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Steel distributor AnnAik appoints Mr Ow Eei Meng Benjamin as deputy CEO Business Times reported that CATALIST-LISTED AnnAik has appointed Mr Ow Eei Meng Benjamin as deputy CEO of the company. Mr Benjamin Ow is the son of AnnAik's executive chairman and CEO, Ow Chin Seng. In an exchange filing, the firm noted that the board has, on the recommendation of the nominating committee, approved the appointment having considered his "skills, qualifications and ability to contribute to AnnAik to ensure long-term growth". The firm added that he will assist the CEO in managing all aspects of AnnAik's business. Mr Benjamin Ow has been AnnAik's executive director since March 2, 2015. He started out as the firm's IT executive in 2007, and took a break from the company, before rejoining as assistant to the executive chairman and supply chain manager in 2013. Between 2013 to 2015, he served as AnnAik's alternate director to Low Kheng, who is his mother. According to the company, Mr Benjamin Ow has a deemed interest in about 2.9 million shares, or a 1.2% stake in the company, which are held by his wife, Eve Phua Sin Yee. Source : Business Times
Thailand to tighten barriers to Chinese steel imports Bangkok Post reported that Thailand government is tightening measures to prevent Chinese steel and aluminium products shipped through Thailand from circumventing US tariffs after the US inspected some and claimed the exports were really from China. Mr Wanchai Varavithya, deputy director general of the Foreign Trade Department, said the US has claimed Thailand is allowing other countries to use local operation sites to avoid the US anti dumping or countervailing measures it launched to protect its local industries. The claim is tariff avoidance is happening through transshipment and assembly in Thailand. Mr Wanchai said that "The department will team up with the Customs Department to restrict steel imports and exports. We will send the list of anti-dumping products and company names under the Section 232 to our customs counterparts for inspection." Mr Wanchai said the department's priority is to create a database of local products for tariff avoidance. For example, an abnormal increase in export value will cause it to request from its US counterpart connection to its import database for further inspection of dumped products. He said that the department will also join hands with the Federation of Thai Industries and Thai Chamber of Commerce to inspect each certificate of origin that these agencies have issued for exporters.” Korakod Padungjitt, secretary-general of FTI s iron and steel club, said it agrees with the Foreign Trade Department restrictions on C/O inspections. He said the department should consider carefully the domestic steel situation, including machinery and equipment imports for local steel plants, mainly from China, as they are concerned with any impacts on the overall steel industry. Local steelmakers are calling for the Industry Ministry to carefully consider approval of factory7 licences in the country7 after witnessing that some investors are trying to request these licences to operate steel plants locally. Mr Wikrom Vajaragupta, the club’s chairman said that Thailand's market faces two risk factors steel exports from China to Southeast Asia and new steel plants from overseas investors. He said that “Local producers are unable to compete with the giants from China. And overcapacity in the region will affect the overall steel industry as some producers import machinery to increase their local capacity.” The steel industry produces steel bar for the construction sector, which receives 60% of the supply. Other sectors are automotive (15%), home appliance (7%) and machinery (9%). The country's steel industry has a combined capacity of steel bar of 8 to 9 million tonnes, but local demand accounts for 3 to 4 million tonnes. Mr Wikrom said that “China’s steel policy aims to reduce its domestic steel production down to 150 million tonnes in 2020. As a result of this policy, many Chinese producers have shut down steel plants in China for a couple of years. In 2017, China's steel exports totaled 75 million tonnes. The country made shipments of 15 to 15.5 million tonnes in the first quarter. Thailand imports from China 5 to 6 million tonnes of steel a year, and the country has demand of 16.5 million tonnes. Moreover, local steelmakers are concerned about small steelmakers importing low-quality machinery for their operations in the country, as the volume of low-quality-steel products in the local market may increase.” Source : Bangkok Post
