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Global steel demand to grow by 1.3% in 2019 -- worldsteel SRO April 2019
The World Steel Association has released its April 2019 Short Range Outlook, worldsteel forecasts global steel demand will reach 1,735 million tonne in 2019, an increase of 1.3% over 2018. In 2020, demand is projected to grow by 1.0% to reach 1,752 million tonne. The SRO highlights that while steel demand growth in China will drop from 7.9%in 2018 to meager 1% in 2019, steel demand in India will grow at robust 7% in 2019 propelling it to 2nd spot outplacing US. Mr Al Remeithi, Chairman of the worldsteel Economics Committee, said "In 2019 and 2020, global steel demand is expected to continue to grow, but growth rates will moderate in tandem with a slowing global economy. Uncertainty over the trade environment and volatility in the financial markets have not yet subsided and could pose downside risks to this forecast."
In 2018, global steel demand increased by 2.1% (after adjusting for China induction furnace closures), growing slightly slower than in 2017. In 2019 and 2020 growth is still expected, but in a less favourable economic environment. China’s deceleration, a slowing global economy, and uncertainty surrounding trade policies and the political situation in many regions suggest a possible moderation in business confidence and investment.
Voor cijfers, zie pdf
Chinese steel demand remains robust owing to government stimuli
Chinese steel demand continues to decelerate as the combined effect of economic rebalancing and trade tension is leading to slowing investment and sluggish manufacturing performance. Mild government stimulus cushioned the economic slowdown in 2018. In 2019, the government is likely to heighten the level of stimulus, which is expected to boost steel demand. In 2020, a minor contraction in Chinese steel demand is forecasted as the stimulus effects are expected to subside.
Steel demand in the developed world reacts to a weaker trade environment
Steel demand in the developed economies grew by 1.8% in 2018 following a resilient 3.1% growth in 2017. We expect demand to further decelerate to 0.3% in 2019 and 0.7% in 2020, reflecting a deteriorating trade environment. In 2017-18, steel demand in the US benefitted from the strong growth of the economy driven by government-led fiscal stimulus, leading to high confidence and a robust job market. In 2019, the US growth pattern is expected to slow with the waning effect of fiscal stimulus and a monetary policy normalisation. Therefore, both construction and manufacturing growth is expected to moderate. Investment in oil and gas exploration is expected to decelerate as well, while a boost in infrastructure spending is not expected. The EU economies also face the deteriorating trade environment and uncertainty over Brexit. We expect slower growth in demand for steel in the major EU economies (especially in those more export dependent) in 2019. Steel demand growth is expected to improve in 2020, dependent on a reduction in trade tensions. Japan recorded growth in steel demand in 2018, supported by a favourable investment environment and continued construction activities as well as a boost in consumer spending prior to the consumption tax increase. In 2019 and 2020, steel demand is likely to contract slightly due to a moderation of construction activities and decelerating exports despite the support provided by public projects. Steel demand in Korea has been contracting since 2017 due to reduced demand from two major steel using sectors, shipbuilding and automotive. Steel demand is expected to continue declining in 2019 due to toughened real estate market measures and a deteriorating export environment. A mild recovery is expected in 2020.
Developing economies (excluding China) present a positive but mixed picture
Steel demand in the emerging economies excluding China is expected to grow by 2.9% and 4.6% in 2019 and 2020 respectively.
Having overcome the shocks of demonetisation and the Goods & Services Tax implementation, the Indian economy is now expected to achieve faster growth starting in the second half of 2019 after the election. While the fiscal deficit might weigh on public investment to an extent, the wide range of continuing infrastructure projects is likely to support growth in steel demand above 7% in both 2019 and 2020. Steel demand in developing Asia excluding China is expected to grow by 6.5% and 6.4% in 2019 and 2020 respectively, making it the fastest growing region in the global steel industry. In the ASEAN region, infrastructure development supports demand for steel.
