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NCLT Approves JSW Steel’s Resolution Plan of Bhushan Power & Steel Limited

JSW Steel announced that National Company Law Tribunal has approved the Resolution Plan submitted by JSW Steel Limited in respect of the corporate insolvency resolution process of Bhushan Power and Steel Limited. 2 member NCLT bench, headed by its president MM Kumar, said in its 138-page order that the resolution plan of JSW, H1 resolution applicant, is accepted. The bench also overruled objections raised by erstwhile promoters of the company as well as its operational creditors, both of which were against JSW Steel’s resolution plan.

The NCLT’s principal bench had on July 26, 2017, admitted the insolvency plea of Punjab National Bank against the company. A clutch of 34 financial creditors claimed INR 47,303 crore from the company, as on January 3, 2019, of which, the resolution professional admitted claims worth INR 47,158 crore. Operational creditors, numbering 1,778, claimed INR 2,320 crore from BPSL. JSW Steel has submitted INR 19,700 crore,. Financial creditors get INR 19,350 crore while operational creditors will get INR 350 crore against their admitted claims of INR 733.76 crore.

Source : Strategic Research Institute
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Hebei Province's Steel PMI Dips Further in August

According to Hebei Metallurgical Industry Association, the steel purchasing managers' index for China's Hebei province fell 0.4 basis points in August 2019 from the previous month to 47 points, the fourth consecutive monthly drop, indicating the underlying softness of China's steel market. The sub-index for new orders in August dropped by 3.6 basis points on the month to 44.2 as most end-users adopted a wait-and-see approach to purchasing, meaning steel sales were lower than expected. The sub-index for steel output was up 5.1 points on month to 49.1, while the sub-index for finished steel stocks rose by 1.7 points to 48.2. Inventories climbed due to strong steel production and weak demand. It said "Overall spot prices of domestic steel showed a downward trend and industry profits remain at a low level. The reasons for this include intensified trade tensions, the lack of downstream demand and the weakening of cost support. Market supply still exceeded demand, which would continue to put pressure on steel prices.”

Hebei is the largest steelmaking region in the world, accounting for almost a quarter of the world's steel production.

Source : Strategic Research Institute
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Kone eying Thyssenkrupp’s Elevator Business

Reuters, citing three people familiar with the matter, reported that Finland’s Kone is considering teaming up with a private equity partner to bid for Thyssenkrupp’s elevator business. Sources said Kone has long been interested in Elevator Technology and has been exploring options for a deal with the help of Bank of America. They said “The Finnish company could mitigate widely expected antitrust risks by potentially selling assets to the partner. Due to its large overlap, a bid by Kone is likely to raise antitrust issues and would require substantial remedies to get approval, teaming up with private equity players would be a way to sidestep concerns.”

Kone CEO Mr Henrik Ehrnrooth told Rheinische Post that Thyssenkrupp’s elevator unit would be a perfect fit for Kone. He said “We would complement each other ideally. In this combination we would be faster and could tackle digital challenges more efficiently.”

Source : Reuters
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SteelAsia & HBIS Ink Deal for Batangas Plant

Philippines largest steelmaker, SteelAsia Manufacturing Corp has signed a memorandum of understanding with China’s HBIS Group Limited for their first integrated iron and steel facility in Lemery, Batangas. The two steel companies inked their deal here Friday during the Philippine-China Business Forum, a side event of President Rodrigo Duterte’s visit to China. Under the MOU, SteelAsia and HBIS will invest around USD 1 billion for phase one of the Lemery plant.

Department of Trade and Industry Secretary Mr Ramon Lopez said that “As DTI pursue a number of strategic projects, an important investment priority is the establishment of the first-ever modern, environment-friendly integrated steel mill project in the Philippines. This is pursuant to the vision of President Duterte to establish the first integrated iron and steel plant during his term, which will allow the country to produce basic iron and steel products, including flat products. These are currently not being produced in the Philippines.”

