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Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

35.173 Posts, Pagina: « 1 2 3 4 5 6 ... 1205 1206 1207 1208 1209 1210 1211 1212 1213 1214 1215 ... 1755 1756 1757 1758 1759 » | Laatste

Omlaag ↓

voda 19 augustus 2020 14:41

Delhi Metro Phase IV Would Need 678KT of Rebars for Civil Work

PTI reported that Civil work being done under the Delhi Metro's Phase IV is expected to consume 0.678 million tonnes of reinforcement steel. DMRC General Manager (Technical) Navneet Kumar Kothari said "Delhi Metro's Ph-IV work is underway and only three corridors have been approved so far spanning over 60 km, and work on which is underway. Steel is a major component in the civil work and, for Ph-IV work, 678,000 tonnes of reinforcement steel is projected to be required.”

The Union cabinet, in a meeting chaired by Prime Minister Narendra Modi, had in March last year approved three out of the six corridors of the proposed Phase IV, which will further improve connectivity in Delhi. The approved corridors are Mukundpur-Maujpur, R K Ashram-Janakpuri West and Aero City-Tughlaqabad corridors. The other three proposed corridors of Phase IV, which have not yet been approved by the Union cabinet, are Rithala-Bawana-Narela, Inderlok-Indraprastha and Lajpat Nagar-Saket G Block.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:41

Mexico City Airport Temporary Suspends Steel Purchae Contract

Bnamericas reported that the Mexico City Airport Group confirmed temporary suspension of the purchase contract for STEEL A500 GRADO B, A992 GRADO 50, A572 GRADO 50 and API 5L X52 PSL of the canceled airport construction project in Texcoco, will be in force until the Internal Control Body of GACM issues the corresponding resolution.

On August 10, the company Grupo Gilbert Estructuras en Acero, SA de CV was notified that, derived from a verification procedure to the National Public Tender Number LPN-GACM-EB-01/2020 and the subsequent Statement of Observations of the OIC, the Agreement was issued for the filing and initiation of the ex officio intervention procedure with the file IN / 0001/2020, reason for which the temporary suspension of said tender was decreed, as well as the administrative and legal acts derived from the same, with the purpose of preserving in the state in which it is, until the resolution that corresponds in law is issued.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:42

Government of Canada Funds CAD 4 Million for Algoma Steel’s Climate Action Initiatives

The Government of Canada’s number-one priority remains keeping Canadians safe and supporting families and businesses through the COVID-19 pandemic. Even at this time, work continues, to help the economy recover, create conditions for new jobs, lower emissions, and make life more affordable for Canadians.

Today, the Member of Parliament for Sault Ste. Marie, Terry Sheehan, on behalf of the Minister of Environment and Climate Change, the Honourable Jonathan Wilkinson, announced an investment of approximately $4 million from the Low Carbon Economy Fund to support Algoma Steel Inc’s climate action initiatives. The integrated steel producer will use the funding to improve both the tar-removal and light-oil-recovery areas of its coke-making plant in Sault Ste. Marie, Ontario. This process will not only help reduce greenhouse gas emissions but will also help improve local air quality.

The funding for this investment comes from the Champions stream of the Government of Canada’s Low Carbon Economy Challenge, which invests in projects that reduce carbon pollution, save money, and create good jobs. From this project, Algoma Steel Inc will see an annual reduction of approximately 21,000 tonnes of greenhouse gas emissions, amounting to a cumulative reduction of about 596,000 tonnes over the project’s lifetime. That amount is equivalent to removing approximately 182,000 cars off the road for one year.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:46

Hoa Phat to Export 30KT Steel to African Markets

VNA reported that Vietnam's leading steel manufacturer Hoa Phat Group’s subsidiary Hoa Phat Hung Yen Steel Co has signed a number of contracts to export high-quality rolled steel branded SAE to African markets, marking its success in opening new export markets. As schedule, the first shipments with a total volume of nearly 30,000 tonnes will be transported to Kenya and Ghana in September and October this year.

