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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

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Verschil +0,170 (+0,72%) Dagrange 23,550 - 23,950
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voda 28 september 2020 12:37
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Metalloinvest Implements Neural Network to Recognise Billet Markings

Metalloinvest’s OEMK is completing the pilot operation of an automated system for recognising markings on cast billets at Rolling Mill #1. The idea for the project was developed by OEMK employees during an innovation competition at the enterprise organised by JSA Group, part of ICS Holding, a diversified IT group. The in-house intelligent solution based on neural network technology was developed by researchers from Stary Oskol Technological Institute, a branch of the National University of Science and Technology MISiS, together with specialists from OEMK. Software engineers from Metallo-Tech LLC worked on integrating the system software into production processes.

The implemented solution uses five neural networks, each performing its own discrete task. In the process of collecting data for their training, more than 60,000 pictures of billet markings were taken.

The experience gained in implementing this project will be applied to solving similar tasks. For example, video analytics technology can be implemented to determine the granularity of incoming raw material on the conveyor, to check the quality of excavator bucket teeth and even to monitor the use of PPE by employees.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 28 september 2020 13:48
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ArcelorMittal authorizes share repurchase program

Sep. 28, 2020 5:58 AM ET|About: ArcelorMittal (MT)|By: Jignesh Mehta, SA News Editor

ArcelorMittal (NYSE:MT) authorizes share repurchase program of up to $500M.

The shares acquired under the Program are intended i) to meet MT’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital.

MT intends to repurchase, between September 28, 2020 and March 31, 2021.

--------------------------------------------------------------------------------

ArcelorMittal announces share buyback program
Mon September 28, 2020 1:55 AM|GlobeNewswire|About: MT

28 September 2020, 07:55 CET

ArcelorMittal today announces a share buyback program (the ‘Program’) under the authorization given by the annual general meeting of shareholders held on June 13, 2020 (the ‘AGM Authorization’).

For the background of this program, reference is made to our press release dated 28 September 2020 relating to the announcement of a definitive agreement pursuant to which Cleveland-Cliffs Inc will acquire 100% of the shares of ArcelorMittal USA for a combination of cash and stock.

The shares acquired under the Program are intended i) to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital. ArcelorMittal intends to repurchase, between 28 September 2020 and 31 March 2021, shares for an aggregate maximum amount of US$500 million in accordance with the AGM Authorization and applicable market abuse regulations.

ENDS

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes.

Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century.

With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.

For more information about ArcelorMittal please visit: corporate.arcelormittal.com/

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voda 29 september 2020 07:27
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About Self-Improvement With The Sale Of Its U.S. Operations

Sep. 28, 2020 1:07 PM ET|5 comments | About: ArcelorMittal (MT), Includes: CLF
Stephen Simpson, CFA
Long Only, Growth At Reasonable Price, Value, Research Analyst

ArcelorMittal (MT) management has been trying to convince the Street for some time that it is serious about changing how it operates – instead of trying to bigger, management is focusing far more on being better, with a much greater focus on long-term capital returns from assets. Most have been skeptical about this, including me, as there seems to be one oddly questionable decision made by management to offset every good decision.

With the Monday announcement of ArcelorMittal’s intent to sell its U.S. operations to Cleveland-Cliffs (CLF) in a cash and equity deal, I believe ArcelorMittal management has taken a very big step toward showing that it is serious. I believe the company is getting good value for suboptimal assets in a difficult market, and I like how it backs up the general idea that management is now more focused on the long-term capital returns of the business.

I was lukewarm on ArcelorMittal back in August, as I didn’t like the company’s position as a less-than-great player in a market that I believe is not going to see a lot of pricing strength. The shares have since lagged names I preferred more (including Steel Dynamics (STLD) and Ternium (TX)), but if the indicated pre-market pop holds up, that ArcelorMittal’s relative performance will have improved meaningfully. It still won’t be my preferred name, but it’s harder to stick with a bearish argument regarding management’s vision and discipline toward making this a better steel company for the long term.