Economic diversification efforts in the GCC continue in reaction to a low oil price environment but fiscal consolidation is still supressing construction activities. Steel demand is expected to continue to contract in 2019, with a minor recovery expected in 2020. Iran's steel demand will also contract in 2019 as the reinstatement of US sanctions causes a recession in the economy. The situation in North Africa looks brighter, with Egypt recovering strongly after the structural reforms of 2017. Investment in energy and a recovery in the real estate market are expected to drive Egyptian steel demand. Other North African economies are also expected to show resilient growth in steel demand backed by strong investment activities.
CIS & TURKEY
Despite improved oil prices, growth in steel demand in Russia will continue but is expected to be constrained by structural issues. The growth outlook for Ukraine is stable and improving, supported by domestic consumption. The Turkish economy is still reacting to the currency crisis of August 2018, which led to contraction in steel demand. This is expected to continue into 2019, with some stabilisation in 2020.
A broad recovery in steel demand across Latin America is expected to continue despite internal and external uncertainty. Recovery in Brazil is in its third year with the construction sector expected to mildly improve in 2019. On the other hand, steel demand growth in Mexico is expected to be moderate, influenced by weak mining investment, fiscal budget constraints, policy uncertainties and a slowing US economy. The political situation in Venezuela and its impact on the region is unclear.
AUTOMOTIVE and CONSTRUCTION
As pent-up demand and government stimulus measures subsided, the automotive industry saw a sharp slowdown in growth in 2018 in many countries, in particular in the EU, Turkey and China. The largest decline was observed in Turkey (-9.0%) and in the UK (-5.5%). As a result, global auto production growth decelerated to 2.2% in 2018 from 4.9% in 2017. In 2019, global auto production will continue to decelerate to 1% growth with stabilisation expected in 2020. However, in Latin America, especially in Brazil, auto production will buck the trend and continue to show a steady rebound. The momentum of construction activities is also expected to moderate a bit in the developed economies, but thanks to the rebound in the developing economies, global growth will be maintained at a 3% level in 2019-20. However, in China, Turkey, South Korea and Argentina, construction activities are expected to continue to contract in 2019. With weakening investment and a worsening trade environment, the global machinery sector is expected to show a steady deceleration that will last till 2020, which will be more pronounced in major production hubs such as Germany, Japan and China.
Disclaimer - The SRO includes presentations, estimates and other information that are forward-looking. While these forward-looking statements represent our current judgement on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect worldsteel’s opinions only as of the date of this presentation.
Source : Strategic Research Institute
Trump Trade War - EU links US trade talks to demands on steel and car tariffs
Politico Eu reported that EU agreed to launch trade talks with the US, but said it would suspend them should President Donald Trump impose new tariffs or refuse to withdraw existing steel and aluminum duties as part of the negotiations. Negotiating directives approved by EU ministers seek to eliminate duties for industrial goods and establish joint standards for the testing, inspection and certification of new products. Fisheries are included in the negotiations, but agriculture is not. The talks, part of a transatlantic trade truce reached in July last year, are driven by hopes that the negotiations can convince Trump to not slap high tariffs on imports of European cars and car parts.
European Commission President Jean-Claude Juncker wrote on Twitter that "With today’s adoption of the negotiating directives for trade talks, the EU is delivering on what Donald Trump and I have agreed" last year adding that slashing tariffs on industrial products could lead to additional increase in EU and US exports worth €26 billion."
EU trade chief Cecilia Malmström said the negotiations could allow the two sides to avoid a potentially damaging trade war and end a self-defeating cycle of measures and countermeasures.
The EU directives explicitly stress that Brussels will cancel talks if the US adopts new measures against the European Union under Section 232 of the Trade Expansion Act of 1962 the law under which Trump has threatened to impose his auto tariffs.
Moreover, the Commission may suspend talks if the United States imposes tariffs under Section 301 of the 1974 Trade Act or under any other similar United States law, the directives said. The U.S. has used the Section 301 law to threaten tariffs against the EU because of its ban on hormone beef imports as well as its contested subsidies for airplane manufacturer Airbus.
The US must also remove its tariffs on steel and aluminum imports from Europe "prior to the conclusion of negotiations," the directives said.