In the first seven months of 2020, Hoa Phat shipped 160,000 tonnes of high-quality rolled steel to foreign markets, up 2.3 times compared to the same period last year, and 35.5 percent higher than the total output of SAE products exported in the whole year 2019.

Major export markets of Hoa Phat steel included the US, Japan, Canada, China, Australia, the Republic of Korea, Taiwan, Thailand, Malaysia, Indonesia, Cambodia, Brunei, the Philippines, and Singapore.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:48

American Zinc Recycling Names Joel Hawthorne as President & CEO

Leading provider of environmental services to the US steel industry American Zinc Recycling LLC announced that the Company’s Board of Directors has named Joel Hawthorne as President and Chief Executive Officer, effective August 17, 2020. Wayne Isaacs, Interim President & Chief Executive Officer, will return to his position as Chairman of the Board, a position he has held since 2017, once Hawthorne joins the company.

Hawthorne has more than 30 years of experience, bringing to the position a wealth of knowledge and an array of experiences in domestic and international manufacturing environments, global operations, profit and loss, and balance sheet oversight. Hawthorne has a demonstrated history of success working in the steel, carbon, and graphite product materials industries, coming to AZR from Specialty Steel Works Incorporated, a $500 million steel product manufacturer, where he served as Chief Executive Officer since 2017. There, he reduced overhead costs, increased productivity in manufacturing, and improved profitability.

Prior to serving as CEO for Special Steel Works Incorporated, Hawthorne served as President and CEO of Graftech International, a $1.5 billion manufacturer and producer of a variety of carbon and material science products. Joining Graftech in 1999, Hawthorne advanced to President and CEO, operating two business segments and seven business units, and negotiated a successful private placement of the company. Prior to Graftech, Hawthorne served in various leadership roles, including Director of Strategic Planning and Reorganization and Director of Investor, Government, and Public Relations and other various financial positions at ACME Metals Incorporated and LTV Corporation, now both known as ArcelorMittal.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:49

Pradhan Mantri Awas Yojana (Urban) Projects 15.8 Million Tonne Steel Demand

The Pioneer reported that India’s Union Housing and Urban Affairs minister Hardeep Singh Puri while speaking at a webinar on ‘Aatmanirbhar Bharat: Fostering Steel Usage in Housing & Construction and Aviation Sector’ said that 15.8 million tonnes of steel and 69.2 million tonnes cement is likely to be used for the construction of 1.12 crore houses for urban poor under the Pradhan Mantri Awas Yojana (Urban) in the country.

Mr Puri said that as per expectation, 40 per cent of our population or 600 million Indians are expected to live in our urban centres by 2030. To cater to this growing urban population, India has to build 600 to 800 million square metres of urban space every year till 2030.

It is estimated that 8.4 million tonnes steel and 370 million tonnes cement have been used in the 67 lakh houses that have been grounded.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:50

Severstal Mastering Video Inspection Systems for Rolled Surfaces

PAO Severstal has begun its own development of video inspection systems for rolled metal surfaces. The pilot project was implemented at the cut-to-length line No 4 in the production of flat products at the Cherepovets Steel Works. The first prototype of the solution confirmed its effectiveness: the image quality obtained from the equipment is not inferior to imported counterparts.

Severstal uses video inspection systems to control the quality of the rolled metal surface. For these purposes, equipment from well-known foreign manufacturers was previously purchased. However, this approach was accompanied by difficulties in adapting programs to production tasks. For example, in setting up equipment and making the necessary changes, adjustments in the operation of programs due to the remoteness of manufacturers and developers. Specialists noted shortcomings in the processes of determining and classifying defects. This is due to both the complexity of the task and the wide range of possible deviations that the system must control, as well as external factors that complicate detection. These may include markings, process fluids used on an industrial line, and other factors.

