Forum: Arcelor Mittal » Nieuws en info hier plaatsen (deel 2) » Pagina: 41

voda 25 jul 2012 om 16:55

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AK Steel announces Q2 and H1 2012 financial results

AK Steel has announced a net loss of USD 724.2 million or USD 6.55 per diluted share of common stock for the second quarter of 2012. The 2012 second quarter results include the effects of a non cash charge of USD 736.0 million or USD 6.65 per diluted share for a valuation allowance for the company’s deferred tax assets. As discussed more fully below, a tax valuation allowance is required under accounting principles to record the effect on income tax expense of a change in the potential future realization of the company's deferred tax assets. This accounting treatment is subject to reversal upon a return by the company to sustained profitability.

Excluding the effects of this charge, the company's adjusted net income for the second quarter of 2012 was USD 11.4 million or USD 0.10 per diluted share. These results reflect an improvement over the net loss of USD 11.8 million or USD 0.11 per diluted share, incurred in the first quarter of 2012. They compare to net income of USD 33.1 million or USD 0.30 per diluted share for the second quarter of 2011.

Net sales for the second quarter of 2012 were USD 1,538.4 million on shipments of 1,335,800 tonnes as compared to sales of USD 1,791.9 million on shipments of 1,497,000 tonnes for the year ago second quarter and sales of USD 1,508.7 million on shipments of 1,325,900 tonnes for the first quarter of 2012.

The company said that its average selling price for the second quarter of 2012 was USD 1,152 per tonne, a 1% QoQ increase over the first quarter of 2012 and about 3% YoY lower than the second quarter of 2011. The higher average selling price for the second quarter 2012 over the first quarter of 2012 was primarily due to a richer product mix and increased contract sales, partially offset by lower selling prices for spot market sales.

The company reported an operating profit for the second quarter of 2012 of USD 56.7 million or USD 42 per tonne as compared to USD 68.5 million or USD 46 per tonne for the second quarter of 2011 and USD 4.1 million or USD 3 per tonne for the first quarter of 2012. The 2012 second quarter operating results reflect an improvement of USD 52.6 million compared to the first quarter of 2012. The 2012 second quarter results include a LIFO credit of USD 18.3 million as compared to a LIFO charge of USD 38.8 million in the second quarter of 2011 and a LIFO credit of USD 12.4 million for the first quarter of 2012.

Mr James L Wainscott chairman, president & CEO of AK Steel said that "During the second quarter, sluggish domestic and global economic conditions impacted shipment volumes and selling prices for our steel products. Despite these market challenges, AK Steel recorded an improved operating profit and adjusted net income performance compared to the previous quarter."

The company ended the second quarter of 2012 with USD 37.4 million of cash and cash equivalents and USD 671.7 million of availability under the company's revolving credit facility, for total liquidity of approximately USD 709 million.

For the first six months of 2012, the company reported a net loss of USD 736.0 million or USD 6.66 per diluted share. The company reported net income for the corresponding 2011 period of USD 41.8 million or USD 0.38 per diluted share. Excluding the effects of the tax valuation allowance charge recorded in 2012, the company would have reported an adjusted net loss of USD 0.4 million or less than USD 0.01 per diluted share for the first six months of 2012.

Sales for the first six months of 2012 were USD 3,047.1 million as compared to USD 3,373.0 million in the first half of 2011. Shipments for the first half of 2012 were 2,661,700 tonnes as compared to 2,920,100 tonnes in the first half of 2011. The company reported operating profit of USD 60.8 million or USD 23 per tonne for the first six months of 2012 as compared to USD 88.0 million or USD 30 per tonne, for the same period in 2011. The negative effect on earnings caused by the decrease in sales and higher coal costs was partially offset by decreases in energy costs.

During the first half of 2012, the company contributed USD 170.2 million to its pension trust fund, which satisfies the company's requirements for the full year.

Source - AK Steel Corporation

voda 25 jul 2012 om 16:56

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Kumba and ArcelorMittal SA fell out again over Phoenix iron ore project

Mr Chris Griffith CEO of Kumba said that mediation discussions with ArcelorMittal surrounding supply of iron ore from the miner's Phoenix project have failed to resolve a dispute between the two parties and that the matter would now proceed to arbitration.

