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Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

35.173 Posts, Pagina: « 1 2 3 4 5 6 ... 43 44 45 46 47 48 49 50 51 52 53 ... 1755 1756 1757 1758 1759 » | Laatste

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voda 10 januari 2014 16:08

Karnataka crying hoarse as floor prices of iron ore - Report

Financial Express reported that steelmakers in Karnataka are crying hoarse as the floor prices of iron ore being e auctioned in the state have surged much higher than the average price in the country.

According to e auction data available from Karnataka, the prices of lower grade ore have increased than that of the higher-grade ore in the past few months. In some rounds of e auction, the price fixed has even surpassed the floor price of higher grade ores and grades or the base prices, on offer from India’s biggest miner NMDC.

As a case in point, for the round of e-auction held on December 13th 2013 the base price of iron ore fixed by NMDC for the fines produced from its Kumaraswamy mines was fixed at INR 2,050 per tonne for Fe grade of 60%. Similarly, the price of ore fixed for 59% Fe grade for the same e auction was INR 2,110 per tonne, the base price of NMDC.

This is in sharp contrast to INR 3,100 per tonne and INR 3,400 per tonne fixed for 56% and 58% Fe grade, respectively, by private miners for the e-auction held on December 21st in Karnataka.

Fe grades classification in iron ore indicates the quality of an ore available from a particular mine. Fe grade of 60% and above is generally considered to be of good quality. Lower the grade, the poorer the iron ore quality and it requires more investments in blending to improve its quality.

According to data of the e-auction conducted by SC appointed Monitoring Committee, the base price of 59% Fe grade for e auction fixed on December 21st 2013 was higher than the current prevalent rates of 59% Fe grade in Orissa, which is available at INR 1,700 per tonne including royalty to the state.

An official at JSW Steel said that “Category A mines are quoting much above the base price of NMDC as miners are free to fix rates in Karnataka and there is a major shortfall in demand. Since there is a huge demand-supply mismatch, miners are taking advantage of the situation.”

Source – Financial Express

voda 10 januari 2014 16:14

Dutch smelter Aluminium Aldel applies for bankruptcy

Dutch smelter Aluminium Delfzijl (Aldel) has applied for bankruptcy after failing to negotiate an energy deal, the company said that the latest victim in a market plagued by oversupply and falling prices.

Aldel, bought by global industrial commodities company Klesch Group in 2009, applied for bankruptcy in a Dutch court on December 30th and had expected a court decision on the same day.

Spokespeople for Adel and Klesch Group were not immediately available for comment.

The smelter in Groningen in the Netherlands produces more than 110,000 tonnes of new aluminium and recycles a further 50,000 tonnes of metal a year. It employs around 300 people.

Klesch said that the Dutch regional government of Groningen had agreed to loan Adel EUR 7 million to finalise a long-term deal to connect Adel to the German power grid.

Adel said that "Ultimately a solution failed to come, making a bankruptcy filing inevitable."

Aluminium production is highly energy intensive and competitive power prices are, more than ever, essential for smelters' survival. Benchmark London Metal Exchange aluminium has almost halved in price since a record high of USD 3,380 hit in 2008.

The market is also in surplus, although analysts polled by Reuters in October expected the oversupply to shrink to around 600,000 tonnes this year from just over 850,000 tonnes last year due to output cutbacks.

Russia's Rusal, the world's largest aluminium producer by output, cut 350,000 tonnes of production capacity last year compared with the previous year and closed three smelters, with more cuts expected.

US based Alcoa, the world's second-largest producer of aluminium, has already shuttered around 13% of its global smelter capacity and has put another 460,000 tonnes under review.

Source – Reuters

voda 10 januari 2014 16:16

ArcelorMittal continues legal fight over high strength steel

Nwitimes.com reported that ArcelorMittal is appealing a recent court ruling that 3 rival steelmakers did not violate its patent for a special type of aluminum-coated high-strength steel that is made in Northwest Indiana for the auto industry.

