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Steel Price Recovery Needed to Compensate High Raw Material Prices - Mr TV Narendran Tata Steel

Mr TV Narendran, CEO & MD of Tata Steel in an interview with ETNOW while answering to “Would you also be worried about the surge in iron ore prices being witnessed both domestically and globally? Also the fact that it is not being accompanied by simultaneous rise in steel prices?” said “There has been a squeeze of spreads over the last few months because gold prices have stayed in the USD 200 range and iron ore prices have crossed USD 100 after a long time. So, the spreads have got squeezed. That is why the steel prices did not go up immediately when the iron ore prices went up but we have reached the stage where the costs are certainly putting pressure on the steel producers. It certainly hurts us more in Europe, in India we have our own iron ore mining but even in India we have been buying from the market because we consume more than we produce. So it does impact Tata Steel but it also acts as a push back for steel prices which have been a bit soft over the last couple of months.”

He said “We have reached levels where steel producers will not be able to manage any more softness in steel prices and will look forward to pushing up prices because the raw material costs have been staying at a pretty high level. That concern may be slightly less for Tata Steel given that we are fully integrated but it does impact us as in Europe and in Bhushan Steel for instance: where we buy a lot of iron ore.”

Source : ET
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Al Yamamah Steel inks SAR 60 Million Deal With SSEM

Al Yamamah Steel Industries Co has signed a contract with the Saudi Services for Electro Mechanic Works for a total of SAR 59.57 million. The contract was signed to supply electricity towers. The supply will commence in early May, and will last for ten months that can be renewed. The financial impact of this supply contract will be registered starting from May 2018.

Al Yamamah Steel noted that this contract will be presented in the coming ordinary general meeting which will be held in March to be approved.

Source : Strategic Research Institute
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Dillinger Subsidiary Steelwind Nordenham To Supply 40 Monopiles to Yunlin Offshore Wind Farm In Taiwan

The energy transition is being built on steel and Dillinger steel is once again playing a key role: Steelwind Nordenham, a wholly owned subsidiary of Dillinger, will supply 40 complete monopiles for the construction of the Yunlin offshore wind farm off the west coast of Taiwan, as well as 120 sections that will later be used locally by the Formosa Heavy Industries Corporation to assemble another 40 monopiles. The input material heavy plate in the required grades and dimensions will come from Dillinger or its subsidiary Dillinger France in Dunkirk.

The Yunlin offshore wind park will be built 8 kilometers off the west coast of Taiwan with 80 Siemens 8 MW turbines, at water depths ranging from 8.5 to 38 meters. Some of the monopiles used beyond XXL not only have the largest diameter in the world, at 10 meters at their lower end, but also a record-setting weight: due to the soil conditions they must be very long (60 to 98 meters) and therefore very heavy. With a maximum individual weight of 1,870 metric tonnes, they are the heaviest in the world.

Dr Ralf Hubo, Managing Director of Steelwind Nordenham said that “This order makes a sustainable contribution to the generation of renewable energies and ensures capacity utilization at the Nordenham site for an entire year. Production for the order will start in July; the last monopiles will leave the plant in early June 2020. The journey by ship from Nordenham to Mailiao, the port of destination in Taiwan, takes about 45 days.”

Source : Strategic Research Institute
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US Steel’s Clairton Coke Works Resumes Operations

Pollution control systems at US Steel’s Clairton Coke Works had been shut down following an electrical fire at the facility. The fire caused closure of the same two control rooms damaged in a December 24 fire. As a result of the fire, Control Rooms 2 and 5, which house equipment and controls used to operate pollution controls, including desulfurization, were shut down. Control Room 1 was operating normally. There were no injuries. Late at night US Steel said “Repairs were completed and normal operations have been resumed at Clairton Coke Works. They have successfully restored the desulfurization process. Restarting the desulfurization facility and minimizing the potential for impacts to the environment and community were of the highest priority for the company. During the suspension of desulfurization capabilities no exceedances of sulfur dioxide were recorded at nearby air quality monitors.”