GMS Market Commentary on Shipbreaking in Turkey in Week 26 - REGAINING GROUND? The Turkish Lira, despite having hit record lows over the recent past, has managed to find stable ground at region TRY 4.6X against the U.S. Dollar, after the Turkish government intervened to halt its merciless decline. Local steel plate prices too improved marginally this week, leaving an air of optimism within the ship recycling community. While on the face of it, the stable fundamentals seem like good news, the reality is that the diminutive supply of steel plates into the domestic steel industry likely has a role to play in this most recent improvement. Regardless, the Turkish market has managed to maintain its levels and this stability should hopefully keep local Recyclers in the hunt for tonnage. Source : The Express Tribune
RIYAD (AFN/BLOOMBERG) - Het Saudische staatsinvesteringsfonds overweegt een kapitaalinjectie van wel 300 miljoen dollar in de fabrikant van staalpijpen ArcelorMittal Tubular Products Jubail, waarvan het in Amsterdam staalconcern een grote aandeelhouder is. Dat meldden ingewijden. Door de investering zou het staatsfonds Public Investment Fund zijn belang in ArcelorMittal Tubular Products Jubail verdubbelen naar 40 procent door nieuwe aandelen te kopen en schulden om te zetten in aandelen. Er is nog geen definitief besluit genomen en de plannen kunnen nog wijzigen, aldus de bronnen. De fabriek werd in 2007 opgericht, met het voornemen om de grootste leverancier stalen pijpen aan de oliesector in het Midden-Oosten te worden, maar vanwege de economische crisis en de gedaalde olieprijzen gingen de gang van zaken moeilijk. ArcelorMittal bezit een belang van bijna 41 procent in de fabriek, maar waardeerde de waarde van die deelneming in 2016 naar nul af. viermeiden
Glencore koopt eigen aandelen in Gepubliceerd op 5 jul 2018 om 09:15 | Views: 737 Glencore 16:17 329,35 +9,90 (+3,10%) BAAR (AFN/BLOOMBERG) - Mijnbouwer en grondstoffenhandelaar Glencore gaat voor maximaal 1 miljard dollar (ruim 854 miljoen euro) eigen aandelen inkopen. Het Zwitserse bedrijf kondigde aan dat de inkoop donderdag begint en voor het einde van het jaar moet zijn afgerond. Met de aandeleninkoop wil Glencore het vertrouwen van beleggers herwinnen. Dat kreeg eerder deze week een knauw toen het grondstoffenbedrijf een dagvaarding kreeg van het Amerikaanse ministerie van justitie in een mogelijke witwas- en corruptiezaak. Het bedrijf moet documenten leveren rond activiteiten in Nigeria, de Democratische Republiek Congo en Venezuela die teruggaan tot 2007. Het aandeel Glencore leverde dinsdag nadat het nieuws bekend was geworden 12 procent in.
Hebei Province to cut 40 million tonnes of steel overcapacity Xinhua reported that the Hebei provincial government is moving briskly to cut overcapacity, aiming to reduce steel production by 40 million tons over the next three years. Also, the capacity of coal, cement and coke are expected to be reduced by 30, 5 and 10 million tons, respectively, over the same period of time, along with 23 million weight boxes of flat glass and 1.5 million kilowatts of thermal power. As the main battlefield for the nationwide campaign against overcapacity, Hebei has reduced the steelmaking, ironmaking and cement production capacity by 69.93, 64.42 and 70.57 million tons, respectively, since 2013. Meanwhile, the consumption of coal has decreased by 44.16 million tons, and that of flat glass has dropped by 71.73 million weight boxes. Eight out of eleven zombie producers of steel were also cleared from the market, and 31 substandard steelmakers have been dismantled and banned. China plans to eliminate 100 million to 150 million tonnes of crude steel capacity and 500 million tonnes of coal in the five years from 2016. Source : Xinhua
Indian steel demand may reach 1700 million tonnes by 2025 - BHP Billiton Economic Times reported that mining giant BHP Billiton has forecast Indian steel demand will double by 2025; even as it termed the government’s steel production target of 300 million tonnes by 2030 as aspirational. Huw McKay, vice-president, analysis and economics, at BHP Billiton, said on phone to ET “Steel is going to be a great enabler for the Indian growth story, particularly for the downstream sector. Using 2016 as the base, we expect the demand to double to roughly around 170 million tonnes by 2025.” McKay said construction and infrastructure would occupy the lion's share of this growth in demand, with steel consumption growing almost at the same clip as the sector at 8% till 2025. But the economist maintained that the government’s steel output target of 300 million tonnes by 2030 is aspirational. He, however conceded that the acceleration of insolvency proceedings should assist the sector and will also give it an upside. India produced 97 million tonnes of crude steel in 2016-17. Source : Economic Times
