Nieuws en info hier plaatsen (deel 4)

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Government Diverts Forest Land for KIOCL Mining in Ballari

Deccan Herald reported that Indian iron ore pellet maker KIOCL Ltd has crossed a major hurdle in its race towards winning a captive iron ore mine after 17 years. The company has received a Stage-1 approval from the Ministry of Environment, Forest & Climate Change (Forest Conservation Division) for diversion of 401.5761 hectares of forest land for iron ore and manganese ore mining in Devadari Hill Range in Swamimalai block forest, Sandur taluk in Ballari district. This includes 388 hectares for mining and 13.5761 hectares for building approach roads.

The company expects to secure all the approvals within the next year and commence mining operations thereafter. The company will be investing around INR 1,500 crore to start mining in the region, including setting up a beneficiation plant. It has already prepared the mining plan. The proposed mining area is estimated to yield a total of 33.53 million tonnes of iron ore. To begin with, the company plans to generate half a million tonne of iron ore and scale it up to 2 million tonnes per annum over a period of five years.

KIOCL, which operates a 3.5 million tonne per annum iron pellet plant at Mangaluru had stopped mining at its earlier captive mines in Kudremukh hill range in Chikkamagaluru district in 2006 after a Supreme Court order prohibited mining in the eco-sensitive forest area. Since then, the export-oriented company has been sourcing iron ore from NMDCs mines in Chhattisgarh to run its pellet plant.

Source - Strategic Research Institute
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ArcelorMittal Kryvyi Rih to Increase Railway Wagons Fleet

ArcelorMittal Kryvyi Rih is considering possibility to put into operation 1 200 new railway wagons in 2021-2022. Thus, the company's own wagon fleet will increase by one and a half that will allow faster delivery of products to the customers as well as supply of the plant with raw materials timely. ArcelorMittal Kryvyi Rih Chief Procurement Officer Mr Bikram Virdy said “Several factors are pushing us to the decision to make a large purchase of new railway wagons. Now we are increasing export shipments of our products. At the same time, we are not quite satisfied with the technical condition of wagon base in Ukraine. Renewed wagon fleet will ensure safe and efficient transportation of our products to the Ukrainian ports. We will be able to plan our logistics regardless of the situation on rail transport market and the availability of wagons. This will help to reduce cost linked with inbound and outbound transportations. Besides, own wagons are cheaper, the approximate payback period is 3-4 years. According to our estimates, the initiatives of decommissioning of the wagons with exceed standard operation time, submitted to the government could lead to the shortage on the market and to significant transportation price boom. Also, definite shortage of wagons can traditionally be expected in summer-autumn period due to the revival of construction cargo market. Therefore, we would like to count on our own modern wagons and to be more flexible in terms of working with Ukrzaliznytsya and freight operators.”

Rolling stock of ArcelorMittal Kryvyi Rih is intended for transportation of steel products and iron ore raw materials as well as for delivery of raw materials to the plant. The main logistic directions are transportation of sinter ore and metal products, as well as raw materials, which are limestone, coal, coke, coke breeze backward. Apart from open wagons, the company also uses dump cars, flat wagons, cisterns, pellets hopper cars, coke hopper cars, cement cars.

Source - Strategic Research Institute
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Beursblik: Deutsche Bank verhoogt koersdoel ArcelorMittal
Koersdoel naar 36,00 euro.

(ABM FN-Dow Jones) Deutsche Bank heeft het koersdoel voor het aandeel ArcelorMittal verhoogd van 32,00 naar 36,00 euro met handhaving van het koopadvies. Dit bleek dinsdag uit een analistenrapport van de Duitse Bank.

De bank wijst op een herstel van de onderliggende vraag en voorziet een flinke stijging van de prijzen, wat reden is om de taxaties voor het operationeel resultaat (EBITDA) voor het tweede kwartaal te verhogen naar 4,6 miljard dollar.

Deutsche Bank wees onder meer naar de gestegen marges en veranderingen in het Chinese handelsbeleid maken volgens de analisten dat de marges in de Westerse markten ook lang hoog zullen blijven.

Met het nieuwe koersdoel zit de bank ruim boven het gemiddelde koersdoel voor het aandeel, maar toch ziet deze voor dit jaar nog voldoende opwaarts potentieel. Voor 2022 en 2023 is de bank wat dat betreft zelfs nog positiever gestemd.

Ook is Deutsche Bank goed te spreken over de vrije kasstroom van ArcelorMittal. "Die geeft flinke munitie om aandeelhouders te belonen."