Source : Politico Eu
Vallources to supply seamless tubes for pre-salt field Mero 1 in Brazil
Vallourec Soluçoes Tubulares do Brasil has been awarded by TechnipFMC in Brazil to supply around 12,000 tonnes of seamless steel rigid line pipe with outside diameters 8” and 10”. The pipe will be used in the fabrication of the riser and flowline system for interconnecting 13 wells (6 production wells and 7 water alternate gas injection wells), to be installed in the pre-salt field Mero 1, which is part of the giant Libra reservoir. Libra covers an area of 1,550 square kilometers, equivalent to the size of the Brazilian city of São Paulo, with recoverable reserves estimated in the range of 8 to 12 billion of barrels of oil.
The Libra Block has been developed under a consortium agreement with Petrobras (40% share) as operator, and with Shell (20%), Total (20%), CNOOC Limited (10%), CNPC (10%) and Pré-Sal Petróleo – PPSA (state owned company, manager of Libra Consortium contract) as the other consortium partners.
The Mero field is located around 180 kilometers off the Rio de Janeiro coast, in ultra-deep waters and has high quality carbonate reservoirs with expected high well productivity.
Source : Strategic Research Institute
NLMK Group announces Q1 2019 trading update
NLMK Group has published today its preliminary Q1 2019 operating results. Steel output decreased by 4% qoq to 4.2 million tonne due to the overhauls at the Russian sites and seasonal factors. A 3% yoy steel output reduction is also due to the overhauls in Q1 2019. Steel capacity utilization remained high at 96% (-2 p.p. qoq). Sales remained almost flat qoq totalling 4.6 m t (-1% qoq) supported by the sales of inventories accumulated in the end of 2018. Group sales grew by 11% yoy on the back of low base effect, which was due to higher slab sales to captive rolling facilities in Q1 2018. Sales in home markets grew by 5% qoq (flat yoy) to 2.6 m t backed by higher slab sales in the Russian market. The share of Group sales in home markets increased to 56% (+1 p.p. qoq, -7 p.p. yoy). Group sales in export markets totalled 2.0 m t (-2% qoq; +32% yoy). The quarter-on-quarter export reduction was due to lower pig iron sales. Year-on-year export sales growth is mainly attributable to higher slab sales to third parties.
NLMK Group's Q1 2019 operating performance
Steel output decreased by 4% qoq (-3% yoy) to 4.18 m t driven by overhauls in NLMK’s blast furnace operations as well as seasonally lower steel output at NLMK Russia Long.
Sales remained almost flat qoq. Higher sales of flat steel and slabs accumulated in ports in late 2018 offset the seasonal reduction in long product sales and lower pig iron exports due to overhauls. Year-on-year sales grew by 11% on the back of low base effect, which was due to high slab sales to captive rolling facilities in Q1 2018. The growth was also supported by higher demand for flat steel in the pipe, machine building, and white goods sectors and construction industry.
Finished steel sales grew by 8% qoq to steel sales post the completion of repairs at NLMK’s hot-rolling mill. Sales of high value added (HVA) products increased 6% qoq to 1.29 m t (+10% yoy). Sales of semi-finished steel to third parties went down by 7% qoq to 1.3 m t (+28% yoy) amid lower pig iron sales. Slab deliveries to NBH went down by 24% qoq (-26% yoy) to 0.44 m t following lower slabs demand from European sites
Sales in home markets rose 5% qoq (flat yoy) to 2.64 m t: the growth in Russia was 3% qoq (+8% yoy) thanks to higher demand for slabs from oil & gas pipe manufacturers; in the US the sales increased by 19% qoq (+9% yoy) driven by higher demand for flat steel. The sales of the Group’s European companies decreased by 3% qoq (-20% yoy) due to pig iron exports of NLMK Russia Flat, which was partially offset by an increase in finished steel exports. Year-on-year sales growth was 32%, mainly due to slab sales increase.
Voor cijfers, zie pdf.
Average raw material prices in the global market:
1. Average coal prices in the global market dropped by 7% qoq (-10% yoy) due to weak demand and recovering supply post irregular deliveries in the previous quarter. Average coal prices in Russia increased by 3% qoq (-15% yoy) following the dynamics of global prices in the previous quarter.