He added this partnership of Filipino and Chinese companies will support the country’s bid to be a major producer of high quality and safe steel products by 2030.

The trade chief noted that another Chinese firm, Panhua Group, is interested to invest in integrated steel making in the Philippines.

Source : Strategic Research Institute
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RINL Adopts Barter System to Pay Vendors - Report

As per a report in Times of India, Rashtriya Ispat Nigam Ltd has adopted barter system to pay its vendors. A ferroalloys supplier to RINL VSP said that “The delay in payment started earlier this year, when bills that we had submitted for ferroalloys we supplied to VSP were delayed by several months, adding to our interest cost. When we approached VSP for payment we were told to take the payment either in the form of steel made by VSP. For example, if RINL-VSP has to pay a vendor INR 10 lakh for products delivered, then the company offers to give us finished steel worth INR 10 lakh. The vendor can then take the steel supply chit to the steel rerolling mill or a steel stockyard, and transfer the chit to it and get the material.”

ToI report quoted another vendor as saying that “Essentially, vendors like my company not only have to wait for months for payment, but since earlier this year we have had to take payment from RINL-VSP in kind, in the form of its products. My company has stopped supplying ferroalloys since March, and we have not participated in the tender process in the last two quarters because the barter system is causing us losses. The discount that vendors have to offer to steel re-rolling mills and steel stockyards is impacting the finances of vendors.”

According to RINL-VSP sources, the company had barter arrangements earlier as well. A spokesman said “We endeavor to pay our vendors in cash, but sometimes they opt for payment in kind. We try to work out the best possible way to pay our vendors.”

RINL has seen a rise in its inventory to 6.8 lakh tonnes as compared to the usual inventory of 3-4 lakh tonnes, as demand for its products appears to have softened in the country.

Source : ToI
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Salzgitter flachstahl Commissions Continuous Caster No 1 from SMS

Salzgitter Flachstahl has commissioned SMS group to revamp continuous caster No 1 at its Salzgitter works. The plant, which was delivered by SMS group in 1981, is to be fitted with a new machine head with mold, oscillator, and segment. The revamp is aimed at upgrading the plant with a range of trendsetting features, including the use of a hydraulic resonance oscillator and the digital alignment assistant HD LASr. The scope of supply covers the engineering, the delivery of mechatronic components, the dismantling, and the installation and commissioning of the new equipment. An innovative solution will be used for mounting segment 0 in the machine head. This solution is the result of intensive and successful cooperation between Salzgitter Flachstahl and SMS group. The revamp is set to take place during a scheduled plant shutdown in October 2020.

Salzgitter Flachstahl plans to measure and align molds in its maintenance workshop using the digital HD LASr (High Definition Laser Aligning System remote) alignment assistant, which was developed by SMS group. The ability of HD LASr [mold] to align the molds perfectly has a great influence on the quality of the slabs. In addition, SMS group will supply a new, universal mold alignment and service stand for the workshop. The aligning stand can be used for the molds in all four continuous casters and their respective casting widths.

Source : Strategic Research Institute
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USITC Keeps AD & CVD on Circular Welded Steel Line Pipe Imports from China

The US International Trade Commission has determined that revoking the existing antidumping and countervailing duty orders on imports of circular welded carbon quality steel line pipe from China would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time. As a result of the Commission’s affirmative determinations, the existing antidumping and countervailing duty orders on imports of this product from China will remain in place.

This action comes under the five-year (sunset) review process required by the Uruguay Round Agreements Act.

Source : Strategic Research Institute
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EU Countries Back Tighter Controls on Steel Imports

Reuters reported that EU governments approved limits to steel quotas designed to protect European manufacturers from the threat of surging imports following the effective closure of the US market. EU diplomats said that a large majority of EU countries voted to back changes proposed by the European Commission. The bloc has had in place for a year as system of “safeguard” measures to control the incoming steel following Washington’s imposition of 25% steel import tariffs.

