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Nieuws en info hier plaatsen (deel 4)

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Moody's Upgrades SDI's Ratings

Moody's Investors Service upgraded Steel Dynamics Inc's senior unsecured ratings to Baa3 from Ba1. The outlook is stable. Carol Cowan, Senior Vice President and lead analyst for SDI, said "The upgrade to Baa3 acknowledges SDI's consistent ability to demonstrate good performance through various industry cycles, particularly down cycles and be free cash flow generative over a number of years (before share repurchases and acquisitions, which have been accommodated through the company's strong cash position. A further consideration in the rating move to Investment Grade is the company's disciplined focus on capital allocation and commitment to an investment grade financial policy".

At the same time, Moody's withdrew the company's Ba1 Corporate Family Rating, the Ba1-PD Probability of Default rating and the SGL-1 Speculative Grade Liquidity Rating following the company's upgrade to Baa3 as per the rating agency's practice for corporates with investment grade ratings.

Upgrades:
Issuer: Steel Dynamics Inc
Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1

Outlook Actions:
Issuer: Steel Dynamics, Inc.
Outlook, Changed To Stable From Positive

Withdrawals:
Issuer: Steel Dynamics, Inc.
Probability of Default Rating, Withdrawn , previously rated Ba1-PD
Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-1
Corporate Family Rating, Withdrawn , previously rated Ba1
Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated a range of LGD4

Source : Strategic Research Institute
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Islam Steel Mills in Nasirabad in Bangladesh Fined for Pollution

Bangladesh’s Department of Environment has fined a steel mill in the port city TKD 4.86 lakh for air pollution. The DoE issued a notice to the authorities of Islam Steel Mills Limited at Nasirabad in the city on September 30 to appear at DoE, Chattogram office yesterday for a hearing over contributing to air pollution, said a press release. After the hearing, the DoE fined the mills TKD 4.86 lakh for creating air pollution.

Source : Strategic Research Institute
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Worldsteel Released Short Range Outlook October 2019


The World Steel Association released its Short Range Outlook for 2019 and 2020. In 2019 worldsteel forecasts that steel demand in China will grow by 7.8% to reach 900.1 million tonne and the rest of the world is expected to record 0.2% growth to 874.9 million tonne. In 2020, Chinese steel demand is expected to grow by 1.0%, whereas steel demand in the rest of the world will grow by 2.5%, driven by 4.1% growth in the emerging and developing economies excluding China. Global steel demand will grow by 3.9% to 1,775.0 million tonne in 2019 and will grow by another 1.7% in 2020, reaching 1,805.7 million tonne. Commenting on the outlook, Mr Al Remeithi, Chairman of the worldsteel Economics Committee said that “The current SRO suggests that global steel demand will continue to grow in 2019, more than we expected in these challenging times, mainly due to China. In the rest of the world, steel demand slowed in 2019 as uncertainty, trade tensions and geopolitical issues weighed on investment and trade. Manufacturing, particularly the auto industry, has performed poorly contracting in many countries, however in construction, despite some slowing, a positive momentum has been maintained. While the global economic outlook is highly unpredictable, we expect to see further growth in steel demand in 2020 of 1.7%, with emerging and developing economies excluding China contributing more. This forecast faces significant downside risks if the current level of uncertainty prevails.”

