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voda 15 jun 2012 om 17:02

ArcelorMittal considers appealing racial suit award

It is reported that ArcelorMittal Steel is considering an appeal of the USD 25 million jury verdict reached earlier this week.

ArcelorMittal Steel, in a statement, said that the verdict far exceeds what is normally allowed under federal or New York State law and that it is exploring its options.

The company condemned the incidents that led to Elijah Turley's lawsuit but repeated its claim that it did all it could to reform the environment at the plant.

The company said that "The behavior experienced by the plaintiff is unacceptable to ArcelorMittal management. Upon learning of the incidents, management took prompt and documented remedial measures to investigate all internal complaints in an effort to stop and prevent recurrence."

The jury's unanimous decision followed a three week trial at which Mr Turley, an African American, testified about a series of incidents during his time working at the former ArcelorMittal facility.

Source - Buffalo News

voda 16 jun 2012 om 16:17

Chinese steel export in May remains above 5 million tonnes.

China export quantity of steel products in May was 5,230,000 tonnes up by 12.0% from the previous month of 4,670,000 tonne and also up 9.6% from the same month last year.

It increased for 3 months in a row and it was since June, 2010 that its steel export marked the level of 5 million tonnes.

Seen from the China export quantity, price increase of steel products will be very difficult in negotiations for July shipment which have been undertaken at present. Its cumulative export quantity during January through May was 22,040,000 tonnes up by 10.1%YoY. Meantime, its export quantity of ingots and semi-finished products in May was nil.

While China import quantity in May was 1,320,000 tonnes up by 16.8% from the previous month and up 3.1% from the same month last year. Cumulative import quantity during January through May was 5,850,000 tonnes down by 14.3%YoY. Import quantity of ingots and semi-finished products in May was 30,000 tonnes up 50.0% from the previous month and no change from the same month last year. Its cumulative quantity during January through May was 160,000 tonnes down by 36.0%YoY.

Under the sluggish steel market, China steel production had raised its operation rate in April and May and had continued the level of 80 million tonnes. With this increase of inventory and export had been predicted.

The steel prices in the Asian area have never risen despite of being in demand in the market but rather, prices of flat rolled steel products like hot rolled steel coils are showing a sign to go to a downward trend. Supply and demand have not been tightened due to increase of export in China and on top of it, China's offer prices are the low level and further, the Chinese mills are competing with products of Russia, Central and South America and so on.

Source - TEX Report Limited

voda 16 jun 2012 om 16:19

ArcelorMittal offer to strengthen embankments in Sundarbans using steel piles

PTI reported that West Bengal government would conduct a feasibility study on use of steel plate piling technology for embankments breached in the Sundarbans by cyclone Aila in May 2009 as suggested by steel major ArcelorMittal.

West Bengal irrigation minister Mr Manas Bhuniya told reporters that "The technology is a bit costly, but has better life. We will conduct a feasibility study on it.”

Mr Bhuniya said that stating that such technology has been used in Karnataka and Andhra Pradesh said that he would discuss the matter with Finance minister Amit Mitra.

Replying to a question, Mr Bhuniya said that the state government was also planning to introduce a sewerage treatment plant to filter polluted water of canals falling into the Hooghly or any major river. A detailed project report would soon be prepared, Mr Bhuniya said after a meeting with Urban Development and Municipal Affairs minister Firhad Hakim.

Source - PTI

voda 19 jun 2012 om 16:18

CEO ArcelorMittal: Europa moet groei stimuleren om productiebasis in stand te houden

AMSTERDAM (Dow Jones)--De Europese landen moeten actie ondernemen om de groei te stimuleren als zij vast willen houden aan hun productiebasis, stelt chief executive Lakshmi Mittal van ArcelorMittal (MT.AE) dinsdag tijdens een staalconferentie.

Volgens Mittal hebben de bezuinigingen niet de gewenste uitwerking, wat in contrast staat tot wat hij ziet als de meer succesvolle groei ondersteunende maatregelen in de VS. De Europese vraag naar staal, een groei-gevoelig metaal, is met 25% gedaald ten opzichte van de niveau's van voor de crisis.

Europa "zal niet competitief zijn" als zijn inwoners per jaar 20% minder tijd aan hun werk besteden dan werknemers in de VS. Met betrekking tot de wereldwijde economie "zien we geen mooi plaatje", zegt Mittal.