thyssenkrupp Tata Steel may need asset sales to get EU nod for JV Reuters reported that top managers at Thyssenkrupp and Tata Steel have reached out to the European Commission to seek approval for a landmark joint venture deal, with legal experts and analysts saying they might have to sell assets to get it. Sources said “Informal talks with European Competition Commissioner Margrethe Vestager began a few weeks ago and will likely address the issue of disposals in some niche areas, including packaging.” Jens Steger, counsel at law firm Simmons & Simmons, said “Even without knowing all the details of the transaction, much speaks in favor of discussing asset sales.” Steger said he had received several requests from third parties who are interested in becoming part of the process, adding these could, in theory, be competitors keen on assets that might come up for sale or shareholders who oppose the deal. Experts see few problems regarding crude steel production of the combined Thyssenkrupp-Tata Steel venture, which Moody’s reckons will own just 14 percent of the European market, a distant second to ArcelorMittal’s 29 percent, which includes Ilva. But Thyssenkrupp and Tata Steel would have about a 50 percent share of the European packaging steel, or tinplate, market, which could require them to dispose of some of those assets. Rasselstein, Thyssenkrupp’s packaging steel unit, made sales of 1.16 billion euros in the fiscal year 2015/2016 and employs about 2,400 employees. Source : Reuters
NCLAT to decide on eligibility of resolution applicants for Essar Steel Mint reported that the National Company Law Appellate Tribunal (NCLAT) on Wednesday reiterated that it wants to decide on the eligibility of the resolution applicants Numetal Ltd and ArcelorMittal India Ltd who submitted bids for Essar Steel Ltd before it can proceed to other issues related to insolvency. A two-judge NCLAT bench headed by Justice S.J. Mukhopadhyay said during the hearing of cross petitions filed by the two disqualified bidders said “We have to decide whether either the resolution applicants were eligible during the first round of bidding or they were ineligible.” Abhishek Singhvi, arguing for ArcelorMittal, alleged that Numetal Ltd is just a “façade” or a “shell company” formed for submission of a resolution plan in respect of the corporate debtor. This is evident from the manner in which Numetal and Aurora Enterprises (AEL) were incorporated on the same date in Mauritius in 2017. After submission of bids on 12 February 2018, AEL was no longer a shareholder by 21 March 2018, said Singhvi. Singhvi also argued that ArcelorMittal has taken all the necessary steps to cure its ineligibility under the provisions of Section 29A of the Code by depositing Rs7,000 crore in an escrow account maintained by the State Bank of India (SBI), which leads a consortium of lenders to Essar Steel. However, Numetal has not taken any such steps to cure its ineligibility, he said. In the last hearing, Mukul Rohatgi, appearing for Numetal, had argued that ArcelorMittal could submit a resolution plan only after “clearing the overdue amounts of Uttam Galva Steels Ltd and KSS Petron Pvt Ltd and attach the receipts” of the transactions. Source : Mint
Tata Steel workers endorse merger with Thyssenkrupp The union representing workers at Tata Steel’s European operations on Wednesday endorsed the company’s joint venture with Germany’s Thyssenkrupp following agreements on jobs, investment and production. Roy Rickhuss, general secretary of the Community union, said “With a jobs guarantee until 2026 and commitments to invest across the business, including a repair of blast furnace five at Port Talbot, this agreement means workers can look to the future with confidence. Tata must now fulfil their commitments … (to) secure the future of all sites.” The two steel firms signed a landmark joint venture deal on Saturday to create Europe’s No.2 steelmaker with 17 billion euros ($20 billion) in sales, marking the sector’s biggest tie-up in more than a decade. Source : Reuters
Trump Trade War - Starting to affect global economy - WTO Trade barriers being erected by major economies could jeopardise the global economic recovery and their effects are already starting to show, the World Trade Organization said on Wednesday in a report on trade restrictions among G20 nations. WTO Director General Roberto Azevedo said in a statement “This continued escalation poses a serious threat to growth and recovery in all countries, and we are beginning to see this reflected in some forward-looking indicators.’ He did not elaborate, but in May the WTO’s quarterly trade outlook indicator suggested trade would grow slower in the second quarter than in the first. The WTO analysis found that G20 countries introduced 39 new trade restrictions between mid-October last year and mid-May this year, double the rate seen in the previous period, affecting trade in iron and steel, plastics and vehicles. Azevedo said “The marked increase in new trade restrictive measures among G20 economies should be of real concern to the international community. More restrictions had been put in place in the weeks after the period under review ended.” The WTO report did not name any particular country, but since the start of the year US President Donald Trump has launched a series of tariffs to punish what he sees as unfair trade, by allies and economic rivals alike. It said “At a juncture where the global economy is finally beginning to generate sustained economic momentum following the global financial crisis, the uncertainty created by a proliferation of trade restrictive actions could place economic recovery in jeopardy.” It added that the world trading system was built to resolve such problems but the escalating tensions were a threat to the system itself, and G20 economies needed to use all means at their disposal to de-escalate the situation and promote further trade recovery. Source : Reuters
Trump Trade War - Rising steel costs delay local project in Ohio Daily Call reported that increasing steel costs are delaying the construction of a local city project. City Manager Gary Huff updated the Piqua City Commission on the status of the new Health and Sanitation facility during the commission’s meeting on Tuesday evening, explaining that the construction of the building is being delayed due to the rising cost of steel. Mr Huff said that “We are going to delay the construction of that project. It’s really related to the cost of steel. This is not the time to proceed. We’re seeing tremendous steel price increases, and we want to wait and see if this issue works out with the tariffs.” Mr Huff alluded to the 25 percent tariffs that the Trump administration imposed on steel imports in March, affecting US allies on May 31. The cost of domestic steel is also on the rise. The Associated Press reported that the cost of US hot rolled coil steel has risen approximately 40 percent since the beginning of this year, citing a representative from S&P Global Platts. US cold rolled coil also appears to be on the rise but at a slower rate, according to price assessment providers. Mr Huff said that “We will be holding off moving forward on that until we feel it’s the appropriate time that we can get better prices on the project.” The new Health and Sanitation facility has been in planning for over a year. In June 2017, the commission approved entering into an agreement with Levin Porter Architects for the design and construction management for the new Health and Sanitation Facility at a cost not to exceed USD 202,950. In April of this year, the commission approved a contract with Vectren Energy Delivery of Ohio for the installation of gas facilities at 156 Robert M Davis Parkway for the new Health and Sanitation facility at a cost not to exceed USD 61,250. The construction contract of the project had not yet been awarded, but commissioner John Martin alluded to the estimated cost of the construction of the building being over USD 2 million in a discussion about increases to trash collection fees in February. Commissioner Kris Lee also commented on the project delay. He said that “I watch the news every day. A lot of times it does not hit quite at home, and this hits at home. The stuff that’s going on out in the larger world is actually affecting us here in Piqua. It’s disappointing. It’s a little frustrating, but hopefully things will change and get to the point where … it’ll be affordable for us to build the facility we want to build.” The commission also held a joint meeting with Washington Township Trustees on Tuesday evening, approving sending a renewal levy with an increase to the Miami County Board of Elections to be placed on the Nov. 6 ballot. The approval was unanimous. The tax levy would be a renewal of 0.5 mills with an increase of 0.2 mills. The levy shall not exceed 0.70 mills for each USD 1 of valuation, which amounts to USD 0.07 for each USD 100 of valuation, according to the resolution. The levy would also be for five years. Source : Daily Call
Malaysian steel industry faces MYR 100 million additional cost following ICPT adjustment - Misif The Edge Markets reported that Malaysian Iron and Steel Industry Federation claims the industry would face an additional cost of RM100 million a year following the latest adjustment to the imbalance cost pass through announced by the Energy Commission last week. The adjustment for the July to December period sees the removal of a 1.52 sen/kWh tariff rebate for all users in Peninsular Malaysia and a 1.20 sen/kWh tariff rebate for users in Sabah and Labuan. In addition, a 1.35 sen/kWh surcharge is imposed on non-domestic users. Misif said the net impact of this adjustment is an increase of 2.87 sen/KWh, or 8-16%, for industrial users. In a statement, the federation said both electricity and natural gas are essential utilities in the production process in the iron and steel industry. Misif