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Quality of Chinese steel used in New Zealand skyscraper questioned

Radio NZ reported that a steel quality expert is questioning whether the rules are tight enough around thousands of tonnes of Chinese steel going into the country's tallest residential skyscraper. Seascape Apartments on Customs Street, at 52 storeys and 187 metres high, is being built by a Chinese contractor, using structural steel manufactured in China. Australasian Certification Authority for Reinforcing and Structural Steels executive director Mr Philip Sanders said problems with tainted steel supply worldwide meant his organisation was not coy about asking questions about the steel supply for the Auckland project.

Mr Sanders said that "It really needs to be [an] independent party that sets the test plan ... for international best practice it should not be under the auspices or control of the [steel] supplier. Substandard supply control was suspected to be the cause of scrapping 1600 tonnes of substandard Chinese steel meant for a Waikato highway in 2016.”

At Seascape Apartments, supplier JingGong Steel is in charge of the inspection regime, alongside the main contractor, China State Construction.

While some in the industry play down ACRS authority and have suggested it was used to protect Australian steelmakers from Asian competition, the certification was the first thing Auckland Council looked at in its new rules.

The Building Code allows for multiple ways to get approval. Whichever way is taken, council independent oversight will apply to JingGong and Seascape.

A council spokesperson said finished steel samples would be sent to a variety of testing providers, including some in New Zealand.

Source : Radio NZ
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Primetals Technologies to modernize Severstal hot strip mill at Cherepovets steel works

Primetals Technologies has received an order from Russian steel producer PAO Severstal to modernize the company ?s hot strip mill “HSM 2000” in its Cherepovets steel works. Main targets are to improve tolerances of product width and thickness control as well as to improve overall production quality for further processing and efficient production of new products. Also, operational safety and working conditions will be improved. To these ends, an edger of the hot strip mill will be upgraded, short stroke HAGC (hydraulic gap control cylinders) will be installed in the finishing mill, and the cooling line will be outfitted with a Power Colling unit. The latter allows for an alloy-saving production of high-end steel grades. In addition, a Primetals Technologies level 2 control model consisting of physical process models with advanced optimization strategies and neural network algorithms for adaptation will be installed.

Severstal Russian Steel Division is a part of PAO Severstal, a vertically integrated steel and steel-related mining company with major assets in Russia as well as investments in other regions. Steel production volume of PAO Severstal in 2017 was around 11.65 million metric tons of liquid steel. The steel is used to make a large number of end products, including hot- and cold-rolled flat steel, galvanized and coated products, and long products. At the “HSM 2000”, Primetals Technologies will install new mechanic, hydraulic and electric equipment and implement the corresponding automation solutions and process models.

To improve strip thickness control in addition to the existing mechanical screw down system, short stroke hydraulic gap setting cylinders will be implemented in the first three stands (F6 to F8) of the finishing mill.

The technological key functions will be replaced with the latest state of the art control algorithms. The existing level 2 system will be upgraded to extend lifetime and include present technological models. Profile and flatness control models will be added as new functions.

The cooling section will be controlled by an entirely new automation system, ensuring the correct cooling strategy and cooling path as defined by the coiling temperature and the cooling rate is followed. Strip temperature tracking already starts at the roughing mill exit. A Comprehensive Temperature Control will be supplied for coordinated control of finishing mill speed, inter-stand cooling and coiling temperature.

The cooling section control includes intelligent water management to cope with the highly dynamic requirements of large water flow rates. The run-out roller table downstream from the finishing mill conveys the strip through the laminar cooling line to the down coiler groups 1 and 2. In cooling section 1, right after the finishing mill, a new Power Cooling system will be installed. Also, the laminar cooling headers in this section will be renewed. In section 2, only the trimming headers will be replaced.

