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Conares Exports 75KT Steel Rebars to US from Jebel Ali Port

DP World’s Jebel Ali Port carried out the export of 75,000 tonnes of rebar to US for leading Dubai based steel manufacturer Conares. With this export, DP World UAE Region and Conares collaborated to contribute to the UAE’s “Operation 300bn” initiative. The rebars that were manufactured at Conares’ facility in the industrial sector of Jafza were exported internationally for the first time with end-to-end handling of the cargo done by DP World’s Jebel Ali Port Operations. This first-of-its-kind operation will open doors for many more such business operations.

Conares Chairman Mr Bharat Bhatia said “Conares aligns its model to support the industrial goals of the nation. The export shipment is a step towards supporting this national goal and showcasing its commitment to contribute towards making this a reality. The export of this shipment coincides with Conares’ 10th anniversary of its rebar mill. Over 10 years, Conares has handled 10 million tonnes of steel and achieved AED 10 billion in revenue.”

Conares has been in the steel trading business since its inception in 1988 with its state-of-the-art manufacturing facility headquartered in Jafza since 2000. Conares has helped in building megaprojects projects like the Etihad Rail, Abu Dhabi Midfield Terminal, Expo 2020, Dubai Metro, Dubai Opera, Museum of Future, to name a few. The company is among the top steel rebar mills operating round the clock to serve the UAE’s upcoming projects in infrastructure development and industrial sectors. The market value of Conares’ assets exceeds AED 1.5 billion and is expected to cross AED 2 billion per annum in the next few years.

Reinforcing business in the free zone, the ecosystem at Jebel Ali Port is renowned as the region’s polyfunctional port with advanced capabilities. Over the last 10 years, from 2010 to 2019, the port handled a record one billion tonnes in steel and construction, handling an average of 4.5 million TEU. Additionally, over 50 million metric tonnes of general cargo were handled during this period.

Source - Strategic Research Institute
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Study Underway for DRI Based Steel Plant in Botswana

Tsodilo Resources Limited has provided an update on its wholly owned Xaudum Iron Project. The Company has entered into a research collaboration endeavor with the Department of Chemical, Materials and Metallurgical Engineering at the Botswana International University of Science and Technology and Morupule Coal Mine to undertake metallurgical studies with respect to the potential of generating a Pellet Feed and Direct Reduced Iron product from the Xaudum Iron Formation utilizing its magnetite and Morupule Coal Mine’s coal as a reductant. Commercially, these high-grade pellets and DRI product would be used to produce steel steel in electric arc furnaces within Botswana, the region and internationally.

Metallurgical results show that the XIF magnetite product is expected to be a premium high-grade product containing +67% iron magnetite that will be ideal pellet feed material. High-grade magnetite pellet feeds at 67% Fe and above have been shown to lower GHG emissions compared to standard feed of 62% iron hematite fines. The collaboration study with BIUST and MCM will identify if the XIF magnetite can be further beneficiated to a pellet feed and upgraded to a DRI pellet or similar product using Botswana coal as the reductant.

High-grade concentrates and pellets of 67% Fe, such as the XIF products, offer a net environmental benefit over its life-cycle compared to classic lower grade, Direct Shipping Ores of 62% Fe hematite fines, by saving carbon emissions in steel production. Where this carbon saving is derived from the inherent differences in the chemical make-up of magnetite vs. hematite, where magnetite is exothermic, has a higher iron content, lower impurities and, reduces fluxing. High-grade ores over 65% Fe currently command larger price premiums over standard ores of 62% Fe resulting in higher margins for suppliers of high-grade products. The current global drive for lower emission steel production results in steel producers dramatically increasing their demand for these high grade ores.

The business case for generating pellet feed, DRI products, and low emission steel from the XIF magnetite is just one of the scenarios that are to be evaluated in the Company’s current Preliminary Economic Assessment

Morupule Coal Mine, initially known as Morupule Colliery, was established in 1973 by Anglo American. MCM is currently 100% owned by the Minerals Development Company Botswana, itself 100% owned by the government of the Republic of Botswana. MCM operates a 3 million tonnes per annum mine within a 4 billion tonne classified semi-bituminous thermal coal resource in a fairly favorable geological setting.