- Door Matt Day, vertaald en bewerkt door Elco van Groningen; Dow Jones Nieuwsdienst; +31-20-5715200; elco.vangroningen@dowjones.com

s.lin 19 jun 2012 om 20:20

ArcelorMittal ziet overcapaciteit
19 jun 2012 om 17:17
NEW YORK (AFN) - Staalproducenten moeten hun productiecapaciteit aanpassen aan de afnemende vraag. Dat zei topman Lakshmi Mittal van ArcelorMittal dinsdag op een staalcongres in New York.

,,De vraag in Europa was 200 miljoen ton en is nu 150 miljoen ton'', stelde Mittal. ,,Er moet duidelijk iets gebeuren met de capaciteit.''

Volgens Mittal geldt de overcapaciteit niet alleen voor Europa. Volgens hem wordt er wereldwijd teveel geproduceerd. Hij gaf verder aan dat ArcelorMittal op dit moment niet op zoek is naar overnames.

voda 20 jun 2012 om 16:01

Shagang successfully developed 600MPa Rebar

It is reported that Shagang has rolled 600MPa rebar, with specification of HRB 600. Compared to HRB335 and HRB400, this product saves 44.2% and 33.35 of crude steel in production process.

Source: www.steelhome.cn/en
China steel information centre and industry database

voda 20 jun 2012 om 16:04

No return to pre crisis level demand anytime soon - Mr LN Mittal

Bloomberg reported that Mr LN Mittal chairman & CEO of ArcelorMittal said that steel demand would not recover soon to levels seen before the financial crisis.

Mr Mittal, after speaking at the Steel Success Strategies conference in New York, told reporters ““I don’t believe we’ll return to pre crisis level of demand anytime soon.”

He also said "New supplies of coal are exerting tremendous pressure” on the price of the commodity. Even in 2008, we didn’t have a short supply of coal."

ArcelorMittal has slumped 43 percent in the past year after steel prices declined and demand dropped in Europe amid the region’s debt crisis. The Luxembourg based company has shuttered or idled plants in the country and in Belgium, Spain, France in the past nine months.

Industry lobby group EUROFER said last week that European steel plant shutdowns are inevitable as the region's demand in a normal market is as much as 160 million tonnes while it has a production capacity of 210 million tonnes.

The World Steel Association said April 27th 2012 that global steel use will rise 3.6% in 2012, less than 2010's 5.6% gain, as European demand contracts and Chinese use slows.

The price of low volatility metallurgical coal, a raw material used in steelmaking, has dropped 33 percent to $210.50 a ton over the past year, according to data compiled by Bloomberg. ArcelorMittal is among steelmakers who mine some of their own coal and iron ore.

Source - Bloomberg

voda 20 jun 2012 om 16:05

ArcelorMittal mulls more steel capacity cuts in Europe

Reuters, citing Mr LN Mittal chairman & CEO of ArcelorMittal, reported that ArcelorMittal is considering cutting more capacity in Europe to tackle over capacity and shrinking demand in the troubled region.

Mr Mittal told Reuters “Demand in Europe was 200 million tonnes. Now it's 150 million. Clearly there is a need of some capacity adjustments. ArcelorMittal is looking at it.”

He said “In our business I see some overcapacity and we cannot produce what we cannot sell.”

The problem of oversupply extends beyond Europe though, with Mr Mittal telling Reuters he sees over capacity in the global market.

World Steel Association predicted earlier this year that “European apparent steel consumption is expected to contract by 1.2% this year to 150.9 million tonnes as the sovereign debt problems continue to drag on the region's economic activities.”

Source - Reuters

voda 20 jun 2012 om 16:06

CSN share fell on possible bid on a ThyssenKrupp AG steel plant

Bloomberg reported that Brazil's third largest steelmaker by output Cia Siderurgica Nacional SA fell to the lowest since 2008 after the company said it may consider bidding for a ThyssenKrupp AG steel plant in Rio de Janeiro state.

As per report, CSN dropped by 2.6% to BRL 12.22 at the close in Sao Paulo, the lowest level since December 5th 2008. The stock declined 18% in 2012, more than the 1% fall of the Brazilian Bovespa Index.