The Deal
ArcelorMittal and Cleveland-Cliffs have announced a transaction wherein Cleveland-Cliffs will acquire substantially all of MT’s U.S. business for an enterprise value of $3.4B. In effect, MT is getting $1.4 billion for the assets, split between $500 million in cash and $900 million in equity, with Cleveland-Cliffs also taking on associated net debt of $500 million and pension obligations of $1.5 billion.

Cleveland-Cliffs is acquiring around 16MMT of blast furnace and basic oxygen furnace capacity, or just under 60% of ArcelorMittal’s North American steelmaking capacity. The business has meaningful leverage to auto and construction markets (two of the largest markets for steel in North America), including its Usibor and Ductibor high-strength steels for the auto market, but the production costs are high on a relative basis.

Depending upon the assumptions you make given the data available, Cleveland-Cliffs is paying around $185 to $215/tonne, well below the replacement cost of the assets (around $900/mt), but there’s no way you’re going to get a large fraction of replacement value for blast furnace assets today. More to the point, Cleveland-Cliffs is paying around 6x full-cycle EBITDA, which I think is a great price for the assets (for ArcelorMittal) at not only a weak point in the cycle, but a weak point that could stretch on given both under-utilized capacity in the U.S. steel industry and oncoming lower-cost electric arc furnace (or EAF) capacity additions.

Not A Complete Exit
ArcelorMittal isn’t exactly walking away from the U.S. steel business.

First, the company is keeping its AM/NS Calvert operations (a joint venture between MT and Nippon Steel (NPSCY)), as well as its operations in Canada and Mexico. AM/NS Calvert is a good operation, one that currently uses pretty advanced technology to finish steel slabs with a walking blast furnace, 7-stand finishing mill, and laminar cooling system for hot strip, tension leveling and laser welding for its pickling lines, and a radiant tube atmosphere controlled furnace for cold-rolled steels. In English, that means this is a high-quality, advanced plant that turns slab into advanced sheet and coated products for autos, construction, pipe/tube, and appliance markets. It’s also going to be the site for a new, advanced EAF facility that ArcelorMittal had previously announced.

Second, ArcelorMittal will be literally invested in the ongoing success of Cleveland-Cliffs. The company will have a 16% stake in Cleveland-Cliffs that could rise to just over 25% if management ultimately chooses to convert the preferred equity into shares.

Truth be told, I don’t know if ArcelorMittal wants to be a long-term investor in Cleveland-Cliffs. Management has already announced a $500 million buyback with this deal, and I could see management taking an opportunistic view toward selling off the equity stake over time. Ultimately, I think a lot depends upon what Cleveland-Cliffs shows its can do with the combined AK Steel and ArcelorMittal USA assets. I believe the business is going to be under ever-increasing pressure from improved EAF processes producing steel for the key auto market, but AK Steel and AM USA have some good products of their own and upgrading EAF products to the standards of the auto industry (particularly for hybrids/EVs) is not without a lot of challenges.

The Bottom Line
I believe that exiting the capital-intensive, less-competitive U.S. steelmaking assets, and doing so at a good mid-cycle valuation, is a good move for ArcelorMittal. It’s not necessarily a bad deal for Cleveland-Cliffs (a lot depends upon the eventual recovery in auto production and steel prices), but I believe that ArcelorMittal has taken a big step toward reducing its long-term capital intensity and upgrading its asset base through subtraction. Given the pre-market indication for the shares, I still can’t say that ArcelorMittal is my favorite idea in steel, but it does remain undervalued and I believe management has shown that it is committed to upgrading its asset base and long-term return potential.

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voda 29 september 2020 12:21
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ArcelorMittal South Africa to restart furnace on higher steel demand

Sep. 29, 2020 5:45 AM ET|About: ArcelorMittal South Afr... (ARCXF)|By: Niloofer Shaikh, SA News Editor

ArcelorMittal South Africa (OTC:ARCXF) to restart the second blast furnace at its Vanderbijlpark operations in January due to increased steel demand as lockdown-affected construction projects are now being completed.

