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Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

35.173 Posts, Pagina: « 1 2 3 4 5 6 ... 601 602 603 604 605 606 607 608 609 610 611 ... 1755 1756 1757 1758 1759 » | Laatste

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voda 26 april 2017 16:30

Usha Martin board removes Mr Prashant Jhawar chairman

The Hindu reported that Mr Prashant Jhawar has been removed as chairman of speciality steel-maker Usha Martin Ltd., with Mr GN Bajpai, an independent director, being appointed as non-executive chairman. UML, with an annual saleable steel capacity of about one million tonnes, is among the world’s top wire rope manufacturers.

The ailing company declined to give details beyond its regulatory filing, while MD Mr Rajeev Jhawar did not take calls or respond to mails.

In a statement, Mr. Jhawar said he had been removed without any cogent reasons. He also said that Tuesday’s board meeting was held without compliance and applicable governance and that B K Jhawar (his father) and he had abstained from the improperly convened board meeting.

He linked his removal with his questioning the management on UML’s declining performance. He said “It appears that I have raised too many uncomfortable questions to the management and instead of analysing and addressing the issues, I have been wrongly removed.”

Noting that the proposal was put forth by the nominee director of the lenders, Mr Jhawar felt that the motivation behind the Board-led management’s support to this decision, was unclear. He mentioned UML’s declining performance over the last five -six years, saying that these were grave issues for B K Jhawar, the company’s founder and himself.

He however submitted his resignation from the board although he will continue as a director. UML has 13 directors including six independent directors. It was learnt that today’s resolution was proposed by a bank nominee. Today’s meeting was attended by nine members. The proposal was carried by majority after long discussions, with one abstention.

While the promoter group holds 51.3 per cent of UML’s equity, the rest is held by the public. Institutions, including foreign investment portfolios, FI, banks and insurance companies together hold 9.6 per cent .

UML’s losses at end of December 2016 stood at Rs 205.9 crore against Rs 252.7 crores a year ago. However, the third quarter losses were lower than a year ago. Sales income was also lower at Rs 885 crore. Its 2015-16 turnover was Rs 2672 croers.

Source : The Hindu

voda 26 april 2017 16:32

China Steel Corp posts 549% annual surge in net profit
Published on Wed, 26 Apr 2017

Taipei Times reported that China Steel Corp has posted a 549% YoY surge in pre-tax net profit on a consolidated basis for the first quarter, buoyed by higher product prices. Pre-tax profit skyrocketed to NT$5.39 billion (US$178.76 million) in the quarter, compared with NT$830.94 million in the same period last year, according to a company statement.

On an annual basis, last quarter’s sales soared 27.75 percent from NT$64.96 billion to NT$82.98 billion, with operating income up 585 percent from NT$939.5 million to NT$6.43 billion, company statistics showed.

EVP Mr Wang Shyi-chin said “Soaring international steel demand enabled China Steel to raise prices, which offset higher material costs.”

Commenting on sales volume, Wang said that the company expects to deliver nearly 3 million tonnes of steel products this quarter.

Source : Taipei Times

voda 26 april 2017 16:33

NMDCs Donimalai iron ore pellet plant gets into trial run

PTI reported that NMDC has started trial production at its 1.2 million tonne per annum iron ore pellet plant at Donimalai in Bellary district of Karnataka. A latest report of the steel ministry said “The construction of the pellet plant at Donimalai in Karnataka is complete and trial production commenced.”

NMDC has set up the 1.2 million tonne per annum pellet plant at Donimalai as part of its value addition and diversification plans.

Source : PTI

voda 26 april 2017 16:38

Voestalpine Metsec strengthens Mideast presence with Dubai office
Published on Wed, 26 Apr 2017

Voestalpine Metsec, the UK’s largest specialist cold roll-forming company providing products for the construction and manufacturing industries, has opened an office in Dubai, UAE, as part of its expansion programme in the Middle East.

Having worked in the GCC region for more than a decade on major purlins projects including Abu Dhabi Airport, Nakilat Damen shipyard and the new Warner Brothers Theme Park, the office opening marks the company´s first permanent location in the Middle East and will enable closer relationships with customers working on purlins and side rail projects, the company said in a statement.