Het aandeel ArcelorMittal noteerde dinsdag op een groen Damrak 0,5 procent hoger op 25,63 euro.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999
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India Extends AD Duty on HRC, Plates & CR till 15 December 2021

Indian government’s Department of Revenue has extended anti dumping duty on Hot Rolled flat products of alloy or non alloy steel originating in or exported from China, Japan, Korea, Russia, and Brazil and on Cold Rolled flat products of alloy or non alloy steel coming from China, Japan, and Korea till 15th December 2021. But with the prevalent international prices of USD 950 plus, the anti dumping duty extension has no significance

The anti dumping duties were imposed in August 2016 for five years

Hot rolled flat products of alloy or non alloy steel in coils of a width up to 2100 mm and thickness up to 25mm - USD 478

Hot rolled flat products of alloy or non alloy steel in not in coils, known as sheets and plates, of a width up to 4950 mm and thick ness up to 150 mm – USD 561

Cold rolled flat steel products of iron or non alloy steel or other alloy steel, of all widths and thickness, not clad, plated or coated - USD 576

Notification No 36/2021-Customs (ADD) 29th June, 2021 - In the matter of continuation of anti-dumping duty on imports of Hot rolled flat products of alloy or non alloy steel’ falling under Chapter headings 7208, 7211, 7225 or 7226 originating in or exported from China PR, Japan, Korea RP, Russia, Brazil or Indonesia, imposed under notification No 17/2017-Customs (ADD), dated the 12 May 2017 shall remain in force up to and inclusive of the 15th December, 2021, unless revoked, superseded or amended earlier

Notification No 37/2021-Customs (ADD) 29th June, 2021 - In the matter of continuation of anti-dumping duty on imports of Cold Rolled flat products of alloy or non alloy steel falling under chapter headings 7209, 7211, 7225 or 7226 originating in or exported from China PR, Japan, Korea RP or Ukraine, imposed under notification No 18/2017-Customs (ADD), dated the 12 May 2017 shall remain in force up to and inclusive of the 15th December, 2021, unless revoked, superseded or amended earlier.

Source - Strategic Research Institute
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US Steel & Equinor to Work on Hydrogen & CCS to Decarbonise Steel

United States Steel Corporation announced execution of a non-exclusive Memorandum of Understanding with Equinor US Holdings Inc, an affiliate of Equinor ASA. Under the MOU, the companies will study the potential for carbon capture and storage and hydrogen development in the tri-state region of Ohio, Pennsylvania and West Virginia. The focus of the MOU is to assess the technological and commercial possibilities for hydrogen and CCS. The industry leaders recognize the potential for natural gas coupled with CCS to significantly reduce carbon emissions. The companies plan to explore and demonstrate the potential opportunities for natural gas when coupled with CCS to achieve decarbonization goals.

The scope of work of the MOU includes assessments of regional hydrogen and CCS potential, appropriate customer and supplier screenings, blue hydrogen advocacy, CCS, and examining renewable energy synergies.

Hydrogen based steel processes and CCS are among the more promising and sustainable technologies currently being developed.

Founded in 1901, United States Steel Corporation is a leading steel producer. The company has an annual raw steelmaking capability of 26.2 million net tons. US Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe.

Source - Strategic Research Institute
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Unite Seeks British PM’s Intervention to Keep Steel Safe Guards

UK’s leading steel and manufacturing union Unite said on 28 June 2021 that Prime Minister Mr Boris Johnson has two days to enact steel industry safeguards that will prevent a flood of below cost imports wrecking the sector. Unite said not to do so will be a betrayal of the UK steel industry that steelmaking communities will never forgive. The union called on the prime minister to intervene after it was revealed that UK’s Trade Secretary Ms Liz Truss is planning to walk away from trade protections designed to stop cheap imports decimating the UK’s steelmaking industry, which expire on 30 June.

Unite Assistant General Secretary Mr Steve Turner said “In two days’ time, UK steelmakers will have to compete with a glut of cheaply made, often below cost imports, which will seriously damage the industry and undoubtedly impact jobs. Why when the EU and the US are keeping their own steel industry protections in place is Ms Truss intent on offering our own sector’s throat to the wolves? I hope that the government and Ms Truss’s idea of a new global Britain doesn’t extend so far as to take a wrecking ball to a foundation industry of strategic national importance, simply to demonstrate the purity of their ideological commitment to free trade. Workers, families and voters in UK steel communities, which produce world class products but where thousands of jobs are at risk, will never, forgive such a betrayal. Unite calls on the prime minister to intervene before it is too late and ensure that the legislation is amended so that UK steel industry trade protections are retained after 30 June.”

It is understood Ms Truss has rejected proposals put forward by the UK Steel trade body that would allow the safeguarding legislation to be kept in place after 30 June, despite UK’s Business Secretary Mr Kwasi Kwarteng supporting them.

Unite is Britain and Ireland’s largest union with members working across all sectors of the economy. The General Secretary is Mr Len McCluskey.

Source - Strategic Research Institute
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EUROFER Welcomes Extension of EU Steel Safeguards

European Steel Association EUROFER said that the extension of the EU steel safeguard for another three years will ensure there is a modicum of certainty for EU steel producers, provide ample access to third-country supplies of steel for users, and help ward off disruptive post-COVID surges of steel imports. EUROFER Director General Mr Axel Eggert said “We welcome that the EU steel safeguard regime has been extended. The conditions that required the launch of the safeguard initially are still very much present, including global steel overcapacity and US Section 232”.