With Kumba's Thabazimbi mine in the Limpopo province approaching its end of life after over 80 years of mining, Kumba initiated project phoenix to look at alternatives for extending the life of mine.

Thabazimbi exclusively supplies ore to ArcelorMittal under a cost plus 3% management fee agreement originating from the historical split of Iscor, much like the Sishen cost plus agreement that is currently also the subject of much controversy.

Due to the project being within the Thabazimbi mining rights area, adjacent to the existing mine, Kumba contends that ArcelorMittal was given an opportunity to participate in the project but elected to withdraw in 2006.

The steelmaker in contrast has argued that in terms of its current supply agreement with Thabazimbi, it is entitled to receive supply from the phoenix project.

ArcelorMittal launched a similar bid to participate in Kumba's Kolomela mine in the Northern Cape but an arbitration panel ruled that it was not entitled to do so.

The phoenix project is currently undergoing a feasibility study which is scheduled for completion in 2014 with potential production of 3.4 million tonnes per annum of mainly fine ore from 2016 with a life of mine of 20 years.

The project is centered on the open pit exploitation of banded iron formation material in the Thabazimbi ore reserves along with remnants of high grade haematite that becomes exposed when the banded iron formation material is mined.

Historically only the high grade haematite would have been mined via underground workings but alternatives to crush and beneficiate the banded iron formation material is part of the study.

Source - Mineweb

voda 25 jul 2012 om 17:56

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ArcelorMittal houdt vast aan solide kredietrating

AMSTERDAM (Dow Jones)--Hoewel een licht lagere kredietrating relatief weinig zou kosten, wil ArcelorMittal (MT) zijn rating graag op 'investment grade' houden, want dat is belangrijk voor de consoliderende rol die het staalconcern in de branche wil spelen, zegt chief financial officer Aditya Mittal woensdag.

Om te "blijven consolideren, is de gepaste rating voor investering van onze omvang investment grade", zei de ArcelorMittal-CFO tijdens een conference call met analisten.

Het bedrijf heeft zijn aangepaste schuld al verminderd met $4 miljard, sinds ratingbureau Standard & Poor's aangaf dat het bedrijf deze schuld met circa $11 miljard moest verlagen tot $30 miljard, om zijn huidige kredietrating BBB-minus te behouden. Er is dus nog $7 miljard te gaan, zegt Mittal.

Het concern blijft vasthouden aan het doel, hoewel een verlaging van de kredietrating met slechts een stap een relatief beperkte kostenpost zou opleveren van $100 miljoen aan extra rentekosten.

ArcelorMittal heeft zijn aangepaste schuld verminderd door desinvestering van niet-kernactiviteiten en andere ingrepen, waaronder de aanpassing van pensioenregelingen, zoals in het geval van de pensioenregeling van de Dofasco-activiteiten in Canada.

De CFO zei eerder woensdag dat ArcelorMittal mogelijk meer hoogovens in Europa gaat stilleggen om zijn productiecapaciteit verder te verminderen. De staalproducent heeft al 9 van zijn 25 hoogovens in Europa stilgelegd, nu de vraag naar staal afneemt door de economische verzwakking die het gevolg is van de Europese schuldencrisis.

Volgens Mittal blijft de vraag naar staal in het noorden van Europa robuust, terwijl die in Zuid-Europa duidelijk is gedaald, met name voor de bouwmarkten in de getroffen landen.

Door Alex MacDonald; vertaald en bewerkt door Archie van Riemsdijk; Dow Jones Nieuwsdienst, +31-20-5715200 ; amsterdam@dowjones.com

voda 25 jul 2012 om 19:00

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ArcelorMittal: Kapitaalschaarste treft Europese klant

LONDEN(Dow Jones)--Beperkte toegang tot krediet heeft negatieve gevolgen voor Europese afnemers van staal, terwijl de Europese schuldencrisis de vraag naar staal blijft drukken, zegt staalconcern ArcelorMittal (MT) woensdag.