Mr Rob Marsh commercial and technical manager for Metsec Middle East, said that "Opening a regional office in the Middle East represents an important landmark in Metsec´s ongoing commitment to working in the region and focus on building its business here. With our extensive range of light gauge galvanised steel purlins, side rails and mezzanine floor systems, Metsec has a proven track record not only in its quality and design capabilities, but in delivering high-profile projects in the GCC, and we´re excited about this next phase of our regional development."

The statement said that thanks to the new permanent site, Metsec is already offering continuous professional development (CPD) sessions to build understanding of the design and specification of purlins, with a representative of Metsec visiting clients to deliver the training.

Mr Marsh said that "For companies looking to increase their staff knowledge of purlins, the seminars provide a comprehensive and engaging opportunity to fulfil their CPD commitments.”

Source : Strategic Research Institute

Bijlage:

voda 26 april 2017 16:46

US to levy dumping duties on Spanish carbon steel flanges

Tax news reported that United States is to introduce anti-dumping duties on Spanish exporters of finished carbon steel flanges, typically used to connect pipes, among other things. Commerce said it had determined that finished carbon steel flanges had been sold by Spanish exporters at below Spanish domestic market prices in the US. In its final determination, Commerce said duties would range between 18.81 percent and 24.42%.

Secretary of Commerce Wilbur Ross said that "The Department of Commerce is committed to protecting US companies being hurt by foreign manufacturers that refuse to play fair."

Source : Tex News

Bijlage:

voda 26 april 2017 17:02

Australia’s mines keen to exploit the benefits of drone technology

Australia is home to some of the world’s largest open-pit and underground mines and has thousands of abandoned mine sites. In recent years, both the government and operators have been keen to exploit the benefits of drone technology to safely collect data and explore abandoned, or legacy, mines.

In the Northern Territory, for example, where mining dates back to the1860s, legacy mines are a major problem with estimated liability costs of more than A$1bn. The government has started using drones to inspect these abandoned mines to help aid remediation efforts.

In January, Minister for Primary Industries and Resources, Ken Vowles, said that drone technology can reach otherwise inaccessible areas of the mine, producing digital terrain models that give operators a better perspective of the site.

Despite advances, drones still have their limitations, such as the number of sensors they can carry and low in-flight battery time.

Mr Tsuyoshi Honda, the branch chief of the company’s first office in Australia said that Terra Drone has one of the most advanced UAVs to date, adding that it is ideal for supporting Australian mining operations.

The firm is the number one drone provider in Japan, according to Honda, and is a spin-off of Japanese electrical scooter manufacturer, Terra Motors.

Terra Drone’s Laser Drone model is equipped with light detection and ranging (LiDAR) laser technology. It can perform surveying, data capture, and 2D and 3D mapping.

Mr Honda said that the drone, which can carry up to 10kg of payload and fly for two hours continuously, is the only UAV hardware that can integrate the Riegl LiDAR, what he calls the highest quality LiDAR system in the world. He said that "The LiDAR is heavy but because the drone can carry a larger than normal payload it can be integrated into our special hardware. The LiDAR is heavy but because the drone can carry a larger than normal payload it can be integrated into our special hardware. We can then collect all the data and reduce time and costs compared to the traditional way of doing things.”

Furthermore, it is usually hard to collect relief data from steep surfaces, but, compared with a ground laser scanner, the LiDAR can effectively do this using the UAV.

The Laser Drone is also equipped with Terra UTM software, enabling an operator to manage multiple UAV missions simultaneously or to control the UAV, if needed.
Greater range and flexibility of drones

The UAV can travel 100ha per trip, says Honda, come back, refuel and be sent out again, to cover a total of more than 700 ha in one day.

The technology was used to explore and survey areas of the Fukushima nuclear power plant left inaccessible to humans after the 2011 disaster.

The UAV can also operate adequately without GPS.

Mr Honda said that “Drones usually need GPS assistance to be stabilised during flight, but in certain places this is not always possible; for example, under a bridge, inside of a building or in an underground mine.”

He added that “Terra uses its SLAM [simultaneous localisation and mapping] system to stabilise the drone’s flight when there is not GPS available.”