The first prototype of video inspection system was manufactured by a working group of employees of the Directorate for Technical Development and Quality of the Severstal Russian Steel and Severstal Digital divisions. The specialists, with the help of colleagues from the flat-rolled products production of CherMK, formulated the requirements for the system, developed criteria and principles for evaluating strip inspection systems, which will later be used as a technical task for the manufacture of similar systems and sets a high quality standard. At the next stage, the working group developed a prototype, including its design, and in laboratory conditions, experts selected the necessary parameters for the operation of cameras, lighting, synchronization of frames with a moving strip. Severstal Digital employees provide the software part of the system operation,

The prototype was tested in industrial conditions on the APR-4. Now a team of specialists from several divisions of the company has begun to implement the solution into the production flow of the unit. Thus, the design center of the Directorate for Repairs is engaged in the design of metal structures, automation systems, and the construction part of the project. At the same time, standard equipment is used in the project, so that in the future the company does not depend on exclusive parts. Severstal-infocom helps with programming industrial controllers and data transmission architecture. The final software for detecting and classifying defects will be developed by Severstal Digital specialists. In addition, the specialists started collecting and marking images with defects, on the basis of which the computer vision model will be trained. Shop personnel,

Experts plan to produce an industrial version of the system in the first quarter of 2021.

Source : STRATEGIC RESEARCH INSTITUTE

voda 19 augustus 2020 14:50

MMK & ZTZ to Phase Out Paper Documents by 2021 End

Magnitogorsk Iron and Steel Works and Zagorsk Pipe Plant have signed an agreement of intent to fully switch to electronic document management by the end of 2021. As part of the agreement, the companies plan to implement a number of joint projects in the field of digitalisation to improve document management over time. Electronic document management will affect areas such as the exchange of logistics documentation on the corporate information systems using electronic data interchange technology, legally significant electronic document management of primary accounting documentation with the integration platform Contour.Dudok, as well as financial issues via electronic platform contractoring.

In addition to signing an agreement on the full transition to digital document management, the coordination council also discussed a number of issues aimed at improving interaction efficiency. Among the key issues are the development of promising steel grades, cost reduction in production and transportation of rolled products, as well as the prospect of steel deliveries from mill 2500 after its reconstruction.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:23

Salzgitter AG Expands Product Range to Include Green Strip Steel

Before the end of this year 2020, Salzgitter AG will be able to offer its customers a range of green strip steel products in specified grades and dimensions. The company is moving promptly to take account of the vibrant interest being expressed in these materials. These products will feature a CO2 footprint less than a quarter that of previous steels. In order to enable production, one of the two continuous casting lines at the Peine steelworks will be fitted out to cast slabs.

Salzgitter pioneering SALCOS project is aiming to move step by step towards low-CO2 hydrogen-based metallurgy.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:23

Enforcement Directorate Probing Resolution Professional of BPSL

Business Standard reported that JSW Steel’s INR 19,700 crore bid to acquire Bhushan Power & Steel is again in trouble as the resolution professional of the latter has come under the Enforcement Directorate’s scanner. Enforcement Directorate carried out an extensive search operation at four premises belonging to the RP and a former director of the debt-ridden steel company on allegations of certain irregularities. An official said the three premises at Delhi and one at Gurugram have been covered so far in connection with the ongoing money laundering probe against the beleaguered steel firm.

Last year, the ED attached assets worth over Rs 4,000 crore of BPSL for an alleged bank loan fraud by the company’s former owners.

