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Diler Demir Celik orders vacuum degassing station from Danieli

A new vacuum degassing station will be installed in the meltshop of Diler Demir Çelik, located in Dilovasi, Turkey. It will be designed with a movable tank with fixed and lifetable cover. Suction capacity of about 180,000 cubic meters will be ensured by a six-module, mechanical dry pump and Danieli Automation process control. The innovative Q-AFS technological package will provide automatic control of slag foaming during the pump-down period, which results in increased availability and productivity of the vacuum degasser.

This order follows the recent caster modernization at that site.

Source : Strategic Research Institute
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Brexit - British Steel seeks GBP 100 million government loan to meet EU rules

BBC reported that British Steel is seeking a GBP 100 million loan from the Uk government in order to meet EU emission rules. Previously, the company could have used EU-issued carbon credits to settle its 2018 pollution bill. However, the steel maker has been affected by a European Union decision to suspend UK firms' access to free carbon permits until a Brexit withdrawal deal is ratified. British Steel said "We are discussing the impact of Brexit on our business with ministers and officials from the Department for Business, Energy and Industrial Strategy and they have been extremely responsive and supportive to date."

The company is in talks with Department for Business about financial help.

The Department for Business, Energy and Industry Strategy told the BBC "As the business department, we are in regular conversation with a wide range of sectors and companies."

British Steel has until 30 April to comply with EU emission rules.

The EU's emissions trading system's rules allow industrial polluters to use carbon credits to pay for the previous year's emissions, or trade them to raise money. Each free permit gives a firm the right to emit a tonne (1,000kg) of carbon dioxide (CO2), and they can be traded for money.

Source : BBC
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Algoma Steel restarts BF 7

Algoma Steel confirmed to SaultOnline.com /ONNtv on Friday that a problem with the steelmaker’s Number 7 blast furnace has been fixed. Brenda Stenta, Manager of Communications said in an email “We did experience an operating upset on our No 7 blast furnace this past week. Thankfully it coincided with a number of scheduled maintenance outages which has enabled us to minimize overall impact to operations. We have maintained production at select downstream operations and continue to ship steel. A safe and controlled restart of the furnace is well underway. There were no injuries and there has been no impact to staffing levels.”

Just over a month ago, SaultOnline.com reported thick black smoke and flames were seen when the plant lost power. The loss of power forced the blast furnace to shut down.

Source : Sault Online
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TMK IPSCO Tubulars withdraws USD 500 million IPO

IPSCO Tubulars, a US steel pipe supplier for E&Ps being spun out of Russia's TMK, withdrew its plans for an initial public offering on Friday. It had filed to raise USD 500 million at a market cap of USD 1.3 billion

The Houston, TX-based company was founded in 1956 and booked USD 1.4 billion in sales for the 12 months ended September 30, 2018. It had planned to list on the NYSE under the symbol IPSC. Credit Suisse, JP Morgan, BofA Merrill Lynch, Morgan Stanley, BTIG, UBS Investment Bank, Citi, Barclays and Guggenheim Securities were set to be the joint bookrunners on the deal.

Source : Strategic Research Institute
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Steel Minister Birendra Singh offers to resign - Report

Hindu reported that India’s Union Steel Minister Chaudhry Birendra Singh on Sunday resigned from the Union Cabinet as well as from the membership of Rajya Sabha. However, he will continue to be a member of Bhartiya Janata Party. This announcement came on a day when BJP announced to field Birendra Singh’s son Brijendra Singh from Hisar Lok Sabha seat in Haryana. The Minister made it clear that he did not want people to raise finger on his family. Also, he does not want to face allegation of nepotism and accordingly he is resigning from the key posts. However, he will continue to serve the party as a loyal worker, he claimed. His wife, Prem Lata Singh is sitting MLA in Haryana.

Birendra Singh was elected to Rajya Sabha in 2016 for a six years term which means he still has more than three years left in the upper house of the Parliament.