In Europa "blijft de negatieve factor op de werkvloer krediet. Krediet is beperkt. Dat treft het klantenbestand", zegt Aditya Mittal, de chief financial officer van 's werelds grootste staalproducent, tijdens een conference call met analisten.

Het in Luxemburg gevestigde concern leed in de eerste helft van dit jaar een operationeel verlies van EUR340 miljoen bij zijn Europese vlakstaaldivisie, wat een verbetering was ten opzichte van de EUR499 miljoen verlies in de tweede helft van vorig jaar. In het cijfer zijn reorganisatiekosten wel meegenomen maar rentekosten en belastingen niet.

ArcelorMittal wijt de verliezen aan zwakke vraag naar staal in de EU, omdat klanten voorzichtig zijn met het plaatsen van orders, nu gevreesd wordt dat de voortslepende Europese schuldencrisis de economische groei blijft hinderen. Daardoor zal ook de vraag naar producten zoals nieuwe auto's en nieuwe huizen afnemen.

ArcelorMittal voorspelt dat de apparente vraag naar staal - de productie plus het saldo van import en export - in de EU in 2012 met 3% tot 5% zal afnemen. Het concern waarschuwt echter dat dat percentage kan oplopen tot in de dubbele cijfers als een of meer landen het eurozonegebied van 17 landen verlaat, zegt CEO Lakshmi Mittal tegen de analisten.

Tot nu toe hebben vijf eurozonelanden financiele hulp gevraagd van de EU en marktdeelnemers blijven bezorgd dat Griekenland nog steeds het eerste land zou kunnen worden dat de eurozone verlaat.

Lakshmi Mittal blijft optimistisch dat het niet zo ver zal komen. "In Europa geloven we nog steeds dat we rekening moeten houden met een recessie en geen crisis", zegt hij. Toch blijft de situatie in Europa en de potentiele impact daarvan op andere markten nog steeds de grootste zorg, voegde zijn zoon Aditya Mittal daaraan toe.

Door Alex MacDonald; vertaald door Archie van Riemsdijk; Dow Jones Nieuwsdienst, +31-20-5715200 ; amsterdam@dowjones.com

voda 26 jul 2012 om 16:22

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ArcelorMittal advies omlaag naar hold bij ING

AMSTERDAM (Dow Jones)--ING Research verlaagt het advies voor ArcelorMittal (MT) naar hold van buy, en het koersdoel naar EUR13,00 van EUR16,00, na de tweedekwartaalcijfers die globaal overeenkwamen met de analistenconsensus, stellen de analisten. De vooruitblik naar de tweede helft van het jaar laat weliswaar zien dat de analisten de winst in 2012 te hoog hadden ingeschat, maar ook dat het bedrijf goed kan omgaan met de uitdagingen door de economische omstandigheden. De ramingen van ING voor het EBITDA-resultaat in 2012 en 2013 worden verlaagd met 27% en 26%, tot $7,45 miljard en $8,87 miljard respectievelijk. De uitgevoerde en geplande verlaging van de schuldpositie verlicht de zorgen over de balans enigszins, merkt ING nog op. Het aandeel ArcelorMittal sloot woensdag op EUR11,84. (AVR)

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 26 jul 2012 om 16:52

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ArcelorMittal sells stake in Paul Wurth to SMS GmbH

ArcelorMittal announces the sale of its 48.1% stake in Paul Wurth Group to SMS GmbH. This transaction is in line with the declared ArcelorMittal's strategy of selective divestment of non core assets.

Paul Wurth Group is an international engineering company offering the design and supply of the full range of technological solutions for the iron & steel industry and other metal sectors. In 2011, Paul Wurth Group generated the turnover of EUR 491 million with a net profit of EUR 18.2 million. The company currently employs more than 1600 highly skilled staff.

The SMS group is, under the roof of SMS Holding GmbH, a group of companies internationally active in the supply of plants and machinery to the steel and nonferrous metals processing industry. In 2011, its 11,000 employees generated sales of over EUR 3 billion.

