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voda 24 augustus 2017 17:02

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Ms Hannelore Kraft steps down from board of ThyssenKrupp

Reuters reported that Ms Hannelore Kraft, former state premier of North Rhine-Westphalia, stepped down from the board of Thyssenkrupp's largest shareholder, sparking fears that jobs might not be sufficiently protected in the event of a tie-up with Tata Steel. Ms Kraft said in an email she is no longer a member of the board of trustees of the Alfried Krupp von Bohlen und Halbach Foundation, a philanthropic body that controls a 23 percent stake in Germany's largest steelmaker, which has been in talks with Tata on merging their European operations to cut costs.

Source : Reuters

voda 24 augustus 2017 17:06

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VISA steel reopens after a day’s closure

Kalinga TV News Network reported that the VISA steel plant was reopened after a day’s closure on Tuesday owing to a raw material crunch and the resultant workers’ stir. Long queues of workers were seen before the plant’s entrance since the morning today and workers’ union leaders were seen welcoming them with distributing sweets.

Normalcy was restored at the plant site following the intervention of the Assembly Estimates Committee and the district administration yesterday. Led by former minister Sanjay Das Burma, the committee visited Kalinga Nagar area and had a talk with local MLA, VISA steel authorities and local contractors involved in raw material supply to the industry. It also assured to look into all the demands of various parties.

Notably, VISA authorities were forced to pull down the doors of the plant over a raw material crisis which precipitated recently after some contractors and transporters halted the transportation of iron-ores, coke and chromite to the plant. The closure of the plant was feared to impact families of more than 5000 employees.

Source : Kalinga TV

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voda 24 augustus 2017 17:09

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Brazil extends antidumping duties on steel tubes from China, Romania to 2022

Platts reported that Brazil's foreign trade board, Camex decided to extend for five years, until August 2022, the definitive antidumping duties on imports of seamless steel pipes from China and Romania. The products under investigation were carbon steel seamless line pipes for oil and gas pipeline applications, with diameter up to 5 inches, classified under HS code 7304.1900, originating in these two countries. Both reviews were started in September 2016.

According to the decision published in the country's official gazette, the USD 743 per tonne duty will be maintained against Chinese products, while Romanian goods remain subject of an ad valorem tariff of 14.3% over the CIF price.

Camex said that "The duties in effect showed to be sufficient to neutralize the harmful effects of the exports at dumping prices.”

Vallourec, the sole seamless pipe producer in Brazil, was the petitioner of the investigation in 2011.

Source : Platts

voda 24 augustus 2017 17:11

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Expect higher-strength steel frames on body on frame vehicles

Though he couldn’t reveal too much, a Nucor executive indicated last month that collision repairers could expect to see higher-strength steel grades on the frames of body on frame vehicles.

Source : Strategic Research Institute

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voda 24 augustus 2017 17:13

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Exceptional Q3 earnings seen for Malaysian steel firms

The Star reported that UOB Kay Hian Research expect an exceptionally strong earnings season for steel companies in the third quarter of this year. This is due to the continued surge in steel prices in the month to date for August. After the 7.8% month on month surge in July, steel bar prices in Malaysia jumped 12.1 % MoM and 28.9% YoY to RM 2.440 per tonne in the first two weeks of August, according to the Ministry of International Trade and Industry.

The research house said that "Assuming input costs are prudently managed, Q3 earnings of some steel companies could at least repeat the first quarter's exceptionally strong earnings. Margins could expand in the third quarter as steel bar prices increased 12 1% m-o-m in August, offsetting the 9.8% m-o-m and 10% m-o-m increase in scrap and coal prices respectively.”

It added that "We believe margins will also improve on the back of strong sales volume in the third quarter.”

Apart from China demand, UOB Kay Hian believed that local inventory was low currently and local stockists had curbed deliveries. It said that "Although we expect steel prices to ease in Q4 to reflect the seasonal slowdown in China's construction activities, rising domestic demand (amid a pick-up in mega projects) should provide some support to domestic steel prices.”

Source : The Star

voda 24 augustus 2017 17:18

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Chile dismisses iron ore mining project to protect endangered Penguins

Science Times reported that the South American state Chile rejected the billion dollar project on iron-mining on Monday. The aim of this decision is to protect a good number of endangered penguins. The Chilean company Andes Iron aimed to extract a huge amount of iron in a specific area, the northern Coquimbo region, in Chile. The company also wanted to build a port in that region to ship the metal. But, a special committee of the Chilean ministers opined that the billion-dollar project offered no sufficient environmental guarantees.