Source : Hindu
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Moody's completes a periodic review of ratings of Baoshan Iron & Steel Co

Moody's Investors Service has completed a periodic review of the ratings of Baoshan Iron & Steel Co Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

Key rating considerations are summarized below

Baoshan Iron & Steel Co Ltd.'s (BISC) A3 issuer rating incorporates
(1) the company's baa2-level standalone credit strength
(2) Moody's assessment of a high likelihood of support from its parent, China Baowu Steel Group Corporation Limited (Baowu, A3 stable) in times of need, factors which result in a two-notch uplift

The support assumption takes into consideration
(1) BISC's status as a flagship subsidiary of Baowu
(2) The company's strategic importance within Baowu
(3) The track record of parental support.

BISC's standalone credit profile is supported by the company's
(1) Large-scale integrated steel production and strong market shares
(2) Premium product offerings
(3) Improved debt leverage level because of better profitability

On the other hand, BISC's standalone credit profile is constrained by
(1) Its high geographic concentration in China
(2) The cyclical and volatile nature of the steel industry
(3) Potential macro challenges arising from the US-China trade tension and slower economic growth in China

Source : Strategic Research Institute
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Modern retro racer uses steel for style

Mr JD Van Zyl of worldsteel wrote that Infiniti’s steel-built electric racer combines old-school looks with modern power to create a striking showcase for motorsport’s potential future. Every year car manufacturers around the world strive to create concept models that capture their future design style, test the market or simply prove their design and manufacturing teams are capable of producing bold and beautiful automotive creations. Nissan luxury brand Infiniti is no stranger to concept cars, but in a novel turn of events for this manufacturer they have turned to history, rather than the future, for their design inspiration. Influenced by 1930s Silver Arrows-style racers combined with a good dose of Howard Hughes speed-record H-1 airplane and topped with a pinch of American hotrod, more recent materials were shunned when building Infiniti’s single-seat Prototype 9 racer. Nowhere will you find popular contemporary options like carbon-fibre composites, aluminium or 3D printing. Instead, Infinity’s team turned to hand-crafted steel body panels mounted on a steel ladder frame – and the result is staggeringly striking.

Mr Alfonso Albaisa, Senior Vice President, Global Design, said “Prototype 9 celebrates the tradition of ingenuity, craftsmanship and passion of our forebears at Nissan Motor Corporation, on whose shoulders we stand today. It started as a discussion – what if Infiniti had created a race car in the 1940s? If one were to imagine an open-wheeled Infiniti racer on the famous circuits of the era, such as Japan’s Tamagawa Speedway, what would that look like? The sketches were stunning and the idea so compelling that we had to produce a prototype. As other departments became aware of this, they volunteered their time to create a working vehicle. Steel was the obvious choice because the skills to work it are well-known, well-practiced and relevant to the steel we work with today.”

After the sketches had appeared and others from within the business became involved, news began to spread. Then there were rumours. Before long the team at Nissan’s main Oppama plant had heard about it and said “we can build this”. This brought the project out of the shadows and in a back workshop in the plant work began.

From the slatted grille to the pointed tail, the exterior of Prototype 9 is manufactured exclusively from bare sheet steel, which was hand-crafted by Nissan artisans. Called “Takumi”, these highly skilled workers are most famous for building GT-R race cars, but while creating Prototype 9 they rediscovered the ancient art of moulding, bending and hammering steel into shape by hand to create a design of exquisite fluidity.

Infiniti still trains some of its teams on working with steel in a traditional way. Rolling, hammering and building forms for the steel to be measured on. The company believes this helps their workers understand what they are working with and rather than just feeding rolls of steel into huge presses, they have an understanding of what can be asked of the material and what it can mean for future opportunities for the design of their cars.

Nostalgic it may be in styling, but as for power its eyes are firmly set on the future. Don’t expect to find an old-school, gas guzzling engine underneath the long, elegant hood of Prototype 9. Thanks to a high-voltage 30kWh battery coupled with a next generation all-electric motor from Nissan Motor Corporation’s Advanced Powertrain Department it is the first Infiniti to be powered by a new single-speed EV powertrain.

