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voda 12 juli 2019 09:56

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ArcelorMittal Italia Ordered to Shut BF 2

ArcelorMittal Italia, after Taranto Public Prosecutor ordered a production halt at BF 2 at its Taranto plant, said that it is studying the court's notification, assessing technical aspects and hopes to keep the furnace open. It is understood that the closure decision has been taken by the Italian Public Prosecutor following the release of evidence from appointed technicians that the BF 2 does not comply with operational safety standards.

ArcelorMittal said the issue dates back to 29 July 2015, when, following a fatal accident, the Taranto public prosecutor ordered the seizure of the blast furnace. The furnace was effectively seized by the Italian authorities in 2015, having operated since that time under a special accord between the Italian government, Ilva, the troubled former owner of the Taranto works, and Ilva's administrators, on the condition that improvements would be undertaken at the installation.

Blast furnace number 2 at the Taranto works has a design capacity of 2 million tonnes of hot metal but is currently working with a production target of 1.5 million tonnes.

Only BF No 1 was working without any problem at the Taranto It has been working with a crude steel production target of 1.2 million tonnes.

Source : Strategic Research Institute

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voda 12 juli 2019 10:00

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ArcelorMittal Italia Workers Strike after Mishap - Report

Workers at ArcelorMittal Italia started full strike action in the early hours of Thursday for an indefinite period, on grounds of safety. This action followed an accident late Wednesday when a crane being operated by a worker at the Taranto works' raw materials pier fell into the sea.

ArcelorMittal Italia said “Following the tragic accident that occurred last night at ArcelorMittal Italia's concession in the port of Taranto, when the DM5 crane fell into the sea, ArcelorMittal Italia can confirm that our colleague who was operating the crane is still missing. As ArcelorMittal Italia, our thoughts and prayers are with our colleague, his family and all our colleagues. In line with normal procedure after an accident of this nature, the authorities have seized the area and the machines. We are working with the authorities and rescuers and we are in contact with family and colleagues, to whom we are providing all possible support. A thorough investigation to determine the proper cause of the fall of the crane is underway.”

Source : Strategic Research Institute

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voda 12 juli 2019 10:03

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ArcelorMittal Italia Lawyers Studying Judgment to Avoid Furnace Closure

ANSA reported that ArcelorMittal's lawyers are studying initiatives to avoid the closure of the second blast furnace at the former ILVA steel plant ordered Tuesday by Taranto prosecutors. The attorneys said have started "studying hypotheses" of initiatives, possibly together with the consortium that took over ILVA last year.

Unconfirmed sources said a request could be filed to suspend the prosecutor's order although the company has not issued any further comments following the prosecutor's order.

The order, which concerns one of the plant's three blast furnaces, was issued in connection with the 2015 death of a worker there. The Taranto plant, which is being cleaned up and revamped to save jobs and ease cancer-linked pollution, is the biggest in Europe.

Source : ANSA

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voda 15 juli 2019 16:23

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ArcelorMittal Italia Declares Force Majeure

ArcelorMittal Italia has declared force majeure following a crane accident last Wednesday at its Taranto works and blast furnaces two and four taken off line for two days. ArcelorMittal Italia informed in a letter “The declaration follows the authorities' seizure of the pier No 4 at the Taranto works for investigation. As a result of the seizure, ArcelorMittal Italia is unable to fully operate in the affected areas for the foreseeable future and therefore by this letter we inform you that our ability to perform our obligations under our contracts will likely be prevented, delayed, hindered or otherwise adversely affected.”

The company added "To date, we are unable to determine how long this force majeure will continue.”

The Taranto works, formerly operated by Ilva and acquired by ArcelorMittal last year, is Italy's largest flat products works. It was expected to produce around 5 million tonnes of flat products in 2019, up from 4.5 million tonnes in 2018 and will be targeting its full capacity of 9.5-10 million tonnes a year in four to five years' time.

Source : Strategic Research Institute

voda 16 juli 2019 16:28

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8 Under Investigation for Death of ArcelorMittal Taranto Crane Operator

ANSA reported that 8 people have been placed under investigation for the death of a crane operator at the ex-ILVA ArcelorMittal steel works in Taranto who was blown into the sea by a gale last week. Those probed were formally informed of the investigation in view of the autopsy on his body. Possible charges are complicity in culpable manslaughter and culpable omission of measures against work accidents.

Mr Cosimo Massaro's crane broke in two under gale-force winds that whipped through the plant on Wednesday. His body was recovered by divers at a depth of six metres after a three-day search.