The company also manufactures the Terra Explorer series; a collision-tolerant drone designed to accurately collect data from hostile environments, such as inside oil and gas plants. The explorer drone’s flexible shell design enables it to fly safely through hazardous areas, without getting crushed or damaged as easily as a traditional drone.

Mr Honda is reluctant to say too much but confirms that the company is planning to introduce a drone for scanning and modelling Australia’s underground mines. He said that “It is a very dangerous area so we want to integrate our specially designed drone with a 3D scanner and provide process data for each customer. It is not safe for a human inspector to enter every part of the mine, because it is small, dark and dangerous, and possibly filled with gas, but this kind of drone can fly there without human operation – so it is very safe for the mining companies and a good solution.”

Any data collected by the drone can be used for planning and mine management.

Mr Honda further added that "This is a unique solution for the mining industry that will either be remotely controlled or operate autonomously. This is a unique solution for the mining industry that will either be remotely controlled or operate autonomously.”

Since setting up in Brisbane just two months ago, Honda says Terra Drone has made a big impact on the Australian mining industry and has its sights set on expanding its remit.

To this effect, the company is targeting the Australian construction sector and, at the end of the July, is conducting a demonstration for the Queensland Government surveying the Great Barrier Reef. It is also looking to establish a research and development initiative with an Australian university.

Source : Mining Technology

Bijlage:

voda 27 april 2017 15:32

Sterke winststijging voor Outokumpu

Werkkapitaal neemt echter ook stevig toe.

(ABM FN-Dow Jones) Outokumpu heeft in de eerste drie maanden een sterke winststijging gerealiseerd. Dit bleek donderdag uit de kwartaalresultaten van de Finse producent van roestvast staal, een sectorgenoot van het in Amsterdam genoteerde Aperam.

Het Finse bedrijf, onder leiding van de Nederlander Roeland Baan, zei dat de sterke start van het jaar veroorzaakt werd door sterke markten maar ook door de genomen maatregelen om productiviteit en efficiency te verbeteren. Volumes stegen daardoor en kosten namen af.

Het aangepaste bedrijfsresultaat (EBITDA) steeg sterk van 29 miljoen euro een jaar terug naar 294 miljoen euro. Bij alle bedrijfsonderdelen was sprake van een winststijging. De nettowinst kwam uit op 182 miljoen euro, ten opzichte van een verlies van 41 miljoen euro in de eerste drie maanden van 2016.

Minder positief was de sterke toename van het werkkapitaal, waardoor de operationele kasstroom 53 miljoen euro negatief was. Outokumpu weet de sterke stijging van het werkkapitaal vooral aan debiteuren en de waarde van voorraden.

De omzet liep op van 1.386 miljoen naar 1.757 miljoen euro. Outokumpu leverde 639.000 ton staal af gedurende het kwartaal, ten opzichte van 610.000 ton staal een jaar geleden.

Outlook

De Finse staalfabrikant zei te verwachten dat de sterke financiële prestaties ook in het tweede kwartaal doorzetten. De vraag naar roestvast staal zal robuust blijven in zowel Europa als Amerika en de basisprijzen zullen volgens de verwachting van Outokumpu verder verbeteren. Maar dit wordt gecompenseerd door lagere prijzen en leveringen voor ferrochroom. Hierdoor rekent Outokumpu voor het tweede kwartaal op een daling van het aangepaste bedrijfsresultaat ten opzichte van het eerste kwartaal.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

jessebrown 27 april 2017 15:49

quote:
voda schreef op 27 april 2017 15:32:
Sterke winststijging voor Outokumpu

Werkkapitaal neemt echter ook stevig toe.

(ABM FN-Dow Jones) Outokumpu heeft in de eerste drie maanden een sterke winststijging gerealiseerd. Dit bleek donderdag uit de kwartaalresultaten van de Finse producent van roestvast staal, een sectorgenoot van het in Amsterdam genoteerde Aperam.

Het Finse bedrijf, onder leiding van de Nederlander Roeland Baan, zei dat de sterke start van het jaar veroorzaakt werd door sterke markten maar ook door de genomen maatregelen om productiviteit en efficiency te verbeteren. Volumes stegen daardoor en kosten namen af.