Mr Michel Wurth chairman of Paul Wurth Group and member of ArcelorMittal Group Management Board said that "SMS group is a natural buyer for our stake in Paul Wurth Group as both entities hold a leadership position in the metallurgical equipment and process market segment and offer a complementary product range for the steel producing industry. The combination with SMS will generate new business opportunities for Paul Wurth Group and will further strengthen its technical capabilities and service offer for the benefit of its world wide customer base."

The transaction is subject to customary closing conditions, including but not limited to competition clearance, and is expected to be completed by the end of the third quarter of 2012.

Source - ArcelorMittal

voda 26 jul 2012 om 16:53

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ArcelorMittal updates on Q2 and H1 2012 CRS and safety performance

1. Health and safety - Own personnel and contractors lost time injury frequency rate

Health and safety performance, based on own personnel figures and contractors lost time injury frequency rate, improved to 0.8 times in second quarter of 2012 as compared to 1.1 times for the first quarter of 2012 and 1.5 times for the second quarter of 2011, with significant improvements primarily in the Mining and Distribution Solutions segments. The performance of all other segments remained relatively constant quarter on quarter.

Health and safety performance, improved to 1.0 times in first six months of 2012 as compared to 1.4 times for the first six months of 2011, with significant improvements across all segments, especially in the Flat Carbon Americas, Mining and Distribution Solutions segments.

Despite this encouraging performance in lost time injury frequency rate, there is still more work to be done. In particular we have to focus on improving the safety performance of the contractors who work at our sites.

2. Key corporate responsibility highlights for Q2 2012

ArcelorMittal published its 2011 corporate responsibility report titled 'Responsible business, sustainable growth' in May 2012. The report is aligned with the Global Reporting Initiative G3 B+ guidelines as well as the United Nations Global Compact principles.

ArcelorMittal has been ranked 4th (out of 105 listed companies surveyed) by Transparency International for transparency in corporate reporting. The independent study assesses the disclosure programs listed companies have in place to fight corruption and the extent to which earnings and taxes in specific countries are made public.

ArcelorMittal has launched iCARe™, a portfolio of electrical steel solutions for electric vehicle market. This product range will help carmakers deliver lower CO2 emissions and improve fuel consumption for hybrid vehicles while contributing to increased power density from electric motors.

Source - ArcelorMittal

voda 26 jul 2012 om 16:59

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ArcelorMittal South Africa in talks for Mozambique coking coal

Reuters quoted a senior executive for the steel maker said ArcelorMittal South Africa is in talks with Vale and Rio Tinto to procure coking coal from Mozambique.

Mr William Nel ArcelorMittal South Africa's procurement and logistics general manager said "We are taking between 300,000 and 400,000 tonnes from Vale this year."

He said that "For Rio Tinto we are testing the samples, if the trials are effective we will probably look at taking something from them next year. Expectation is about 500,000 tonnes from Mozambique next year."

Source - Reuters

voda 27 jul 2012 om 15:14

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China crude steel output in H1 up by 2pct YoY

China Knowledge quoted according to the latest statistics released by the National Development and Reform Commission, China, the world largest steel producer, saw its crude steel output rise 1.8% YoY in the first half of this year slowing from a 9.6% growth in the same period of 2011.

The commission said that the country's output of steel products rose 6.1% YoY to 467.44 million metric tons in the first six months, slowing from a 12.8% increase in the corresponding period of last year.

China exported 27.25 million tons of steel products in the period, up 12.1% YoY and imported 6.96 million tons of steel products down by 13.4% YoY.

The country coke output grew 6.4% YoY to 224.22 million tons in the period.

Source - China Knowledge

voda 27 jul 2012 om 15:16

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Downsizing deals - ThyssenKrupp to start short hours in August

Bloomberg reported that ThyssenKrupp Steel Europe AG said that it will introduce shortened shifts from August due to ongoing weak orders.

ThyssenKrupp and its workers council agreed on the measure, which will affect production sites in Duisburg-Hamborn, Duisburg-Huettenheim, Bochum, Dortmund and the Siegerland area.

Shortened shifts are expected to remain in place until the end of the year.

About 12% of 17,500 workers will be affected.

