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Snance
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Update, nu met details. Lijkt me toch LT een kleine opsteker.

Steel giant ArcelorMittal (MT) announced that its Flat Carbon Europe segment plans to undertake several investments at their Aviles site, located in Asturias in Spain. The investments will amount to €17.2 million (roughly $23 million), and will include a new tinplate inspection line, an upgrade of the roll shop, the revamping of hot-rolled coil yard #15, revamping of the electrical system of galvanizing line #2 and several mechanical improvements in the pickling line.

Through these investments, ArcelorMittal will focus on improving the product quality, besides internal logistics and customer service. The segment also aims at starting coke oven batteries 7 and 8 in Aviles by mid-November, after they were shut down in Dec 2011, due to the fall in steel demand in Spain and Europe.

A few days ago, ArcelorMittal announced that it plans to restart an expansion project at its Monlevade and Juiz de Fora sites in Brazil. The project expansion is expected to increase the annual production capacity from 3.75 million tons to 4.9 million tons.

Monlevade is expected to produce 1.05 million tons per year of coil on capital investment of $140 million. The expanded wire rod from Monlevade is expected to enhance supply of added value products mainly to the domestic construction and automotive industries.

On the other hand, Rebar capacity at Juiz de Fora will be increased from the current 50,000 to 400,000 tons a year. Also, the site’s melt shop will produce an extra 200,000 tons of billets per year using its new ladle and new sixth strand in the continuous caster. Additional rebar at the Juiz de Fora site is expected to go into downstream cut and bend operations for civil construction end users.

Few weeks ago, ArcelorMittal released its second-quarter 2013 results. The company posted a net loss of $0.8 billion or 44 cents per share in the quarter compared with a net income of $1 billion or 66 cents per share a year ago. Barring one-time items (restructuring and impairment charges), loss was 32 cents per share. Analysts polled by Zacks were expecting earnings of 9 cents a share on average for the quarter. The results were impacted by lower pricing and weak demand.

Revenues declined 10.1% year over year to $20.2 billion in the reported quarter and missed the Zacks Consensus estimate of $20.7 billion. Sales increased 2.3% on a sequential basis due to higher steel shipment volumes. Shipments declined 1.8% year over year to 21.3 million metric tons in the quarter.
voda
0
ThyssenKrupp AG to close sheet site at Neuwied

German steelmaker and engineering company ThyssenKrupp AG said that it will close a steel sheet site at Neuwied, Germany as part of a cost saving program at its European steel division.

The company said that, management and workers' councils agreed to the closure, which will affect about 320 employees immediately. In the coming years about 420 positions will be cut altogether at the site and another site across the Rhine river in Andernach.
It is said that the difficult situation on the steel market, as the reason for the shut down, saying the struggling steel sheet business for automobiles has made cuts at the Neuwied site inevitable.

It added that the production site, which is about 50 kilometers south-east of Cologne, has been running below full-capacity for some time.

The most important facilities at the site will be shut by the end of the year and several parts of production will be moved across the Rhine river to ThyssenKrupp's Andernach site.

The company further added that "As many employees as possible from the Neuwied site should be employed at the Andernach site, the company said. As a result, worker hours at the Andernach site will likely be reduced starting in 2015.”

Meanwhile, ThyssenKrupp plans to lower costs at its steel division by about EUR 500 million by the financial year 2014-2015, which will involve cutting around 2,000 jobs at its European steel business.

Source - WSJ

voda
0
ArcelorMittal to restart expansion project in Brazil

Steel giant ArcelorMittal said that it plans to restart an expansion project at its Monlevade and Juiz de Fora sites in Brazil. The project expansion is expected to increase the annual production capacity from 3.75 million tonne to 4.9 million tonne.

Monlevade is expected to produce 1.05 million tonne per year of coil on capital investment of USD 140 million. The expanded wire rod from Monlevade is expected to enhance supply of added value products mainly to the domestic construction and automotive industries.

On the other hand, Rebar capacity at Juiz de Fora will also be increased from 50,000 tonne to 400,000 tonne a year and the site’s melt shop will produce an extra 200,000 tonne of billets per year using its new ladle and new sixth strand in the continuous caster.

Additional rebar at the Juiz de Fora site is expected to go into downstream cut and bend operations and to civil construction end users.