Chinese steel demand showing high growth in 2019 owing to a strong real estate sector, but forecasted to slow down in 2020 - While the Chinese economy continued to decelerate and is expected to record its lowest GDP growth since 1992, steel demand is still expected to grow by 7.8% in 2019, largely driven by real estate investment. In the first seven months of 2019 China’s real estate market reported the strongest performance over the same period for the last five years. Firstly, due to the relaxation of control policies in tier 2 to tier 4 cities and secondly the newly implemented construction standard, put into effect in April 2019, estimated to have increased steel intensity in new buildings by about 5.0%. Conversely, China’s manufacturing sector is experiencing a significant slump due to the slowing economy and the effect of trade tensions. The Chinese automotive industry has contracted for 13 months in a row. We expect the Chinese economy to worsen in the later part of 2019 and in 2020 with the unresolved trade tensions adding further pressure. It is unlikely that the Chinese government will reintroduce substantial stimulus measures as it continues to hold a balance between containing the slowdown and pushing forward its economic restructuring agenda. Selective mild stimuli focused on infrastructure and strengthening consumer purchasing power through tax cuts is more likely. The auto industry could benefit from such stimulus in 2020. China’s steel demand is expected to see growth of 1.0% in 2020.

Steel demand in the developed world stagnates with weakening manufacturing - After growing by 1.2% in 2018, steel demand in the developed economies is expected to show a small contraction of -0.1% in 2019. The consumer sectors and construction maintained positive momentum, however manufacturing slumped due to a deteriorating environment for export and investment. In 2020, with the effect of some technical rebound, steel demand in the developed world is expected to grow by 0.6%.

Developing economies (excluding China) present a mixed picture, but high growth is expected in Asia - Growth of steel demand in the emerging economies excluding China is expected to slow down to 0.4% in 2019 due to contractions in Turkey, MENA and Latin America. But the growth is expected to rebound to 4.1% in 2020 due to infrastructure investments, especially in Asia.

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Deel 2:

Construction - The global construction sector’s growth is expected to slow to 1.5% in 2019 and 1.2% in 2020 after growth of 2.8% in 2018. The picture for construction activity in the developed economies in 2019-2020 is somewhat mixed. The US construction sector is expected to weaken in 2019 with no recovery in 2020. In Europe, the construction sectors in Germany, Spain, the Netherlands and Central European economies, while still maintaining growth, will slow down due to weakening economic fundamentals and constraints in construction capacity. Civil engineering is expected to be the construction driver owing to investment in energy, transport and communication networks. The Japanese construction sector is projected to report almost no growth as the decline in residential construction will be offset by growth in civil engineering. Korea’s construction sector is expected to continue contracting despite some support from public projects. Construction in emerging markets will be strong, largely influenced by infrastructure projects. In China, the real estate sector drove growth in construction activity in 2019, but in 2020 this will slow down. Infrastructure investment is expected to be boosted by government stimulus. In ASEAN and India, active infrastructure investment is expected to drive construction. Turkey has seen contracting construction activity in line with the overall economy. After a severe decline in 2019, Turkey will see only a moderate rebound in 2020. In Latin America generally, infrastructure investment is constrained by uncertainty and government budget issues. Brazil’s construction sector, which has been contracting since 2014, has shown positive growth in 2019 and this could continue with infrastructure a policy priority.

Automotive - Global automotive production decelerated in 2018 and is expected to contract in 2019 with recession deepening and broadening across several major markets including Germany, Turkey, China and South Korea. The automotive market has been hit by more than global economic factors including, market saturation, reduction in purchasing and promotion incentives and most importantly customer hesitancy during the transition of the auto industry from combustion engine-powered via hybrid to fully electric vehicles. This decline has been particularly severe in Germany and China with passenger car production declining by -10.6% and -13.8%, respectively in the first eight months of 2019. It is expected that the Chinese government may introduce some tax measures to boost sales of passenger vehicles, especially new energy vehicles. This could lead to a recovery in 2020. In the US, the auto market is expected to decelerate with no growth in 2019 and only a slight increase in 2020, but steel use is expected to benefit from the shift toward light truck models. Japanese and Korean car production is being affected by weak export markets. The Indian automotive industry suffered from the liquidity crisis and weak global demand to show almost no growth in 2019, but it is expected to pick up in 2020 before the introduction of stringent pollution standards in April 2020. The Turkish auto industry continues to struggle with contraction in both domestic and export markets. In Brazil and Mexico, auto production maintained positive but slowing growth in 2019.

