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NCLT rejects ArcelorMittal’s plea for EPC Construction revote - Report

ET reported that Mumbai bench of National Company Law Tribunal has rejected ArcelorMittal India’s plea to set aside the resolution plan submitted by Royale Partners Investment Fund for EPC Construction India, formerly Essar Projects India. Mr MK Shrawat, presiding officer of the Mumbai-bench of NCLT, said “I am not inclined to interfere with the decision of the committee of creditors in approving RPIF’s resolution plan. As far as legal and procedural requirements are concerned, prima facie, they are complete in all aspects and will be looked into further at the stage of plan approval by this bench.”

The lenders of EPC Construction India have approved RPIF’s revival plans with 73% voting. The local subsidiary of Luxembourg-based ArcelorMittal Group sought the National Company Law Tribunal’s intervention to direct EPIL’s lenders to re-vote on its plan and restrain the resolution professional and lenders from proceeding with implementation of RPIF’s resolution. ArcelorMittal had opposed the lenders’ decision to approve the Royale Partners’ plan, arguing that it did not having approval from the Competition Commission of India, as required. ArcelorMittal said the total value of its offer was more than INR 2,200 crore, including INR 1,084 crore of fresh equity in EPC Construction India, which owes over INR 7,200 crore to its financial and operational lenders.

Source : ET
Tangshan issues second level smog alert ordering production cuts

Reuters reported that China’s top steelmaking city of Tangshan in Hebei province issued a second-level pollution alert on Friday in response to a wave of smog expected to blanket the region. Steel mills in the city were ordered to halt operations of sintering machines by at least 40% or even shut down, based on their emission levels. Meanwhile, all mills will have to halve their shaft furnace operations. The alert will take effect from April 20 to April 25.

Other industrial plants in coke, casting, cement, pharmaceutical and mining sectors were also asked to curtail output during the alerts. Diesel-fueled trucks will also be restricted from transporting commodity materials, it said.

Source : Reuters
Tangshan city to relocate 13 steel mills with 51.4 million tonne capacity to Laoting and Fengnan

Xinhua reported that city of Tangshan in north China's Hebei Province has kicked off a campaign to relocate and upgrade 13 steel and iron mills in a bid to reduce pollution and energy consumption. Mr Lang Wenchang, deputy director of the city's development and reform commission, said that “13 mills near the main urban areas of Tangshan, which have a total production capacity of 51.4 million tonnes, will be relocated to coastal industrial parks in Laoting and Fengnan in Tangshan. Highly polluting companies, including steel mills and coking firms, in and within 25 km of urban areas, contributed to 70% of local air pollutants.”

The major steel base in Laoting is under construction and is scheduled to start operation in the second half of the year. It will use more energy-saving and environmentally-friendly techniques and churn out more high-end steel products.

The relocation and upgrading in Tangshan will help cut coal consumption by 1 million tonnes and reduce emissions of carbon dioxide by 20 million tonnes a year, according to the city's ecology and environment department.

The city plans to reduce the number of local steel and iron companies to within 30 from the current 38 by 2020 and to within 25 by 2025, with more moving up the value chain to produce high-end products. Between 2013 and 2018, Tangshan cut its steel and iron production capacity by more than 78 million tonnes in a bid to reduce excess capacity.

Source : Xinhua
GTR to conduct oral hearing in anti dumping probe on met coke imports from China

Government of India Ministry of Commerce & industry Department of Commerce Directorate General of Trade Remedies notified that Mr Sunil Kumar Additional Secretary & Director General will hold Oral Hearing in the matter of imports of Low Ash Metallurgical Coke originating in or exported from China on 24.04.2019 at 04:00 PM at DGTR Conference Room Jeevan Tara Building, Parliament Street, New Delhi. Those representing the interested party shall be allowed to attend the hearing and will be required to submit two copies of the written submissions of the views expressed at the hearing within a time schedule to be indicated on the date of the hearing.