Mr Benjamin Steinbruch CEO of CSN told reporters on June 16th 2012 that CSN is waiting for Germany's ThyssenKrupp to disclose further details about its Brazilian plant before considering a bid. The company's potential interest isn't optimal given CSN's high leverage ratios, poor allocation of capital and low returns on the project.

Barclays Plc analysts led by Mr Leonardo Correa in Sao Paulo said in a note to customers said that "We would prefer management to remain focused on delivering its iron ore expansion, which is several years delayed."

Source - Bloomberg

voda 20 jun 2012 om 16:07

US weekly raw steel production upward trend continues

American Iron & Steel Industries reported that, in the week ending June 16th 2012, US domestic raw steel production was 1.882 million tons while the capability utilization rate was 76.2%. Production was 1.864 million tons in the week ending June 16th 2011, while the capability utilization then was 76.2%.

The current week production represents a 1% YoY increase from the same period in the previous year. Production for the week ending June 16th 2012 is down by 0.2% WoW from the previous week ending June 9th 2012 when production was 1.886 million tons and the rate of capability utilization was 76.3%.

Adjusted YTD production through June 16th 2012 was 46.486 million tons, at a capability utilization rate of 78.4%. That is a 7.3% YoY increase from the 43.326 million tons during the same period last year, when the capability utilization rate was 74.4%.

Broken down by districts, here's production for the week ending June 16th 2012:

1. North East: 212
2. Great Lakes: 670
3. Midwest: 259
4. Southern: 649
5. Western: 92

(In thousands of net tons)

AISI's estimate is based on reports from companies representing about 75% of the US's raw steel capability and includes revisions for previous months.

Source - American Iron & Steel Institute

voda 20 jun 2012 om 16:08

ArcelorMittal to invest in upgrading facilities in Ostrava

ArcelorMittal will invest CZK 2.5 billion in upgrading facilities and reduce the environmental burden in Ostrava.

Ms Barbara Black spokeswoman of the company said that major projects include the modernization of the continuous casting of steel (continuous casting number one) and the construction of a new vacuum station. She added that "The project should help us to open new export markets in the Arab world."

The company must be due to tightening environmental limits invest in desulphurization. Further investment is initiated, therefore, upgrading plant, operated by a subsidiary of ArcelorMittal Ostrava Energy. From 2012 to 2014 will be implemented for power plant desulphurization 532 million crowns, which will reduce emissions of sulfur dioxide and dust. It will odsirovat ArcelorMittal coke plant for CZK 211 million, which will reduce the hydrogen content in the clean coke oven gas. This investment will be completed in March 2014.

Source - www.tyden.cz

voda 21 jun 2012 om 16:34

Global crude steel production in May up by just 0.7pct YoY

World crude steel production for the 62 countries reporting to the World Steel Association was 131 million tonnes in May 2012, an increase of 0.7% YoY as compared to May 2011.

The world crude steel capacity utilization ratio for the 62 countries in May 2012 slid to 79.6% from 81.3% in April 2012. Compared to May 2011, it was 1.4 percentage points lower. During the past 18 months, the ratio was at its highest in April 2011 with 82.8% and the lowest ratio was in December 2011 with 70.7%.

Source - worldsteel

voda 21 jun 2012 om 16:35

Production pruning - ArcelorMittal to idle another two BFs

It is reported that Luxembourg based steel giant ArcelorMittal has decided to idle another two blast furnaces out of the 25 which it operates in Europe, at Dunkirk, France and Gijon, Spain.

The halts have been decided in order to reline the furnaces over a 100 day period spanning the third quarter.

The planned temporary shutdown of the two furnaces is expected to remove about 700,000 tonnes of crude steel production capacity from the market in the third quarter compared with the second quarter.

Alongside its other idled European furnaces, ArcelorMittal's crude steel production capacity is expected to indicate a shortfall of 1.6 million tonnes in the third quarter of 2012 as compared with the same quarter of 2011.

Source - Visit www.steelorbis.com for more

voda 22 jun 2012 om 16:08

Goldman's downgrade shows AK Steel must cut its dividend

AK Steel fell almost 14% after Goldman Sachs downgraded the company. Goldman said that the company's high level of debt and pension fund costs have increased expenses significantly. In addition, the downtrend for steel prices has put pressure on margin and revenue growth.