Mechanical machinery - After strong growth in 2017-18, global mechanical machinery is expected to decelerate to remain flat in 2019-20 as the deceleration of the global economy and continuation of trade tensions hurt global investment activities. The mechanical machinery output in major exporters - China, Germany and Japan - is expected to keep falling in 2020. The Chinese mechanical machinery sector is expected to decline by -1.0% in 2019, even though the replacement demand for equipment will provide some support in 2019 and 2020. General-purpose machinery, including energy related machinery, will positively contribute to the sector’s growth. On the other hand, construction machinery is expected to decline in 2019 and 2020, but the decline will be partially offset by the demand deriving from expansion of infrastructure projects in developing countries.

Source : Strategic Research Institute
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Mr Trump Doubles Turkey's Steel Import Tariff to 50%

US President Donald Trump on Monday said he will double the Section 232 tariffs on Turkish steel from 25% to 50% as a result of the country's military actions in Northeast Syria. In a statement posted to Twitter Monday afternoon, Trump said he would soon be issuing an executive order increasing the steel tariffs and authorizing the imposition of sanctions against Turkey. He tweeted “I will soon be issuing an Executive Order authorizing the imposition of sanctions against current and former officials of the Government of Turkey and any persons contributing to Turkey's destabilizing actions in northeast Syria. Likewise, the steel tariffs will be increased hack up to 50 percent, the level prior to reduction in May. The United States will also immediately stop negotiations, being led by the Department of Commerce, with respect to a SI00 billion trade deal with Turkey.”

Trump previously raised Turkey's steel tariff rate from 25% to 50% in August 2018 due to the devaluation of the Turkish lira and increased political tension between the countries due to the detention of US Pastor Brunson. Turkey's tariff rate on steel was later dropped back to 25% in May 2019.

Under Section 232 of the 1962 Trade Expansion Act, the president is able to adjust the tariff level set for any country at any time they see fit.

Source : Strategic Research Institute
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NCLAT Slams ED & Puts on Hold JSW Steel Payout

The National Company Law Appellate Tribunal has put on hold the INR 19,700-crore payout by JSW Steel for acquiring Bhushan Power and Steel Limited till its further orders and has asked the Enforcement Directorate to release the attached properties of BPSL and directed not to attach any further assets without its permission. An NCLAT bench headed by Chairman Justice SJ Mukhopadhyaya slammed the ED, saying that Insolvency and Bankruptcy Code would fail if the agency functions like this. They said "IBC cannot be annulled in this manner. Money laundering is by an individual. ED has no jurisdiction to attach the property of a corporate debtor, particularly when an appeal is pending with regard to attachment. Under facts and circumstances, while we allow the ED to file a reply affidavit, the deputy director ED and any other officials of the ED are to release the property attached in favour of resolution professional immediately.”

He directed the agency and the CBI to file a reply in the next two days.

NCLAT has listed the matter on October 25 for further hearing.

The Enforcement Directorate on Saturday said it has attached assets worth over Rs 4,025 crore of BPSL in connection with its money laundering probe linked to an alleged bank loan fraud. The central probe agency said it has attached land, building, plant and machinery of the firm located in Odisha under the provision of the Prevention of Money Laundering Act.

Source : Strategic Research Institute
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SAIL’s Rourkela Steel Plant Registers New Record in Steel Ladle Life

The Rourkela Steel Plant has registered a new record in steel ladle life in steel melting shop-II department. The ladle life is not only highest in public sector steel behemoth SAIL, of which RSP is a unit, but also the best ever life achieved in India with Magnesia Carbon Bricks. The plant scripted this record by clocking the highest ever steel ladle life of 192 heats in a single campaign surpassing the earlier best steel ladle life of 191 heats achieved in May 2019. The ladle was taken down for relining on October 11. The significant achievement was made possible because of the dedicated and coordinated efforts of Refractory Engineering (Services) and Steel Melting Shop-II (Operation).

