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Rio Tinto verhoogt aandeleninkoopprogramma na winststijging

Halfjaarwinst flink omhoog.

(ABM FN-Dow Jones) Rio Tinto heeft het lopende aandeleninkoopprogramma met een miljard dollar uitgebreid, nadat de winst steeg in de eerste jaarhelft door hogere grondstofprijzen. Dit maakte de mijnbouwer woensdag bekend.

Rio Tinto keert ook 2 miljard dollar uit in de vorm van een interim dividend, wat neerkomt op 1,10 dollar per aandeel. Daarmee wil de onderneming in totaal 3 miljard dollar teruggeven aan aandeelhouders wat ongeveer drie kwart is van de onderliggende winst in de eerste helft.

Die onderliggende winst (EBITDA) steeg sterk, van 5.367 miljoen naar 9.042 miljoen dollar. De nettowinst verdubbelde bijna naar 3.305 miljoen dollar. Rio Tinto wees op de lagere kosten die het wist te realiseren.

Het mijnbouwbedrijf slaagde erin om de nettoschuld met een vijfde te verlagen tot 7.571 miljoen dollar, terwijl er in het eerste halfjaar een operationele netto kasstroom van 6.306 miljoen dollar werd gerealiseerd, een verdubbeling ten opzichte van dezelfde periode in 2016.

De geconsolideerde omzet nam met 3,8 miljard dollar toe, vooral vanwege hogere grondstofprijzen, tot 19,3 miljard dollar.

Ondanks de hogere resultaten daalde de koers van Rio Tinto in Londen met 1,8 procent, aangezien de halfjaarcijfers licht onder verwachting uitkwamen.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires
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Stijgende ijzerertsprijs levert recorddividend op

Toegegeven, heel spannend is het niet meer, beleggen in mijnbouwbedrijven. Na jaren van grootse plannen over weer een nieuwe mijn ging het in de sector de laatste jaren vooral over kosten besparen, om de dalende grondstoffenprijzen het hoofd te bieden. Maar nu die prijzen weer aan het stijgen zijn wordt die saaiheid beloond met klinkende munt.

De Brits-Australische mijnbouwgigant Rio Tinto RIO£p3.393,00-3,11% stelde zijn aandeelhouders woensdag een recorddividend in het vooruitzicht. Over het eerste halfjaar maakt het bedrijf een interim dividend van $ 2 mrd ($ 1,10 per aandeel) over naar de aandeelhouders. Daarbij komt nog $ 1 mrd extra voor het inkopen van eigen aandelen, bovenop een al eerder aangekondigd terugkoopprogramma van $ 500 mln.

Maar ondanks al het goede nieuws ging de koers van Rio Tinto woensdag omlaag. Analisten hadden op nog meer gerekend, en Rio Tinto stelde dus enigszins teleur. Toch is het voor beleggers in mijnbouwbedrijven de laatste tijd vooral cashen, dankzij gestegen grondstoffenprijzen, die van ijzererts voorop.

Rio Tinto rapporteerde woensdag een onderliggende winst van bijna $ 4 mrd, meer dan een verdubbeling ten opzichte van dezelfde periode vorig jaar. Ook andere mijnbouwers profiteren van de gestegen ijzerertsprijs, die nu rond de $ 70 per ton beweegt.

IJzererts

De koersen van BHP Billiton en Vale gingen al vanaf vorig jaar flink omhoog. Ook grondstoffengigant Glencore, dat het van meer moet hebben dan alleen ijzererts, is met een opmars bezig. Anglo American kondigde vorig week aan weer dividend uit te gaan betalen, zes maanden eerder dan verwacht.

De reden voor de stijgende ijzerertsprijs laat zich, net als bij veel andere grondstoffen, in vijf letters samenvatten: China. 'China is goed voor 65% van de wereldwijde consumptie van ijzererts', zegt Casper Burgering, die voor ABN Amro de prijsontwikkeling van industriële metalen volgt. 'En de laatste vooruitzichten over de Chinese economie zijn goed. Er wordt meer gebouwd, en er worden meer auto's verkocht. Dat stuwt de vraag naar staal en dus naar ijzererts.'

