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Banks approve CarVal’s resolution plan for steel assets of Uttam Galva - Report

ET, citing 2 people aware of the resolution plan, reported that lenders to the distressed steel assets of Uttam Value Steels and Uttam Galva Metallics on Sunday approved a INR 2:400 crore resolution package in a staggered payment plan that requires banks to take haircuts of more than 60% on the loans. The sources said “The offer includes equity commitment of INR 100 crore. Of the total amount about INR 650 crore will be paid immediately, with the remaining spread over the next 5-6 years.”

ET report added “The resolution professional, Mr Rajiv Chakraborty of PwC, now has until May 7 to get the plan of CarVal Investors and Asset Reconstruction Company of India (Arcil) approved by the dedicated bankruptcy court.”

Focused on distressed and credit-intensive assets, CarVal is the investment arm of food and agriculture conglomerate Cargill.

A consortium of lenders, led by State Bank of India, has INR 6,113 crore of loans outstanding in these two accounts. Other banks with significant exposure to the assets include Punjab National Bank, Canara Bank and Andhra Bank

JSW Steel and Liberty House had earlier sought to invest in these assets. However, final bids came in only from CarVal and another consortium led by SSG Capital Management.

The assets, which are associate companies of Uttam Galva Steels, comprise one million tonne hot-rolled production capacity of Uttam Value Steels at Wardha in Maharashtra, for which the former purchases pig iron from Uttam Galva Metallics.

Source : ET
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DTI to expedite permit process for integrated steel projects in Philippines

BWorld Online reported that Philippine Department of Trade and Industry will expedite the permit process for the construction of steel plants in the Philippines on orders from President Mr Rodrigo R Duterte. According to a DTI statement issued last week, “Trade Secretary Mr Ramon M Lopez vowed to closely coordinate with all government agencies so that permits and licenses for critical steel projects are issued within 20 days from filing and to intensify DTI’s effort in tracking and weeding out substandard steel from the market particularly as these are typically being used in lower-end housing.”

The DTI said that “President Duterte assured investors that government will address the two issues raised – slow permit and licensing processes [eg, land conversion, environmental permits etc] and absence of level playing field because of sub-standard imported and locally-manufactured steel.”

Mr Duterte recently assigned the DTI to monitor and coordinate all government efforts to ensure the timely implementation of investment projects that will bring integrated steelmaking to the country.

At present, Steel Asia Manufacturing Corp is the only domestic firm with current plans to put up an integrated iron and steel plant. Last December, Steel Asia, HBIS, Huili Investment Fund Co Ltd, the Trade and Defense departments inked a deal for a USD 4.4 billion integrated steel facility inside the Phividec Industrial Estate in Misamis Oriental. The Mindanao steel facility will produce major intermediate steel products including billets and slabs that are currently only sourced from imports.

Source : BWorld Online
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Krakatau Steel to restructure subsidiaries to become agile

Tempo reported that Indonesia’s state owned steel producer PT Krakatau Steel plans to restructure its corporate organization and a number of subsidiaries for the next three months and that it would consolidate subsidiaries having similar business lines. Corporate president director Mr Silmy Karim said his firm is under pressure due to the rampant circulation of imported steel in Indonesia since 2014. Thus, he opined, the corporate must be realistic, and so cutting down the non-productive business. Mr Silmy targeted to complete the restructuring this year. He added that “In a bid to actualize the fit, agile, and fast company. Besides, it will support the main and supporting business as to strengthen the company’s value in the future adding that he would allocate the firm’s resources to back high margin business.”

According to him, the government must encourage and strengthen the national steel industry through cross ministries and institutions. Otherwise, the implementation of industry 4.0 toward the steel industry would be fruitless.

Throughout 2018, Krakatau Steel recorded a net income hike by 20.05% YoY at USD 1.73 billion. This was in line with the increase in sales volume at 12.84% or 2.14 million tonnes, compared to the previous year’s 1.90 million tonnes. Meanwhile, the deficit amounted to USD 74.82 million, lower than the previous year’s USD 81.74 million.

