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voda 25 augustus 2017 16:37

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Making German steel great again by merging TATA steel and ThyssenKrupp

Handelsblatt reported that with steel prices creeping back from historic lows due to a global supply glut, a German steel executive is trying to gain government support for the creation of a “Deutsche Steel” giant that would place the country’s steel mills under one roof and disrupt the impending merger of ThyssenKrupp’s steel interests with Tata of the UK.

Industry sources told Handelsblatt that Jürgen Grossmann, a former electric utility executive who now runs a mid-sized steel company called Georgsmarienhütte, held talks with officials in the state government of North Rhine-Westphalia last week about getting government-backing for the plan.

The sources said Mr Grossmann is proposing a merger of his company, GMH Holding, with ThyssenKrupp’s steel division as well as the country’s second-largest steel maker, Salzgitter AG.

Mr Grossmann is trying to derail the merger of ThyssenKrupp’s steel mills with Tata Steel, which would create the second-largest steel producer in Europe. While ThyssenKrupp is eager to spin off its steel interests to focus on more profitable businesses, such as armaments and elevators, the estimated EUR 6 billion (USD 7 billion) price tag for the deal may be beyond Mr. Grossmann’s ability to finance. That is why he is seeking government support.

It’s not just a financial hurdle. There is now a global market for steel, with China accounting for nearly half of world production. European as well as American steelmakers have been pressed to the wall, prompting authorities to impose tariffs on imports.

While the tariffs and a Chinese pledge to reduce exports have given European steelmakers breathing room to concentrate on more value-added products, the oversupply problem hasn’t gone away. One way to deal with this is through mergers that would cut production, but also reduce jobs in the industry.

Suddenly, Europe’s two biggest players, Arcelor-Mittal, and Tata Steel, are controlling more and more of the continent’s production. Arcelor-Mittal, which is based in Luxembourg, recently acquired Italian steelmaker Ilva, which will boost the company’s share of flat steel, which is used in cars and appliances, to about one third of the market.

Tata and ThyssenKrupp have been in talks about a merger for two years. One hurdle had been Tata’s problem with the retirement fund for British steelworkers, whose pension obligations dwarfed the company’s turnover. But last week the British government agreed to step in and signed an agreement to take over those pensions, clearing the way for the British-German merger to proceed.

A Tata Steel spokesman said that “We continue to be engaged in constructive discussions with ThyssenKrupp regarding a potential merger of the steel businesses of the respective companies in Europe. However, until a definitive agreement is reached, there can be no assurances these discussions will result in a transaction.”

German trade unions, especially the powerful IG Metall industrial union, have voiced concerns that the ThyssenKrupp merger with Tata would create a huge conglomerate in which the union would no longer have much influence. German companies are required by law to have union representations on their boards, but this would not apply to a company registered in the UK or elsewhere in Europe.

It is obvious to everyone in the industry that overcapacity means substantial job cuts are necessary, but the unions fear that Tata management might decide to place the burden for most of the reductions in Germany rather in in Britain, where it would face political opposition.

Source : Handelsblatt

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voda 25 augustus 2017 16:37

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Tokyo Steel raises scrap purchase price by JPY 1000 per tonne

Concerning the purchase price of ferrous scrap at the 4 Plants, Tahara, Okayama, Kyushu, and Utsunomiya and Takamatsu steel center, Japan's Tokyo Steel Mfg Co decides to raise the purchase price by JPY 1,000 per tonne for all grades, from the purchase of August 18 at all Plant.

Source : Strategic Research Institute

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voda 25 augustus 2017 16:40

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Japan's Steel Exports in Jul Fall by 17.4% from Year Earlier to 2,931 t/t

The Ministry of Finance Japan released on 17th Japan's imports and exports of steel products (preliminary) in July 2017. According to it, its export quantity of steel products in July was 2,931 thousand tons (abbreviated as t/t), down 8.7% from the previous month and also down 17.4% from the same month last year.