Source : Strategic Research Institute
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Trump Trade War – Mr Ryan of Ohio decries Trump's postponement of steel tariffs

Mr Timothy John Ryan, US Representative for Ohio's 13th congressional district, criticized President Donald Trump administration’s announcement that it was postponing planned steel and aluminum tariffs against China. He said “I crossed party lines and supported President Trump’s position on tariffs for Chinese steel and aluminum. For too long, China was allowed to abuse trade deals, and engage in illegal steel dumping and other practices to the detriment of communities like Youngstown and Akron, Ohio. I’ve been fighting these issues since I first came to Congress, regardless of which party was in charge. Now, like so many other times since his inauguration, President Trump went back on a campaign promise and against the working people of Northeast Ohio.”

He said "Tariffs should be imposed on China unless and until they agree to reform their trading relationship with the United States, allow for a level-playing field, and stop stealing our technology.”

Source : Strategic Research Institute
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Mondiale staalproductie in april verder gestegen
Op jaarbasis stijging van 4,1 procent.

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

In totaal maakten de 64 staalproducerende landen in de afgelopen maand 148,3 miljoen ton staal, een stijging van 4,1 procent op jaarbasis. In de voorgaande maand steeg de productie ook al met vier procent.

In China, de grootste producent ter wereld, steeg de productie met 4,8 procent tot 76,7 miljoen ton staal.

De bezettingsgraad van de staalproducerende landen steeg in april op maandbasis met 2,4 procentpunt tot 76,9 procent.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires
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NCLAT directs CoC to evaluate bids already received for Bhushan Power

Financial Express reported that the NCLAT on Thursday declined a request from the committee of creditors asking Tata Steel and Liberty House be allowed to submit fresh bids for the bankrupt Bhushan Power and Steel. However, bids from both parties are to be evaluated, as per the NCLAT’s orders on May 9. The NCLAT also directed that the identity of the highest bidder was not to be disclosed until it passed a final order. NCLAT bench headed by chairman justice SJ Mukhopadhaya said “The Approval of one or the other would be kept in a sealed cover.”

NCLAT has fixed July 12 as the next date of hearing in the matter.

Liberty House had challenged the RP’s decision in the NCLT which had observed that its bid could not be disqualified only on the grounds that it was submitted after the deadline. The NCLT had earlier on April 23 directed the lenders of Bhushan Power and Steel, led by Punjab National Bank, to consider the late bid submitted by Liberty House.

Tata Steel, which had emerged as the highest bidder for Bhushan Power, had challenged the NCLT’s order to allow LIberty House’s bid to be considered. On May 9, however, the appellate tribunal had asked lenders to consider the bid by Liberty House but not disclose the identity of the highest bidder till it decides on the petition.

Tata Steel had reportedly offered to make an upfront payment of INR 17,000 crore to lenders, way better than JSW Steel’s offer of an upfront payment of INR 11,000 crore. According to sources, Liberty House has offered to pay bankers INR 18,500 crore upfront, though this could not be confirmed.

Source : Financial Express
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EU starts anti dumping probe on HR steel sheet piles from China

The European Commission has opened an investigation into hot-rolled steel sheet piles imported from China to determine whether they are being dumped in Europe. The investigation was launched following a complaint by EU steelmaker group Eurofer and could bring fresh measures against Chinese steel. The Journal said the complaint was lodged on behalf of three manufacturers making this product in the EU, including ArcelorMittal subsidiaries in Luxembourg and Poland and Vitkovice Steel of the Czech Republic. The complaint says exports from China have increased significantly at prices that are artificially low.

The product subject to this investigation is hot-rolled steel sheet piles defined as sheet piling of iron or steel, whether or not drilled, punched or made from assembled elements, composed of hot rolled corrugated sheets with interlocks that can form an impervious continuous wall. Cold-formed steel sheet piles are excluded.

The product allegedly being dumped is the product under investigation, originating in the country concerned, currently falling within CN code ex 7301 10 00 (TARIC code 7301 10 00 10).

The investigation of dumping and injury will cover the period from 1 April 2017 to 31 March 2018. The examination of trends relevant for the assessment of injury will cover the period from 1 January 2015 to the end of the investigation period.