The BPSL case is in the final leg of hearing in the Supreme Court. The ED had filed an appeal against a National Company Law Appellate Tribunal order that ordered the agency to release assets of BPSL attached under the Prevention of Money Laundering Act. The attachment order came about seven months after JSW Steel was declared a successful resolution applicant for the debt-laden BPSL. JSW Steel is seeking immunity under Section 32A of the insolvency law, which provides immunity to the corporate debtor. However, the ED was objecting to the applicability of Section 32A of the insolvency law to the JSW-Bhushan deal on two counts.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:24

Posco International Expanding E Commerce Platform Steel Trade

Korean media reported that the international trading subsidiary of the Posco group Posco International signed a partnership with four domestic steel retailers, including Chungnam Steel and SinSteel, to enable them to reach customers on its e-commerce platform, Steel Trade, which was launched in November. Posco International plans to provide sophisticated services after analyzing consumer consumption patterns based on data to raise their convenience.

At the beginning, most products sold on Steel Trade were steel plates. Posco International expects its offerings to expand to steel pipes, wire rods, secondary steel products and long steel products. The online platform allows potential customers to check stock information in real time. Customers are also able to choose by price and quantity, which wasn’t possible in the past when steel wasn't commonly sold online, according to Posco International.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:25

Tata Steel launches FerroHaat App for Sourcing Steel Scrap

Tata Steel’s Steel Recycling Business division has launched FerroHaat to source steel scrap from the traders. The new App is a major step by the Company to organise India’s scrap market while also providing a reliable source of scrap metal for the Steel Industry. The FerroHaat App is a LIVE 24x7 market place to sell scrap. It is user friendly and hosts different sections like Bazaar for business transactions, Khaata for a snapshot of the supplier’s account, Samachaar for vital market information and Abhaar for recognition and appreciation initiatives. The overriding principle behind the launch of FerroHaat and digitalising the scrap market is to provide an easy-to-do-business platform for traders. By providing a transparent and robust platform for trading in scrap metal, FerroHaat will remove element of uncertainty in this business.

Tata Steel is setting up scrap processing plant of 0.5 million umtonnes per ann capacity in Rohtak in Haryana. The recycling plant will primarily collaborate with local traders of scrap yards, car dismantlers other than small and medium steel industries in the National Capital Region and Haryana region. This initiative aims to provide the much-needed raw material fillip to the steel industry by making available quality processed ferrous scrap, streamlining the currently unorganised scrap supply chain, lowering the dependency on imports, and enhancing the transparency and efficiency in the entire value chain.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:25

Danieli Automation Q-Space1 Supporting Digital Assistance

In the weeks starting from June 17, Factory Acceptance Tests for the hot-strip mill automation of Nucor Steel Gallatin QSP plant were executed at Danieli Automation in Italy. Q-Space1 allowed Nucor Steel Gallatin to participate in the tests despite travel restrictions linked to the current pandemic. Making the most of augmented, mixed and virtual reality, the FAT were conducted, supporting technicians throughout the field execution process, enhancing their skills for faster and more efficient completion of service and repair tasks. Danieli Automation Q-Space1 augmented reality, knowledge management features and artificial intelligence enabled the extended collaboration of teams by bringing together workers through a combination of live video, audio and annotations of the live shared view. The complete automation system of the hot-strip mill was installed in a dedicated space at Danieli Automation headquarters, along with the hardware and software infrastructure required for real-time data exchange and live shared views.

Q-Space1 was set up with a fixed camera providing a panoramic view of the FAT area and a helmet-mounted camera to view the details of the main control desks and local control stations. Danieli Automation and Nucor teams ran the full set of tests as if they were in the same room, with the Nucor team actually operating the system from remote and the Danieli Automation team acting as lookouts and providing the “physical” interfacing with the automation hardware.

Both teams were able to share the same application software tools in real time, providing clarification on the structure of various control functions.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:26

England & Wales High Court Rules against Mr Sanjay Singal in KfW Case

Hindustan Times reported that the commercial division of the England and Wales high court has ruled against Mr Sanjay Singal, former chairman and managing director of Bhushan Power & Steel Ltd, awarding Germany-based claimants GBP 150 million, besides litigation costs of over GBP 365,000. The claims are against three loans advanced by two linked German institutions, KfW and KfW Ipex-Bank GMBH to BPSL in 2009 and 2013. The loans advanced were intended for BPSL to acquire machinery and equipment for what was known as Stage IV and Phase VI of a construction project at its facility in Orissa. Under the loan agreements, any dispute was to be settled in English courts.