China

Die afhankelijkheid van China was ook de hoofdreden dat de mijnbouwers zo in de problemen kwamen toen er een einde kwam aan de uitzonderlijke groei van de economie daar. Voorlopig lijken de meeste mijnbouwers de gestegen inkomsten dan ook te gebruiken voor cadeautjes aan de aandeelhouders en het afbouwen van schulden, in plaats van voor grote nieuwe projecten.

fd.nl/beurs/1212438/stijgende-ijzerer...
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'ThyssenKrupp bekijkt opsplitsing'

Gepubliceerd op 2 aug 2017 om 11:23 | Views: 1.298

ArcelorMittal 16:36
21,39 -0,61 (-2,77%)

ThyssenKrupp 01 aug
25,53 +0,41 (+1,65%)

ESSEN (AFN) - Het Duitse staal- en industrieconcern ThyssenKrupp overweegt een radicaal plan waarbij het bedrijf zijn industriële activiteiten grotendeels afstoot en zich gaat focussen op zijn staalwerkzaamheden. Dat meldden ingewijden bij ThyssenKrupp aan persbureau Bloomberg.

De industriële activiteiten die afgestoten kunnen worden, behelzen onder meer de liften- en roltrappentak en het onderdeel dat technische producten levert aan de industrie. De industriële activiteiten zijn goed voor het grootste deel van de jaaromzet van ThyssenKrupp.

ThyssenKrupp is nog in overleg met het Indiase Tata Steel over een mogelijke samenvoeging van hun Europese staaldivisies. Deze onderhandelingen duren al meer dan een jaar en hebben nog geen concreet resultaat opgeleverd. Tata Steel is het moederbedrijf van de staalfabriek in IJmuiden.
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Indian steel demand is on track to grow by 5pct in FY2018 - JSW Steel

Global growth outlook is on track and economic activity in both advanced and emerging/developing economies is expected to accelerate. US growth expectations have been marked down amidst less expansionary policy stance, while the Euro area activity continues to improve, helped by continued expansionary monetary policy,

Source : Strategic Research Institute
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China steel PMI in July surges on strong demands amid low inventory

Latest data from the China Federation of Logistics & Purchasing showed that activity in China's steel industry expanded in July at the fastest pace since April 2016 due to strong demand and low levels of inventory. CFLP's Purchasing Managers Index for the steel sector rose to 54.9 in July from 54.1 in June,

Source : Strategic Research Institute
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China rebounding steel sector forges strengthening profits

caixin.com reported that China’s steel industry profits for the first part of the year outpaced the total for all of 2016 as manufacturers benefited from growing demand and positive effects of a government led campaign to slim down the bloated sector. Major steel manufacturers earned a collective CNY 40.3 billion (USD 5.98 billion) in profits in the five months through May, well above the CNY 30.4 billion for the entire previous year, according to the China Iron and Steel Association. The group added that steel output rose 3.4% to 363 million metric tonnes (400 million tonnes) in the first half of the year.

China’s steel industry has suffered over the last six years from weak global prices, slumping demand at home and overcapacity of the domestic sector. Much of that was built over the last two decades with strong support from local governments that were more interested in promoting economic growth in their regions rather than catering to actual demand, resulting in the glut.

In a bid to prop up the sector, Beijing has launched an aggressive campaign to close down smaller steel mills and merger some of the larger ones. One of the biggest mergers last year saw Baoshan Iron and Steel combine with smaller rival Wuhan Iron and Steel to create the world’s second-largest steel-maker.

The campaign began to bear fruit last year when steel prices finally began to rise again in January, ending 50 consecutive months of decline. During the year, an index that tracks steel prices nearly doubled to 99.51 from 56.37 at the start of the year. By the end of June, the index continued to climb to 101.3, and in the latter part of July, it was up to 106.

Mr Xia Nong an inspector with the National Development and Reform Commission, China’s state planner, speaking at the industry association’s annual meeting said that “Right now it’s quite clear that most companies have seen their cash flow change for the better.”

While output and prices are up, China’s steel exports plunged 28% in the first half of the year to about 41 million metric tonnes, after the US and European Union imposed anti-dumping tariffs on Chinese steel last year.

