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Russell Metals Reports Strong Results for Apr-Jun’22 Quarter & H1

Strategic Research Institute
Published on :
11 Aug, 2022, 6:37 am

Toronto Canada headquartered leading North American steel processor & distributor Russell Metals has reported record revenues of CAD 1.362 million & EBITDA of CAD189 million for April-June 2022 quarter. Russell Metal said “In the 2022 second quarter, each of our business segments contributed to our record quarterly revenues and strong margins. Our metals service centers segment reported higher revenues and margins in the 2022 second quarter versus the 2022 first quarter due to higher average steel prices, consistent demand and the benefits from our value-added processing initiatives. Metals service centers realized an increase in selling price per ton of 31% compared to the 2021 second quarter and 6% compared to the 2022 first quarter. Tons shipped in metals service centers were consistent with the same period in 2021 and the 2022 first quarter. In our energy products segment, our revenues and margins increased in the 2022 second quarter versus the 2022 first quarter and the 2021 second quarter due to a continuation of the favorable trend in sector business activity. Our steel distributors segment benefited from continued high margins due to the favorable market conditions.”

April-June 2022 Quarter

Revenues – CAD 1362 million up 28% YoY

EBITDA - CAD 189 million up 6% YoY

Net earnings - CAD 124 million up 5% YoY

H1 of 2022

Revenues - CAD 2701 million up 38% YoY

EBITDA - CAD 342 million up 11% YoY

Net earnings - CAD 223 million up 13% YoY

Russell Metal said “Over the past several months, steel prices have moderated but demand remains steady across most of our operating regions. We expected steel prices to continue to exhibit volatility over the near term, particularly as industry-wide inventory levels adjust to more historical levels. As a result of the lag effect that steel price declines have on the cost of goods sold in our metals service centers and steel distributors segments, we expect the recent steel price moderations to reduce our near-term gross margins from the high levels that were generated in the second quarter of 2022. In our energy segment, we expect a continuation of the improving trend in operating conditions through the balance of 2022.”

Russell Metals is one of the largest metals distribution companies in North America. It carries on business in three segments: metals service centers, energy products and steel distributors. Its network of metals service centers carries an extensive line of metal products in a wide range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals.
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Argentinean O&G Client Witness TenarisHydril Wedge Series 400Trial

Strategic Research Institute
Published on :
11 Aug, 2022, 6:40 am

Leading supplier of seamless pipes Tenaris announced that 12 representatives from major oil & gas operators in Vaca Muerta, world's second largest shale deposit located in Argentina, visited Tenaris’s Rig Direct Academy in Veracruz in Mexico for exclusive trials of TenarisHydril Wedge Series 400. Among the technologies tested was TenarisHydril Wedge 463 connection, specifically designed for production casing in unconventional wells where exceptionally high torque, gas sealability and optimum fatigue resistance are required. This was also the first time that the Dopeless technology on Chromium13 was tested among clients.

The representatives included personnel from Tenaris clients such as YPF, Pan American Energy, Vista Energy, Phoenix, Pampa Energía and Tecpetrol. They also visited Tenaris’s mill at Tamsa, located across testing rig site.

Specially designed for enhanced efficiency in shale applications, the TenarisHydril Wedge Series 400 connections present extreme torque capabilities, quicker installation speeds, and overall robustness for faster and more reliable operations. They provides unrivaled robustness and running efficiency, exceptional torque capacity, high fatigue resistance and gas sealability for shale applications. Robust and fast to install, this connection is optimum for slim wells with long laterals due to a combination of superior torque and high clearance comparable to an integral joint.
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Kyrgyzstan Bans Steel Scrap Exports outside EAEU

Strategic Research Institute
Published on :
11 Aug, 2022, 6:41 am

Interfax reported that the Kyrgyzstan Government has imposed restrictions on exports of precious metals and ferrous metal scrap and waste. Kyrgyzstan Government said “By decision of the Cabinet a six-month ban has been imposed on exports of ferrous metal scrap and waste, and ferrous metal ingots for processing from Kyrgyzstan to outside the customs territory of the Eurasian Economic Union EAEU.”

Kyrgyzstan Government issued another decision to impose quantitative restrictions for six months on exports of precious metals and raw materials containing precious metals in the amount of no more than 500 kilograms.