A Delaware judge ruled in December that AK Steel, Severstal Dearborn Inc. and Wheeling-Nisshin Inc. did not infringe upon its patent for Usibor, a thin, lightweight steel that helps automakers reduce the vehicle weight while still meeting safety standards.

ArcelorMittal filed notice of appeal to the US Court of Appeals for the Federal Circuit to defend its patent, which covers aluminum pre-coated, hot-rolled or cold-rolled steel sold under the brand name Usibor.

Ms Mary Beth Holdford spokeswoman said that "ArcelorMittal disagrees with the recent district court's decision to hold our Usibor-AS patent invalid. We strongly believe in the legal merit of our case, and ArcelorMittal has already appealed the court's decision. In the interim, we are taking proactive measures to protect our interests during this process."

A French company that became part of the ArcelorMittal conglomerate first developed boron steel with an aluminum-based coating that is applied after rolling the sheet to its final thickness.

In the United States, ArcelorMittal makes it at its huge integrated steel mills in Northwest Indiana and sells it to automakers under the Usibor trademark. The metal forms a number of car parts, including bumper beams, door impact reinforcements and roof cross members.

Source - www.nwitimes.com

voda 11 januari 2014 16:10

Slow global steel market stems improvement in coking coal levels

Slow off take in steel market has taking toll on coking coal levels. Steel price levels in China have plummeted by 2% over a month setting at rest the quest for raw material by steel mills. Along with coking coal, iron ore imports have also dipped during December by 5.7% m-o-m. Crude steel production has also fallen below 2 million tonne per day after a gap of 3 months.

Approaching spring festival in first week of February has mellowed down buyers interest as mills are reluctant to build up inventory.

Premium low-vol hard coking coal down USD 1.50 to USD 145 per tonne CFR China, and second-tier HCC unchanged at USD 133 per tonne CFR. However pessimism was across the grades. Market sources believe that coking coal prices would likely not rebound for at least three weeks, amid lingering fears about credit conditions and future prices.

Source – Strategic Research Institute

voda 11 januari 2014 16:12

Chinese iron trade fuels port clash with Mexican Drug Cartel

Reutyers reported that when the leaders of Mexico and China met last summer, there was much talk of the need to deepen trade between their nations. Down on Mexico’s Pacific coast, a drug gang was already making it a reality.

The Knights Templar cartel, steadily diversifying into other businesses, became so successful at exporting iron ore to China that the Mexican Navy in November had to move in and take over the port in Lazaro Cardenas, a city that has become one of the gang’s main cash generators.

This steelmaking center, drug smuggling hot spot and home of a rapidly growing container port in the western state of Michoacan occupies a strategic position on the Pacific coast, making it a natural gateway for burgeoning trade with China.

Lazaro Cardenas opened to container traffic just a decade ago and with a harbor deep enough to berth the world’s largest ships, it already aims to compete with Los Angeles to handle Asian goods bound for the US market.

But that future is in doubt unless the government can restore order and win its struggle with the Knights Templar, who took their name from a medieval military order that protected Christian pilgrims during the Crusades.

Mexico’s biggest producer of iron ore, Michoacan state is a magnet for Chinese traders feeding demand for steel in their homeland. But the mines also created an opportunity for criminal gangs, such as the Knights Templar, looking to broaden their revenue base into more legitimate businesses.

Source – Thejakartaglobe.com

voda 12 januari 2014 16:25

ThyssenKrupp AG - CO2 from steel mill gases to be converted into valuable chemicals

In collaboration with partners from research and industry, ThyssenKrupp AG is initiating a cross-sector technology transfer project focusing on converting process gases from steel production into valuable chemicals. The electricity for this is to come from renewable sources.