Sadly there are no plans for a mainstream version of Prototype 9 to show up in your local Infiniti showroom anytime soon, and it most likely will remain a flight of creativity and design. But according to the company, they will be drawing on their experience with Prototype 9 for future models, and we can look forward to seeing steel used in imaginative ways. This includes a world-first “third-generation” steel that has been developed to meet targets for weight in the company’s mid-size crossover.

Source : Strategic Research Institute
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Moody's completes periodic review of ratings of China Baowu Steel Group

Moody's Investors Service has completed a periodic review of the ratings of China Baowu Steel Group Corporation Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

Key rating considerations are summarized below.

China Baowu Steel Group Corporation Limited's (Baowu) A3 rating incorporates
(1) the company's baa3 Baseline Credit Assessment (BCA)
(2) Moody's assessment of a "High" likelihood of support from and a "High" level of dependence on the Government of China (A1 stable) in times of need, factors which result in a three-notch uplift.

Moody's support assessment considers Baowu's 100% ownership by the central government, the government's strong financial capability to render support, the company's strategic importance to China's major industries, its leading role in consolidating the steel industry, the high level of government supervision, and the certain social responsibilities it holds.

Baowu's BCA of baa3 primarily reflects its
(1) Leading market position as China's biggest steel-maker
(2) Integrated steel production, with a focus on high-value-added steel products (3) Good financial flexibility

However, Baowu's BCA is constrained by
(1) Its high geographic concentration in China
(2) The cyclical nature of the steel industry
(3) Potential macro challenges arising from the US-China trade tension and slower economic growth in China

Source : Strategic Research Institute
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Workers protest as molten metal kills 3 at Ogun steel factory in Nigeria

PUNCH reported that an Ogun State based steel company, African Foundries Limited, said that it has lost three of its factory workers who were injured when molten metal spilled on them on its premises. It said that the incident occurred when the affected workers were taking their bath at the firm’s Ogijo plant on Thursday. The company explained that the deceased had closed from work earlier and were taking their bath in the open in an unauthorised location that had been marked restricted when molten metal from a furnace in the factory accidently spilled on them. Company said that the workers had neglected the bathrooms provided for staff members inside the complex, choosing to take their bath outside. They were said to have been immediately rushed to hospital where they later passed on.

The incident was said to have provoked a riot from the local staff members who were later joined by hoodlums, leading to the destruction and looting of the company’s property and cash. Foreign nationals and other staff members were also alleged to have been injured in the riot when the hoodlums attacked them in their residential quarters within the plants.

Source : PUNCH
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There will be no layoffs in Aceros Zapla - Governor Morales

Eltribuno reported that governor GERARDO MORALES, together with the ministers of Government and Justice, Agustín Perassi, and of Labor, Jorge Cabana Fusz, received a group of workers from Aceros Zapla, in order to address the current situation of the company, which requested the preventive procedure of crisis. At the end of the meeting, the workers were satisfied by the direction of the conversations held with the president. The general secretary of the UOM Alto Hornos Zapla, Víctor Aguirre, said that it was very positive that the governor could hear the workers' situation and stressed that "we clarified that, before malicious journalistic versions, we went to deny that the company is going to take people.” He added that "The governor spoke by telephone with the owner of the company, who assured him that it will continue working and will not fire anyone, and also anticipated that a new meeting will be held in the coming days with government authorities, the company and workers, to have full knowledge of how the company is working.”

Finally, Aguirre stressed that "the intervention of Governor Morales in this situation brings peace to all workers of the company Aceros Zapla."

Aceros Zapla, formerly Altos Hornos Zapla, was a steel & mining complex located in the department of Palpalá , province of Jujuy in Argentina . It was the first iron and steel center in Argentina, where the first cast iron was made on October 11, 1945. The plant is 13 km from San Salvador de Jujuy. The complex integrated two iron ore mines: Mina 9 de Octubre and Puesto Viejo, not more than 27 km from the blast furnace; and the exploitation of limestone. At present, the manufacture of steel is made from scrap exclusively.