Source - Bloomberg

voda 27 jul 2012 om 15:18

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US steel imports fell by 15.4pct MoM in June 2012 - AIIS

Based on preliminary government data, steel imports declined in June 2012 as compared to May 2012 by 15.4% MoM.

Mr David Phelps president of American Institute for International Steel said that "Demand softened in the second quarter and with excess supply and buyers taking more conservative positions on inventory, import ordering from offshore suppliers early in the quarter likewise declined as well. Slabs and other semi finished steel products registered the largest product decline in the month as domestic mills cut back on their purchases of imported material as well.

Mr Phelps concluded that "June 2012 was the first month of 2012 when arrivals were lower than the corresponding month in 2011. The two products driving the numbers in 2012 were semi finished steel and OCTG, reflecting the strength of these two markets so far in 2012. The weakening steel market during the second quarter were fully reflected in the AIIS's monthly importer survey, which continues to show softened conditions and weaker order taking at this time for most products. Whether recent price movements by domestic mills portend improved conditions going forward is unknown at this time unfortunately."

Total Steel imports in June 2012 were 2.592 million tons as compared to 3.064 million tons in May 2012, a 15.4% percent decrease, and a 4.2% decrease compared to June 2011. For the YTD 2012 period, total imports increased from 14.645 million tons in the first six months of 2011 to 17.404 million tons in the same 2012 period, an 18.8% increase.

Source - American Institute for International Steel

voda 27 jul 2012 om 15:18

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ArcelorMittal SA sees Q3 2012 loss on lower prices and demand

Bloomberg reported that ArcelorMittal South Africa Limited expects a third quarter loss on lower prices and a decline in domestic demand. That may be partly offset by improved sales of commercial coke, used in steelmaking, and a potential insurance payout.

Concerns that Europe's debt crisis will curb demand for goods including cars and household appliances made from steel have weighed on prices. Global benchmark prices for hot rolled coil fell 19 percent in the last 12 months.

The company, controlled by ArcelorMittal, had a loss excluding one time items of ZAR 177 million or 44 cents a share in the second quarter as compared with profit of ZAR 473 million or ZAR 1.18 a share, a year earlier as costs rose. ArcelorMittal South Africa didn't declare a dividend for the first half.

The South African steelmaker raised prices of its products an average 13% in the first half of 2012. Its cost to produce hot rolled coil rose 11% as the price it pays for iron ore, a steelmaking ingredient, climbed 20%.

ArcelorMittal South Africa has received ZAR 734 million in insurance payouts to date following the failure of a dust catcher at its Newcastle plant. The company is in a dispute with Anglo American Plc's Kumba Iron Ore Limited over the price of supplies. Talks to extend or review an interim agreement expiring July 31st 2012.

Source - Bloomberg

voda 27 jul 2012 om 15:19

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ArcelorMittal sees global apparent steel consumption growing by up to 4pct in 2012

BNamericas reported that executives at ArcelorMittal expect global apparent steel consumption to grow by 3.5% to 4% in 2012 to 1.4 billion tonnes to 1.5 billion tonnes as weaker demand in Europe is offset by growth in the rest of the world. However, the growth rate is significantly slower than the 6.3% registered in 2011.

Mr LN Mittal CEO of ArcelorMittal said that usage growth in China, which makes up for the largest chunk of demand, is projected at 4.5% to 5% in 2012, while Nafta countries are forecast to show 7% to 8% growth and the rest of the world 3.5% to 4.5% growth.

The executive expects to see steel consumption in the EU fall 3% to 5% due to a technical recession, while the rest of the world will see low GDP growth and thus softer steel usage growth.

While demand growth is slowing in China, the world's biggest consumer of steel, Eurozone uncertainty remains the key risk. EU apparent steel consumption inched up 0.9% in 2Q12 over 1Q12, but registered an 8.7% YoY drop.

Chinese industrial output growth slowed to 9.5% in Q2 compared to 11.4% in Q1, but low inflation should allow for stimulus measures and the government has increased funding for social housing, according to the presentation. Still, steel demand in China is due to grow less this year than 2011's 7.8%.

Meanwhile, steel inventory levels stabilized in all key regions like Brazil, China, Europe and the US during the second quarter following a period of restocking in Q1. Global apparent demand growth slowed in the second quarter to 2.4% over Q1 and 1.7% YoY.