Source : ANSA

voda 16 juli 2019 16:33

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NCLAT to Hear ArcelorMittal's Plea on EPC Construction on August 8

ET reported that National Company Law Appellate Tribunal will hear ArcelorMittal's plea, challenging Royale Partners' bid to acquire EPC Construction India Ltd, currently under insolvency proceedings, on August 8. A three-member bench headed by Chairman Justice S J Mukhopadhaya has asked the parties to complete their pleading by filing their reply and rejoinder over it, and directed to list the matter on August 8.

The National Company Law Appellate Tribunal's direction came over a petition filed by ArcelorMittal, which has challenged the order of the Mumbai bench of National Company Law Tribunal.

The NCLT has rejected ArcelorMittal's plea against bid of Royale Partners Investment Fund for ECIL: formerly Essar Projects India.

The appellate tribunal had also issued notice to Resolution Professional and Royale Partners Investment Fund, directing them to file reply within two weeks.

Source : ET

voda 18 juli 2019 12:11

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ArcelorMittal Italia Signs Agreement with Trade Unions

ArcelorMittal Italia announced that it has signed an agreement with the UILM, FIM, FIOM and CGL unions aimed at stabilizing the situation at the Taranto plant and enabling the company to continue operations. The agreement includes additional initiatives aimed at supporting safety performance. These include a weekly safety meeting with unions as well as an institutional committee to monitor the health and safety situation. Furthermore, it was agreed to have dedicated department discussions on maintenance and investment to ensure that each department has a clear plan to address issues that arise. Finally, as part of the agreement, ArcelorMittal Italia also commits to monitor the CIGO on a weekly basis and prioritize those in the CIGO for identified additional activity at the plant.

Commenting Matthieu Jehl, CEO ArcelorMittal Italia, said “Safety is the first priority for all ArcelorMittal plants and we were all devastated by last week’s tragic accident. Deepening our engagement on safety with key stakeholders including unions will, I hope, further support our efforts to improve the safety performance. I sincerely hope that with this agreement we can regain stability at the operation and ensure we can produce the steel that our customers need as we continue to implement the industrial and environmental plan to address the plant’s long-term sustainability issues.”

Source : Strategic Research Institute

voda 1 augustus 2019 12:02

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'Geen juridische bescherming Arcelor Italië'

Gepubliceerd op 1 aug 2019 om 11:37 | Views: 455

ArcelorMittal 11:41
14,45 -0,07 (-0,47%)

ROME (AFN) - De Italiaanse regering is niet van plan staalconcern ArcelorMittal alsnog te beschermen tegen aanklachten wegens vervuiling rond de staalfabriek Ilva in Tarente. Dat laat een ingewijde weten aan persbureau Bloomberg. ArcelorMittal dreigde onlangs met het stilleggen van de Zuid-Italiaanse fabriek als het geen immuniteit tegen milieuzaken zou krijgen.

Ilva, de grootste staalfabriek van Europa, is al decennialang verwikkeld in schandalen wegens vervuiling van de omgeving. De milieuperikelen en aanverwante gezondheidsklachten bij omwonenden stortten het bedrijf in financiële problemen. ArcelorMittal kwam in 2017 als beste partij uit de bus kwam voor de redding van de fabriek.

Aanvankelijk beschermde een wet uit 2015 ArcelorMittal tegen vervolging wegens milieudelicten van Ilva uit het verleden. Na protesten van omwonenden, oordeelde een rechter begin dit jaar dat die garantie mogelijk tegen de Italiaanse grondwet indruist. De regering nam daarop een wet aan die per 6 september een einde maakt aan de immuniteit van ArcelorMittal, dat vervolgens liet weten de fabriek op die dag te willen sluiten.

voda 2 augustus 2019 16:26

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ArcelorMittal Hopeful that Ilva Steel Plant Will Not Shut Over Pollution

Reuters reported that ArcelorMittal is confident that the Ilva operations in Italy will not have to shut after the firm lost immunity over the plant’s pollution. CFO Mr Aditya Mittal told “At that point in time it is very difficult for us to operate the facility further. We are working with the Italian government to institute legal safeguard measures and our expectation is that those measures would be in place before the 6th of September.”

When asked by an analyst if the company would walk away from the plant if the legal immunity was not renewed, Mr Mittal said the company had certain protections under its contract, but declined to give details.

The Italian parliament in late June revoked the legal immunity that ArcelorMittal received when it bought the operations, granting a grace period until 2023 to bring the plant up to environmental standards. Under the new law, the legal protection at Ilva ends at midnight on September 6.