Source : Strategic Research Institute
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Tata Steel capacity to reach 18.6 million tonnes post Bhushan Steel acquisition

Money Control reported that with its acquisition of Bhushan Steel nearing completion, Tata Steel can now formally wear the crown of the largest steelmaker in India. Bhushan Steel's annual capacity of 5.6 million tonnes takes Tata Steel's total volume to 18.6 million tonnes, around half a million tonnes more than JSW Steel's capacity of 18.1 million tonnes.

However, Tata Steel runs the risk of losing its crown soon, as JSW Steel is finishing off the last of the formalities in its acquisition of Monnet Ispat, which like Bhushan Steel was referred to the National Company Law Tribunal last year. The Competition Commission of India has approved JSW Steel's bid for Monnet Ispat, and the company is now waiting for a final approval from the NCLT. Monnet Ispat's facility includes a mill that can produce 1.5 million tonnes of steel a year. This will take JSW Steel's total capacity to 19.6 million tonnes, and over take Tata Steel.

Source : Money Control
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JSW Steel orders Meros and WGR system for existing sinter plant No. 4 at Vijayanagar plant

Primetals Technologies has received an order from Indian steel producer JSW Steel to supply a Meros (Maximized Emission Reduction Of Sintering) off-gas cleaning system with WGR (Waste Gas Recirculation System) for its existing sinter plant No.4 at the Vijayanagar works in Karnataka State, India. It is designed as a special bag filter based dry gas cleaning system for sinter plants and will be the first of its kind in India. The Meros system will treat up to 430,000 Nm3 per hour and will significantly reduce dust emissions to less than 5 mg per Nm3. Provisions are made for the future installation of DeSOx, DeNOx, DeOrganic and heavy metals removal systems. With the installation of the sinter plant WGR system, up to 50% of the off-gas will be recirculated in the sintering process. This will result in coke saving of about 7% and a reduction of off-gas cleaning requirements of up to 50%. This Meros plant is expected to be started-up in the first quarter of 2019.

Primetals Technologies will be responsible for the engineering, delivery of key equipment and automation of the integrated WGR and Meros system as well as for advisory services for commissioning. The Meros plant for JSW Vijayanagar´s 224 m2 sinter plant No. 4 represents another one in a row of newly installed sinter gas cleaning systems by Primetals Technologies until late 2019, together with the recently received orders from JFE in Japan and Kardemir in Turkey.

The advanced Meros process also involves injecting and finely distributing adsorption and desulfurizing agents, such as activated carbon and either hydrated lime or sodium bicarbonate, into the off-gas flow. This efficiently binds and removes heavy metals, harmful and hazardous organic components, as well as sulphur dioxide and other acidic gases. The use of sodium bicarbonate to reduce the amount of sulphur dioxide also eliminates the need for a conditioning reactor. The dust particles are deposited in a specially developed, energy-efficient bag filter. The greater part of the dust removed by the filters is recycled back into the flow of off-gas to further optimize the efficiency and cost-effectiveness of the gas purification process. Any remaining unutilized additives are then once more in contact with the off-gas, so that they are finally almost completely utilized. There is also considerably less discharged residue when sodium bicarbonate is used instead of hydrated lime. The process automation system ensures stable operation, even when there are considerable fluctuations in the volume and composition of the off-gas. Emission limits can therefore be observed at all times.

MEROS is a registered trademark of Primetals Technologies in certain countries.

GALVALUME is an internationally registered trademark of BIEC International Inc. and some of its licensed producers.

Source : Strategic Research Institute
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South Korea to impose antidumping duties on Chinese steel wireproducts

Yonap News reported that South Korea’s trade watchdog plans to propose to the government the introduction of antidumping duties on Chinese steel wire products. The Korea Trade Commission held a meeting on Thursday and decided to recommend to the Strategy and Finance Ministry that it levy eight-point-six percent duties on galvanized low carbon steel wire imports from China over the next five years, judging the Chinese imports injured the domestic industry.

The size of the local market for galvanized low carbon steel wire is around KWR 100 billion and Chinese imports account for around 70 percent of it.