said that "In order to be competitive against imports, and remain competitive in the international market, the industry critically needs competitive energy cost. Both steelmaking and rolling processes consume more than 650 kWh per tonne of electricity. This latest adjustment will translate to more than RM100 million per annum of additional cost to the industry.” The federation said the industry encountered the worst onslaught of cheap imports for the past five years and is just about to recover with some nascent growth in the horizon filled with challenges. Misif said that "But the recent surge in natural gas and electricity price in the second half of 2018 will hamper the recovery effort of the industry and the Malaysian economy at large especially as the last increase of both utilities was just six months ago.” It claims that the industry is already operating under an extremely challenging business environment, including rising cost of doing business due to the implementation of the Employment Insurance Scheme, duty drawback mechanism for steel raw material import, and minimum wage. Misif urged the government not to impede the nascent growth of the industry and prepare it to stay competitive regionally and globally. It said that "We request the government to retain the rebate, abolish the surcharge for the ICPT, maintain the special industrial tariff for the industry for the next three years as it is one of the major consumers of electricity in the country.” Source : The Edge Markets
Dhaka Steel Works resuming operation 24 year after closure UNB News reported that Dhaka Steel Works Limited, a national steel mill, is going to be reopened on Thursday after 24 years of shut down. Industries Minister Amir Hossain Amu is scheduled to reopen it formally in Gazipur during his visit to the inaugural ceremony of a facility of Atlas Bangladesh Limited. Dhaka Steel Works Limited was nationalized in 1972 following the order of then President Sheikh Mujibur Rahman and Bangladesh Steel and Engineering Corporation (BSEC) was given the responsibility to manage the factory situated in Gazipur. Later, in 1994, BNP government declared the factory as pay-off and shut it down. In 2016, the resumption process of the factory started following the declaration of Prime Minister Sheikh Hasina, a senior official at Industries Ministry told UNB. Concerned government agencies were later requested to provide gas, electricity and water connection to the factory for its revival while around Tk 30 lakh were paid for its land development tax, municipal tax and other pending bills, confirmed the official. According to the official, it would be the responsibility of BSEC to manage the factory profitably and develop it as a role model for the steel sector of the country. Source : UNB
MIDREX plants production reached 1 billion tonnes of DRI Products Midrex Technologies, Inc announced that in June, plants operating with MIDREX® Direct Reduction Technology reached a cumulative production of 1 billion metric tons of direct reduced iron products, according to records kept by Midrex Technologies and verified annually by World Steel Dynamics. From the start-up of the first MIDREX Plant at the former Oregon Steel Mills in Portland, Oregon, USA in 1969, it took 38 years to produce the first 500 million tons of DRI, but only 11 years to achieve the second 500 million tons. By the end of 2017, MIDREX Plants were operating at about a 60 million tons/year rate, with sufficient capacity under construction to push the rate to about 75 million tons/year by the end of 2020. Assuming the historical growth rate, the second billion tons of DRI products could be achieved in about 13 years. Midrex President and CEO Stephen Montague said that “We are pleased to announce this production milestone, not only as recognition of the reliability of our technology and the outstanding work of the Midrex family of plant owners and operators, but also because it comes in a year that saw DRI production grow by 20%.” Source : Strategic Research Institute
Steel rebar used for ‘BBB’ is safe after project’s collapse - DTI THE Department of Trade and Industry has assured the public steel and construction materials used by contractors in “Build, Build, Build” projects are safe and reliable, following the collapse of a flood- control project in Pampanga River. In a news release, the DTI’s Bureau of Philippine Standards (DTI-BPS) said that domestic manufacturers have to secure Philippine standard marks and importers have to obtain Import Commodity Clearance before materials are sold in the market. This certification measure, the agency said, is enough to ensure consumer safety. Trade Undersecretary Ruth B Castelo said that “The DTI-BPS implements mandatory certification schemes for critical products and systems prior to its distribution and sale. Particular on