This would add around 600K tonnes of additional annual flat steel production volumes, but exports would still be required at the current demand expectations for 2021.

-------------------------------------------------------------------------------------------

ArcelorMittal South Africa to restart furnace on higher steel demand
By Reuters Staff

2 MIN READ

JOHANNESBURG (Reuters) - Steel producer ArcelorMittal South Africa ACLJ.J said on Tuesday it would restart the second blast furnace at its Vanderbijlpark operations in January due to higher steel demand.

Africa's biggest steel producer, which is majority-owned by Luxembourg-based ArcelorMittal SA MT.LU, said steel demand had increased quicker than expected due to lockdown-affected construction projects now being completed, increased sales at retail outlets and running at lower stock levels prior to the nationwide lockdown.

The company decided to idle the Blast Furnace C at Vanderbijlpark and the Vereeniging Electric Arc Furnace in July until demand recovered.

ArcelorMittal South Africa said the restart of the furnace would add around 600,000 tonnes of additional annual flat steel production volumes but exports would still be required at the current demand expectations for 2021.

South Africa imposed a nationwide lockdown in March which required furnaces and underground mines to temporally halt operations. Government has since eased restrictions in phases allowing the reopening of the economy and resumption of industry.

Reporting by Tanisha Heiberg, editing by Louise Heavens

in.reuters.com/article/arcelor-africa...

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voda 29 september 2020 16:10
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ArcelorMittal Zenica Completes Environmental Investments to Cut Dust Emissions

ArcelorMittal Zenica has marked the completion of two major environmental investments that will contribute to improved air quality, in a ceremony attended by senior representatives from the Federal, Cantonal and City of Zenica authorities in Bosnia & Herzegovina. A second hybrid filter has been installed in the sinter plant, cutting dust emissions from sinter machine no. 6 below 10 mg/Nm3, a level which is well within European Union standards as well as being far below the 50mg/Nm3 legal limit in Bosnia & Herzegovina.

In 2017, ArcelorMittal Zenica became the first steel plant in the world to have industrial-scale hybrid filtration technology installed in its sinter plant. The filter technology was developed through a partnership between Danish global engineering company FLSmidth and ArcelorMIttal’s R&D team, with a team of seven researchers and six technicians working on the design and testing stages of the project.

The ceremony also marked the completion of the installation of the secondary dedusting system in the BOF Steel plant, a EUR 5.1 million project. The process of putting the entire system into operation, and testing the equipment, is currently underway and on course for completion before the end of 2020. ArcelorMittal Zenica worked with Italian engineering company Ekoplant on the project.

The company is also in the process of installing new gas boilers for a new combined heat and power plant that will provide greener energy to the city of Zenica, as part of a joint venture with the city of Zenica that is being built with EBRD financing. This will result in an 80% reduction in SO2 emissions from the plant, which is Zenica’s sole external provider of heating during the winter.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:12
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Cleveland Cliffs to Acquire ArcelorMittal USA

USACleveland-Cliffs Inc has entered into a definitive agreement with ArcelorMittal, pursuant to which Cleveland-Cliffs will acquire substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries for approximately USD 1.4 billion. Upon closure of the transaction, Cleveland-Cliffs will be the largest flat-rolled steel producer in North America, with combined shipments of approximately 17 million net tons in 2019. The company will also be the largest iron ore pellet producer in North America, with 28 million long tons of annual capacity. ArcelorMittal USA will be acquired by Cleveland-Cliffs on a cash-free and debt-free basis, with a combination of 78.2 million shares of Cleveland-Cliffs common stock, non-voting preferred stock with an approximate aggregate value of USD 373 million, and USD 505 million in cash. The enterprise value of the transaction is approximately USD 3.3 billion, which takes into consideration the assumption by Cleveland-Cliffs of pension/OPEB liabilities and working capital.