Source : Strategic Research Institute

voda 25 augustus 2017 16:41

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South Africa imposes by 10% import tariffs on section steel

According to the report, South Africa government announced to impose 10% of import tariffs on section steel on August 4th. The involved products included channel steel, I-beam steel and H-beam steel with the code of 7216.31?7216.32?7216.33 and 7216.50, respectively.

Source : Strategic Research Institute

voda 25 augustus 2017 16:53

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Battle for Arctic resources heats up as ice recedes

Global News reported that from a distance, the northern shores of Baffin Island in the Arctic appear barren a craggy world of snow capped peaks and glaciers surrounded by a sea of floating ice even in the midst of summer. Yet beneath the forbidding surface of the world’s fifth largest island lies a vast treasure in the shape of an exceptionally pure strain of iron ore. The Baffinland mine, part-owned by a local company and ArcelorMittal, one of the world’s biggest steel producers, is believed to hold enough ore to feed smelters for decades.

As climate change pushes the cold and ice a little farther north each year, it is spurring talk of a gold rush for the Arctic’s abundant natural resources, prized shipping routes and business opportunities in tourism and fishing. The Arctic, including the fabled Northwest Passage between the Atlantic and the Pacific, is among the last regions on earth to remain largely unexplored. In April, US President Donald Trump signed an executive order to reverse Obama-era restrictions on oil drilling.

Yet industry experts, researchers and veterans of the Far North say there remain many obstacles to reaping the riches once blocked by the ice. Conservationists also oppose the large scale extraction of Arctic resources, fearing that the fragile environment will be irreparably harmed.

The Associated Press took a first-hand look at the Arctic on a month-long, 10,000-kilometre (6,200-mile) journey aboard the Finnish icebreaker MSV Nordica, along with researchers specializing in Arctic development. The journey was in part an effort to promote the ship to potential clients in North America as an “icebreaker for hire.”

Mr Mads Boye Peterson head of Denmark’s Nordic Bulk Carriers Shipping said that “As the world demand for raw materials is ever increasing, and (with) a realization that a large part of the unexplored deposits are in the Arctic, there is a natural shift to focus on that area.”

Mr Peterson’s company sent a freighter through the Northwest Passage four years ago to demonstrate the feasibility of using the route to haul cargo during the summer months, when melting sea ice opens up these frigid waters. But he also noted that rising temperatures make operations more difficult because moving floes are less predictable than unbroken sheets of ice. He said that “On the surface it might look like a slam dunk. But it’s actually a lot more complicated than just something you decide to do overnight.”

The US Geological Survey has estimated that up to 30% of the world’s undiscovered gas and 13% of oil waiting to be found are inside the Arctic Circle. Even if only a fraction of these fossil fuels are tapped they could be worth hundreds of billions of dollars.

He said that coal, diamonds, uranium, phosphate, nickel, platinum and other precious minerals also slumber beneath the icy surface of the Arctic, according to Morten Smelror, director of the Geological Survey of Norway. And the growing need for sophisticated batteries to power electric cars and handheld devices likely will drive demand for rare earth elements, lithium and cobalt found in significant amounts in the Arctic regions of Russia, the Nordic countries and Greenland.

Apart from natural resources, the geography of the Arctic also opens up new opportunities. Sailing through the Northwest Passage could potentially cut the distance from East Asia to Western Europe by more than 10,000 kilometres (6,200 miles), compared with the traditional route through the Panama Canal, offering huge fuel savings for shipping companies.

Source : Strategic Research Institute

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voda 25 augustus 2017 16:56

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Iran to develop its own mining sector

Financial Tribune reported that blessed by a plethora of mineral reserves, Iran has been making use of the opening that followed the nuclear agreement it reached with world powers, officially known as Joint Comprehensive Plan of Action, to develop its mining sector with an eye to growing its economy held back by many years of international sanctions. The implementation of JCPOA in January 2016 marked the official end of those sanctions.