Quotas for 26 grades of steel, including stainless, were set at the average level of imports in 2015-2017 plus 5%, with further 5% hikes due in July and in July 2020. Imports of steel beyond these quotas are subject to a 25% duty.

The Commission has proposed that this year’s hike should be 3% effective from October 1, responding to industry complaints that a weak market cannot absorb increasing imports.

EU steel association Eurofer estimates apparent steel consumption, which includes inventory changes, will fall by 0.6% this year and rise by 1.4% in 2020.

Last year, Eurofer said, imports of finished steel products rose by 12% in a market that grew by 3.3%.

The revised measures also involve limiting any one country to a 30% share of imports of hot-rolled flat steel during a quarter.

Source : Reuters
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Mr KK Ghosh Assumes Charge as Director Projects of RINL-VSP

Mr Kanak Kumar Ghosh assumed charge as the new Director (Projects) of RINL-VSP today. Prior to this assignment, Sri Ghosh worked as Executive Director (Mills & Logistics) in RINL. Mr Ghosh, a 1983 batch Management Trainee, has vast experience in Steel Industry. He worked in various capacities like HOD of Wire Rod Mill, General Manager (Rolling Mills) during his long journey in RINL-VSP.

Mr Ghosh is known for high levels of discipline and administrative capabilities.

Source : Strategic Research Institute
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Mechel Signs Partnership Agreement with Rosgeo

Leading Russian mining and metals company Mechel PAO has signed an agreement of intent on partnership in mineral resource management with AO Rosgeo. The ceremony was on the sidelines of V Eastern Economic Forum, with the agreement signed by Rosgeo’s Chief Executive Officer and Chairman of the Board Sergei Gorkov and Mechel PAO’s Chief Executive Officer Oleg Korzhov. According to the agreement, the sides voiced their intent to join forces in seeking, appraising and exploring new highly profitable mineral resource deposits and their further development. The document also provides for a possibility of Mechel and Rosgeo creating joint ventures in order to seek out, assess and develop mineral deposits. The two sides also agreed to consider various options for actualizing, reassessing and additional exploration of suspended fields and bringing them into production.

Mechel PAO’s Chief Executive Officer Oleg Korzhov said “Rosgeo’s unique experience and state-of-the-art digital solutions the company uses will enable us to explore our mineral resources and develop promising deposits in the Far East Region more efficiently. I am sure that our bilateral ties will have a positive impact on Russian mining industry’s further development.”

Source : Strategic Research Institute
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Hanwa Buys 65% of Vietnamese Steel Coil Plant

Vietnam Plus reported that Hanwa Co has bought a 65% stake in a Vietnamese steel coil maker. The move is said to capitalize on the growing demand for steel in Vietnam’s fast-growing northern region. Hanwa acquired the shares in SMC Hanoi One Member Co from a major Vietnamese steel products wholesaler, SMC Trading Investment Joint Stock Co effective August 21. They renamed the steel coil service subsidiary Hanwa SMC Steel Service Hanoi Co. The coil plant located in Hanoi is capable of processing 10,000 tonnes a month and is equipped with two large-sized slitters, which adjust the width of coils supplied by steelmakers, and one large-scale leveler among other machinery.

NNA quoted a Hanwa spokesman as saying that the deal is the company’s first direct investment in the Hanoi region. The Spokesman said that “This is also our first investment to acquire a majority stake of more than 50% in a coil center in Vietnam.”

Source : Vietnam Plus
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Primetals Technologies Receives FAC for Automation Upgrades at Gerdau Ouro

In late March, Primetals Technologies received the Final Acceptance Certificates for automation upgrades conducted on a third-party 6-strand billet caster and two blast furnaces of Gerdau Ouro Branco in Minas Gerais, Brazil. The caster project included the upgrade of outdated level 1 and level 2 systems, resulting in quality improvements, reduced maintenance requirements and operating cost savings. Blast furnaces #1 and #2 were outfitted with a new level 2 process optimization system with a short payback period of several months. On the one hand the solution saves fuel and reducing agents, and on the other hand it improves the hot metal quality. In addition, Gerdau contracted Primetals Technologies to assess two of their facilities regarding their digital maturity level within the scope of an Industry 4.0 study, and to provide a roadmap towards a smart steel production.