Judge Christopher Hancock noted that BPSL entered into a form of insolvency process under the Indian Insolvency and Bankruptcy Code 2016 known as the Resolution Process, but rejected Singal’s denial of liability to repay the loans on the ground that BPSL is subject to the Indian insolvency process. The judgement said “By participating as creditors in BPSL’s insolvency, the Claimants did not submit their claims against anyone else (eg Mr Singal) to the jurisdiction of the Indian Courts. Nor has there been any order in the BPSL insolvency purporting to affect those claims. On the contrary, the BPSL Resolution Plan expressly makes clear that the rights of BPSL’s creditors to sue under guarantees of BPSL debts are unaffected: see Schedule B to the Resolution Plan at 1.8(f). I have concluded that it is clear that Mr Singal has no real prospect of successfully defending this claim, and that accordingly the Claimants are entitled to summary judgment. I am, further, satisfied, having been taken through the Schedule in which the quantum of the Claimants’ loss is particularised, and the documents supporting that schedule, that the Claimants are entitled to the sums claimed.”

Mr Singal, who furnished guarantees as part of the loan agreements, was the CMD of the company at the time the loans were advanced. He was not present at the court hearing, he was earlier represented by English lawyers, but has not been playing an active part in the case.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:27

Severstal Sells Pipes According To Tolling Model

Severstal presented the interim results of the implementation of the partnership scheme for the production and supply of electric-welded pipes for the construction industry at the 10th All-Russian Conference “Steel Pipes: Production and Regional Sales”. Despite the difficulties during the pandemic, Severstal ensured 100% utilization of CherMK's capacities by acquiring new customers and expanding the geography of sales in Central Asia, Northern Europe and the Far East. The company is also actively developing a tolling scheme in the domestic market, offering hot-rolled coils for processing on a tolling basis to independent pipe plants.

In metallurgy, the tolling model of cooperation between a manufacturer of rolled metal products and a processor presupposes that the manufacturer retains responsibility for the sale of finished products. This partnership scheme gives each of the parties certain benefits:

For the processor - The provision of rolling stock (especially in the season), a guarantee of a completed portfolio of orders, as well as minimizing the need for working capital

For a manufacturer - An opportunity to better understand consumer requirements and timely adapt their production to market requirements.

Currently, Severstal is implementing a tolling model with partners such as Ryazan TZ, Borsk TZ, Nizhne-Volga TZ and expects to expand its geography of presence. From January to June 2020, the volume of rolled metal products processed in this way almost tripled - from 10.9 thousand tons to 27.8 thousand tons. During the same period, under the tolling scheme, Severstal delivered more than 110 thousand tons of pipes to customers.

Source : STRATEGIC RESEARCH INSTITUTE

voda 20 augustus 2020 15:32

Mechel Reports Operational Results for H1 of 2020

Mechel PAO announced operational results for H1 of 2020. Mechel PAO’s Chief Executive Officer Oleg Korzhov said “We do not see any significant impact of the COVID-19 pandemic on our mining segment’s operational results. Our facilities function in a stable mode and fulfill their obligations regarding product shipments. However, the pandemic’s effect on the steel division’s 2Q2020 sales is obvious, in both export and domestic markets. There was no traditional seasonal spike in demand.”

He said “In the steel division, pig iron and steel output went up by 5% and 6% accordingly as major overhauls of Chelyabinsk Metallurgical Plant’s blast furnace and converter were completed. Considering our country’s difficult epidemiological situation, we adapted to market needs and our clients’ requirements insofar as ready product output and sales policy were concerned. And even though the construction season started out late, the overall sales of long rolls remained at the first quarter’s level, with a three-percent increase year-on-year, primarily due to rebar sales. Sales of the universal rolling mill’s shapes and sections went down in the second quarter due to a noticeable slump in demand for high-margin products in this period.”