Source : caixin.com
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Liberty completes Hartlepool acquisition from Tata Steel UK

Mr Sanjeev Gupta’s metals and industrials group, Liberty House, has set its sights on a key role in the global oil and gas pipeline sector after completing the purchase today (August 1st) of two pipe mills at Hartlepool from Tata Steel UK and appointing top steel pipe specialist, James Annal, to head its new pipe and tube division. Liberty, which is part of the GFG Alliance, announced that it intends to rebuild the previously struggling operation at Hartlepool, adding around 100 new jobs to the existing 140 strong workforce, and to position the Group in the vanguard of the 50m tonne a year global oil and gas pipe market.

The Group aims to supply the 84”and 42” longitudinal submerged arc welded (LSAW) mills at Hartlepool with steel from its plate facilities in Scotland where it plans to develop capability to make heavy duty API grade steel used in the energy industry. The pipe mills have a combined capacity of 250,000 tonnes a year.

James Annal, who starts today as chief executive of Liberty Pipe is one of the most prominent and experienced leaders in the global steel industry’s pipe sector, having been chief executive of tubular products across Europe, Africa, the Middle East and Asia for ArcelorMittal, the world’s largest steel company.

Following completion of the Hartlepool acquisition Sanjeev Gupta, executive chairman of the Liberty House Group said: “This is an important first step in our ambition to become a world leader in energy pipe and we are already looking at plants in other countries. The acquisition of this high-calibre business and its skilled workforce gives us the basis to upgrade the liquid steel production facilities we’re buying at Whyalla, South Australia and our plate mills at Dalzell and Clydebridge in Scotland to make high-value-added API grade plates that can be rolled at Hartlepool to supply pipeline projects worldwide. This fully-integrated value chain will make us a world leader in this field and help showcase Britain's engineering prowess in supplying a world-class highly-engineered product.”

The addition of the Hartlepool pipe mills brings Liberty’s UK workforce to nearly 5,500 people spread across more than 30 sites, making it one of Britain's largest industrial employers. Under the planned agreement, the neighbouring 20-inch mill, which makes high frequency induction (HFI) pipe, would remain in the ownership of Tata Steel UK as it is linked to the company’s strip products business centred on steelmaking in Port Talbot.

Source : Strategic Research Institute
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JSW Steel announces Q1 results

JSW Steel Limited has reported its results for the First Quarter ended 30th June, 2017. Crude Steel production: 3.91 million tonnes, up by 1% YoY; Saleable Steel sales: 3.51 million tonnes, up by 5% YoY; Revenue from operations: INR 15,096 crores; Operating EBITDA: INR 2,198 crores;
PAT: INR 419 crores

and more, see link

Source : Strategic Research Institute

Link naar de PDF file met maar liefst meer dan 300 bladzijden! :-) (334 blz)

www.jsw.in/sites/default/files/assets...
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Odisha state grid power outage hits SAIL RSP output downstream units

Express News Service reported that all major units of Rourkela Steel Plant of SAIL went out of production for a couple of hours on Monday due to sudden power outage. Sources said the power disruption occurred from 11.10 AM to 12.20 PM which hit production at the Hot Strip Mill, New Plate Mill, Old Plate Mill, Sinter Plant 1 and 2 as well as Steel Melting Shop 1 and 2. These units took two to three hours to return to normalcy.

Incidentally, in a huge relief for RSP, Blast Furnace 4 and 5, responsible for hot metal production, were not affected from the outage as these kept functioning with automatic islanding of power.

General Secretary of BMS-affiliated Rourkela Ispat Karkhana Karmachari Sangh (RIKKS), the recognised trade union of RSP, HS Bal said the power disruption was attributed to the failure of the State grid. He said while all downstream production units went out of power, islanding of power network saved the BF 4 and 5 which ran in the critical phase with reduced production load. He said production losses in this crucial juncture should be avoided as RSP is reeling under serious financial troubles.