Indian Metallurgical Coke Manufacturers Association, on behalf of the domestic producers in India, namely, Saurashtra Fuels Pvt Ltd, Gujarat NRE Coke Ltd, Carbon Edge Industries Ltd, Bhatia Coke and Energy Ltd and Basudha Udyog Pvt Ltd has submitted an application for initiation of anti-dumping investigation and imposition of anti dumping duty on the imports of alleged dumping of Low Ash Metallurgical Coke, originating in or exported from Australia and China PR. The Authority prima facie finds that sufficient evidence of dumping of the subject goods, originating in or exported from the subject countries; injury to the domestic industry.

The product under consideration in the present investigation is Low Ash Metallurgical Coke (Met Coke).The product under consideration does not include other Metallurgical Coke with high ash content which is in excess of 18%. Low Ash Met Coke is produced by destructive distillation of coking coal in the absence/regulated presence of oxygen at high temperatures (ranging between 1100 to 1350 degree centigrade) causing the coal to soften, liquefy and then re-solidify into hard but porous lumps. Met Coke is a form of carbon along with some mineral and residual volatile material. Met Coke is used as a primary fuel in industries where a uniform and high temperature is required in kilns or furnaces. Met Coke is used in various industries including pig iron, foundries, ferro alloys, chemical, integrated steel plants and others. The subject goods are classified under Custom Headings 27040030. Although, the subject goods classified under the Chapter Heading 27040030, the subject goods are also being imported in other Customs Headings i.e. 27040090, 27040010, 27040020 etc.

The applicant has stated that there are some steel manufacturers who produce Met Coke for their captive consumption. The Applicant has provided the details of the names of the steel producers as available having production of Met Coke for captive consumption, namely, Steel Authority of India Limited, Tata Steel Ltd, JSW Steel Ltd, Jindal Steel & Power Ltd, Bhushan Steel Ltd, Jayaswal Neco Industries Ltd, Rashtriya Ispat Nigam Ltd, Bhushan Power and Steel Ltd, Jai Balaji Industries Ltd and Usha Martin Ltd. .

Source : Strategic Research Institute
Network Steel to start galvanizing unit in the old facilities of Vestas in Leon

La Nueva Cronica reported that the Junta de Castilla y León, governing and administrative body of the Spanish autonomous community of Castile and León, will simplify and speed up the time of administrative procedures to the Network Steel group by half for the implantation of a new factory of fine galvanized steel coil and special thicknesses in the old facilities of Vestas at Villadangos del Páramo in Lion in Spain. It said “This business initiative, which involves an investment of more than EUR 100 million and the creation of 350 direct jobs, 200 of them in the last quarter of the year and 150 that will be added at a later stage, which It will end at the end of 2021, when production is at full capacity.”

The Minister of Economy and Finance, Pilar del Olmo, recalled that this action is part of the Territorial Development Plan for the town of Leon and its surroundings. In fact, he pointed out that some of the workers dismissed by Vestas have already joined and the rest will do so gradually. Currently, the firm produces between 250,000 and 350,000 tonnes of steel per year.

The development of this factory will be the result of a process of reconversion of the dependencies that until a few months ago occupied Vestas, dedicated to the manufacture, sale, assembly and maintenance of wind turbines. The Danish company announced in August 2018 the closure of its productive center, a process that ended with an extinction employment regulation file of around 500 employees, to which is added the impact caused on another thousand workers linked to its activity indirectly.

In January 2012, Network Steel Resources was established in Madrid, the holding company that groups together international commercial activity such as industrial production. With headquarters in Madrid, it has a team based in Shanghai in constant contact with the main suppliers in China and Taiwan. Additionally, it has offices in Switzerland, Morocco, Peru, Turkey, Thailand and Brazil. It’s Aranda Coated Solutions line transforms the galvanized coil into coil and pre-painted strip. The plant is located in Aranda de Duero (Burgos, Spain) and began operating in February 2012 and has a production capacity of 100,000 tonnes per year. Todoaceros, located in Aranda de Duero and starting operations in November 2011, has the most modern hot rolled coil pickling facilities in Europe. The prepainted steel line from Santander Coated Solutions has started operating at the end of 2016.