In 2018 and 2019, ArcelorMittal USA averaged annual revenues of approximately USD 10.4 billion and annual adjusted EBITDA of approximately USD 700 million. The assets acquired include 6 steelmaking facilities, 8 finishing facilities, 2 iron ore mining and pelletizing operations, and 3 coal and cokemaking operations. The facilities included in the transaction are:

Steelmaking: Indiana Harbor, Burns Harbor, Cleveland, Coatesville, Steelton, Riverdale

Finishing: Columbus, Conshohocken, Double G. Coatings JV (ArcelorMittal USA’s 50% interest), Gary Plate, I/N Tek JV with Nippon Steel (ArcelorMittal USA’s 60% interest), I/N Kote JV with Nippon Steel (ArcelorMittal USA’s 50% interest), Piedmont, Weirton

Mining and Pelletizing: Hibbing JV (ArcelorMittal USA’s 62.3% interest), Minorca

Met Coal / Cokemaking: Monessen, Princeton

The acquisition does not include ArcelorMittal's Dofasco integrated facility in Canada, the Calvert processing facility in Alabama, a 50:50 joint venture between ArcelorMittal and Japan's Nippon Steel, or ArcelorMittal Mexico. ArcelorMittal will also retain its R&D programme and innovation centres

The transaction has been approved by the board of directors of both companies and is expected to close in the fourth quarter of 2020, subject to the receipt of regulatory approval and the satisfaction of other customary closing conditions.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:12
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India Tightens Steel Import Norms

Indian government has now made it mandatory for traders to register themselves with the Steel Import Monitoring System to import all iron and steel products as also certain railways related items, a move aimed at discouraging inbound shipments of such goods and promoting local manufacturing. The Directorate General of Foreign Trade said that import of all products under chapter 72 (iron and steel), chapter 73 (articles of iron and steel) and chapter 86 (railway Or tramway locomotives, rolling-stock and parts; railway or tramway track fixtures and fittings; mechanical traffic signalling equipment of all kinds). shall now require compulsory registration under the SIMS. In the public notice, the directorate said that the implementation date for this notification will be October 16.

The mandatory registration was earlier imposed on about 300 items. Now about 530 more products have been added.

SIMS, under the Department of Commerce, collects and publishes data of steel mill product imports.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:13
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Paul Wurth to Install Coke Oven Gas Compression & BF Injection Technology at HKM

With the aim to improve the CO2 balance of their steel plant operations located at Duisburg Huckingen in the Ruhr region in Germany, Hüttenwerke Krupp Mannesmann GmbH has chosen Paul Wurth SA for engineering and construction of a coke oven gas compression and injection system for their two blast furnaces A and B. The new injection system will complement the already existing natural gas injection system, which was taken into operation in 2003 respectively in 2005 as well as the existing pulverised coal injection system, which was commissioned in 2009. The new COG injection system will provide up to 30 000 Nm3/h of COG per blast furnace. Injection of mixed COG and NG of up to 60 000 Nm3/h per blast furnace will be possible.

The corresponding plant will be installed in a brownfield area in the existing steelworks. Aside of all engineering, the order foresees supply, erection and commissioning of two compressors of geared turbo type, an appropriate noise insulated housing for the compressor station and all process piping for the supply of the COG up to the (2 x 30) hot blast tuyeres of the blast furnaces. Civil works will be executed by HKM. Start of commissioning activities is envisaged for the last quarter of 2022.

HKM operates an integrated steelworks consisting of a sinter plant with a design capacity of 6 mtpy, two coke oven batteries for a design capacity of 2.32 mtpy, blast furnaces “A” and “B” with a combined design capacity of 5.2 mtpy of hot metal, and a BOF steelmaking shop with continuous casters. With around 3 000 employees, HKM produces about 4 million tons of steel per year, which comes in the form of slabs and round blooms for the tube and pipe industry. The level of savings may vary depending on the availability of COG and the price of CO2 certificates within the European carbon emissions trade scheme. In any case, HKM will significantly reduce the carbon footprint of their integrated steelmaking plant.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:13
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Danieli to Upgrade Wire Rod Line at Scaw Metals in South Africa