Het aangepaste bedrijfsresultaat (EBITDA) steeg sterk van 29 miljoen euro een jaar terug naar 294 miljoen euro. Bij alle bedrijfsonderdelen was sprake van een winststijging. De nettowinst kwam uit op 182 miljoen euro, ten opzichte van een verlies van 41 miljoen euro in de eerste drie maanden van 2016.

Minder positief was de sterke toename van het werkkapitaal, waardoor de operationele kasstroom 53 miljoen euro negatief was. Outokumpu weet de sterke stijging van het werkkapitaal vooral aan debiteuren en de waarde van voorraden.

De omzet liep op van 1.386 miljoen naar 1.757 miljoen euro. Outokumpu leverde 639.000 ton staal af gedurende het kwartaal, ten opzichte van 610.000 ton staal een jaar geleden.

Outlook

De Finse staalfabrikant zei te verwachten dat de sterke financiële prestaties ook in het tweede kwartaal doorzetten. De vraag naar roestvast staal zal robuust blijven in zowel Europa als Amerika en de basisprijzen zullen volgens de verwachting van Outokumpu verder verbeteren. Maar dit wordt gecompenseerd door lagere prijzen en leveringen voor ferrochroom. Hierdoor rekent Outokumpu voor het tweede kwartaal op een daling van het aangepaste bedrijfsresultaat ten opzichte van het eerste kwartaal.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

Ook hier Voda,worden de cijfers niet gewaardeerd -8%

voda 27 april 2017 16:25

BHP BILLITON announces 9 months operational review

For the nine months ended 31 March 2017

1. Record production for the nine month period achieved at Western Australia Iron Ore (WAIO) and five Queensland Coal mines.

2. Following 44 days of industrial action at Escondida, copper production guidance reduced to between 1.33 and 1.36 Mt. The commissioning of the Escondida Water Supply project and the planned ramp-up of the Los Colorados Extension project are now expected in the September 2017 quarter.

3. As a result of damage to third party rail infrastructure caused by Cyclone Debbie, metallurgical coal production guidance reduced to between 39 and 41 Mt.

4. Full year production guidance maintained for petroleum and energy coal. WAIO production guidance narrowed to between 268 and 272 Mt (100% basis).

5. At Queensland Coal, the high-return Caval Ridge Southern Circuit latent capacity project was approved and will enable full utilisation of the 10 Mtpa wash-plant with ramp-up early in the 2019 financial year.

6. In Onshore US, development activity is increasing with the approval of two additional rigs in the Haynesville, with gas prices hedged to deliver attractive rates of return.

7. Divestment of non-core Onshore US acreage is progressing, with the sales process well advanced for up to 50,000 acres of the southern Hawkville. Our Fayetteville field is currently under review and we are considering all options including divestment.
8. The Mad Dog Phase 2 Conventional oil development project was approved and a contract was executed with PEMEX Exploration and Production Mexico (Pemex) following the winning bid to acquire a 60% participating interest in, and operatorship of, Trion in Mexico.

9. Commercial evaluation of the LeClerc gas discovery in Trinidad and Tobago is ongoing. Drilling of the Wildling appraisal well in the Gulf of Mexico is continuing, which will assist with establishing the scale of the Caicos oil discovery.

Operational Review for the nine months ended 31 March 2017

Mr Andrew Mackenzie CEO of BHP Billiton said that “Everything we do at BHP Billiton is designed to create value for all of our shareholders, today and for the long term. We have fundamentally restructured BHP Billiton to increase returns. The demerger of South32 and US$7 billion of divestments has reduced the number of assets in the portfolio by over a third and our new organisational structure has removed layers of management. Our more focused portfolio has enabled us to lower unit costs by over 40 per cent. And we have improved our approach to capital management which has strengthened the balance sheet and increased the discipline with which we invest and return cash to our shareholders.”

He added that “But we have more to do and we are not standing still. A simpler portfolio allows us to improve safety and operational performance more quickly with maintenance, project and geoscience centres of excellence spreading petroleum and minerals expertise across the group. We have significantly reduced the capital intensity of our growth options and changed our approach in shale to improve returns and lower risks on new investments. Our more focused approach in exploration is delivering results with three discoveries over the last 12 months and our new technology function will unlock further value.”