Source : La Nueva Cronica
Trump Trade War - Canada release 4 lists exempting steel & aluminium products from tariff

Canada has issued new exemptions to retaliatory tariffs on US steel imports, despite recent indications that additional measures against the Trump Administration’s trade policies were forthcoming. Canada’s Department of Finance released a list of products on April 15 that would not be subjected to retaliatory measures in response to US tariffs on Canadian steel and aluminum. It would reportedly affect up to CAD 110 million of imports, a small portion of the CAD 16.6 billion of US products covered by Canada’s counter-tariffs. The measure is intended to protect the competitiveness of Canadian businesses that would otherwise pay 25% tariffs on US imports.

In response to the US tariffs on Canadian steel and aluminum, the Government of Canada applied reciprocal countermeasures as of July 1st 2018 on imports of steel, aluminum and other goods from the US. But granted previous exemptions since the trade dispute began in 2018, when the Trump administration instituted tariffs on steel and aluminum. They came in response to requests made by Canadian companies.

The goods currently covered in Schedule 1, Schedule 2, Schedule 3 and Schedule 4 of the United States Surtax Remission Order are listed

For goods in Schedule 1, relief is granted for an indefinite period for steel and aluminum products imported from the US on or after July 1, 2018.

For goods in Schedule 2, relief is granted for a limited period from July 1, 2018 to April 30, 2019 for steel and aluminum products imported from the US.

For goods in Schedule 3, relief is granted for steel and aluminum products imported from the US. This relief is limited to specifically listed importers, for specified periods and subject to applicable conditions as prescribed in Schedule 3.

For goods in Schedule 4, relief is granted for an indefinite period for other goods imported from the US on or after July 1, 2018, subject to applicable conditions, as provided in the Remission Order.

The latest changes to Schedule 3 of the Remission Order were made pursuant to the Order Amending the United States Surtax Remission Order, No. 2019-1 and entered into force on April 15, 2019. The changes to Schedule 3 of the Remission Order are denoted in bold and consist of: amendments to items 5 to 12, 13, 15, 20 to 30, 32 to 68, 71, 78 to 89, 93 to 107, 109 to 120, 123, 124, 127, 128, 130 to 142, 144 to 200, 209 to 219; and the addition of items 220 to 314.

Source : Strategic Research Institute
Pact in SAMA ends with more than a year of conflict in Megasider

Heraldo reported that a day of 226 working days a year, compared to 218 of the previous agreement and salary increases according to the real CPI as of 2020 (75% fixed and 25% linked to absenteeism) have been two of the fundamental points of the agreement signed in the SAMA between management and unions of Megasider after more than a year of conflict between the parties arising from the decision of the new ownership of the company, which until the summer of 2017 belonged to Arcelor Mittal and is now of Megasa, to apply to the template the agreement for the iron and steel industry of Zaragoza with conditions much lower than they had, which motivated that for more than a year they have been without charging the holidays.

As reported by the Secretary General of Industry of CC. OO Aragón, Ana Sánchez, a total of 90 workers said yes to the agreement agreement while 50 said no. The agreement reached also includes maintaining the conditions of veteran workers through a supplement, which is conditioned by 10% to the evolution of productivity although 90% is fixed. The double salary scale is included in this new framework of working conditions but with the clause that in six years the new workers who join can reach the same conditions as the current 100%.

Source : Heraldo
Tata Steel recognized as 2018 Steel Sustainability Champion by worldsteel

Tata Steel Limited has been named as 2018 Steel Sustainability Champion by World Steel Association. This is the second year in a row that Tata Steel Limited along with Tata Steel Europe has been recognised by worldsteel as leaders in sustainability initiatives among global steel producers Tata Steel Limited and Tata Steel Europe are among the six steel producing companies that have been named as Steel Sustainability Champions for 2018 at the worldsteel board meeting in Madrid, Spain on April 16, 2019.

Mr Sanjiv Paul, VP Safety, Health & Sustainability of Tata Steel, said “We are delighted and motivated in equal measure to be recognised as a Steel Sustainability Champion by worldsteel for the second year in a row. Tata Steel’s commitment and approach to making steel production sustainable is one of the most comprehensive ones among global steel producers. Our approach to sustainability and the results it produces stands testimony to that. As the oldest steel producer in India, we remain steadfastly committed to live up to the status of a sustainability champion.”