Eurasian Economic Union EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
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Metinvest’s Operations Hit by Russian Invasion

Strategic Research Institute
Published on :
11 Aug, 2022, 6:43 am

Ukraine’s leading steel maker Metinvest has announces that its crude steel output in April-June 2022 quarter & H1 of 2022 reduced to 0.450 million tonnes & 2.412 million tonnes respectively. Metinvest said “On 24 February 2022, Russia launched a full-scale military invasion of Ukraine. As a result, Metinvest decided to halt the manufacturing activities of its assets in Mariupol, Avdiivka and Zaporizhzhia, including Azovstal, Ilyich Steel, Avdiivka Coke and Zaporizhia Coke. The Group’s plants in Zaporizhzhia resumed their production operations later. Because of the hostilities, the Group’s facilities in Mariupol and Avdiivka have been affected and Mariupol has been temporarily occupied. Once the active phase of the war stops, reliable communication channels with the metallurgical plants in Mariupol are restored and Ukraine regains control over the city, the Group should be able to assess the impact of the hostilities on these facilities. When such assessment becomes possible, Metinvest will provide further updates on its plans to resume their operations.”

April-June 2022 Quarter

Crude steel - 0.450 million tonnes, down 77% YoY

Azovstal -0 million tonnes, down 100% YoY

Ilyich Steel – 0 million tonnes, down 100% YoY

Kamet Steel – 0.450 million tonnes, down 26% YoY

Iron ore concentrate - 2,676 million tonnes, down 56% YoY

Coking coal concentrate 1.154 million tonnes, down 10% YoY

H1 of 2022

Crude steel - 2,412 million tonnes, down 45% YoY

Azovstal – 0.683 million tonnes, down 70% YoY

Ilyich Steel – 0.672 million tonnes, down 68% YoY

Kamet Steel – 1.057 million tonnes

Iron ore concentrate - 8,804 million tonnes, down 45% YoY

Coking coal concentrate - 2,430 million tonnes, down 10% YoY

In Q2 of 2022, the output of merchant semi-finished products decreased by 52% QoQ to 0.249 million tonnes, largely due to a slump in hot metal production for the reasons listed above. In H1 of 2022, the output of merchant semi-finished products fell by 47% YoY to 0.771 million tonnes because of a substantial drop in hot metal production. This was partly compensated by the output of merchant billets at Kamet Steel, the effect of which in H1 of 2022 was 0.444 million tonnes.

In Q2 of 2022, the output of finished products plummeted by 72% QoQ to 0.414 million tonnes. In particular, the output of flat products decreased by 0.946 million tonnes to 0.167 million tonnes because of the lack of production from the Mariupol steelmakers since late February 2022 and the shutdown of the Italian re-rolling plants for a scheduled maintenance in May 2022 in the absence of stable slab supplies & the output of long products decreased by 0.81 million tonnes to 0.247 million tonnes because of a production decline at Kamet.

In H1 of 2022, the output of finished products decreased by 46% YoY to 1.884 million tonnes. In particular, the output of flat products declined by 1.658 million tonnes to 1.281 & the output of long products increased by 0.125 million tonnes to 0.575 million tonnes following the acquisition of re-rolling facilities by Kamet Steel, which fully compensated the lack of Azovstal volumes since the end of February 2022 and the lower output at Promet Steel. The output of railway products decreased by 2,000 tonnes to 10,000 tonnes & the output of tubular products fell by 62,000 tonnes to 18,000 tonnes.
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Ferrexpo's Profit Shrinks in H1 of 2022

Strategic Research Institute
Published on :
11 Aug, 2022, 5:30 am

Revenue of the Swiss iron ore company Ferrexpo, which controls Ukraine's Poltava and Yeristovskiy mining and processing plants, decreased by 31% to USD 936 million in the first half of 2022 as a result of lower production and tighter market conditions

Profit after tax in the first half of 2022 decreased by 88% to USD 82 million, reflecting the realization of an impairment charge of USD 254 million during the reporting period.

Underlying EBITDA declined 44% to USD 486 million, reflecting higher costs mainly driven by lower production volumes, higher global inflation and higher energy prices.