Dr Reinhold Achatz chief Technology Officer at ThyssenKrupp AG said that "The philosophy behind the project is a broad based, cross industry approach. A cross system solution of this kind will deliver better results than today's already optimized sector specific solutions. The intention is for the collaboration between the steel and chemical industries to permit cost effective carbon recycling into fertilizers or fuel. So potentially the project could reduce CO2 emissions from steel mills to virtually zero."

Professor Robert Schlögl, Director of the Max Planck Institute for Chemical Energy Conversion in Mülheim said that "The mission of our institute is to research the fundamental chemical processes involved in energy conversion and thus contribute to the development of new and more efficient catalysts."

Prof. Eckhard Weidner, head of the Fraunhofer Institute for Environmental, Safety, and Energy Technology said that "Our task is to put the processes examined in the project to targeted industrial use."

Source - Strategic Research Institute

voda 12 januari 2014 16:35

China iron ore imports fall in Dec but 2013 total hits record

Reuters reported that China's iron ore imports dropped 5.7% in December, off the previous month's record high as slowing steel demand towards year end curbed purchases of the steelmaking raw material in the world's top consumer. But surging steel output through most of the year in the world's largest steel producer drove purchases of iron ore to a record high in 2013.

Customs data showed that arrivals fell to 73.38 million tonnes in December, easing from the peak of 77.84 million tonnes in November but up 3.4% from a year ago. Imports held above the 70 million mark in four out of the six months to December.

China imported a total 820 million tonnes of iron ore in 2013, surging 10% from 2012 when arrivals rose 8.43% to 743.55 million tonnes. Chinese steel output climbed 8% to all time high of 774.6 million tonnes in 2013.

Some analysts expected China's iron ore imports to rise further this year as increased overseas supply replaces higher-cost domestic iron ore mines, boosting imports.

Mr Du Hui an analyst with Qilu Securities in Shanghai said that "Iron ore imports may surge by another 100 million tonnes this year, as increased lower-cost supplies from overseas will replace expensive domestic ore and China's steel output will keep growing."

Source - Reuters

mvliex 1 14 januari 2014 14:16

Staal Arcelor in drijvend resort bij Libanon

Gepubliceerd op 14 jan 2014 om 14:13
LUXEMBURG (AFN) - Staalconcern ArcelorMittal heeft staal geleverd voor de bouw van een drijvend luxueus vakantieresort voor de kust van Libanon. Dat maakte ArcelorMittal dinsdag bekend.

Het vakantieresort dat op eigen kracht wordt voortgestuwd, wordt 74 meter lang, 47 meter breed en 36,7 meter hoog. Er komt een vijfsterrenhotel met restaurant en faciliteiten voor vrijetijdsbesteding. Het resort zal naast gewone hotelkamers ook kamers krijgen met uitzicht op de zeebodem.

ArcelorMittal heeft al 1200 ton staal geleverd aan de bouwer Beirut International Marine Industry & Commerce, voor de bouw van het onderwatergedeelte van het resort. Nog eens 130 ton staal is besteld bij ArcelorMittal. Dit zal begin 2014 worden geleverd.

voda 14 januari 2014 16:39

Indian steel market remains suspended fraught with hopes of revival

Each passing day the suspense over market revival in Q4 thickens with swinging price levels both in input and finished steel. In its customary flip flop pattern the market swayed between band of +/- INR 200 in pencil ingot, sponge iron and scrap. The TMT and WRC price levels remain largely mute with occasional vibrations in isolated locations.

After a pompous price hike by mills in January borne out of cost compulsions rather than any market blips activity has eluded. It is learnt that construction sector has largely remained unresponsive with exceptions at some locations in South and West viz., Chennai, Bengaluru, Hyderabad and Mumbai. The other locations remain sullen as usual.

Lending rate remaining hike and RBI obsession with inflation have taken toll of demand and new projects. Despite Indian mills pressing the accelerator on exports resulting in volume diversion from domestic market it has hardly affected the price levels. Stocks of TMT and other finished products continue to remain high. Hence realistically steel price levels have not shown much resilience. Major chunk of surge in export has been on account of steel major’s viz., SAIL, TATA, RINL, JSW etc. These mills in any case have not ruled the roost in domestic long market which has been dominated by secondary sector. Domestic inventory value of long product have been unaffected by surge in export.