2. Average iron ore prices grew 15% qoq (+11% yoy). Price growth was driven by the incident at the open pit mine of one of the largest iron ore producers in early February 2019 and expectations of limited supply in the market.
3. Scrap prices in the US dropped by 5% qoq (-2% yoy) backed by rolled steel price normalization. In Europe, scrap prices went down by 6% qoq (-16% yoy) due to lower steel output in the region. A significant drop in scrap imports in Turkey driven by lower capacity utilization, also affected price declines in the global market. In Russia, the prices seasonally climbed 3% qoq (-2% yoy).
Average steel product prices:
1. In the Russian market, average prices for uncoated flat steel fell by 0.3-1% qoq (-12-16% yoy) in dollar terms following global prices. Average rebar prices in dollar terms dropped by 7% qoq (-12% yoy) amid seasonally low demand in January-February.
2. Export slab prices (FOB Black Sea) climbed 1% qoq (-17% yoy) backed by expectations of limited supply in the first half of 2019 .
3. Steel product prices in the US dropped by 8-12% qoq (-9-10% yoy). The price adjustment was associated with consumer expectations of further price reductions as well as steel supply normalization in the US market.
4. In the EU, steel product prices dropped by 2-7% qoq (-10-16% yoy) in dollar terms, due to, among other things, weaker demand, higher imports from Turkey and moderate weakening of EUR against USD.
Source : Strategic Research Institute
Primetals Technologies to supply EAF Quantum electric arc furnace and ladle furnace to Wuzhou Yongda
Primetals Technologies has received an order from Chinese steelmaker Wuzhou Yongda Special Steel Co Ltd to supply an EAF Quantum electric arc furnace and a ladle furnace for a greenfield project in Wuzhou city, in Guangxi Zhuang Autonomous Region. This marks the tenth EAF Quantum for China. The EAF Quantum furnace is designed to handle scrap steel of very varied composition and quality. The electrical energy requirement of the electric arc furnace is extremely low because the scrap is preheated. This reduces both the operating costs and the CO2 emissions. The twin ladle furnace sets the desired steel grades and the correct casting temperature. The new furnaces are scheduled to be commissioned in early 2020.
Wuzhou Yongda is a privately owned steelmaker operating in the Guangxi Zhuang Autonomous Region in Southern China. The company produces steel rods, coiled rebar and coiled wire. The EAF Quantum and the twin ladle furnace are part of a greenfield project for the production of stainless steels. For the new EAF Quantum electric arc furnace and the twin ladle furnace, Primetals Technologies will supply the complete mechanical and electrical process equipment and the automation technology. This includes the automated scrap yard management, the automated charging process, automation of the oxygen injection and sand refilling, as well as the Level 2 automation which makes the plant ready for Industry 4.0. A basic data package for dedusting equipment is also part of the order.
The EAF Quantum developed by Primetals Technologies combines proven elements of shaft furnace technology with an innovative scrap charging process, an efficient preheating system, a new tilting concept for the lower shell, and an optimized tapping system. This all adds up to very short melting cycles. The electricity consumption is considerably lower than that of a conventional electric arc furnace. Together with the lower consumption of electrodes and oxygen, this gives an overall advantage in the specific conversion cost of around 20 percent. In comparison to conventional electric arc furnaces, total CO2 emissions can also be reduced by up to 30 percent per metric ton of crude steel. An integrated dedusting system with modern automatic off gas control fulfills all environmental requirements.
Source : Strategic Research Institute
GMS Market Commentary on Shipbreaking in India in Week 15 - OFTEN UNCERTAIN!