The public relations of Iranian Mines & Mining Industries Development & Renovation organization has published an interview recently conducted by Iranian monthly Payam Darya with the chairman of the organization, Mr Mehdi Karbasian, on how IMIDRO has been taking advantage of the above-mentioned opportunities. The full text of the interview is as follows:

Q - Iran enjoys a large volume and a wide variety of mineral resources, particularly iron ore. What macro approaches has IMIDRO taken to utilize these capacities? Is it selling raw materials, or it is selling final products by developing a production chain?

A - Given that we have one of the largest gas resources in the world and we have access to inexpensive energy, it is crystal clear that we have opted for creating a production chain to preserve our national interests, enhance production in the country and gain benefit from iron ore and other minerals’ added value.

We have been very successful in the steel industry: We have boosted Iran’s steel production capacity from 21 million tons to 31 million tons in the past four years. Besides, we have taken successful steps in completing the steel production chain as well as producing its subsidiary products such as concentrate, pellet and sponge iron.

Q - Pellet is one of the main materials needed for steel production. Considering large pellet production factories in Iran such as Chadormalu Mining and Industrial Company and Yazd Steel Complex, are we self-sufficient in this regard? If so, do you have any plans for exporting pellet?

A - I am afraid not. As I already stated, we possess inexpensive energy, and hence, we intend to focus on the final product.

Steel industry is a top priority for us. To this end, we have to move toward producing and delivering specific and stainless steel. In this regard, I must add that, based on the latest estimates, Iran is one of the richest countries in the field of iron ore with reserves of over 3 billion tonnes.

Our ultimate goal is reaching the production tonnage of 55 million tons of steel by 2025. Even though these reserves are sufficient for accomplishing these goals, IMIDRO has set out to discover more reserves in the past two years.

Based on these plans, we have managed to cover an area of 250,000 square km and managed to discover 400 million tons of resources and mines of iron ore, coal and the like. Accordingly, it could be asserted with certainty that Iran is one of the richest countries of the world, minerals-wise.

Q - Last year, given the execution of JCPOA, Iran found a special opportunity to expand its collaborations with foreign countries and international investors. What measures did you take to absorb investments after JCPOA and what accomplishments did you make?

A - Without a tinge of doubt, JCPOA has been a turning point in the domestic and international arenas in recent years, since we had been encountering numerous difficulties prior to that. Large corporations and international firms refused to collaborate with us and even if some cooperation was offered, they sent their low-level experts to Iran, even without giving them the necessary authority.

Nevertheless, in the post-JCPOA era, the circumstances have completely changed and high-ranking executives of huge Canadian, Australian and European corporations have been traveling to Iran for collaboration and forging partnerships. These visits are still ongoing and they have led to the signing of valuable MOUs.

Thanks to JCPOA, we have managed to hire the most technologically updated counseling in the fields of research and training. However, things are going slow in the area of investment. It is unfortunate that the Americans and some European countries have not fulfilled the commitments made in JCPOA. Despite these conditions, we commenced the construction process of steel machineries and equipment factory in Eshtehard, Alborz Province, with the help of the Italian Danieli Group, which is a reputable corporation in this field.

Q - Iran witnessed noticeable growth in steel production last year, in a way that it was placed among the top 15 steel manufacturing countries. Does this increase in production merely serves to cater to the domestic needs, or is exporting being considered as well?

A - Certainly, export is a top priority here. In fact, we set a new record for steel export in 2016. We exported approximately 4 million tons in 2015, which rate reached 6.5 million tons in 2016.

Q - Which countries were the target markets of these exports?

A - The main targets were European countries. Some volumes were also exported to Asian countries such as Thailand. Overall, we have managed to earn a position in the world market for Iranian steel and we are well capable of achieving bigger successes in the future.

Q - What plans does IMIDRO have for expanding its export market?

A - Given the facilities and resources at our disposal, both the prices of our products and their quality will be competitive. We do predict that by 2025, we will have reached the export capacity of 14 million tons in steel industry.

Q - One of the accusations against Iran’s mining industry, particularly made by European countries, last year was the issue of dumping. Did this accusation have any basis? If not, how could we respond to it?