The important fact is Coquimbo is located near the three important islands that form the National Humboldt Penguin Reserve of Chile. According to the BBC, it is the home of the many endangered species that include Humboldt penguins, sea otters, fin whales, and blue whales. The region contains 80 percent of the Humboldt penguins of the world.

The Environment Minister of Chile, Marcelo Mena, said that the compensation measures of this project were insufficient. They could not even guarantee the endangered species' protection. Marcelo Mena utters that he believes in the development. But development should not come at the cost of the environmental heritage.

Development must not risk the health or the world's ecological areas. The Environment minister of Chile says that the decision of the committee mainly based on the technical aspects. Evidence of the fourteen agencies was also considered before taking the decision.

In recent years mining companies are facing very hard time to obtain permits in the South American state Chile. The increasing interest among the politicians and the public opinion about the environment are the key causes behind the difficulty in obtaining permits. According to MINING.com, the government supports reported that former president of Chile, Sebastian Pinera, favored this project.

They said Pinera, favored the project during his first term in the government when his family members were the shareholders. But, the former president of Chile, Sebastian Pinera denied all these allegations. The environmental commission rejected the iron-mining project in March. But, the company behind this project, Andes Iron, appealed the ruling and sent it to the committee of the special ministers for the final decision.

Source : Science Times

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voda 24 augustus 2017 17:19

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Afrimat to acquire all of iron-ore miner Diro

Business Live reported that open pit miner Afrimat’s share price rose 6.4%, to ZAR 29.25 on Tuesday after it said it was buying the 40% of iron-ore miner Diro it did not already own. Afrimat acquired its initial 60% of Diro for ZAR 276 million in July 2016. The deal was announced in October, when the Northern Cape-based Diro was in business rescue owing ZAR 483 million to creditors, including Investec.

Afrimat said that a notice had been filed with the Companies and Intellectual Property Commission, enabling Diro to exit business rescue. Diro had also concluded a sales agreement for its iron ore and would commence deliveries.

When Afrimat announced the deal in October, it said Diro had proven reserves of 5.6 million tonnes that could be mined and upgraded through its beneficiation plants. It had about 1.3 million tonnes of sellable fine-ore stockpiles.

The mine sold its output via Sishen to the Saldanha iron-ore export channel.

It said in October that “Given Afrimat’s track record in turning around struggling businesses, and as part of its diversification and growth strategy, Afrimat has decided to enter the iron ore sector.”

The price of iron ore has trended upwards since July.

Analysts at RBC Capital Markets expect the price to hold at more than USD 70 per tonne right through to the end of December on demand from China.

Source : Business Live

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voda 24 augustus 2017 17:21

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Iron ore will hold in USD 70s - RBC

According to RBC Capital Markets, Iron ore is expected to hold above USD 70 a metric tonne right through to the end of December after rallying on Chinese demand, that it expects the commodity’s advance to prompt upgrades of price forecasts from across the board. Analyst Paul Hissey said in a Bloomberg Television interview that the raw material has stormed higher since mid June as China reforms its massive steel industry, including shuttering less efficient plants. That’s bolstered demand for output from remaining producers, supporting mills’ margins.

Iron ore has see-sawed this year, rallying to almost USD 95 a tonne in February before tumbling to near USD 50 in mid June as glut fears resurfaced. Now it’s rebounded again amid China’s steel boom, and RBC’s outlook for a sustained run above USD 70 counters views for a sell-off, including from Barclays.

RBC placed joint-third, along with Citigroup Inc, in predicting prices in the second quarter, according to data compiled by Bloomberg.

Mr Hissey said that “It’s holding up quite well and we’d expect it to sort of maintain these USD 70-plus levels now for the remainder of the year.”

After a “rocky start” to 2017, he said that “I’d expect from this point forward we’ll have consensus upgrades coming through the street.”

According to Metal Bulletin, spot ore with 62% content delivered to Qingdao rose 2.4% to USD 79.81 a dry tonne, the highest level since April.

Prices, which have gained for six straight weeks in the longest winning streak since 2010, have averaged about USD 73 so far this year, benefiting miners including Rio Tinto Group, BHP Billiton and Vale SA.

There are still plenty of bears out there. The commodity may see its gains unravel over the second half as steel production in China eases back from a record pace just as global miners pump up volumes, according to Capital Economics, which came out top among forecasters in the second quarter.

Barclays has said it sees an average of USD 50 by the fourth quarter.