Ferrexpo is an iron ore company with assets in Ukraine. Fevamotinico Sarl, controlled by Konstantin Zhevago, owns 50% of Ferrexpo, BlackRock - 6.74%. Ferrexpo owns 100% of the shares of Poltava GOK, 100% of Eristovsky GOK and 99.9% of Belanovsky GOK.
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Thyssenkrupp verlaagt outlook
Geraakt door hogere rentes.

(ABM FN-Dow Jones) Thyssenkrupp heeft de winstverwachtingen voor 2022 verlaagd, vanwege de impact van de hogere rentes. Dit maakte het Duitse industriële conglomeraat donderdagochtend bekend met de vrijgave van cijfers.

In het afgelopen kwartaal bedroeg de aangepaste EBIT 721 miljoen euro tegen 266 miljoen euro een jaar eerder. De omzet steeg met 26 procent tot krap 11 miljard euro. Analisten mikten op een aangepaste EBIT van 705,4 miljoen euro bij een omzet van 10,5 miljard euro.

De volumes bij de Europese staalactiviteiten waren wel lager, door tekorten en een zwakkere vraag, terwijl de omzet en order intake juist aantrok door de hogere prijzen.

Onder de streep bedroeg de winst 76 miljoen euro, beduidend minder dan de 125 miljoen euro een jaar eerder. De forse terugval in de winst had vooral te maken met afschrijvingen als gevolg van de scherpe rentestijging.

Als gevolg verwacht Thyssenkrupp dit jaar een hoge driecijferige nettowinst te boeken, terwijl eerder nog een winst van minstens 1 miljard euro werd voorzien. De andere doelen voor dit jaar werden gehandhaafd, waaronder een aangepaste EBIT van minstens 2 miljard euro.

De vrije kasstroom, voorafgaand aan fusies en overnames, zal nog steeds circa 500 miljoen euro negatief zijn. Voorafgaand aan de oorlog in Oekraïne mikte Thyssenkrupp op een positieve kasstroom dit jaar, na jaren van uitstroom.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999
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Poland's Weglokoks eyes hot strip mill in 2027
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State-owned Polish coal trader and steel re-roller Weglokoks plans to commission in 2027 a new 1 million tonnes/year capacity hot strip mill in Ruda Slaska, next to Katowice, Kallanish notes.

The plant, to be located on the territory of stockist and fabricator subsidiary Huta Pokoj, will allocate half of its production capacity for the needs of the group’s re-rolling lines, with the balance sold on the merchant market.

The PLN 5 billion ($1.1 billion) plant will use electric arc furnaces to melt scrap, of which Poland is a major supplier. Weglokoks forecasts the operation will generate PLN 4.5 billion in annual revenue and provide an average sales margin of 8%.

The aim of the investment is to complete the value chain in Weglokoks’ steel segment, which will result in increased competitiveness and production at its processing lines. This will also result in reduced steel imports into Poland and an improvement in foreign trade balance.

“We are determined that Poland’s steel industry, the part which is in the hands of the state, is rebuilt,” says Polish state assets minister Jacek Sasin.

The state has also released PLN 560 million of funding to Weglokoks for the recapitalisation of its steel subsidiaries.

The group says the main driver behind the investment is the fact the steel industry plays a key role in economic development, and 80% of Polish steel demand is currently covered by imports.

Weglokoks also owns welded pipemaker and mine roadway support producer Huta Labedy, as well as heavy plate producer Walcownia Blach Batory (WBB). The firm had previously planned to consolidate the three steel subsidiaries under a subsidiary called “Weglokoks Stal”.

WBB has suffered from merchant slab procurement issues since it restarted production in late 2017 following an almost two-year stoppage. Huta Pokoj has likewise had issues with billet and hot rolled coil feedstock availability. These have been exacerbated by the disruption in steel supply due to war from Russia, Ukraine and Belarus, which accounted for 25% of Polish steel imports in 2021.

In January-May 2022, Poland imported 1.25 million tonnes of hot rolled flat products under HS code heading 7208, according to Poland’s Central Statistical Office (GUS). HS code 720839 comprised 235,558t, with 76,961t coming from Ukraine and 55,638t from Russia. HS code 720838 accounted for 207,269t, with 58,939t coming from Slovakia and 41,361t from Ukraine.

Despite Poland’s dependence on imports, steel industry participants have said in recent years it is unlikely that Poland will build new crude steelmaking capacity. The new investment is all the more surprising given the current energy crisis Europe is facing. Weglokoks, however, has the backing of the state and said in 2018 that building its own crude steelmaking capacity was an option it was mulling.

