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voda 26 april 2019 15:56

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Trump Trade War - ATI steel tariff exemption request rejected

Post Gazette reported that Trump administration has denied Allegheny Technologies Inc’s request for an exemption from US tariffs levied on steel imports last year, jeopardizing the future of a recently restarted Beaver County mill. Mr Robert S Wetherbee, ATI president and CEO, said that “While we are disappointed that the US Department of Commerce denied the JV’s Section 232 tariff exclusion request, it does not change our strategy of returning ATI’s flat roll products segment to sustained profitability. We will work with our joint venture partner to determine our next steps.”

The Pittsburgh specialty metals manufacturer had restarted the Midland mill last year in a joint venture with China’s Tsingshan Group. The joint venture hoped to hire 100 people who would earn a USD 125,000 salary on average. Just weeks after the restart, the tariffs imposed by the Trump administration in March 2018 slapped a 25% penalty on the roughly 300,000 metric tons of stainless steel slabs that the joint venture planned to import each year from Indonesia. ATI promptly filed for an exemption from the tariffs with the US Department of Commerce and waited for more than a year before hearing anything.

In January, ATI disclosed the joint venture spent USD 16 million on tariffs to import steel slabs for the Midland plant, losing USD 4 million. The joint venture had been forced to curtail production to 40% capacity. If the exclusion request had been approved, the joint venture would have gotten a refund on the money already spent on tariffs.

Source : Post Gazette

voda 29 april 2019 14:05

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Mondiale staalproductie in april verder gestegen

(ABM FN-Dow Jones) De wereldwijde staalproductie is in maart verder gestegen. Dit bleek maandag uit cijfers van de brancheorganisatie World Steel Association.

In totaal maakten de 64 staalproducerende landen in de afgelopen maand 155 miljoen ton staal, een stijging van 4,9 procent op jaarbasis. In de voorgaande maand steeg de productie met 4,1 procent.

In China, de grootste producent ter wereld, steeg de productie met 10 procent tot 80,3 miljoen ton staal.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 29 april 2019 14:28

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Kenya industrialists seek partnerships to grow steel sector

Xinhua reported that Kenyan industrialists have called on stakeholders to form partnership to boost the steel sector's competitiveness and develop frameworks of collaboration to better shape the future of the industry. The industrialists under the Kenya Association of Manufacturers who hosted the first ever international steel forum in Nairobi also urged the stakeholders to address challenges affecting the sector. Mr Sachen Gudka, KAM chairman, noted that the local steel sector has grown over the years, adding that the establishment of stronger partnerships with global investors, would be vital to attain the desired growth in the sector and the economy. He said "The future of the sector looks at the development of Smart Infrastructure. Through data and employment of sustainable strategies the sector will spur the productivity of the country and the continent for the next generation.”

The forum, which brought together some 50 stakeholders in the steel sector from across the globe, focused on providing partnership opportunities to boost the sector's competitiveness.

Source : Xinhua

voda 29 april 2019 14:28

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EC extends review deadline for ThyssenKrupp & Tata Steel deal to June 17
The European Commission extended the deadline for reviewing the planned joint venture deal between ThyssenKrupp and Tata Steel by 7 working days until June 17.

Tata Steel and ThyssenKrupp had proposed to combine their steel operations Europe, which would form the region’s second-biggest steelmaker.

Source : Strategic Research Institute

voda 29 april 2019 14:32

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Quality Iron & Steel to invest in McNairy County

WBBJ reported that Quality Iron & Steel will invest USD 2.8 million and create 32 jobs as they establish operations in Selmer. The business will locate its operations in a 54,000-square-foot facility on Tennessee Avenue, according to the release. Leaders with the company expect operations to begin in May.

Quality Iron & Steel will fabricate structural steel for commercial and industrial use, producing beams, columns, stairs, bridges and railings, the release says.

The business will be led by co-owners Craig Salabor and Sunny Hughes, alongside plant manager David Hughes, according to the release.

Source : WBBJ

voda 29 april 2019 14:33

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Tata Steel Europe worker union meets Tata Steel chairman

Moneycontrol reported that representatives of Tata Steel Europe's workers unions met Chairman Mr N Chandrasekaran in Mumbai last week, seeking assurances on job security in the company's units in Europe. Sources said that representatives of European Works Council and Community were a part of the delegation that met Chandrasekaran. They said "The unions are unhappy that both Tata Steel Europe and thyssenkrupp presented the remedies to the Commission without consulting them. All European unions have legal rights to be consulted for anything that impacts the workers. But they had no opportunity to say if the remedies suggested are good or not. It is a concern that is shared by the UK government and the trade unions."