Steel News - Published on Wed, 17 Apr 2019
Image Source: EJAtlas
India continues to quietly go about its business, securing a healthy share of HK SoC green recycling vessels, along with the difficult to beach / cut offshore units (rigs, drill ships, offshore barges, etc.). However, there was one market sale this week, which seemed to catch everybody by surprise and perhaps belie just how firm the market actually may be, despite end Buyer hesitations. The OEL container vessel OEL TRANSWORLD (16,160 LDT) managed to fetch a remarkable USD 480/LT LDT, perhaps for one specific hot and aggressive end Buyer in mind. The younger age (2000 built), decent size of 16K LDT (drawing in many end users) and heavy propellor of about 60 Tons seem to have contributed to the excellent price on show.
The comparatively smaller under-tow PAX vessel AKBAR (4,966 LDT) fetched a surprisingly firm USD 382/LT LDT basis an India delivery option (even though a Pakistan option is open, which it will likely not exercise as Gadani Recyclers generally do not prefer this type) with extra payment for bunkers and a 6% GST being applicable. Given that passenger vessels are discounted due to their heavier drafts, permanent ballast, and unfavorable beachings, it will certainly be interesting to see how this relatively small LDT undertow vessel will ultimately turn out for the Cash Buyer.
Smaller LPG BAROUDA (3,422 LDT) also fetched a sharp USD 360/LT LDT basis an ‘as is’ Algeria delivery. This level is certainly a surprise given that the weight of the Stainless Steel tanks is unknown and no guaranteed minimum bunkers included in the sale. Finally, reefer BALTIC PRINCE (6,023 LDT) managed to snag an equally impressive level, reportedly around USD 430/LT LDT.
These sales comes at a time when the ever-volatile local steel plate prices declined by about USD 5/Ton this week, whilst the INR continues to trade in the Rs. 69.7X against the U.S. Dollar. With the Indian elections just around the corner, until the election results are settled, it may be difficult to see a predicatble pattern / consistency on pricing in the Alang market.
Source : Strategic Research Institute
GMS Market Commentary on Shipbreaking in Bangladesh in Week 15 - SEASONAL SPIKE!
Bangladesh snagged a majority of the market tonnage this week as prices spiked dramatically for pre-budget deliveries, prior to June 5th. There remains a lingering fear amongst local Recyclers that duties / tariffs on local steel plates may increase post-budget. As such, most Buyers remain keen to import vessels before the imposition of these new taxes. Moreover, the traditionally weaker monsoon season is also just around the corner and most Buyers are keen to stock up before the advent of the rains, resulting in a final pre- summer / monsoon push for tonnage.
With that in mind, sales continue every week as Temas Line of Indonesia sold two container vessels into Bangladesh this week, with the SPRING MAS (7,296 LDT), which was sold for USD 465/LT LDT and the smaller SELAT MAS (5,719 LDT), which was concluded at a decent USD 462/LT LDT.
Source : Strategic Research Institute
Brussel akkoord met desinvestering door ArcelorMittal
FONDS KOERS VERSCHIL VERSCHIL % BEURS
21,325 0,885 4,33 % Euronext Amsterdam
(ABM FN-Dow Jones) De Europese Commissie heeft woensdag ingestemd met de verkoop van verschillende staalfabrieken door ArcelorMittal aan Liberty Green House. Dit maakte Brussel bekend.
De fabrieken worden verkocht zodat ArcelorMittal goedkeuring krijgt voor de overname van het Italiaanse Ilva.
Onderdeel van de desinvestering zijn faciliteiten in Roemenië en Tsjechië, als ook afwerkingsfabrieken in Italië, België, Luxemburg en Noord-Macedonië.
Aangezien er weinig overlap is tussen de huidige activiteiten van Liberty House Group en de aangekochte fabrieken, oordeelde de EC dat er geen zorgen op het vlak van mededinging zijn.
Door: ABM Financial News.
Redactie: +31(0)20 26 28 999
© Copyright ABM Financial News B.V. All rights reserved.
ArcelorMittal named Steel Sustainability Champion for second consecutive year
16 April 2019 - ArcelorMittal is recognised as a Steel Sustainability Champion for the second year running by the World Steel Association (worldsteel) at its board meeting in Madrid, Spain.
The accolade distinguishes the steel companies who, like ArcelorMittal, are leading by example in creating a truly sustainable steel industry. The Steel Sustainability Champion programme seeks to encourage other steel companies to increase their efforts, set higher standards and demonstrate a strong commitment to sustainable development and the circular economy.