Source - Business News Americas

voda 27 jul 2012 om 15:22

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Downsizing deals - RG Steel workers to receive benefits through TAA program

It is reported that over 1,000 RG Steel employees are receiving federal job and health care help.

Senator Mr Sherrod Brown announced that workers can receive benefits through the Trade Adjustment Assistance (TAA) program.

The Trade Adjustment Assistance will help employees transition to new jobs by getting employees the training needed. The program will also help employees to purchase affordable health care.

Mr Brown led 41 US Senators in urging President Mr Barack Obama not to submit any free trade agreements to Congress until it agrees to extend a long term extension of TAA.

An extension of TAA was passed in September 2011 and extends the program until 2013.

Source - www.wtrf.com

voda 27 jul 2012 om 15:27

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Aperam forecasts weaker earnings in Q3 2012

Reuters reported that stainless steel maker Aperam forecast weaker earnings in the third quarter with the economic slowdown compounding a traditional summer slowdown, but said it was confident prices would pick up during the final quarter of 2012.
The Luxembourg based company reported a fourth consecutive quarterly net loss and second quarter core profit in line with that of the first three months, as it had forecast.

The company, floated by ArcelorMittal in 2011, said it had kept on track due to cost savings, a good performance in Brazil and a better product mix in alloys.

Stagnant consumption and cheaper imports from Asia have left Europe with a capacity glut, prompting industry consolidation such as Outokumpu's takeover of the stainless steel business of ThyssenKrupp earlier this year.

The industry has also suffered steadily falling nickel prices since early 2011, with an early 2012 recovery now wiped out. Distributors stock up when prices rise, and hold off when they fall in the hope of even cheaper prices in the future.

Benchmark nickel prices on the London Metal Exchange have dropped by more than 25% since early February 2012.

Aperam said it was confident prices would rise in the second half.

Mr Philippe Darmayan CEO of Aperam said that "The confidence comes because the nickel price is very low. There is a consensus that it is at a low and might go up. When they go up, the market goes up."

Core profit in the second quarter was USD 65 million, in line with the first quarter and ahead of the average USD 58 million forecast in a Reuters poll.

Aperam said the figure would be lower in the third quarter, a traditionally weak quarter, compounded by the poor economy.

Mr Darmayan said its cost cutting plan had produced USD 231 million of annual savings. It is targeting USD 350 million by 2013. He said he was also encouraged by recent weakness in the euro and the Brazilian real to the dollar. Aperam's operations are in Europe and Brazil.

Source - Reuters

voda 30 jul 2012 om 16:14

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Nippon Steel geeft winstalarm
Gepubliceerd op 30 jul 2012 om 07:47 | Views: 613

TOKIO (AFN) - De Japanse staalfabrikant Nippon Steel heeft gewaarschuwd voor een fors lagere winst in de eerste helft van het gebroken boekjaar, vooral vanwege een zwakkere vraag naar staal. Dat maakte het grootste staalconcern van Japan maandag bekend.

De winst in het eerste halfjaar van het boekjaar 2012/2013 komt volgens Nippon uit op 10 miljard yen (104 miljoen euro), tegen 94 miljard yen een jaar eerder. Analisten rekenden gemiddeld op een winst van bijna 53 miljard yen. In het afgelopen kwartaal zakte de winst tot ruim 9 miljard yen, van 57 miljard yen vorig jaar. Hier werd gerekend op 29 miljard yen.

De Aziatische staalmarkt heeft het zwaar door de afkoelende wereldeconomie en de zwakke vraag uit China. Ook is er hevige concurrentie van Chinese staalbedrijven. Het Zuid-Koreaanse staalbedrijf Posco zag de winst in het afgelopen kwartaal ook flink dalen.

voda 30 jul 2012 om 16:20

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Monday Market Monitor - China - WEEK 30 - Prices crash by 3pct

Hackneyed analysis of the debacle in steel market in China glosses over the depth of malaise. A slight reflection at the key indicators is imperative to have clarity on the developments since 2011. H1 of 2011 was the last peak achieved in the Chinese steel market.