Mr Eggert added “This extension provides ample opportunity for users to source material they might require from abroad, as the tariff-free quota level is now at least 15% higher than the record import levels on which the safeguard’s tariff rate quota is set the years 2015-2017. This measure mainly provides a safety net in the event that a sharp surge in imports occurs”.

He said “The EU steel safeguard is not a measure to stabilise prices on the domestic market, and it does not restrict normal supply to the market. European downstream users of steel can still access all the third-country steel they need based on traditional trade flows. Over the past three years, the size of the unused quota has grown and there is plenty of space in the tariff-free quota for users to satisfy their material needs.”

Mr Eggert also said “The current state of demand-supply disruption in the global steel industry and in many other sectors follows in the wake of the COVID crisis. However, it has nothing to do with the safeguard. Instead, the recovery of steel demand and the wider economic rebound has inspired a rush for material after the countercyclical destocking seen during the downturn”.

Source - Strategic Research Institute
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Mr Kennedy Suggests Green, Cyan, Blue & Yellow/Grey/Brown Steel

ThREE Consulting & Caldera Holding LLC President Mr James Kennedy in a recent article suggested that the term Green Steel needs to be exclusively reserved for steel producers that can demonstrate zero hydrocarbon utilization from iron ore reduction to steel production. He wrote “Anything less should be measured under a different category. For example, Cyan Steel could be a classification for recycled steel mixed with hydrocarbon-free reduced iron ore using renewable energy to power the EAF. Blue Steel could be a measured category to produce reduced iron ore using mixed reduction gasses (H2 + CO or other) and renewable-powered EAF steelmaking technology. Yellow/Grey/Brown Steel could be for biofuel or sequestered CO2 emission processes for the reduction of iron in conjunction with renewable powered EAF steelmaking. Other emission reduction classifications can be applied to emission reductions associated with the traditional blast furnace process.”

He wrote that “Sweden is the first country to pursue the industrial transformation to Green Steel through two different projects. The first is a fully integrated joint venture called Hybrit, a fully integrated mine to metal project. The Swedish initiative is comprised of steelmaker SSAB, iron ore producer LKAB and energy company Vattenfall, all planning to establish their first demonstration plant to remove fossil fuels from the steelmaking process by 2026.The demonstration plant will initially produce 1.3 million tonnes of fossil-free sponge iron, and expand capacity to 2.7 million tonnes by 2030. The second is calling itself H2 Green Steel, a Swedish venture that will use hydrogen produced from renewable energy to reduce iron in the production of steel. Demonstration scale production is scheduled to begin as early as 2024and full-scale commercial production will follow through 2030, with a targeted production of five million tons of carbon-free steel annually.”

He added “Until two weeks ago, the US did not have a contestant in the race to Green Steel. On June 4th ThREE Consulting announced that it has applied for funding from the Department of Energy to generate integrated feasibility studies to validate the techno-economic assessment of their domestic Mine to Metal, Green Steel Project, located in East-Central Missouri in USA. It’s a fully integrated mine to metal project to produce hydrocarbon-free Green Steel. The defining goal of this project is to produce Green Steel economically, not relying on carbon-capture credits, subsidies or inflated ‘premium pricing’ for Green Steel. The feasibility studies will demonstrate the economic viability of utilizing commercially proven hydrogen-reduction technologies with nuclear and renewable power to generate hydrogen for the reduction of iron ore. The commercial scale facility would produce 2.5 million tonnes of hydrocarbon free steel. “

He also said “Other steel producers are developing less ambitious strategies to reduce or sequester CO2 emissions, such as ArcelorMittal, who is exploring what it calls a smart carbon route. This strategy involves a mixture of biomass and carbon-capture approaches. Japanese and German steel producers are looking into mixed-gas strategies that substitute some portion of the CO reducing gas with hydrogen. These substitution and sequestering strategies are just variations of the status quo, or half-measures. These are not true Green Steel projects.”

He concluded “The SSAB, H2GS and ThREE Consulting projects are true mine to metal Green Steel projects. Developing a scoring classification or a green-ratio, even conducting Life Cycle Assessments for reduced-emission green steel will be crucial to the promoting and pricing differences between low and no emission steel products. The ranking and scoring of all possible configurations of green and reduced-emission steel will become an issue to be defined by international bodies; one thing will be decided in the context of history as early as 2025.”