The level 2 system installed at a 6-strand billet caster encompass basic functionalities like material tracking, heat pacing, cutting schedule and process set-point generation as well as the implementation of the Equipment Expert, which is a preventive maintenance tool for the caster equipment. Advanced process models for the caster include the DynaSpeed secondary cooling model, Quality Expert Express Edition used for product quality rating, a billet cut-length optimization and the Intermix model for calculation of the heat volume concentration and incompatible strand portions along the strand.

In the course of upgrading the billet caster´s level 1 system, Primetals Technologies undertook the migration of an obsolete third-party platform to the latest state-of-the-art controllers, using a special migration kit in order to reduce risk and consequently shortening the shutdown period. Existing frequency converters were replaced by new components. A new HMI(Human Machine Interface) system, using a virtual server concept was also supplied. In addition, the existing low performance field networks were replaced by Ethernet IP, and the operation desks and panels were modernized.

The level 2 systems for the two blast furnaces #1 and #2 enables all optimization functions to work within a virtualized server concept, allowing for high-availability hardware redundancy. The system offers data recording, data visualization and long term data archiving functionality. Control of blast furnace raw material supply and material distribution within the shaft is model based, as is the optimized control of the hot stoves system. Also, expert systems for automatic operation of blast furnace in closed-loop mode, and for preparing the blast furnaces for intermediate maintenance shut-downs were introduced. Finally, a recently developed slag optimization model was included in the level 2 system.

The Industry 4.0 Study conducted by Primetals Technologies consisted of the assessment of an integrated process route from blast furnace to continuous casting and the assessment of an EAF route from scrap handling to long rolled products. The assessments were performed in a holistic manner, including an investigation of metallurgical models and tools for better and more repeatable process execution, automation and system requirements, production planning and digital assistance systems, all with regards to product quality, traceability and consistency. Based on the results of this assessment a roadmap was provided by Primetals Technologies, which will assist Gerdau to further transform its production site in Ouro Branco to meet their goal of becoming a smart steel production.

Source : Strategic Research Institute
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Indonesia Gunung Raja Paksi to Raise USD 78 million via IPO

Deal Steet Asia reported that Indonesia’s steel producer Gunung Raja Paksi is planning to raise up to USD 78 million in an initial public offering at Indonesia Stock Exchange in September. Established in 1990, Gunung Raja’s areas of work include steel smelting, furnace, and steel rolling. The Jakarta-based company has a production facility in Cikarang, West Java, which is built across 200 hectares. It has an annual production capacity of around 2.8 million tonne. Gunung Raja is looking to offer shares at IDR 825 and Rp 900 apiece. The book-building period started on 3 September and will last till September 5, before it sells its shares to investors on September 12-13. The company will list its shares on the IDX on September 19. The company will use most of the IPO proceeds to pay the debt it amassed after the acquisition of another local steel producer Gunung Garuda for USD 96 million.

Mr Gunung Raja Paksi chief executive Alouisius Maseimilian said in a statement that “We see great potential in this industry, which comes from the growth of steel consumption in Indonesia due to the government’s massive infrastructure development in building toll roads, ports, airports, and railroads. Indonesia’s steel industry has room to grow since steel consumption in the country is low, while steel production capacity is modest. The company is offering 1.24 billion new shares, equivalent to 10.21% of its enlarged capital.