However, ArcelorMittal expects demand to resume in Brazil and, based on this, the company restarted its wire rod mill expansion. This USD 108 million project is expected to be completed in two phases with the first phase mainly aimed at downstream facilities while the upstream portion of the investment remains on hold. Project start-up is scheduled for 2015.

Source - Strategic Research Institute
voda
0
European steel industry in deep crisis - Report

It is reported that the European steel industry is in deep crisis. Several major corporations have already announced thousands of layoffs due to overcapacity and shrinking markets. The whole industry in Europe is being completely reorganized.

Almost all steel companies in Europe are currently taking huge losses. The European steel industry has suffered from declining demand for more than 2 years. Demand for steel has dropped by almost 30 percent compared to the period before the outbreak of the world economic crisis in 2008.

The most recent figures make clear there is no likelihood this trend will be reversed.

In the H1 of 2013, the demand for steel in the EU declined by 5.7%. The US, which remains one of the most important markets for steel, experienced a decline of 5.6%. These figures were recently announced by Aditya Mittal, CFO of the world’s largest steel producer, ArcelorMittal.

Excess capacity has grown enormously in recent years due to the decline in demand. An Austrian industry magazine reported that steel companies currently receive returns less than the cost of production for rolled steel products.

According to the OECD, the current production capacity within the EU exceeds demand by more than a third.

The decline in demand is mainly due to the sharp fall in activity on the part of two major steel customers construction and the auto industry. This decrease is not merely a consequence of the economic crisis but results directly from the austerity policies of the European Union.

Order books for the construction industry in southern Europe are virtually empty. In past years, many orders came from the state and were financed from the public budget. The commitment to a strict austerity policy means that investments have dried up in many regions. The effects of the economic crisis on private households are also clearly a factor, although precise figures are hard to find.

Nevertheless, it is clear that far fewer families than previously are able to afford a new home.

The slump in household incomes has had an even more disastrous affect on the auto industry.

ACEA said that car sales in Europe last year were the lowest since 1995 and auto sales are expected to decline again this year: the H1 of 2013 recorded a drop of 6.7% compared with the same period last year.

In light of these figures, the European steel industry is preparing for a massive restructuring programme linked to direct attacks on workers’ jobs, wages and social benefits.

ArcelorMittal has already closed plants in Belgium, France and Spain. Now, closure threatens the steel production plant in Liège, Belgium, once one of the largest and oldest steel mills in Europe. In southern Italy, the Ilva plant in Taranto the biggest in Europe is also a candidate for closure.

However, Germany's 2o largest steel companies, ThyssenKrupp and Salzgitter, have also announced plans for mass redundancies. ThyssenKrupp currently employs about 150,000 workers worldwide but is suffering large losses with its subsidiary, Steel Americas, in addition to the slump in European demand.

ThyssenKrupp plans to sell off its 2 plants in Brazil and the United States, but it remains unclear whether a buyer can be found. As a result, the company announced its intention to axe 2,000 from its European workforce of 28,000. Another 1,800 could also be eliminated by divestiture procedures.

Source - www.wsws.org
voda
1
ArcelorMittal sharply downy by 3.51pct on analyst note

PTI reported that shares in steelmaking giant ArcelorMittal fell sharply in morning trading on Tuesday, in response to cautious broker comment from Morgan Stanley bank.

The price of shares in ArcelorMittal, the biggest steelmaker in the world, was showing a fall of 3.51% to EUR 9.82.

The overall Paris market as measured by the CAC 40 index was down 1.47%.

Morgan Stanley analysts said that they adjust their portfolios to be under represented, or under weight, in ArcelorMittal shares, rather than being neutral as they had recommended previously.

They said that the market had priced into the shares a recovery which was unlikely to occur, noting that they were being traded at a price 20% higher than the lowest price reached in July.

On August 1st, ArcelorMittal reported a H1 loss of USD 1.12 billion and downgraded its target for underlying profit for the whole year, but said it expected an improvement in the H2 of the year.

Meanwhile, steelmakers are big users of raw materials, notably iron ore, and in London today the price of shares across the mining sector was sharply down as Switzerland based giant Glencore Xstrata reported a big H1 loss.

