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Primetals Technologies optimizes pickling line-tandem cold mill for Hyundai Steel

Primetals Technologies optimized the drive and automation equipment of the pickling line tandem cold mill no 1 at the Dangjin plant of Hyundai Steel, a Korean steel producer, within a short period of time. After a refurbishment phase at the end of 2018, all the agreed proofs of performance for the production of more than 20 different product groups were completed by January in a period of just four weeks. The production capacity of the PLTCM was substantially increased at the same time, which now enables it to supply cold-rolled strip to an additional strip galvanizing line at the Suncheon plant. The refurbishment was preceded by a detailed analysis of the weak points of the entire plant and the development of a targeted refurbishment concept. This increased the production potential of the existing lines and minimized the investments needed for new equipment.

The analysis preceding the refurbishment showed that, instead of replacing the entire drive train, only the drive trains on stands two and three had to be replaced to eliminate the weak points. The available installed reserves of stands one, four and five were utilized and the load optimally redistributed to achieve the required increase in throughput for the complete plant. New transformers and cycloconverters were installed on stands two and three, and new motor and gear units were mounted on the existing foundations. The "Motor Utilization Model – MUM" newly developed by Primetals Technologies was used for the first time to make the maximum possible use of the installed performance reserves of the new and existing stand motors. The load was distributed optimally to adapt it specifically to the product mix and to obtain the best possible dynamic use of the forming forces of the individual stands. The objective was to achieve the maximum degree of forming along the complete line, and to come as near as possible to the load limits of the individual stands.

The continuous power of the new machines is around 36 percent higher and they allow the rolling work to be optimally redistributed in the tandem mill. Some of the low-voltage drives were also replaced. For example, the rollers on the infeed side are now equipped with motors and drives that are up to 50 percent larger in order to deliver the required pulling force at higher speeds. In addition to the renewal of the drive equipment, the technological controls in the basic automation and the Level 2 rolling regulations were modernized. The refurbishment of all parts of the plant was planned in great detail and completed right on schedule within the timeframe of 15 days. It was even possible to hold the first tests of the rolling operation one day earlier than scheduled. The first strip was successfully rolled as planned on December 14, and the plant was brought up to its previous throughput within three days.

All the verifications for more than 20 individual product groups, mainly interstitial free grades and other products for the automotive sector, were completed by the end of the first month. The plant also significantly surpassed the contractually agreed parameters within the first few weeks.

PLTCM no.1 at Hyundai's Dangjin site now has a capacity of around 1.8 million tonnes per annum. It processes cold steel strip in widths ranging from 600 to 1,800 millimeters. The entry thicknesses can vary between 1.2 and 6 millimeter, and from 0.25 to 3 millimeters on the exit side. The maximum strip speed is 1,400 meters per minute. The line consists of four four-high stands and one six-high rolling stand. Primetals Technologies had equipped the line with process automation back in 2006.

Source : Strategic Research Institute
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US ferrous scrap exports in 2018 surge by 14% YoY

According to official trade statistics from the US Census Bureau, US ferrous scrap exports saw the largest gain in 2018, increasing nearly 14% to 15.6 million tonnes.

Turkey remained the largest export market for US ferrous scrap in 2018, importing more than 3.4 million metric tons, following by Taiwan, Mexico, Vietnam, and South Korea. But last year's gains in ferrous scrap exports were not driven by Turkey. In fact, the largest net market gains (by volume) were in Taiwan (+583 kt), Egypt (+401 kt), S. Korea (+359 kt), Indonesia (+345 kt), Vietnam (+342 kt), Malaysia (+296 kt), and Bangladesh (+200 kt), along with gains to India, Mexico, and Brazil.

US Ferrous Scrap Exports (ex- stainless and alloy steel scrap)

Voor cijfers, zie pdf.

Source : Strategic Research Institute,
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Asturias imports 479,000 tonnes of steel via Gijon, Aviles ports

PortSEurope reported that Asturias region imported 479,083 tonnes of steel products through the ports of Gijón and Avilés in 2018, of which 261,808 came from non-EU countries and the remainder of the EU, including Spain. Imports of non-EU steel are one of the concerns of the steel industry. They accounted for 3.2 million tonnes of non-EU steel that arrived in Spain in 2017 from countries outside the EU, just over 5% the two Asturian ports.

In total, between 2015 and 2018, 1.82 million tonnes of steel arrived in Asturias by sea, of which 995,000 tonnes came from non-EU countries. One third of this metal imported by the Asturian companies has its origin in steel mills in Brazil, a country from which 371,000 tonnes were sent in four years, most of it via Avilés.