Poland’s only current hot strip producer is ArcelorMittal Poland.

Adam Smith Poland
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Breaking News: Evraz to sell North American assets
Steel News | Aug. 11, 2022

Russian miner and steelmaker Evraz says it is launching the process of soliciting proposals for the acquisition of its North American subsidiaries, Kallanish notes.

The sale will allow to unlock the stand-alone value of the North America business, the enterprise claims.

“The solicitation process is currently being conducted under the Office of Financial Sanctions Implementation (OFSI) General License INT/2022/1710676 and we are in contact with OFSI as part of this process,” the steelmaker says. “The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including OFSI.”

The steelmaker does not intend to provide any additional information on this process unless or until the process is finalised.

Evraz North America has six plants – in Portland (Oregon, US), Pueblo (Colorado, US), Regina (Saskatchewan, Canada), Calgary, Camrose and Red Deer (Alberta, Canada).

Evraz tells Kallanish it plans to continue the construction by 2023 of the new long rail mill at the Pueblo unit despite its plan to sell the US assets. “In 2022, Evraz Plc did not receive and does not plan to receive any income from the activities of Evraz North America,” the firm says.

Evraz’s consolidated revenue increased by 31% on-year in the first half of 2022 to $8.1 billion, while consolidated Ebitda rose 19.4% to $2.5 billion on higher coal and steel sales prices (see Kallanish passim).

The company’s crude steel output in H1 remained flat on-year at 6.8 million tonnes, coking coal production fell 12.9% to 10.1mt, while iron ore output rose by 4.2% to 7.4mt.

Evraz is partially owned by Roman Abramovich, who the UK government added to the list of sanctioned individuals on 1 March. In May, the UK then sanctioned Evraz Plc, as it said the company "operates in sectors of strategic significance to the government of Russia".

The company denies allegations that it is or has been involved in providing funds, goods or technology that could threaten the territorial integrity, sovereignty or independence of Ukraine.
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Primetals Orders ArcelorMittal Dunkirk Converters to Duro Felguera

Strategic Research Institute
Published on :
11 Aug, 2022, 7:51 am

Spanish technology provider Duro Felguera has received an order from Primetals Technologies to manufacture two new converters for ArcelorMittal’s Dunkirk plant in France. The converters are planned to be installed in 2023... Duro Felguera will construct and test the equipment at its plants in Gijon, Spain.

Duro Felguera Calderería Pesada will be in charge of the complete manufacturing, testing, workshop adjustment and FOB delivery of the equipment. The work will be carried out throughout 2022 and 2023.

Converters are metallurgical vessels used in steel mills to reduce the carbon content of the hot metal and transform it into crude steel. They are made of temperature resistant materials and can weigh more than 500 tonnes. The ones that Duro Felguera is going to build for the Dunkerque steelworks are among the largest in the world.
Bijlage:
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Ukraine’s Crude Steel Output Shrinks by 62% in H1 of 2022

Strategic Research Institute
Published on :
11 Aug, 2022, 7:52 am

Ukrainian steel makers association Ukrmetallurgprom announced that crude steel output in Ukraine collapsed by 62% in January-July 2022 to 4.82 million tonnes as a result of Russia’s unprovoked invasion of the country that began in late February, while ot metal production dropped by 62% to 4.82 million tonnes& rolled steel output totaled 4.23 million tonnes, down by 62% YoY

Besides the impact from the ongoing war, Ukraine's steel production has been affected by the deterioration of the situation in the global steel market, in particular in July. Specifically, by July the support from high global prices, which were caused by disruptions in global supply chains, has dwindled to almost nothing and the positions of Ukrainian steel mills have become more challenging. In particular, Ukrainian steel mills have been forced to handle logistical constraints, coupled with higher logistics-related expenses.

