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voda 31 juli 2017 16:57

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McKinsey to help Usha Martin develop steel business action plan

It is reported that waning demand for wire rope has seen Usha Martin was recently forced to find a way to manage its debts - including the sale of its most profitable unit. McKinsey & Company has been called in to create a roadmap for the rest of its business, largely in steel as the company charts into uncertain future.

International steel magnate Usha Martin has been in business manufacturing wire rope since the opening of a dedicated unit in 1961. The company produces the world’s widest range of the material, from manufacturing facilities located across the UK, India, the UAE, and Thailand. The company had traditionally used a dedicated steel producer to guarantee the quality of the metals used in its wire, however in recent years Usha Martin has found itself in debt, faced with a lower steel price and increased pressure from the wider market, as the extraction industry suffered from lower commodity prices.

Debt levels at the company have reportedly become unmanageable, and a reported loss of Rs 404 crore (a crore is anything over 100 million rupees) during the 2015-16 financial year, saw creditors become so concerned that they utilized a campaign of shareholder activism to oust Prashant Jhawar from the board, bringin G.N. Bajpai to the board as chairman. One of the main creditors, SBI, has an exposure of INR 900 crore in corporate debt and INR 290 crore as a short-term loan, and was noted as particularly worried about the future of the company, and its money.

The poor state of the Usha Martin’s finances prompted various possible options to be tabled for its future, with The Royal Bank of Canada called in to look into the possible sale of the company’s profitable wire rope business for INR 2,500 crore, with the proceeds going to pay off debts and finance the operation of the remaining steel business. Unfortunately, given the current commodity situation around steel prices, this did not pay off.

To support the future of the company, it was recently revealed that various consulting firms, including McKinsey & Company and The Boston Consulting Group were being courted to develop a long-term roadmap. McKinsey was announced as the winner, being handed the task of saving Usha Martin with a one-year contract to explore options for the steel business.

Commenting on the decision, Rohit Nanda, Chief Financial Officer, said, “We are getting McKinsey to help us with operational efficiency and reduction in costs to improve profitability of our steel business.”

Source : consultancy.uk

voda 31 juli 2017 16:59

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Glencore reduces full year guidance

City AM reported that Commodity mining and trading giant Glencore reduced its guidance for full-year results almost across the board in the face of declining production of some of its key minerals. Shares fell by as much as 0.65% in early trading but recovered to a small 0.05% gain at the time of publication.

Copper production fell nine per cent year-on-year in the first half of 2017 to 642,900 tonnes. The company blamed production changes at its Antamina and Antapaccay mines, both in Peru,as well as wet weather in the Mutanda copper mine in the Democratic Republic of the Congo.

Meanwhile output from the Alumbrera mine in Argentina suffered from "pit stability" issues as it "nears end of life". Guidance was reduced by two per cent for the full year.

Zinc production rose by 13% to 570,800 tonnes, driven by a transition in the Antamina mine towards the metal and "solid performances" in its other mines. The sale of its Rosh Pinah and Perkoa mines, in Namibia and Burkina Faso respectively, will complete in August after being announced initially in March.

Nickel production fell by 10% to 51,200 tonnes because of maintenance work on other mines, dragging down its full-year guidance by four per cent.

It was a similar story for ferrochrome, the main input for stainless steel: Glencore reduced its full-year guidance by four per cent despite a 10% year on year increase in production to 836,000 tonnes.

Source : City AM

voda 31 juli 2017 17:01

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Fortescue plans lowers costs as production steadies

Australia’s third iron ore miner, Fortescue Metals Group is still talking cost cutting as it maintains production guidance for 2017-18 at 170 million tonnes little changed than the 170.4 million shipped in the year to June this year. The company said in its 4th quarter production report (without no annual figures) that it is aiming to cut its cash costs to as low a $US11 a tonne in the current financial year, after dropping them by 15% in 2016-17.

Fortescue said it had shipped 44.7 million tonnes in the quarter, taking total shipments across the 2017 financial year to 170.4 million tonnes, in line with guidance.