Source - Strategic Research Institute
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LIBERTY Galati Exports Blast Furnace Slag to France

LIBERTY Galati has for the first time exported 50,000 tonnes of blast furnace slag, so that it can be converted into very low carbon cement at a specialist factory in France. A ship loaded with granulated blast furnace slag, which is produced in LIBERTY Galati’s own facilities through the processing of hot liquid slag, has been sent to a prestigious cement manufacturer in France. That company operates an innovative technology which uses slag, clay and plaster in a kiln and clinker-free production process. The new process is environmentally protective as it does not involve the extraction of limestone, does not release gases into the atmosphere and, eventually, reduces the carbon footprint of the cement by 80%.

The classic cement-making process uses a rotary kiln where the raw materials are heated up to 1,450 degrees Celsius, which also generates the clinker by-product, largely responsible for the carbon footprint of the cement.

LIBERTY Galati produces about half a million tonnes of blast furnace slag yearly.

Source - Strategic Research Institute
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Stena Germanica Refuels with Recycled Methanol from Steel Gases

In 2015 Stena Line made history by converting one of the largest RoPax ferries in the world, the 240-meter Stena Germanica, to become the world’s first methanol powered RoPax ferry. In 2021 Stena Line tookthe next step on our sustainable journey by refueling the vessel with methanol recycled from residual steel gases. On 26 March 2015, Stena together with several partners, including Methanex, Wärtsilä and EU’s Motorways of the Seas project, made history when the Stena Germanica, converted to the world’s first methanol powered RoPax ferry, started operating on the Göteborg – Kiel route. The dual-fuel system onboard Stena Germanica allows the vessel to run on both methanol and diesel fuel and since then it is a part of the daily operation. Methanol is a fossil fuel, but cleaner than traditional marine fuel. Sulphur and particles are reduced by 90 % and nitrogen with 60 %. The conversion project was unique and established methanol as a marine fuel.

On 22 June 2021 Stena took the next step by refueling Stena Germanica with recycled methanol from residual steel gases. The steel industry and maritime sector are two of the world’s biggest emitters of CO2, accounting for as much as 8 % and 2.5 % of CO2 emissions, respectively. The EU-funded FReSMe project explores the possibilities to convert CO2 to methanol via steel production to power marine transport. Stena is one of many partners in then project, which also includes the Swedish steel production company SSAB and the Swedish metals research institute Swerim.

Source - Strategic Research Institute
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ArcelorMittal announces change in segmental reporting
Jun. 28, 2021 5:30 AM ETGlobeNewswireArcelorMittal (MT)
28 June 2021, 11:30 CET

As previously announced in ArcelorMittal’s (‘the Company’) first quarter 2021 financial results, following the Company’s steps to streamline and optimise its business, primary responsibility for the management of its captive mining operations (those mining operations which primarily serve the Company’s steel operations) will be moved from its Mining segment to the relevant steel segment. The Mining segment will retain responsibility for the operation of the seaborne-oriented mining operations at ArcelorMittal Mines Canada (AMMC) and Liberia and will continue to provide technical support to all mining operations within the Company.

As a result, effective from the second quarter 2021, ArcelorMittal will amend its presentation of reportable segments to reflect this organisational change, as required by IFRS accounting regulations. Only the seaborne-oriented operations of AMMC and Liberia will be reported within the Mining segment, which will be renamed ‘Seaborne Iron Ore’. The results of the Company’s other mining operations will be accounted for within the respective steel segments that the mines supply.

The following periods – half-year and full-year 2018, half-year and full-year 2019, quarterly, half-year and full-year 2020, and first quarter 2021 - have been recast in the Company’s published analyst model which can be viewed here - corporate.arcelormittal.com/investors...

ENDS

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2020, ArcelorMittal had revenues of $53.3 billion and crude steel production of 71.5 million metric tonnes, while iron ore production reached 58.0 million metric tonnes.

Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal please visit: corporate.arcelormittal.com/
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Hot-rolled steel price reaches record as infrastructure deal whets appetites

Jun. 28, 2021 6:55 PM ETCLF, NUE...By: Carl Surran, SA News Editor12 Comments

Hot-rolled coil prices have more than tripled over the past year to reach an all-time high $1,801/short ton today in New York, after gaining 2.7% since President Biden said he reached the $579 infrastructure deal on Thursday.

ETF: SLX
Relevant tickers include X, NUE, CLF, STLD, MT, RS

The total amount of the U.S. government's plan likely will be greater than the bipartisan compromise, says Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management.