The problems of the increase in the cost of production, as well as the logistics of production, have also become acute. Because of it, companies began to massively announce load reductions or shutdowns due to accumulated problems that the authorities are in no hurry to solve together with business.
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State Owned Weglokoks to Set Up Hot Strip Mill in Ruda Slaska

Strategic Research Institute
Published on :
11 Aug, 2022, 7:55 am

Bankier reported that state owned Polish coal trader and steel re-roller Weglokoks plans to commission a new 1 million tonnes per year capacity hot strip mill in Ruda Slaska in Poland by 2027. Poland’s Deputy Prime Minister Mr Jacek Sasin said “After Russia's aggression against Ukraine, Poland, Europe and the world found them in a completely new situation, many products are missing, and the prices of these products are rising. Today there is a shortage of steel in Europe, which is why it is so important to invest in the case of Poland, the reconstruction of the steel industry, steel industry. We are determined that the Polish steel industry, the one that is in the hands of the state, will be rebuilt.”

The plant, to be located on the territory of stockiest and fabricator subsidiary Huta Pokoj, will allocate half of its production capacity for the needs of the group’s re-rolling lines, with the balance sold on the merchant market. The PLN 5 billion (USD 1.1 billion) plants will use electric arc furnaces to melt scrap, of which Poland is a major supplier. Weglokoks forecasts the operation will generate PLN 4.5 billion in annual revenue and provide an average sales margin of 8%. The aim of the investment is to complete the value chain in Weglokoks’ steel segment, which will result in increased competitiveness and production at its processing lines. This will also result in reduced steel imports into Poland and an improvement in foreign trade balance.

Weglokoks also owns welded pipe maker and mine roadway support producer Huta Labedy, as well as heavy plate producer Walcownia Blach Batory. The firm had previously planned to consolidate the three steel subsidiaries under a subsidiary called Weglokoks Stal, which has suffered from merchant slab procurement issues since it restarted production in late 2017 following an almost two-year stoppage. Huta Pokoj has likewise had issues with billet and hot rolled coil feedstock availability. These have been exacerbated by the disruption in steel supply due to war from Russia, Ukraine and Belarus, which accounted for 25% of Polish steel imports in 2021.
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JSW Ropes in ElectricPe for EV Charging at Offices & Plants

Strategic Research Institute
Published on :
11 Aug, 2022, 7:59 am

After the recent green policy introduced by JSW Group to provide incentives to employees for purchasing electric vehicles and providing charging infrastructure within their office and plant premises, it has partnered with EV charging platform ElectricPe to beef up its EV charging infrastructure. ElectricPe has already enabled the required charging infrastructure at the JSW Mumbai office headquarters & will soon expand its services to JSW offices in Vasind, Dolvi, Vijayanagar, Sholtu, and Jharsuguda. Following this partnership, JSW employees get access to 100,000 charging points on ElectricPe’s platform.

ElectricPe is a B2C EV charging and demand generation app that offers EV users a one-stop platform to identify, access, and pay for EV charging points to make E-mobility easier. Co-founded by Mr Avinash Sharma and Mr Raghav Rohila in May 2021, the company claims to make access to charging points simple, seamless, and efficient. It said, its next-gen technology helps users discover charging points and identifies the best while facilitating charging in any station across the country. It does this by leveraging a nationwide network of charging points and independent charge point operators.

In line with its commitment, the flagship company JSW Steel Ltd has adopted a specific climate change policy and set an ambitious CO2 emission reduction target of 42% reduction over the base year of 2005 by 2030 to a level 1.95 tonne CO2 per tcs. JSW Steel is operating a Carbon Capture and Utilization of 100 tonnes per day capacity where the captured and refined CO2 is used in the beverage industry. JSW is the first corporate in India to provide an employee financial policy to promote clean mobility.
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Dr Kaufmann to Strengthen Thyssenkrupp’s Push for Hydrogen

Strategic Research Institute
Published on :
11 Aug, 2022, 8:03 am

Former Innovation Commissioner for German government’s Green Hydrogen Dr Stefan Kaufmann will serve as an adviser to thyssenkrupp regarding all cross-business hydrogen activities and projects and represent the company nationally and internationally in all matters related to hydrogen. Thyssenkrupp CO Ms Martina Merz said “We at thyssenkrupp are ready to apply our technological expertise and provide a significant boost to efforts aimed at rapidly creating a national and international hydrogen economy. We have now added some additional expertise to help us do so. In Dr Stefan Kaufmann, we have recruited a highly respected hydrogen expert. We are certain that his exceptional experience and knowledge will move us forward throughout the entire value, in terms of demand, supply and infrastructure.”