A - This accusation was and is absolutely baseless. The accusers had targeted Mobarakeh Steel Company that manufactures steel sheets. The accusations were made due to two main reasons: First, the competitors of Iranian steel lost their market when Iranian steel products entered Europe, so much so that the Italian automobile manufacturers submitted a written complaint to the Italian government and European Union officials, complaining that prior to purchasing Iranian steel, they used to buy steel at an unfairly expensive price in a non-competitive market. Second, as I stated earlier, Iran enjoys abundant raw materials as well as accessible and inexpensive energy. Hence, it could deliver final products that have competitive prices and by no means could this be considered dumping.

Source : Financial Tribune

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voda 8 september 2017 16:42

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Indian steel industry to reach a growth rate of 8pct - Mr Syedain Abbasi

PTI reported that as per a senior steel ministry official, Indian steel industry is expected to reach a growth rate of 8% in 3 years, from 6% at present, following various steps taken by the government. Joint Secretary Mr Syedain Abbasi told PTI “These measures have already helped some major steel producers return into black as far as operating profits are concerned. Right now, the steel industry is growing at around 5-6%. We took a lot of measures to boost the domestic steel industry. The government has ensured that unfair means like dumping are not encouraged. Now, as most of the bottlenecks have been removed, in next 3 years we should see a significant growth which can reach to 8%.”

He said “The steel industry, facing sluggish global demand for the last three years, was also hit by cheap imports. Further, because of Goods and Services Tax (GST), a lot of people stopped keeping stocks as they were not sure of the impact of the new tax regime.”

He said “The industry has geared up to the challenges. Exports which were stagnating or had shrunken, doubled in 2016-17. The imports also fell significantly.”

As per the Joint Plant Committee’s report, export of total finished steel was up by 102.1% at 8.244 million tonnes in 2016-17 as against 4.079 million tonnes a year-ago. The import of total finished steel fell by 36.6 per cent to 7.427 million tonnes in 2016-17, from 11.712 million tonnes in the preceding fiscal.

Source : PTI

voda 8 september 2017 16:42

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EU states at odds over tariffs on HR steel from Russia, Brazil, Iran and Ukraine

Reuters reported that European Union governments rejected the bloc’s proposed measures to levy punitive tariffs on hot rolled steel from Brazil, Iran, Russia and Ukraine on Thursday, with some member states considering the measures too lax, others too tough. The case will now pass to a so called appeals committee, also comprising the 28 EU members. In such appeal cases, the Commission often revises its plans. The committee will meet on or after September 25.

The Commission’s proposal would be then cleared unless a majority of states also representing a majority of the EU’s population vote against.

European steelmakers have accused the four countries of dumping of HR steel and the European Commission, which oversees trade policy in the 28-member European Union, had set out plans to levy tariffs of up to 33%. It had also proposed that duties would not apply if the product was sold at or above a set minimum price of EUR 472.27 (USD 568) per tonne.

European steelmakers federation Eurofer, which had lodged a complaint and wanted import duties, criticised the minimum price element of the proposal. As a result EU countries, including those with steelmakers and those interested in cheap steel, opposed the overall plan. The former believed the measures were too weak, the latter considered them too strong.

Chinese imports of hot-rolled steel into the EU are already subject to duties of up to 35.9%, with no minimum price.

Source : Reuters

voda 8 september 2017 16:44

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Sale of Brazilian steel mill CSA complete

The sale of the CSA Siderúrgica do Atlântico (CSA) steel mill in Brazil to the Latin American steelmaker Ternium is complete.

With the closing of the transaction thyssenkrupp has received the purchase price (enterprise value) of €1.5 billion. The transaction reduces the Group’s net financial debt significantly and contributes to the expected improvement in its gearing, the ratio of net debt to equity. The sale of CSA takes effect retrospectively from September 30, 2016.