"This is a scenario that we do not think markets are fully pricing for yet, and thus could provide a tailwind for the reflation trade if momentum for a 'two-bill' track builds," Marcelli says.

In addition to continued tightness throughout the steel supply chain in the U.S., logistics issues from trucking to railcars to deepsea freight also are an ongoing market hindrance, S&P Global Platts reports.

Despite huge returns over the last 12 months, Cleveland-Cliffs shares have at least 50% upside remaining through the end of this year, Another Silicon Valley Investor writes in a bullish analysis newly published on Seeking Alpha.

Now read: Cleveland-Cliffs, Steel Dynamics top steel picks at JPM; U.S. Steel a Sell
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Steel Going Into Biden’s Infrastructure Plan Reaches New Record
Yvonne Yue Li, Bloomberg News

BC-Steel-Going-Into-Biden’s-Infrastructure-Plan-Reaches-New-Record , Yvonne Yue Li

(Bloomberg) -- A key steel product used in construction and automobiles reached a new record Monday as U.S. President Joe Biden pushes ahead with his infrastructure spending plans.

Hot-rolled coil for July delivery rose as much as 0.7% to $1,801 a short ton in New York, an all-time high, after gaining 2.7% since the president secured a $579 bipartisan infrastructure deal on Thursday. Prices have more than tripled in a year.

Commodities from steel to iron ore to copper have gained strongly this year, partly on bets that massive U.S. government spending to rebuild infrastructure including railroads, highways and bridges as economies reopen from the pandemic will boost demand.

The infrastructure spending deal, yet to be passed, includes funding for items ranging from fixing bridges to electrifying buses and upgrading airports and waterways. Biden expects Democrats to ram through an even larger bill with more spending alongside the bipartisan legislation.

The total amount of Biden’s infrastructure plan is likely to be greater than the bipartisan compromise, according to Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management.

“This is a scenario that we do not think markets are fully pricing for yet, and thus could provide a tailwind for the reflation trade if momentum for a “two-bill” track builds,” Marcelli said in a note.

Still, “the nature of much of this spending means it will be spread out over a multi-year period, and tax increases could be part of the mix. So, the stimulative impact on markets overall may not be very large,” she said.

For the industrials sectors, the spending deal “will still be a material step up in spending for companies exposed to roads, bridges, transportation, water and broadband communications,” Marcelli added.

Other beneficiaries would be engineering and construction, steel, and building materials related stocks, according to her.

©2021 Bloomberg L.P.

www.bnnbloomberg.ca/steel-going-into-...
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ArcelorMittal Merges Captive Mines Management with Steel Mills

ArcelorMittal announced that primary responsibility for the management of its captive mining operations, those mining operations which primarily serve the Company’s steel operations, will be moved from its Mining segment to the relevant steel segment. The Mining segment will retain responsibility for the operation of the seaborne oriented mining operations at ArcelorMittal Mines Canada and ArcelorMittal Liberia and will continue to provide technical support to all mining operations within the Company.

As a result, effective from the second quarter 2021, ArcelorMittal will amend its presentation of reportable segments to reflect this organisational change, as required by IFRS accounting regulations. Only the seaborne-oriented operations of AMMC and Liberia will be reported within the Mining segment, which will be renamed ‘Seaborne Iron Ore’. The results of the Company’s other mining operations will be accounted for within the respective steel segments that the mines supply.

Source - Strategic Research Institute
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Russia Imposes Export Taxes on Steel & Non Ferrous Metals

Russian Prime Minister Mr Mikhail Mishustin has signed a decree that will introduce export duties on ferrous and non ferrous metals starting 1 August 2021 for sales outside the Eurasian Economic Union. The duties on 340 products, ranging from USD 54 to USD 2,321, will be in effect through the end of December 2021. The duties, which are intended to control inflation of metal prices domestically and cool domestic metal prices are expected to raise approximately RUB 160 billion rubles over that five-month period. The taxes are said to compensate consumers for rapid rises in commodity prices of between 60% and 100% over the last 12 months.