Source : Eltribuno Com
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Supreme Court stays ArcelorMittal payment for Essar Steel

The Supreme Court on Friday ordered for status quo to be maintained in the case of Essar Steel. The status quo is with respect to the order of the NCLT order approving ArcelorMittal’s resolution plan. The Bench led by Justice Rohinton Nariman has now ordered status quo, which means that the payment to be made by ArcelorMittal to the Essar Steel lenders is now stayed. The Court further stated that the NCLAT will decide the case expeditiously.

The NCLT on March 8, 2019 approved the resolution plan submitted by Arcelor Mittal for Essar Steel. In this plan, however, Standard Chartered bank was allotted only 1.7% of its total admitted claims while other financial creditors were recovering close to 92%. The NCLT in its order asked that a pro-rated distribution be done and SCB be given its due share accordingly. It appears that the acceptance of the resolution plan, however, was not conditional on increased payment to SCB and the NCLT merely asked the lenders to reconsider its decision.

SCB thus appealed against the NCLT order admitting the resolution plan at the NCLAT. Simultaneously, appeals were filed by ex-directors of Essar Steel and some operational creditors as well, but the main dispute continues to be the share given to SCB as part of the resolution plan. The NCLAT also recently refused to stay operation of the resolution plan or the NCLT order approving the resolution. A creditors’ meeting which was conducted subsequent to the NCLT order, and during NCLAT appeal pendency, decided to not increase the share given to SCB. The NCLAT demanded a report on the treatment made to all creditors, but did not come in the way of payment release by ArcelorMittal to the lenders.

While the NCLAT orders so far continue to be in favour of lenders and ArcelorMittal, it appears that SBI moved to the Supreme Court. It may have been due to the time being consumed at NCLAT and the delay in release of payment as a result of the conditional nod. The conditional nod may be a cause of uncertainty, which prompted an appeal to the Supreme Court for a conclusive ruling. At the Supreme Court, the counter-party, SCB, sought a stay on the payment to be made by ArcelorMittal.

Source : Strategic Research Institute
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India becomes net steel importer in 2018-19 - Media Reports

Preliminary government data given to Reuters showed that India was a net importer of steel during the 2018-19 FY, the first time in three years. India's finished steel exports fell by 34% to 6.36 million tonnes while finished steel imports rose 4.7% to 7.84 million tonnes. While media reports quoted government officials as saying that "India's exports during the fiscal year declined after rival steelmakers in China, Japan, South Korea and Indonesia, blocked from markets in the United States and Europe by tariffs and other protectionist measures, ate away at the country's markets in the Middle East and Africa. Imports from the four Asian countries also climbed as they diverted supply into India", Indian steel mills actually restricted exports due to better realization in the domestic market.

India's steel imports increased by 1.9% to 7.29 million tonnes in April-February, the first 11 months of the current fiscal year, while exports fell by 35.3% to 5.77 million tonnes.

Source : Strategic Research Institute
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Severstal reports Q1 2019 operational results

Severstal announced its operational results for Q1 2019. Hot metal output increased 6% q/q in Q1 2019 to 2.36 million tonnes (Q4 2018: 2.23 million tonnes) following short-term maintenance works at BF#2 in the previous quarter. Crude steel production grew to 3.04 million tonnes (Q4 2018: 2.94 million tonnes) reflecting an increase in pig iron production and production growth of EAF billets.
Consolidated steel product sales increased 3% q/q to 2.83 million tonnes in Q1 2019 (Q4 2018: 2.76 million tonnes), following short-term maintenance works at rolling-mill facilities in the previous quarter and an increase in productivity of aggregates. The share of domestic sales rose to 65% due to their increased attractiveness of domestic sales (Q4 2018: 62%).

The share of high value-added (HVA) products within the sales portfolio remained flat at 44% (Q4 2018: 44%), driven by a decline in sales of semi-finished products, which was offset by higher sales of galvanised, colour coated and hot rolled thick plate.