One of the major steel producers in South Africa Scaw Metals Group recently awarded Danieli Service with a new contract for a main revamping of the wirerod line in Johannesburg, in operation since 1997. The project has several targets that will result in an overall performance improvement. A new high-speed shear will generate OpEx savings, performing automatic trimming of the head and tails of the wirerod, replacing three operators per shift, and also increasing safety. Savings in terms of yield will be reached as well as the automatic cut that will allow more precise control. The new laying head with oil-film bearings, combined with a new, active pinch roll, will allow more stable and vibration-free production, reducing scratches and other defects on the material and thereby establishing the possibility to increase the line speed.

The new QTR cooling line will increase the product quality and also allow operational savings in the production of quenched small products, as it will be possible to reduce the content of expensive alloying elements.

The yield improvement will be reached thanks to the new cropping shear in front of the finishing block, which also will make it possible to cut shorter head and tails than with the old machine.

All the new machines will be controlled by Danieli Automation hardware and software.

Commissioning is expected between December 2020 and January 2021.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:15
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Severstal Patents Innovative Substitute for Metallurgical Coke

Severstal, one of the world's leading vertically integrated steel and mining companies, has patented a technology for the production of an innovative carbon-containing product. It is used as fuel for blast furnaces at the site of the Cherepovets Steel Works. The product was developed and implemented by specialists from the Center for Technological Development of Coke-and-Blast Furnace Production of CherMK in cooperation with Coke Shop No 1. The technology makes it possible to use low value coal grades from the Vorkuta deposits, which were previously considered only conditionally suitable for coking.

The product has been used at the CherMK site since December 2018. Today, two blast furnaces have been almost completely switched to using a solid substitute for coke. The end-to-end economic effect from the use of the IPUS from December 2018 to the present amounted to USD 29 million.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:16
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South Kaveh Steel Opens 2nd Phase of Steel Plant in Bandar Abbas

The second phase of steelmaking of SKS, funded with an investment of 311 million Euros by the Mostazafan Foundation in the Persian Gulf Special Economic Zone in Bandar Abbas, started operation on Saturday. The CEO of SKS Ali Dehaqin said that with an increase of 1.2 million tonnes of steel in the second phase, the company's capacity has reached 2.4 million tonnes.

The CEO of Kish South Kaveh Steel Company stated that the international standard has been used in this company and all products of the company can be exported. He specified that 70 percent of the products of the SKS were exported in 2019 and 30 percent were used in the domes.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:16
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Delhi High Court Stays Order against Sarada Mines

New Indian Express reported that the Delhi High Court stayed the order of the Centre directing the Odisha Government to to Sarada Mines Private Limited, the lease holder of Thakurani iron ore block in Joda mining circle of Keonjhar district, stop mining operation and initiate action against the miner for violating provisions of Environment Protection Act, 1986. Justice Jayant Nath said “In my opinion, the impugned order (of MoEF&CC) dated 21.09.2020 is prima facie erroneous. The petitioner has made out a prima facie case. Till the next date of hearing, the impugned order shall remain stayed.”

Referring to the January 15, 2020 order of the Supreme Court, the single judge said the Odisha Government and Central Environment Committee had no objection for resumption of mining by the petitioner subject to depositing the CEC assessed dues and strictly complying with all mandatory rules, regulations and conditions for conducting mining operations.

The Delhi High Court order came a day after the Ministry of Environment, Forest and Climate Change (MoEFF & CC) directed the Odisha Government to stop mining operation of the Thakurani iron ore block by Sarada Mines and initiate action against the lease holder for violation of Environment Protection Act, 1986. In its September 21 order, the MoEF&CC directed the State Government not to give consent to operate the mines till the project is granted environmental clearance by the State Pollution Control Board.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 29 september 2020 16:22
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Moody's Reviews Cleveland Cliffs Ratings for Downgrade

Moody's Investors Service has placed all ratings of Cleveland-Cliffs Inc, including the B1 Corporate Family Rating and the B1-PD Probability of Default Rating under review for downgrade. The SGL-2 Speculative Grade Liquidity Rating remains unchanged at this time. The review follows the announcement by Cliffs that it has entered into a definitive agreement to acquire ArcelorMittal USA for an implied equity value of USD 1.4 billion and an enterprise value of USD 3.3 billion.