The market took all this in its stride, ignored the return of spot iron ore prices to over USD 70 a tonne and sold down the shares 1.2% to USD 5.24.

The company also reported cash costs (known as C1 costs) of USD 12.16 a wet metric tonne, down 15% on the June quarter in 2016. Fortescue says it can drive costs down further to USD 11 to USD 12 a wet metric tonne.

But unlike its larger rivals, BHP and Rio Tinto, Fortescue, with its lower grade ore (around 58% iron oxide against the 62% average the bigger companies mostly ship), won’t be looking at a big jump in earnings in the year to June 30. That’s because the discount its ore received because of its lower quality (based on the benchmark index price for 62% ore delivered to northern China on a cfr basis), has widened in recent months.

Fortescue said the average price it received through the June quarter was $US37.82 a tonne. It said the contracts it entered into during the quarter reflected 73% of the average index price for top quality 62% iron ore through the quarter.

Fortescue said that “The current spread in prices between iron ore grades is expected to continue in the short term while steel mill profitability and iron ore port stockpiles remain at current high levels.”

In the June quarter of 2016, Fortescue said it received an average of 88% of the benchmark price, which suggests the discount the group is facing has more than doubled from 12% to 27% in the year to June.

Fortescue said that "In the longer term, Fortescue expects average price realisations to revert to historical levels as market conditions normalise and steel mills maximise the value in use of their operations."

Source : Share Cafe

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voda 31 juli 2017 17:05

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Usiminas posts Q2 profit on steel rebound

Reuters reported that Usinas Siderúrgicas de Minas Gerais SA, Brazil's largest listed maker of flat steel products, on Friday posted an unexpected second-quarter profit, boosted by higher steel prices and sales volumes, according to a securities filing. Net income at Usiminas jumped 62 percent from the prior three months to 176 million reais (USD 56 million), contrasting with a consensus estimate of a 32 million reais net loss.

Earnings before interest, taxes, depreciation and amortization rose 35 percent to 711 million reais.

Source : Reuters

voda 1 augustus 2017 16:48

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Tata Steel to focus on India as global markets face headwinds

The Hindu Business Line reported that Tata Steel plans to focus more on India as it expects global markets to face headwinds due to geopolitical issues. Mr N Chandrasekaran, Chairman, Tata Steel said the global steel industry continues to witness challenging times though the performance of the industry has been better this fiscal. He said in the 110th annual report “According to the World Steel Association, global steel output would taper next year and the slowdown is expected to continue through 2035 as countries around the world start to rein in output while demand retreats. Given the current stage of development and the likely growth path for India’s economy in the next decade, steel demand in India will witness significant growth in future.”

He said “While the steel sector in India is financially stressed, the government has outlined its intent to ensure the long-term viability of the sector through the recently announced National Steel Policy 2017.”

Going forward, he said, Tata Steel’s priorities will be to focus on the Indian market, achieving operational excellence and delivering value-added and differentiated products to its customers.

Source : The Hindu Business Line

voda 1 augustus 2017 16:49

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Value added steel products to enrich SAIL product mix

Press Trust of India reported that Steel Authority of India Limited is putting a premium on its 20 value added products for defense and construction that it expects will strengthen product mix and lead to better realizations. The steel products were developed last fiscal under the INR 70,000 crore modernization and expansion program at the company's integrated plants in Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and a special unit in Salem.

It said “While 11 are to be used for construction activity, two have been penciled in for the defense purpose such as aircraft carrier ship and submarines. The rest are for structural use, domestic LPG cylinder, tipper body, auto segment (dummy axle), line pipe, earthmovers and the like.”

Mr RK Singhal, Executive Director (corporate affairs), SAIL, told PTI "The products from new Universal Rail Mill (in Bhilai), new Cold Rolling Mill (in Bokaro), 4.3 metre wide Plate Mill (in Rourkela), new Wire Rod Mill (in Burnpur) and other new mills would enrich Sail's product mix fetching higher realizations.”