Goldman Sachs Group is among banks that have recently upgraded their price forecasts for iron ore. Last month, the bank boosted its three-month outlook 27% to $70 a tonne, while sticking with a bearish view for 2018 amid rising mine supplies. UBS Group AG said prices in the USD 70s aren’t likely to last beyond the third quarter as construction activity in China is set to ease while supply increases, according to a report received yesterday.

Source : Gulf Times

voda 24 augustus 2017 17:22

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Council of ministers rejects Chile's Dominga iron ore project

Bnamericas reported that Chile's council of ministers comprising the heads of the environment, mining, energy, health and agriculture ministries voted down the USD 2.5 billion Dominga iron ore copper project of local firm Andes Iron. The environment, health and agriculture ministers rejected the project while the mining and energy ministers voted in favor of the initiative.

Environment minister Marcelo Mena said Dominga's environmental impact study had several deficiencies, including lack of mitigating factors and compensation. Mena told reporters after the vote that "We consider that [Dominga] doesn't consider properly the negative impacts on the environment and people's health, including quality of air, light and noise pollution, and risks of accidents and of spills in the port operations.”

The minister said the project did not consider the potential impact it could have on an ecological zone unique in the world, where 80% of the globe's Humboldt penguins live, as well as whales and marine otters.

The council's vote comes after Andes Iron filed an appeal in May in an effort to reverse the decision by the environmental evaluation service to reject the project's EIS in March.

The project is designed to produce 12 million tonne per year of iron ore and 150,000 tonne per year of copper in concentrates for 25 years.

Dominga envisions two open pit areas, Rajo Norte and Rajo Sur, as well as a processing facility, a dump site, a thickened tailings dam and auxiliary facilities, including a desalination plant and a new port to export output.

Francisco Orrego, former deputy mining minister (2012-14), said on Twitter that the decision was bad news for the country and for all Chileans. "It only confirms the disregard this government has for private sector investment, especially in mining."

Source : Bnamericas

voda 24 augustus 2017 17:23

0

BHPB iron ore production update for 2017

BHPB announced that total iron ore production for the 2017 financial year increased by four per cent to 231 million tonne following record annual production at Western Australia Iron Ore which reflected strong productivity improvements across the supply chain as well as the commissioning of a new primary crusher and additional conveying capacity at Jimblebar.

WAIO production is expected to increase to between 239 and 243 million tonne, or between 275 and 280 million tonne on a 100 per cent basis, in the 2018 financial year. This reflects continued productivity improvements and improved reliability across the supply chain. Volumes are expected be weighted to the last three quarters of the financial year, as scheduled port debottle necking activities and lower stockpile levels, following the fire at the Mt Whaleback screening plant in June 2017, will impact the September 2017 quarter. BHP will continue to work with the relevant authorities in relation to the necessary approvals to increase system capacity to 290 million tonne per annum (100 per cent basis).

Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

In June 2017, BHP approved initial funding of USD 184 million (BHP share) for the South Flank sustaining mine project. The initial funding will be used primarily for the expansion of accommodation facilities to support construction and future operational workforce requirements. The capital cost for South Flank is expected to be in the range of US$30 to US$40 per tonne, with expenditure fitting within WAIO’s previously indicated average annual sustaining capital expenditure of USD 4 per tonne over the next five years.

WAIO unit cash costs decreased by three per cent to USD 14.60 per tonne, underpinned by reductions in labour and contractor costs and increased equipment productivity. This was partially offset by a stronger Australian dollar, a stock write-off at Yandi of USD 0.15 per tonne and additional costs related to the accelerated rail renewal and maintenance program of USD 0.20 per tonne, which was completed in May 2017. In the 2018 financial year, unit costs are expected to decline further to below USD 14 per tonne.

Source : Strategic Research Institute

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voda 25 augustus 2017 16:21

0

Monthly production 2017-2016

The World Steel Association (worldsteel) currently collects crude steel production data from 67 countries. These countries accounted for approximately 99% of total world crude steel production in 2016.

worldsteel collects blast furnace iron production (BFI) from 39 countries. These 39 countries accounted for approximately 99% of total world blast furnace iron production in 2015. Fourteen countries also report their direct reduced iron production (DRI) production on a monthly basis. These 14 countries accounted for approximately 85 % of total world direct reduced iron production in 2015. The full 2016 data is not yet available.

For information on how worldsteel statistics are collected and reported, check out our FAQ.

2016/2017 data per country is available in the documents to the right. For the related monthly crude steel press release, click here.