“This quarter we have added value to the portfolio across each of our six focus areas. We continued our targeted high-return investment in shale with the approval of two more rigs in the Haynesville supported by our hedging strategy. Plans to monetise a portion of our non-core acreage for value, such as parts of the southern Hawkville, are underway. In the Eagle Ford, we are increasing recoveries by testing staggered wells and larger frac jobs. In the Permian, we are exploring opportunities to consolidate and optimise our acreage position so that we can drill longer lateral wells to lower costs. We have approved the Mad Dog Phase 2 project and investment in Caval Ridge
to enable full utilisation of its 10 Mtpa wash-plant.”

Source : Strategic Research Institute

voda 27 april 2017 16:26

BHP Billiton iron ore production update

Total iron ore production for the nine months ended March 2017 increased by three per cent to a record 171 Mt, or 199 Mt on a 100 per cent basis. Guidance for the 2017 financial year has been narrowed to between 231 and 234 Mt, or between 268 and 272 Mt on a 100 per cent basis.

WAIO production for the nine months ended March 2017 increased as a result of the successful completion of commissioning of a new primary crusher and additional conveying capacity at Jimblebar, ongoing progress on the rail renewal and maintenance program and productivity improvements. This was partially offset by wet weather impacts in the March 2017 quarter. The rail renewal and maintenance program is expected to be completed in the June 2017 quarter, in line with the earlier completion date highlighted previously.

On 10 March 2017, BHP Billiton lodged a submission with the Department of Environment Regulation to increase its export licence from 270 Mtpa to 275 Mtpa. BHP Billiton will continue to work with the authorities in relation to the necessary permits to enable an increase in system capacity to 290 Mtpa in the 2019 financial year.

Our Yandi mine is currently operating at 80 Mtpa but will be depleted over the next five to 10 years. We are looking at options to replace this production and the low-capital intensive development of South Flank is the preferred long- term solution, subject to Board approval being obtained. The investment case for using this high-grade deposit for replacement tonnes is strong, given our ability to leverage existing infrastructure at the Mining Area C operation.

Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015. During the March 2017 quarter, 35 kt of pellet feed sales were finalised.

Source : Strategic Research Institute

Bijlage:

voda 27 april 2017 16:30

Grange Resources announces 2016 annual report

In 2016 we delivered a solid year with respect to production and safety, efficiently navigating through a very challenging market. We sustained consistent production and continue to see demand for our premium product.

OPERATIONAL OVERVIEW
1. Achieved 630 days Lost Time Injury free at the end of 2016

2. Maintained good access to high grade ore and achieved solid production results

3. Shipped a record of 2.75 million tonnes of iron ore products through the Port

4. Progressed construction of the South Deposit Tails Storage Facility to near completion

5. Improved production and continued cost control disciplines to significantly reduce operating costs

6. Preserved balance sheet strength with disciplined operational planning and execution enabling internal funding of critical mine re-development

FINANCIAL OVERVIEW
1. Total iron ore product sales of 2.75 million tonnes (2015: 2.36 million tonnes)

2. Continued cost control disciplines, although lower production rate resulted in a slight increase in C1 cash operating costs to $79.13 per tonne (2015: $77.18)

3. Grange's high quality, low impurity iron ore products attracted a high premium with average product prices of $98.06 per tonne (2015: $87.23) (FOB Port Latta)

4. Lower realised AUD:USD exchange rates have delivered stronger AUD revenues

5. Delivered profit after tax of $92.9 million (2015: loss of $277.8 million), on revenues from mining operations of $276.3 million (2015: $205.6 million)

6. Sustained strong cash and cash equivalents position at $166.0 million (2015: $138.4 million)

Source : Strategic Research Institute

voda 28 april 2017 15:20

US steel probe breaches fair trade principles - CISA

Xinhua reported that China’s steel industry group has voiced concern over the US probe on steel imports, saying the move sends a signal of protectionism and is against the principles of fair trade. The announcement by China Iron and Steel Association came in response to US President Donald Trump’s call for the initiation of a trade probe on steel imports on national security grounds last week.

CISA said in a statement “China’s steel exports to the US are quite limited, which absolutely won’t affect the security of the US steel industry. US steel imports mainly came from other countries, not China.”