The duty’s base rate will be 15%, with the following specific rates for each product

Iron ore concentrate – USD 54 per tonne

Flat hot-rolled steel and rebar – USD 115 per tonne

Cold-rolled mill products and wire – USD 133 per tonne

Stainless steel and ferroalloys –USD 150 per tonne

Aluminium – USD 254 per tonne

Copper – USD 1,226 per tonne

Nickel – USD 2,321 per tonne

The duties will not be applied to Russia’s aluminium exports to countries within the Eurasian Economic Union ie Armenia, Belarus, Kazakhstan and Kyrgyzstan. All Russian steel products for export outside of the EAEU with a bill of lading dated August 1 or later would be subject to the tax

Russian metal companies denounced the measure as discriminatory and purely fiscal. Nornickel President & Chairman Mr Vladimir Potanin told journalists “The government's incentive is clear, social justice in the form of larger contributions to the public budget from highly profitable companies, but the tools should have been more fine tuned."

Source - Strategic Research Institute
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US DOE Selects Dastur for CCU Project at Steel Mill in US

Ridgewood New Jersey based Dastur International Inc, along with its affiliate companies Dastur Energy Inc and MN Dastur & Co (P) Ltd, has been awarded a US Department of Energy funded study for the design and engineering of a carbon capture project for a large integrated steel producer in North America. The project is designed to enable the production of low carbon emissions steel through CO2 capture of up to 2 million tonne per annum from the available blast furnace gases. This is the first industrial-scale carbon capture project for the steel sector in North America. Dastur is the Prime Recipient of the Award and will be supported by Boulder Colorado based ION Clean Energy Inc and Austin Texas based University of Texas at Austin’s Jackson School of Geosciences.

Addressing a major share of carbon emissions in the integrated steelmaking process, the project aims to design an industrial scale and cost-effective solution for the capture and disposition of CO2 and provide a hydrogen-rich gas stream for meeting the energy needs of the host steel plant. Dastur’s proposed approach and design targets to bring down the cost of capture and disposition to mid USD 40 per tonne of CO2, a significant improvement over incumbent solutions in the 60-100 USD per tonne range

Along with its partners, Dastur will draw upon its intellectual property & know-how in gas conditioning, system design & engineering, steel sector expertise, carbon capture technology & storage and sequestration expertise to engineer a flexible, scalable and cost-effective industrial-scale carbon capture & management solution. A successful & cost-effective industrial-scale solution could serve as a reference for other integrated steel plants in the USA, as well as the major steel-producing geographies like China, Japan, South Korea, and India, where steel capacities are largely blast furnace based.

The Biden Administration, in its 2030 Greenhouse Gas Pollution Reduction Target, has announced that “The United States can address carbon pollution from industrial processes by supporting carbon capture as well as new sources of hydrogen, produced from renewable energy, nuclear energy, or waste, to power industrial facilities.”

Source - Strategic Research Institute
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GFG Alliance Announces Major Restructuring for Refinancing

GFG Alliance and LIBERTY Steel Group’s Restructuring and Transformation Committee has provided an update on the restructuring of GFG’s steel businesses. The developments help pave the way for a refinancing which will enable GFG to pay back creditors following the collapse of its main lender Greensill Capital. This in turn will allow GFG to refocus its business, protect jobs and develop further its remaining assets. Chief Restructuring Officer Mr Jeffrey S Stein said “We are aware of the significant challenges facing the group but are pleased that we are making good progress to refinance, repay creditors and refocus the group on our core assets. Much remains to be done but we are optimistic that a vibrant, well-funded, profitable and sustainable business will emerge as we systematically restructure and transform the group.”

The Restructuring and Transformation Committee was established on 5th May 2021 to restructure LIBERTY’s operations to focus on core profitable units, and with a brief either to fix or to look at the option of selling underperforming units. Since May, the Restructuring and Transformation Committee has evolved a strategy for LIBERTY’s future which will see the company focus on its primary metal production hubs and associated downstream units, and renewable energy developments, to support its GREENSTEEL vision. The restructuring will support GFG’s progress on refinancing of the group, which has been boosted by the strength of core assets and record steel, aluminium and iron ore prices.

In its reformed state, LIBERTY will be focused on core business units, including InfraBuild and LIBERTY Primary Metals Australia in Australia and the LIBERTY Ostrava and LIBERTY Galati steelworks in Europe. These will continue to be operationally and commercially developed to improve their generation of cash and profits. The plan also incorporates a restructured and refocused UK business as well as more closely integrating the European downstream steel plants into LIBERTY’s major businesses.