Source - PTI
Candelll
0
voda,

heb de laatste 2 dagen niet veel tijd gehad om het nieuws t evolgen thx voor de info

u laatste 2 berichten zijn zeer positief voor de steel market , zo weten we dat ze hun kosten gaan bedwingen wat tot meer winst zal zorgen.
voda
0
quote:

candelll schreef op 22 aug 2013 om 14:59:


voda,

heb de laatste 2 dagen niet veel tijd gehad om het nieuws t evolgen thx voor de info

u laatste 2 berichten zijn zeer positief voor de steel market , zo weten we dat ze hun kosten gaan bedwingen wat tot meer winst zal zorgen.

Graag gedaan Candelll. Bedankt voor het compliment. Velen lezers hebben er hopelijk ook baat bij.
1 puntje, laat a.u.b. dat u weg, gewoon je, jouw, is voldoende.
voda
0
Interessant leesvoer zeg.

Egyptian iron artifacts come from outer space - Researchers

Researchers said that ancient Egyptian iron beads held at the UCL Petrie Museum were hammered from pieces of meteorites, rather than iron ore. The objects, which trace their origins to outer space, also predate the emergence of iron smelting by two millennia.

Carefully hammered into thin sheets before being rolled into tubes, the nine beads which are over 5000 years old were originally strung into a necklace together with other exotic minerals such as gold and gemstones, revealing the high value of this exotic material in ancient times. The study is published in the Journal of Archaeological Science.

Professor Mr Thilo Rehren, lead author of the paper, said that "The shape of the beads was obtained by smithing and rolling, most likely involving multiple cycles of hammering, and not by the traditional stone working techniques such as carving or drilling which were used for the other beads found in the same tomb."

The team's results said that in the 4th millennium BC metalworkers had already mastered the smithing of meteoritic iron, an iron-nickel alloy much harder and more brittle than the more commonly worked copper, developing techniques that went on to define the iron age.

As a result, metalworkers had already nearly 2 millennia of experience of working with meteoritic iron when iron smelting was introduced in the mid second millennium BC. This knowledge was essential for the development of iron smelting and the production of iron from iron ore, enabling iron to replace copper and bronze as the main metals used.

Excavated in 1911, in a pre-dynastic cemetery near the village of el-Gerzeh in Lower Egypt, the beads were already completely corroded when they were discovered. As a result, the team used x-ray methods to determine whether the beads were actually meteoric iron, and not magnetite, which can often be mistaken to be corroded iron due to similar properties.

By scanning the beads with beam of neutrons and gamma-rays, the team were able to reveal the unique texture and also high concentration of nickel, cobalt, phosphorus and germanium -- which is only found in trace amounts in iron derived from ore -- that is characteristics of meteoric iron, without having to attempt invasive analysis which could potentially damage these rare objects.

Mr Rehren said that "The really exciting outcome of this research is that we were for the first time able to demonstrate conclusively that there are typical trace elements such as cobalt and germanium present in these beads, at levels that only occur in meteoritic iron.”

He said that "We are also excited to be able to see the internal structure of the beads, revealing how they were rolled and hammered into form. This is very different technology from the usual stone bead drilling, and shows quite an advanced understanding of how the metal smiths worked this rather difficult material."

Source - www.sciencedaily.com
voda
0
BHP Billiton updates on iron ore production

Iron ore production increased by 7% in the 2013 financial year to 170 million tonnes (BHP Billiton share). WAIO production of 187 million tonnes (100% basis) represented a thirteenth consecutive annual production record. The delivery of WAIO's capital efficient growth program and continued strong operating performance across the supply chain contributed to this record result. Samarco's three pellet plants continued to operate at capacity during the period.

Underlying EBIT for the 2013 financial year declined by USD 3.1 billion to USD 11.1 billion. Record sales volumes at WAIO increased Underlying EBIT by USD 1.4 billion. However, this was more than offset by a 17% fall in the average realized price of iron ore to USD 110 per tonne which reduced Underlying EBIT by USD 3.9 billion, net of price linked costs.

WAIO's export volumes for the 2013 financial year were sold on the basis of shorter term, market based prices. Revenue for the period reflected the average index price one month prior to the month of shipment, adjusted for product characteristics such as iron and moisture content. Approximately 65% of shipments were delivered on a Cost and Freight (CFR) basis.