The statement stressed that both China and the US were facing industrial overcapacity in the global market.

In 2016, China exported 1.17 million tonnes of steel to the United States, accounting for only 1% of China’s total exports of the metal. Data from the US showed it imported 789,000 tons of steel from China, or just 2.6% of the country’s imports of thesteel.

Source : Xinhua

Bijlage:

voda 28 april 2017 15:21

South Africa to impose safeguard duty on HR & CR import – Report

Money Web reported that as per a filing published by the World Trade Organization on Thursday, South Africa is proposing to put emergency safeguard tariffs on imports of certain flat hot-rolled steel products from July. The tariff would be in place for three years, and fall from 12% in the first year to 10% in the second year and 8% in the third.

South Africa said the proposal was based on a final determination by its International Trade Administration Commission (ITAC) that domestic production had suffered serious damage from an unforeseen surge in imports. The analysis of damage to the domestic industry was based on information from AcelorMittal South Africa Limited, which constituted more than 70% of total domestic production of the affected products, it said.

ITAC began investigating the case for safeguard tariffs in March 2016. South Africa offered to consult with other WTO members on the proposed tariff. Many developing countries are exempt from the tariff, but imports from major producers such as China and India would be covered by it.

In a separate case, South Africa had also been considering putting a 10% safeguard tariff on cold-rolled steel.

Source : Money Web

voda 28 april 2017 15:26

GCC launches anti-dumping probe against Chinese seamless steel pipes

Albawaba reported that the Gulf Cooperation Council has begun an anti-dumping investigation covering non-welded pipe imports from China used for oil and gas exploration. The investigation was announced by Khalifa bin Said Al-Abri, assistant secretary-general, economic and development affairs following recommendations from the Office of the Technical Secretariat. It includes iron and steel pipes with a radius not exceeding 16 inches.

As per report “GCC countries are strengthening laws and actively investigating offenders to protect new and growing industries from a flood of cheap imports as part of wider efforts to diversify their economies by establishing robust industrial platforms.”

The investigation follows an anti-dumping law proposal from the UAE’s government advisory council in January to protect industry in the country from foreign goods flooding the market.

GCC countries have traditionally kept steel tariffs low to support the construction sector.

Source : Albawaba

Bijlage:

voda 28 april 2017 15:28

French authorities find insider trading by Mr Geoffroy Stern in Vallourec stock

Bloomberg reported that a former equity analyst made more than USD 48,000 in an hour investing in oil and energy industry tube maker Vallourec a day before he published a recommendation raising the French company to "outperform." Now, he faces a EUR 750,000 insider-trading fine. Officials at France's Autorite des Marches Financiers said at a hearing last week that former Kepler Cheuvreux analyst Mr Geoffroy Stern made 28 trades based on draft recommendations, including his own, the brokerage was set to publish hours later,

For each of the 28 trades linked to Kepler ratings the share price always moved in the direction of the broker's recommendation.

In total, Stern made about EUR 289,000 on the transactions over a period of two years, according to Benjamin Mauduit, a member of the regulator's board.Stern wasn't "exposed to the same risk as other market participants," said Lucien Millou, another AMF official.

Stern's lawyer, Samuel Sauphanor, contended that the financial analysis was based on public data, even in draft form, and can't be considered insider information under French law. Stern told the panel that he never thought he was doing anything wrong.

Stern was fired in 2014 in the wake of the AMF investigation and eventually found a job at a consulting firm specialising in satellite communications where his salary was cut in half, Sauphanor said. It would take him about 20 years to pay a €750,000-fine in light of his and his wife's current resources, the lawyer said.

Source : Bloomberg

voda 28 april 2017 15:29

Baowu Steel takes the lead in cutting excess capacity in China

Nikkei staff writer reported that China Baowu Steel Group, which was founded in late October 2016 by integrating China's two state owned steel companies, Baosteel Group and Wuhan Iron and Steel Group, is the world's second-largest steelmaker in crude steel production. The company has total assets worth 730 billion yuan (USD 105 billion) and 228,000 employees.

Ma Guoqiang, who held managerial positions at both companies, became chairman of China Baowu Steel Group. At the ceremony for the establishment of the new company in December, Mr Ma said the company will improve its international competitiveness as a leader of China's steel industry.