The visit follows apprehensions about the proposed JV between Tata Steel's European operations and thyssenkrupp, favouring the German conglomerate. The workers and the union worry that Tata Steel UK's units may be closed down, leading to loss of jobs. The JV is presently under investigation by the European Union Commission, which is checking if the venture will hurt competition in some of the key segments of the steel sector in Europe. The two partners have submitted a proposal that includes concessions and the commission is expected to come to a decision by June 17.

Source : Moneycontrol

voda 29 april 2019 14:34

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JSPL’s iron ore pellet plant clocks record annual production and dispatch

Jindal Steel and Power Limited announced achieving highest ever annual production and dispatch at its 9 MTPA Pelletization complex at Barbil, Odisha. During FY 2018-19, JSPL produced 7.07 Million Tonnes of pellets. The plant surpassed its previous monthly production records by clocking 677,000 Tonnes during March 2019. The plant achieved the highest ever monthly pellet dispatch of 661,786 tonnes in March' 2019. The cumulative dispatch during the year 2018-19 was 7.17 million tonnes.

Mr NA Ansari, Joint MD JSPL, said “Like all JSPL’s steel production facilities, the 9 MTPA Pellet Plant at Barbil has also achieved its highest ever production and dispatch during this fiscal. The operational efficiency roadmap we had embarked upon has enabled us to consistently achieve higher capacity utilization levels at most of our units. The production and dispatch of pellets from JSPL Barbil Plant have surpassed their previous records for the 4th consecutive year.”

Source : Strategic Research Institute

voda 29 april 2019 14:35

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Severfield installs last piece of steel at TwentyTwo London

Severfield has successfully installed the last piece of structural steelwork on project TwentyTwo, located at 22 Bishopsgate in the centre of London. During the peak of our construction program, Severfield was carefully lifting and installing around 300 pieces of steel per week. Last week we saw the project complete at 62 storeys and 278 million from the ground, with the final piece of structural steelwork being installed. Overall, the Company has provided the fabrication and installation of approximately 15,000 pieces of steelwork for TwentyTwo.

This is the latest project to have been completed by Severfield and will provide the City of London with a highly desirable destination for modern office and leisure space. There will also be a public viewing gallery between levels 58-61 enabling people to be almost as high as The Shard and offering breathtaking views of London.

Source : Strategic Research Institute

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voda 29 april 2019 14:43

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Canada continues 25% safeguard on heavy plate & stainless wire, drops for 5 others

Canada’s Finance Minister Mr Bill Morneau has taken the advice of the Canadian International Trade Tribunal and continued with trade remedies on only two of the seven types of foreign steel products that have faced emergency safeguards since last fall. As a result, only heavy plate and stainless steel wire imports, will continue to face trade remedies to protect Canada's steel industry and provisional duty on reinforcing bar, energy tubular products, hot-rolled sheet, pre painted steel and wire rod has ended. His decision on final safeguards follows the advice of the Canadian International Trade Tribunal, which earlier this month found no justification to continue surtax on five other products that have also been subject to a provisional 25% surtax since last October.

Canada's steel mills and the United Steelworkers union had asked the minister to overrule the tribunal and impose final safeguards on all seven products.

Ms Catherine Cobden president of the Canadian Steel Producers Association said she is disappointed. She said "Canada's steel industry is disappointed with the government’s announcement to not take decisive action to put safeguards in place for all 7 products. Steel producing nations around the world are implementing these trade measures and Canada’s failure to do so means we are more dangerously trade exposed than ever before. Without safeguards, there will be significant negative impacts on the steel industry in Canada, and will lead to the loss of thousands of jobs, put CAD 1.1 billion in planned investments at risk, and see the erosion of our competitiveness. Our industry is in crisis driven by global overcapacity, US 232 actions, and safeguard measures put in place in other jurisdictions. Job losses are taking place and investments are going elsewhere. The government must act now to support our workers and ensure our ongoing economic viability. We stand ready to work with the Government to find ways to address the immediate challenges we face.”