Notably, the steel ladle was due for slag zone repair on September 16, 2019 at 152 life. After inspection of the steel ladle by the refractory department it was observed that the metal zone condition of the ladle was in good shape and the metal zone leftover thickness was found to be in excess of 130 millimetres.

Considering the potential of the ladle, the team refractory engineering decided to continue the ladle in service with slag-zone repair. The ladle had a guaranteed life of 120 heats.

Source : Strategic Research Institute
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Tata Steel BSL Focusing on Downstream Exports

Business Standard reported that after staging a turnaround of the insolvent steel asset it acquired in Odisha’s Meramandali, Tata Steel BSL is betting on exports of downstream exports from the mill. A source at Tata Steel BSL said that “In FY20, the focus is on downstream exports by increasing presence in Europe, Africa, South East Asia and Latin America, and creating markets for high-end hot- rolled coils exports like structural steel. We export upstream products like HRC and downstream products like Galvanised Galume, colour-coated products, tubes and pipes, and hardened and tempered steel across the globe.”

Last financial year, Tata Steel BSL’s exports were 18% of its overall sales. In this financial year, the company aims to export 10 of its sales to strategic markets and customers. But the company can take a flexible view on exports depending on the response in domestic and international markets and the demand-supply dynamics.

Source : Business Standard
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Moody's Assigns B3 Senior Unsecured Rating to US Steel Environmental Revenue Bonds

Moody's Investors Service assigned a B3 senior unsecured rating to The Industrial Development Board of the City of Hoover (Alabama) Environmental Improvement Revenue Bonds, Series 2019 and a B3 senior unsecured rating to Allegheny County Industrial Development Authority Environmental Improvement Revenue Refunding bonds, Series 2019. Repayment of all bonds is a direct obligations of United States Steel Corporation. All other ratings, including the SGL-2 Speculative Grade Liquidity Rating remain unchanged. The outlook is stable.

Assignments:
Issuer: Allegheny County Industrial Dev. Auth., PA
Senior Unsecured Revenue Bonds, Assigned B3 (LGD4)
Issuer: Hoover (City of) AL, Industrial Devel. Board
Senior Unsecured Revenue Bonds, Assigned B3 (LGD4)

Source : Strategic Research Institute
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Derrick Brings Fine Screening Technology to Metalloinvest

Derrick Corporation announced the introduction of its new SuperStack® vibratory screening equipment to Metalloinvest’s Mikhailovsky GOK beneficiation plant in the Kursk region of Russia. Metalloinvest of Zheleznogorsk, Russia is a leading global producer and supplier of HBI and iron ore products, as well as a major supplier of high-quality steel. The eight-deck SuperStack offers a significantly higher production capacity than conventional screening equipment in a small footprint, while also offering increased quality of iron ore concentrate. The first phase of the project was launched at the Mikhailovsky GOK beneficiation plant. On September 3, an agreement was signed with Thrane Teknikk to supply Derrick equipment for the second stage of the project: construction of a new building for beneficiation of concentrate at the beneficiation plant. Nazim Efendiev and Miron Boris signed the documents.

During the first stage of the project, Derrick fine screening technology was introduced at four sections of the beneficiation plant. The design, supply and installation of the equipment, adjustments, and commissioning took place within a short period of just one year. The capital expenditures for the first stage exceeded 1.2 billion rubles (USD 18.5 million USD). As a result of the successful first stage implementation, the fine screening section is projected to produce over 3.7 million tons of iron ore concentrate, with iron content increasing to 67 percent compared with the previous 65.1 percent.

The second stage of the project, launched in August 2019, will see constuction of a new building for beneficiation of concentrate using high-quality Derrick equipment. As a result of the second stage, production of 16.9 million tonness of high-quality concentrate with an iron content of 68.7 percent is expected in 2022. The construction of the new beneficiation building and modernization of production will enable the processing of complex ores having a higher iron content and will reduce overburden and production costs. Investments in the second stage are projected at more than 12 billion rubles (USD 185 million).