Source : Express News Service
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How curb on cheap imports helps domestic steel prices in India – Mr Sushim Banerjee

Mr Sushim Banerjee DG of Institute of Steel Growth and Development in his personal capacity wrote for Financial Express that the role of international trade in the growth of the economy has been well established. The major exporting nations namely, Germany, Japan, South Korea and later on China and the driving forces contributed by growing merchandise trade in these countries reflected in growth of manufacturing and services both in volume and growth, rise in per capita income, rise in employment and also in skill development. It firmly establishes a strong positive linkage between export exposure and overall growth of the economy. The latest release of Global merchandise trade statistics by WTO clearly defines the changing pattern of world imports.

It is interesting to note that world merchandise trade which grew by 2.7% in 2014 came down to 2.4% in 2015 and subsequently to 1.3% in 2016. This has impacted global GDP growth to drop down from 2.7% in 2014 to 2.3% in 2016. The world merchandise exports grew from USD 157 billion to USD 15,464 billion in the last five decades. However, India’s share in world merchandise exports has grown marginally from 1.0% to 1.7% during the period. In comparison the world merchandise imports grew from USD 164 billion to USD 15,799 billion in the last five decades. India’s share in world merchandise imports has grown from 1.5% to 2.3% during the period. India continues to have deficit in external trade. India ranks 20th in the list of exporters and ranks 14th in the list of importers of merchandise trade. In commercial services exports and imports, India has maintained 8th ranking in 2016.

With regard to Iron and steel, total export and import values reached around USD 342 billion and USD 271 billion respectively in 2016. It may be noted that India’s share in total steel exports in the world market has gone up from 1.1% in 2000 to 2.8% in 2016. During this period China’s share in total steel exports has risen from 3.7% in 2000 to as high as 19.2% in 2016. Japan’s share in total steel exports in 2000 which was 12.2% has since come down to 9.1% in 2016. Our steel export share in last year is lower than that of South Korea, Russia, USA, Brazil, Ukraine and Chinese Taipei. India’s share in total steel imports has moved up from 0.7% in 2000 to 3.2% in 2016.

Correspondingly, US share in total steel imports which was 17.0% in 2000 has since come down to 12.1% last year. South Korea, Vietnam, Thailand, Mexico and Turkey have imported more steel than India in 2016 other than USA and China. The approximate values of steel exports from India have reached around USD 9.4 billion in 2016 and value of steel imports reached around USD 11.7 billion in the same year. Expectedly, India has performed well in exports of automotive products and exports of computer services. In the former, India has exported USD 13.8 billion worth of automotive products. In the latter, India exported USD 52.7 billion worth of computer services in 2016 thereby occupying 17.8% share in the global exports of this category.

The report has also commented on the recent surge in trade protecting measures and the decline in merchandise trade is slated to be an offshoot of these measures. The restrictions on low priced imports of steel and spate of trade restrictive measures like anti dumping, minimum import price and safeguard duties have helped domestic steel prices to move up since later half on 2016 and steel producers in almost all countries have been benefited by this development. This new age of protectionism has an additional benefit. It has made steel export thrusts as one of the major areas of focus for the next few years.

While steel export thrusts is quite in sync with the current scenario and India’s recent experience of being a net steel exporter is fully aligned with its efforts of augmentation of steel capacities, the spate of protectionism in the major consumption markets in US, EU and South East Asian countries would pose a stiff challenge to Indian steel exporters. Two factors appear to be favorable for steel exports. Chinese exports of HR Coils SS400 has recently crossed USD 500 per tonne FOB price and US steel imports in H1 of 2017 at 19.6 million tonne happens to be 25% more as compared to the level in the previous year.

Source : Financial Express
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China rebounding steel sector forges strengthening profits

caixin.com reported that China’s steel industry profits for the first part of the year outpaced the total for all of 2016 as manufacturers benefited from growing demand and positive effects of a government led campaign to slim down the bloated sector. Major steel manufacturers earned a collective CNY 40.3 billion (USD 5.98 billion) in profits in the five months through May, well above the CNY 30.4 billion for the entire previous year, according to the China Iron and Steel Association. The group added that steel output rose 3.4% to 363 million metric tonnes (400 million tonnes) in the first half of the year.

China’s steel industry has suffered over the last six years from weak global prices, slumping demand at home and overcapacity of the domestic sector. Much of that was built over the last two decades with strong support from local governments that were more interested in promoting economic growth in their regions rather than catering to actual demand, resulting in the glut.