Source : Strategic Research Institute

voda 29 april 2019 14:43

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SSAB uninterested in Tata/ThyssenKrupp assets

Argus Media reported that Swedish steelmaker SSAB has no interest in acquiring any of the assets India's Tata Steel and producer ThyssenKrupp may divest to facilitate their joint venture, CEO Martin Lindqvist said on a call. Remedies put forward by the pair, focusing on packaging steel and hot-dip galvanised, would not really fit with SSAB's business plan. The company is looking to pursue bolt-on acquisitions in its Nordic markets and the US, where it is has a leading position in plate. Mr Lindqvist said SSAB is the lowest cost plate producer in the US and had earnings before interest taxes, depreciation and amortisation margins of 23% in the first quarter.

SSAB Americas reported record results in the first quarter, with its operating profit rising to 956 million Swedish kronor (USD 110.2 million) on "significantly higher realised prices" and strong demand. Shipments slipped slightly as inclement weather in the US Midwest impacted logistics and deliveries.

US plate pricing will come under more downward pressure in the second quarter after the recent spot market slippage. Scrap costs could also fall if they follow typical seasonal patterns scrap prices usually peak during the first quarter as wintry weather in primary export hubs constrains collection.

Mr Lindqvist said there is some room for capacity growth in the US plate market, which typically sources 20-30pc of its requirements from imports. He pointed out that the primary capacity build in the US is in the coil segment.

SSAB Special Steels reported record results, pushing the overall operating profit up by SEK 758 million to SEK 1,674 million in the first quarter.

The European business did not see the same rise in profit because of a prolonged stoppage at one of its Raahe blast furnaces in Finland and rising raw material costs typically there is a lag between iron ore buying and consumption of around two months, but some of SSAB's material is rail freighted from mining firm LKAB so it feels the increase more quickly.

Iron ore costs were up by 14pc on a dollar-basis in the first quarter, primarily because of Brazilian mining firm Vale's dam collapse on January 25, according to SSAB. Argus' headline 62pc Fe ICX index rose from USD 75.60 per dry metric tonne on January 25 to USD 93.60 per dry metric tonne yesterday, an increase of 23.81%.

SSAB Europe saw its operating profit slip to SEK 347 million from SEK 657 million in the first quarter of 2018 because of the cost squeeze. European demand is expected to weaken during the second quarter, but shipments will rise with the Raahe furnace back on line. Pricing will also slip after the spot market rundown over the first quarter.

Source : Argus Media

voda 29 april 2019 14:44

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Texmaco to buy Simplex steel foundry in Raipur

Texmaco Rail & Engineering Group will acquire a steel casting foundry from Simplex Castings Ltd at an estimated investment of INR 87.50 crore. It informed that board has approved acquisition of a steel casting foundry, located at Urla Industrial Estate, Raipur, Chhattisgarh, from Simplex Castings Limited, as a going concern on a slump sale basis, which shall result in a approximate capacity addition of more than 50% for the Company.

Texmaco will fund the acquisition through a mix of internal accruals and bank loans

The acquisition is expected to complement the existing product range and cater to the increased demand.

Source : Strategic Research Institute

voda 29 april 2019 14:44

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Metalloinvest announces BO-09 series exchange bonds issue

Metalloinvest announced the pricing of its BO-09 series exchange bonds for a total amount of RUB 5 billion. Following the bookbuilding the coupon rate has been set at 8.85%. The bonds have a maturity period of 10 years (3,640 days). Moscow Exchange placement will take place on 29 April 2019.

According to the issue parameters, there are two implied options:
Call option at 100.50% of the nominal value in 4 years (after the 8th coupon period)
Put option at the nominal value in 7 years (after the 14th coupon period)

Gazprombank has been acting as the Lead Manager and Underwriter of the placement.

Source : Strategic Research Institute

voda 29 april 2019 14:45

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NLMK DanSteel Q1 production update for Q1 2019

NLMK Dansteel’s sales of plate increased by 22% QoQ (+3% YoY) driven by seasonal growth in demand for plate. Revenue increased by 17% QoQ to USD 139 million (+1% YoY) following stronger sales performance, which was partially offset by a decline in plate prices. Slight revenue growth year-on-year was also associated Quarter-on-quarter revenue growth on seasonally strong demand with an increase in the Segment's sales volume.

EBITDA reached USD 3 million vs. (-) USD 8 million in Q4 2018 supported by widening slab/plate spread and stronger sales.