Source : Reuters

voda 8 augustus 2019 16:36

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Italy to give ArcelorMittal Guarantees to Avoid Ilva Shutdown - Report

Reuters reported that Italy’s ruling coalition is set to offer ArcelorMittal, legal guarantees to ensure that it does not shut down the Ilva plant it bought last year. A government source told Reuters “The government of the right-wing League and the anti-establishment 5-Star Movement will add the new legal shield to a broader decree on industrial disputes approved by the cabinet on Tuesday. It will come into force at the end of this month. The government will offer a temporary and limited protection related to the commitments set out in the clean-up plan. There is no immunity for deaths at work or for pollution-related illness.”

In late June, the Italian parliament revoked the legal immunity that ArcelorMittal received as part of its purchase of the heavily polluting steel plant, Europe’s largest, which it promised to bring up to required environmental standards. The multinational has threatened to shut down the plant in the southern city of Taranto unless the legal protection, which ends at midnight on September 6, is restored.

In January, the European Court of Human Rights condemned Italy for failing to protect citizens from the plant, which has been blamed for hundreds of cancer-related deaths.

Source : Reuters

voda 8 augustus 2019 16:47

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ArcelorMittal Italia Concludes 1st Phase of Emission Scenario for 6 Million Tonnes

ArcelorMittal Italia announced that the first phase of study of the emission scenario with respect to the authorized production of 6 million tonnes per year has been concluded. This is preparatory and necessary to arrive at a new elaboration of the Health Damage Assessment, as part of the review procedure of the Integrated Environmental Authorization pursuant to the Prime Ministerial Decree of 29 September 2017, initiated by the Ministry of the Environment, following the request presented by the Mayor of Taranto on 21 May last.

For the entire duration of this first phase, ArcelorMittal Italia, for what it was responsible for, has made available all the data and information available through the support of its technicians, in a transparent and collaborative manner.

In relation to the same proceeding, ArcelorMittal Italia, as manager of the Taranto steel plant, presented last week a precautionary appeal in relation to the decree to start reviewing the AIA issued by the Ministry of the Environment for purely precautionary purposes. Do not lose the right to protect your rights - ArcelorMittal Italia specifies - it does not want in any way to oppose the spirit of full and active collaboration that the company is demonstrating and wants to continue having with the competent authorities. Finally, ArcelorMittal Italia underlines that it is seriously committed in carrying out all the interventions of the Environmental Plan, in compliance with the deadlines established in the AIA decree.

Source : Strategic Research Institute

voda 8 augustus 2019 17:04

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Novelis Announces Q1 Results

Novelis Inc reported net income attributable to its common shareholder of USD 127 million for the first quarter of fiscal year 2020, compared to USD 137 million in the prior year period. Excluding tax-effected special items, such as USD 33 million in favorable metal price lag in the prior year, the company reported net income of USD 145 million in the first quarter of fiscal 2020, compared to USD 115 million in the prior year period. This 26% increase is primarily due to higher Adjusted EBITDA.

Adjusted EBITDA increased 11% over the prior year period to USD 372 million in the first quarter of fiscal 2020, primarily driven by higher total shipments as well as favorable price and product mix, partially offset by less favorable recycling benefits due to lower aluminum prices. Adjusted EBITDA per ton reached $448 in the quarter, as compared to USD 419 in the prior year period.

Net sales decreased six percent over the prior year period to USD 2.9 billion for the first quarter of fiscal 2020, driven by lower average aluminum prices and local market premiums, partially offset by higher total shipments and more favorable product price and mix. Shipments of flat rolled products increased four percent over the prior year to 830 kilo tonnes.

The company reported negative USD 94 million of free cash flow for the first quarter of fiscal 2020, including a three fold increase in capital expenditures YoY to USD 162 million mainly to support strategic capacity expansion projects underway in the US, China and Brazil. Free cash flow before capital expenditures improved 36% over the prior year period to USD 68 million, driven primarily by higher Adjusted EBITDA and favorable working capital from lower aluminum prices and inventory levels.

Mr Steve Fisher, President and CEO, Novelis Inc said that “Novelis’ continued success is based on its ability to deliver high-quality products to customers and its focus on optimizing manufacturing operations. With a strong balance sheet and commitment to sustainable innovation, we are well positioned to make strategic investments in capacity as well as R&D to meet growing demand for lightweight aluminum solutions.”