Source : Strategic Research Institute
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Hoa Phat & Kyoei Seek Long-Term Cooperation

VNA reported that Vietnamese steel maker Hoa Phat Group and Kyoei Steel Group of Japan shared the wish for long-term cooperation in steel billet and scrap steel supply. Hoa Phat said Kyoei Steel Chairman Hideichiro Takashima and General Director Hirotomi Yasuyuki had paid a working visit to the group, which has opened up many cooperation opportunities for the bilateral collaboration. According to Takashima, Kyoei Steel Vietnam Co Ltd in Vietnam’s northern province of Ninh Binh purchased about 5,000 tonnes of steel billets produced by Hoa Phat each month. The volume is expected to multiply in the time ahead. Kyoei wants to seek a stable supply of steel billets for its subsidiaries in Vietnam, comprising Vina Kyoei and the KSVC which was set up in September 2011. The two sides agreed to set up a working group following the visit to implement their cooperation contents, thus helping to promote the development of both groups in the future.

Kyoei was one of the first Japanese investors in Vietnam 25 years ago, with the establishment of the Vina Kyoei Steel joint venture in the southern province of Ba Ria-Vung Tau in January 1994.

Source : VNA
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Widespread defective or missing concrete or reinforcing steel revealed

New imaging technology has revealed hundreds of major buildings nationwide have defective or missing concrete or reinforcing steel. Concrete investigators say their scanning shows many buildings have not been constructed according to the plans. They were "astounded" and "appalled", Jane Roach-Gray of Wellington company Concrete Structure Investigations said.

It is using ultrasound technology developed with Crown agency Callaghan Innovation, to look up to two metres inside concrete columns, beams, walls and floors.

The technology is "pioneering", Dr Paul Harris of Callaghan Innovation said. They also use ferro-scanning and ground-penetrating radar.

Ms Roach-Gray said that critical structural parts were defective or missing in 1100 of the 1200 buildings they had scanned since 2016. She said that "The divide occurs between what's in the plans and what ends up in the structure. Some key structural elements are not going in correctly or they're not going in at all, and of course, once they're covered up with concrete, we - any of us - don't know what's actually gone into the building."

Source : RNZ
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Pakistani Steel Mills Appreciates FBR for Curbing Smuggling of Steel From Iran

Pakistan Association of Large Steel Producers appreciated the effective measures taken by the Pakistan Customs Authorities at Taftan border to curb the menace of smuggling of Steel from Iran to Pakistan. Chairman Federal board of Revenue and the Quetta Customs Collectorate has taken these measures on the orders of the Prime Minister Imran Khan who has issued strict directives for curbing the menace of smuggling, which is destroying the local industry.

Also, PALSP, that represents Pakistan's largest steel units in the long products has been making appeals to the prime minister as well as the concerned Govt departments by exhorting them for taking anti smuggling measures and also to discourage the abusage of certain rules/SRO wherein prime steel material was being allowed to be imported in the garb of scrap.

It may be mentioned here that there has been huge surge in import of prime Steel bars, in the garb of re-rollable scrap, and thousands of tones of steel found its way into Pakistani markets from Iran, during the last several months. This has been one of the biggest factor for huge loss of revenue to the Govt as well as closure of some of the local steel units in the country.

It many be mentioned here that the local steel industry in the recent years invested heavily in order to meet the growing demands of steel domestically especially for the Prime Minister's housing project and also for the CPEC. However, as a result of growing smuggling and abusage of rules, some of the leading companies declared heavy losses and many plants got closed this year. Also, as a result of smuggling coupled with slow-down of economy, some of the big local investors, who were all set to make more investments in Pakistan's steel sector, were forced to put their expansion plans on-the-hold.

Source : Strategic Research Institute
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