Desulfurization is a process used to clean coke oven gas, a byproduct of the coke-making process, in order to remove sulfur.

PennEnvironment and the Clean Air Council filed a lawsuit in federal court in April over alleged Clean Air Act violations related to coke oven gas pollution since the December fire. Allegheny County Health Department joined the suit in May. The lawsuit is seeking a court order that would require US Steel to comply with air permits, an order that would require US Steel to remediate harm caused to local communities as well as hefty civil penalties to punish US Steel for past violations and deter future violations.

Source : Strategic Research Institute
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Philippines Asks Canada To Go Slow On Curbing Steel Imports

Business Mirror reported as the Philippines looks to boost its steel production to supply both domestic and export demands, it has asked Canada ne of its potential markets at the World Trade Organization to go slow on implementing protectionist measures on steel products. The Philippines requested Canada at its 11th Trade Policy Review to explain the increase in its use of antidumping measures over the past years. It pointed out most of Canada’s trade remedies are applied on steel, which the Philippines began exporting again in March after many decades. The statement read that “Canada is an active user of trade remedies and it has shown increase in the use of antidumping measures in recent years with 83 definitive antidumping measures in place as of end of 2018. More than two-thirds of these measures were applied on steel products. In this respect, the Philippines would like to know more about the factors that have contributed to the increase and encourages Canada to exercise circumspection in taking these measures.”

SteelAsia Manufacturing Corp put the Philippines back on the map of steel exporting after delivering its first shipment of rebars to Canada in March. The shipment contained 10,000 metric tonnes of rebar valued at some PHP 300 million. Rebars are used by construction firms to provide tensile strength for infrastructure, buildings, housing, among other structures.

Source : Business Mirror
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GMS Market Commentary on Shipbreaking in Week 24 - BANKING ON BUDGETS!

The much anticipated Bangladeshi budget was announced on the 13th of June and at the time of writing, local pundits were still combing through the fine print to see if any of the anticipated hikes on taxes / duties had indeed been levied upon the industry. Certain end Buyers have been playing scare tactics in the lead up to the budget, warning that prices could fall by as much as USD 50/LDT, in the event punitive taxes were imposed upon the steel sector (as per the rumors circulating in the market). The Bangladesh Shipbreaker’s Association is a powerful lobby within the country and if any serious changes were to occur in the budget, those in the government in Dhaka will likely be approached by the BSBA, in an effort to reverse any such negative decisions. In the early post-budget news forthcoming from Bangladesh, while a net increase of about BDT 5/LDT (approx. USD 0.6/LDT) on scrap vessels is being reported, billet & commercial scrap import duties in addition to yard VAT are reportedly unchanged. However, the VAT circular has yet to reach the concerned local department at the time of writing.

On the other side, India has endured a woeful time of steel depreciations with about INR 1,500 (appriximately USD 21.50 per tonne) lost over the last couple of weeks, following the euphoria of Mr Modi’s recent re-election victory.

Pakistani struggles also continue, particularly on the currency, which has touched another historical high of PKR 158 against the US Dollar, in further worrying news for this market.

Lastly, The Turkish market re-opened post-Eid with little fanfare as steel plate prices remain unchanged and the Turkish Lira marginally weakened as the working week concluded.

Finally, the big news from last week concerned the fact that a select few yards in Alang have started to work with LR on the approval of facilities that are operating in line with the HKC – adding to NK, Rina and IR classes who are already actively engaged in this field.

Source : Strategic Research Institute
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Iran Annual Crude Steel Output To Hit 30 Million Tonnes By March 2020

Tehran Times quoted Iranian Deputy Industry, Mining and Trade Minister Jafar Sarqini as saying that country’s annual crude steel production is planned to reach 30 million tonnes in the current Iranian calendar year (ends on March 19, 2020). The official put Iran’s crude steel production at 25 million tonnes in the past year. Mr Sarqini has previously announced that Iran will inaugurate steel projects with the capacity of at least 10 million tonnes during the current Iranian calendar year.