On Review for Downgrade:
..Issuer: Cleveland-Cliffs Inc.
.... Corporate Family Rating, Placed on Review for Downgrade, currently B1
.... Probability of Default Rating, Placed on Review for Downgrade, currently B1-PD
.... Gtd Senior Secured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba3 (LGD3)
.... Gtd Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently B2 (LGD4)
.... Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B3 (LGD5)

Outlook Actions:
..Issuer: Cleveland-Cliffs Inc.
....Outlook, Changed To Rating Under Review From Negative

Source : STRATEGIC RESEARCH INSTITUTE

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voda 30 september 2020 10:41
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Beursblik: UBS verhoogt koersdoel ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
11,13 -0,358 -3,12 % Euronext Amsterdam

(ABM FN-Dow Jones) UBS heeft woensdag het koersdoel voor ArcelorMittal verhoogd van 12,00 naar 15,00 euro met een ongewijzigde koopaanbeveling.

De Zwitserse bank verhoogde het koersdoel, nadat ArcelorMittal dinsdag aankondigde de Amerikaanse tak te zullen verkopen aan Cleveland-Cliffs.

Die verkoop levert verschillende voordelen op. Allereerst wordt de balans van ArcelorMittal zo beduidend sterker. De verkoop gebeurt tegen een "aantrekkelijke" waardering en dankzij het aandelenbelang dat ArcelorMittal krijgt, kan het ook profiteren van toekomstige synergievoordelen en stijgende Amerikaanse prijzen. Tot slot verkoopt ArcelorMittal juist de onderdelen met de laagste kwaliteit, aldus UBS.

"We vinden de waardering van ArcelorMittal aantrekkelijk en verwachten dat 2020 de bodem in de cyclus is", besloten de analisten.

Op een rood Damrak daalde het aandeel ArcelorMittal woensdag 2,6 procent naar 11,19 euro.

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

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

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voda 30 september 2020 10:43
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Beursblik: aantrekkelijke waardering ArcelorMittal

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
11,16 -0,328 -2,86 % Euronext Amsterdam

(ABM FN-Dow Jones) De Europese staalsector is aantrekkelijk gewaardeerd, waarbij vooral bedrijven met een operationele focus als ArcelorMittal, Salzgitter en Kloeckner interessant zijn. Dit stelden analisten van Credit Suisse woensdag in een sectorrapport.

Credit Suisse merkte wel op dat het marktsentiment nog negatief is, maar dit kan volgens de analisten snel veranderen. De staalbedrijven zullen vermoedelijk de winsten in de komende zes maanden zien aantrekken, dankzij stijgende volumes en hogere marges, en dat kan een rally in de aandelen van deze bedrijven in gang zetten.

Credit Suisse verhoogde het koersdoel voor de Amerikaanse notering van ArcelorMittal van 20,00 naar 22,00 dollar bij een ongewijzigd Outperform advies. Het aandeel daalde in Amsterdam met 3,3 procent tot 11,10 euro.

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

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

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voda 30 september 2020 16:17
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Outokumpu Announces New Leadership Team

As part of Outokumpu’s strategy process, the company has appointed new Outokumpu Leadership Team to ensure diligent strategy execution in order to improve Outokumpu’s competitiveness and financial performance. As of October 1, 2020, Outokumpu Leadership Team consists of the following persons and roles:

Continuing members in the leadership team are:
Heikki Malinen, President and CEO
Pia Aaltonen-Forsell, Chief Financial Officer (CFO)
Jan Hofmann, Chief Strategy Officer
Johann Steiner, Chief Human Resources Officer

New members appointed to the leadership team are:
Thomas Anstots, Executive Vice President, Commercial, business area Europe
Stefan Erdmann, Chief Technology Officer
Martti Sassi, President, business area Ferrochrome
Niklas Wass, Executive Vice President, Operations, business area Europe
Tamara Weinert, Acting President, business area Americas

Highlighting the importance of Outokumpu’s European operations, the business area will have three representatives in the Leadership Team – CEO Heikki Malinen as the head of business area Europe, Niklas Wass as Head of Operations and Thomas Anstots as Head of Commercial.