Increased labour and contractor costs reduced Underlying EBIT by USD 151 million during the period. This largely reflected our decision to invest in operating capability prior to the full commissioning and ramp up of expanded capacity at WAIO. WAIO unit cash costs including freight and royalty charges of USD 856 million and USD 1.2 billion, respectively remained largely unchanged during the 2013 financial year.

Increased depreciation and amortization charges reduced Underlying EBIT by USD 239 million and reflected the recent completion of several major projects and a USD 86 million impairment of project costs associated with the WAIO Tug Harbour project.

On June 20th 2013, BHP Billiton announced an extension of its long term WAIO JV relationship with ITOCHU Corporation and Mitsui & Company Limited. This transaction was completed in July 2013 and has aligned interests across the WAIO supply chain. Under the terms of the agreement, ITOCHU and Mitsui invested approximately USD 0.8 billion and USD 0.7 billion, respectively, in shares and loans of BHP Iron Ore (Jimblebar) Private Limited representing an 8% and 7% interest in the Jimblebar mining hub and resource. The consideration included a share of capital costs associated with the Jimblebar Mine Expansion project.

Several major milestones were achieved at our WAIO business during the 2013 financial year including an increase in port capacity to 220 million tonnes per annum (100% basis) following the successful installation of all major infrastructure associated with the Port Hedland Inner Harbour Expansion project.

First production from BHP Billiton Financial Results for the year ended 30 June 2013 the Jimblebar Mine Expansion, which will increase mine capacity to 220 million tonnes per annum (100% basis), is expected in the December 2013 quarter, ahead of schedule. Longer term, the progressive debottle necking of the supply chain is expected to underpin substantial low cost growth in ourWAJO business.

WAIO production is expected to increase by 10% to approximately 207 million tonnes (100% basis) in the 2014 financial year. The associated productivity gains will benefit unit costs in the 2014 financial year however, this is expected to be more than offset by a temporary increase in strip ratios as the Jimblebar Mine Expansion ramps up production. Total iron ore production for the 2014 financial year which includes Samarco production, is forecast to increase by 11% to 188 million tonnes.

Source - Strategic Research Institute
Snance
0
Steel giant ArcelorMittal’s (MT) operations in Luxembourg, ArcelorMittal Dommeldange, announced that it has partnered with local wind tower maker Smart Wind Integrated Renewables Letzebuerg (Swirl) to manufacture a new generation of vertical axis wind turbine called Estreya L2.

Estreya L2 is available in a broad range of colors and is fully recyclable. The turbine has a simple yet solid design including a low number of components which makes it cost effective. Estreya L2 can also be customized to bear the logos of the company. The turbines help reduce noise levels which enable them to be used in urban environments. The turbines can be installed on buildings or on specific towers.

All the mechanical components of Estreya L2 will be produced at the Luxembourg site. The complex process of handling the assembly will also be done at the site. ArcelorMittal, in collaboration with Swirl, will improve the turbine, both in terms of design and quality. The company’s Long Carbon Europe site will help it to achieve the same. To further the partnership, ArcelorMittal’s technical and commercial teams are involved in an exercise to analyze whether lattice towers can be used to replace existing ones. They will utilize the steel produced in ArcelorMittal Rodange site, also located in Luxembourg.

Few days ago, ArcelorMittal announced that it plans to restart an expansion project at its Monlevade and Juiz de Fora sites in Brazil. The project expansion is expected to increase the annual production capacity from 3.75 million tons to 4.9 million tons.

Monlevade is expected to produce 1.05 million tons per year of coil on capital investment of $140 million. The expanded wire rod from Monlevade is expected to enhance supply of added value products mainly to the domestic construction and automotive industries.

On the other hand, Rebar capacity at MT’s Juiz de Fora site will be increased from the current 50,000 to 400,000 tons a year. Also, the site’s melt shop will produce an extra 200,000 tons of billets per year using its new ladle and new sixth strand in the continuous caster. Additional rebar at the Juiz de Fora site is expected to go into downstream cut and bend operations for civil construction end users.
voda
0
ArcelorMittal Kryvyi Rih celebrating 2 successful years of continuous casting

The beginning of August marked an eventful period at ArcelorMittal Kryvyi Rih, as the Ukrainian plant not only celebrated its 79th anniversary, but also 2 successful years of continuous casting.

The continuous casting department and facilities started operating in 2011, to fulfill the obligations undertaken as part of Kryvyi Rih’s sales and purchase agreement signed in October 2005. The project required a total investment of USD 120 million.