This designation reflects ArcelorMittal’s dedication to worldsteel’s sustainable development charter; the company’s regular and transparent reporting on its environmental, social and economic performance; its commitment to providing a safe and healthy work environment for steelworkers; and its double success in 2018’s Steelie Awards, where it won the ‘Excellence in sustainability’ and ‘Excellence in life cycle assessment’ categories.
Worldsteel represents steel producers (including 9 of the world’s 10 largest steel companies), national and regional steel industry associations, and steel research institutes. Its members account for about 85% of global steel production.
Brian Aranha, executive vice president, head of strategy, CTO, R&D, CCM, global automotive, communications and corporate responsibility, ArcelorMittal said, “It is an honour to be in Madrid and accept the award on behalf of ArcelorMittal. As the world’s leading steel company, we recognise the importance of sustainability for our business and the steel industry because it sits at the heart of securing a license to operate. Securing sustainability champion status for the second year in a row is a confirmation of our dedication to making sustainable development a priority for our business.”
Find out more:
ArcelorMittal takes home two Steelie Awards from worldsteel
Ship recycling activity picks up ahead of upcoming monsoon season - Clarkson Platou
Mr Nikos Roussanoglou of Hellenic Shipping News Worldwide, ship recycling activity has picked up considerably over the course of the past week, as a result of upcoming Easter Holidays and the Monsoon season in the Southeast Asian peninsula. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “the latest spike in price levels appears to stem from an incentive from the end users in Bangladesh to place tonnage on their yards prior to their budget announcement in the first week of June. The rumors from the waterfront suggest that heavy import tax increases will be imposed which is pre-empting the local recyclers to continue their aggressive stance to ensure they have tonnage on their yards in case these rumors bear fruition. This position currently being experienced is also not just buying the vessel, but having a unit delivered to a recycling yard prior to the budget date. With Ramadan due to commence early May and the budget timing in Bangladesh clearly in everybody’s minds, the next two weeks could become vital for any Owner wishing to take advantage of these impressively firm rates as, thereafter, the general feeling is that the market may see a decrease in levels back down to those on offer from Indian and Pakistan. With the amount of Capesize bulk carrier units that have been introduced into the market, the feeling is that there are now only 2 or 3 actual breakers open for larger tonnage in Bangladesh, thereafter if levels do dwindle away, then we could expect the breakers in India and Pakistan to pick up the mantle.”
Clarkson Platou Hellas said that “As has been seen in the past, on the back of an active sector in the market (i.e. capesize bulkers), suddenly the market is awash with rumors and gossip of many more such units, however actual sales reported this week remains minimal and perhaps Owners and brokers alike are just toying with the market to see whether any further improvements are achievable. However, if indeed the Chattogram (ex Chittagong) shores lid starts to burst, then some may regret being too optimistic! With the Easter holidays on the horizon, a slowdown in activity may start to be experienced with fewer sales candidates being circulated.”
Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide
SC issues notice to government over allocation of 358 iron ore mines
The Hindu reported that India’s Supreme Court on Tuesday issued notice to the government on a petition seeking the quashing of allotment, extension or continuation of leases for firms to operate 358 iron ore mines in the country. A Bench of Justices SA Bobde and S Abdul Nazeer agreed to examine the plea by advocate ML Sharma, which has also sought a CBI investigation into the leases. The plea alleged that 288 mining leases were extended in exchange for large donations, resulting in a serious financial loss to the tune of INR 4 lakh crore to the public exchequer. The petitioner claimed that leases were either granted or extended to the firms for mining iron ores in over 358 mines without fresh evaluation or adopting the auction process. It sought directions for recovery of the market value of the mined minerals in accordance with the law.
The plea wanted section 8-A of the MMDR (Mines and Minerals (Development and Regulation) Act quashed. Section 8-A provides that mining leases should be granted for a period of fifty years and, on expiry of the lease period, it should be put up for auction in accordance with the procedure specified in the Act. The petition argued that the section had become a major source of nepotism.