As part of that process GFG Alliance and the Restructuring and Transformation Committee have already achieved the following

1. GFG Alliance and Credit Suisse Asset Management have agreed a formal standstill agreement with regard to LIBERTY Primary Metals Australia which will enable the business to complete full refinancing

2. Progressing the refinancing of LIBERTY Primary Metals Australia, with White Oak Global Advisers LLC. The refinancing will be sufficient to pay out LIBERTY Primary Metals Australia’s Greensill debt in full.

3. Agreement on a framework with Greensill Bank’s administrator for positive direct engagement to achieve an amicable resolution

4. Submission of refinancing memoranda to interested parties for LIBERTY Steel Continental Europe, including major primary production hubs in Ostrava and Galati

5. Development of new business plans, asset strategy and management structure for LIBERTY Steel UK

Source - Strategic Research Institute
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RINL Vizag Steel Plant Workers on Strike Today

Express News Service reported that 15 steel plant unions, barring INTUC, are going for one-day strike at Rashtriya Ispat Niam Limited on 29 June 2021 as talks with National Joint Committee for Steel failed to end deadlock over wage revision of steel workers, an issue which has been pending over four years. RINL workers will observe the strike for both wage revision and protection of the steel plant from privatisation. Congress trade union wing INTUC has decided to stay away from the strike stating that it should be deferred till final talks are over.

The public sector steel workers’ wage agreement is revised every five years by the NJCS comprising representatives of SAIL & RINL management and the central trade unions. During the talks, the management came forward to give 13% of minimum guarantee benefit against 15% demanded by the unions. However, talks on perks ended in a deadlock. While unions demanded 35% perks on revised basic pay like other PSUs, the management offered only 15%.

Incidentally, Steel Authority of India employees have also called for a strike on June 30 to press for their wage revision demand. The decision could affect the company's production and mining activities on that day as about 200,000 permanent and contractual workers are expected to join the cease work.

The strike will be across plants and mining operations.

Source - Strategic Research Institute
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AM/NS India Executes Paperless LC Transaction with ICICI Bank

PTI reported that AM/NS India has executed a paperless bill discounting transaction in partnership with ICICI Bank. AM/NS India said “The end-to-end electronic transaction, comprising digital issuance of letter of credit, advisory and presentment of documents took place among AMNS India, its Baroda-based customer Vijay Tanks and ICICI Bank.”

ICICI Bank was the intermediary between the buyer and seller. The bank’s branch in Baroda, Gujarat, issued an LC for the buyer Vijay Tanks, while its branch at Hazira advised and negotiated for the seller AMNS India. The terms of the LC required AMNS India to digitally present the documents to ICICI Bank evidencing the transaction flow.

In paper-based trades, physical goods at times arrive before their supporting documents, leading to corporates incurring demurrage charges. In the present day, the process of issuing LC is very slow as it requires human support to prevent frauds, authenticate transactions, and balance the ledger, which needs to be manually done. To make this process easy, many banks in India are coming forward to make use of Blockchain technology. It is a digital system that can record the information where the possibility of cheating and hacking the systems are eliminated. Blockchain technology is capable of solving all central issues along with elemental frauds. A total of 15 banks have agreed to use this new blockchain technology. Out of 15 banks, four are state-owned, 10 are private lenders and one foreign bank. The state-owned banks are the State Bank of India, Bank of Baroda, Indian Bank, and Canara Bank. The other 10 privately owned banks are ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, RBL Bank, Industrial Bank, Yes Bank, South Indian Bank, Federal Bank, and IDFC First Bank. The lone foreign bank is Standard Chartered. All the major 15 banks are planning to form a new company called ‘Indian Bank’s Blockchain Infrastructure Company Private Limited investing INR 5 crore each, in dealing with transactions easily. The procedures for setting up this company are likely to be completed by June 30. The total capital of the IBBIC will be INR 75 crore.