Source : Tempo
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Tokyo Steel to keep prices steady in May for fifth month

Reuters reported that Tokyo Steel Manufacturing Co Ltd, Japan’s top electric-arc furnace steelmaker, said that it would keep its steel product prices steady in May due to delays in some construction projects and higher local inventories. This is the fifth straight month the company kept prices unchanged for all of its steel products, including its main H-shaped beams. For May, prices of steel bars, including rebar, will remain at JPY 69,000 (USD 617) a tonne, while H-shaped beams will also stay at JPY 89,000 a tonne.

Tokyo Steel MD Mr Kiyoshi Imamura told reporters that “Local flow of steel products have slowed as a shortage of some materials such as bolts caused delays in some construction projects, while higher imports also helped boost local steel inventories. But I expect bolts shortage to ease and construction activities will pick up by end-June as domestic demand is fairly strong due to redevelopment projects in Tokyo metropolitan area and construction of new hotels in Okinawa, Kyushu and Hokkaido to meet rising foreign tourists.”

Source : Reuters
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Steel Dynamics reports first quarter 2019 results

Steel Dynamics Inc has announced first quarter 2019 financial results. The company reported first quarter 2019 net sales of USD 2.8 billion and net income of USD 204 million. Comparatively, prior year first quarter net income was USD 228 million, with net sales of USD 2.6 billion. Sequential fourth quarter 2018 net income was USD 270 million, which included additional company-wide performance-based compensation of USD 0.04 per diluted share and lower earnings of USD 0.10 per diluted share, associated with planned maintenance outages at the company's liquid pig iron production facility and its two flat roll steel mills. Excluding these items, the company's fourth quarter adjusted net income was USD 302 million, or USD 1.31 per diluted share.

Mr Mark D Millett, President and Chief Executive Officer, said "The team delivered a strong first quarter performance in a somewhat challenging flat roll steel pricing environment. A downward trend in flat roll steel prices began in the second half of 2018, and continued through mid-first quarter 2019, reaching an inflection point in February 2019. The teams were able to increase shipments and offset some of the margin compression, resulting in first quarter 2019 consolidated operating income of USD 292 million and adjusted EBITDA of USD 382 million. The continued stabilization and improvement in flat roll steel prices are having a positive impact, resulting in increased flat roll order activity and solid order backlogs. We are seeing continued strength in the automotive, energy and industrial sectors, and as evidenced by strong steel fabrication backlogs, strength in non-residential construction."

First quarter 2019 operating income for the company's steel operations was USD 312 million, or 22% lower than sequential fourth quarter 2018 results. The decline in earnings resulted from metal spread compression driven by lower flat roll steel pricing, which more than offset increased overall steel shipments. The first quarter 2019 average product selling price for the company's steel operations decreased USD 38 to USD 902 per ton. The average ferrous scrap cost per ton melted only decreased USD 5 to USD 338 per ton.

First quarter 2019 operating income from the company's metals recycling operations increased to USD 20 million, compared to USD 17 million in the sequential fourth quarter, based on improved recycled nonferrous shipments and average pricing. Conversely, recycled ferrous shipments and metal spread declined modestly in the quarter.

First quarter 2019 operating income from the company's steel fabrication operations was a strong USD 21 million, or 39% higher than sequential fourth quarter results. Earnings improved as higher product pricing and lower raw material steel input costs, resulted in expanded profit margins which more than offset lower shipments related to inclement weather conditions that occurred during the first quarter. The steel fabrication platform order backlog remains strong, and customers remain optimistic concerning non-residential construction projects heading into the summer season.

Source : Strategic Research Institute
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GMS Market Commentary on Shipbreaking in Week 16 - DEALS DONE!