Market at the same time is not bereft of hope expecting a turn-around at the slight tweak of the lending rate by RBI. An encouraging drop in CPI inflation 9.87% the lowest in 3 months has raised expectation of drop in lending rate by RBI in January 28th review. With industrial growth slowing to six-month low in November, there has been a strong demand from the industry for a reduction in policy rates.

Steel consumption has increased by meager 0.5% in April-December YoY the slump must have just bottomed out.

Source – Strategic Research Institute

voda 14 januari 2014 16:40

TATA Steel India Q3 sales up by 9pct

TATA Steel reported a 9.4% increase in sales volumes to 2.06 million tonne from its Indian operations in the October to December quarter.

The company said in a statement that “The private sector steel major had reported sales of 1.88 million tonne in the corresponding quarter a year earlier.”

Production of saleable steel during the quarter rose 3.9% to 2.15 million tonne from 2.06 million tonne.

TATA Steel said that "Flat product saleable steel production was best ever in Q3 at 1.48 million tonne."

Flat products such as hot rolled coil and cold rolled coil are used in automotive, heavy machinery, pipes and tubes, packaging and appliances sectors.

The company's hot metal production increased 1.6% to 2.31 million tonne during the quarter. Crude steel output rose 3.7% to 2.16 million tonne.

TATA Steel had reported sales volumes of 2.03 million tonne and production of 2.2 million tonne of saleable steel during the Q2 of this financial year.

TATA Steel's sales in April to December period stood at 6.1 million tonne while production of saleable steel during this period was 6.5 million tonne.

Source – www.moneycontrol.com

voda 14 januari 2014 16:41

ThyssenKrupp to revive sale of Brazil steel mill in several years - Report

Reuters reported that Germany's largest steel maker ThyssenKrupp wants eventually to revive efforts to sell its Brazilian steel mill after failing to find a buyer for the asset in 2013.

Mr Heinrich Hiesinger CEO of ThyssenKrupp said that "It has to be said very clearly that in the medium- to long-term we do not want the Brazil plant at ThyssenKrupp.”

Mr Hiesinger said that “The sale of the US plant and a simultaneously announced capital increase are helping ThyssenKrupp cut its debt pile to just over EUR 3 billion. If we continue 1 to 2 years in this direction, then we will further cut our debt and go into the direction of being debt free."

ThyssenKrupp in late November sold its US plant to two rivals in a long awaited deal to help extricate it from an ill fated expansion plan but failed to name a buyer for the Brazilian unit.

Source – Reuters

voda 14 januari 2014 16:42

China rebar falls as steelmaker cuts prices on weaker demand

Bloomberg reported that steel reinforcement bar futures fell in Shanghai after Jiangsu Shagang Company, China’s biggest maker of the commodity, was reported to have lowered prices amid weakening demand.

Rebar for May delivery on the Shanghai Futures Exchange declined as much as 0.8% to CNY 3,463 per tonne and traded CNY 3,469. The most active contract dropped for a fifth week in the five days through January 10. Jiangsu Shagang cut rebar prices to customers by CNY 130 for 10 days starting January 11.

Mr Wang Yongliang, a Tianjin based analyst at Beijing Cifco Futures Company said that “Price cutting by majors is negative for the market, which is already quite pessimistic about demand.”

Source – Bloomberg

voda 14 januari 2014 16:43

Chinese Steel firms go online to reduce costs

Global Times reported that E-commerce took off in the steel sector in 2013 as the ailing industry competes to cut costs.

Mr Dong Baoqing an official at the Ministry of Industry and Information Technology, said that Business to business (B2B) e-commerce has progressed fast in the steel industry, with more than 30 online steel trading platforms so far in China.Total e-commerce transactions topped CNY 10 trillion in 2013, of which CNY 8 trillion was B2B.