The continuous casting department today operates a ladle furnace as well as 6 radial-type strand billet casters, producing billets from carbon, structural and low-alloyed steel grades.

An event, attended by top managers as well as former and present employees, was organised on 2 August to celebrate the second anniversary of the casting line. The members of the projects team who played a pivotal role in setting up the continuous casting department were the guests of honour of the event, and were presented with honorary certificates. A seven-tonne, 3.5m sculpture made of five 150?150mm steel billets was also unveiled to mark the event.

Mr Paramjit Kahlon COO of ArcelorMittal Kryvyi Rih said that “The construction of the continuous caster started exactly 38 months ago. At the time, we had set ourselves an ambitious target to complete the project in record time. Many people have worked towards this target, and their huge efforts finally paid off, as the project was completed in only 18 months, 5 months ahead of schedule. This is a record within ArcelorMittal, and possibly also beyond achieved thanks to the hard work of our experts, contractors and management alike.”

Source - Strategic Research Institute
voda
0
Iran boosts iron ore exports to China and India

Reuters reported that Iran is raising its exports of iron ore and iron products to China and India in an attempt to replace at least a small part of the massive revenue that has been lost due to sanctions on its oil sales.

While Iran's oil exports have halved in the last few years due to western sanctions over the country's disputed nuclear program, iron ore exports have grown by more than 60% over the same period to an annual rate of about 25 million tonne worth about USD 3 billion a year at current prices.

The extra billion dollars a year that Iran is gaining from the additional iron exports, however, is still very small when compared with the loss in oil revenue of roughly USD 35 billion a year.

Mr Mehdi Varzi, a former official at the state run National Iranian Oil Co, who now runs an energy consultancy in the UK said that "Sanctions have forced Iran to look at other ways of earning export revenues besides oil and gas, and the mineral sector has been doing pretty well. I know there has been quite a substantial increase in things like iron ore exports.”

It has overtaken India to become the fourth largest iron ore supplier to China in the last year. Iran's exports to the world's top iron ore consumer rose 35% to 13.4 million tonnes in the seven months to July, according to Chinese customs figures.

An Iranian industry source on condition of anonymity said that "We're selling more iron to India and China. No money is coming directly to Iran because of the issues with currency, so in some cases there are some barter deals, otherwise cargoes are paid mostly with cash."

The source said that mines are being opened every week in Iran as businessmen there see it as a profitable business and one of the few sectors not sanctioned yet.

Source - Reuters
voda
0
Iron ore seen supported above USD 110 by China - Fortescue

According to Fortescue Metals Group Limited, iron ore prices will remain strong as sustained economic growth in China, the biggest buyer, supports demand.

Mr Neville Power CEO of FMG said that “Prices will stay between USD 110 per tonne and USD 130 per tonne in the short to medium term.”

Mr Power said that “We see it continuing strong and growing at that 7 to 8 percent for the foreseeable future referring to the expansion of the Chinese economy. Growth of 7.5% is a very, very strong underlying growth number.”

The break even price at Australia’s third biggest exporter is in the low USD 70 per tonne.”

Data this month showed pickups in trade, manufacturing and industrial output that iron ore entered a bull market last month as China replenished stockpiles. While the country’s expansion slowed to 7.5% last quarter from 7.7% in the previous 3 months. China will reach the government’s 7.5% growth target this year and maintain that pace in 2014.

Source - Bloomberg
voda
0
Chinese domestic iron ore head for finale - Insiders

Chinese steel companies are increasing the use of Chinese domestic iron ore on credit problem and payment edge but many insiders believe this might be the finale.

Despite the inborn weakness of high cost and low fe content, Chinese steel companies are increasing the use of Chinese domestic iron ore in the past years, the ratio between Chinese domestic iron ore and imported ore was around 3:7, but now the trend looks to be completely the opposite because of cash strains.

An iron ore trader said that different settlement practice also gives rise to popularity of Chinese iron ore. Buying offshore iron ore usually requires full payment but in domestic trading allows two to six months of late payment.

However, many insiders are not optimistic in the report on the outlook for Chinese domestic, saying iron ore price will be on the downward trend in the upcoming years and Chinese steelmakers are set to use more imported iron ore because of sintering, fe content and cost advantage.

