Flags Reported Plans to Replace Port Talbot Blast Furnaces with EAFs

British media reported that worket unions are preparing to fight their corner as Tata Steel proposals to end blast furnace steel production at Port Talbot are mooted. It is feared the move would see mass job losses at the steelworks which account for nearly half of all employment in Port Talbot. Steelworkers’ union Community said “If this report is accurate then this plan has been developed without any consultation with the workforce, which is an absolute disgrace. We are seeking urgent clarification from Tata but rest assured, the unions will not accept the end of blast furnace steel production at Port Talbot, which would leave the UK unable to make a range of specialist steels. Steel production accounts for half the jobs at Port Talbot and this plan would devastate the town and the community. If necessary we will be prepared to fight to protect our members’ livelihoods and the future of our industry."

Labour MP for Aberavon Stephen Kinnock said “The blast furnaces in our Port Talbot works are the beating heart of the primary steel-making process, and together with the steel unions I will be fighting tooth and nail to ensure that blast furnace-based steel production continues to be an integral part of the British steel industry.”

Tata is reportedly looking at plans to close both its two blast furnaces at the Port Talbot plant and replace them with electric arc furnaces, which would signal the end of primary steel making in South Wales.

A Tata Steel spokesman told The Sunday Times "We are in active discussions with the Government on several options for the future of Port Talbot operations to create a sustainable, decarbonised footprint for the future. Given prevailing market conditions and disruption caused by the Covid-19 pandemic, it is clear that the current Port Talbot operations face structural challenges that need to be urgently addressed. Discussions with the Government are constructive and ongoing, and at this stage no decisions have been made.”

Source : Strategic Research Institute

voda 20 juli 2020 15:07

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Steel Ministry Takes Measures to Avoid Disruption in Iron Ore Supply

PTI reported that India’s Steel Ministry in its Annual Report for Financial Year 2019-20 said "A disruption in supply of 45-50 million tonnes iron ore is expected in 2020-21 owing to the expiry of about 37 working merchant mines (250+ mines in total) on March 31, 2020. The Ministry of Steel along with the Ministry of Mines has worked out a strategy to mitigate the likely shortfall."

Steel Authority of India Ltd is given permission to sell 70 million tonnes of low-grade fines lying at its mines. The company was also allowed to sell 25 per cent of the total fresh quantity mined from its captive mines. SAIL has over 20 captive mines spread across Jharkhand, Odisha, Chhattisgarh and West Bengal.

The ministry said it has also submitted a proposal to the Ministry of Mines for reducing the royalty on iron ore fines from the existing 15 per cent to 5 per cent in order to incentivise beneficiation and pelletisation as well as reduce the stockpile of low-grade fines dumped at mine heads.

Amendment made in Minerals Mining act by the Ministry of Mines will help the steel CPSEs to get their mines renewed with certainty.

Source : Strategic Research Institute

voda 20 juli 2020 15:08

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MMK Completes Modernisation of Blast Furnace No 2

Magnitogorsk Iron and Steel Works has completed the technical re-equipment of its blast furnace No 2. The Company plans to put the upgraded unit into operation in August. MMK launched the large-scale modernisation of the second blast furnace in February 2020. The general contractor for the technical re-equipment was JSC Prokatmontazh. Total investments into the reconstruction of the furnace amounted to more than RUB 5 billion.

During the reconstruction of blast furnace No 2, MMK dismantled and replaced the metal components of the existing furnace and upgraded its cooling system. This transferred the cooling system from one based on vertical plate crude iron refrigerators to one using modern, horizontal copper refrigerators in the bosh, the tuyere region, and the belly of the lower part of the furnace shaft. The design of the cooling system and the supply of equipment was carried out by the company Paul Wurth. The implementation of a new reliable cooling system and the lining of the tuyere belt, bosh and furnace waist at blast furnace No. 2 will allow the Company to avoid the need to carry out major repairs of the 2nd category in favour of less lengthy repairs.