As we near the cut off date of the Bangladeshi budget on June 5th and the upcoming monsoon season across the subcontinent markets, deals keep being concluded – particulary in the beleaguered Capesize bulker and container sectors. A red hot Chattogram market has been (and continues) securing a majority of the market tonnage, at levels in the mid-to-high USD 400s/LDT, whilst the competing Indian and Pakistani markets struggle some USD 20 – USD 30/LDT behind. There are growing expectations that new taxes / duties might be introduced in the Bangladeshi budget, which is why end Buyers are nervous about acquiring vessels post-June 5th and are primarily looking for prompt deliveries at this time.

India too has taken in a steady flow of HKC SoC green units along with offshore vessels this year and this trend is certainly set to continue, going into the second-half of 2019.

Pakistan still remains stranded some ways behind both Bangladesh and India and has really only been taking small LDT vessels this year (fearful of their exposure on some of the larger units on offer). However, prices in Pakistan have at least been inching up of late, but this is still not enough for them to be competitive (even with India at present). As such, given the rate at which things are progressing in Gadani, it will take some more time for local Buyers to start acquiringtheir share of the market tonnage once again.

Finally, the Turkish market seems to have hit a“freeze” of sorts, with currency, fundamentals and (negative) sentiments all stagnating over the last couple of weeks.

Source : Strategic Research Institute
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Air Products to build, own and operate second ASU for Big River Steel in Arkansas

Air Products announced an agreement to build, own, and operate a second air separation unit to support Big River Steel LLC's expansion at its Osceola, Arkansas steel mill. The new ASU, scheduled to be onstream in January 2021, adds to Air Products' existing ASU at the same location and will provide oxygen, nitrogen and argon to both Big River Steel and the merchant market. Additionally, the two companies' current long-term industrial gas supply contract was extended several years.

The new facility will be capable of producing over 250 tons per day of oxygen and additional quantities of liquid products, boosting Air Products' liquid bulk business for the merchant market which is seeing regional growth in several segments including food, metals, construction and stainless-steel industries.

Air Products has supplied Big River Steel at Osceola from a dedicated ASU since 2016. Big River Steel announced in June 2018 that it is expanding its LEED-certified, Arkansas-based scrap recycling and steel production facility. The expansion will double Big River Steel's hot-rolled steel production capacity to 3.3 million tons annually. In addition, the expansion will facilitate the company's ability to produce even higher grades of electrical steel, demand for which is expected to increase with continued focus on energy efficiency and the increase in hybrid and electric vehicle sales.

Source : Strategic Research Institute
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Iranian steel exports hit 5.4 million tonne in last Iranian year

Financial Tribune reported that major Iranian steelmakers exported a total of 5.54 million tonnes of steel during the last Iranian year (ended March 20, 2019) to register a year on year decline of 25%. Latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show that steel mills shipped out 457,585 tonnes during the 12th month of the year (February 20-March 20), which shows a 44% decrease compared with the same month of the year before.

Source : Financial Tribune
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Nucor EVP Mr Joe Stratman to retire

Nucor Corporation announced that Chief Digital Officer and Executive Vice President, Mr R Joseph Stratman, plans to retire on June 8, 2019 after more than 29 years of service with Nucor. Mr Stratman began his career with Nucor in 1989 as Controller of Nucor Building Systems-Indiana. He then served as Controller of Nucor-Yamato Steel Company, General Manager of Nucor Steel-Nebraska and General Manager of Nucor-Yamato. He was promoted to Vice President of Nucor in 1999 and to Executive Vice President of Beam and Plate Products in 2007. Mr Stratman later served as Executive Vice President of Business Development, Executive Vice President of Raw Materials and most recently as Chief Digital Officer and Executive Vice President.