Steel prices have fallen due to a lack of demand from the global economy. China and India are both seeing growth slow, causing the demand for steel to fall. AK Steel's leverage would have been helpful if a recovery in steel prices came sooner, but it didn't.

With steel prices down and AK Steel's heavy debt burden, the company will have to eliminate its dividend completely. AK Steel currently has USD 1.1 billion in debt and USD 42 million in cash, meaning the company is heavily leveraged.

For 2011, the company's interest expense was USD 47.5 million and it paid out USD 22 million in dividends. The company will have to cut its dividend as its losses rise. AK Steel also has a huge pension shortfall, meaning that the company must find ways to allocate money to the fund.

AK Steel's capital shortage and mounting losses mean that shareholders should not take comfort in the 3.7% dividend. There is a very strong possibility that the dividend could be eliminated within the next few months.

For those who are looking to get exposure to steel while grabbing some income, I suggest you take a look at ArcelorMittal. Mittal is the largest steel producer in the world and is still profitable even with steel prices this low. The company's economies of scale model allow it to manage its costs more effectively. In addition, Mittal has a solid 4.1% dividend, which is much more than that of AK Steel. AK Steel has too many problems and if steel prices don't rebound, the company will be in a very difficult position.

Source - Seeking Alpha

voda 22 jun 2012 om 16:09

MEPS reports weaker northern European steel prices as demand declines

UK based MEPS said that the market for flat products in northern Europe remains very weak. Activity levels in mainland Europe are very depressed and, although demand in the Nordic region is better, research at the beginning of June 2012 revealed falling transaction values throughout all the countries reviewed.

The MEPS Nordic Average selling figure for cold rolled coil decreased by EUR 31 per tonne, this month. During the past two weeks, some of the leading western European steel producers have announced their intentions to increase coil products prices by around EUR 20 per tonne. At the time of writing, major buyers had not reacted. The mills may be trying to talk up selling figures in preparation for the negotiation of half year contracts with the car makers. However, it seems likely that the steelmakers will have to make further production cuts in order to support short to medium term prices.

Consumption of hot rolled plate is mixed. The mining sector, specifically for iron ore, is booming in the north of Sweden and Finland. Sales volumes in Norway are healthy, thanks to investment in North Sea oil projects. However, prices have now dropped, after a period of greater stability than those for coil products.

Weak demand and lower scrap costs continued to exert negative pressure on transaction values for long products. However, the decreases were smaller than those for flat products, suggesting that selling figures for long products are close to bottoming out.

The MEPS Nordic Average price for Medium Sections & Beams was down by just EUR 10 per tonne, compared with May 2012. This was, in part, due to the weakening of the euro against the Swedish and Norwegian currencies.

Source - MEPS - European Steel Review Supplement

voda 22 jun 2012 om 16:15

ArcelorMittal Kazakh unit gives 10pct pay increase to coal workers

Bloomberg reported that ArcelorMittal’s Kazakh unit gave 10% pay gain to coal workers including 7.4% to compensate for inflation after rejecting higher demands.

AO ArcelorMittal Temirtau said that the increase is effective from the start of 2012 and wage talks will resume in October.

Mr Roman Ilto Temirtau based spokesman for the company said that steel and coal unions have since November sought 30% higher wages on top of an inflation adjustment. It failed to agree to a pay deal with steel workers.

Unions representing ArcelorMittal Temirtau’s 35,300 staff declined an offer in February to adjust wages for inflation and discuss other increases after a sales target for rolled steel was reached.

Demands for salary increases by oil workers in western Kazakhstan triggered strikes and violence last year, leading to the death of 16 people after police used arms to suppress unrest in Zhanaozen during Independence Day celebrations on December 16.

Source - Bloomberg.net

voda 22 jun 2012 om 16:23

Mr Mittal gives a wake up call to Indian government

PTI reported that blaming the Indian government for policy inaction, steel baron Mr LN Mittal has said the country is potentially condemning millions to remain in poverty by not helping industrialization.

Mr Mittal, while addressing the World Steel Dynamics conference in New York, said “Industrialization is an important part of every major economy's development and by risking progress in this way, India is potentially condemning hundreds of millions to remain in poverty longer than previously anticipated.”