mechanical/building and construction materials, the DTI-BPS regulates BI/GI steel pipes, blended hydraulic cement with pozzolan, Portland cement, pipes, uPVC rigid electrical conduit, PVC-U pipes for drain wastes and vent, sanitary wares, steel wires, finishing wire nails, deformed steel bars, equal-leg angle steel bars and rerolled steel bars.” DTI-BPS Director in Charge James E Empeño said steel products for public infrastructure are also compliant with government standards. He said that “Among the 73 products and systems that we monitor are the steel products, namely, deformed steel bars, equal-leg angle steel bars, rerolled steel bars, which are integral components in the administration’s infrastructure development.” Mr Castelo said consumer safety is a priority in the certification of construction materials. She said the DTI-BPS “provides the highest quality of materials that we use to build and repair our homes, offices and other government and private- sector projects.” The DTI-BPS said the PS and ICC marks are placed on tags securely attached to each bundle of steel bars. The government’s infrastructure program came under focus after a flood-control project along the Pampanga River collapsed two days before its scheduled completion. The ruined wall is among the dozens of projects listed under the infrastructure binge. Contractors Ferdstar Builders and DL Cervantes Construction vowed to repair the flood-control project without additional costs to the government. Initial assessment by the contractors said the concrete base of the wall eroded due to heavy rains. Before the collapse of the Pampanga River wall, former Sen. Anna Dominique Coseteng warned the government is making use of quenched and tempered steel for public infrastructure it is building. She said the use of QT steel in high-rise and sensitive buildings is risky and could lead to accidents. Coseteng and Emilio M. Morales, former chairman of the Association of Structural Engineers of the Philippines, argued that quenched steel bars will fail prematurely in incidents of cyclic loading, such as earthquakes, as compared to micro-alloyed steel. They also said QT steel might have passed government tests, but argued these tests are not comprehensive. The DTI has refuted Coseteng and Morales’s allegation, and said the use of QT steel has been approved by several steel groups, such as the Philippine Constructors Association, Philippine Iron and Steel Institute and Association of Structural Engineers of the Philippines, among others. Source : Business Mirror
JSW promoters firm buys iron ore mine in Jharkhand Business Line reported that South West Mining, the JSW Group promoter Sajjan Jindal-owned company, has bagged a mine with 40 million tonne per annum iron ore reserve at Bhangaon in Jharkhand. The company plans to mine about two million tonne per annum of iron ore after taking the requisite approvals. SWM, which will sell the ore in the open market, plans to start operations in 12-18 months. Mr Seshagiri Rao, Joint Managing Director, JSW Steel, said the mine is marked for merchant purpose and JSW Steel did not participate in the auction process. Asked whether JSW Steel will sign any exclusive supply contract with South West Mining, Mr Rao told BusinessLine that nothing of that sort has been worked out as yet as the feasibility of cost structure to transport iron ore from Jharkhand to the plant (at Vijayanagar in Karnataka) needs to be worked. He said that JSW Steel has its own plans to source captive iron ore from Karnataka and has bagged five C grade mines in the State. It plans to produce two million tonne of iron ore in the two mines that have started production and is expecting statutory clearances to start iron ore mining from the remaining three mines by December. The five mines is expected to supply 20 per cent of the company's annual iron ore requirement. Mr Rao said that JSW Steel will invest about INR 300 crore in developing the five mines. As on June 18, the government has auctioned 41 mineral blocks valued at ?1.86 lakh crore. The resources promise INR 1.48 lakh crore in revenue for the host States. The State governments will also get INR 33,100 crore as royalty and contributions by lessees to District Mineral Funds and National Mineral Exploration Trust. Karnataka has seized the lead in electronic auctions followed by Madhya Pradesh, Rajasthan, Odisha, Chhattisgarh, Jharkhand, Gujarat and Maharashtra. Source : Business Line