Tamara Weinert has been appointed acting President for business area Americas as of October 1, 2020. Olli-Matti Saksi who has been leading the business area since 2019 is currently on medical leave until further notice.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 30 september 2020 16:17
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Outokumpu Concludes Strategic Review of Long Products - Lays of 100

Outokumpu has concluded the strategic review of business area Long Products that was initiated in February 2020 and accelerated in July by the new management. As a result of the review, Outokumpu will initiate a turnaround program to develop the Long Product business internally. The turnaround program will be started immediately with personnel measures that might lead to a reduction of approximately 100 positions. Other turnaround actions include the implementation of Outokumpu’s manufacturing excellence methodology at the Long Products’ sites to increase operational efficiency. The actions also include commercial measures such as expanding the current product mix and focus on higher value specialty grades. The progress of the turnaround program will be closely monitored by a designated steering group to ensure successful implementation.

In 2019, business area Long Products’ net sales amounted to EUR 642 million and adjusted EBITDA was EUR -7 million. In the first half of 2020, the business area’s net sales amounted to EUR 289 million and adjusted EBITDA was EUR -5 million.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 30 september 2020 16:18
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OECD Steel Committee Gravely Concerned about Impact of COVID19 on Steel Market

OECD Steel OvercapacityThe OECD Steel Committee has expressed grave concern at its meeting this week over the deterioration in steel market conditions related to the COVID-19 crisis. The slump in demand caused by the global pandemic comes as steel production and inventories continue to grow in China. The Committee also noted with concern that the difficult market conditions were causing significant job losses in the industry. The latest OECD data show that global steelmaking capacity could increase to 2,455.8 million tonnes in 2020. While the gap between global capacity and production narrowed from 2016 to 2019, it is likely to widen to as much as 700 million tonnes this year due to overall capacity increases and production decreases resulting from COVID-19. The Steel Committee noted that new steelmaking capacities due to come into operation in the Middle East and Asia this year are set to exacerbate excess capacity.

During a virtual four-day meeting, the Committee also reiterated the need for further capacity reductions in relevant economies, including by facilitating the exit of inefficient producers and by supporting workers affected by plant closures.

The OECD Steel Committee has 25 members (Austria, Belgium, Canada, the Czech Republic, Finland, France, Germany, Hungary, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the UK, the US and the EU). In addition, five associates (Brazil, Kazakhstan, Romania, Russia and Ukraine) and seven participants (Argentina, Bulgaria, Egypt, India, Malaysia, South Africa and Chinese Taipei) bring their perspectives to the Committee’s work. A number of other economies also participate in some Steel Committee meetings as invitees.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 30 september 2020 16:19
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UK SFO Charges Mr Nasser Alaghaband & 3 More with Fraud at Balli Group & Balli Steel

UK Nasser Alaghaband Balli SteelUnited Kingdom’s Seriou Fraud Office has charged four individuals with various fraud offences in relation to the activities of Balli Group Plc and Balli Steel Plc. Mr Nasser Alaghband and Mr David Spriddell are each charged with two counts of fraudulent trading in the carrying on of the businesses of Balli Steel Plc and Balli Group Plc with the intent of defrauding creditors. Nasser Alaghband is additionally charged with six counts of conspiracy to defraud various financial institutions. Two further individuals, Louise Worsell and Melis Erda, are each charged with one count of fraudulent trading in the carrying on of the businesses of Balli Steel Plc with the intent of defrauding creditors. Melis Erda is also charged with six counts of conspiracy to defraud various financial institutions, while Louise Worsell faces five counts of the same charge.