The steel sustainability champions initiative aims to recognise steel companies who are leading the way in creating a truly sustainable steel industry and society, clearly demonstrating their commitment to sustainable development and the circular economy, and making measurable and tangible impacts in their activities. It aims to encourage steel companies to increase their efforts, set higher standards and make further progress in their sustainability programmes and business practices.

Tata Steel champions its sustainability initiatives with a six-pillar approach that includes Environmental Excellence, Community Care, Health and Safety, HR Practices, Sustainable Mining, Innovation and Sports.

The winning entries for the Steel Sustainability Champions recognition are evaluated based on six sustainability indicators: material efficiency, environmental management systems, lost time injury frequency rate, employee training, investment in new processes and products, and economic value distributed.

Tata Steel is a signatory to the worldsteel sustainability charter, which is a prerequisite condition to be recognised as Sustainability Champion.

Source : Strategic Research Institute
Tempel steel receives 2019 Rusty Demeules Award

The Rusty Demeules Award recognizes an organization with a commitment to excellence in safety. Fabricators & Manufacturers Association, International and CNA announced Tempel Steel of Chicago, as the winner of the 2019 Rusty Demeules Award for Safety Excellence. The award is presented annually by FMA, sponsored by CNA, and created by FMA’s Safety Council to recognize a company with a demonstrated safety culture. The award is named in honor of Rusty Demeules, an outstanding volunteer contributor who made significant contributions to FMA while serving as the president of its Safety Committee from its inception in 1989 until 1996.

Mr Edward Youdell, president and chief executive officer of FMA said that “FMA is pleased to present the Rusty Demeules Safety Award to Tempel Steel. Their dedication to safety is evident from their regular safety meetings and trainings to the management participation in their program.”

Tempel Steel manufactures magnetic steel laminations used in electric motor applications and transformer cores. In its operation, steel coils are slit and punched using mechanical presses varying from 25 to 400 tons.

Tempel’s safety program involves an active committee, which has monthly meetings. Weekly safety training involves talks conducted at every department, using training and informational materials. Management is committed to demonstrate safe work behavior and to lead by example. Specialized trainings include lockout/tagout, First Aid and CPR, OSHA 10-hour and 30-hour outreach program, forklift truck operator, crane operator, and arc flash protection.

Mr Roger Wilson, assistant vice president and industry leader for manufacturing at CNA said that “We are proud to sponsor the Rusty Demeules Award and are very proud to recognize Tempel Steel as the 2019 Rusty Demeules Award recipient for their conscious work to create a culture of safety.”

Source : Strategic Research Institute
Metalloinvest announces partial refinancing of its loan portfolio

Metalloinvest announced the partial refinancing of its loan portfolio. In accordance with the Debt Management Strategy aimed at reducing the finance costs and optimising the credit portfolio maturity, the Company singed a new loan agreement with Gazprombank in the amount of RUB 8.33 bn with a 6-year tenor.

Raised funds are used in full for the early repayment of one of Sberbank loan, which repayment was scheduled for the first quarter of 2020. As a result, the Company has practically zero debt maturities in the period Q2 2019 – Q1 2020.

Source : Strategic Research Institute
NLMK shareholders confirm Mr Grigory Fedorishin as president and elect new BoD

At the Annual General Shareholders’ Meeting of NLMK, held on 19 April 2019, NLMK shareholders voted to confirm Mr Grigory Fedorishin as the Group’s President and Chief Executive Officer; and to elect a new Board of Directors, with a majority of independent directors (five seats out of nine). Nine members of the Board of Directors were elected
Vladimir Lisin
Oleg Bagrin
Nikolay Gagarin
Thomas Veraszto (independent director)
Joachim Limberg (independent director)
Karen Sarkisov
Stanislav Shekshnia (independent director)
Benedict Sciortino (independent director)
Marjan Oudeman (independent director)

The shareholders also approved the Company’s 2018 Annual Report and Financial Statements. The shareholders approved the payment of remuneration to members of NLMK’s Board of Directors and the external Auditor.