Steel imports from China, Ukraine, Turkey, Russia and Taiwan continue to be of importance to Brazilian imports from non-EU countries. China, a major concern of the European steel industry, only reached 6,817 tonnes last year to Asturias, through Gijón.

Source : PortSEurope
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Ferrexpo sells 10.6 million tonne of iron ore pellets in 2018

Ferrexpo plc has announced its financial results for the year ended 31 December 2018. Mr Steve Lucas, Non-executive Chairman, said “I am pleased to report a successful year for Ferrexpo. We continued to benefit from the strong global demand for our high-grade iron ore pellets, which helped deliver strong cash flow despite a rise in costs. This enabled us to increase investment, reduce debt further and pay a record dividend. Our balance sheet is now strong and this gives us a platform to deliver the next stage in our planned expansion. This year we plan to increase investment once more to be able to hit our medium-term production target of 12 million tonnes per annum by 2021 and lay the foundations for our longer-term intention to move to annual output of 20 million tonnes per annum."

Market Environment
Strong market environment for high grade pellets
Group achieved new record pellet premium
Average realised FOB price increased 9% compared to 2017

Operational
Production of pellets increased 2% to 10.6 million tonnes (2017: 10.4 million tonnes)


Voor cijfers, zie pdf

Source : Strategic Research Institute
Production reflected planned pellet line refurbishment in 2Q 2018 and a general increase in maintenance levels
Production of premium 65% Fe pellets in line with 2017 at 9.9 million tonnes
Sales volumes of 10.2 million tonnes (2017: 10.5 million tonnes) reflected 400kt increase in stocks due to temporary logistics constraints
C1 cash cost of productionA of USD 43.3 per tonne (2017: USD 32.3 per tonne) reflected higher commodity input prices, local inflation and increased mining and maintenance activity
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Rio Tinto announces production results for Q1 2019

Pilbara operations: Pilbara operations produced 76.0 million tonnes (Rio Tinto share 64.1 million tonnes) in the Q1, nine per cent lower than the same period in 2018. Production was impacted by a fire at Cape Lambert A in January, which affected Robe Valley Lump and Fines production, and significant disruptions caused primarily by Tropical Cyclone Veronica in March.

Q1 sales of 69.1 million tonnes (Rio Tinto share 58.2 million tonnes) were 14 per cent lower than the same period of last year due to the lower production and damage to the port facilities caused by the cyclone.

Approximately 16 per cent of sales in the first quarter were priced by reference to the prior quarter’s average index lagged by one month. The remainder was sold either on current quarter average, current month average or on the spot market.

Approximately 33 per cent of sales in the quarter were made free on board (FOB), with the remainder sold including freight.

Pilbara projects
Following approval of the $2.6 billion investment in the Koodaideri replacement mine in November 2018, the project is now progressing to plan with engineering and procurement activities on schedule and site construction works commenced.

The two Robe River Joint Venture projects (West Angelas and Robe Valley), which will sustain production capacity, are progressing. The projects are currently in the process of seeking environmental approvals. Engineering and procurement activities are on schedule and establishment activities at both locations have commenced.

2019 guidance
On 1 April 2019, Rio Tinto announced that the impact of the disruption caused by Tropical Cyclone
Veronica in March, combined with the impact of the fire at Cape Lambert A in January, was expected to result in a loss of approximately 14 million tonnes of production in 2019.

Following further assessment, the damage to the port from Tropical Cyclone Veronica is expected to result in ongoing disruption to shipments, with recovery work further hindered by Tropical Cyclone Wallace. As a result, Rio Tinto’s Pilbara shipments in 2019 are now expected to be between 333 and 343 million tonnes (previously at the lower end of the guidance range of between 338 and 350 million tonnes, 100 per cent basis). The recovery in the second quarter will remain subject to weather.

On 6 April 2019, a minor fire occurred in a screen house at the East Intercourse Island port. Operations at the facility have restarted.

Rio Tinto’s Pilbara unit cost guidance in 2019 remains at USD 13 – USD 14 per tonne.


Voor cijfers, zie pdf.

Source : Strategic Research Institute
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Dry Bulk Market - Scrapping of older ships a one-way street to shipping’s recovery

Unless ship owners pick up their ship recycling activities, freight rates will remain in sub-par levels is the main view of an ever increasing number of market delegates. In a recent report, shipbroker Intermodal said that “once again, we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost a given, the continuous decline in the dry bulk rates has stopped any ambitions owners might have had for SnP transactions”.