Voor meer, zie link:

www.worldsteel.org/steel-by-topic/sta...

voda 25 augustus 2017 16:23

1

Top steel-producing companies

An extended listing of top steel-producing companies 2016 is available from the PDF below this table.

Tonnage is expressed in million tonnes (Mt).

RANK
COMPANY
TONNAGE 2016

1
ArcelorMittal
95.45

2
China Baowu Group ¹
63.81

3
HBIS Group ²
46.18

4
NSSMC Group ³
46.16

5
POSCO
41.56

6
Shagang Group
33.25

7
Ansteel Group
33.19

8
JFE Steel Corporation
30.29

9
Shougang Group
26.80

10
Tata Steel Group
24.49

11
Shandong Steel Group
23.02

12
Nucor Corporation
21.95

13
Hyundai Steel Company
20.09

14
Maanshan Steel
18.63

15
thyssenkrupp
17.24

16
NLMK
16.64

17
Jianlong Group
16.45

18
Gerdau
15.95

19
China Steel Corporation
15.52

20
Valin Group
15.48

21
JSW Steel Limited
14.91

22
Benxi Steel
14.40

23
SAIL
14.38

24
U.S. Steel Corporation
14.22

25
IMIDRO
14.02

26
Rizhao Steel
13.86

27
Fangda Steel
13.68

28
EVRAZ
13.53

29
MMK
12.54

30
Baotou Steel
12.30

31
Severstal
11.63

32
Liuzhou Steel
11.05

33
Jinxi Steel
11.05

34
Jingye Steel
11.01

35
Anyang Steel
10.48

36
Sanming Steel
10.39

37
Metinvest Holding
10.34

38
Taiyuan Steel
10.28

39
Zongheng Steel
10.23

40
Zenith Steel
9.24

41
Erdemir Group
9.18

42
Nanjing Steel
9.01

43
Xinyu Steel
8.57

44
CITIC Pacific Special Steel
8.40

45
SSAB
7.99

46
Techint Group
7.98

47
voestalpine Group
7.47

48
Essar Steel Group
7.45

49
Shaanxi Steel
7.30

50
Kobe Steel, Ltd.
7.26

Notes:
¹ New company formed from the merger of Baosteel Group and Wuhan Group in December 2016
² Previously named Hesteel Group. Tonnage includes steel mill acquired in Serbia in June 2016
³ Tonnage does not include Nisshin Steel, which became part of the NSSMC Group in March 2017
Company ownership and tonnage calculations:

For worldsteel members, the data was sourced from the official tonnage declaration. For Chinese companies, the official CISA tonnage publication was used. In cases of more than 50% ownership, 100% of the subsidiary’s tonnage is included. In cases of 30% to 50% ownership, pro-rata tonnage is included.

Unless otherwise specified, less than 30% ownership is considered a minority interest and therefore not included.
2016 Ranking: Extended list includes 2016/2015/2014/2013/2012 data (PDF | 94 KB)

Voor meer, zie link:

www.worldsteel.org/steel-by-topic/sta...

PS: De link is beter leesbaar.

voda 25 augustus 2017 16:25

0

Héél erg interessant!

Chinese scientists make breakthrough in super steel

Xinhua reported that Chinese scientists have developed a super steel that has a high level of both strength and ductility, a breakthrough that may have a wide variety of industrial applications. Furthermore, its material cost is just one-fifth of that of the steel used in the current aerospace and defence applications. Strength and ductility are desirable properties of metallic materials for wide-ranging applications, but increasing strength often leads to the decrease in ductility, which is known as the strength-ductility trade-off.

A Hong Kong-Beijing-Taiwan mechanical engineering team led by Huang Mingxin from the University of Hong Kong adopted a new manufacturing technique called deformed and partitioned (D&P) to addressed the problem. The team said "Steels have been the most widely used metallic materials in the history of mankind and can be produced with much higher efficiency than any other metallic materials. Therefore developing a strong and ductile breakthrough steel has been a long quest since the beginning of Iron Age in mankind history."

The team explained that it is very difficult to further improve the ductility of metallic materials when their yield strength is beyond two Gigapascal (GPa).

Now, they made "a successful attempt in realizing the above dream" as the newly developed method yields a "breakthrough steel" that has the "unprecedented" yield strength of 2.2 GPa and uniform elongation of 16 percent. The developed D&P steel demonstrated the best combination of yield strength and uniform elongation among all existing high-strength metallic materials. In particular, the uniform elongation of the developed D&P steel is much higher than that of metallic materials with yield strength beyond 2.0 GPa.