The commission also decided to propose the ministry extend antidumping duties for five more years on ethanolamine imported from the U.S. Malaysia, Thailand and Japan, ranging from 12-point-64 percent to 21-point-79 percent.

The ministry will review the commission’s proposals and make final decisions within 12 months.

Source : Yonap
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Trump Trade War - Mr Suresh Prabhu to meet USTR Robert Lighthizer in June

Business Line reported that India and the US will hold high-level bilateral talks next month to sort out the issue of additional import duties announced by Washington on steel and aluminium products from India and the retaliatory action planned by New Delhi. Commerce and Industry Minister Suresh Prabhu will meet US Trade Representative Robert Lighthizer during his US visit from June 10 to 14 where the two are expected to look for a mutually acceptable solution to the contentious issue of the additional levies. Anofficial told BL “India is hopeful that the matter would be settled between the Commerce Minister and the USTR so that both countries don’t end up imposing additional tariffs.”

Last week, New Delhi threatened to impose additional duties of 5 per cent to 50 per cent on 20 items imported from the US, including almonds and motor cycles, in response to the US’ announcement of import duties of 25 per cent and 10 per cent on imports of steel and aluminium products from India. India said that the levies worth $165.56 million, equivalent to the effects on India’s trade due to the US measures, would come into effect earlier than June 21 if the US goes ahead and imposes the additional duties on steel and aluminium.

India also lodged a dispute at the WTO against the US stating that the additional duties on steel and aluminium announced by it are inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade (GATT) 1994 and of the Agreement on Safeguards.

Source : Business Line
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Bhushan Steel Limited seeks 90 days extension to file Q4 and FY18 results

PTI reported that Bhushan Steel Limited, which has been acquired by Tata Steel under the insolvency process, has sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018. Bhushan Steel said in a BSE filing "Pursuant to the approved resolution plan, the entire existing board of the company was deemed to have resigned and vacated their office with effect from 18.05.2018 and the new board has been constituted with 5 directors, and key managerial personnel have been appointed to manage the affairs of the company.”

Bhushan Steel said “Since the new management and directors have to review and sign the audited financial results, it is imperative that the same is done after due review, revalidation and ensuring those true and fair disclosures are being made. Effect of the resolution plan on the accounts of the company for the year ended March as well as the consolidated accounts needs to be carefully understood. It is herein requested that the new management of the company should be given additional time of 90 days to file its audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2018.”

As per regulatory norms, the company is under obligation to submit its audited financial results for quarter and year ended March 31, 2018 within 60 days from the end of the financial year, that is by May 30,2018.

Source : PTI
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Latin American production of finished steel inQ1 grows by 7% YoY

The Latin American steel industry association Alacero maintains a positive performance during the period January-March 2018 where the consumption of finished steel grew 3%, meanwhile crude steel production and finished steel production grew 5% and 7% respectively, reflecting the best global and regional economic conditions. Although, imports fell 6%, regional consumption is supplied by 31% of these imports. Exports are 9% higher than Jan-Mar 2017. For its part, regional trade balance remain negative, even though diminished 18%.

Crude steel - The region produced 16.4 million tons (Mt) of crude steel during January-March 2018, 5% higher than the volume recorded in the same period of 2017 (15.6 Mt). Brazil it is still the main producer in the region with 53% of the regional production (8.6 Mt), increasing 5% versus January-March 2017.

Finished steel - Finished steel production reached to 13.8Mt, 7% higher than registered in January-March 2017. The main producers were Brazil with 5.8 Mt (accounting for 42% of the Latin American output) and Mexico with 4.9 Mt (with 35% share of regional output).

Finished steel consumption - In the first three months of the year, the region reached to 16.8 Mt of finished steel consumption, 3% higher than January-March 2017 (5.4 Mt). Largest increases in consumption -in absolute and percentage terms, were recorded in Brazil (additional 439 thousand tons, an increase of 10%), Argentina (351 thousand tons additional tons, up 33%), and Panama (34 thousand tons additional tons, up 42%). Conversely, in the same period Uruguay, Venezuela and Guatemala recorded declines of 34%, 17% and 13%, respectively. From Latin-American`s total steel consumption, 57% corresponds to flat products (9.5 Mt), 42% (7.1 Mt) to long products and 1% to seamless tubes (224 thousand tons).