Source - Strategic Research Institute
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Paul Wurth to Implement Blast Furnace 11 Construction at MMK

Russian steel giant Magnitogorsk Iron and Steel Works and SMS Group’s subsidiary Paul Wurth have signed a contract for the implementation of the investment project Construction of a new blast furnace No 11. The working volume of the new blast furnace will be 3,800 cubic meters, the capacity 3.7 million tons of pig iron per year. The new blast furnace will be built using the world's best technology. The complex of the new furnace will use

1. Conveyor supply of raw materials to the top of the top to the loading device

2. A closed cooling system with copper refrigerators, which will ensure the preservation of the working profile of the furnace in the zone with the most aggressive effects of physical and chemical processes

3. Tuyere devices of the siphon type, allowing to raise the temperature of the hot blast to 1300 degree Celsius, which will reduce the specific consumption of coke

4. Shaftless air heaters using a combustion air and gas heating system, which will significantly reduce emissions of NOX , CO2 and other harmful substances

5. Dry gas cleaning system, providing dust content at the outlet of no more than 5 milligrams per cubic metre

6. Gas utilization compressor less turbine, which will allow to generate an additional 22 MW of electricity

In addition, the new furnace will be equipped with aspiration systems for foundry yards, bunker rooms and blast-furnace slag granulation. Also, the furnace will be equipped with a closed circulation water supply cycle.

The use of advanced technology, high equipment complex new blast furnace environmental objects and disabling of obsolete furnaces allow only CMI in this project to reduce emissions of harmful substances into the atmosphere at 6.6 tonnes per year, while CO2 emissions will be 1,123 thousand tonnes per year.

The construction of the blast furnace No 11 complex will be a breakthrough for the blast furnace production of Magnitka, will allow the decommissioning of three currently operating furnaces, and will significantly improve the economic and environmental performance of production. The project is designed for 3.5 years. The volume of investments of PJSC MMK will amount to about USD 690 million. The IRR of the project is about 30%.

Source - Strategic Research Institute
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British Government Pushed for COVID Loans to Greensill Capital

The Guardian reported that British Business Bank’s head of operations told the parliamentary scrutiny committee that UK’s Department for Business, Energy and Industrial Strategy had asked for multiple progress updates on Greensill Capital’s application to the coronavirus large business interruption loan scheme. The British Business Bank’s Chief Operating Officer Mr Patrick Magee told MPs that the Bank, which was in charge of vetting lenders before they could issue Covid loans, received eight email inquiries about the Greensill application from officials within the Business, Energy and Industrial Strategy deal team. The BBB ended up approving Greensill for the scheme in June 2020. However, Mr Magee insisted that they were not influenced by the business department’s constant queries. He told “We reached our own balanced commercial decision in light of the eligibility criteria of the scheme.”

The Guardian understands that the emails were sent over a four-month period, after Greensill’s application to the scheme on 23 April 2020. While Business, Energy and Industrial Strategy initially asked for progress updates on Greensill Capital’s accreditation, later emails asked whether Greensill would be allowed to offer loans worth more than GBP 50 million, which required special permission and was ultimately denied.

The fact that Business, Energy and Industrial Strategy, then run by Mr Alok Sharma, was inquiring about Greensill’s success in the second-largest Covid loan scheme will raise further questions over Greensill’s sway in Westminster, which is already grappling with the largest lobbying scandal in a generation. However, a Business, Energy and Industrial Strategy spokesperson said “BEIS officials engage regularly with British Business Bank as the Department responsible for business finance. All decisions taken by the British Business Bank are made independently of ministers in accordance with the Bank’s usual procedures.”

Greensill Capitals was hoping to lend hundreds of thousands of pounds to its customers through the programme, which came with an 80% government guarantee that meant it would only have to cover 20% of the losses if borrowers failed to repay their debts. Greensill Capital reportedly handed GBP 400 million of those loans to one of its largest borrowers, the Liberty Steel owner GFG Alliance, in a move that may have breached scheme rules and is now being investigated by the British Business Bank.

British Business Bank ultimately suspended Greensill’s government guarantees in October 2020, just four months after its application was approved. It launched an investigation into how it had been distributing loans to one of its largest customers, GFG Alliance, the loose umbrella of companies owned by the metals magnate and Liberty Steel owner Mr Sanjeev Gupta. That investigation is on going.

Source - Strategic Research Institute
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Macsteel Settles HR Safeguard Case in South Africa

IOL reported that South Africa’s largest steel merchant MACSTEEL chief executive Mr Mike Benfield said the out-of-court settlement reached with the Department of Trade Industry and Competition last week would level the playing field for the downstream steel industry in South Africa. Mr Benfield said Macsteel settled out of court after the Department of Trade Industry and Competition, a day before the court hearing was scheduled, offered to suspend the safeguard duty on hot-rolled coil products for a period two years. We decided to take the offer and as a result we settled on the court’s steps, so to speak. The key component for us is that when safeguards come to an end, the Minister and the International Trade Commission cannot institute a safeguard for a particular product again for the next two years. The industry will enjoy a holiday from safeguard duties on hot-rolled coil for two years.”

He added “Our major objective in doing this was to ensure that we establish a far more level playing field in respect of how duties are looked at and deployed in this country in terms of the steel sector. We need our customers and the downstream industry to have far more choice when it comes to sourcing and procuring steel and ensure that ArcelorMittal South Africa is competitive in terms of pricing.”