Source - Strategic Research Institute
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Liberty Steel to Merge Downstream Assets in EU with Galati

GFG Alliance and LIBERTY Steel Group’s Restructuring and Transformation Committee, while providing an update on the restructuring of GFG’s steel businesses, also announced

1. Merger of downstream assets at Liège-Dudelange & Magona with Liberty Galati

2. Supply of HRC from Liberty Galati to Liège-Dudelange & Magona

3. Sale of UK aerospace and special alloys steel business in Stocksbridge

4. Focus on developing Rotherham plant in UK

5. Strategic options for UK Engineering business

6. Options for Cultana Solar Farm & Playford Battery projects in Australia

GFG Alliance and LIBERTY Steel Group’s Restructuring and Transformation Committee is developing plans to merge its European downstream businesses, LIBERTY Liège-Dudelange in Belgium & Luxembourg and LIBERTY Magona in Italy, into the LIBERTY Galati organisation to optimise operational integration between the three plants. Under the restructuring LIBERTY Galati will become the primary supplier of Hot Rolled Coil to LIBERTY’s downstream businesses, ensuring a secure and sustainable supply of their raw material. As part of the restructuring, LIBERTY Steel Downstream in Europe CEO Mr Renaud Moretti will now report to LIBERTY’s Primary Steel and Integrated Mining CEO Mr Paramjit Kahlon. The initial stages of that restructuring programme have already started, with the first supplies of HRC from LIBERTY Galati expected to arrive at the downstream plants within the next few weeks, allowing them to restart their lines soon afterwards. The company will continue in its constructive dialogue with unions and works councils on these changes.

In addition, restructuring of LIBERTY Steel UK is continuing to assess a sales process for its UK aerospace and special alloys steel business in Stocksbridge, which while being a unique, high quality business servicing marquee customers, is not core to LIBERTY’s future. This sale will allow LIBERTY to focus on developing its Rotherham plant, including its low carbon emitting electric arc furnaces, into a competitive two million tonnes plant. On the 2nd July LIBERTY Steel UK Managing Director Mr Jon Ferriman will be stepping down. Joining LIBERTY Steel UK as Chief Executive Officer is Mr Roy Chowdhury who brings with him thirty years of industry and turnaround experience. Mr Roy is joined by Mr Anton Krull as LIBERTY Steel UK’s new Chief Financial Officer. A new management structure to support LSUK’s revised business plan will be announced shortly.

The Restructuring and Transformation Committee has also been exploring strategic options regarding the future of the UK Engineering business. The process, which is being supported by Alvarez & Marsal, is focused on identifying new owners which would provide a sustainable future for the business serving automotive OEMs. GFG Alliance and the business’s key customers will continue to work together to provide adequate cash flow to keep the business solvent until the sale process is completed.

The Restructuring and Transformation Committee continues to explore potential strategic partnership or sale options for the Cultana Solar Farm and Playford Battery projects in South Australia. The options under consideration will include SIMEC retaining an interest and with GFG retaining priority access to this energy for its Whyalla development plans. This will expedite ways to power the Whyalla operations with low cost renewable energy, which is key to GFG’s future ambitions to scale up production and introduce hydrogen steel making.

Source - Strategic Research Institute
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Mukand to Increase Stainless Steel Production at Thane Plant

Special steel maker Mukand’s CMD Mr Niraj Bajaj and Co Chairman & MD Mr Rajesh V Shah in their communication to shareholders said that the company will shortly be enhancing its production and sales of stainless steel at the Thane facility from 100,000 tonnes annually to 150,000 tonnes per annum. They said that production and sales expansion will be without any significant capital expenditure resulting in an increase of turnover by approximately INR 700 crore per annum. They said "This is possible as the alloy steel rolling, normally done at the Thane plant, is now being gradually transferred to the newly commissioned bar and wire rod mill at the MSSSL Hospet plant, freeing up greater capacity for stainless steel products at the Thane facility."

The production and sales of specialised stainless steel long products at the Thane plant was affected due to the diversion of oxygen for medical purposes for six weeks before May 31, 2021. The supply of oxygen to the plant was resumed on June 1, 2021, as per government directives, and production of stainless steel has regained normalcy.

Mukand is an integrated alloy and stainless steel producer from India. Mukand has a steel making and rolling capacity of 500,000 tonnes per year. Mukand produces over 400 grades of specially engineered steel to stringent requirements for customers across the globe.

Source - Strategic Research Institute
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British FRC Probing Greensill & Wyelands Auditors Saffery & PwC

Britain's accounting regulator the Financial Reporting Council has opened investigations into the audits of Greensill Capital and Wyelands Bank as regulatory scrutiny of the companies intensifies. The Financial Reporting Council has commenced an investigation into Saffery Champness in relation to its audit of the financial statements of Greensill Capital (UK) Limited for the year ended 31 December 2019. The Financial Reporting Council has commenced an investigation into PwC LLP in relation to its audit of the consolidated financial statements of Wyelands Bank plc for the year ended 30 April 2019. The investigations will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

PwC said that it is understandable that there is regulatory scrutiny in situations like this. It said "We will cooperate fully with the FRC in its enquiries. We share the FRC's commitment to audit quality and are two years into a wide-ranging programme to enhance audit quality across the firm.”