Imports - In the first quarter of the year, Latin America imported 5.2 Mt of finished steel, 6% less than imported during the same period of 2017 (5.6 Mt). Of this total, 67% corresponds to flat products (3.5 Mt), 30% to long products (1.6 Mt) and 3% to seamless tubes (135 thousand tons). Currently, imports represent 31% of the regional finished steel consumption, which brings about disincentives to the local industry, trade frictions, and threatens jobs.

Exports - Latin American exports of finished steel reached to 2.5 Mt, 9% more than January-March 2017 (2.3 Mt). Of this total, 46% are flat products (1.2 Mt), 42% long products (1.1 Mt) and 12% to seamless tubes (311 thousand tons).

Trade deficit - In January-March 2018, the region recorded a finished steel trade deficit of 2.7 Mt. This imbalance is 18% lower than the one observed in January-March 2017 (-3.3 Mt). Brazil was the only country to maintain a trade surplus of finished steel (825 thousand tons). Contrary, the largest deficit was recorded in Mexico (-991 thousand tons), followed by Colombia (-561 thousand tons), Peru (-469 thousand tons), Chile (-391 thousand tons) and Ecuador (-277 thousand tons).

Production April 2018 - Advance Information
Advance information for April 2018, indicates that crude steel production reached to 5.6 Mt in the month, 4% lower than March 2018 and 5% higher than April 2017. The volume recorded during Jan-Apr 2018 was 22.0 Mt, 5% more than Jan-Apr 2017 (20.9 Mt). The production of finished steel closed at 4.6 Mt, 6% less than March 2018 and up 5% versus April 2017. Between Jan-Apr 2018, the finished steel production reached to 18.4 Mt, up 7% versus Jan-Apr 2017 (17.3 Mt).

Source : Strategic Research Institute
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Indian steel industry poised for stable growth in 2018 - Mr Sushim Banerjee

Mr Sushim Banerjee DG of INSDAG in his personal capacity wrote that as excess steel capacity was found to be the single phenomenon damaging the interests of the global steel producers during 2014-2017 in terms of lowering the prices and thereby the profitability of the industry, China having accounted for nearly 50% of the estimated surplus steel capacity had to assure the outside world that its commitment to bring down the carbon footprint would entail elimination of some of the polluting units in steel, coal and cement.

Last week we reviewed the commodity prices as they are likely to behave in FY19. The available indications suggest a gradual downward trend in global prices of iron ore, coking coal and scrap from the current level. This sounds good for the steel industry which sees uplift in the demand front. The short-range outlook of WSA forecasts 1.8% growth in global steel consumption in 2018 led by India (5.5%), USA (2.7%), EU (2.5%), Turkey (5.0%), Russia (2.1%) and South Korea (1.0%).

China is also likely to consume similar volume of steel as in 2017. Meanwhile, the World Economic Outlook, brought out by IMF recently, has predicted a reasonably good global GDP growth of 3.9% and this would be fuelled by GDP growth of 7.4% in India, 6.6% in China, 2.4% in EU and 2.9% growth in USA. Japan, a major steel producer is also likely to experience a GDP growth of 1.2% in the current year. Thus higher global economic growth which would also require an investment growth of 11% over last year to take the share of investment as a percentage of global GDP to 26% as per IMF estimates would generate substantial steel demand in varying proportions in different countries depending on the primary focus of Fixed Asset Investment as a percentage of GDP.

The vulnerability of this positive outlook, however, hinges crucially on what is going to happen in China that not only controls nearly 50% of global steel production, is also a major exporter (achieved 16% of global exports in 2017) of steel, dominates the iron ore prices (imported 1075 million tonne of iron ore in 2017 and would gradually close down the high priced domestic iron ore concentrate producing units). It has also a major influence on global coking coal and coke prices.