The plea has made the Ministries of Law, Mines and Minerals and the States of Odisha and Karnataka parties, along with the CBI.
Source : The Hindu
Karnataka iron ore mining dependents stage protest at Jantar Mantar
Deccan Herald reported that mining dependents of Karnataka on Tuesday staged a protest at Jantar Mantar Delhi to press for non-discriminatory practices in iron ore trade in the state and sought immediate action by the Centre in rescuing their livelihoods from prejudiced policies prevailing in the state. Karnataka Gani Avalambithara Vedike, which represents mining dependents, said "Around 600 people of KGAV, consisting of iron ore mining dependents from Bellary, Hospet, Chitradurga districts and surrounding mining belt gathered for a protest at Jantar Mantar in New Delhi.”
KGAV said that the mining dependents have also made a plea to allow free trade, giving preference to local iron ore over imports and ensuring regular business for truckers and lakhs of other mining dependents.
KGAV spokesperson Mr Rajakumar S said “In the mining belts of Karnataka which are also drought-prone areas, around 25% of the population depends on agriculture, whereas the remaining 75% depends on mining. Despite this huge number, the lives of these mining dependents have become uncertain due to discriminatory policies and restrictions prevalent only in Karnataka, resulting in massive unemployment. We have gathered here to make an appeal to the Supreme Court, the Centre, the concerned ministries and bureaucrats to save us from these biased trade practices and provide us an environment that ensures a secured future for our families and children.”
Source : Deccan Herald
Court allows Vale to resume Brucutu iron ore mine operations – Report
Reuters reported that a Brazilian state court has authorized iron ore miner Vale SA to resume operations at the Brucutu mine, its largest in Minas Gerais state, according to a court document. Vale had been authorized by the state in early March to resume operations, but an injunction blocked the resumption. Now the state court of Minas Gerais gave the final nod to resume production at Brucutu.
Officials in the city of Sao Gonçalo do Rio Abaixo, where Brucutu is located, said earlier on Tuesday that Vale had been authorized to resume operations.
Brucutu was shuttered in early February by request of Minas Gerais state prosecutors after a tailings dam burst in the town of Brumadinho, killing hundreds of people.
Source : Reuters
BHP cuts iron ore production guidance by 6-8 million tonne due to TC Veronica
BHP announced that total iron ore production was broadly unchanged at 175 million tonne (198 million tonne on a 100% basis). Production guidance for the 2019 financial year has been reduced to between 235-239 million tonne, or 265-270 million tonne on a 100% basis, reflecting a 6-8 million tonne impact from Tropical Cyclone Veronica. As a result, full year unit costs are now expected to be below USD 15 per tonne, an increase from previous guidance of less than USD 14 per tonne, due to the lower volumes, direct costs of remediation, increased demurrage, rehandle to manage stockyards and opportune maintenance at the mines during port downtime. In addition, private royalties are also expected to be higher as a function of higher iron ore prices.
At WAIO, volumes reflected record production at Jimblebar and the impact from the Mt Whaleback fire in the prior period. This was offset by the impacts of planned maintenance in the September 2018 quarter, a train derailment on 5 November 2018 and Tropical Cyclone Veronica in March 2019. While our facilities did not sustain major damage as a result of the cyclone, the port ramp up was slowed by localised flooding, processing wet material and equipment assessments.
Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.
Voor cijfers, zie pdf.
Source : Strategic Research Institute
ArcelorMittal biedt staal aan voor Notre-Dame
Gepubliceerd op 18 apr 2019 om 09:03 | Views: 2.556
21,22 -0,07 (-0,31%)
PARIJS (AFN/RTR) - Staalconcern ArcelorMittal heeft staal aangeboden voor de restauratie van de Notre-Dame in Parijs. Dat heeft het aan de beurs in Amsterdam genoteerde bedrijf laten weten.