Source : Press Trust of India

voda 1 augustus 2017 16:49

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Government plans strategic divestment in Salem Steel Plant of SAIl - Minister

PTI reported that the Indian government is planning strategic disinvestment of the Salem Steel Plant in Tamil Nadu and not total disinvestment. Steel minister Chaudhary Birender Singh informed the Lok Sabha that “Financial reports of Salem Steel Plant in the last few years showed a dismal picture of the once most-reputed steel plant in the country. There is a proposal for strategic disinvestment of the Salem Steel Plant, not total disinvestment.”

The minister said legal advisers and surveyers have been deployed to make a detailed analysis of the plant and a decision on the future of the plant would be taken after receiving their reports.

Mr Singh added that the plant, which produced 3.39 lakh metric tonnes per annum of steel, was considered to be the country’s best plant producing stainless steel. The minister said it has come to light that the plant’s 46% loss has happened due to high power tariff and the Tamil Nadu government has been requested to provide power at reasonable rates.

Source : PTI

voda 1 augustus 2017 16:50

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Lenders may have to take bigger haircuts for ailing steel mills - Report

Business Standard reported that with five steel companies facing insolvency proceedings, industry observers are unsure about the quantum of haircut, a term for the write off a lender accepts on a debt payment when a borrower can’t repay what is due, lenders would have to take if the companies are put on the block. Lenders, led primarily by State Bank of India, had earlier rejected offers from prospective buyers for the debt-laden firms because they would have to take huge haircuts on the dues.

Market leaders like JSW Steel and Tata Steel are considered some of the serious buyers for the five companies. A senior steel industry executive said the corporate insolvency resolution process (CIRP) might see higher bids for companies put up for sale since there had been some recovery in the steel market.

Another official, however, said insolvency proceedings for the 12 identified companies could see even bigger haircuts. Nonetheless, the bidding process under the CIRP would be more transparent and competitive. Besides, the process would have the approval of the National Company Law Tribunal, a quasi-judicial body, giving public sector banks greater comfort.

Source : Business Standard

voda 1 augustus 2017 16:51

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Tata Steel launches grapheme coated stirrups - Tiscon Superlinks+

Business Standard reported that Tata Steel is working on commercialization of graphene, an advanced material and considered to be a superb conductor. The first product is in the market. The company has launched ready-made graphene-coated stirrups, named Tiscon Superlinks+.

Mr Peeyush Gupta, vice-president (steel & marketing), said when four columns are built, the support link is normally supplied by a local mason, which is made of steel. He said "But, it usually rusts. We have changed that by coating it with graphene."

Superlink+ has enhanced corrosion resistance and better bonding strength than other stirrups in the market. Tata Steel has filed seven patent applications in this area of work.

A graphene development cell has been set up at Jamshedpur to identify applications and establish new businesses (production units, supply chain and markets). Two advanced material research centres of excellence have been established. One is at Chennai, in collaboration with the Indian Institute of Technology there. The other is at Bengaluru, with the Centre for Nano and Soft Matter Sciences.

Graphene is believed to be the world's first two-dimensional material. It is ultra-light, 200 times stronger than steel and yet incredibly flexible. It is a superb conductor and can act as a perfect barrier; it is also transparent. Graphene research is focused on applications in energy, membranes, composites and coatings, biomedical, sensors and electronics.

Source : Business Standard

voda 1 augustus 2017 16:51

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Owner of steel companies take first and third spot in Russia rich list

TASS reported that owner of Russian steelmaker Severstal Mr Alexei Mordashov outpaced Mr Leonid Mikhelson, major shareholder of national gas producer Novatek, in the rating of the richest Russians. Forbes said that Mr Mordashov’s wealth is estimated to be USD 16.8 billion, followed by Mr Mikhelson with USD 16.2 bln, it said.

It said "The ascent of Mordashov was facilitated by a significant decline in Mikhelson’s wealth estimate because of a drop in Novatek shares price, rather than by growth in the value of his own assets.”

It added that Mr Mordashov’s assets value rose by USD 63 million from the last rating update, Forbes said.