Source : Strategic Research Institute

voda 29 april 2019 14:46

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Tata Steel may expand Jamshedpur capacity to 13 million tonnes

Moneycontrol reported that Tata Steel is looking to expand its capacity of its Jamshedpur facility to 13 million tonnes a year, from the present 10 million tonnes. While the company has got the environment clearance to take the capacity to 11 million tons a year, studies are being conducted to increase it further. CEO and Managing Director Mr TV Narendran said "We have the option to shut some of the small blast furnaces and build bigger ones. The final decision will be taken once the studies have been done.”

The Jamshedpur facility, the company's first, produces a mix of flat and long products. Most of the production goes towards flat products.

The company also plans to bring its long products faculties under one unit - Tata Steel Long Products. The planned acquisition of Usha Martin's facility, which is being carried out by Tata Sponge, will come under the newly formed unit.

Source : Moneycontrol

voda 29 april 2019 14:46

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Bangladesh steel production cost to rise BDT 4,000 a tonne – Rolling Mills

The Daily Star reported that the construction sector will be affected and the cost of infrastructure projects will go up significantly if the proposed gas price hike for industries comes into effect. Mr Manwar Hossain chairman of the Bangladesh Auto Re-Rolling & Steel Mills Association said that “The cost of all infrastructure projects will increase because of the price hike of steel products. This will affect the overall economy. He was addressing a press conference organised by Bangladesh Steel Mills Association at National Press Club in Dhaka. According to the millers, the production cost of steel will increase Tk 4,000 per tonne if the gas price is hiked.

The government has proposed to increase the gas price to Tk 18.88 per cubic metre from the existing Tk 7.76, a 132 percent hike. Mr Hossain, also the managing director of the Anwar Group of Industries, said the sector became stagnant in the first quarter of 2019 as the government allowed some foreign companies to import steel products duty-free. This is affecting the sector.

Mr Muhammad Shahidullah, secretary general of the BSMA and managing director of Metrocem said that “We do manufacture world-class steel, so there is no need to import steel to implement mega projects.” He said local manufacturers had the capacity to produce 90 lakh tonnes of steel products annually.

He also demanded the continuation of the existing rate of value-added tax to safeguard the sector.)

Source : The Daily Star

voda 29 april 2019 14:47

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CITT finds no injury on corrosion resistant steel import from China, Taiwan, India and South Korea

The Canadian International Trade Tribunal, has conducted an inquiry to determine whether the dumping of corrosion-resistant flat-rolled steel sheet products of carbon steel imports from China, Taiwan, India and South Korea and determined that it has not caused injury but is threatening to cause injury to the domestic industry

Products of carbon steel, including products alloyed with the following elements:
Boron (B) not more than 0.01%,
Niobium (Nb) not more than 0.100%,
Titanium (Ti) not more than 0.08%, or
Vanadium (V) not more than 0.300%,
in coils or cut lengths, in thicknesses up to 0.168 in (4.267 mm) and widths up to 72 in (1,828.8 mm) with all dimensions being plus or minus allowable tolerances contained in the applicable standards, chemically passivated

Excluding
Unpassivated corrosion-resistant steel sheet products
Corrosion-resistant steel sheet products for use in the manufacture of passenger automobiles, buses, trucks, ambulances or hearses or chassis therefor, or parts thereof, or accessories or parts thereof
Steel products for use in the manufacture of aeronautic products
Steel sheet that is coated or plated with tin, lead, nickel, copper, chromium, chromium oxides, both tin and lead terne plate, or both chromium and chromium oxides tin-free steel
Stainless flat-rolled steel products
Corrosion-resistant steel sheet products that have been pre-painted or coated with organic (non-metallic) coatings, including lacquers or varnishes
Galvanized armouring tape, which is narrow flat steel tape of 3 in or less, that has been coated by a final operation with zinc by either the hot-dip galvanizing or the electro galvanizing process so that all surfaces, including the edges, are coated
Tool steel

The CBSA’s period of investigations for its dumping investigation covered April 1, 2017, to March 31, 2018.

Source : Strategic Research Institute

voda 29 april 2019 14:48

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US Steel once again appeals Clairton Coke Works air pollution fine

Post Gazette reported that US Steel Corp. is once again appealing an Allegheny County Health Department fine and consent order alleging the company’s Clairton Coke Works violated its emissions limits. It challenged the health department’s USD 707,568 fine for 204 alleged violations during the last half of 2018 from a variety of locations in the coking operations as excessive and unreasonable. One of 11 company objections to the order states that health department employees working on both the enforcement action and a rewrite of the county’s coke oven emissions rules constitute an inappropriate and impermissible comingling of adjudicative and prosecutorial functions.