According to Mr Giannis Andritsopoulos, SnP Broker with Intermodal, “with the American President announcing new tariffs on iron ore imports and his aspirations to strengthen the US steel industry, concerns are rising in the market. On the other hand, cause for concern is caused by China weakening after a number of years when the oversupply of raw materials as well as global trade as a whole were largely dependant on the growth of Chinese growth rates. Therefore, the only possible solution for the recovery of the shipping market is scrapping. Fortunately, the current scrap value for dry bulk carriers is around $430/ldt for small tonnage vessels up to $470/ldt for big tonnage vessels. Increasing scraping activity is a visible solution that could give a future boost in the dry bulk market. To put things into perspective, the first signs with regards to scraping for the q1 2019 are positive, together with a small decline in dry NB orders, when comparing in both markets with the q1 2018”.

According to Intermodal’s broker, “the correction on values in the dry bulk market has created some expectations that we might witness the same levels in asset values as in 2016. However, the freight market is not at the same levels like 2016 and with the new regulations coming into force, this specific scenario does not look like it will be easily materialised, as the variables are vastly different. However it is worth analysing where the market currently stands in every segment”.

Andritsopoulos added that “in the Capesize sector it is indicative that vessels of any age do not to have any buying interest, and last week we had the first sale of a capesize in 2019. In the Panamax/Kamsarmax sector we are seeing a lot of interest especially from Greek buyers, for vessels build from 2004 to 2008, as they possibly anticipate a healthier freight market in the near future or are look to resell when the freight rates increase. A representative example is the Kamsarmax ‘YARRAWONGA’ (82,624dwt-blt ‘08, Japan) were around 10 potential buyers inspected without being sure if the vessel is going to be sold definitely. In the Supramax sector, we observe specific ship-owners showing interest into Japanese vessels, together with some Greek owners who consider selling their tonnage into more premium levels”, he said.

Source : Nikos Roussanoglou, Hellenic Shipping News Worldwide
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China to release guidelines on steel industry consolidation soon - EID

According to a report by the Economic Information Daily, China will soon release guidelines to push mergers and restructuring plans for the steel industry to facilitate the creation of larger and stronger groups that can compete in the global market. EID cited unnamed authorities as saying that “The guidelines, aiming to clear obstacles in steel consolidation, will encourage cross region and cross ownership mergers and restructuring by qualified enterprises. Market funds will also be welcome to take part in the effort to offer more financial support for the move.”

EID report added “Apart from capital support, the guidelines will also stipulate production limits in regions including Beijing, Tianjin and Hebei for environmental concerns.”

EID report also quoted Mr Li Xinchuang, deputy head of the China Iron and Steel Association, as saying that “Compared with world-leading steel groups, there is still a wide gap in competitive power for Chinese companies, and industry consolidation should be an important solution.”

In 2016, China set a target that 60-70% of steel should be produced by the top 10 steel groups by 2025.

Source : Xinhua
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JSPL completes delivery of first ever rail order to Indian Railways

Jindal Steel and Power Limited announced that it has completed delivery of the first ever rail order to supply rails to Indian Railways. In July 2018, JSPL bagged 20% of the INR 2,500 crore global tender by the Indian Railways to supply long rails. JSPL was to supply 97,400 tonnes of rails to the national transporter over a period of one year. JSPL started dispatching the first consignments of rails on 15th August, 2018 from its Raigarh plant and completed delivery of total quantities on 22nd April, 2019, almost 4 months ahead of schedule.

Mr Naushad Akhter Ansari, Joint MD of JSPL, said “It is indeed a historic moment and a matter of great pride for JSPL. We are proud to have contributed to government’s Make-In-India initiatives and complete such a challenging project far ahead of schedule. These achievements are testament to the capability of our team as well as our valued partnership with the Indian Railways. We are extremely proud to be partnering with Indian Railways in boosting the rail infrastructure development in the country. We continue to stay committed to developing India’s infrastructure needs and contribute in Nation Building.”

Recently, Indian Railways also exercised their option to order on JSPL an additional quantity of about 30,000 tonnes of rails for Indian Railways. This additional order comes on top of 97,400 tonnes order the company had won under the global rail tender. The new order, which comes under the same global tender, enhances the order size by over 30%.

Source : Strategic Research Institute
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GMS Market Commentary on Shipbreaking in India in Week 16 - UNWILLING TO SPECULATE!

Whilst the impressively priced, larger LDT and altogether high-profile vessels continue to funnel their way towards Bangladesh, India has been quietly going about its business acquiring green tonnage and specialist units. In fact, last week alone, Alang Buyers aconcluded a passenger vessel, an LPG, a reefer and a container. Of course, prices are still nowhere near as competitive with a rampant Bangladesh at present, but this suits Alang buyers - with a keen eye for market volatility and a bargain - just fine.