Effective May 19, 2019, Ms Mary Emily Slate will be promoted to Executive Vice President and will assume responsibilities for the Tubular Products Group, logistics and certain joint ventures. Ms Slate began her career with Nucor in 2000 as District Sales Manager at Nucor Steel-Arkansas. She later served as Sales Manager at Nucor Steel Decatur LLC and then as Cold Mill Manager. In 2010, Ms Slate was promoted to General Manager of Nucor Steel Auburn Inc and was elected Vice President in 2012. She was promoted to Vice President of Nucor Steel-Arkansas in 2015.

Mr Ladd Hall will continue to serve as Executive Vice President of Sheet Products and Mr Ray Napolitan will assume responsibility for Nucor's digital initiatives while continuing his role as Executive Vice President of Engineered Bar Products.

Source : Strategic Research Institute
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AISI update on raw steel production in US in Week 16

In the week ending on April 20, 2019, domestic raw steel production was 1,903,000 net tons while the capability utilization rate was 81.8%. Production was 1,780,000 net tons in the week ending April 20, 2018 while the capability utilization then was 76.0 percent. The current week production represents a 6.9% increase from the same period in the previous year. Production for the week ending April 20, 2019 is down 0.6 percent from the previous week ending April 13, 2019 when production was 1,915,000 net tons and the rate of capability utilization was 82.3%.

Adjusted year-to-date production through April 20, 2019 was 29,954,000 net tons, at a capability utilization rate of 81.9%. That is up 6.9% from the 28,033,000 net tons during the same period last year, when the capability utilization rate was 76.4%.

Broken down by districts, here's production for the week ending April 20, 2019 in thousands of net tons: North East: 186; Great Lakes: 741; Midwest: 186; Southern: 720 and Western: 70 for a total of 1903.

Source : Strategic Research Institute
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Posco pursues eco-friendly business with steel byproduct slag

Korea Herald reported that Posco, citing its application of slag and gases to the company’s conservation projects and businesses, said that steelmaking itself is not environment-friendly, but its byproducts can be. Posco said “Slag, if the lime is separated, can be used as a fertilizer to improve the production of rice around 10-15% while preventing soil acidification and generating less methane. Slag can also be recycled when used in cement and concrete production. Posco has developed eco-friendly slag cement that has a high level of chloride invasion resistance and reduces hydration heat. The product, named PosMent, is appropriate for offshore concrete and was jointly developed by construction arm Posco Engineering & Construction and the Research Institute of Industrial Science and Technology.”

By using a total of 10.69 million tonnes of slag for PosMent production, Posco estimates it has reduced 8.39 million tonnes of carbon dioxide when compared to greenhouse gases produced in the making of regular cement.

Posco developed Triton, an artificial reef produced by steel slag, to create a healthy environment for marine life. Last year, the company supplied 1,418 units of Triton for marine forest projects executed by the government and municipalities.

On average, in the process of making 1 tonne of steel around 600-700 kilograms of byproduct is produced, mostly slag. Slag, a mixture of silica and calcium, magnesium and iron oxides, can be used for the conservation of marine ecosystems, as its rich mineral components can accelerate the growth of marine plants and purify polluted water.

Source : Korea Herald
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Steel Dynamics outlines positive outlook on strong steel consumption in US

Mr Mark D Millett, President and Chief Executive Officer, said "We believe the market dynamics are in place for domestic steel consumption to continue to increase this year. Based on domestic steel demand fundamentals and continued customer optimism, we believe North American steel consumption will experience steady growth. In combination with our existing and newly announced expansion initiatives, we believe there are firm drivers for our continued growth. We are excited about our planned flat roll steel mill, and the anticipated long-term value creation it will bring through geographic and value-added product diversification. We plan for the new steel mill to have product capabilities beyond existing EAF flat roll steel producers today, competing even more effectively with the integrated steel model and foreign competition. We have targeted regional markets that represent over 27 million tons of relevant flat roll steel consumption, which includes the growing Mexican flat roll market. This facility should have a meaningful competitive advantage in those regions.”