Source : Deal Steet Asia
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Hoa Phat exports 165,000 tonnes in eight months

Vietnam Plus reported that Vietnam Hoa Phat shipped abroad 165,000 tonnes of construction steel in the first eight months of this year, up 38% YoY. During the period, it churned out a total of 1.77 million tonnes of construction steel, an increase of more than 20 percent against the corresponding time last year. In August alone, Hoa Phat produced 193,000 tonnes of construction steel, a year-on-year rise of 7.6 percent, and exported nearly 18,000 tonnes, almost doubling the amount recorded in the same period last year, earning 9.4 million USD.

With these achievements, the group has maintained its leading position in the domestic steel industry with a market share of 25%.

Source : Vietnam Plus
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Scientists from Tomsk Polytechnic University Demonstrate How To Improve Steel Properties

Phys.org reported that Scientists from Tomsk Polytechnic University have updated the alloying process, ie improving the properties of metal with impurities, which not only enhances the wear resistance of materials but also provides new qualities required by hi-tech manufacturing, science, and energy. The study results were published in the journal Surface and Coatings Technology and presented at the conference on Surface Modification of Materials by Ion Beams 2019 that recently took place in Tomsk. By now, traditional alloying methods are reported to have exhausted their technological potential. Therefore, metals are increasingly exposed to beams of charged particles, plasma flows, and laser radiation so as to obtain advanced materials. Ion implantation (ion doping) is one of those methods that can change elemental composition, microstructure, and morphology of surface layers that determine such properties as wear resistance, corrosion resistance, and others.

Tomsk scientists developed a new method of ion implantation that dramatically expands the applications of the method in industry. According to Alexander Ryabchikov, the head of the Laboratory for Highly Intensive Ion Implantation, they have been able to experimentally improve the wear resistance of stainless steel by more than a hundred times. In addition, this technology makes it possible to manufacture details and products with needed specific surface properties. For example, a barrier layer is formed by ion doping of zirconium with titanium, thus preventing oxygen penetration. This can be used to increase the service life and safety of operation of nuclear fuel cells.

Currently, the industrial use of ion doping is constrained by the small thickness of the formed ion-doped layers. The issue to be addressed through the increased kinetic energy of the ion flux implies the use of large accelerators, which is not cost-effective.

Mr Alexander Ryabchikov said that "We proposed to increase the ion penetration depth into the material by enhancing the radiation-induced diffusion with high-density ion beams that are two to three orders of magnitude superior to those used in traditional ion implantation.”

The results obtained in the laboratory confirm the possibility of creating a doped surface layer with a depth of several hundred micrometers, while other methods of ion doping enable a depth of several tens and hundreds of nanometers.

Source : Phys.org
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US Duties on Structural Steel Part Of Normal Investigation - Mexico Government

Reuters reported that Mexico's government said that new duties imposed on some Mexican structural steel by the US Commerce Department are part of a normal investigation when an industry feels it is being affected by imports that use unfair practices, such as dumping or subsidies. The US Commerce Department said that it imposed duties on Chinese and Mexican structural steel after making a preliminary determination that producers in both countries had dumped fabricated structural steel on the US market at prices below fair market value.

Mexico's Economy Ministry said in a statement that "The investigation in question is ongoing and the final outcome from the Commerce Department is expected at the end of January 2020.”

Source : Reuters
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Majestic Steel USA Recognized as 2019 NorthCoast 99 Award Winner

Majestic Steel USA is proud to be recognized by ERC as one of 99 great Northeast Ohio workplaces for top talent. This is the thirteenth time that our organization has received the NorthCoast 99 Award. NorthCoast 99 is an annual recognition program and event in its 21st year that honors 99 great Northeast Ohio workplaces for top talent.

ERC senior vice president Carrie Morse, who has overseen the program for the last 17 years said that "More than a business award or event, NorthCoast 99 is a yearlong research project ERC established to help employers make a difference in the lives of people working and living in our 22-county region.”