An important part of the reconstruction of MMK's blast furnace No 2 was the reconstruction of the foundry yards using a system of closed gutters, and the aspiration of the foundry yards and charge feed. The equipment of the foundry yard for the production of cast iron and slag was replaced with modern hydraulic mining machines produced by the company Dneprogidromash. Previously, similar equipment was installed at four MMK blast furnaces. The main chutes are now convective-cooled and enlarged to improve the separation of cast iron and slag. The lining of connective chutes will be made from refractory concrete. The chutes are equipped with shelters with an aspiration device manufactured by Dneprogidromash, with a capacity of 850 thousand cubic metres per hour. The newly built aspiration system will reduce dust emissions by 250 tonnes per year and improve the condition of the Company's workplaces.

By maintaining the integrity of the cooling system, the implementation of the above measures throughout the furnace’s exploitation period reduces the risk of productivity declines due to unplanned shutdowns.

Changing the design of the bosh will allow work on the blast furnace to be carried out with an increased proportion of pellets, while productivity will increase to 3,900 tonnes per day compared to 2,477 tonnes per day in 2019. The consumption of natural gas will amount to 132 cubic meter per tonne of pig iron, while per-unit total coke consumption will amount to 421 kg per tonne of pig iron versus 435.4 kg per tonne in 2019.

Blast furnace No 2 was commissioned at MMK in June 1932, a few months after the commissioning of blast furnace No 1. It was named Komsomolka in commemoration of the feat of labour carried out by hundreds of Komsomol members who worked on the construction of Magnitogorsk. Since then, the blast furnace has been repeatedly reconstructed, with the last project taking place in 2000, when it was almost entirely rebuilt. In 2010, blast furnace No 2 was equipped with a cone-free loading device manufactured by Paul Wurth.

Source : Strategic Research Institute

voda 20 juli 2020 15:08

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Cos Targoviste to Halt Production in Romania

Romanian special steel mill Cos Targoviste, formerly Mechel Targoviste, said that it will halt production indefinitely and lay off 1,200 employees due to economic issues caused by the coronavirus disease outbreak and shortage of working capital. The Valahia union announced that it had received a notification from the management of COS Targoviste regarding the cessation of production for an indefinite period and that the collective dismissal will be made, which will target approximately 1,200 employees, but the date is not specified. at which these dismissals will be made. The unions were also informed about the impossibility of continuing the production without the working capital, as well as the need not to increase the debts from the current activity and the exhaustion of the financial resources from which the payment of technical unemployment benefits could have been ensured.

The Valahia union also announces that it presented to the parliamentarians from Dambovita the existing situation at COS Targoviste and asked for their support for the Romanian state to convert its claim at COS Targoviste, of about 10 million euros, into shares.

For the greater part of 2020, the steel mill, which has been undergoing judicial reorganisation since December, did not operate due to the pandemic and did not earn any income. Except for April and May, the company paid from its own funds the technical unemployment indemnities of the employees, it added.

The company changed its name to Cos Targoviste in May 2013 after Russian mining and metals company Mechel OAO sold in its majority stake in the company to Cyprus-based Mazur Investments Limited, owned by Romania's Invest Nikarom. Mazur holds almost 60% of Cos Targoviste, the Romanian state holds 4%, while the rest is held by various shareholders.

Source : Strategic Research Institute

voda 20 juli 2020 15:09

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ArcelorMittal South Africa Trading Statement & Business Update for H1 of 2020

Image Source: ArcelorMittal South Africa

ArcelorMittal South Africa announced results for the six month period ended 30 June 2020. The Company expects headline loss for the period to increase by at least ZAR 2,000 million as compared to headline loss of ZAR 638 million in 2019 with loss for the period to increasing by at least ZAR 1,700 million. It said “Following an already demanding 2019, the first half of 2020 proved to be an incredibly difficult period given the extraordinary and widespread impacts on social and business freedoms wrought by the global COVID-19 pandemic. The impact on economic activity was abrupt and, therefore.”

In addition to the substantial and sustainable cost improvements implemented to date, extraordinary cash management and cost control measures were implemented to ensure sufficient liquidity in response to disrupted and seized supply chains due to the pandemic.