Coking coal concentrate sales volumes from Vorkutaugol declined 1% due to long-wall repositionings at Vorgashorskaya, Zapolyarnaya and Komsomolskaya mines, but remained at historically high levels reflecting the high production rate.
Iron ore pellet sales declined 4% to 2.83 million tonnes (Q4 2018: 2.94 million tonnes) as a result of lower production volumes in Q1 2019 and a stock sell-off in the previous quarter.

SUMMARY OF KEY PRODUCTION, SALES VOLUMES

Voor cijfers, zie pdf.

Source : Strategic Research Institute
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Softer Q1 earnings seen for steel and cement firms

The Star reported that steel and cement-based companies could register softer earnings in the first quarter of 2019 in view of weak cement and steel demand, coupled with cost-induced pressure. UOB Kay Hian in a report said the gross profits for steel companies are expected to contract further during the quarter to RM522 per tonne from RM793 per tonne. He said that “To note, billets and bars prices declined by 9.8% quarter-on-quarter (to RM1,976 per tonne) and 8.5% quarter-on-quarter (to RM2,151 per tonne) respectively in the first quarter.”

In view of persistently weak construction activities, the research house said industry players are expecting cement demand to fall by 2.6% year-on-year in 2019 to 17.1 million tonnes.

Mr Hian said that “This would mean more excess capacity within the industry of which’s capacity is already at 13.5 million tonnes in 2018 and is expected to widen to 13.9 million tonnes in 2019. That said, industry utilisation rates are expected to drop from 57% in 2018 to 55% in 2019. We also gathered that the cement demand will only experience a mild recovery of a 1% improvement in demand in 2020 and subsequent recovery of 1.5% in 2021.”

Separately, UOB Kay Hian said steel prices were up month-on-month in March. He added that “According to the International Trade and Industry Ministry, local billets prices rose 2.9% month-on-month to RM2,050 per tonne and steel bar prices increased 2.5% month-on-month to RM2,195 per tonne in March.”

The rise in local steel prices were in tandem with movements in China steel prices last month, said the research house.

He added that “We believe that the higher local and China steel prices were predominantly due to high raw material prices, particularly iron ore and international scrap prices. As at April 4, 2019, iron ore prices jumped 8.5% month-on-month to USD 93 (RM383) per tonne from USD 86 (RM354) per tonne in March due to the Vale Dam disaster in Brazil which resulted in a shortage of iron ore although its contribution to global supply of iron ore was not significantly material.”

Source : The Star
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Moody's announces completion of a periodic review of ratings of Tata Steel UK Holdings Limited

Moody's Investors Service has completed a periodic review of the ratings of Tata Steel UK Holdings Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

Tata Steel UK Holdings Limited's B2 corporate family rating (CFR) reflects the company's (1) large and diversified manufacturing operations across the UK and the Netherlands; and (2) sustained improvement in profitability and the resultant improving credit metrics.

The CFR also incorporates a two-notch uplift reflecting our expectation of ongoing distress support from its sole shareholder, Tata Steel Ltd. (Ba2 stable). Such support has been provided in the form of working capital and liquidity support and remains key to TSUKH's operations. Counterbalancing these strengths, the rating also incorporates TSUKH's (1) exposure to the cyclical steel industry and challenging conditions in key operating markets; (2) volatile profitability; and its (3) weak, albeit improving, financial profile.

Source : Strategic Research Institute
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ArcelorMittal nominates Mr Sanjay Sharma, Mr Kalyan Ghosh & Mr Vijay Goyal to Essar Steel monitoring committee - Report

ET, citing a person close to the company, reported that ArcelorMittal has nominated its representatives to the monitoring committee even as a couple of senior executives close to the previous management exited the firm. The sources told ET “ArcelorMittal's representatives are Mr Sanjay Sharma CEO ArcelorMittal China & India, Mr Kalyan Ghosh CFO ArcelorMittal India and Mr Vijay Krishna Goyal VP ArcelorMittal.”

The monitoring committee was put in place on National Company Law Appellate Tribunal’s directive. It consists of three executives from ArcelorMittal, three representatives from the banks, namely State Bank of India, ICICI, IDBI and Edelweiss, and Satish Kumar Gupta, the resolution professional who is also the chairman of the committee.