Industry insiders said that the continuous low profit margin in the steel industry has forced traders to try online sales channels in a bid to reduce cost and improve profits.

According to China Iron and Steel Association data, in the first 11 months of 2013, average profit margins in the sector were only 0.48% which means steel mills could make about CNY 28 profit on each tonne of steel. The profit data for December has yet to be released.

Mr Qu Xiuli, a deputy secretary-general at CISA said that "Many steel makers and third-party steel traders are currently eyeing e-commerce, which has been a new sales channel for the sector."

Mr Wang Guoqing a research director at Beijing Lange Steel Information Research Center"Online trading could help steel companies reduce costs, shorten the distribution chain as well as reach more clients. Steel sales used to involve many layers of traders, but now e-commerce has connected steel makers directly with end users, or at least significantly shortened the distribution chain.

He said that steel e-commerce still has great growth potential, given that a steel trading platform usually only covers a certain geographical area. Traditional traders who failed to innovate may get weeded out in future. Despite the benefits, experts noted e-commerce could not bring about a fundamental improvement to the ailing industry.

Source – Global Times

voda 14 januari 2014 16:44

Update of new steel production capacity in ASEAN in 2013

ASEAN is a significant net importer of steel products. The region is not self-sufficient in supply particularly for semi-finished and flat products. In view of the imbalance, a number of new/expansion projects are in the pipeline to cater for the shortfalls in supply.

Some of the new/expansion projects that have been commissioned or are expected to come on stream in 2013 include the following:

1. Vietnam
Vietnam has the largest number of new projects in the region. The most significant project to come on stream in the country in 2013 is China Steel Sumikin Vietnam Joint Stock Company which started operation in October 2013. The company has a total production capacity of 1.2 million tonnes comprising 200,000 tonnes capacity per annum for hot rolled coil pickled and oiled; 500,000 tonnes capacity per annum for cold rolling; 300,000 tonnes capacity per year for coated steel and 200,000 tonnes capacity per year for electrical sheet.

A domestic company, Hoa Phat Group, has in September 2013, commissioned its new integrated steel work with a 450m3 BF and 450,000 tonnes of rolling capacity to produce rebar and wire rod. Another local company, Thai Trung Steel Company, also commissioned its new rolling mill for long rpoducts with capacity of 500,000 tonnes per year in September 2013.

Other local companies that have commissioned/ are expected to commission their new projects in 2013 are:
1. An Hung Tuong’s rolling mill with capacity of 250,000 tonnes per year
2. Dong A Steel Sheet Company’s new capacity expansion of 200,000 tonnes per year for CRC at Binhduong province
3. Hoa Sen Steel Sheet Group’s new colour coated line with annual capacity of 120,000 tonnes
4. Viet Trung is expected to commission its new plant of 550m3 BF with 500,000 tonnes per year of billet capacity by end of 2013
5. Hoabinh Stainless Steel Company is investing in 100,000 tonnes of stainless CRC mill in Hung Yen province which is expected to be commissioned by the end of 2013.

2. Malaysia
Eastern Steel Sdn Bhd, a joint venture company between Hiap Teck Venture Berhad of Malaysia and Shougang Group of China is originally scheduled to complete its phase 1 of its project with initial annual production capacity of 700,000 tonnes of steel slab in 2013. However, the new plant is now likely to start operation in the first quarter of 2014.

3. Indonesia
Indonesia’s mega steel project is PT Krakatau POSCO, a joint venture between PT Krakatau Steel, a state-owned company, and POSCO of Korea. The first phase of the project is expected to be completed in December 2013 and will produce steel slab and plate with annual production capacity of 3 million tonnes.

4. Philippines
Steel Asia Manufacturing Corporation, the largest steel company in Philippines, is expected to start its new 500,000 tonnes per year of rolling mill to produce rebar at Davao by the end of 2013.