Listed subsidiaries of the two companies were also merged. Baoshan Iron & Steel, a core subsidiary of former Baosteel Group, acquired a unit of former Wuhan Iron and Steel. Baoshan Iron & Steel's stock price was 4.9 yuan per share when the stock's trading was suspended last June ahead of merger talks. Now the company's share price is about 30% higher at around 6.5 yuan due to high expectations for the new company.

That said, there is a lot to be done for the longtime rivals to boost competitiveness through the merger. In addition to overcoming different corporate cultures, the company will have to clearly define the roles of its major steel plants in Shanghai, Wuhan and two other locations, and integrate overlapping products and technologies.

Beijing aims to eliminate excess steel capacity by 100 million to 150 million tons, or 10% of total capacity, by 2020. As a market leader, China Baowu Steel Group is expected to be at the forefront of this effort.

The company has easily achieved reduction targets by first closing less important steel plants, but painful reforms will be necessary next.

Source : Nikkei.com

Bijlage:

voda 28 april 2017 15:31

Posco starts No 7 CGL

Korea Herald reported that South Korea’s largest steelmaker Posco has completed the production of a manufacturing facility dedicated to giga steel, which can significantly reduce the weight of cars. The company held a ceremony marking the completion at the No 7 Continuous Galvanizing Line located in Gwangyang, South Jeolla Province. It was attended by some 250 people, including Chairman and CEO Kwon Oh-joon. The factory took 255.4 billion won ($227.6 million) in investment and can produce some 500,000 metric tons of giga steel per year.

The steelmaker highlighted that giga steel has enhanced formability and high strength compared to other materials. Giga steel refers to ultrahigh-tensile strength steel rated at more than 1 gigapascal.

At the completion ceremony of a continuous galvanizing line in Thailand last year, Mr Kwon said that “Aluminum is often mentioned as a new material for cars, as it weighs about a third of steel. Steel has better price competitiveness and giga steel, which is three times stronger (than aluminum) can show outstanding performance in weight reduction.”

According to Posco, the self developed giga steel sheet has ultrahigh-tensile strength that can withstand over 100 kilograms per square millimeter. The name “giga” steel comes from its high tensile strength, the company said.

It takes tensile strength of more than 980 megapascals for the galvanized steel sheet to split apart when pulled from opposite ends.

A 10-by-15-centimeter giga steel plate can withstand 1,500 midsized cars that weigh about a ton each, the company said.

According to the steelmaker, giga steel has enabled the production of safer and stronger vehicles with enhanced fuel efficiency.

Giga steel is more eco-friendly than aluminum and other substitute materials.

Source : Korea Herald

Bijlage:

voda 28 april 2017 15:34

NLMK launches pre-painted steel with improved decorative properties

NLMK has brought a new multi-layered pre-painted steel to the Russian market. The multi-layered polymer coating is more robust and attractive thanks to its lacquer finish.

Source : Strategic Research Institute

voda 28 april 2017 15:34

Furnace explosion at Damascus Steel Casting injures two workers

Pittsburgh Post-Gazette reported that two workers were hurt in an explosion at Damascus Steel Casting Company in New Brighton Thursday when a furnace exploded. Emergency responders were called at 10:49 AM to Damascus Steel Casting Co at 1023 Pittsfield Alley in New Brighton after an explosion at the facility.

One of the victims was severely burned in the incident and was flown by helicopter to UPMC Presbyterian. The other victim, who the dispatcher said may have been injured in a fall, was transported by ambulance to Heritage Valley Beaver Hospital.

Source : Pittsburgh Post-Gazette

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voda 28 april 2017 15:35

POSCO CEO concerned about rising coking coal prices after Cyclone Debbie

Reuters reported that Mr Kwon Oh-joon, chairman of POSCO, the world's fourth-biggest steelmaker, on Thursday raised concerns about rising prices of coking coal in the aftermath of Cyclone Debbie. His comments were made to Reuters on the sidelines of an industry event in Seoul.

Cyclone Debbie disrupted Australia's supply of coking coal, a key steelmaking material, as the powerful storm halted operations of the country's rail network that connects coking coal mines to ports.

Source : Reuters

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