Dr Stefan Kaufmann, who was born in 1969, served as Innovation Commissioner for Green Hydrogen at the German Ministry of Education and Research from June 2020 to July 2022. The position was created by the German Cabinet on 10 June 2020, as part of its national hydrogen strategy. In this position, he was a regular guest at the State Secretaries’ Committee for Hydrogen of the Participating Ministries as well as the National Hydrogen Council. Dr Stefan Kaufmann served as a directly elected member of the German Parliament from 2009

Thyssenkrupp believes that partnerships are the key to accelerating the energy transition and, thus, the success of the green transformation. Thyssenkrupp’s multifaceted expertise in futuristic technologies and the various perspectives of hydrogen value chains have turned the company into a facilitator and driver of the green transformation. Dr. Kaufmann is an ideal addition to the company and its operations in key markets, an expert who can help it create international networks and accelerate the green transformation.
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Odisha Approves Six New Steel Projects

Strategic Research Institute
Published on :
11 Aug, 2022, 8:06 am

Odisha Government High-Level Clearance Authority held under the chairmanship of Chief Minister Mr Naveen Patnaik has approved 10 industrial projects worth INR 74,620 crores including 6 in steel sectors

1. ArcelorMittal Nippon Steel India for setting up a 6 million tonne per annum iron ore beneficiation plant at Village Dalki and a 12 million tonne per annum slurry pipeline from the proposed beneficiation plant at Dalki to Dabuna Slurry pumping station unit in Dalki in Keonjhar district against an investment of INR 1490 crore

2. Aarti Steels Limited for the expansion of the steel plant by setting up 0.321 million tonne per annum SMS, 3 million tonne per annum special steel bars & rods, 75,000 tonne per annum ferroalloys, 2 million tonne per annum iron ore beneficiation, 1.2 million tonne per annum pellet plant and 65 MW CPP at Athgarh, in Cuttack district at an investment of INR 3000 crore

3. 2.5 million tonne per annum steel plant and 370 MW CPP in Kalinga Nagar in Jajpur district by Orissa Alloy Steel against an investment of INR 8000crores

4. Rungta Metals for setting up of 0.5 million tonne per annum integrated steel plant at Rairangpur in the district of Mayurbhanj at an investment of INR 1400 crore

5. 60,000 tonnes industrial structure and 6,000 tonnes steel plant equipment facilities to Tata Steel’s Growth Shop against an investment of INR 1000 crore

6. Sompuri Infrastructures got the approval to set up a 24 million tonne per annum pellet plant & 6 million tonne per annum of Filter Cake at Dhamra, in Bhadrak district, at an investment of INR 7811crore.
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Evraz Puts North American Steel Assets on Sale

Strategic Research Institute
Published on :
11 Aug, 2022, 9:07 am

Russian steel maker EVRAZ has launched the process of soliciting proposals for the acquisition of its North American subsidiaries EVRAZ North America. The sale will allow unlocking of the stand-alone value of the North America business. The solicitation process is currently being conducted under the Office of Financial Sanctions Implementation General License INT/2022/1710676 and EVRAZ is in contact with OFSI as part of this process. The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including OFSI.

EVRAZ does not intend to provide any additional information on this process unless or until the process is finalised.

EVRAZ North America is a leading, vertically-integrated producer of engineered steel products for the North American rail, energy, industrial and construction markets. ENA has steelmaking capacity of 2.3 million tons and finished steel, including tubular products, capacity of 3.5 million tons and operates 2 EAF-based steel facilities, 4 rolling mills and 8 tubular mills and 17 scrap recycling facilities. EVRAZ North America is also constructing a state of the art 320 Greenfield rail facility which will replace existing rail mill; project expected to be completed by 2023. Having strong financial results (2021 sales of USD 2.4 billion and Adjusted EBITDA of USD 320 million), EVRAZ NA can provide stable income and cash flow to its new investor.
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SAIL Achieves 16% Growth in Crude Steel in Apr-Jun’22 Quarter

Strategic Research Institute
Published on :
11 Aug, 2022, 9:09 am

Indian state owned steel giant Steel Authority of India Limited has achieved growth of 16.4% YoY in its revenue from operations in April-June 2022 quarter. SAIL said “The first quarter of FY’23 saw twin challenges of higher input costs and subdued market demand, both global and domestic, impacting the performance of the company. High cost of production due to increase in imported coking coal prices had an impact on the bottom-line of the company. The decline in global demand and prices for steel had a direct bearing on the domestic market and price realisation. Since peaking in April’22, the prices for steel have continuously remained under pressure during the quarter.”