Department of Trade Industry and Competition spokesperson Mr Sidwell Medupe said the settlement was as a result of the proposal from the department after consideration of the balance of factors. He said “An amicable solution arising from this settlement is in the best interest of all parties, without prejudice to any party. Trade instruments are administered through the ITA Act and decisions thereof are made in line with the applicable legislative provisions and WTO rules.”

Three years ago, Itac introduced a safeguard duty to cushion South Africa’s primary steel producer ArcelorMittal South Africa from the influx of cheap imports mainly from China. Macsteel approached the court last August after the duty was extended for another year on the basis that the extension was illegal.

Source - Strategic Research Institute
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Odisha to List 10 Iron Ore Blocks for Auction

PTI reported that Odisha government will put 10 iron-ore blocks under the hammer and will invite interest in early July. Odisha’s State Secretary for Steel and Mines Mr Deepak Mohanty said at an ICC virtual event on iron-ore “We are putting 10 more iron-ore blocks for auction soon.”

Odisha has so far auctioned 19 iron-ore mines of which 12 are already producing iron ore. Mr Mohanty said with new blocks producing iron ore and with ramping up of output by Odisha Mining Corporation, production is likely to go up to 30 million tonne this fiscal which could go up to 60 million tonne by 2026.

Iron ore production in Odisha dropped by 21% YoY to 111 million tonne during 2020-21. Odisha based steel makers complained of a shortage of ore in the market and of a sharp spike in price. They claim that ore prices had jumped from INR 2,200 to over INR 12,000 per tonne depending upon grades.

Meanwhile, Niti Aayog member Mr VK Saraswat said, India will need to double its iron ore mining capacity by 2030 to meet demand as per the National Steel Policy 2017. Domestic production has gone up by 13% in the last five years from 129 million tonne in 2015 to 206 million tonne in 2019 while consumption has gone up from 115 million tonne in 2014-15 to 160 million tonne in 2019.

Source - Strategic Research Institute
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Minnesota Court Denies US Steel's Challenge of Permit

News Tribune reported that Minnesota Court of Appeals said that the Minnesota Pollution Control Agency properly denied the company's two requests after the state agency in 2018 granted a water pollution discharge permit to US Steel's Minntac taconite plant near Mountain Iron in 2018 Judge Jeanne M Cochran wrote in the Court of Appeals decisions "US Steel has not argued, much less substantiated with the required information, that it will suffer an 'undue hardship' through application of the standards, as an applicant is required to do when seeking a variance primarily based on economic hardship. In seeking a contested-case hearing, US Steel sought to indict its own report, but it identified no evidence that would support a different in-basin limit. Instead, it pointed to ongoing studies by the Minnesota Department of Natural Resources regarding sulfate reactivity, which the MPCA acknowledged but did not find contrary to the requirements of the permit. The Court of Appeals decision regarding the Minntac permit reaffirms the MPCA’s reliance on sound science and confirmed facts when making a permitting decision.”

The permit had been up for reissuance since 1992. Sulfates at high levels harm when the sulfate is converted to hydrogen sulfide in the sediment. Minnesota Pollution Control Agency said that sulfate levels within the basin had been measured as high as 1,320 milligrams per liter, with an average of 954 milligrams per liter. The permit would require Minntac to reduce sulfate levels within its basin to 800 milligrams per liter within five years and 357 milligrams per liter within 10 years. It would also require levels in groundwater and streams surrounding the basin to drop to 250 milligrams per liter by the end of 2025.

US Steel had taken issue with the permit's regulation sulfate levels in and around its leaky tailings basin, which stores slurry of water and finely ground rock left over from the pelletization process. US Steel had objected to such requirements and called the groundwater requirements economically infeasible, unnecessary and impractical. The company also asked the Minnesota Pollution Control Agency for a contested-case hearing, which would put the issue in front of an administrative law judge to examine additional evidence and testimony, on what it said were factual disputes on the in-basin sulfate limit.

Source - Strategic Research Institute
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TMK to Modernize Equipment for Heat Treatment of Pipes at PNTZ

Russia’s Pipe Metallurgical Company TMK will allocate more than RUB 500 million to modernize equipment for heat treatment of pipes at TMK's Pervouralsk New Pipe Plant, which will allow the company to reduce resource consumption and expand the range of high-tech products. As part of the first stage of technical re-equipment, the company has already modernized a roller kiln in one of the pipe drawing shops. The introduction of new advanced technologies allowed, in particular, to lower the lower limit of the temperature range in the furnace by 200 degrees. This makes it possible to manufacture new types of products with the necessary mechanical properties in accordance with Russian and European quality standards: ball-bearing, precision and other pipes, including those for the aviation, space and automotive industries.

Also, as part of the modernization, the furnace was equipped with a new digital process control system, which provides comprehensive diagnostics of equipment operation and automatic temperature control. During 2021, PNTZ plans to modernize two more furnaces in the pipe-drawing shops of the enterprise.