Steel prices remain as volatile as ever, tending to swing wildly up and down by INR 200 –300 by the day and the currency also has a tendency to frustrate, although it has been trading at a firmer rate in the mid-to-high Rs. 69s against the US Dollar.

As such, all eyes will be firmly on the election results scheduled for later this month and this may determine this market’s movements for the next quarter or so.

Source : Strategic Research Institute
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Kogi Senator criticizes Nigerian President Buhari over Ajaokuta Steel Company Bill

The senator representing Kogi central senatorial district, Mr Ahmed Ogembe, on Monday on expressed disappointment over the refusal of President Muhammadu Buhari to assent to the Ajaokuta Iron and steel bill. The bill had recommended that USD 1 billion should be sourced from excess crude account to revitalize the moribund steel complex. According to him, the reasons given by the president for rejecting the bill was not sufficient considering the importance of the Ajaokuta Iron and steel complex to the industrialization, economic growth and development of the country.

Mr Ogembe said, “Few days ago, the minister of Transportation said the federal government need about USD 40 billion do interconnect Nigeria rail system and my position is that, we will not be needing anything close to that if we had invested in Ajaokuta Steel Company to produce steel needed for the rail tracks and coaches. The advantages of Ajaokuta steel complex cannot be overemphasized as it is capable of generating 3 million job opportunities for our army of unemployed youths including over 12 thousand engineers and generate foreign exchange for the country in excess of USD 4 billion thereby reducing pressure on Naira value.”

He added that “Some of the reasons the president gave in rejecting the bill which includes the need for him to consult with the national economic council since the excess crude account belongs to the federating units was not done but the president hastily rejected the bill. Again, I must say that the inability of the president to convoke a national economic council meeting where the Ajaokuta bill will be discussed cannot be said to be a legislative error and hence there was no need to reject the bill outrightly.

He said that “The president also said USD 1 billion for Ajaokuta is not feasible and not the right strategy now considering the budget constraints and competing demands on the federal government. I beg to respectfully disagree with the president, on the 6th November 2017, the Guardian newspaper reported how the federal government spent $3b in search for oil in the north without result. USD 1 billion of the amount wasted on prospecting for oil in the north would fix Ajaokuta Steel Company especially now that the world is moving away from fossil energy and we are also talking about the diversification of our economic base.”

The senator, however, urged the president to reconsider his decision in line with national interest and the strategic economic importance of the steel complex to Nigeria.

It would be recalled that the issue of Ajaokuta steel has led to tango between the executive and the legislative arms of government with the executive rejecting most of the suggestions brought forward to resuscitate the company.

Source : Tribune Online Ng
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Essar Steel CoC cannot discriminate between operational creditors - NCLAT

PTI reported that the National Company Law Appellate Tribunal observed that the Committee of Creditors of Essar Steel cannot discriminate between operational creditors of the debt ridden firm. NCLAT bench headed by Chairman Justice SJ Mukhopadhaya said that operational creditors can not be treated differentially. NCLAT said "We have said that you cannot discriminate among the same set of creditors. You can not discriminate among operational creditors on the basis of their dues.”

The CoC of Essar Steel has divided operational creditors of the company into two types, one with claims under INR 1 crore and another above INR 1 crore. According to the resolution plan of ArcelorMittal approved by CoC on October 24, 2018: operational creditors having claims below INR 1 crore will get their dues and those with claims of over INR 1 crore will receive almost zero. Financial creditors would get an upfront INR 41,987 crore payment against their admitted claims of INR 49,395 crore while operational creditors are getting INR 214 crore against their dues of INR 4,976 crore. Later, the CoC decided to allocate an additional Rs 1,000 crore to operational creditors after the NCLT and the NCLAT suggested it to rework on the distribution of funds.

Source : PTI
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Iran's semi finished steel production topped 19 million tonnes in last Iranian year

Financial Tribune reported that a total of 45.48 million tonnes of iron ore concentrate were produced in Iran in the last fiscal year (ended March 20, 2019) to register a 17% growth compared with the previous year. According to the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report, Golgohar Mining and Industrial Complex accounted for 15.57 million tonnes of the total output (up 9% YOY), followed by Chadormalu Mining and Industrial Complex with 8.88 million tonnes (up 4% YOY), Iran Central Iron Ore Company with 5.3 million tonnes (up 7% YOY), Middle East Mines and Mining Industries Development Holding Company with 5.03 million tonnes (up 14% YOY).