Crude Steel Production - 4.33 million tonne, up 16% YoY

Sales Volume - 3.15 million tonne, down 5% YoY

Revenue - INR 24,029 crores, down 16% YoY

EBITDA - INR 2,606 crores, down 61% YoY

Profit - INR 776 crores, down 80% YoY

SAIL said that the construction and infrastructure projects have gained momentum which will boost the demand for steel products and is confident of improved performances in the second half of the current financial year with significant reduction in prices of imported coal and uptick in demand.
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Steel Minister Assures on Steel Export Tax Change

Strategic Research Institute
Published on :
11 Aug, 2022, 9:09 am

India’s Steel Minister said that 15% export tax on steel imposed by the Indian government in May is being considered and examined by the government. Mr Jyotiraditya M Scindia told CNBC “These are things that I am engaging myself on currently, we will take a considered decision.”

He did not specify if a formal proposal has been sent to the country's ministry of finance on changes to the export duties, but said the taxes were under his consideration and examination.
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IEEFA Highlights Technologies for Lower-Grade Iron Ore Use in DRI

Strategic Research Institute
Published on :
11 Aug, 2022, 9:10 am

According to a new report from the Institute for Energy Economics & Financial Analysis “Solving Iron Ore Quality Issues for Low-Carbon Steel” examines a number of new innovations in the industry that could accelerate the switch from traditional blast furnace technology to lower-emissions Direct Reduced Iron based steelmaking. DRI does not use metallurgical coal, but currently relies on high quality DR-grade iron ore of above 67% purity, which is in short supply. Report author Mr Simon Nicholas points to new technology combinations that allow DRI processes to use the more plentiful, blast furnace-grade ore, typically 62-65% purity, in the production of low carbon steel, thereby removing the need for high-grade iron ore. He said “Encouragingly, we found some steelmakers are now investigating and planning. This will potentially alleviate the DR-grade iron ore scarcity problem, aiding the expansion of low-emissions steelmaking technology that does not use metallurgical coal.”

German conglomerate Thyssenkrupp is intending to replace the first of its blast furnaces with DRI plants combined with a submerged arc furnace in 2025 allowing it to use blast-furnace grade iron ore in the process. The second largest steel producer in the world, ArcelorMittal is also planning to implement a similar DRI-SAF combination. In Australia, BlueScope steel is working with Rio Tinto on a similar combination of DRI with a melting step that would allow the use of Rio’s Pilbara blast furnace-grade iron ore in DRI processes. Meanwhile Italian steel technology provider Tenova is also developing new technology combinations to produce direct reduced iron using lower-quality blast furnace-grade pellets.

Report says “These developments run counter to the narrative of BHP, one of the key suppliers of blast furnace-grade iron ore and metallurgical coal to the steel industry, which has stated that there is simply not enough high-quality iron ore suitable for DRI-based production to meet global steel demand. BHP believes most of the world’s steel will still be produced via the traditional blast furnace-basic oxygen furnace route using coal in 2050. However, Bloomberg New Energy Finance sees DRI processes accounting for 59% of global primary steel production by 2050, on a net zero emissions pathway. BHP view risks making it an industry laggard on decarbonisation.”

Report co-author Mr Soroush Basirat says “Any significant global switch from blast furnaces to DRI processes will impact metallurgical coal demand. A greater use of DRI technology should be of particular concern to companies like BHP as the world’s largest producer of seaborne metallurgical coal. Major iron ore miners should start to reassess their long-term strategies and prepare to supply more of their products to DRI-based steelmaking processes. Technology pathways that can use lower-grade ore in DRI processes can allow iron ore miners to increase their Scope 3 emissions reduction ambition. Given that technology transitions have a history of surprising speed, we may well see accelerating technology developments start to threaten metallurgical coal’s incumbency over the coming years as the steel industry continues to innovate.”