On 1 June, Alert Level 3 allowed for a return to unrestricted operations. However, although more customers returned to operations, the vast majority operate on reduced shift patterns, reflective of the weak economic activity levels. Considering the high pandemic infection rates currently being experienced within South Africa, whilst prioritising the safety and well being of our people, we are continuing to match our production utilisation to the evolving demand situation. This means the need to responsibly restore production levels in order to avoid the risk of a major infection event within operations.

ArcelorMittal South Africa remains steadfast in making the difficult decisions to position the business for sustainability through these future-shaping events. Consequently, having reassessed it strategic asset footprint for 2020, it has been decided to idle Blast Furnace C at Vanderbijlpark, and the Vereeniging Electric Arc Furnace until demand recovers. With the current asset utilisation, ArcelorMittal South Africa will be able to fully supply the forecast demand for the second half of the year and will continue to reassess the need to return additional capacity to production.

Source : Strategic Research Institute

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voda 20 juli 2020 15:12

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Helix Steel Partners with Micro Fibras de Acero to Sell Rebar in Costa Rica

Pensmore Reinforcement Technologies, dba Helix Steel announced a strategic partnership with Micro Fibras de Acero CR SA Through this partnership, Helix Steel will be supplying Helix Micro Rebar to the Costa Rican construction industry.

Headquartered in San Jose in Costa Rica, Micro Fibras CR SA includes business partners Alberto Apestegui, Enrique Blair, Ricardo Jimenez and Campion Platt. Each partner is involved in different aspects of architecture, construction, design, and engineering. Alberto Apestegui and Enrique Blair are the partners in Apestegui + Blair Consultores who specialize in structural and seismic engineering. Ricardo Jimenez is a partner in Compañía Constructora Van der Laat y Jimenez that focuses on building industrial plants, buildings, hotels and resorts, shopping centers, and road infrastructure. Finally, Campion Platt, a world-renowned architect, and designer, who creates holistic architecture and interiors that focus on eco-friendly green homes, furniture, and textiles.

Van der Laat y Jimenez has constructed many buildings on the beaches of Costa Rica so using a product that has zinc coating is important to prevent corrosion.

Headquartered in Ann Arbor and celebrating seventeen years in the steel industry, Helix Steel provides unparalleled resistance to cracking and shrinkage. It is the only product with an ISO 17065 evaluation report that complies with the International Builders and International Residential codes to replace traditional reinforcing steel.

Source : Strategic Research Institute

voda 21 juli 2020 10:33

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Toyota Motors to Sources High Grade Steel p from China Baowu

Nikkei recently reported that Toyota Motor will procure some of its electrical steel sheet from China Baowu Steel Group, in a move that could presage an era in which Japanese steel-makers will have to compete on price as well as quality. Toyota has not only approved the quality of China Baowu's steel sheet for use in hybrid and electric vehicles made in Japan, it is already taking delivery of the product. China Baowu will supply a limited amount of the steel to Toyota, but a Toyota executive said the Chinese product is as good as its Japanese-made counterparts and we're going to diversify the material's suppliers, as use of electric vehicles is expected to grow."

Steel sheet is a high-performance product and a crucial electric vehicle material, the production of which requires sophisticated technology. Because high quality is critical, Toyota has mainly sourced it from Japan's leading steel-makers.

Electrical steel sheet is magnetized through a special process. Its production requires sophisticated technologies, such as to remove impurities. The product goes into core components of electric vehicles, including motors.

The deal is seen as sign Chinese steel-makers, reliable suppliers of large quantities of general-purpose products, are catching up with Japanese rivals in terms of quality.

Source : Strategic Research Institute

voda 21 juli 2020 10:33

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GFG Alliance Keen to Join Hands with Tata Steel on Port Talbot EAF Plants

BusinessLine reported tat Liberty House has evinced interest in collaborating with Tata Steel for its plant at Port Talbot. GFG Alliance Chairman Mr Sanjeev Gupta told BusinessLine that"We are always open to any kind of association with Tatas. We have a long and mutually productive history with them, we consider them one of the best groups in the world. In 2016, we wanted to turn the polluting and inefficient Port Talbot blast furnaces using imported iron ore and coal to recycled Green steel using domestically available scrap powered by renewable energy. So today when I hear of talks of EAFs in Port Talbot it is a huge vindication of our model which everyone sneered at in the past.”