Source : Strategic Research Institute
Algoma Steel could play substantial role in southern Ontario subway expansion - Mr Romano

Soo Today reported that during a Question Period, it was revealed that Sault Ste. Marie’s Algoma Steel Inc will likely be playing a very substantial role in the Government’s recently announced CAD 28.5 billion transit plan into subway infrastructure in the GTHA. An infrastructure investment of this nature will require a large quantity of quality steel, as well as many other materials to build. Specifically, there will be a need for high grade quality steel plate. Algoma Steel Inc. in Sault Ste. Marie is the only integrated steel manufacturer in the entire country that makes the type of steel plate that will be needed to complete this project.

Mr Romano during question period said that “Sault Ste Marie is home to Algoma Steel, a manufacturer of high quality, CITT certified plate, and we are all thinking that you are going to need a lot of steel to build those subways, and that is going to create a whole lot of jobs!.”

When asked by the Sault Ste. Marie MPP to expand on the potential opportunities this historic investment could provide to suppliers of steel, like Algoma Steel Inc., Ontario’s Minister of Transportation Jeff Yurek stated as follows: “Our government is going to need a lot of steel to build all the subways for the Scarborough, Sheppard, Yonge North, Eglinton West subway extensions and the much-needed Ontario Line,” responded Minister Yurek.

“The NDP may want Algoma Steel to not be involved in the process – they may want to shut it down…we need people like Algoma steel and all job creators to put their pencils down, sharpen them up, and be part of the RFP process so we can get the shovels in the ground as soon as possible. We are not giving up on Northern Ontario. We think it is a possibility if they bid right, if they participate in the RFP process, there are jobs, jobs, jobs for Northern Ontario It's well received news for anyone with ties to Sault Ste. Marie."

“I’m ecstatic,” said Romano. “A plan of this magnitude will provide a significant boost to the Soo’s economy by protecting and creating many jobs as well as creating great opportunities for the suppliers in many industries and sectors. It’s early days with many details to come forward, but this is an investment that will pay serious dividends for the people in northern Ontario for years to come.”

“We are encouraged by the Ontario Government’s commitment to invest in infrastructure. Subway lines and subway cars equals Canadian steel and Canadian jobs. At a time when the Canadian steel industry is under attack, we would welcome the chance to supply the steel plate,” said Mike McQuade, CEO of Algoma Steel Inc. With the federal government imposing the carbon tax, failing to lift steel tariffs and waging war on pipelines, our steel industry has faced significant challenges.

Source : Soo Today
Metinvest group is Ukraine's first organisation to receive Vision Zero certificate

On 18 April, a business breakfast titled 'Zero Accident Strategy: Benefits and Opportunities for Business' took place in the run-up to the World Day For Safety and Health at Work. At the event, Metinvest Group CEO Yuriy Ryzhenkov received a Vision Zero certificate from Helmut Ehnes, Secretary General of International Section of the International Social Security Association (ISSA) on Prevention in the Mining Industry (ISSA Mining). Metinvest Group operates and builds its strategy in line with sustainable development principles. Occupational health and safety issues are among top priorities of the company. Metinvest is Ukraine's first organisation that has received international Vision Zero certificate. Now the Group is implementing a range of large-scale investment projects engaging both in-house employees and independent contractors. We conduct a wide H&S outreach campaign among them to prevent accidents at work.

ISSA presented the Vision ZERO campaign (Zero Accident) at the XXI World Congress on Safety and Health at Work in Singapore on 4 September 2017. The initiative is a ground-breaking approach to the entire organisational H&S system. Seven golden rules lie at the heart of the campaign that will help employers reduce occupational injury and morbidity rates. All the rules are flexible and suitable for organisations of any scale around the globe. These are ready-to-use tools to develop occupational health and safety strategy in any business.

Metinvest Group CEO Yuriy Ryzhenkov said "Human life is a key asset at Metinvest Group. As part of our business strategy, the company is improving and adopting the world's best practices to create safe working conditions at our plants. Our participation in the Vision Zero sets higher safety standards for us. We seek not only to meet legal requirements, but also to take additional measures to mitigate risks."

ISSA Secretary General Helmut Ehnes said "Our Association has developed a strategy to prevent workplace accidents. It is simple and includes seven rules. If an organisation cooperates with us, it adheres to the rules. We have a range of developments and tools, support workshops and lectures, as well as create networking and experience sharing opportunities within the organisation."