As excess steel capacity was found to be the single phenomenon damaging the interests of the global steel producers during 2014-2017 in terms of lowering the prices and thereby the profitability of the industry, China having accounted for nearly 50% of the estimated surplus steel capacity had to assure the outside world that its commitment to bring down the carbon footprint would entail elimination of some of the polluting units in steel, coal and cement. It had set a target of closing down 150 million tonne steel capacity during 2016-20. The record so far is good and it is likely that China would overshoot the target by 2020. For instance, recently the city of Handan in Hebei province announced closure of steel-making capacity. This is in addition to the closure of steel capacity in the city of Tangshan.

In totality, Hebei province has planned to close down steel capacity of 10 million tonne in 2018, 10 million tonne in 2019 and another 20 million tonne in 2020. Earlier, China announced closure of around 50 million tonne of induction furnace capacity whose pollution record was much below the norm. It is interesting to note that under the compulsion of restructuring the Chinese economy from investment-led to consumption-led promoting, thereby the development of light engineering and high value producing units, China has also started 10 new wide HSM capacities in the past 18 months along with new capacities in CRGO and other special steel categories which are not indigenously available. This pragmatic policy would benefit the Chinese steel industry to face the odd challenges of fluctuating global prices, if any, in the long run.

The implication for the global steel trade arising out of US actions on steel imports under Section 232 of US Trade Expansion Act, 1962 may not be significant as USA has initiated exclusion action with a number of major trading partners. For China, however, the protectionist move by USA may extend to products other than steel and may include Chinese engineering exports. As USA is keen to improve the productivity of its manufacturing sector for job consideration and creating earning opportunities, it may restrict imports of manufactured products from China. The resultant slowdown in Chinese indirect steel exports would imply that indigenous demand for steel in China must grow by a larger extent to compensate the loss of steel market for making exportable engineering items to USA. The inability of the Chinese domestic market to grow to make up the shortfall may prompt China to enhance steel exports and this action may depress the global prices of HRC and other flat products.

Thus, apart from these few unpredictable events, the global market for steel in 2018 is poised for a stable growth for steel industry in terms of a reasonable margin and profitability for the industry sufficient to attract more investment for creation of fresh capacities in the product range where indigenous availability remains a constraint to cater to the emerging requirements of the critical sectors in the economy. This is a most likely scenario for India in FY19 which may take an interesting turn in the second half by the actions of the successful bidders for NCLT referred cases of Essar steel, Bhusan steel, Electrosteel and Monnet Ispat.

Source : Financial Express
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Mechel reports operational results for Q1 of 2018

Mechel PAO, one of the leading Russian mining and metals companies, announces 1Q2018 operational results. Mechel PAO’s Chief Executive Officer Oleg Korzhov said “The Group’s coal facilities during this accounting period have been operating steadily, maintaining mining volumes at the previous quarter’s level. Elga Coal Complex reached a record quarterly mining volume at its deposit. At the same time, our sales dynamics suffered negative impact from several factors, including persistent shortage of railway gondola cars in the Kemerovo Region and infrastructure limitations in Russia’s Far East on the way to ports. As we have already reported, we are implementing a major technical revamping program and plan to gradually increase coal mining volumes to reach 2015-2016 levels. In order to do that, we continue with renewing our mining equipment and drawing in contractors with their own fleet of BelAZ trucks, excavators and drill rigs. Sales of coking coal concentrate fell lower quarter-on-quarter due to extraordinarily high stock of concentrate in ports in 4Q2017, which yielded extra volumes at that time. Planned repairs at Neryungrinskaya Washing Plant early this year also had their impact. This year’s first quarter was made distinctive by our re-routing coking coal concentrate sales from China to a more profitable Japanese market, where we increased sales by 10%. PCI sales dropped due to a weaker demand in Asia, and we transferred some of our supplies to April. The seven-percent growth in steam coal sales quarter-on-quarter was due to an increase in supplies to Russian energy holdings. Weaker results in production and sales of iron ore concentrate persist due to our working through a geologically difficult area and low iron content in the ore mined there. The steel division maintained steel production at the previous quarter’s level. We are consistently pursuing our strategy of modifying our product range by redistributing resources in order to increase the share of high-margin products in our sales structure. At Chelyabinsk Metallurgical Plant’s universal rolling mill, the focus in this accounting period was made on shaped rolls and mastering new beam types. Due to a stable demand for these products ahead of the summer season, we increased their sales by 17%. By the first quarter’s end, the universal rolling mill’s product range expanded to include Z-sections for transport purposes, which is highly in demand with wagonbuilders, and wide-flange beam intended for the European market. The universal rolling mill is producing approximately 20 European-standard types of beams and rails for the European Union’s construction and railroad industry facilities.”