In a bid to prop up the sector, Beijing has launched an aggressive campaign to close down smaller steel mills and merger some of the larger ones. One of the biggest mergers last year saw Baoshan Iron and Steel combine with smaller rival Wuhan Iron and Steel to create the world’s second-largest steel-maker.

The campaign began to bear fruit last year when steel prices finally began to rise again in January, ending 50 consecutive months of decline. During the year, an index that tracks steel prices nearly doubled to 99.51 from 56.37 at the start of the year. By the end of June, the index continued to climb to 101.3, and in the latter part of July, it was up to 106.

Mr Xia Nong an inspector with the National Development and Reform Commission, China’s state planner, speaking at the industry association’s annual meeting said that “Right now it’s quite clear that most companies have seen their cash flow change for the better.”

While output and prices are up, China’s steel exports plunged 28% in the first half of the year to about 41 million metric tonnes, after the US and European Union imposed anti-dumping tariffs on Chinese steel last year.

Source : caixin.com
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Electric cars to boost demand for steel - Tata Steel UK Report

Imeche.org reported that according to a new report from Tata Steel UK, the rise of electric vehicles will drive demand for steel, The report, Charging towards a sustainable future, claims that auto industry steel demand will grow by 4.2 million tonnes by 2050, driven by the uptake of zero emissions vehicles. Head of policy and representation at UK Steel Mr Richard Warren said an increase of 4.2 million tonnes was “in the right ball park”. He told Professional Engineering that existing projections estimate an increase in demand by about 1.5 million tonnes through to 2030 and so it should hit that level if it continues to follow a similar trajectory.

With ambitious emissions targets increasingly enshrined in law, automotive manufacturers have focussed on reducing weight to increase efficiency and bring down emissions, which is one of the reasons aluminium has been expected to become more used.

However, Chris Wooffindin, automotive marketing manager at Tata Steel told PE that the steel that is currently supplied for engines and body work would be replaced by lightweight advanced and electrical steels.

Tata Steel claim that aluminium and carbon fibre will not replace steel as has been predicted because they will remain prohibitively expensive, and they’re harder to recycle than steel, which can be melted down and re-used infinitely with no loss of quality.

Tata argue that a move towards zero emissions vehicles could free up car manufacturers to use steel again, and that consumers will begin to focus on the overall environmental impact of their car, not just the per-mile effect. “This assessment confirms some non-steel materials are significantly less attractive compared to steel," said Wooffindin. "We believe, and are seeing, that advanced steels are the answer; offering sustainable solutions which suit the automotive industry for both the immediate and long-term future.”

Others disagree. David Bailey, professor of industry at Aston University, told PE that the weight of vehicles will still be important. “Batteries are inherently heavy, and companies will look to get weight down in other ways through the use of aluminium and other composite materials,” he said.

However, he did predict an increase in demand for steel because of the infrastructure that will be required to support the electric vehicle revolution. “We are going to see across Europe for example battery plants that will need to be built, and there may even be new plants for building electric vehicles,” he said.

Beyond 2050, there are other considerations that could affect demand for steel from the auto industry. The first is driverless cars – many are predicting they will lead to a move away from owning your own vehicle towards ride-sharing, where you summon one like an Uber when you need to go on a journey.

This could lead to a fall in demand for new cars, but both Wooffindin and Bailey argue that because the cars will be running more often, they’ll need to be repaired and replaced more frequently. Bailey also suggests that demand for shared vehicles may actually increase as the price of journeys comes down.

In the more distant future, demand might drop for a different reason as driverless cars get better and human drivers disappear. Cars might not even need to be made of metal at all. “If it can no longer crash, it could be like a fabric tent on the upper body,” said transport pioneer Dan Sturges, although Tata argue that consumers will still want the peace of mind and protection provided by steel.

Source : Imeche.org
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China coal and steel reforms squeeze debt

China Daily reported that radical reform of the coal and steel industries has cut overcapacity and reduced debt levels among State owned enterprises. A research report from GF Securities Co Ltd showed that repacking debt into equity and promoting policies to revamp the supply chain are helping to transform the sectors. The report stated that "The deals will not only reduce their leverage ratio and financial pressure, but also facilitate their industrial transformation and upgrading.”