Source : ET
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Tsingshan starts construction of steel plant in Zimbabwe

One of the world's largest stainless steel producers, Chinese company Tsingshan Holding Group, has begun work on setting up of the USD 1 billion steel plant in Zimbabwe that will eventually produce 2 million tonnes of steel annually. Zimbabawe’s Mines minister Winston Chitando told "The Tsingshan personnel are on site and they have started geological surveys. Government is working closely with them to ensure that the project takes off smoothly. The project will take a while to complete but it's well on course. The initial target is to produce one million tonnes per annum by 2022 before growing it to two million by 2026.”

Zimbabwe signed a USD 1 billion deal with Tsingshan for the establishment of a steel plant in Mvuma in June 2018.

Zimbabwe's only integrated steel plant, Zisco, which has been renamed NewZim Steel, ceased production in 2008 at the height of Zimbabwe's economic meltdown. The embattled company currently has a USD 450 million debt, including USD 110 million in wage and pension arrears to 2 800 workers.

Source : Bulawayo 24
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Ahmsa and Posco sign galavanzed steel deal in Mexico

BN Americas reported that Steel produced by Altos Hornos de México will be galvanized by South Korean firm Posco under an agreement. Ahmsa will supply cold-rolled steel from its plants in Monclova, Coahuila state, to Posco for galvanizing at the latter's Mexican facilities. The Mexican steelmaker described the deal as long-term, without giving further specifics of its length, the volume of steel involved or its value.

The agreement will utilize Posco's existing galvanizing capacity in Mexico of around 1 million tonne, while strengthening Ahmsa's product range.

Ahmsa, one of Mexico's biggest steel producers with output of 4.52 million tonnes in 2018, will handle distribution of the galvanized steel under the deal.

Source : BN Americas
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Wereldwijd dit jaar iets meer vraag naar staal verwacht

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
20,35 0,215 1,07 % Euronext Amsterdam
Bekaert
23,82 -0,06 -0,25 % Euronext Brussel

(ABM FN-Dow Jones) De mondiale vraag naar staal komt dit jaar op jaarbasis iets hoger uit. Dit bleek dinsdag uit cijfers van brancheorganisatie World Steel Association.

De belangenorganisatie verwacht voor dit jaar een groei in de vraag naar staal met 1,3 procent ten opzichte van 2018 naar 1.735 megaton. Voor 2020 wordt een stijging met 1,0 procent verwacht naar 1.752 megaton.

De WSA voorziet de grootste stijging voor 2019 in Centraal en Zuid-Amerika met een stijging in de vraag met 3,6 procent. De Europese Unie vraagt naar verwachting 0,3 procent meer staal, Canada, Mexico en de verenigde Staten (Nafta) 1,1 procent meer en Azië en Oceanië, verreweg de grootste afnemers, 1,7 procent meer.

Naar verwachting valt de stijging van de vraag naar staal in de laatste regio in 2020 op jaarbasis terug naar 0,4 procent, terwijl de EU volgend jaar juist 1,2 procent meer staal nodig lijkt te hebben.

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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Liberty Steel’s Georgetown mill hit by fire - Report

Local media reported that Liberty Steel's wire rod mill at Georgetown in South Carolina US suffered a fire Saturday evening. The fire was caused after a spill from a tundish damaged electrical circuits and sparked the fire. The company said it has a supply of extra prime billets and that rolling operations will continue as normal.

Liberty Steel Georgetown has two electric arc furnaces, of which one is presently operational and has a capacity of 500,000 tonnes per annum. The wire rod rolling mill can produce 680,000 tonnes per year. The diameter range of the steel wire rod manufactured on site ranges from 7/32inch (5.5MM) up to 19/32 inch (15.0MM), with wire rod coil weight is approximately 4,150lbs (1,885kilos).

The Georgetown facility had been idled before Liberty Steel bought it from ArcelorMittal in late-2017.

Source : Strategic Research Institute
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