Voor cijfers, zie PDF

Source : Strategic Research Institute
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JSPL to move 30 million tonne raw materials and steel by rail in 2081-19

Business Line reported that Jindal Steel and Power Ltd expects s to increase its rail freight loading by 50 % this year, with plans to lug 30 million tonne in the ongoing fiscal year against 20 million tonne in FY2018.With this, the company’s overall spend on the rail freight will be about INR 3,700 crore for hauling raw material to its plants and final products to customers. This will add INR 1,200 crore to the national transporter's freight earnings kitty this year, as JSPL had a rail freight bill of about INR 2,500 crore last year.

Kapil Rawat, Executive Director Group Logistics, told BusinessLine that the company is widening its special wagon investment portfolio by investing in flat wagons, wider than what Railways has, in order to carry wider steel plates that can be used to make pipes, windmills, boilers and construction projects.

The company, which has two plants in Raigarh and Angul, moves raw material to these plants from ports located on the east coast like Paradip, Dhamra and Visakhapatnam. While the company transports these raw materials, coking coal and limestone, from ports to its plants, iron ore is moved from nearby mines for steel plants.

JSPL's raw materials traverse a distance up to 500 km based on the port and plant.It is 220 km for Paradip Port -Angul plant and about 500 km for the Visakhapatnam port-Raigarh plant. However, the company's finished products – steel – move longer distances of 1,000-1,200 km – from its plants in Angul, Odisha, and Raigarh, Chhattisgarh, to customers located in South, West and North.

JSPL is also widening its investments in special wagons, under the special freight train operator (SFTO) scheme of Indian Railways, which enables it to get discounts on freight rates by carrying cargo using those wagons. JSPL, which acquired an SFTO licence to move long rail tracks to be laid in the ongoing Eastern dedicated rail freight corridor under construction, invested in three special trains to move these rail tracks.

In a similar move, it has invested in another type of special wagons to move the large steel plates it is manufacturing as they cannot fit in the present wagon stock of the Indian Railways, or the existing trucks. These newly designed special wagons, called BRN wagons that are open, flat wagons, are wider than what the Railways has in their wagon pool. The company already has the nod from the railway regulatory body Railway Design and Standards Organisation. JSPL has now placed order for three rakes from Jindal Rail Infrastructure.

Source : Business Line
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Argentinian crude steel output in April surges by 26% YoY

According to the Cimara Argentina del Acero, an industry association, crude steel output in Argentina rose 26% in April from a year before, to 463 thousand tons, but fell 2.3% compared to March. It said "The construction sector is starting to show signs of delays in the confirmation of orders and the automakers are showing lower output and sales levels than in March, but are still better than a year before.”

The agricultural equipment sector is also showing signs of weakness given the low yield of current crops, but energy-related steel products are facing a more favorable scenario.

Source : RTT News
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ArcelorMittal doet belang van de hand

Gepubliceerd op 28 mei 2018 om 17:11 | Views: 716

ArcelorMittal 17:39
28,17 -0,32 (-1,11%)

LUXEMBURG (AFN/BLOOMBERG) - De Zuid-Afrikaanse dochteronderneming van staalconcern ArcelorMittal doet zijn belang van 50 procent in een joint venture met Macsteel Holdings Luxembourg van de hand. Het bedrijf verkoopt de aandelen voor 220 miljoen dollar aan de voormalige samenwerkingspartner.