GFG Group has long been an advocate for recycled Green steel in the UK and indeed this was the Group plan for Port Talbot plant while bidding for it in 2016. Tata Steel is now exploring the option of converting the blast furnace at the plant into electric arc furnace as part of its plans to drive efficiency.

Source : Strategic Research Institute

voda 21 juli 2020 10:35

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German Crude Steel Production in June 2020 Impacted by COVID19

German crude steel production using blast furnaces shrank 35.8% year on year in June to 1.53 million tonnes, while production using electric arc furnaces fell 7.3% to 941,000 tonnes. German association WV Stahl said "The negative effects of the corona crisis on crude steel production in Germany are clearly visible. In June, crude steel production fell 27 percent compared to the same month last year after there were already severe declines in April and May. In the second quarter of 2020, production was 26 percent below the level of the previous year after having dropped by 6 percent in the first quarter. This means that steel production in the first half of 2020 is around 16 percent below the same period in the previous year.”

Details, zie pdf.

Source : Strategic Research Institute

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voda 21 juli 2020 10:36

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Malaysia Finds Abandoned Shipment of Romanian EAF Dust

State media Bernama reported that Malaysia has uncovered its largest case of abandoned toxic waste, after 110 containers of hazardous heavy metals from Romania and bound for Indonesia illegally entered the country last month. Environment and Water Minister Tuan Ibrahim Tuan Man said 1,864 tonnes of electric arc furnace dust, a by-product of steel production that contains heavy metals like zinc, cadmium and lead, were found abandoned at the Tanjung Pelepas port in the southern state of Johor

Malaysia has contacted the Romanian Basel Convention authority to arrange for the repatriation of the containers and have engaged Interpol for further investigations

Malaysia in recent years became the world's main destination for plastic waste, after China banned imports of scrap. It has been negotiating with origin countries to take back hundreds of containers of plastic that entered the country illegally.

Source : Strategic Research Institute

voda 21 juli 2020 10:36

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Bluescope Business Update

BlueScope announced that it expects preliminary unaudited underlying earnings before interest and tax for FY2020 to be around AUD 560 million, with an expected contribution in the June half of around AUD 260 million. Managing Director and CEO Mark Vassella said “The results show a strong performance in the face of challenging conditions caused primarily by the COVID-19 pandemic. They clearly demonstrate an outstanding operational and commercial effort by our 14,000 people across all 18 countries. I'm particularly pleased with the way our people have responded to the impact of the pandemic, maintaining their personal health, safety and wellbeing - and that of the business, our customers and our communities. The results show the strength of our business model and our financial disciplines. However, there is currently a high level of uncertainty in BlueScope's key markets at the start of FY2021 due to the pandemic and weaker steel spreads.”

FY2020 BUSINESS UPDATE

Some BlueScope businesses have been impacted by government mandated and customer closures, but in general, business conditions have been better than expected - driven primarily by continuing building and construction demand in key markets.

Looking across the Group's reporting segments during the June half year:
At Australian Steel Products, domestic demand was resilient with despatch volumes (ex-mill) similar to that of 1H FY2020, and the contribution from export coke sales improved.
At North Star, the weak demand environment led by automaker shutdowns from mid-March to mid-May placed downward pressure on realised prices and spreads. However, average capacity utilisation remained robust at above 90% across the half.
The Building Products Asia & North America segment delivered a preliminary unaudited result approaching that of 1H FY2020, benefitting from improved manufacturing performance in North America, and good performance in Thailand despite COVID-19 impacts on the economy. The China business has experienced a better than expected recovery post the COVID-19 shutdown. However, weaker demand impacted Malaysia. Indonesia. Vietnam and India; Indonesia also suffered from currency volatility.
At Buildings North America, the unfavourable impact of seasonality combined with slowing demand and project delays as a result of COVID-19 resulted in lower despatch volumes.
New Zealand and Pacific Steel's performance was impacted by the compulsory government shutdown of operations during March and April, and ongoing cost pressures.