The Institute for Energy Economics and Financial Analysis examines issues related to energy markets, trends, and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.
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University of Sherbrooke Advancing FRP to Replace Rebars

Strategic Research Institute
Published on :
12 Aug, 2022, 6:46 am

The University of Sherbrooke in Canada and 14 other organizations are joining forces to make composite materials that reinforce concrete even more efficient. Under the direction of Professor Brahim Benmokrane, the partners sealed a new five-year union, and brilliantly rose to the challenge of securing major new sources of funding, which currently total more than CAD 6.3 million for the Industrial Research Chair on innovative Fiber Reinforced Polymer composite materials for sustainable concrete infrastructure. The partnership thus resists the abolition of the program of the Natural Sciences and Engineering Research Council of Canada, which had presided over the birth of this real success story of Sherbrooke engineering, 23 years ago. Abolished in 2019, the prestigious “Industrial Professor-Researcher” program had then funded Professor Benmokrane for four consecutive terms of five years each from 2000 to 2020.

The Chair is interested in materials that offer a more effective alternative to the steel traditionally used in reinforced concrete. With the de icing salt spread on our roads or the salty air of coastal areas, in addition to the climate and road traffic, steel corrodes and swells. This expansion causes the concrete of the road infrastructures bridges, multi-storey parking lots, retaining walls, etc to crack, even burst, and cost billions of dollars in repairs in public funds. However, the technology invented at UdeS by Professor Benmokrane, which aims to replace the steel reinforcement with fiber-reinforced polymer reinforcement, solves these problems of premature wear of concrete infrastructures. In addition to offering a smaller environmental footprint than steel, it allows significant savings, both in the cost of useful life and the construction of structures.

With the knowledge acquired over the years, this fruit of Sherbrooke genius is now found in more than a hundred infrastructures in Canada and elsewhere in the world.
voda
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Stelco Holdings Reports CAD 681 per Ton EBIDTA for H1 of 2022

Strategic Research Institute
Published on :
12 Aug, 2022, 6:48 am

Hamilton Ontario based Canadian steel maker Stelco Holdings has reported that revenue increased by 13% YoY to CAD 119 million in April-June 2022 quarter primarily due to a 12% increase in Average Selling Price per net ton and higher non-steel sales of CAD 12 million, partly offset by lower Shipping Volumes. Stelco Executive Chairman & Chief Executive Officer Mr Alan Kestenbaum said “Over the course of an eventful second quarter for Stelco, we fulfilled several commitments to our shareholders by unlocking the value of the Hamilton lands thus completing another critical component of our strategic capital plan. At the same time, we were able to capitalize on resurgence in pricing during the very early part of the quarter to deliver CAD 464 million in Adjusted EBITDA and remain the industry leader with a 45% Adjusted EBITDA margin.”

April-June 2022 Quarter

Shipments – 0.677 million net tons, flat YoY

Average Selling Price – CAD 1,453 million, up 12% YoY

Revenue – CAD 1,037 million, up 13% YoY

Net income - CAD 554 million, up 53% YoY

EBITDA – CAD 464 million, up 13% YoY

EBITDA per ton CAD 685 per net ton, up 13% YoY

H1 of 2022

Shipments - 1,271 million net tons, down 6% YoY

Average Selling Price - CAD 1,472 million, up 31% YoY

Revenue - CAD 1,943 million, up 23% YoY

Net income - CAD 816 million, up 69% YoY

EBITDA - CAD 866 million, up 46% YoY

EBITDA per ton - CAD 681 per net ton, up 55% YoY

Shipments April-June 2022 Quarter

Hot-rolled - 483 KNT, down 1% YoY

Coated - 117 KNT, down 18% YoY

Cold-rolled - 20 KNT, down 122% YoY

Shipments H1 of 2022

Hot-rolled - 899 KNT, down 6% YoY

Coated - 228 KNT, down 19% YoY

Cold-rolled - 39 KNT, down 5% YoY

The Steel Company of Canada, Stelco’s original title, was given life in 1910 via the merger of Montreal Rolling Mills, the Hamilton Steel and Iron Company, and a handful of secondary companies located from Gananoque to Brantford. It was the result of a bold partnership that forecast emerging challenges and charted a path toward nation-building opportunity. To accomplish the deal, legendary Canadian banker, industrialist and eventual senator William McMaster joined forces with Max Aitken, a brash 30-year-old New Brunswick financier. In 2007, Stelco was acquired by US Steel and renamed US Steel Canada. Today, Stelco has returned as a vertically integrated, independent Canadian steelmaker.
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