With the sale of CSA thyssenkrupp has now fully divested Steel Americas and achieved a further important milestone on its Strategic Way Forward. thyssenkrupp now generates more than 75 percent of its sales with profitable capital goods and services businesses.

thyssenkrupp succeeded in selling the processing plant in the USA to a consortium of ArcelorMittal and Nippon Steel back in 2014. At that time it was not possible to divest CSA. Complex contractual ties existed with the former co-shareholder Vale. In May 2016 the Group succeeded in ending those ties and as sole owner of CSA has moved the company into operational profit. The receipt of the operating license in September 2016 finally created the conditions for the sale of CSA and a good solution in Brazil.

www.thyssenkrupp.com

voda 8 september 2017 16:49

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This Week's Raw Steel Production

Sign up for the weekly Raw Steel Update newsletter.

In the week ending on September 2, 2017, domestic raw steel production was 1,747,000 net tons while the capability utilization rate was 74.9 percent. Production was 1,609,000 net tons in the week ending September 2, 2016 while the capability utilization then was 68.8 percent. The current week production represents an 8.6 percent increase from the same period in the previous year. Production for the week ending September 2, 2017 is up 0.4 percent from the previous week ending August 26, 2017 when production was 1,740,000 net tons and the rate of capability utilization was 74.6 percent.

Adjusted year-to-date production through September 2, 2017 was 60,900,000 net tons, at a capability utilization rate of 74.6 percent. That is up 3.2 percent from the 59,025,000 net tons during the same period last year, when the capability utilization rate was 72.1 percent.

Broken down by districts, here's production for the week ending September 2, 2017 in thousands of net tons: North East: 213; Great Lakes: 676; Midwest: 160; Southern: 622 and Western: 76 for a total of 1747.

The Raw Steel production tonnage provided in this report is estimated. The figures are compiled from weekly production tonnage provided from 50% of the domestic producers combined with monthly production data for the remainder. Therefore, this report should be used primarily to assess production trends. The AISI production report "AIS 7", published monthly and available by subscription, provides a more detailed summary of steel production based on data supplied by companies representing 75% of U.S. production capacity.

Note: Capability for the Third Quarter 2017 is approximately 30.6 million tons compared to 30.7 million tons for the same period last year and 30.3 million tons for the Second Quarter of 2017.

www.steel.org/about-aisi/statistics.aspx

voda 8 september 2017 16:53

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Washington, D.C. – Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the U.S. imported a total of 3,472,000 net tons (NT) of steel in July 2017, including 2,868,000 net tons (NT) of finished steel (down 11.5% and 4.0%, respectively, vs. June final data). Year-to-date (YTD) through seven months of 2017, total and finished steel imports are 23,168,000 and 17,938,000 net tons (NT), up 22.1% and 17.3%, respectively, vs. the same period in 2016. Annualized total and finished steel imports in 2017 would be 39.7 and 30.8 million NT, up 20.3% and 16.8%, respectively, vs. 2016. Finished steel import market share was an estimated 29% in July and is estimated at 28% YTD.

Voor meer, zie link hieronder.

www.steel.org/~/media/Files/AISI/Pres...

voda 8 september 2017 16:56

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Iranian steel exports in first 5 months rises by 12% YoY

major Iranian steelmakers exported 2.64 million tonne of semi finished and finished steel products during the first five months of the current Iranian year (March 21-Aug. 22), registering a 12% growth compared with last year’s corresponding period. The export volume for Mordad, the fifth month of the year (July 23-Aug. 22), stood at 512,779 tonne, up 78% YoY

Iranian Mines and Mining Industries Development and Renovation Organization data released on Wednesday is a preliminary report on major producers’ exports. A more comprehensive and detailed version, including smaller private mills’ performance, often follows from the Iranian Steel Producers Association in about two weeks.

Khouzestan Steel Company was the biggest exporter during the period under review, as it shipped 1.163 million tonne of slab, bloom and billet overseas, up 72% YOY. Bloom exports made up the bulk of KSC's shipments with 609,842 tonne and were up 243% YOY. The company's billet exports, however, were down 26% to 242,440 tonne. Slab shipments jumped 80% to 311,221 tonne. KSC’s exports during the fifth month jumped 357% to 238,214 tonne.