Source - Strategic Research Institute
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RSHP Wins Design Contract for Commercial Tower in Shenzhen

Rogers Stirk Harbour + Partners with AUBE Conception have won the design competition for the Qianhai Financial Holdings Headquarter Tower, a mixed-use commercial high-rise in the centre of the Qianhai district, Shenzhen in China. ith a building height of 220m and clad in a metallic bronze finish, the design is punctuated by triple-height sky lobbies, a central atrium and skyline pagoda, all supported within four mega columns. Its features will introduce a striking new landmark tower to the skyline of Qianhai Bay, while on the ground, a sense of shared community will thrive within and around a powerful, classically proportioned tower and public realm.

Qianhai Financial Holdings and Century Securities will occupy the top 12 storeys as their headquarters. The remaining floors will contain commercial office space - with a typical floor area of around 2,000sqm - and 4 entrance podium floors of green wing-tiered balconies that embrace the local linear parkway.

At street level, the four mega columns allow for a 3-storey ancillary pavilion to be held aloft, creating a striking undercroft that makes way for a free-flowing public ground plane with a new park, underground retail, and connections to the metro.

Punctuating and contrasting with the tower’s order and rectilinearity, are three triple-height sky lobbies, “vertical villages”, framing views towards the mountains, bay and river. Each lobby takes a fluid, sculptural form, and is symbolically finished with a metal associated with finance that responds to the view captured with a hue of copper (river), silver (bay), or gold (mountains).

The rooftop pagoda will feature a reflective glass structure with a quadrant of giant vanes that will refract the sunlight and project gentle beams of light 6 floors down through a central atrium. At night, the same vanes will reflect the light emerging from the interior lightwell creating a landmark rooftop lantern.

RSHP will aim to achieve LEED International Platinum rating and the construction process will largely use off-site manufacturing and modularisation, to drive up quality and drive down waste.

Source - Strategic Research Institute
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Mr Sajjan Jindal Tells a Tale of Two Contrasting Halves in FY'21

JSW Steel CMD Mr Sajjan Jindal in the Annual Report summarized the state of Indian steel sector & JSW Steel’s journey in 2020-21. He said “Across economies, commodities and specifically steel, FY 2020-21 was a year of two contrasting halves, the first witnessed a massive downturn and the second witnessed an equally resilient upturn and recovery. Governments and central banks worked in tandem to cushion and stabilise this volatility, while policies were designed to facilitate growth.of intelligent measures that focused on capacity building and being future-ready. This was done even as severe restrictions were enforced on human mobility and economic activity during the extended national and state lockdowns. Consequently, India's annual GDP performance was better than expected, and the coming years appear promising, even after accounting for the disruptions caused by the second wave of the pandemic.”

He said “The global steel industry proved its resilience and witnessed a strong surge of demand in the second half of the year. We believe that the industry is built on robust fundamentals, and, as a result, prices have strengthened significantly from the average of the previous year. Steel continues to hold its position as the most affordable, universally consumed and versatile material that is deployed in solving many of the world's present-day challenges.”

He said “Indian Steel producers also witnessed gradually improving utilisation levels and increased exports during the year, underscoring our competitiveness as an industry. Domestic demand also rebounded, with the second half of the year seeing a return of monthly dispatches to pre-COVID levels. We expect that increased infrastructure spending, rising demand from automotive and construction, together with a revival of private capex and consumer demand will continue to drive steel consumption.”

He highlighted “Despite the prevailing uncertainty, our team rallied to deliver a strong operational performance, a testament to our well-defined strategic framework in place alongside superior execution capabilities. Commencing production at our iron ore mines in Odisha enabled a steady stream of quality ore, ensuring production continuity and allowing us to sweat our assets. Our acquisition of iron ore mines through auctions has proved to be a game-changer. The ability to focus on inorganic expansion saw us make four key acquisitions in the year Bhushan Power a Steel, Vallabh Tinplate, PCMD Division of Welspun Corp. and Asian Colour Coated. These acquisitions enhance our capacity and strengthen our downstream capabilities and product mix.”

Mr Jindal added “We also demonstrated agility by switching rapidly between exports and domestic sales, in line with the shifting demand patterns. Moreover, we set our overseas operations on a turnaround path and expect improved performance from them in FY 2021-22. Lastly, our share of value-added products accounted for 52% of sales, and nearly half of all sales to the retail segment comprised branded products. Better average realisations, cost optimisation and efficiencies meant that we were able to grow topline by 9%, and saw our operating EBITDA increase to INR 20,141 crore, a 70% rise from previous year's figure of INR 11,873 crore, despite higher iron ore and energy prices.”