Mr Millett concluded "We continue to strengthen our financial position through strong cash flow generation and the execution of our long-term strategy. We are well-positioned for growth and remain focused on delivering long-term shareholder value through organic and transactional growth opportunities.”

Source : Strategic Research Institute
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OMC to open 4 new mines and increase output to beat iron ore crunch

Chander Caller reported that state-controlled aims to open four new iron ore mines in this financial year as it anticipates a deficit in iron and supplies from March 2020. The validity of merchant mines is lapsing next year which is why also wants to scale up output at its existing flagship operations like Daitari and Gandhamardhan. A senior executive said that “Last financial year, our production is estimated to be in upwards of 10 million tonnes. By 2020-21, we are targeting an iron ore output of 20 million tonnes. Of late, has been obtaining environment and forestry clearances for its mines with alacrity. The approvals will enable us to kick-start operations from four new iron ore leases in 2019-20.”

OMC committing to scale iron ore production could soothe the frayed nerves of steel and other industries vexed over the supply crisis that may erupt with validity of merchant mines expiring by March 31, 2020. Odisha has 16 operative iron ore mines with an approved limit to mine 79.80 million tonnes.

For ramping up production at its older mines like Daitari and Gandhamardhan, OMC is banking on enhanced mechanisation. The mining PSU is embarking on the MDO (Mine Developer Cum Operator) model for the iron ore sector to accelerate output. The MDO currently is in vogue at many coal mines in the country but it has not been tested on a massive scale for iron ore operations.

The official added that “We have recently floated tenders to select an MDO partner. OMC is keen to rope in private operators and involve them in streamlining our operations.”

Source : Chander Caller
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Winstwaarschuwing staalbedrijf Posco

Gepubliceerd op 24 apr 2019 om 11:24 | Views: 927

ArcelorMittal 13:16
20,30 -0,15 (-0,71%)

SEOUL (AFN/RTR/BLOOMBERG) - Het Zuid-Koreaanse staalconcern Posco heeft gewaarschuwd dat de winst dit jaar onder druk zal staan door een zwakkere vraag en hogere grondstofprijzen. Dat meldde het bedrijf bij de bekendmaking van cijfers over het eerste kwartaal.

De operationele winst zakte in het eerste kwartaal naar 1,2 biljoen won, omgerekend 1 miljard euro, van 1,49 biljoen won een jaar eerder. De omzet steeg licht tot 16 biljoen won. Posco denkt wel dat de staalprijzen dit jaar wat zullen aantrekken, mede door de stimuleringsmaatregelen voor de Chinese economie. Posco is de op vier na grootste staalproducent ter wereld.

In Europa stonden staalbedrijven en mijnbouwers woensdag onder druk, mede door een adviesverlaging voor Anglo American door JPMorgan Chase. ArcelorMittal zakte 0,5 procent in de AEX.
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Pakistan Steel revival plan delayed - Report

The Dawn reported that Pakistan’s Ministry of Industries and Production has delayed its decision to forward the summary of proposals to the Economic Coordination Committee of the Cabinet prepared by the Experts Group, which was tasked to give its recommendations for reviving the Pakistan Steel Mills. A senior MoIP official told Dawn on Monday that the decision to forward the summary has been put on hold as the PSM is currently without chief executive officer or chairman. He said “The process to appoint a permanent CEO and board members is likely to be completed within a few days,” the official said, adding that without the presence of any authority at the PSM, there is no point in forwarding the Expert Group summary to the ECC for consideration.”

Earlier, MoIP Joint Secretary Mr Naeem Jan was appointed as the PSM CEO in February, but was later removed in April. Moreover, former PSM chairman Mr Jabbar Memon was also removed from his position on March 28 whereas another senior board member Mr Razi Raziuddin had resigned. Currently there are nine members on the PSM board, but the MoIP is yet to issue directives for the election of the chairman.

The Pakistan government has decided to place the steel mill under Privatisation Commission again to finalise a revival plan under the public-private partnership mode.