Also, Mr Ardeshir Sa’d Mohammadi, a deputy director in Iranian Mines and Mining Industries Development and Renovation Organization has recently announced that the country’s crude steel production capacity will increase by 25 million tonnes within the next four years. He said that through such increase in crude steel output, the required feedstock for the plants will be properly supplied.

Source : Tehran Times
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Slovenian steel group SIJ's revenue up by 6.3% in 2018

Slovenian steel group SIJ revenue grew by 6.3% to EUR 802.8 million in 2018, but net profit was down by 66% to EUR 4.9 million, the group said that despite the drop in profit, the group is still stable, noting that in 2018 its steel production rose further and the share of steel with higher added value in its sales remained high. Exports accounted for 84.6% of the group's total revenue or EUR 679.3 million.

SIJ said that "We increased sales and being an export-oriented company, we generated most revenue in foreign markets.”

Source : Strategic Research Institute
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Azna Steel to Expand Steel Sheet Production Capacity

Financial Tribune reported that Azna Steel Complex is expected to be inaugurated by the end of the current fiscal year (March 2020) in the city of Azna, the capital of Azna County in Lorestan Province. The steel production unit will have an annual production capacity of 1.2 million tonnes of different steel sheets. The construction cost so far stands at USD 75.82 million. It has made 70% progress. A further USD 12.82 million are required before the complex could become operational.

This is the first development phase of the complex and will create around 560 direct jobs and 1,160 indirect ones.

In the second phase, 700,000 tonnes of slabs will be produced in the second phase that will create 600 direct jobs.

Source : Financial Tribune
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GMS Market Commentary on Shipbreaking in Bangladesh in Week 24 - SPECULATIVE SALES!

Most Bangladeshi yards remain stuffed with tonnage, following an incredibly busy first half of the year, as most of the large LDT Panamax containers, tankers, Capesize bulkers and VLOCs have ended up on Chattogram shores. However, with the rumors of impending taxes and duties in the lead up to the budget, interest in post-budget units all but disappeared. Additionally, with the week of Eid in celebration and the local market off for the entire week, resulted in a local port position that’s virtually barren – an uncommon occurrence in Bangladesh for much of 2019.

Although it has been a period of inactivity in Bangladesh with all in the industry eagerly awaiting the budget announcement in order to gauge the immediate outcome on prices over the next few months, the fine print is still being evaluated in order to determine which direction prices will move.

Yet, despite the uncertainty, certain Cash Buyers seem prepared to speculate on a positive Bangladesh market moving forward, as evidenced by the conclusion of two Sinokor containers that fetched massive prices this week.

The HONG KONG BRIDGE (16,317 LDT) and ROTTERDAM BRIDGE (16,481 LDT) achieved a well above market level of USD 472/LT LDT and USD 484/LT LDT (the latter with a spare propeller onboard) for a delivery into the sub-continent range, whilst the MR tanker BRILLIANT (8,450 LDT) received a comparatively decent USD
421/LT LDT basis an ‘as is’ Singapore delivery and about 200 Tons of bunkers included in the sale.

Only the weeks ahead will tell if these massive prices were well worth the punt.

Source : Strategic Research Institute
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Alliance Steel Investment Creates MYR 30 Million Business Opportunities - Mr Wan Rosdy

Bernama reported that Alliance Steel Sdn Bhd, the largest investor in the Malaysia-China Kuantan Industrial Park, has created MYR 530 million worth of business opportunities since it was established three years ago. Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail said ASSB’s presence in MCKIP has helped 2,700 locals to obtain jobs which offered attractive salaries. He added that “The impact from MCKIP’s development and the resulting inflow of investments has resulted in the development of infrastructures such as roads, utilities, port expansion and communication network to the benefit of local residents.”