Source : Strategic Research Institute
Severstal board recommends dividend payment

The Board of Directors of Severstal has recommende a dividend of 35.43 roubles per share for the three months ended 31 March 2019. Approval of the dividend is expected at the Company’s EGM which will take place on 7 June 2019.

The record date for participation in the EGM is 13 May 2019.

In the case that the dividend payments for the first three months ended 31 March 2019 are approved at the EGM, the record date for this dividend payment will be 18 June 2019.

Source : Strategic Research Institute
Worldsteel Director Dr Nae Hee Han blog on Short Range Outlook

Dr Nae Hee Han worldsteel Director, Economic Studies and Statistics said that our April 2018 Short Range Outlook was based on a rosy picture of the global economic environment, which turned somewhat sour in the third quarter of 2018. Two factors contributed to the worsening of the economic environment. First, the global economic cycle peaked during the course of 2018. Second, uncertainties have escalated with trade wars leading to financial market volatilities. Added to this, the world has been nervous about China’s slowdown. As a result, global economic institutions like the IMF and the OECD have continuously been revising downward their economic forecasts for 2018 and 2019.

As we move into 2019, the risks have not subsided, uncertainties remain elevated and trade tensions are still on top of the list along with China’s slowdown. The changes in IMF Global GDP forecasts from October 2017 to 2020. We can see that global GDP growth forecasts for 2018 and 2019 have been revised downward continuously since our October 2018 SRO reflecting the above factors. With this background, the results of our 2019 SRO come as no surprise. Our forecasts for growth of global steel demand in 2018 and 2019 have remained surprisingly stable with virtually no revisions since the April 2018 SRO, despite a rather dramatic turnaround in the economic sentiment mentioned above.

This is rather unexpected. Usually, steel demand fluctuates considerably around business cycles and is sensitive to business confidence, but it does not seem to be the case this time.

However, when we look at the details of revisions, we do see some upward and downward revisions. China’s steel demand forecast for 2019 was revised up by 1 percentage point on the account of stimulus measures, which was offset by a 1 percentage point downward revisions in the rest of the world.

But the downward revisions in the rest of the world come mostly from Turkey and the Middle East, which is accountable to region specific factors (i.e. currency crisis and oil price, respectively).

So, all in all, steel demand stood resilient to the economic downturn in many parts of the world. Later on in 2020, the growth is expected to accelerate in most emerging economies. So, it is true that due to China’s structural transformation, the global steel industry has moved to a slower growth pace, but the global steel industry can still count on the emerging economies to continue to drive growth in steel demand even in difficult times - particularly India and the Association of Southeast Asian Nations.

Source : Strategic Research Institute
JSW open to sell steel on advance licence to export-oriented engineering companies

Business Line reported that JSW Steel has offered to supply steel to export-oriented engineering companies at the landed cost of imports without adding customs duty under the advance licence mechanism. Mr Seshagiri Rao, Joint Managing Director JSW Steel, said “There is enough schemes for exporting engineering companies to import steel without paying duty. He said that assuming they are facing difficulty in importing. The industry is willing to supply steel at the landed cost under advance licence.”

He added “In fact, he added engineering companies can source hot-rolled coil at a much cheaper price than importing, if the government reimburse import duty ranging INR 500-1,250 a tonne to steel companies.”

In a bid to incentivize export, the government allows exporting units to import raw material duty-free under the advance licence. While steel companies have been demanding the government to increase duty to prevent cheap imports, the Engineering Export Promotion Council recently voiced concern against the protectionist measure. In a presentation made to the Commerce Ministry opposing any hike in steel import duty, EEPC highlighted how steel prices have shot up in the past two years. This apart, it said the delivery period has increased to 4-6 months from just a few weeks ago, it claimed.

Source : Business Line
Mutares doet bod op ArcelorMittal TrefilUnion

20,605 -0,435 -2,07 % Euronext Amsterdam

(ABM FN-Dow Jones) Mutares heeft een overnamebod uitgebracht op ArcelorMittal TrefilUnion. Dit maakte de bieder dinsdag bekend zonder financiële details te geven.