Voor cijfers, zie pdf.

Source : STRATEGIC RESEARCH INSTITUTE

Bijlage:

voda 20 augustus 2020 15:33

MMK Joins International Project “Engineers of Victory”

Magnitogorsk Iron & Steel Works has joined the “Engineers of Victory” project organised by the international festival “OT VINTA!”, under the aegis of the Russian Ministry of Industry and Trade. As part of the project, the website of the National Electronic Library (operated by the Russian State Library) will house a section containing the stories of the engineers and enterprises who forged the victory in the Great Patriotic War otvinta.rusneb.ru. Dozens of scientific and industrial organisations have already joined the project, including OSK, Russian Helicopters, Roskartografia, GAZ, National University of Science and Technology MISiS, the Central Scientific Research Automobile and Automotive Engines Institute NAMI, as well as hundreds of Russian citizens.

During the War, MMK’s specialists were forced to master the production techniques of armoured and other military-grade steel ‘on the go’. At the recommendation of scientists from Leningrad, the plant began smelting armoured steel using the duplex process from the first days of the war. The process was innovative: it involved the use of heavy-duty open-hearth furnaces, whereas before the war armoured steel was produced only using low-tonnage furnaces. By 23 July 1941, the plant had smelted its first batch of armoured steel.

In the summer of 1941, while the plant lacked a plate mill for rolling tank armour, MMK’s engineers mastered rolling armoured plate on blooming mills, designed only for pressing steel ingots. The risk was immense – such methods were previously unknown in global ferrous metallurgy. However, as early as 28 July the first armoured plate was successfully produced on a blooming mill, and tank factories began receiving MMK’s metal a month and a half ahead of the schedule set by the State Defence Committee. The first tanks produced using Magnitogorsk steel had their baptism by fire during the battles for Moscow.

In the autumn of 1941, MMK once again revolutionised the production process of quality steel, having mastered a technique new to the whole world – smelting armoured steel in heavy-duty furnaces with a “principal” hearth (without the use of the duplex process). This greatly reduced the time spent on its production. Once machinery evacuated from the western regions of the USSR had arrived in Magnitogorsk, MMK was able to speed up production of armoured plate as well: in October, production increased threefold in comparison with August, and in December – sevenfold.

The plant manufactured not only tank armour – in 1941, MMK also introduced and mastered production techniques for machine-guns, axle steel and chrome steel grades. The plant’s production range constantly increased: smelting of turret armour for tanks and armoured cupolas for pillboxes was organised. New lathe and new mechanical shops began producing shell and bomb casings. In the first six months of the war, Magnitogorsk became an industrial powerhouse, vital to the defence of the USSR: 38 facilities of the People’s Commissariat of Ferrous Metallurgy were relocated to the city. 34 of these would be located on the territory of MMK itself.

Having endured the immense pressure of the first months of the war, between 1941 and 1945 MMK maintained the highest level of production, combining steady fulfilment of quotas with modernisation of the plant. During the war years, 2 travelling-grate sintering machines, 4 coke batteries, 2 blast furnaces, 5 open-hearth furnaces, an armoured plate mill, medium-sheet “mill 2350”, a steam-blowing power plant, and a group of special shops were all constructed at MMK. The productive capacity of fireproof facilities doubled. Magnitostroy Trust built new industrial objects in record time and with unprecedented methods: for instance, the blast furnace was constructed using enlarged components. The oven casing was assembled from entire belts weighing up to 14-19 tonnes. This method had never been used before anywhere in the world, and it reduced assembly time by five times.