He also said “Over the past three years, we have deployed over INR 48,000 crore of capex to increase our production capacity by 50% (through organic and inorganic routes) without increasing debt. Together with our JVs, and the 5 MTPA expansion at Dolvi that will be commissioned in the next few months, JSW Steel will have -28 MTPA of steel-making capacity, including the 1.5 MTPA capacity in USA. These investments, efficiently executed, have given us higher productivity, superior cost profile, and wider portfolio of lucrative value-added products - to serve a growing domestic and global market. We are now embarking on the next phase of growth with the newly approved capex plan of INR 25,115 crore. This capital will allow us to augment our crude steel capacity at Vijayanagar by 7.5 MTPA, enhance and digitise our mining capabilities and infrastructure in Odisha and help us set up a state-of-the-art colour-coated facility in Jammu S Kashmir to support local demand and development in the state. In addition, we are focusing on upgrading our acquired facilities through efficiency enhancing projects.”

Source - Strategic Research Institute
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ThyssenKrupp Leading German Steel Industry to Climate Neutrality

German Federal Environment Minister Ms Svenja Schulze visited thyssenkrupp Steel’s steel mill in Duisburg during her summer tour to learn on site about the plans of Germany‘s largest steel producer to make its production operations completely climate-neutral, and invited the company to submit a funding request for a direct reduction plant within the scope of the BMU’s Funding Program Decarbonization. An initial project outline had previously met with a positive response from the German Federal Environment Agency and the Kompetenzzentrum Klimaschutz in energieintensiven Industrien. Ms Schulze said “For more than 200 years, the industry has used coal to make steel. We will help to ensure that hydrogen generated from wind and solar energy will replace coal in the future. The transformation of the steel industry is a huge challenge. The Federal Government will not leave the steel industry to shoulder the transformation alone. My Ministry provides concrete support for investments in climate protection by the Funding Program Decarbonization.”

thyssenkrupp Steel accounts for 2.5% of CO2 emissions in Germany, and aims to reduce CO2 emissions by 30% in this decade. To this end, the company has worked out concrete projects: From 2025, the four blast furnaces will be gradually replaced with direct reduction plants operated with green hydrogen, each of which equipped with an innovative melting unit to make liquid hot metal from the solid raw material. According to thyssenkrupp, investments of two billion euros are needed for implementing this project by 2030 and up to 8 billion euros for the complete transformation.

At about 58 million metric tons of CO2 emissions, the steel industry accounts for approx. 6 % of CO2 emissions in Germany and is facing enormous challenges posed by the transformation to greenhouse gas neutrality. Both the sector and the Federal Environment Ministry have high hopes for the transition to hydrogen-operated so-called direct reduction plants which are to replace the blast furnaces. In this context, the steel industry has an important competitive advantage over other industrial sectors: In the first transformation stage, it can use natural gas for the direct reduction of iron ore. This is a good way of preparing the market launch of green hydrogen.

As a transitional technology, natural gas can already save a lot of CO2 in the steel industry. The direct reduction process with natural gas is 50% cleaner than steel from the blast furnace. In the medium to long term, natural gas has to be replaced with green hydrogen.

Source - Strategic Research Institute
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UK Keeps 10 Steel Safeguards & to go for Extension for 5 More

UK will introduce new measures for the steel industry after backing a recommendation to scrap some existing import quotas. UK’s International trade secretary Ms Liz Truss confirmed that the government would accept the Trade Remedies Authority’s finding and scrap existing safeguards on nine out of 19 steel categories, while keeping them intact on the remaining 10. However, in order to protect the struggling industry, ministers will introduce a public notice which will set out the details of the temporary extension on a further five of the 19 steel products for one year.

Ms Truss informed the Parliament “The UK Government will always do everything in its power to defend UK industry and jobs and to allow our world-leading manufacturers to compete on a level playing field. Current disruption to industry caused by the Covid-19 pandemic, threats of dumping and unfair subsidies, and continued trade restrictions in third countries all put UK steel products at an unacceptable disadvantage. The steel sector supports the jobs of over 80,000 people across the UK, including some 35,000 well-paid jobs in steel production, and a further 44,000 jobs supported in wider supply chains. That is why the Government is taking decisive action today by making new regulations to defend jobs in the UK steel industry.”

Ms Truss added “Trade Remedies framework will also be reviewed as an urgent priority to make sure it "is up-to-date, champions World Trade Organization rules and is fit for purpose in the post-Covid world. It is crucial we have the tools in the future to ensure industries are defended against unfair competition and unforeseen surges in imports."

UK Steel praised the government’s move, saying Ms Truss and Mr Boris Johnson have stood up for steel. UK Steel Director-General Mr Gareth Stace said “The Government’s interventions will prevent an anticipated wave of overseas steel flooding our market, that would have cost jobs, investment and our ability to decarbonise as a sector, threatening the UK’s road to net-zero.

To have removed steel import restrictions tomorrow would have cost the sector hundreds of millions per year, as a result of increased import penetration and reduced market share for UK producers.”

UK’s Trade Remedies Authority has published its final recommendation to UK’s Secretary of State for International Trade on the future of the UK’s steel safeguard measure in mid June. After reviewing available evidence, the independent body has recommended the extension of the UK steel safeguard measure across 10 product categories for a further three years and the revocation of the measure across nine product categories.