Mr Wan Rosdy said this in a speech at ASSB’s event in conjunction with the commissioning of an integrated steel production project to produce 3.5 million tonnes of steel per year.

Mr Wan Rosdy said ASSB was one of the top five Chinese companies operating in Malaysia in terms of investments, with investments totalling MYR 5.6 billion. He added that “I was also informed that 16% of the investment was utilised for green technology, including the construction of a 12-kilometre long conveyor belt connecting Kuantan Port and the steel plant,” he said.

He said the state government will remain committed in facilitating investors in conducting their business here, with the support from the Federal government and relevant agencies.

Source : Bernama
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Interessant feit:

UK Aluminium Drink Cans Hit 75% Recycling Rate

Aluminium Today reported that UK aluminium drink can recycling rate has risen to 75%, its highest ever level, up from 54% in 2010. Additionally, 95% of aluminium packaging collected in the UK is recycled within Europe, rather than being sent around the globe. At a time when sustainability is so front of mind, the drink can remains the most recycled packaging in the world. The overall aluminium packaging rate has continued to rise steadily too, from 41% in 2010 to 52% in 2018, meaning that over 100,000 tonnes of aluminium packaging sold in the UK was recycled last year.

These significant improvements in UK aluminium recycling rates is attributed to the investment made by the aluminium sector as a whole to ensure that the packaging they produce is recycled.

Program managed by the Aluminium Packaging Recycling Organisation such as MetalMatters and Every Can Counts are positively impacting the behaviour of people across the UK by creating awareness of the recyclability of aluminium and metal packaging.

Mr Rick Hindley, executive director of Alupro commented that “Aluminium is the perfect example of the circular economy because it can be recycled forever. We know that British consumers want to do their part, so we’re delighted that more cans are being recycled than ever before. Within 60 days the can you recycle could be back on the shelves as another can.”

The government is currently consulting on reform to the producer responsibility system, which could lead to more accurate reporting of recycling rates. A significant volume of used aluminium packaging is being recycled from Refuse Derived Fuel outside the UK, but not currently being officially recorded towards UK targets. This means the latest impressive rates are still underreported, and future recycling rates for aluminium packaging will be even higher under these reforms.

Source : Aluminium Today
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ArcelorMittal bezorgd over nieuwe Italiaanse wet

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
15,474 0,192 1,26 % Euronext Amsterdam

(ABM FN-Dow Jones) ArcelorMittal heeft zijn bezorgdheid over een nieuwe Italiaanse wet kenbaar gemaakt aan de Italiaanse regering. Dit bleek woensdag uit een toelichting van de staalfabrikant.

Volgens ArcerlorMittal vervalt door het zogeheten Crescita-decreet de juridische garanties die in 2017 werden afgesproken tussen ArcelorMittal en de Italiaanse regering toen de staalfabrikant ermee instemde om in de fabriek in Taranto te investeren.

Deze garanties zijn noodzakelijk totdat de ArcelorMittal het milieuplan heeft voltooid om te voorkomen dat het aansprakelijk wordt gesteld voor problemen die zij niet heeft veroorzaakt, aldus de staalfabrikant.

ArcelorMittal heeft voor meer dan 1,15 miljard euro aan milieu-investeringen in de fabriek gepland. De uitvoering van het overeengekomen plan verloopt volgens schema, aldus de staalfabrikant.

Het wetsvoorstel zal vermoedelijk voor 29 juni in een definitieve wet worden omgezet.

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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US Steel To Idle 3 BFs At Great Lakes, Gary Works & Kosice

United States Steel Corporation, while providing second quarter 2019 guidance, said “We are idling two blast furnaces in the United States and one blast furnace in Europe to better align our global production with our order book. In the United States, we began a planned maintenance outage on the Great Lakes B2 blast furnace last week. Based on current market conditions, we expect the B2 blast furnace to remain idled after the completion of the planned outage. In addition, we expect to temporarily idle a south blast furnace at our Gary Works facility. As a result of these footprint actions, we expect to decrease monthly blast furnace production capacity by approximately 200,000-225,000 tons beginning in July. If both furnaces remain idled for the remainder of the year, we expect full year Flat-Rolled shipments to third party customers to be approximately 11.0 million tons. We will resume blast furnace production at one or both idled blast furnaces when market conditions improve.”