Source : Strategic Research Institute

voda 21 juli 2020 10:37

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US Steel Industry Groups Urge Senate Leaders to Include Infrastructure in Next Stimulus Bill

Major US domestic steel industry groups strongly reiterated their support for significant funding for state departments of transportation and called on congressional leadership to support this funding in the next phase of COVID-19 stimulus legislation. Members of The American Institute of Steel Construction, American Iron and Steel Institute, Steel Manufacturers Association, The Committee on Pipe and Tube Imports and Specialty Steel Industry of North America (sent a letter to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Charles Schumer (D-NY) urging the Senate to pass a broad infrastructure package to kickstart the economy.

The groups wrote “As a result of economic hardships in states across the country, DOTs have been forced to delay or cancel key infrastructure projects because of revenue shortfalls and the impact of COVID-19. To ensure that these projects can proceed and create demand for essential [steel] products and support good wage jobs used in the transportation sector, the steel industry requests Congress include at least $37 billion for state DOTs in the future relief bill that will be considered by Congress this month. Ensuring that state DOTs have appropriate funding to carry out essential projects is an important first step in our nation’s economic recovery.”

The groups noted that the American Association of State Highway Transportation Officials estimates that state DOTs will average at least a 30 percent loss in state transportation revenues in the next 18 months. This causes delay or cancellation of key infrastructure projects, resulting in decreased demand for steel products.

Source : Strategic Research Institute

voda 21 juli 2020 10:37

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Vítkovice Heavy Machinery Goes Bankrupt

Regional Court in Ostrava announced that Ostrava based steel manufacturer Vítkovice Heavy Machinery has gone bankrupt. According to the court, there are several reasons for VHM going bust. A company reorganisation proposal, which was originally put forward by the majority shareholder CE Power Industries, was taken back after VHM’s business activity was severely impacted by the epidemiological situation and coronavirus containment measures. Furthermore, the company discovered it does not have sufficient creditor support to initiate a reorganisation. VHM currently owes more than CZK 1.7 billion. As of June, the company employed more than 560 workers

Vítkovice Heavy Machinery originated at the birth of the metallurgic industry in Vítkovice. Along with the decision to establish an iron works in 1828 by the archbishop of Olomouc, Rudolf Jan, a machine shop was also established in Vítkovice to make steam engines, bridges, railway cars, mining tools and furnace machines. Over the course of the 190 years of heavy machinery history in Ostrava, the company has built an impressive reputation with global reach, with its vision and experience in the heavy industry and power industry influencing the Czech industrial environment as well as reaching over to international investments and development projects to a significant extent. Its manufacturing portfolio includes products for a wide range of industrial fields, from deliveries of comprehensive engineering solutions for steel mills, rolling mills, special heavy industry equipment or surface mines, to castings and precisely machined forgings for the power, shipbuilding, steel working, cement and mining industries, as well as deliveries of raw ingots, forged bars and rolled rims for railway and tram equipment.

Source : Strategic Research Institute

voda 21 juli 2020 10:38

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RIDDLE&CODE & SISeven to Digitalise Steel Industry Data

RIDDLE&CODE and SISeven joined to address traceability within the complex and fragmented metal industry. Every year, only in Europe 500 steel production sites and 500.000 metal processing companies exchange around 100 million paper certificates to meet regulatory requirements for material quality documentation. While more and more machines are becoming connected to the Internet, these documents remain paper-based and non-machine readable, which has caused an increase in opportunities for fraud and negligence.

To mitigate these inefficiencies, RIDDLE&CODE and SISeven are building a blockchain-based notarisation service for metal certificates that provide a product with a digital, tamper-proof identity and trace each step of its journey: from raw material to final application. The service allows manufacturers to replace hard copy documents with immutably stored digital records.

Steel But Smart supports all currently used tagging methods such as numerical marking and barcoding, but enhances the security by adding mass balance proofs. It ensures that certificates can only be issued for actually physically produced or transferred quantities, the companies claim.

Source : Strategic Research Institute

Vertraagd	3 mrt 2025 17:38
Koers	28,800
Verschil	+1,360 (+4,96%)
Hoog	29,060
Laag	27,110
Volume	6.205.320
Volume gemiddeld	2.649.844
Volume gisteren	2.533.234

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