The majority shareholder of Russian metals company NLMK Vladimir Lisin continues to hold the third line in the rating. The businessman’s wealth has not actually changed. Forbes estimates it as amounting to USD 16.1 billion.

Source : TASS

voda 1 augustus 2017 16:52

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SAIL plays a vital role in nation building

Deccan Herald reported that Steel Authority of India Ltd had organized the engineers and customers mela at Bheeshma Metals, Antarasanahalli Industrial Area. Addressing the gathering at the inaugural ceremony, assistant general manager of SAIL, Mr BK Singh said that “SAIL has earned the trust of the customers on quality front. The PSU has played a vital role in nation building.”

The mela aims at providing information, to the customers, engineers and technicians, about the products of the company, said, the assistant general manager of SAIL.

Senior manager (Marketing), Mr Rajatkumar Naik, speaking on the occasion said that “SAIL has 37 branches across the nation, including one in Bengaluru. The public sector unit, over the years, has been manufacturing wide range of quality steel products. Our products have been used for building skyscrapers, bridges, reservoirs, metro rail, rail infrastructure, thermal and hydroelectric plants among others. The buildings constructed using earthquake-resistant EQR-TMT steel products have the strength and ability to withstand the high intensity tremors.”

Source : Deccan Herald

voda 1 augustus 2017 16:53

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SSG Capital eyeing stake in Bhushan Steel - Mint Reports

Live Mint quoted two people as saying that Asia focused special situations investment firm SSG Capital Management is interested in acquiring a stake in distressed steel company Bhushan Steel Ltd. One of the two people cited above said “Bhushan Steel promoters have been out in the market to bring in an investor who can bring in equity capital of at least around INR 900 crore. SSG is one of the financial investors that has shown an interest in the asset and has been in talks with the promoters.”

The second person cited above, also requesting anonymity said that “While SSG is interested in the asset, given that the case has been admitted in the NCLT, they will now have to wait for the process to take its course, and wait for the insolvency professional to come up with a resolution plan.”

However, the chances of the talks resulting in a deal have been slowed down as the National Company Law Tribunal admitted an insolvency case filed against the firm by State Bank of India. Since the plea has been admitted by the NCLT, there is a 180-day timeline, which can be extended up to 270 days, to decide on a resolution plan in accordance with the Insolvency and Bankruptcy Code (IBC), 2016.

Bhushan Steel’s total debt stands at around INR 42,355 crore as of 31 March.

SBI has claimed recovery of INR 4,295 crore from Bhushan Steel and USD 490 million for a foreign currency loan.

SSG is currently one of the most active financial investors in the distressed assets space in India.

Source : Live Mint

voda 1 augustus 2017 17:00

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FISCAL 2017

July 28, 2017

Announcement on Revision to Earnings Forecast and Interim Dividend Forecast for Fiscal 2017, ending March 31, 2018

July 28, 2017
Kobe Steel's Consolidated Financial Results for First Quarter of Fiscal 2017 (April 1 – June 30, 2017)

Zie link, voor meer informatie en ander staalnieuws:

www.kobelco.co.jp/english/ir/library/...

www.kobelco.co.jp/english/

voda 1 augustus 2017 17:01

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Iranian steel companies invest in new plant to make electrodes

Chilanonline website of the Iranian Steel Producers Association citing Seyed Hossein Ahmadi, managing director of Khorasan Steel Complex Co as saying that several Iranian companies have set up a joint venture to build Iran's first graphite electrode manufacturing plant in light of the current shortage.

Mr Hossein Ahmadi said that "Some 200 million will be invested by Novin Electrode Company, a joint venture between Iranian state mines and metals holding company Imidro, Mobarakeh Steel Co and Khorasan for the production of graphite electrodes.”

He added that "We hope that with the improvements which happened after removal of the sanctions, the machinery will be supplied soon and the plant be launched within one or two years, adding that the shortage of graphite electrodes has become a major challenge for the steel industry in Iran.”

The Iranian steel industry is largely based on electric arc furnace steelmaking and concern about electrode supply has grown in recent weeks.