The GF Securities report stated that "As cyclical industries, high debt ratios bring huge pressure to enterprises. So, it is urgent for them to reduce the asset-liability ratio."

The reforms in the coal and steel sectors will also make these SOEs leaner and more able to adapt to a high-tech world. This in turn will cut oversupply and stabilize prices within the industries, and make these sprawling companies more competitive.

Mr Yao Yang an analyst at Shenwan Hongyuan Securities said that "Output reduction will lead to a rise in prices and company profits. This will lay a solid foundation for the implementation of the debt-to-equity swap deals."

Overcapacity in the coal and steel industries has been drastically reduced in the first part of this year. Statistics from the National Development and Reform Commission showed that in the first five months of 2017, 42.39 million tonnes of steel capacity had been cut, reaching 84.8% of the annual target reduction. Figures also revealed that 111 million tonnes of coal was left in the ground during the first six months. This was 74% of the annual target reduction for the fossil fuel in China.

Source : China Daily
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China's threatened scrap import ban - Andy Home

Reuters reported that copper has finally emerged from its extended winter hibernation, breaking out of an eight month trading range to hit two year highs. The wake-up call came in the form of news of a potential Chinese ban on some imports of copper scrap. China is the world's largest importer of scrap metal, sucking in more than three million tonnes a year to supplement its copper needs. The market's bullish take is that a partial ban will mean heightened demand for imports of copper in other forms, whether mined copper concentrate or refined metal.

The timing of the proposed ban, in late 2018, throws in some additional bullish spice, since there is a broad consensus among analysts that the recent surge in mined production will have dissipated by that stage.

However, although a ban would undoubtedly cause disruption to parts of the global copper supply chain, its impact is unlikely to be as significant as the bulls might wish.

Scrap is an important part of any industrial metal's supply-demand dynamics, albeit a shadowy one because of a lack of statistical visibility on what is going on in the secondary materials part of the supply chain.

In the case of copper, scrap affects the broader market in two different ways.

It can boost refined metal supply by offering smelter-refineries an alternative feed source to mined concentrates.

And it can impact demand by offering first-stage manufacturers a cheaper feed source than refined metal.

Both of those roles have recently been in play after a surge in scrap availability in the wake of copper's price rally late last year.

The International Copper Study Group estimates that refined copper production from secondary (scrap) sources jumped by 12% in the first four months of this year.

That more than offset a 2% decline in primary production, which is refined copper produced from copper concentrates.

On the demand side of the equation, it is notable that China's appetite for imported refined copper has been subdued this year even while imports of scrap have increased.

Bountiful scrap has filled the supply gap left by a string of mine disruptions in the first half of the year and acted as a significant price stabilizer.

The process can work in reverse as well.

During periods of sharply falling prices, scrap supply dwindles, acting to reduce secondary production and increase demand for primary metal among fabricators.

The details of the proposed ban are a little vague, but according to an informal notification issued by China's Nonferrous Metals Industry Association on its WeChat account, the ban would encompass the sort of material covered by the trade code H740400010.

The Chinese define it as "Category 7" scrap and it includes a wide range of products such as cables and motors which need to be physically dismantled and sorted before being processed, often with environmental impact.

It is generally deemed to be low-grade material, typically containing about 14-15 percent metal.

China's state research house Antaike has estimated that while Category 7 scrap might have accounted for 60-70 percent of the 3.35 million tonnes of total scrap imports last year, the copper equivalent contained was just 300,000 tonnes.

To put that figure in perspective, China's imports of refined metal and concentrates last year were 3.6 million tonnes and 17.0 million tonnes respectively.

First, China's copper industry has been given at least a year's notice, allowing plenty of time to accelerate imports and build stocks ahead of the end-2018 deadline.

Second, there is nothing to stop this sort of scrap being dismantled outside of China before being imported under a different trade code.

Ultimately this material will not be lost to the market. It will at some stage be processed, even if only partially or not at all in China.