Saffery Champness said it would not be appropriate to comment at this time given its duty of confidentiality to present and former clients, but it is cooperating fully with the FRC. It said "Audit quality is an absolute priority for Saffery Champness and we are committed to upholding the high professional standards our clients rightly expect.”

Source - Strategic Research Institute
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NMDC Narnagar Steel Plant Demerger to be Completed in Q3

Indian state owned iron ore giant NMDC in earnings call said the Board of Directors of the company is expected to give its approval to the draft demerger scheme by July 31 and once that happens, and then it will be taken to SEBI and Competition Commission of India for necessary approvals. NMDC Director Finance Mr Amitava Mukherjee told “By all accounts, this is the process after the Board approval could take anything between 100 to 160 days, depending on how much time SEBI takes, how much time MCA other people take. So from, if I start from August 1, so it could be anything between 100 days from August to 160 days from August. NMDC Limited is expecting the demerger of its three-million tonne per annum capacity steel plant being set up in Chhattisgarh to be completed by the third quarter of the current fiscal.”

NMDC CMD Mr Sumit Deb said the commissioning of the steel plant would be during the third quarter. Mr Deb said the total capital expenditure for the current financial year is around INR 3,700 crore out of which INR 1,500 crore will be spent on the steel plant.

Source - Strategic Research Institute
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Thorium Energy Alliance to Present Caldera’s Green Steel Plan

The Thorium Energy Alliance will present an outline describing the near-term pathway to 100% decarbonize the steel making process with thermal storage technology being integral to the solution. Thorium Energy Alliance Executive Director Mr John Kutsch will outline the current work being performed to move past feasibility and into production. The talk will be part of the Association for Iron & Steel Technology’s AISTech 2021 in Nashville on June 29. Mr Kutsch will introduce Caldera Holdings’ Pea Ridge Missouri USA Pure 100% H2 Green Steel Project with Thermal Storage and Thorium Molten Salt Reactors. The Caldera Pure Green Steel Project will show the world that 100% Hydrogen steel is a superior product that will not rely on subsidies and credits to be economical and carbon net-zero.

The critical need to deeply decarbonize the iron and steel industry has garnered much attention over the last few years as more steel is being produced to satisfy the increased demand. Many pathways to reducing or eliminating Greenhouse Gases in iron and steel making have been studied but effective impacts have been few. Capturing excess nuclear capacity via thermal storage will stabilize both nuclear output and intermittent renewables while providing a blueprint for Thorium Molten Salt Reactors design and safety functionality.

Mature technologies make use for industrial process heat and hydrogen at scale production economic thus spurring new advances in traditionally carbon-intensive sectors, steel and iron being a the most promising candidate. Electrolysis systems, DRI systems and Thermal Storage systems are proven and commercially available to produce hydrogen at scale with techno-economics that exceed fossil options for building new steel facilities.

ThREE Consulting LLC has recently applied for DoE FOA funding to generate integrated feasibility studies to validate the techno economic assessment of its Mine to Metal, Green Steel project. The overall goal is to produce superior green steel economically while not relying on carbon-capture credits, subsidies or inflated ‘premium pricing’ for Green Steel. The feasibility studies will demonstrate the economic benefits of utilizing green technologies. The mine is fully permitted and feasibility production will take less than 18 months. Assuming normal project development timelines and ready investors, the projected steel production start date can be competitive with the state-sponsored SSAB Green Steel project in Sweden.

Green steel is produced by replacing coal or natural gas with carbon-free hydrogen gas to convert the iron ore into steel via a process called Direct Reduction of Iron. This technology has been around for decades but only makes sense if the hydrogen can be made at cost-parity with carbon-based options. ThREE Consulting will overcome the existing cost disparity by acquiring underutilized nuclear energy from at-risk producers along with excess renewable capacity to produce economic hydrogen, in conjunction with other systems.