Source : Platts

voda 1 augustus 2017 17:03

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US steel exports up 17.3% from April to May

AJOT reported that more than half of the 1,006,088 net tons of exports in May, 572,068 net tons were sent to Canada. This total was 31.7% more than in April and 38% more than in May 2016. Monthly exports to Mexico, though, dipped 3.7% from the previous month, to 321,435 net tons, which was 5.5 percent higher than a year earlier. The European Union took in 40,907 net tons of steel from the United States in May, which was 57.8 percent more than in April and 62.2% more than in the previous May.

From January to May, total steel exports increased 13.3% to 4.46 million net tons. This included 2.26 million net tons of exports to Canada (12.2% higher than the total during the same time last year), 1.7 million net tons to Mexico (14% higher), and 157,368 net tons to the European Union (56.1% higher).

With both imports and exports rising by double digits through the first five months of the year, it is clear that this is not a zero-sum game, that domestic manufacturers can do very well even as the nation relies partly on imports for its steel needs.

In addition, the capability utilization rate of domestic mills has risen by more than 2 percentage points this year to 74.5%, according to the American Iron and Steel Institute, further illustrating the health of American steel companies. As the Department of Commerce continues its Section 232 investigation of the potential impact of steel imports on national security, it would do well to take note of how much stronger US firms have become even as imports have increased to meet the demands of a growing economy.

Source : AJOT

voda 1 augustus 2017 17:03

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HEG patents a process for making high-performance graphite nipple

Business Line reported that the stock of HEG will remain in focus, as the company has been granted an Indian patent for an invention named “A process for making high-performance graphite nipple”. The patent has been issued by Intellectual Property India.

HEG said the patent is in the overall interest of its business and sets a benchmark in the graphite industry. Graphite electrodes manufactured by HEG are used by steel-makers. Shareholders will closely monitor the development.

Source : Business Line

voda 1 augustus 2017 17:04

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Sheffield based Rom Ltd workers denied pay rise for a decade - Report

The Star reported that nearly 20 employees have walked out at fabricators Rom Ltd, on Brightside Lane, after a two-week stoppage was called. The company makes reinforcement steel for the construction industry, and the 18 staff taking part in the strike are all production workers on the factory floor. MrSteve McCool, national officer for the trade union Community, which is representing those involved, said that "Workers at Sheffield Rom have not had a pay rise for 10 years. They've got to a point where enough is enough."

Mr McCool said the firm had tabled pay offers elsewhere, including a five per cent wage increase over three years in Newport, Wales. He added that "They haven't even had an offer of any description at the Sheffield site. The management have shown complete contempt for us."

The union officer said 'all procedures had been exhausted' before the strike began. The walkout is set to last until the end of next week however, Mr McCool said that "We will be in this for the long haul until management see sense. We have said the door is always open, but at this point in time management won't engage with us."

It is understood Sheffield workers are pushing for a review of the current bonus system and an increase in their hourly pay rate.

The Sheffield plant, which employs around 50 people, is part of a national operation Rom Group with 21 sites across the UK. Romtech, a subsidiary that sells pre fabricated piles for buildings, is based at Brightside too and has its own additional staff.

Source : The Star

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voda 1 augustus 2017 17:06

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EcoVadis names Belarusian BMZ among world's best suppliers

Belarusian Steel Works has been granted a Gold Recognition Level based on its participation in the EcoVadis Corporate Social Responsibility (CSR) assessment. The result places Belarusian BMZ in the top 5% of suppliers evaluated by EcoVadis. The results achieved demonstrate the high professionalism of BMZ's employees. The company supplies products to its consumers in accordance with the key principles of corporate social responsibility.

EcoVadis operates the collaborative platform, allowing companies to assess the environmental and social performance of their global suppliers. EcoVadis has become a trusted partner for procurement organizations in more than 120 leading multinationals.

Over 24,000 companies use EcoVadis to reduce risks, introduce innovations, develop transparency and build up trust between trading partners.