Hard landing in the last 4 days by 3% even though most painful in the last couple of years is by no means sudden. It is culmination of persistent repression of credit lines by the state in its overdrive to rein inflation. It has led slump in buying activity in vital sectors viz., infrastructure, reality, auto and white goods.

Rubbing salt to injury US and EU economic crisis has suddenly scuttled export avenues for the Chinese mills. Moreover mills have been in production overdrive all through accumulating inventory thereby depressing levels. If about 16 million tonnes of finished steel stock was appalling equally baffling was 2 million per day of crude production in June.

Apart from that, steel inventory totaled 11.79 million tonnes in key steel mills for the first ten days of July, rising by 2.82 million tonnes YoY, an implication that earlier downside is attributed to stock shift from traders to mills.

July has been beset with, persistent rain and high temperatures. Nose dive witnessed in July has led to prices of all major products tumbling below CNY 4000 per tonne at important locations, being the lowest in last 2 years.

Expectation is rife that H2 would be reprieve after a harrowing H1 with government sponsored infrastructure and housing plans coming to pass. Moreover the global economy and demand is expected to turnaround as inventory levels are low everywhere.

The Chinese Long Product Price Index CLPPI has gone down by 250 points last week whereas the Chinese Flat Products Index CFPPI has also gone down by 170 points. The overall price index CHISPI declined by 204 points.

To know exact prevailing steel prices in China on daily basis, subscribe to services of Steel Home by sending a mail to admin@steelprices-china.com

Source - Steel Prices China

voda 30 jul 2012 om 16:21

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Mr LN Mittal admits difficulties in India and China plans

Economic Times reported that Indian steel magnate Mr LN Mittal has no immediate plans to invest in India, where his recent attempts to build steel plants in Jharkhand and Odisha reportedly face local opposition and wrangles over land acquisition.

Mr Mittal told The Sunday Times that India remained a priority for him but not for investment.

He said that "India remains a priority but not for investment. I'm not locating capital to India or China as I don't see things progressing there. We can't remain stuck, so we move on. Now our priority is to reduce debt, we sell non core assets. But we continue to invest in mining and become self dependent."

Asked about his strategy to target India and China for growth, he said that "We've not succeeded in both countries.”

Source - Economic Times

voda 30 jul 2012 om 16:24

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Mr LN Mittal sees more job losses - Report

Economic Times reported that Indian steel magnate Mr LN Mittal said that recession and lower demand for steel may force his company ArcelorMittal to close some of its Europe operations, leading to more job losses.

Admitting the likelihood of job losses, he said in the interview with The Sunday Times that "I have all the sympathies with the people who will be affected by this action. But the positive side is that we will be saving jobs for many times more people."

Politicians in Europe, he said, need to sort out the economy, and added that the second half of the year would be very challenging.

On the lower demand for steel, he said that "If we don't have the orders, what can we do? We produce what we can sell, and we have to build a sustainable business model."

Source - Economic Times

voda 30 jul 2012 om 16:24

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ArcelorMittal to focus on cutting debt and loss making operations

The world's biggest steelmaker ArcelorMittal said that it would focus on improving its competitive position and cutting debt as it announced a 37% drop in second quarter net profit.

Mr LN Mittal chairman & CEO of ArcelorMittal said that "Market conditions in the first half have been very challenging, indeed more challenging than we had expected due to a combination of factors, not least the still unresolved crisis in the euro zone. Europe remains our biggest concern and the severity of the situation is reflected in the performance of our European operations. Our focus throughout the remainder of the year remains on further improving competitiveness and reducing debt."

Finance director Mr Aditya Mittal told a conference call that the company would shut down or close less profitable steel mills, with the goal of saving EUR 1 billion per year. He added that in Europe, 16 plants of a total 25 were still in operation, but sites in Belgium, France, Luxembourg and Spain were either slated to be suspended or had already been shut down.

Source - AFP

Koers	9,015	Verschil	-0,12 (-1,26%)
Laag	8,994	Volume	7.172.993
Hoog	9,180	Gem. Volume	9.123.535
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