5. Thailand
Two Japanese-owned companies commissioned their new plants in Thailand:
1. JFE Steel Galvanizing started operation of a 400,000 tonnes per year continuous galvanizing line in Rayong in April 2013.
2. Nippon Steel & Sumikin Galvanising also commissioned its new 360,000 tonnes per year Hot-dipped galvanised and galvannealed sheets production plant in Rayong in October 2013.

Source - SEAISI

voda 14 januari 2014 16:45

China iron ore at contract low on weak steel prices

Reuters reported that Chinese iron ore futures fell 1% to their lowest since the contracts were launched in October as weaker steel prices curbed demand for the raw material.

Spot iron ore dropped to its cheapest in more than five months on Friday and could ease further below USD 130 per tonne this week as cautious traders keep their hands off fresh cargoes, with demand seen unlikely to perk up until after the Chinese New Year.

The most active iron ore contract on the Dalian Commodity Exchange, for May delivery, hit a session low of CNY 868 per tonne, its weakest since it was introduced on October 18th 2013. It closed down 0.7% at CNY 871.

A Shanghai based iron ore trader said that we're not buying iron ore for now. It would be difficult to sell a cargo at the moment so we'll wait until after the Chinese New Year and see how the market goes.

Most mills are cautious about the market for steel products and secondly, they have problems with tighter liquidity. In past years, Chinese mills have usually stocked up on iron ore ahead of the week-long Lunar New Year break, which starts on January 31 this year. But a softer steel market had curbed buying interest this year.

The most-traded May rebar contract on the Shanghai Futures Exchange declined to as low as CNY 3,449 per tonne, not far off Friday's trough of CNY 3,441 the lowest since the contracts were launched in 2009.

Rebar, a steel product used in construction, settled 0.3% lower at CNY 3,462 falling in six out of seven sessions. Slower Chinese demand has weighed on spot iron ore prices, adding to last year's more than 7% drop.

Australia and New Zealand Banking Group said that current prices have encouraged some restocking activity from smaller mills but we suspect prices may fall towards USD 125 per tonne in the short term, as weaker Chinese construction activity and high at-port inventories weigh on prices.

Source – Reuters

voda 14 januari 2014 16:45

Analyst says Chinese auto market seen cruising to another strong year

According to industry executives and analysts, the world's biggest auto market will likely sustain the momentum it regained in 2013, helped by an anticipated array of economic stimulus measures and robust demand for cars in smaller cities of China's interior regions.

The new year should mark a second year of double-digit growth for China after sales expansion rates slumped in 2011 and 2012 to 2.45% and 4.33%, respectively.

In the previous 10 years, auto demand in China often surged 30% to 40% annually.

According to the China Association of Automobile Manufacturers, those hyper growth days are over, but last year the Chinese market rebounded convincingly.

In 2013, sales in China rose 13.9% to 21.98 million vehicles.

Source - www.businesstimes.com

voda 14 januari 2014 16:46

ThyssenKrupp chief tests shareholder patience on overhaul

Reuters reported that 3 years after taking the helm at ThyssenKrupp, Mr Heinrich Hiesinger is running out of time to implement his ambitious plan to retool the 200 year old German steelmaker as a high tech engineering conglomerate.

Setbacks in selling weak assets as well as costly price fixing scandals he inherited have made Mr Hiesinger's promises of sweeping transformation look optimistic. At an annual meeting on Friday, the former Siemens man will face tough questions from shareholders who, for a second year, have received no dividend.

Mr Joerg Schneider a fund manager at Union Investment in Frankfurt said that "Some thought that he was the guy who can restructure ThyssenKrupp and move it forward. But he hasn't really achieved that yet."

Adding to pressure on Mr Hiesinger are small but significant shifts in the group's ownership since the last AGM. The family trust, which long shielded managers from predators, has seen its holding diluted below a blocking 25%. Meanwhile, activist Swedish fund Cevian has built up an 11% stake.