Esfahan Steel Company was the second biggest exporter during the five months with 585,488 tonne of beam, rebar, coils and other products shipped overseas, up 133% YOY. Rebar made up 78,900 tonne of ESCO’s overall exports, registering a 40% growth YOY, followed by beam and coils with 49,481 tonne and 28,210 tonne respectively. Beam shipments were down 23% YOY, while coil exports remained unchanged. Steel products listed as "other" made up 28,210 tonne of exports, up 230%. ESCO shipped a total of 109,513 tonne during the fifth month, up 198% YOY.

Hormozgan Steel Company was the third largest exporter, as it shipped 348,559 tonne of slabs, registering a 20% growth YOY. The steelmaker’s exports for the fifth month remained unchanged at 83,000. The company produced a total of 579,652 tonne of slabs during the fifth month, with sales earning USD 249.3 million for the period. As a subsidiary of Iran’s largest steelmaker Mobarakeh Steel Company, HOSCO has outperformed its parent company in exports for two months in a row and the trend seems to continue as MSC increasingly focuses on the local market.

Mobarakeh took fourth spot, as it exported a total of 365,099 tonne of hot- and cold-rolled, acid-washed, tin-plated, coated, checkered and galvanized flat steel during the five months, down 63% YOY. Similar to the four-month period, the export of all MSC-made commodities saw a decline in double digits, excluding coated coil and slab exports, which rose 14% and 35% to 2,321 and 208,868 tonne respectively. MSC exported 74,674 tonne during the fifth month, down 61% YOY.

Khorasan Steel Company came next, as its rebar exports rose 49% to 51,404 tonne. The company’s exports in the fifth month stood at 4,673 tonne, posting a 1,107% upsurge YOY.

Iran Alloy Steel Company was next with the export of 38,084 tonne of rebar, up 49% YOY. Its exports during the fifth month were up 88% to 2,502 tonne.

Khouzestan Oxin Steel Company was next with 3,523 tonne of plates, down 71% YOY. It exported 203 tonne in the fifth month, down 96% YOY.

Source : Financial Tribune

voda 8 september 2017 16:57

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Strike averted as steel workers and Evraz NA reach tentative deal

Global News reported that a strike has been averted at Regina’s Evraz Steel plant after the United Steel Workers Union and Evraz worked out a deal. The two sides reached a tentative deal and announced it Thursday morning. It took the bargaining committee 16 months to reach an agreement.

Negotiations earlier this summer indicate that the union was looking for three per cent wage increases effective August 2016 and August 2017 and a 3.5 per cent increase beginning August of next year.

The union was also looking for vision coverage to be increased to $500 and for prescription drug coverage to be increased to unlimited.

The ratification meeting for the agreement will be held on September 13 in Regina at the Italian club.

Source : Global News

voda 8 september 2017 16:59

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Turkey's crude steel production surges by 13.6pct in Jan-Jul’17

Anadolu Agency reported that Turkey's crude steel production increased 13.6 percent to 21.6 million tonnes in the first seven months of the current year. Turkish Steel Producers' Association said that Turkey became the country with highest increase in production of crude steel with 13.6% in January-July period.

Meanwhile, Turkey's steel export volume also surged 15.9% annually to reach nearly 11.2 million tonnes in the first seven months of 2017. The value of steel exports went up 27.4% to nearly USD 7.7 billion in the same period.

In the same period, steel imports to Turkey fell 18.1% to nearly 9.2 million tonnes yearly, while the value of these imports rose 1.4% to USD 6.7 billion.

Source : Anadolu Agency

voda 8 september 2017 17:00

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Foreign companies must invest in steel capacity expansion – Ms Aruna Sharma Steel Secretary

Steel secretary Ms Aruna Sharma said that India’s steel sector will revive within a year despite the turbulence due to stressed assets. In an interview with ET , she said the ministry would prefer foreign investments in expansion projects rather than taking over existing plants. She also said the threat from Chinese imports had ebbed but the ministry and the Bureau of Indian Standards was working to fix loopholes.