US Steel said “In Europe, USSE continues to be negatively impacted by increasing levels of imports and continued market headwinds related to raw material costs and demand. As a result, we will idle the #2 blast furnace, which has the capacity to produce approximately 125,000 tons per month. If #2 blast furnace remains idled for the remainder of the year, we expect full year USSE shipments to third party customers to be approximately 3.6 million tons. We will resume #2 blast furnace production when market conditions improve.”

It added “While market conditions have softened, we remain focused on executing the value creation strategy that is underway. We believe that the investments being made to improve costs and expand product capabilities will create a more differentiated and agile company, combining our competitive advantages with state-of-the-art sustainable steel technology to create long-term value for our stockholders, customers and employees.”

It added “Flat Rolled segment adjusted EBITDA, which we expect to be higher versus the first quarter, is being negatively impacted by decreasing steel prices and softening end market demand. Additionally, second quarter shipments are lower than we expected due to flooding in the southern United States, which has limited the availability of barges and our ability to ship finished product to customers over the past few weeks. For both our USSE and Tubular segments, we expect second quarter 2019 adjusted EBITDA to be lower than first quarter 2019. In Europe, market headwinds have increased while Tubular margins are under pressure due to lower selling prices.”

Guidance “We expect second quarter 2019 adjusted EBITDA to be approximately USD 250 million, which excludes approximately USD 15 million of estimated second quarter impacts from the December 24, 2018 fire at our Clairton coke making facility. We expect second quarter 2019 adjusted diluted earnings per share to be approximately USD 0.40.

Source : Strategic Research Institute
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Mr TV Narendran Speaks On Tata Steel Europe History & Prospects

Mr TV Narendran, CEO & MD of Tata Steel, in an interview with ETNOW while answering to “What is the plan about European business? A big fear is the ability of these assets to stay self sufficient and self sustaining with no recourse to the Indian operations, with the resumption a new blast furnace and the upgradation will operations be sustainably profitable?” said that “A number of things have happened in Europe over the last 10 years: when we acquired Corus. It was a 18 million tonne production unit, of which 11 million tonnes was in the UK and seven million tonnes was in Netherlands. The Dutch business has always been self sustaining and profitable and could take care of its own needs. We have had challenges in the UK over the last 10-12 years and a lot of the issues in terms of the bleed or in terms of the cash calls were related more to the UK business than to the Netherlands business.”

He said “The UK business over the last 10 years has shrunk from 11 million tonnes to three million tonnes because there two other sites, Scunthorpe and Teesside and a number of smaller assets, we have sold over the last 10 years. We have also slowly invested in Port Talbot which is currently our main site in the UK to make sure that we bring back some of the efficiencies that are required typically in a steel plant because if you are under-invested in a steel plant, despite your best efforts you can bleed because you do not have the right energy balance, you do not have the right facilities, you are buying coke, you are buying pellets, you are buying all sorts of inputs which are more expensive than what other steel plants buy.”

He said “So there are a number of problems to solve in the UK and part of it was the portfolio. We have addressed the portfolio issues, the pension fund issues, these were two issues which used to create problems for us over the last 10 years. So we are today in a situation where the European footprint has shrunk to 10 million tonnes from 18 million tonnes and in that 10 million tonnes, the UK business is only 3 million tonnes.”

He said “Structurally we are in a much better place in Tata Steel Europe and we have made investments in the Dutch business to keep improving the product mix. The Netherlands business is seen as a very serious player in the automotive space, which we were not 10 years back.”