Source : Reuters
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NCLT admits insolvency petition against Essar Steel

Business Standard reported that in another setback for Essar Steel, the Ahmedabad bench of National Company Law Tribunal on Wednesday admitted the insolvency petition against the defaulter company filed by lenders State Bank of India and Standard Chartered Bank in a common order. Through the order, the NCLT bench rejected Essar Steel's plea to not initiate insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC) 2016, since a debt-restructuring plan was underway with the lenders.

The tribunal bench, chaired by Justice Bikki Raveendra Babu, appointed SBI-nominated Satish Kumar Gupta of Alvarez and Marsal India as the interim resolution professional (IRP) for Essar Steel.

London-based lender SCB's counsel had sought appointment of EY's partner Dinkar Tiruvannadapuram Venkatasubramanian as the IRP.

SCB and SBI had independently filed applications for initiating insolvency proceedings against Essar Steel at NCLT's Ahmedabad bench for outstanding dues of over Rs 34,000 crore.

Earlier, Essar Steel had challenged these proceedings in the Gujarat High Court, which dismissed the company's petition, thereby paving way for initiating the process at NCLT.

The SBI-led consortium forms 93 per cent of the total INR 45,000 crore debt owed by Essar Steel, of which INR 32,864 crore has been declared bad as on 31, March 2017. On the other hand, the company had defaulted on its guarantee for SCB's loan to its Mauritius-based subsidiary Essar Steel Offshore worth INR 3,700 crore.

Here's a timeline of Essar Steel's insolvency case developed:
May 5: Banking Regulation (Amendment) Ordinance authorises RBI to direct banks initiate insolvency process
May 22: RBI expands OC panel to look after NPA resolution under S4A scheme
June 13: RBI identifies 12 non-performing accounts (NPA) for insolvency proceedings by banks
June 27: Insolvency proceedings at NCLT initiated against Essar Steel
July 4: Essar Steel moves Gujarat HC which asks NCLT to defer insolvency proceedings
July 4: Gujarat HC asks RBI to clarify what it meant by according priority to NPA cases by NCLT
July 5: Standard Chartered appeals to Gujarat HC against the deferment of insolvency proceedings by NCLT
July 7: RBI admits to issue corrigendum on June 13 circular, hearing adjourned
July 12: Essar Steel falsely claimed about completion of restructuring process, RBI tells court; hearing adjourned
July 13: Essar Steel had agreed to insolvency proceedings, SBI tells court; hearing adjourned
July 14: There were no supporting documents to June 13 press release, RBI tells court; hearing ends
July 17: Gujarat HC disposes of Essar Steel petition, observes that RBI press releases should not 'direct or guide judicial/quasi-judicial authorities'
July 18: Essar seeks time in NCLT Ahmedabad to file objections, adjourned till July 24
July 24: Essar challenges SBI application in NCLT on technical grounds
July 26: NCLT reserves order on Essar Steel for a later date
August 2: NCLT admits insolvency petition against Essar Steel

Source : Business Standard
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ThyssenKrupp not pushing for a break up - Mr Segerath

Reuters reported that ThyssenKrupp’s works council is not pushing for a break up of the group, its leader said on Wednesday, after a newspaper reported trade union IG Metall was keen to explore such a move as an alternative to a steel merger with Tata. Mr Wilhelm Segerath told Reuters after the report in the Boersen-Zeitung newspaper said the German industrial group was mulling a break up "I'm not aware of any such deliberations.”

He added the works council, which is close to, but not always aligned with, IG Metall, was not pushing the idea of a split.

He added "It's the management that is responsible for exploring options.”

Mr Segerath sits on Thyssenkrupp's supervisory board, which has to sign off on strategic decisions and is half composed of labour representatives.

Thyssenkrupp has been in talks with Tata for about a year and a half about merging their European steel operations to cut costs and overcapacity. Negotiations have been hampered by Tata's large steel pension liabilities in Britain. Trade unions and the works council that represents company workers are opposed to such a joint venture, which they fear will cost jobs. Thyssenkrupp has signalled it will decide one way or the other by the end of the summer.