NorthCoast 99 winners participated in a rigorous application process that asked for detailed information on how their organization addresses top-performer attraction, development, and retention in five distinct areas: organizational strategy, policies, and communication; recruitment, selecting, and onboarding; employee well-being; employee engagement and development; and total rewards.

Melissa Duda Director of Human Resources said that "This award is a testament to the unique values based culture we've created at Majestic Steel. Receiving this award means that what we're doing to create a Majestic Experience for all is really working. In order for that to happen we need every associate to believe in what we do, and we have that at Majestic.”

Source : Strategic Research Institute
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MMK Implements Digitalization Program with Deloitte CIS

Magnitogorsk has been excluded from the list of cities with the most polluted air in 2018, according to a report by the Russian Ministry of Natural Resources and Environment. Thanks to MMK's large-scale environmental program, the Comprehensive Air-quality Index indicator for the city will be reduced to a low level by 2025. The draft of the official report "On the State and Environmental Protection of the Russian Federation in 2018" was published on the Ministry's website. According to the report, the environmental situation in Magnitogorsk has improved significantly. It said that "Compared to the previous year, the concentration of Benzo(a)pyrene in Magnitogorsk has decreased more than twofold.”

MMK CEO Pavel Shilyaev said that "The results of the study reflect MMK's consistent efforts to reduce its anthropogenic impact on the environment. Last year alone, the Company successfully implemented 69 environmental projects. One of MMK's most recent large-scale environmental projects was the launch of a new sinter plant in July of this year, equipped with the latest environmentally friendly technologies: in addition to improving production performance, the new sinter plant will make it possible to achieve a twofold reduction in dust emissions, a fourfold reduction in sulphur dioxide emissions, and a sixteen-fold reduction in Benzo(a)pyrene emissions."

Last year, according to the report, the Company increased its investment in environmental protection measures by 27% to reach a total of 8,968 billion rubles. As a result, MMK reduced the mass of pollutants emitted into the atmosphere by 1.1 thousand tonnes compared to the previous year. The Company has made strides in other areas of environmental protection as well: notably, MMK ended the discharge of wastewater into the Magnitogorsk reservoir and switched to a fully closed circulation water supply system, with the reuse of 100% of wastewater in its technological processes. Waste disposal (excluding waste rock) in 2018 decreased by 122 thousand tonnes (9.2%).

Source : Strategic Research Institute
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'ArcelorMittal denkt aan verkoop bouwtak'

Gepubliceerd op 10 sep 2019 om 20:13 | Views: 3.245

ArcelorMittal 10 sep
14,76 +0,49 (+3,40%)

LUXEMBURG (AFN) - ArcelorMittal onderzoekt de mogelijkheid om zijn bouwtak te verkopen. Dat schrijft persbureau Bloomberg op basis van ingewijden. Het onderdeel, dat producten als dakplaten maakt, zou ongeveer 700 miljoen tot 800 miljoen euro kunnen opbrengen.

De verkoop van de divisie zou in het vierde kwartaal moeten beginnen. Onder meer makers van bouwmaterialen en investeerders worden als mogelijke kopers gezien.

Vorige maand had ArcelorMittal aangegeven tot 2 miljard dollar aan waarde te kunnen ontsluiten door onderdelen af te stoten. Het bedrijf wil zich daarmee meer richten op zijn kerntaak staalproductie.
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Maruti Suzuki & Toyota Tsusho to Set Up Vehicle Scrappage Plant

Times of India reported that Maruti Suzuki has decided to set up a old vehicles dismantling plant along with a subsidiary of Toyota. The venture between Maruti and Toyota Tsusho India will supply, dismantle and process end-of-life vehicles, and market and sell scrap and other products generated from such activities

In doing so, the Maruti-Toyota venture will be the second big automobile JV to work on a high-end vehicle scrappage plant in India, following the footsteps of Mahindra & Mahindra (through subsidiary Mahindra Accelo) that has partnered public-sector MSTC. The two have set up a recycling plant at Greater Noida.

Source : Times of India
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