Source - Strategic Research Institute
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US Steel Production Capacity Utilization Slips in Week 25

American Iron & Steel Institute announced that in the week ending on June 26, 2021, domestic raw steel production was 1,835,000 net tons while the capability utilization rate was 82.7%. Production was 1,272,000 net tons in the week ending June 26, 2020 while the capability utilization then was 56.8%. The current week production represents a 44.3% increase from the same period in the previous year. Production for the week ending June 26, 2021 is down 0.2% from the previous week ending June 19, 2021 when production was 1,839,000 net tons and the rate of capability utilization was 82.9%.

Adjusted year-to-date production through June 26, 2021 was 45,054,000 net tons, at a capability utilization rate of 78.8%. That is up 15.2% from the 39,109,000 net tons during the same period last year, when the capability utilization rate was 67.8%.

Broken down by districts, here’s production for the week ending June 26, 2021 in thousands of net tons: North East: 136; Great Lakes: 645; Midwest: 196; Southern: 785 and Western: 73 for a total of 1835.

Source - Strategic Research Institute
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Welspun Corp to Acquire Division of Demerged Welspun Steel Ltd

Welspun Corp announced that it will acquire the division of the demerged company Welspun Steel Limited, which is engaged in the manufacturing of Steel Billets and Direct Reduced Iron rebars manufacturing business. The scheme provides for demerger of the demerged undertaking and investments held in Welspun Specialty Solutions Limited (50.03%), Anjar TMT Steel Private Limited (100%) and Welspun Captive Power Generation Limited (2.95%). The company informed the exchange that the Board of directors of the company at its meeting held on June 28, 2021 has decided to propose the scheme of arrangement between Welspun Steel Limited and Welspun Corp to NCLT for transfer of WSL’s steel division to the company, subject to regulatory and other approvals.

In addition, the company stated “After a thorough due diligence by the Independent Agencies, the Board has decided to propose the Scheme of Arrangement to NCLT. The consideration of INR 362.73 crore will be paid through 6% Cumulative Redeemable Preference Shares, redeemable after 18 months from issuance date, and there will be no equity dilution for WCL shareholders.”

Welspun Steel Limited, established in 2004, is a privately held company, situated in Welspun City in Anjar. Welspun Steel Ltd. It manufactures rebars & billets. It has DRI Plant with 4 kilns, capacity 100 TPD each, a 12 MW Captive Power Plant attached to waste heat recovery boilers. It is implementing a Greenfield project for manufacturing of TMT bars. The company stated the expected project cost is INR 175 crore and the project is expected to be completed by September 2022. Besides, as a part of its steel division, WSL holds 50.03% shares in Welspun Specialty Solution Ltd, a listed company.

Source - Strategic Research Institute
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GMS Market Commentary on Ship Breaking in Week 25

World's leading cash buyer of ships for recycling GMS said that “As we close out June and head into peak monsoon season in the sub continent markets, the recycling markets continue to perform surprisingly well. The supply of tonnage remains primarily focused on wet and offshore units particularly OSVs, FSUs, Aframax tankers, MRs and smaller bunkering tankers. Of late, Pakistan has been leading the way with some of the best numbers on show especially on choice units, although Bangladesh is not far behind them and even India is slowly and surely competing on select specialist vessels, especially in the absence of many HKC green units being proposed for sale. Levels across the sub-continent markets are now regularly in the mid USD 500s/LDT and in some cases, even above, in the consistently highest ship recycling market we have seen since 2008. Even in Turkey, despite fundamentals having (marginally) weakened and the Lira lingering at record lows this week, prices and demand have held on to the same level as last week.”

GMS added “Covid-19 continues to cause significant disruptions across the sub-continent and cases of the dangerous and highly transmissible Delta variant have been on the rise in Bangladesh over the course of last week, leading the government there to order a stricter lockdown and the closure of most offices & work places, in order to try and curb the spread of the virus. Similarly in India, cases have been regularly hitting 40,000 - 50,000 per day, far better than the 400,000 cases per day that the country struggled with recently and yet, certain states are recording a worrying rise in numbers again and the ongoing vaccine drive needs to continue at pace, in order to reduce the infection rate. China claims to have vaccinated over one billion people already and the US and UK have also pushed ahead to reach the magic 2/3 number required to allow their reopening, as some form of herd immunity comes around.”

GMS Pricing

India/Bangladesh/Pakistan – Week 25, Improving

Dry Bulk – USD 530-550 per LDT

Tankers - USD 540-560 per LDT

Containers - USD 550-570 per LDT

Source - Strategic Research Institute
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