De middeleeuwse kathedraal, die ook wel het hart van de rooms-katholieke kerk in Frankrijk wordt genoemd, is door de brand van maandag en dinsdag voor een groot deel verwoest. Uit heel de wereld zijn al toezeggingen gedaan om met geld of met expertise te helpen bij de wederopbouw. De Franse president Emmanuel Macron hoopt de kathedraal in circa vijf jaar in oude glorie te herstellen.
SSAB’s Tibnor’s completes acquisition of steel distribution business of Sanistal’s
SSAB’s subsidiary Tibnor has now completed the acquisition of the steel distribution business of the Danish company Sanistål A/S, Denmark’s second largest steel distributor. The acquisition was announced in November 2018 and was approved by the Danish competition authority in March 2019. The acquisition supports SSAB’s strategic target to strengthen its Nordic home market position. The steel distribution business acquired had sales of around SEK 1.9 billion in 2018. Mikael Nyquist, President of Tibnor, said “The acquisition of Sanistål’s steel distribution business completes Tibnor’s Nordic footprint by increasing our market presence in Denmark, where we had not been so visible. The product offering of Tibnor and Sanistål complement each other well, and we see substantial synergy potential.”
A cornerstone of SSAB’s strategy is leadership in the Nordic home market. SSAB’s subsidiary Tibnor plays an important role in maintaining this position. Steel distribution channels today account for more than half of the total Nordic steel market. The Sanistål acquisition will considerably improve the position of Tibnor in Denmark. For SSAB, a stronger steel distribution channel provides an attractive channel to grow steel sales, and will also improve the ability to manage business cycles.
Based on the acquisition, SSAB and Tibnor expect annual synergies of approximately SEK 50 million to be realized within three years, in addition to strengthening the platform for SSAB’s Nordic steel business and increasing working capital efficiency. Tibnor acquired Sanistål’s steel distribution business as an asset deal at net value of approximately SEK 630 million. The acquisition is expected to be earnings and cash flow accretive from closing.
The acquisition includes Sanistål’s modern and highly automated steel distribution center (42,000 m2) in Taulov and four other sales offices in Denmark as well as a sales office in Latvia. Around 130 employees will transfer to Tibnor as part of the transaction.
Source : Strategic Research Institute
[Modbreak IEX: Gelieve hier geen reclame te maken, bericht is bij dezen verwijderd.]
Air pollution problems from US Steel Clairton Coke Works prompt two lawsuits - Report
State Impact reported that 2 lawsuits announced this week stem from air pollution problems tied to the steel industry. In one, PennFuture, the Sierra Club and other groups seek to force the Environmental Protection Agency to update its standards for coke ovens across the country. The other comes from an East Pittsburgh woman who filed a class action suit on behalf of Mon Valley residents following December’s fire that damaged pollution controls at US Steel’s Clairton Coke Works near Pittsburgh.
The PennFuture suit against EPA Administrator Andrew Wheeler focuses on two standards that have to do with how coke oven facilities are operated. The standards targeted by the suit took effect in 2005. The EPA was supposed to review them after eight years, but it never did, said Tosh Sagar, an attorney with Earthjustice, which is representing the environmental groups. He said that “Fourteen years have passed and they haven’t done anything since, so the point of this lawsuit is to get the EPA to do its job to study the problem and figure out what additional protections should be put in place.”
Mr Sagar said that the review process involves consulting with the steel industry to determine the best practices and technologies in place at coke ovens.
The EPA said it does not comment on pending litigation. A US Steel spokesperson said the company is reviewing the complaint and “will respond appropriately and in accordance with court requirements.”
Source : State Impact
POSCO chairman Mr Choi Jeong-woo joins worldsteel executive committee
POSCO Chairman Mr Choi Jeong-woo was appointed to the World Steel Association executive committee during its annual board meeting in Madrid. Choi will serve a three-year term until April 2022 and is now qualified to vote on key agendas, including chairman selection.
The association's executive committee is its top decision-making body and has 13 members.
Three POSCO chairmen have served as heads of the association. They are Mr Kim Man-je, Mr Lee Gu-taek and Mr Chung Joon-yang. Former POSCO Chairman Mr Kwon Oh-joon served as vice chairman.
Source : Strategic Research Institute
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