Q - Any private steel plants are with the National Company Law Tribunal for resolution under the bankruptcy code. What are the ministry's expectations?

A - It is under quasi-judicial proceedings so I do not want to comment. But one thing is sure the steel sector has shown a big turnaround 2016-17 onwards and whatever credit exposure is there to the steel sector, there is a proper repayment schedule. The issues will be resolved soon to trigger off lending. As a ministry, our concern is that lending has to continue to the sector. Having said that, in the secondary steel sector, NPAs are less than 10% of their exposure and contributes 57% of steel output. SMEs contribute 33% of steel produced in our country. In other words, secondary steel sector has miniscule NPAs even with so much of production. The segment has shown very good trends due to the policies and government interventions. Our issue is that credit flow has to continue definitely to the secondary sector. The primary sector, or the integrated steel sector as we call it, is in expansion mode. It will need credit, a year down the line. By then, all the issues of NPAs will be resolved and fund flow will resume.

Q - Will the sector be sorted out by next year?

A - Credit flow should smoothen out by next year, rest of the things we expect to be sorted out this year itself. Enhancing the domestic market will be a constant endeavour. Already the per-capita consumption has gone up from 60 to 64.4kg in just one and half year. We have looked at pro- duction, productivity, and have ensured that the steel sector goes up with the help of policies and interventions since the last financial year.

Q - Is it not ironic that when the steel sector is looking up: some good plants are in trouble?

A - The trouble started may be 5-6 years ago. That trouble has to be resolved because if you look at these plants, their EBITDA is positive. There is no problem in the cost of steel making or their efficiency levels. The problem is more in their balance sheets and that needs to be resolved.

Q - Are there any indications of international firms taking over these stressed assets?

A - It's quasi-judicial. I am as ignorant as you are. It all depends on what approach NCLT takes. What formula is evolved, whether there is scope for the promoter to manage the resolution or it requires the management to change.

Q - In that decision, what is the ministry's stand?

A - Our intention would be that foreign companies come in for new investments and add capacity. Change in management does not make much of a difference from the ministry's point of view because total volume of steel produced remains the same. We are very keen that investments should come for expansion of the
total capacity.

Q - Has there been any signal from potential foreign investors to invest in India?

A - We do have interest. POSCO is investing in Maharashtra for auto steel. Definitely, they are bringing the backend from South Korea and doing value additions from here. Same applies to Thyssenkrupp. There are successful Jvs of Nippon with Tata and another Japanese firm with JSW Steel. With these done and the land bank available, we believe any company interested in investing in India can go for expansion. This coincides with our intention to give preferential treatment to procure domestically produced steel. We expect more foreign companies to enter India given that India is going to invest heavily in infrastructure. With the policy of preferential treatment to domestic steel, we foresee more FDI. We would continue to encourage Indian manufacturers to expand.

Q - Is there a threat from Chinese imports?

A - Not any longer. After anti-dumping, imports have come down. What we have to work upon is some clandestine way they are trying to get the goods, especially in stainless steel.

Source : Economic Times

voda 8 september 2017 17:08

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Australian mining giants eying mines in Zambia

Minister of Mines Christopher Yaluma has disclosed that there are some big Australian mines that want to invest billions of US dollars in Zambia’s mining sector. Mr Yaluma has named the Australian companies as FMG one of the largest iron ore mine, Intrepid and Mosi resources. The minister of mines said that the mining firms are already doing some explorations adding that the prospects of mining are very high because the data they have found indicates they will proceed to conduct mining activities in Zambia.

Mr Yaluma disclosed this to ZNBC News in Perth, Western Australia during a welcome reception for delegates attending the African Down Under mining conference that has attracted participants from all mining countries in Africa.

And Zambia’s Ambassador to Australia George Zulu said Zambia’s stable political environment has greatly contributed to an increase in mining investments.

Mr Zulu said the Australian government has put policies that support mining of copper in African countries to grow its copper production.