According to the team, the "breakthrough steel" belongs to the system of so-called medium manganese steel that contains 10 percent manganese, 0.47 percent carbon, 2.0 percent aluminium and 0.7 percent vanadium.

Another advantage is that this steel can be developed using conventional industrial processing routes, including warm rolling, cold rolling and annealing.

Source : Xinhua

voda 25 augustus 2017 16:26

0

NSSMC Toyota steel price cut unnerve Japanese steelmakers

Economic Calendar reported that shares of Japanese steelmakers were under pressure Thursday following various media reports that Nippon Steel & Sumitomo Metal has agreed to cut steel prices for Toyota Motor Company in the six months through September. Nippon Steel negotiates steel prices with Toyota, and the agreed upon prices are considered a benchmark for the steel and auto industries. While Nippon indicated earlier that it wanted to hike prices by 5,000 yen per ton, a surprise cut was announced. This was the first price cut in 18 months.

While lower metallurgical coal prices were attributed to Nippon’s agreement to cut costs – the price of other steel components remain high. Concerns that these could pinch steel companies margins were driving the weakness in Japan steelmaker stocks on Thursday.

One major concern is the current price of iron ore. Iron ore has rallied to almost $80 per ton – revisiting its spring high. The commodity’s ascent has caused many analysts to increase their price forecasts for later in the year, reversing the prior sentiment that iron ore would crash later in the second half on reduced Chinese demand and new the entrance of new supplies.

Source : Economic Calendar

voda 25 augustus 2017 16:30

0

BaoSteel H1 profit hits highest in 5 years

Reuters reported that China's largest steel listed producer Baoshan Iron and Steel Co Ltd, known as Baosteel, reported a 65 percent surge in net profit in the first half of the year thanks to soaring prices and better-than-expected summer demand. The company posted a net profit of CNY 6.2 billion (USD 930.86 million) for the six months, up from CNY 3.68 billion in the same period last year. That is the best six-month profit since at least the second half of 2012.

Source : Reuters

voda 25 augustus 2017 16:30

0

Steel industry is the largest contributor to the banking system’s overall NPAs - SBI Report

Business Line reported that according to an SBI research report, capital intensive steel industry is considered the largest contributor to the banking system’s overall non performing assets, with the five steel companies Essar Steel, Monnet Ispat, Bhushan Steel, Electrosteel Steels and JSPL seen having the maximum NPA problems. The aggregate debt of the five companies stood at INR 1,48,289 crore at March-end 2016

Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI, said: “The Steel Ministry is aiming to resolve the NPA issue in the steel sector. The three ministries, Finance, Steel and PMO, coming together to solve the problem is a welcome move, and is expected to clear the major roadblock for the banking sector to lend loans.”

The report assessed that the steel sector, per se, has its own share of problems with companies not funding their portion of equity to ramp up the net worth. This has led to the sector getting a bad name for few constituents not adhering to their commitments, it added.

“The sector is also a net forex spender. It also needs to focus on import substitution products,” the report said. However, some of the integrated steel players may undergo consolidation and revive hopes when demand for steel inches up.

The report said the Indian steel industry is now more dependent on government policies based on anti-dumping duties and rationalisation of import duties.

Source : Business Line

voda 25 augustus 2017 16:31

0

Strong demand for car parts boosting profit of Voestalpine - CEO

Reuters reported that Voestalpine expects continued strong demand from car makers to lift full year revenue by at least 6 percent and help earnings increase significantly. CEO Mr Wolfgang Eder told Reuters “Analyst estimates of revenue of EUR 12 billion in 2017/18 seem realistic. Our operating profit will be significantly higher than last year's."

The company has specialized in finished parts for the automotive, aerospace and railway industries in recent years to deal with the effects of price falls, strong competition and overcapacity in its traditional markets. The auto industry has become Voestalpine's major customer under Eder's 13-year leadership, contributing a third to group revenue.

He told “Germany's emissions scandal had not affected the group so far. On the contrary, Voestalpine's capacity to handle car manufacturers' orders is stretched to its limits until the end of the year. The trend of steady growth is continuing. After a three-year upturn, there is no indication that this will change in the foreseeable future.”

Adjusted earnings before interest and tax reached EUR 840 million on revenue of EUR 11.3 billion in the year to March 31.