Non Alloy Wire

Non Alloy and Other Alloy Wire Rod

Stainless Wire Rod

Non Alloy and other alloy cold finished bars

Stainless Bars and Light Sections

Angles, Shapes and Sections of Iron or Non Alloy Steel

Non Alloy and Other Alloy Merchant Bars and Light Sections

Non Alloy and Other Alloy Quarto Plates

Tin Mill products

Source - Strategic Research Institute
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Wage Strike Disrupts Functioning of SAIL Plants

The Telegraph reported that the steel production was adversely affected in Steel Authority of India Limited’s Bokaro Steel Plant as workers as well as infuriated employees staged a massive strike demanding pay revision. The operations in almost all the mills and departments remained crippled for the entire day, as the employees abstained from performing work. At a few spots, including the most vital unit Blast Furnace, the workers also disrupted work for several hours. Apart from Blast Furnace, the other zones including Cold Rolling Mill, Hot Strip Mill, Slabbing Mill, HRCF, coke oven saw very poor attendance of workers roughly between 0 to 5%. BSL Chief of Communication Mr Manikant Dhan said “Strike called by various trade unions adversely affected the functioning of the plant. Attendance of employees in the A, B and General Shifts remained low. However, management took necessary steps for ensuring process safety and executives were deployed for operation of thermally sensitive equipment in the plant.”

The Pioneer reported that several trade unions resorted to strike at all SAIL Rourkela Steel Plant and staged dharna in front of the RSP’s main gate and power gate. They restrained workers from entering the plant hampering its operation. As tension continued till long, police personnel deployed on the spot intervened to bring the situation under control. Another group of union members staged a demonstration at Bisra Square. Higher officials managed operations of plant with the help of contractual workers.

Jagran reported that the strike of labor unions as well as non-executive workers on the demand of wage settlement was effective in SAIL ISP. The pro-strike workers were stationed at the four gates of the ISP since late night. The workers who were going to the plant to do duty during the strike were returned from the gate itself. To make the strike successful, supporters of the four unions were stationed at Vehicle Gate, Sarmara Gate, Tunnel Gate and Skov Gate with their party's flag since early morning. Labor unity was seen in making the strike successful. Due to which 90% of the permanent workers in the plant did not go to the factory. According to the ISP management, the attendance of officers was 100%, the attendance of contract workers was 70 to 80%, while the attendance of non-executives was only 10%

The 12 trade unions including five of them affiliated to National Joint Committee for Steel staged a strike inside the SAIL plant’s to mount pressure on management for pay revision and other benefits of workers. The trade union leaders noted that the wage revision of the workers of SAIL and RINL have fallen due for more than 46 months and they had waited patiently for the bipartite wage revision talks to commence. The unions had tried their best to convince their managements to start negotiations but the efforts failed as the management failed to come with a respectable offer for wage increase for both regular and contract workers. The other demands of the workers include: stoppage of strategic sale of RINL VSP, the Minimum Guaranteed Benefit should not be less than 15%, payment of full arrears of wage revision of January 1, 2017, 35% increase in perks, variable DA, treatment of death due to COVID-19 as death in the course of employment for both permanent and contract workers and compassionate recruitment should be provided and full implementation of all the provisions of the last wage agreement on pension contribution from January 1, 2012.

Source - Strategic Research Institute
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Steel Safeguards to Increase Cost Pressures on EU Wind Industry

WindEurope said that European Commission extension of steel safeguard measures for a further three years will add to cost pressures for wind turbine and component manufacturers as it impact heavy plate used in the fabrication of steel wind towers and non-grain-oriented electrical steel used in motors and generators. WindEurope Chief Policy Officer Mr Pierre Tardieu said “Steel prices have increased dramatically over the past year. In some cases they have doubled. Steel is the single most important raw material for the European wind industry. Higher steel prices increase the costs of making towers, gearboxes, nacelles, transformers, and offshore foundations. Last week’s decision to extend steel safeguard measures is unhelpful for a rapid and cost-effective energy transition to renewables.”

WindEurope said that “In the medium-term additional costs may be passed on down the supply chain to developers, though this will make it more difficult to deliver continued reductions in electricity prices.

However, in the short-term component and wind turbine manufacturers will have to absorb these additional costs. Cumbersome national permitting processes mean there is a shortage of projects for wind industry manufacturers. This is putting pressure on margins as seen in the financial reports of the publicly listed wind turbine manufacturers.”

It added “The economic sustainability of the European wind industry is at risk. Higher costs mean less capital available to invest in state-of-the-art manufacturing and research & development. Under-investment in these areas could cause the European industry to lose the global race for technology leadership in wind energy. WindEurope calls for a more holistic approach to trade policy that better supports the interests of future-proof green industries such as wind energy.”

Source - Strategic Research Institute
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