Source : ZNBC

voda 8 september 2017 17:13

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Chinese consortium joins Brazilian iron ore project

Splash247 reported that a consortium of Chinese companies has signed a memorandum of understanding with the Brazil state of Bahia and Bahia Mineragao (Bamin), a Brazilian subsidiary of Eurasian Resources Group, to develop a $2.4bn integrated mining and logistics project in Brazil. The project includes Bamin's Pedra de Ferro iron-ore mine, the Porto Sul deep-water port and the associated Fiol railway, which will link the landlocked state of Tocantins to the coast of Bahia.

The Chinese consortium is comprised of leading infrastructure and machinery companies and includes China Railway Group, China Communications Construction
Company and Dalian Huarui Heavy Industry Group.

According to Eurasian Resources Group, the MOU sets out the intention of the consortium to jointly participate with Bamin in the ownership and development of the integrated mine, rail and port project and to arrange its financing.

The Pedra de Ferro mine will develop high grade, large-scale iron ore reserves located near the city of Caetite, in Bahia. Once operational, the Pedra de Ferro mine will supply up to 20 million tonne of high quality iron ore to global markets annually.

Porto Sul will be a deep-water port located north of the city of llheus, Bahia. It will be
capable of handling up to capesize vessels and will be the export point for Bamin's iron

Source : Splash247

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voda 8 september 2017 20:36

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ArcelorMittal Spain awaits approval for new coke batteries

(news heading from Kallanish)

voda 8 september 2017 20:37

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Brazilian regulator advises against ArcelorMittal/Votorantim merger

ArcelorMittal’s acquisition of Brazilian company Votorantim should be rejected because the move would reduce competition in the market, the country’s trade defence agency, CADE has recommended.

The Brazilian regulatory authority announced its detailed study of the potential economic impact of the merger this week, Kallanish notes.
“The purchase of Votorantim affects the national market of various steel products, such as steel inputs, rebar, wire rode and scrap buying. The merger of two of the country's three main suppliers of common long steel would eliminate a relevant competitor in a segment where the three largest companies have more than 80% of market supply,” CADE`s study suggests.

The case is now due for analysis by the Court of the Brazilian regulator for a final decision. The rulings by the Court may be applied unilaterally or by agreement with the parties, CADE adds.

As reported, ArcelorMittal and Votorantim signed an agreement on 23 February, according to which Votorantim’s steel mills will become part of ArcelorMittal Brasil.

The combination will result in a new unit capable of producing 5.6 million tonnes/year of crude steel and 5.4m t/y of finished long products. The production facilities will include ArcelorMittal's Monlevade, Cariacica, Juiz de Fora, Piracicaba and Itaúna, and Votorantim’s sites at Barra Mansa, Resende and its participation in Sitrel, in Três Lagoas.

Source: Kallanish.com

voda 8 september 2017 20:43

0

Italy ejects Cevital from Piombino, seeks new owners

The Italian Ministry for Economic Development (Mise) has announced this week officially that it will investigate alternative ownership for the former Lucchini mill in Piombino. The plant has been controlled for the last two years by the Algerian group Cevital operating under the name of Aferpi.

The authorities have told Cevital that it has failed to comply with the latest agreement regarding the restart of production of the mill’s rolling lines. They are therefore initiating the procedure to rescind the contract with the Algerian group.

Before the summer, Aferpi guaranteed that rolling would restart before the end of August. Despite this, the mill remains inactive and a plan for the supply of billet to feed the rolling mills has not been made public (see Kallanish passim).

As a result, the Italian Ministry will soon be starting looking for an alternative partner to run the former Lucchini mill. Local sources noted that many international players are monitoring the situation, including voestalpine, British Steel and Danieli.

The main interest for the assets however is coming from India’s JSW Steel. The company had already made a bid for the assets three years ago and has renewed its interest in a recent letter to the Italian authorities. The producer could revamp the idled Lucchini blast furnace to produce crude steel to be rolled into special long products as well as, possibly, flat products. JSW also participated in a bid to acquire the Ilva assets (see Kallanish passim) demonstrating that the company has a clear interest in investing in Europe and Italy.

Source: Kallanish.com

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