The EcoVadis methodology is at the core of its CSR analysis system, covering 21 criteria across four themes: Environment, Fair Labor Practices, Ethics/Fair Business Practices, and Supply chain. The methodology is built on international CSR standards including the Global Reporting Initiative, the United Nations Global Compact, and ISO 26000, covering 150 categories and 140 countries.

Established in 1984, Belarusian Steel Works (BMZ trademark) is the managing company of the holding company Belarusian Metallurgical Company. The company produces cast sections, long and rolled products, reinforcing bars, pipes, metal cord, high pressure wire, and other sorts of wire. BMZ sells over 80% of products abroad.

Source : Belta

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voda 1 augustus 2017 17:26

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UK ministers accused of lukewarm commitment on use of British steel in HS2

Yorkshire Post reported that UK government has been accused of failing to show support for the UK steel industry following its “lukewarm” commitment to using British suppliers for its flagship high speed rail project. Responding to the recent announcement of the first wave of contracts for HS2, Labour has been pressing ministers for guarantees that at least 95% of steel used in the scheme will be British made. The Government has since stated that it “expects” this target to be met in the rail part of the project, but it has stopped short of offering any further promises. This has drawn heavy criticism from the shadow minister for steel, Gill Furniss, who described it as a sign of ministers’ “reluctance” to offer “much needed backing” to the country’s steel sector.

MPs have long been pushing the Government to commit to using British manufacturers on HS2, with Scunthorpe MP Nic Dakin raising the issue of steel in the Commons back in November. Unions have also been applying pressure, with the TUC’s general secretary Frances O’Grady urging ministers to consider the “value” that sourcing domestically brings for communities and businesses across the country.

Speaking to the Yorkshire Post, Sarah McCann-Bartlett, director general of the British Constructional Steelwork Association, stressed that the UK is home to “some of the best” bridge and station builders in the world, and their consumption of steel is expected to increase by 25% by 2019 as a result of HS2.

Peter Smith, managing director of the rail manufacturing arm at British Steel, told that his company has a proven track record on delivering “quality” products and expects to be “a key supplier” on the project.

Contractors involved in public sector projects have to abide by strict procurement rules when purchasing steel, taking into account factors like value for money, carbon footprint, and social and economic impacts. However, the Transport Secretary Chris Grayling offered assurances to MPs as early as last year that the UK’s current record of sourcing 95% of steel in rail from British suppliers would be maintained in the delivery of HS2.

Source : Yorkshire Post

voda 1 augustus 2017 17:29

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Steel is the World's Most Recycled Material

Steel is the most recycled material on the planet, more than all other materials combined. Steel retains an extremely high overall recycling rate, which in 2012, stood at 88 percent.

The amazing metallurgical properties of steel allow it to be recycled continually with no degradation in performance, and from one product to another.
The sources for steel scrap are plentiful, but are classified into three main categories: home scrap, prompt scrap and obsolete scrap.

Home scrap is the scrap that is produced from within the mill itself and is available within weeks. Prompt scrap is scrap that it is produced from manufacturing products from steel, and is available within months. Obsolete scrap is scrap produced from steel products at the end of their lives and it may be decades before this scrap is available (example: The Golden Gate Bridge).

Even while two out of every three tons of new steel are produced from old steel, it is still necessary to continue to use some quantities of virgin materials. This is true because many steel products remain in service as durable goods for decades at a time and demand for steel around the world continues to grow.

Beyond the steel scrap itself, the steel industry has long recycled its by-products: mill scale, steelmaking slags, water and processing liquids. Likewise, steelmaking dusts and sludges are processed so that other metals, such as zinc, can be recovered and resused.

Steel is the engine that drives the recycling of many consumer goods as can be seen by the 92.5 percent recycling rate of automobiles, the 90 percent recycling rate of appliances and the 72 percent recycling rate of steel packaging. For more information on the industry’s steel recycling accomplishments, visit the Steel Recycling Institute website at www.recycle-steel.org.

Or, for more information on the importance of Reducing, Reusing and Recycling, read this case history from WorldSteel.

Leuke site, met veel info:

www.steel.org/

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