The individuals appeared at Westminster Magistrates’ Court on Tuesday, 29 September 2020, and are due to appear at Southwark Crown Court on Tuesday, 27 October 2020.

A further individual, Vahid Alaghband, is to appear at Westminster Magistrates’ Court on Thursday, 22 October, where the SFO intends to charge him two counts of fraudulent trading and one count of conspiracy to defraud.

Nasser Alaghaband (D.O.B 03/05/1961), Director of Balli Steel Plc and Balli Group Plc, is charged with two counts of fraudulent trading, contrary to section 993(1) of the Companies Act 2006 and six counts of conspiracy to defraud, contrary to common law.

David Spriddell (D.O.B 29/11/1961), Finance Director of Balli Steel Plc and Balli Group Plc, is charged with two counts of fraudulent trading, contrary to section 993(1) of the Companies Act 2006.

Louise Worsell (D.O.B 23/12/1954), member of the Balli Steel Plc Executive Committee, is charged with one count of fraudulent trading, contrary to section 993(1) of the Companies Act 2006 and five counts of conspiracy to defraud, contrary to common law.

Melis Erda (D.O.B 17/08/1966), Treasurer and member of the Balli Steel Plc Executive Committee, is charged with one count of fraudulent trading, contrary to section 993(1) of the Companies Act 2006 and six counts of conspiracy to defraud, contrary to common law.

The SFO announced its investigation into Balli Group on 3 May 2017.

Source : STRATEGIC RESEARCH INSTITUTE

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voda 30 september 2020 16:19
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Primetals Technologies Receives FAC for 2 Continuous Galvanizing Lines from HBIS Tangsteel

Recently, HBIS Tangshan Iron and Steel Group Co has awarded Primetals Technologies with the final acceptance certificate for two continuous galvanizing lines installed as part of the expansion of cold rolling mill no. 2 at its Tangshan plant in Hebei Province. The CGLs 5 and 6 increase the production capacity for high-strength, coated metal sheets by 650,000 metric tons per annum. The sheets are mainly used by the automotive industry. The lines were erected in a new hall alongside the existing cold rolling mill, which had also been supplied by Primetals Technologies, and has been in production since the beginning of 2015. A special aluminum-silicon coating technology package was implemented on one line.

Cold rolling mill no. 2 comprises a coupled tandem pickling line, a continuous annealing line and a galvanizing line. The mill has an annual capacity of 1.8 million metric tons of high-strength cold strip, and also produces high-quality steels for the Chinese automotive industry. The two galvanizing lines now supplied by Primetals Technologies are part of the second expansion stage to create production capacities for these high-quality steel grades. The lines process not only grades for vehicle body parts but also aluminum-coated hot-forming steel.

Primetals Technologies was responsible for the engineering, manufacturing and supply of the mechanical, electrical and process technology equipment for the lines. CGL 5 has a capacity of some 250,000 metric tons per annum. It processes cold strip in widths ranging from 850 to 1,300 millimeters, and thicknesses from 0.18 to 1.5 millimeters. CGL 6 is able to galvanize 400,000 metric tons of cold strip per annum in widths ranging from 850 to 1,600 millimeters, and thicknesses from 0.5 to 3 millimeters. It also offers the possibility of coating the cold strip with an aluminum-silicon alloy. Entry and exit speeds of both lines amount to 250 meters per minute, while processing speeds reach 180 meters per minute. The new lines were integrated into the existing quality control system of the cold rolling mill plant. They were implemented on schedule with sequencing the start-up of GI and then Al-Si coatings productions within a 3 months period. Primetals Technologies also supervised the assembly and commissioning of the lines.

HBIS Tangsteel is part of the Hesteel Group, formerly Hebei Iron and Steel Group (HBIS). With an annual production of around 47 million metric tons in 2018, it is one of the largest steel producers in China.

Source : STRATEGIC RESEARCH INSTITUTE

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