Source : Dawn
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GMS Market Commentary on Shipbreaking in Pakistan in Week 16 - SEEKING SMALL!

As the lowest placed subcontinent market, it was difficult for Pakistan to get into the buying at all for another week, despite a ravenous demand to import vessels locally. Plots remain virtually empty, apart from the odd smaller LDT unit here and there, which Gadani buyers have sadly been reduced to acquiring these days. As frustrating as their reality is, Gadani Buyers have gone a second straight week with no new arrivals reported locally.

As such, there is simply no competing with the relentless Bangladeshi market and even with monsoon season, elections, and budgets, all on the horizon for their competitors, there is little hope that Gadani end users can get back to serious buying any time soon at present rates.

Source : Strategic Research Institute
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46% surge in steel imports into India in March causing worry - Mr Seshagiri Rao of JSW Steel

Mr Seshagiri Rao, Joint MD & Group CFO of JSW, in an interview with ETNOW said that whatever trade remedial actions have been taken by India in the last few years is not very effective. He said “That is getting reflected in March 2019 numbers. The imports went up by 46% and at the same time, the exports have fallen by 16% in March. So, imports are coming into India in a big way because of the trade diversions.”

He added “If you look at the USA Section 232 imposition or Canada or Turkey or other Asian countries including Europe, almost 1.4 to 1.5 million tonnes of steel imports have been cut by Japan, Korea, Russia and China. At the same period, in India, it has grown by 0.9 million tonnes. So imports into India are growing and that is a concern for the overall steel industry in India.”

Source : Strategic Research Institute
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Nucor reports results for first quarter of 2019

Nucor Corporation announced consolidated net earnings of USD 501.8 million for the first quarter of 2019. By comparison, Nucor reported consolidated net earnings of USD 646.8 million for the fourth quarter of 2018 and USD 354.2 million for the first quarter of 2018. Mr John Ferriola, Nucor's Chairman, Chief Executive Officer and President, said "Our diversified business model helped us to once again deliver a significant year-over-year improvement in first quarter earnings. Our plate, bar, and structural mills were strong contributors in the first quarter, and several of our downstream businesses also increased earnings as compared to the year ago period."

Mr Ferriola continued, "While we are focused on bringing new projects online to drive incremental earnings growth and margin expansion, we are also actively evaluating other profitable growth opportunities. We will remain disciplined and opportunistic, consistent with our focus on shareholder value creation. Overall, Nucor is well-positioned for continued growth and success, we are building on our strong momentum and we remain confident in our near-and long-term prospects."
Nucor's consolidated net sales decreased 3% to USD 6.10 billion in the first quarter of 2019 compared with USD 6.30 billion in the fourth quarter of 2018 and increased approximately 10% compared with USD 5.57 billion in the first quarter of 2018.

Average sales price per ton in the first quarter of 2019 decreased 4% compared with the fourth quarter of 2018 and increased 13% compared with the first quarter of 2018.

A total of 6,767,000 tons were shipped to outside customers in the first quarter of 2019, a 1% increase from fourth quarter of 2018 and a 3% decrease from the first quarter of 2018. Total steel mill shipments in the first quarter of 2019 increased 2% from the fourth quarter of 2018 and decreased 4% from the first quarter of 2018. Downstream steel products shipments to outside customers in the first quarter of 2019 decreased 2% from the fourth quarter of 2018 and decreased 3% from the first quarter of 2018.

Outlook - Earnings in the second quarter of 2019 are expected to be similar to the first quarter of 2019, excluding the gain on the sale of the equity method investment. The performance of the steel mills segment in the second quarter of 2019 is anticipated to be consistent compared to the first quarter of 2019 as weakening margins for sheet and plate mill products are expected to be offset by improving margins for structural and bar mill products. The profitability of Nucor's steel products segment in the second quarter of 2019 is expected to significantly improve as compared to the first quarter of 2019, as typical seasonal patterns and improved weather conditions should benefit nonresidential construction markets. The performance of the raw materials segment is expected to decrease in the second quarter of 2019 as compared to the first quarter of 2019 due to further margin compression in the Company's DRI businesses.