Between 1941 and 1945, the plant smelted more than 1.2 mln tonnes of armoured steel and supplied the tank factories with 750 thousand tonnes of armoured plate. Half of the T-34 tanks produced in the USSR during the war were built with metal supplied by MMK, as for the armour for Soviet heavy tanks and self-propelled guns, it was produced by MMK exclusively. One third of all shells used by the regular army were cast with Magnitogorsk metal.

Metallurgists, starting with MMK’s director Grigory Nosov and ending with rank-and-file employees, worked at peak capacity. Under wartime conditions, large numbers of women worked at the plant (for example, in early 1943 they accounted for 38.5% of all workers) and young people (during the war the factory schools trained some 27 thousand qualified workers for MMK and Magnitostroy Trust). “For the exemplary fulfilment of the tasks set by the State Defence Committee in supplying the defence industry with quality metal”, the plant’s community was awarded the Order of Lenin (in 1943) and the Order of the Red Banner of Labour (1945).

Source : STRATEGIC RESEARCH INSTITUTE

voda 21 augustus 2020 14:50

EEPC Seeks to Bring Domestic Steel Prices Down

Engineering goods exporters have voiced their concern against rising domestic steel prices. Engineering Export Promotion Council of India said “In the backdrop of restrictions on imports from China, Vietnam and South Korea, Indian steel makers have raised the prices across different product categories, making the raw material cost for user industries sky high and leaving the engineering exporters non competitive in the international market.The price rise needs to be contained so that the benefits of ‘Aatmanirbhar Bharat’ are shared widely with the MSME manufacturing exporters and not pocketed by large steel makers.”

EEPC further pointed out that the protection against imports was largely accruing to steel makers at the cost of engineering units, particularly those in MSME sector, who have suffered the most under the the Covid-19 impact.

Source : STRATEGIC RESEARCH INSTITUTE

voda 21 augustus 2020 14:51

Tata Steel Still in Discussions with UK Government for Revival Package

Tata Steel Chairman Mr N Chandrasekaran while speaking at the company’s 113th annual general meeting said that “Tata Steel UK is not profitable and continues to be a drag, so we are in talks with the UK government.The talks are not over yet and that is all that I can tell you at this point. If we have a successful outcome it is good, but if we do not have a successful outcome then we are also thinking through our alternative options. The intent is to find a solution which is lasting.”

Tata Sons is reported to be seeking GBP 900 million from the UK government’s Project Birch fund, which was set up to provide state support for strategically important businesses hit by Covid-19.

Source : STRATEGIC RESEARCH INSTITUTE

voda 21 augustus 2020 14:52

BPSL Removed Steel Worth INR 700 Crore – ED

Hindustan Times reported that the Enforcement Directorate, which has raided Bhushan Power and Steel Ltd Resolution Professional Mr Mahender Kumar Khandelwal, said that he helped the former promoters of the company in clandestinely clearing finished goods for which he was paid in cash.
ED said “The BPSL had engaged in clandestine clearances of finished goods from its Odisha Plant to its plants at Kolkata and Chandigarh. Goods valued at Rs 700 crore had been cleared without payment of applicable taxes and duties and without issuance of any statutory invoice. This practice which was resorted to by the erstwhile management of the company had continued even after initiation of Company Insolvency Resolution Process and some irregularities on part of Resolution Professional Mr MK Khandelwal were also revealed.”

The raids were conducted at the offices and residence of Khandelwal in Delhi and Gurugram apart from the residence of BPSL’s former director. ED said “Incriminating documents, laptops, mobile phones, extracts and other valuables such as jewellery worth INR 86 lakh were seized. Incriminating documents indicating receipt of cash by MK Khandelwal while discharging duties of Resolution Professional & Interim Resolution Professional have also been seized.”

ED added “Huge cash payments to various individuals outside the books of accounts indicate siphoning and generation of cash from various concerns undergoing process of CIRP under NCLT.”

The former promoters of BPSL are under investigation for diverting Rs 4,025 crore bank funds taken as loans.

Source : STRATEGIC RESEARCH INSTITUTE

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