Het gaat om een indirect belang dat ArcelorMittal South Africa bezit in Macsteel International Trading Holdings. De Zuid-Afrikaanse onderneming gebruikt de opbrengst voor een versterking van zijn balans en de financiering van andere investeringen.
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Global crude steel production in April 2018 surges by 4pct YoY

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 148.3 million tonnes in April 2018, a 4.1% increase compared to April 2017. China's crude steel production for April 2018 was 76.7 million tonnes, an increase of 4.8% compared to April 2017. Japan produced 8.7 million tonnes of crude steel in April 2018, down 0.4% on April 2017. India produced 8.7 million tonnes of crude steel in April 2018, an increase of 5.6% compared to April 2017.

Voor cijfers, zie pdf.

The crude steel capacity utilisation ratio of the 64 countries in April 2018 was 76.9%. This is 2.4 percentage points higher than April 2017. Compared to March 2018, it is 2.4 percentage points higher.

Source : Strategic Research Institute
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SBI moves to NCLAT for early hearing of Essar Steel case

Business Standard reported that Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they are losing a lot of money because of the delays. The NCLAT had on May 22 ordered status quo on insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility. State Bank of India filed the petition in the NCLAT on behalf of the Committee of Creditors of Essar Steel seeking the earliest possible date for hearing on a day to day basis.

SBI said the corporate insolvency resolution process of Essar Steel commenced on August 2 and since then the operations of the company are being sustained and largely funded by the CoC. SBI said in the petition that "The early and efficient implementation of any resolution plan is required to ensure maintenance of morale of employees, as well as to ensure the continuity of supply of raw materials. The amount of provisioning will increase substantially with the delay in completion of the resolution process causing immense loss to CoC members. It is submitted that on account of massive interest being accrued on the loans/advances on a daily basis, which is not considered in the resolution plans, grave financial loss will be caused to the CoC if the hearing of all the connected applications and appeals in the captioned appeal is delayed.”

It wanted the insolvency resolution process expedited and all appeals taken up for hearing on an urgent basis.

It added that "Any further delay in arriving at the resolution plan for Essar Steel will significantly impact the valuation and will result in a lesser recovery for the CoC.”

The NCLAT had on May 22 ordered hearing on the appeals on a daily basis from July 23-26.

Source : Business Standard
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Trump Trade War - Allies facing steel import quotas could be worse off

Reuters reported that US government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy. It has also agreed permanent exemptions for Brazil, Australia, Argentina and South Korea in return for quotas. South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent, with different quotas for different products, some of which traders say are nearly full. US Customs and Border Protection data corroborates this, showing South Korea has already used its quota this year for nine different steel products.

Steel markets expect exempted countries like the EU, Canada and Mexico to get a tariff deal similar to the South Korean one, meaning quotas for some products are likely to be used up in the first half, a USbased trader said.

Meanwhile for countries which are not exempt, the price they can fetch exporting to the US where steel costs much more than in the rest of the world - makes trade profitable even with a 25% tariff.

The US based trader said that “The tariff turns out to be the lesser problem (for US importers). There could actually be another price spike once the market realises what these quotas actually mean.”

Jefferies research said that the premium for US hot rolled coil versus a global basket was USD 255 a tonne in late April, more than twice the historical average of USD 117.

Jefferies analyst Seth Rosenfeld said that “Assuming a quota system is implemented on select countries, supply-side constraints could develop (in certain products) in the second half as full year quotas are disproportionately utilised in the first half.”

This would support US steel prices HRC, which have already surged some 80 percent since Trump announced his tariff investigation last year.

The Peterson Institute for International Economics, a Washington-based think tank, says countries exempted from tariffs made up two-thirds of the 34.6 million tonnes worth of US steel imports last year.

Source : Reuters
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Vertraagd 18 sep 2024 17:37
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