He said “In some sense, it worked against us with the competition commission this time when we were working with them for the merger with Thyssen. But having said that, we are seen as a strong player in the automotive space in Europe from Netherlands, in the UK as well we have invested in some state of the art galvanising lines and finishing facilities and we have invested in improving the efficiencies. So we are in a much better place than we were not only 10 years back than we were even three years back or four years back and the UK business was losing a lot of money. So that is one part of the journey which will help us going forward so we are much closer to running a cash positive business than we were earlier and while the joint venture would have certainly helped further in deleveraging because some of the debt would have moved from our balance sheet to the JV balance sheet but in terms of the bleed that we used to suffer in the past even as we stand the European business is in a much better shape. So that is what gives us the confidence, I am not saying the work is done yet, there is a lot more work to do, it does not help that the markets have softened a bit but we believe that structurally we are in a much better position than we were earlier.”

Source : ET
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NINL Merger Proposal With RINL Under Consideration - Report

Hindu reported that after reviewing the performance of Rashtriya Ispat Nigam Limited by new Steel Minister Dharmendra Pradhan, various options are being considered to ensure optimum utilization of its resources. Sources told The Hindu “One of the proposals, which was mooted earlier to merge Neelachal Ispat Nigam Limited which owns a 1.1 million tonne integrated steel plant at Kalinganagar in Odisha, with RINL is said to be under consideration after Mr Pradhan took over as Minister for Steel some time ago.”

NINL’s merger with RINL was dropped in 2012 by the Ministry of Steel after Minerals and Metal Trading Corporation, which holds majority stake in NINL, rejected feelers for purchase of its stake.

MMTC holds 49.78% equity in NINL, Industrial Promotion and Investment Corporation of Odisha Ltd owns 15.29% stake. Odisha Mining Corporation, National Mineral Development Corporation and other entities own remaining stake in NINL, which owns iron ore blocks in Koida area of Odisha with estimated reserves of 110 million tonne.

Source : Hindu
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Trade War Impacting Tata Steel In Europe But Not In India - Mr TV Narendran

Mr TV Narendran, CEO & MD of Tata Steel, in an interview with ETNOW while answering to “How worried would you be about the trade war and its impact on India? We have already seen imported steel making a comeback here. What is your sense now going forward?” said that” There are multiple nuances to it. The trade actions of Trump impacts Tata Steel in Europe because from Europe, we sell about a million tonnes of steel into the US. But it does not impact Tata Steel much in India. The steel industry in India is impacted because of the divergence of material which should have otherwise gone to the US: into markets where India could have been exporting. So: sometimes, there is an indirect impact of trade actions rather than direct impact. Countries like South Korea, Turkey who have traditionally sold a lot into the US are looking for alternate markets and that could be in South East Asia, Europe or India.
As it is, the biggest exporters into India are South Korea and Japan with whom we have FTAs. There are concerns there about the flow of material into India and 90% of the steel which comes into India are very ordinary grade. They are commercial grades and not really the high-end grades which everyone talks about. There is a concern that we will be impacted directly or indirectly by the US actions. But as a country, as an economy there are also opportunities. There is a concern about trade flows. India as a large consuming market is better positioned than other countries who depend on exports. Of course, we need to export more. As a country, it is good for us to export more but fundamentally we have a large growing domestic market and we should play that card well, leverage that well to attract more investments into India rather than imports into India and create a globally competitive industry across sectors in India.”

He added “India is very open as far as FDI is concerned. Even if you look at steel and mining: you can have 100% FDI. Not every country in the world allows that and that should encourage investments in India, create a competitive industry just like the auto industry has been created over the last 20-30 years in India and then build a scale in India. The domestic market allows you to build scale here and export globally when things have mellowed down much more than it is today.”