He urged that “The Indian government must concentrate on smoothening the path for foreign investors. There are understandable challenges in India relating to land acquisition and raw materials, but nevertheless the government must find a way to overcome these road-blocks more swiftly.”

Mr Mittal said “I hope that they are able to re focus and return to the higher level of growth rates.”

Mr Mittal made these comments at a time when global rating agencies like Fitch and Standard and Poor's have downgraded India's rating outlook. Wipro chief Mr Azim Premji recently told global investment analysts that the country was leaderless and Infosys co founder Mr NR Narayana Murthy said India was in a sorry state of affairs.

Source - PTI

voda 25 jun 2012 om 16:23

CBC may finance AUD 3.9 billion WA iron ore project

Reuters reported that Australian tycoon Clive Palmer has tentatively lined up Industrial and Commercial Bank of China to finance a AUD 3.9 billion iron ore project in Western Australia.

Australasian, 68% owned by Palmer, said it had received a non binding letter of interest from ICBC to finance the Balmoral South magnetite iron ore project, located 80 km (50 miles) southwest of the town of Karratha on the Indian Ocean.

The firm holds rights to mine 1 billion tonnes of magnetite ore from which it plans to produce 12 million tonnes per year of high grade iron concentrate and pellets for 25 years.

Australasian has tapped Metallurgical Corp of China to handle engineering, procurement and construction management for the project and help it secure 75% of the financing for the mine from Chinese banks.

The company appointed US investment bank Jefferies & Co earlier this month to help it raise USD 1.4 billion through the sale of a high yield bond.

Source - Thomson Reuters

voda 26 jun 2012 om 15:43

Tata Steel overweegt Britse hoogoven langer stil te leggen

LONDEN (Dow Jones)--De Indiase staalfabrikant Tata Steel Ltd. (500470.BY) overweegt uitstel van de herstart van zijn hoogoven in Port Talbot in Wales, in navolging van geplande onderhoudswerkzaamheden, als de vraag naar staal tegen het einde van het jaar niet verder aantrekt, heeft het bedrijf dinsdag bekendgemaakt.

Tata Steel is in Europa de op e e n na grootste staalfabrikant gemeten naar productiecapaciteit, op ArcelorMittal (MT.AE) na. De onderneming heeft plannen aangekondigd om hoogoven nummer vier in Port Talbot te sluiten als onderdeel van een 125 dagen durend project om de hoogoven te herbouwen, waar een bedrag van GBP185 miljoen mee is gemoeid.

Maar de tegenvallende economische groei in Europa, in combinatie met een regionale overtollige productiecapaciteit, heeft staalmakers onder druk gezet om productie terug te brengen totdat de vraag herstelt.

"We zullen alleen besluiten om de herstart van de hoogoven uit te stellen als duidelijk wordt dat langer doorwerken met e e n hoogoven in Port Talbot de bezorging en dienstverlening die onze klanten nodig hebben niet in gevaar brengt", zei chief commercial officer Henrik Adam.

Door Alex MacDonald, vertaald en bewerkt door Levien de Feijter; Dow Jones Nieuwsdienst: +31-20-5715200; levien.defeijter@dowjones.com

voda 26 jun 2012 om 16:02

China daily crude steel output rises to 2 million tonnes - CISA

Reuters quoted data from the China Iron and Steel Association said China steel mills produced an average of 2 million tonnes of crude steel a day over the June 1-10 period, edging back to the record levels reached in early May as large mills ramped up output.

Total inventories held by large and medium sized steel mills in the first 10 days of June were 11.51 million tonnes up by 0.14% from the previous period and a 35% jump since the start of the year.

Although small and medium sized mills have begun to pare output, CISA data shows that large steel makers in China, the world biggest steel producer and consumer, raised production to increase economies of scale, which would help boost their profit margins.

Despite sluggish demand, steel output in the country remains high as large mills prefer to keep their margins razor-thin rather than lose market share to other rivals in the country fragmented sector.

Mr Hu Yanping an analyst at consultancy firm CUsteel said however, the poor demand may soon hit the mills. He said that "We're beginning to see more mills extend their maintenance schedules because of a combination of weak demand and poor profitability. So overall production will likely fall in June."

Chinese steel prices, as measured by rebar futures in Shanghai, are down around 1% this year.

Source - Reuters

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