Mr Yang Jiasheng secretary general of Metallurgical Mines Association of China said in April at SteelHome’s annual conference that 65% Chinese iron ore miners are below average marginal cost and only 15% fall to the cost range of USD 100 to USD 120 per MT.

Source - www.steelhome.cn/en
China steel information centre and industry database
voda
0
ArcelorMittal defaulted on land cost payments in Odisha

A month after ArcelorMittal aborted its 12 million tonne steel project in Odisha citing huge delay in land acquisition as the key reason, the state government has blamed the steel giant for defaulting on land cost and establishment charges.

The steel maker failed to pay INR 63.58 crore that included land cost, 10% establishment charges for two villages and also 10% administrative charges of Odisha Industrial Infrastructure Development Corporation.

Industries minister Niranjan Pujari informed the state assembly through a written reply said that “The project authority (ArcelorMittal) did not deposit the estimated cost of land amounting to INR 59.03 crore for which all land acquisition proposals got lapsed and the award of compensation could not be passed within two years of publication of the 6(1) declaration. The project authority even did not deposit the 10% establishment charges amounting to INR 2 crore for which the 4 (1) proposal for acquisition of land could not be moved in two villages Childa and Baliaposhi.”

Source - Business Standard
Snance
0
AMSTERDAM (AFN) - Rabobank heeft de aandelen ArcelorMittal en Unilever toegevoegd aan de Conviction List. Dat maakte de bank dinsdag bekend.

De lijst bestaat nu, naast bovengenoemde aandelen, verder uit Ahold, Beter Bed, Brunel, ING, Philips en Reed Elsevier.

ArcelorMittal neemt volgens Rabobank de juiste stappen in een onder druk staande wereldwijde staalmarkt. Daarbij wijst de bank onder meer naar kostenbesparingen en schuldreductie.

Wat betreft Unilever noemt Rabo de onrust in opkomende markten een ,,interessante koopkans''. De analisen blijven optimistisch over de groeivooruitzichten voor de lange termijn van Unilever, en de operationele prestaties van het concern op korte termijn. Ook levert Unilever een ,,interessant'' dividendrendement.
Superdude
0
voda
0
Baosteel sees China steel prices weakening in H2 on supply glut

A senior executive with Baoshan Iron & Steel the country's biggest listed steelmaker by market value said that Chinese steel prices are likely to weaken in the second half as supply continues to outstrip demand, on Monday.

Overcapacity in China, which produces nearly half the world's steel, has thinned profit margins of domestic steelmakers, limiting the impact of any recovery in demand. Baosteel reported a 61% drop in first-half earnings.

With around 300 million tonnes of surplus steel capacity in China equivalent to nearly twice the output of the European Union last year Beijing is implementing measures to end the glut including curbing credit access to the sector.

Mr Dai Zhihao the company's general manager, told analysts at a closed door briefing, according to an analyst who attended the meeting said that "The rebound is lacking in strength to be sustained in the near term, and steel prices will be volatile in the second half and weaker than the first half due to uncertainties in demand and oversupply.”

Mr Dai said he expected steel demand to remain resilient over the rest of the year, but warned that supply would continue to outpace demand.

He said the price of steelmaking raw material iron ore would also rise faster than that of steel products in the third quarter, eating into profits.

Chinese steel futures have lost about 8 percent so far this year, but have been recovering since June, with demand from end-users picking up ahead of September and October, when demand is traditionally strong.

Source - Reuters

voda
0
Rebars near 4 month high on speculation China to cut steel output

Bloomberg reported that steel reinforcement-bar futures in Shanghai extended a fourth weekly gain to trade near the highest level in four months on speculation China’s drive to reduce air pollution will cut steel output.

Rebar for January delivery gained as much as 0.8% to CNY 3,848 (USD 629) a metric tonne, the same level as the high on August 14 which was the highest since April, and was CNY 3,824 at 10:33 AM local time. The contract rose 0.2% last week.

China will soon unveil plans to curb air pollution, China Securities Journal reported today, citing the Ministry of Environmental Protection. The country, the biggest producer and consumer of steel, is targeting overcapacity in steel, cement, flat glass and aluminum industries, the report said.

Mr Ren Xinlei an analyst at Luzheng Futures Co. in Jinan said that “The steel industry is facing very strict environmental protection measures, which will boost prices.”

Source - Bloomberg
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