Trump Trade War - A victory for Chinese steel and US law SCMP reported that trade tensions between China and the United States may be on the rise but the result of a pivotal US steel investigation should encourage Chinese companies to use the American legal system to settle disputes. That’s the assessment of one Beijing-based lawyer in a US law firm who helped successfully defend Chinese steel companies investigated by a US trade commission. Ran Ruixue, a partner with the Washington-based law firm Covington & Burling, told the South China Morning Post, that the case was the first of its kind against Chinese steel products and the first time Chinese companies had won a trade secrets case before the commission. Mr Ran said that “Chinese companies should maximise the use of US laws and rules to protect their interests.” He added that “Rule of law is helping to make the vulnerable more protected. The investigation against the Chinese steel companies is an excellent example of this.” Trade experts and lawyers also said Chinese firms could use the US legal system to defend themselves as trade frictions raised the prospect of more legal challenges from US rivals. The case was filed in the US International Trade Commission in April 2016 by United States Steel Corporation, commonly known as US Steel, against 40 Chinese steel producers and nine distributors. The defendants included Shanghai Baosteel Group Corporation, known as Baosteel a Chinese state-owned steel company and one of the world’s biggest steel producers based on output. The ITC is a quasi-judicial agency that determines whether imports to the US involve unfair trade practices such as subsidies, dumping and breaches of intellectual property rights. The case against the Chinese steel companies, which was brought under Section 337 of the Tariff Act of 1930 on unfair trade actions, lasted two years before the ITC ruled in March this year to dismiss the last of US Steel’s claims. US Steel had made three allegations against the Chinese steel companies: that they illegally fixed steel prices lower than market value, circumvented US trade duties by falsely designating the origin of steel, and stole trade secrets and used them to develop cutting-edge technology in advanced steel products. Many US senators had publicly supported US Steel and called on US President Donald Trump and the ITC to protect the domestic steel industry and its workers. Section 337, used mainly by US companies in cases of infringement of intellectual property rights, is a powerful tool because a ruling can lead to a ban on the products concerned entering the US market. Trade lawyers expect Chinese firms to face more legal action in the US, including Section 337 investigations. Ran’s firm assigned more than 50 lawyers to the Chinese steel case, and was leading counsel of the joint defence team with more than 10 other Chinese and American law firms. Source : South China Morning Post
Demand for stainless steel in India will grow from here – Mr Abhyuday Jindal Mr Abhyuday Jindal joined his family business in trying times. In 2013, Jindal Stainless was in the middle of a corporate debt restructuring after a tough economic environment hampered loan repayments. It had debts of nearly INR 8,000 crore. The cycle has turned since then for the country's largest stainless steel maker. As part of the restructuring, JSL's debt was redistributed among three more firms — Jindal Stainless, which is listed and two private companies, Jindal United Steel and Jindal Coke. It has reported net profits in the last six quarters, and most importantly, has applied to exit CDR. Mr Abhyuday Jindal Managing Director of Jindal Stainless Group told Moneycontrol in an interview that "We are among the few companies who have turned around even in a tough environment.” Edited excerpt: Q - After completing your graduation from Boston University, your joined your uncle Sajjan Jindal (Chairman & MD, JSW Group) as a trainee. And later your were a consultant at BCG. How were these experiences? A - After college I joined my uncle, who had just acquired Ispat Industries. I joined as a management trainee. It was an important time, I got first hand experience in how to cut costs, looking at synergy and to plan a future growth path. Later, I was a consultant with BCG for 1.5 years. I worked on three-four projects in different industries, including wind and auto. This was quite a learning. Experience is the best teacher. And the experience that I got was sector agnostic. For instance, the just-in-time delivery is more of an auto concept, but we implemented it in our business. In some companies, project management was an issue. In others, it was the supply chain. That learning has come in handy. Q - You joined JSL when the company was in the middle of the CDR process. How has the restructuring helped JSL? A - Yes, by then the restructuring had started. It has helped de-leverage the company. We have split the units. And we have taken some steps. For instance, we have improved upon the infrastructure at our facility in Odisha, by adding a railway siding. Though Paradip port was just about 100km away, it was not containerized. So we had to ship through the Vishakapatnam port, which is 500km away. We were dependent on roads, which