An appeal hearing for the latest notice of violation issued on March 29 and another, issued by the county in October 2018 that carries a civil penalty of USD 620,316 for air pollution violations at Clairton in the second quarter of 2018, is scheduled for September 16-18, before a health department hearing officer. A June hearing on the October order was cancelled because the cases are now consolidated.

Source : Post Gazette

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voda 29 april 2019 14:50

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TMK to sell stake in Romanian subsidiary TMK-Artrom Slatina to reduce its debts

Romania Insider reported that Russian group TMK, one of the biggest producers of pipes for the oil and gas industry, plans to sell a significant stake in its Romanian subsidiary TMK-Artrom Slatina through a secondary public offering on the Bucharest Stock Exchange. TMK will put up for sale 69 million shares in TMK Artrom Slatina, currently worth some EUR 60 million, considering the latest share price of RON 4.14. The shares on sale represent 59% of the company’s total number of shares, of a total 92.7% stake currently held by TMK.

However, the group announced it would re-invest most of the money raised from this share sale (an expected net amount of EUR 62.3 million) in the company, through a capital increase already approved at the beginning of April, which would be completed on May 8. The shares on sale thus represent about 37% of the company’s total number of shares after the capital increase while TMK will continue to hold a majority stake of 58% in the company.

The operation is part of the group’s strategy to reduce the debts of TMK Artrom Slatina and consolidate its operations.

At the end of last year, TMK Artrom bought TMK’s stake in TMK Resita, a producer of steel for the pipe industry and the company’s main supplier. TMK Artrom Slatina and TMK Resita now form a group with total consolidated revenues of RON 1.39 bln (over EUR 300 million), in 2018, up 18% over the previous year, and a net profit of almost RON 80 million (EUR 17 million), triple compared to 2017. The group produced over 200,000 tons of seamless steel pipes in 2018.

TMK hired Raiffeisen Bank, Raiffeisen Centrobank and Wood&Company as Joint Global Coordinators and Joint Bookrunners for this offer. BT Capital partners is Retail Agent and Renaissance Securities is Co-Manager.

Source : Romania Insider

voda 29 april 2019 16:29

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Transnet installing new iron tippler to sustain iron ore exports

Reuters reported that South Africa’s Transnet freight group is installing a new iron ore tippler at the country’s main iron ore export line in order to sustain its current output of 60 million tonnes a year. The ZAR 3 billion (USD 208 million) project, which includes infrastructure such as a conveyor belt leading to the port, railway tracks and three bridges, is expected to start operations by July next year. The new tippler, a massive machine which physically tilts train wagons up to 160 degrees to disgorge its contents, will replace the older of two existing tipplers built around 1976 and was becoming too expensive to maintain.

The two tipplers run around the clock and together tip iron ore from around 2,052 wagons a day onto a conveyor belt that carries the load into ships for export.

The trains operate from mining fields hundreds of kilometres away in South Africa’s Northern Cape and transport freight mainly from miners Kumba and Assmang.

Source : Reuters

voda 29 april 2019 16:29

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Staalfusie vergt meer tijd in Brussel

Gepubliceerd op 29 apr 2019 om 16:14 | Views: 123

ArcelorMittal 16:13
19,51 +0,11 (+0,55%)

BRUSSEL (AFN) - De Europese Commissie heeft meer tijd nodig voor het beoordelen van de fusie tussen de Europese activiteiten van staalbedrijven Tata Steel en ThyssenKrupp. De commissie heeft de deadline met zeven werkdagen verschoven tot 17 juni. De deadline stond na eerdere verschuivingen op 5 juni.

Brussel doet momenteel diepgaand onderzoek naar de zaak. De commissie vreest dat het samengaan negatieve gevolgen heeft voor de concurrentie op de staalmarkt met mogelijk ongewenste prijsstijgingen als gevolg.

Vorig jaar werd de fusie tussen de Europese divisies van het Duitse ThyssenKrupp en het Indiase TataSteel beklonken. Het nieuwe bedrijf gaat ThyssenKrupp Tata Steel heten en krijgt zijn hoofdkantoor in Amsterdam. De voormalige Hoogovens in IJmuiden worden onderdeel van het fusiebedrijf.

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