Het betreffende onderdeel bezit twee fabrieken in Frankrijk, die staalkabels en -draad produceren.

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

© Copyright ABM Financial News B.V. All rights reserved.
'Bod op Franse dochter Arcelor is klein bier'

Gepubliceerd op 23 apr 2019 om 11:25 | Views: 1.748

ArcelorMittal 13:53
20,56 -0,48 (-2,28%)

AMSTERDAM (AFN/BLOOMBERG) - De eventuele verkoop van TrefilUnion door staalgigant ArcelorMittal zou zeer beperkte gevolgen hebben. Dat schrijft een analist van Société Générale, nadat de Duitse investeerder Mutares een bindend bod had gedaan op de dochteronderneming.

TrefilUnion maakt draden en staalkabels in twee fabrieken in Frankrijk. Het overnamebod is volgens Société Générale goed nieuws, maar amper van belang omdat het om kleine onderdelen gaat die bovendien niet bij de kernactiviteiten van ArcelorMittal horen.

ArcelorMittal stond dinsdagochtend omstreeks 11.05 uur 2,2 procent lager op 20,58 euro.
Nucor overtreft winstverwachting

$ 56,99 0,00 0,00 % NYSE

(ABM FN-Dow Jones) Nucor heeft in het eerste kwartaal een hoger dan verwachte nettowinst gerealiseerd. Dat maakte het Amerikaanse staalconcern dinsdag bekend.

De winst per aandeel bedroeg 502 miljoen dollar, of 1,63 dollar per aandeel tegen 354 miljoen dollar of 1,10 dollar per aandeel een jaar eerder. De verwachting was 1,50 dollar per aandeel.

"Ons gediversifieerde bedrijfsmodel helpt ons opnieuw om een aanzienlijke verbetering van de winst in het eerste kwartaal te realiseren op jaarbasis", stelde CEO John Ferriola.
Het bedrijf blijft werken aan groeiende winst en hogere marges, door nieuwe projecten te starten, maar kijkt ook naar overnames voor meer winstgevende groei. "We zullen gedisciplineerd en opportunistisch blijven."

De omzet was met 6,1 miljard dollar 10 procent hoger dan een jaar eerder. De gemiddelde verkoopprijs per ton steeg met 13 procent op jaarbasis, maar was 4 procent lager dan in het vierde kwartaal van 2018.


Voor het tweede kwartaal voorziet het bedrijf uit Charlotte in de staat North Carolina een vergelijkbaar resultaat als in het eerste, afgezien van een boekwinst van 34 miljoen dollar op een verkochte investering in het ruwe-grondstoffensegment.

Zwakkere marges voor plaatstaal zullen compenseren voor hogere marges voor ijzerstaven. De ruwe grondstoffen zullen het minder goed doen door margedruk.

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

© Copyright ABM Financial News B.V. All rights reserved.
GMS Market Commentary on Shipbreaking in Bangladesh in Week 16 - BULLISH ON BUYING!

Capes and containers keep flowing into a bullish Bangladeshi market and despite logical expectations concerning the performance of this market over the recent past, there seems to be no sign of things slowing down any time soon for the hungry Chattogram Buyers, despite their voluminous imports through the first quarter. There is of course the budget date of June 5th to keep in mind as end Buyers are primarily looking to import vessels before this date, as increased taxes / duties on the domestic steel sector are expected in this latest announcement, something that has historically been a regular suspicion before the announcement of every subcontinent budget.

There is also a strong desire to import vessels negotiated before the monsoon season starts towards the end of May / start of June, when the constant rains hamper the pace of cutting activities and most of the seasonal labor returns to their home towns during these slower months.

Yet, local port position remains a busy affair as a healthy majority of arrivals into Chattogram that were beached last week, only to be replaced by an equivalent fresh batch of arrivals this week.

As such, the future performance of the Bangladeshi market remains an opaque gaze of uncertainty and potential surprises at the same time, given that their voluminous imports have thus far seemed to unfaze this market, despite local yards being continually stuffed with deliveries through much of this year.

Source : Strategic Research Institute
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