Source : Reuters

voda 25 augustus 2017 16:34

0

Gerdau announces Mr Gustavo Werneck as new CEO

Gerdau S.A. and Metalúrgica Gerdau S.A announced an important step in the evolution of corporate governance at the Company in its 116-year history, which was being planned for more than 12 months. As part of the Company's transformation, starting January 1, 2018, the current members of the Gerdau Johannpeter family in the company's executive leadership (André Gerdau Johannpeter, CEO, and Executive Vice Presidents Claudio Johannpeter and Guilherme Gerdau Johannpeter) will dedicate themselves exclusively to the Boards of Directors of the respective companies in which they already are members.

To lead this new phase in the Company, the Board of Directors has chosen Gustavo Werneck, currently Executive Officer of the Brazil Operation, as the new CEO of Gerdau, effective January 1, 2018. Werneck, 44 years old, has been in the Company for 13 years. He has a bachelor's degree in Mechanical Engineering from the Federal University of Minas Gerais and MBAs from INSPER and Fundação Getulio Vargas. He also completed specialization courses at INSEAD, Harvard Business School, Kellogg School of Management and the London Business School. Prior to serving as Executive Director of the Brazil Operation, he served as Corporate Director of IT and as Industrial Director of Gerdau in India, among other positions.

Source : Strategic Research Institute

voda 25 augustus 2017 16:34

0

Indian steel makers anxious as iron ore miners up prices Report

Business Standard reported that merchant miners in Odisha have hiked prices of 62 Fe grade iron ore prices by more than nine per cent within two weeks as international prices climbed on sustained demand from China. With benchmark prices of high-grade fines touching $80 per tonne, more material is getting diverted to export markets, leaving the domestic steel makers in a tight spot. Between August 10 and 23 this year, iron ore fines prices have been hiked from INR 1,300 to INR 1425 a tonne, an increase of 9.6%. Prices of lumps in the same period have also been raised by 9.8% from INR 2,550 to INR 2,880 a tonne.

A senior official with a steel company sourcing ore from the market said that "When international iron ore prices reach the level of $80 per tonne, exports become very lucrative for the miners. The same has happened for miners in Odisha as they are reaping good margins from exports. For steel plants without captive ores, this is a tough time as they have to pay more for buying ore.”

The unnamed official said that "More than 75% of the steel produced in India is from purchased iron ore with consequent dependence on merchant miners. In the entire domestic market, pricing and supply of iron ore are concentrated in the hands of a few merchant miners. Due to [an] absence of indexing or pricing mechanism, the downtrend in [the] international market is either not followed or the trend is just the reverse in the domestic market. This results in high raw material cost and consequently high cost of steel production.”

Steel companies without captive iron ore deposits are feeling the heat due to a wide differential in price at which they source the raw material. While the ex-mines cost of iron ore fines for a steel plant with a captive mine is around Rs 500 per tonne, the same for a plant with no captive resource works out at Rs 1,400 per tonne.

Source : Business Standard

voda 25 augustus 2017 16:35

0

Iran Mobarakeh Steel Company targets Arab markets

Iran Daily reported that Mobarakeh Steel Company is focusing on Arab markets, which received the bulk of the company's exports in the four months from March 21. Mr Ahmad Sadeqi MD said that MSC exported 476,000 tons of steel worth $200 million in the period, mostly to Oman, the UAE, Jordan and Egypt.

Mr Sadeqi predicted a bright prospect for the company which, he said, has boosted production, reduced debts, expanded exports and cut prices. His company is the largest steel maker in the Middle East and Northern Africa. Steel was Iran's main export item after oil, gas and petrochemicals last year.

European media reports have said the EU was targeting MSC's hot-rolled steel, planning to hit imports from the country with punitive trade tariffs.

According to a document cited in the media, the European Commission is proposing duties of up to 23 percent for steel from Mobarakeh Steel Company.

Iran has an advantage since production costs at the majority of its steelworks are internationally competitive because of low energy prices.

Mr Sadeqi said prices of Iranian steel products are still lower than those in the international market, adding the rates in Iran are controlled through various measures to avoid pressure on the consumer.

He added current import tariffs in the country are appropriate given the prevailing steel market is flat around the world, but a number of brokers with a long history in imports of low-quality ingots, were pushing for the removal of duties.

Iran exported four million tonnes of steel last year, according to director of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian.

Source : Iran Daily

Vertraagd	10 feb 2025 17:39
Koers	27,200
Verschil	-0,160 (-0,58%)
Hoog	27,230
Laag	26,360
Volume	3.104.041
Volume gemiddeld	2.536.810
Volume gisteren	7.160.096

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