Source : Reuters
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SAIL RSP plate mill achieves 94% capacity utilization in July

PTI reported that Steel Authority of India Limited’s Rourkela Steel Plant said that its new Plate Mill, which was brought back to normalcy on June 30 after a temporary setback, has registered the best ever monthly performance since inception in all important parameters last month. The mill rolled highest ever 78,254 tonnes of the slab in July. During the month, the mill produced 70,367 tonnes of plates by utilizing around 94% of its capacity. This is an increase of 14.3% over the previous best monthly figure of 61,547 tonnes.

The dispatch of 60,963 tonnes of plates from the New Plate Mill matched the production and was the highest ever. The last best monthly dispatch of 60,124 tonnes was registered in March 2017. The July dispatch included the export of 13,172 tonnes of CE marked plates to the highly competitive European market where RSP has created a niche for itself

Besides, 30,398 tonnes of High Tensile Plates were also dispatched during the month.

Source : PTI
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ArcelorMittal CEO meets French President and Prime Minister to discuss the company’s investments in France

July 31, 2017 - Lakshmi N. Mittal, chairman and CEO of ArcelorMittal, today met with the French President of the Republic, the Prime Minister and the Minister for Economy and Finance.

These meetings provided an opportunity to exchange views on the current economic and industrial developments and to discuss ArcelorMittal's projects in France and Europe.
Lakshmi N. Mittal presented the recent €96m investment which ArcelorMittal is making in Florange and Dunkerque, France, to anticipate the growth of the automotive steels market and consolidate Florange's position as a centre of excellence for automotive steels.

This new investment comes on top of ArcelorMittal's commitments taken with the French government in 2012. ArcelorMittal has fulfilled its commitments and beyond, with more than €200m in authorised investments since 2012, versus a commitment of €180m and a solution for each job impacted at the time.

The discussion then focused on ArcelorMittal’s strategic developments in Europe, especially the proposed acquisition of Italian steelmaker Ilva. Lakshmi N. Mittal highlighted how Ilva will strengthen ArcelorMittal’s ability to develop the European market, including favourable perspectives for the company’s French sites.

Finally, the talks highlighted the international developments in the steel markets and the need for stronger trade measures to reinforce the sustainability of the European steel industry. The European Union should ensure a level playing field in the context of significant overcapacity in Asia; it should also allow the European steel industry to be on a par with its global competitors.

Lakshmi N. Mittal received favourable feedback on these subjects and more generally, on the leading role ArcelorMittal plays in French industry and in particular the recent developments in Florange. He confirmed the strategic importance of the group’s presence in France.

corporate.arcelormittal.com/news-and-...

(ik zie hem nu pas?) Sorry, als het al geplaatst is?
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Ternium wins antitrust nod for ThyseenKrupp's Brazil steel unit CSA

Reuters reported that Brazil's antitrust agency Cade has approved Ternium SA's acquisition of ThyssenKrupp AG's Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA, allowing the German behemoth to end a foray in the Americas that triggered massive losses.

In a ruling published in Brazil's government gazette on Tuesday, Cade allowed without restrictions Ternium's purchase of ThyssenKrupp’s 100 % stake in CSA. The deal was valued at EUR 1.5 billion when it was announced on Feb. 22, confirming a Reuters report the prior day.

On June 9, Cade agreed to analyze a request from Brazilian steelmaker Cia Siderúrgica Nacional SA to gauge whether the Ternium-CSA deal could hamper competition in the local flat steel market.

Late last year, Thyssenkrupp took full control of CSA after Vale SA exited the company for a token sum.

Source : Reuters
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SAIL ISP posts highest ever monthly production in July
Published on Thu, 03 Aug 2017
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Image Source: Financial Express
Economic Times reported that Steel Authority of India's IISCO Steel Plant posted its highest ever production of crude steel at 146025 tonne in July taking its total saleable steel figure to an time high of 140401 tonne.

The plant's Coke Oven Battery #11 complemented the performance producing its highest ever 2818 oven pushing along with the Sinter Plant which also reported its highest ever production of 292076 tonne of Sinter in during the month.

ISP's Bar Mill too touched a new high by not only producing 46,488 tonne in July but also registered its highest ever production in a day of 2495 metric tones on July 3, 2017.

Source : Economic Time
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