Source : Strategic Research Institute

voda 8 augustus 2019 17:04

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Arconic Announces USD 200 Million Accelerated Share Repurchase

Arconic Inc announced that it has entered into an accelerated share repurchase agreement with Goldman Sachs & Co LLC to repurchase USD 200 million of Arconic’s common stock, pursuant to the share repurchase program previously authorized by the Board of Directors. Under the ASR agreement, Arconic will receive initial delivery of approximately 6.8 million shares on August 8, 2019. The final number of shares to be repurchased will be based on the volume-weighted average price of Arconic’s common stock during the term of the transaction, less a discount. The ASR agreement is expected to be completed during the second half of 2019.

After giving effect to the share repurchase under the ASR agreement, USD 400 million remains available under the prior authorization by the Board of Directors for share repurchases.

Source : Strategic Research Institute

voda 8 augustus 2019 17:05

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8 More Iron Ore Mines to Go Under Hammer - Report

Express News Service reported that after putting seven mineral blocks under hammer, the State Government is making all out efforts to invite tenders for auction of eight of the 16 iron ore mines, leases of which will expire on March 31, 2020. The eight iron ore blocks that will be put up for auction will be decided at a high level meeting to be held in a day or two. Of 24 functional merchant mines, leases of which are set to lapse by March next year, geological reports of 19 blocks prepared by the leaseholders have been submitted to SBI Capitals Market Ltd (SBI CAPS) for evaluation of mineral resources.

SBICAPS, the transaction adviser for e-auction of mines, is reported to have prepared the tender document, approval of which has been obtained from authorities concerned of the Union Government, official sources said. The State Government has planned to issue notice inviting tender (NIT) for the eight iron ore blocks in second or third week of this month.

Sources in the Steel and Mines department said 16 mineral blocks explored to G-2 level and 24 working leases expiring on March 31, 2020 will be auctioned during the current financial year. Of 24 functional mines, 16 are iron ore blocks. The 16 mines have an approved capacity to produce 79 million tonne of iron ore per annum.

Delay in auction of these mines before the lapse of leases will create iron ore shortfall of about 60 million tonne. The State Government had recently informed the Assembly that 40 mining blocks have been readied for auction during the current financial year.

Source : Express News Service

voda 8 augustus 2019 17:07

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Minister Mr Rado Yokie Suspends Iron Ore Export

Global Times reported that the Minister of Mines and Mineral Resources, Hon. Foday Rado Yokie has placed a temporary suspension order on the export of iron ore by SL Mining. The company made its first shipment of Iron Ore to China in June this year. The Minister has insisted on reviewing the company’s compliance with the mining licence agreement with the NMA. Hon. Foday Rado Yokie has promised to revisit all mining agreements and cancel those licences that are not in the interest of the government and people of Sierra Leone.

SL Mining was awarded a renewable large-scale mining license in March 2017 for Marampa, under the Mines and Minerals Act, 2009 for a term of 25 years. The licence was ratified by Parliament on 6th December, 2017.

SL Mining is a subsidiary of Gerald Group. So far, the company has exported around 170, 000 tonnes of high-grade iron ore concentrate in three different shipments to China. The three shipments are estimated to be valued at USD 23 Million. Government has received a total of US$800,000 from the said shipment by SL mining.

Source : Global Times

voda 12 augustus 2019 16:16

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Italian Steel Plant Clean-Up is a Towering Task - Report

Physics reported that steel giant ArcelorMittal strives to clean up and turn around Italy's most polluting plant. The site in southern Italy's Puglia region, formerly owned by Ilva, is at the heart of a huge legal battle during which experts cited by prosecutors have charged that of the 11,550 people who died in the area over seven years, 7,500 were killed by cardiovascular and respiratory diseases and cancers linked to toxic emissions. AcelorMittal began leasing the plant, with an obligation to buy it, in November, and is investing 2.4 billion euros to revive it, including 1.2 billion euros to curb pollution by 2024. ArcelorMittal was given a period of legal immunity to bring the plant up to environmental standards. But the Italian parliament revoked that in June and the company is set to lose its immunity on September 6.

Without immunity, ArcelorMittal Italia has said it might have to throw in the towel, despite having already begun implementing its clean-up plan, which includes enclosing conveyor belts and installing new quenching towers.

Red and black dust from parks of iron-ore and coal have long covered balconies and playgrounds in the nearby Tamburi and Paulo VI neighborhoods, and locals shut themselves in and schools close when the wind blows their way. Huge stockpiles, some 20 meters high, cover an area the size of 56 football pitches. Work on mammoth white coverings to enclose them, which are to be 480 metres long, 250 metres wide and 80 metres high, is the most obvious sign of progress at the European Union's largest steelworks. The twin structures, each made of 20,000 tons of steel, will be the biggest such structures in the world. Henri-Pierre Orsini, who is responsible for implementing the plan, told AFP "The object is to ensure zero dust emissions.”