increased logistics costs. That has changed after the railway siding was added.We have also built 20 warehouses across the country for just-in-time delivery to our customers. We plan to add another three or four warehouses this year. The warehouses help our clients as now they don’t need to keep inventory and can take from us whenever the need arises. The financial benefits of these initiatives will start showing in another three months. Q - At what stage are you in the CDR? A - We have applied to exit the CDR. We have met all the requirements for exiting the CDR. One of the requirements is to have an EBITDA of 26 percent in the last four quarters. We have done that. Once we do exit, the plan is to de-bottleneck the facility in Odisha. That will help in increasing the capacity utilization from the present 95 percent to 115 percent. We are among the few companies who have turned around even in a tough environment. Q - What is the debt position now? A - The debt in JSl is now about INR 5000 crore, down from INR 8,000 crore earlier. Q - How is the market looking for stainless steel? A - The market is very strong and the demand is firm. Stainless steel used to have a perception problem, and many thought it is used only in utensils. But now the demand comes from varied industries, including airports, metros stations and auto sector. We expect demand to come from major projects in sectors such as oil & gas, chemicals and power. Government has asked companies to make the transition to BS-6. This will double the use of stainless steel in the manufacturing of cars, from the present average of about 15kg per car to 30kg. Overall, our per capital consumption of stainless is only 2 kg, not even half of the world average of 5kg. So there is only room to grow. We are introducing many initiatives to spread awareness on the use of stainless steel. We are working with universities to start courses. For instance, those living in the coastal areas if people start using stainless steel then the life of products will lengthen to 30 years. Q - Do you have plans to acquire assets? A - There are not many assets available to acquire. We would surely be interested if good assets come on the block. Q - How about SAIL's Salem plant? A - We are interested in Salem, and it has come up for talks a few times. But nothing has happened yet. Q - How has been the exports market, especially after the Trump administration's step to levy taxes on imports? A - We export 20 percent of our products, and cater mostly to the European market. We used to export to the US, but after the tariffs (ordered by President Donald Trump), that has stopped. In Europe, Germany and Italy are the biggest markets. Source : Money Control
ArcelorMittal points to Essar Steel lenders' backing in NCLAT - Report Business Standard reported that lenders to Essar Steel feel that ArcelorMittal, “a serious and credible resolution applicant”, has displayed “a genuine intention and taken concrete steps” by attempting to clear overdues in defaulting firms where it was a shareholder. This was stated by ArcelorMittal, with reference to the documents presented in the NCLAT on Wednesday. A statement tweeted by ArcelorMittal said, “We welcomed the opportunity to begin presenting our case to the National Company Law Appellate Tribunal (NCLAT) on Wednesday. We have consistently maintained our belief that our offer for Essar Steel India Limited (ESIL) is eligible and that we are the only credible resolution applicant for ESIL.” The company further said the documents presented and discussed in court gave a clear picture of the Committee of Creditor’s (CoC) view, namely that ArcelorMittal is a “serious and credible resolution applicant” and that we have displayed “a genuine intention and taken concrete steps” to clear the overdues at companies in which we held a passive, minority shareholding. People close to the development said Abhishek Manu Singhvi, appearing for ArcelorMittal, read out certain parts from the petition filed by the CoC during the hearing at NCLAT on Wednesday. The CoC had given ArcelorMittal and Numetal seven days to cure the ineligibility in line with the National Company Law Tribunal (NCLT) order that pointed towards payment of overdues as a cure for ineligibility. ArcelorMittal has transferred Rs 70 billion in escrow on account of its shareholding in Uttam Galva Steels and KSS Petron, both classified as NPAs for more than a year. The offer, however, was subject to ArcelorMittal being declared a successful and eligible bidder for Essar. ArcelorMittal reiterated that the purpose of the IBC and Essar Steel’s insolvency process is for companies to submit resolution plans that offer value to creditors and provide Essar Steel with the best chance of having a successful future. Source : Business Standard
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