Needing cash to expand higher-margin lines, such as elevators and high-performance car parts, Hiesinger has already sold assets accounting for a quarter of group sales. Yet delays and other problems have sparked speculation which the CEO has consistently rejected that he might yet pull out of steelmaking altogether, ending two centuries of Krupp tradition.

Source – Reuters

voda 14 januari 2014 16:47

Iran retains position as world 2nd largest sponge iron producer

FNA cited Mr Bahram Sobhani MD of Mobarakeh Steel Company as saying that Iran has retained its position as a major world steel producer. His company also ranked the second in the world in 2013 in terms of sponge iron production.

Mr Sobhani said that "Isfahan’s Mobarakeh Steel Company became the world’s 2nd largest sponge iron producer by producing 14.528 tonnes of sponge iron. India ranked first in 2013 by producing 18.679 tonnes of sponge iron.:

The official said that India accounted for 29.5 percent, Iran for 22.9 percent and Mexico for 9.7% of the world’s total sponge iron production in 2013. In December 2012, former Iranian President Mahmoud Ahmadinejad inaugurated the country’s second sponge iron plant in the central Iranian city of Isfahan.

The iron sponge plant with the annual output capacity of 1.5 million tonnes increased the country's total sponge iron production to 10 million tonnes per year. The plant developed on a USD 193 million budget created 700 jobs in the region.

Source – English.farsnews.com

voda 14 januari 2014 16:50

2013 year of mixed fortunes at TATA Steel Scunthorpe

The 4,000 employees at the TATA Steel works in Scunthorpe saw a year of mixed fortunes. It was the year the company decided to shed a further 320 jobs in the town and workers were told they had to help save EUR 34.5 million by March 2014, to get the business back in profit. But there were reasons to be cheerful in 2013.

Network Rail renewed a contract to continue the supply of track and sleeper plate from Scunthorpe for the next five to 10 years. The town also won an order to supply 60,000 tonnes of high quality rail to build a new high speed line in Saudi Arabia.

And two new production records for a shift and for a day were set in the Scunthorpe Rail and Section Mill in the same week last September. Last November, the site's continuous casting plant Caster 5 set a new production record at 23,800 tonnes.

The basic oxygen steel-making plant in Scunthorpe helped to save EUR 30 million for the company this year, by improving yield and reducing waste. And last September, more than 50 apprentices were taken on.

Source – Scunthorpetelegraph.co.uk

voda 15 januari 2014 16:37

US challenges China non compliance in WTO CRGO steel dispute

Mr Michael Froman US Trade Representative announced that the United States is requesting that China enter into consultations regarding China's claim that it has brought its duties on US exports of grain oriented flat-rolled electrical steel (GOES) into compliance with WTO rules. AK Steel Corporation, based in Ohio, and Allegheny Ludlum, based in Pennsylvania, manufacture GOES.

China's actions cut off more than USD 250 million in exports of this high tech steel product and in 2012 the United States won a dispute at the WTO that China broke WTO rules with its imposition of antidumping and countervailing duties on GOES. The United States continues to pursue this dispute to ensure that China follows through on its obligations under the ruling and does not further harm US exports and the American workers and firms that make them, by abusing trade remedies. This is the first time the United States has initiated a proceeding in the WTO to challenge a claim by China that it has complied in a WTO dispute.

Ambassador Froman said that "Supporting American jobs is our number one job. And to ensure that Americans see the full benefit of the rules and market access we have negotiated in our international trade agreements, the President put enforcement of America's rights in the global trading system on a par with opening markets for US Exports. The WTO found that China's duties are inconsistent with WTO rules. We were right, and China was wrong. Unfortunately, it appears that China has not corrected those inconsistencies. Today's action shows that when the United States steps up to the plate on trade enforcement, we will follow through."

Source – Strategic Research Institute

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