The upgrades are aimed at reducing dust, metals and dioxins, through new fabric filtration technologies and dedusting systems, and stopping the run-off of polluted water.

The company runs tours for workers and their families to change how they view the plant and distance itself from its dark past and the graves in a cemetery just across the road. As Taranto suffers from record unemployment some feel everything should be done to save the steel works, which employs 12,000 people. But ArcelorMittal has struggled to win hearts. In June it temporarily laid-off 1,400 workers owing to sluggish market conditions, and prosecutors launched an investigation in July after a worker was killed when a crane was blown into the sea. The deadly accident sparked strikes.

And while the company pledges to slash dioxin and dust emissions to below EU limits, they cannot be eliminated entirely. Families who have been hit by abnormal levels of tumours and respiratory diseases around Taranto say the plant should be closed, and the sprawling site cleaned up.

Source : Physics

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voda 4 september 2019 17:48

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ArcelorMittal Italia Extends Lay Off Period

ArcelorMittal Italia has communicated to Trade Unions the request for the extension for 13 weeks of the intervention of Cassa Integrazione Ordinaria (CIGO) for the steel plant of Taranto from 30/09/2019 up to a maximum number of 1,395 employees per working day. This decision was motivated by the persistence of market criticalities and the inadequacy of demand that led to the first request for CIGO and this despite the industrial initiatives and marketing strategies undertaken by the Company.

In addition to this situation, the European Commission has not yet taken sufficient action to support European producers and the reference market for the production of the Taranto plant.

In the next few days, meetings are already planned with the local trade union organisations.

Source : Strategic Research Institute

voda 5 september 2019 19:12

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ArcelorMittal Italia to Continue Taranto Plant Operations

ArcelorMittal notes the publication on the Italian Official Journal of a decree law adopted by the Italian Government. This decree law amends the so-called Crescita decree law which had removed legal protection pending the implementation of the environmental plan for the Taranto plant. Following its publication, the decree law comes into immediate force, although its permanence is subject to ratification by the Italian Parliament within 60 days.

It said “As a result of this development, ArcelorMittal Italia will continue operations beyond 6 September whilst continuing to monitor legal, regulatory and operational developments in relation to the Taranto plant closely in view of its continued viability.”

Source : Strategic Research Institute

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voda 5 september 2019 19:27

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ArcelorMittal blijft actief in Italiaanse Taranto

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
13,862 0,422 3,14 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal houdt zijn fabriek in het Italiaanse Taranto langer open, nu de Italiaanse regering een aangepast decreet heeft uitgevaardigd over het milieuplan voor de fabriek. Dat maakte de staalfabrikant woensdagavond bekend.

Het nieuwe decreet is een amendement van het eerdere Crescita-decreet, waarin de regering zijn juridische garanties uit 2017 opschortte, totdat het milieuplan voor de fabriek zou zijn uitgevoerd. De garanties werden afgegeven in 2017 toen ArcelorMittal ermee instemde om te investeren in de fabriek in Zuid-Italië, en betreffen aansprakelijkheid voor milieuschade die ArcelorMittal niet heeft veroorzaakt.

ArcelorMittal Italia heeft in reactie op de nieuwe aanpassing, die pas permanent is als het Italiaanse parlement deze binnen 60 dagen goedkeurt, besloten om door te gaan met zijn activiteiten na 6 september.

Het staalconcern blijft nauwlettend in de gaten houden of de fabriek levensvatbaar blijft, naar gelang de ontwikkelingen op het gebied van wet- en regelgeving en op operationeel gebied.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 4 november 2019 13:32

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ArcelorMittal wil alsnog afzien van Ilva - media

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
14,392 0,364 2,59 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal zou op het punt staan om de Italiaanse staalfabriek Ilva terug te geven aan Rome. Dit schrijft de Italiaanse krant Il Sole 24 Ore maandag op basis van verschillende bronnen.

Volgens de krant staat "de bom op ontploffen".

ArcelorMittal kocht de noodlijdende fabriek en kreeg daarbij de nodige garanties mee. Het reorganiseren van de fabriek verloopt evenwel lastig en vakbonden roeren zich regelmatig. Ook zou Rome inmiddels de afgegeven garanties hebben ingetrokken.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

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