Source : Strategic Research Institute
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Tsingshan expands plans for Zimbabwe steel plant

Chronicle reported that Zimbabwe’s Mines Minister Mr Winston Chitando announced that China’s Tsingshan Holding Group has expanded its plans for a steel plant in Zimbabwe to include a power plant and a lithium concession. Mr Chitando said “The MoU signed today expands the scope of the original MoU. Tsingshan now aimed to produce 1 million tonnes of ferrochrome for local use and for export as part of the project, versus an initial target of about 550,000 tonnes of ferrochrome for local use only. Tsingshan will also explore the viability of upgrading Zimbabwe’s rail link to Mozambique’s Beira port. The initial phase is valued at USD 2 billion and the value for the second phase, as the projects are implemented, will depend largely on the feasibility studies which will be carried out, but we are looking at between USD 5-10 billion.”

He added that “The MoU provides for the construction of a 600 megawatts power plant in two phases of 300 megawatts each. Tsingshan will also be involved in lithium mining and value addition. They also agreed to revamp the railway system to transport the products. The MoU also includes Tsingshan looking into the possibility of working with the Government and other investors in exploring the upgrading of the railway to the port or the construction of a new railway line, whichever will be established to be more economically feasible. It also provides for the establishment of a dedicated port along the coast which will handle production coming from various operations in Zimbabwe.”

Since June last year, Minister Chitando said, Tsingshan has made significant progress in implementing the deal. He said “In terms of the MoU signed around June last year, the Zimbabwean Government committed to providing resources to Tsingshan in the form of chrome, nickel, iron ore and coal resources. Since then, Tsingshan has concluded the expansion drive of 100 000 tonnes of ferrochrome at the Selous plant. It has started resource evaluation at the coal special grant in Hwange. It also started resource evaluation at the special grant in Mvuma area. Conclusions in terms of the company’s granting of nickel concessions were done.”

The minister said the initial project is set to establish a two million tonne steel facility in the Mvuma area, of which 1 million tonnes will be carbon steel and the other 1 million tonnes being stainless steel.

Source : Chronicle
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ATI announces first quarter 2019 results

Allegheny Technologies Incorporated has reported first quarter 2019 results, with sales of USD 1.0 billion and net income attributable to ATI of USD 15.0 million. This compares to ATI’s first quarter 2018 sales of USD 979 million and net income attributable to ATI of USD 58.0 million. Mr Robert S Wetherbee, ATI President and Chief Executive Officer, said “While our first quarter sales increased to USD 1 billion, our financial results were below our expectations as we faced unexpected operational headwinds in both of our business segments. We are working proactively to address challenges we faced in the form of short-term powder billet shortages and higher operating costs by ramping up our own production to offset future uncertainty. The company holds strong positions in high-value, growing markets, and the overall fundamentals of our businesses are solid. We are on track to deliver improved results in the second quarter and throughout the balance of 2019, and progress toward our longer-term objectives remains on pace.”

HPMC sales increased 7.2% in the first quarter 2019 compared to prior year primarily due to higher aerospace & defense market sales, led by growth in airframes and government and defense. Next-generation jet engine products sales increased by 8.9% and represented 52% of total first quarter 2019 HPMC jet engine product sales. Despite the increase in these sales, HPMC operating profit declined versus prior year to USD 72.6 million, or 12.1% of sales, due to the greater than anticipated operational and cost headwinds.

FRP sales were down 4% in the first quarter 2019 compared to prior year, largely due to weaker demand for commodity stainless products, resulting in an operating loss of USD 10.9 million for the first quarter of 2019.

Source : Strategic Research Institute
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