Source : ET
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Metalloinvest Develops Rolled Steel Production Capabilities At OEMK

Metalloinvest has commissioned a new reduction and calibration section for Rolling Mill 350’s mid-size production line at Rolling Unit #2 at OEMK. Investment in the project totaled more than 600 million Roubles. The modernization will enable the company to increase production of high-quality rolled steel by 67,000 tonnes per year. The new reduction and calibration section will ensure that every steel bar is the correct size, within 0.15mm diameters of precision. The reduction and calibration section enables the Company to produce hot-calibrated rolled steel products at temperatures starting from 950C

Germany’s SMS Group supplied the specialist technical equipment for the reduction and calibration section. Gipromez Institute, a Metalloinvest company, developed the design of the project.

The rolled steel produced at Rolling Unit #2 is used in machine and car manufacturing, instrument and bearing production, and in metal constructions for the petrochemicals industry, bridges, and offshore platforms.

Source : Strategic Research Institute
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Severstal and Zagorsky Pipe Plant To Expand Range Of Products For The Oil And Gas Industry

PAO Severstal and Zagorsk Pipe Plant held a coordination council, which was held at the production site of the Cherepovets Metallurgical Plant. Representatives of the companies summed up the work for 2018 and 5 months of the current year, discussed the implementation of the decisions of the previous coordination council, and also agreed on areas of cooperation. In particular, they considered issues of product quality and outlined ways to improve the quality characteristics of the metal. The participants also discussed the organization of the transport logistics system and recorded further steps to improve the efficiency of rolled metal delivery. In addition, the parties agreed to continue to work together to expand the product range at mill 5000 for the production of oil and gas pipes, including the development of corrosion-resistant, alloyed and earthquake-resistant steel grades.

During the coordination council, the participants visited the main productions of CherMK, and also visited the Museum of Metallurgical Industry. Representatives of the companies decided to hold the next coordination council in 4Q2019.

In December 2018, Severstal and Zagorsky Pipe Plant signed an agreement on the supply of rolled metal products in the amount of 300 thousand tonnes for the production of large-diameter pipes. Under the terms of the agreement, Severstal in 2019 and in the future will produce and deliver to the Zagorsk Pipe Plant a hot-rolled metal plate that rolls the 5000 mill of the Severstal pipe mill production located at the company's Kolpinsky production site.

Source : Strategic Research Institute
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FTA Being Misused Hitting Indian Manufacturers - PPMAI

The Process Plant and Machinery Association of India has expressed concern at surge of imports especially of metals and Capital Goods from countries including Korea, Indonesia, Malaysia and Japan with whom India has signed Free Trade Agreements. Mr Yatinder Pal Singh Suri, Chairman PPMAI & MD Outokumpu India, said “The Free Trade Agreements coupled with lack of reciprocity is adversely hurting the steel manufacturers as well as the capital goods industry FTAs are meant to increase bilateral trade. However, India’s FTAs with Association of South East Asian Nations countries and Japan have only resulted in increasing our imports of metals and capital goods with either stable or declining exports leading to the rising trade deficit. Capital Goods sector and also steel suppliers to Capital Goods sector have been appealing to the Department of Heavy Industries and the government to remove Capital Goods products from FTA and also not include them in The Regional Comprehensive Economic Partnership which includes 10 countries of ASEAN Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. To help the domestic Capital Goods industry, PPMAI urges the government to immediately suspend the duty free advantage to FTA countries.”

Mr Suri said “The spirit behind FTA was to attract investment by UPA government as well as the current NDA government Instead of investments, these countries are dumping their products duty free and eroding the profitability of the Indian corporates, thereby defeating the very spirit of Make in India. Currently instead of investing in India, these countries are killing the Indian sectors and making hay. They are being allowed to get away with all the duty free advantages for unlimited period and also not be forced to invest in India. The DHI and Commerce and Steel ministry must find a way to stop this injury to Indian steel and capital goods manufacturers to ensure that the domestic sector becomes healthy and also globally competitive.”

Mr Suri added “Despite several steps taken by Government including imposing anti-dumping duties, countervailing duties, quality control and anti-circumvention measures but the problem of surge in imports especially stainless steel, finished capital goods and other metals persists.”

Source : Strategic Research Institute
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