This is while Goharzamin Iron Ore Company produced 4.42 million tonnes (up 8% YOY), Opal Parsian Sangan 3 million tonnes (up 43% YOY), National Development Company 1.6 million tonnes (unchanged), Sabanour Mining and Industrial Development Company 1.12 million tonnes (unchanged) and Jalalabad Iron Ore Complex produced 523,094 tonnes (up 27% YOY).

Source : Financial Tribune
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Steel reinforced 3D prints with new Technique

Continuing on the never-ending adventure of how to make a 3D print stronger, [Brauns CNC] is coming at us with a new technique that involves steel-reinforced 3D printed parts. We’ve seen plenty of methods to create stronger 3D prints, from using carbon fiber filament to simply printing the part in a way that the layers of the print are orthogonal to the direction of force. We’ve even seen casting carbon fiber bars into 3D prints, but of course that will only work with straight parts. [Brauns]’ technique uses steel wire, embedded into the print itself, and from some testing there’s about a 50% increase in strength of the part. The process of embedding a steel cable into a 3D printed part is simply taking apart the model and putting a channel in for the cable. At a specific layer height, the printer is stopped, the steel cable is embedded with the help of a soldering iron, and the printer continues doing its thing.

There’s a slight amount of Gcode hacking to make this happen, and the process of embedding a steel cable into a print is a bit finicky. Still, if you want stronger 3D prints, there are worse ways to do it, and certainly less effective ways of doing it. You can check out the video for this technique below.

Video Link
youtu.be/XpDG8VxZsw4

Source : Hackaday
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GMS Market Commentary on Shipbreaking in Turkey in Week 16 - FREEZE!

After last month’s strategic maneuver, where Alaiga Recyclers restricted the resale of ship’s steel to the domestic steel mills thereby intentionally raising local steel plate prices, the Turkish market subsequently suffered some expected declines (where the market re-adjusted itself) and now seems to have entered a frozen state where key fundmaentals (steel plate prices and the currency) have been relatively unchanged over the last couple of weeks. As such, local sentiments have been rather shaky and stayed weak for a few weeks now. Local fixtures remain few and far between as a marginal number of sales have been reported to local Buyers. Even the prevalent number of offshore units and those intended for strictly green recycling has seemingly slowed down over the recent few weeks.

Making matters worse for local Buyers has been a firming subcontinent market where levels continue to climb and in the opposite direction of those from Turkey, further widening the bridge between the recycling competitors.

It remains a rather trying time for the Turkish market.

Source : Strategic Research Institute
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Severstal reports Q1 2019 financial results

PAO Severstal has announces its Q1 2019 financial results for the period ended 31 March 2019. Mr Alexander Shevelev, CEO of Severstal Management, said “I am pleased to highlight that in Q1 2019 Severstal delivered a sustainable financial performance despite the combination of weak pricing for steel products versus rising cost of the raw materials busket. Our strong results once again demonstrated the competitive advantages of our vertically integrated business model, which enables us to maintain high profitability and cash flow generation in any market conditions, to deliver sustainable returns. The Company generated USD 389 million of free cash flow, which represents an increase of 34.6% YoY as a result of positive net working capital changes. At our Capital Markets Day in November 2018 we committed to growing our EBITDA by 10-15% annually, and presented investment projects for the coming five years that should ensure this growth. In Q1 2019 our operational efficiency improvements, increased self-sufficiency in raw materials and cost reductions have enabled us to deliver a positive EBITDA effect of USD 106 million.”

Voor cijfers, zie pdf.

OUTLOOK - In Q2 2019, Severestal expects financial results to be positively impacted by seasonal construction recovery in China and Russia, as well as the effect of higher iron ore prices in Q1. Steel demand in Russia is expected to grow by 1% in 2019, supported by increased consumption in the automotive and energy industries. Severstal’s proximity to export routes continues to be a major competitive advantage, giving Severstal the flexibility to quickly redistribute shipments between domestic and export markets to take advantage of higher prices. The Board is confident that Severstal will continue to be well-placed relative to both local and global peers.

Source : Strategic Research Institute
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3 ILVA commissioners quit

ANSA reported that 3 commissioners overseeing a clean-up and revamp of the huge, troubled and polluting ILVA steel plant at Taranto in Puglia on Tuesday presented their resignations to Industry Minister Luigi Di Maio. Di Maio said “The resignations will take effect on June 1.Two new extraordinary commissioners will be named shortly.”

Di Maio issued a statement thanking Corrado Carrubba, Piero Gnudi and Enrico Laghi for their work.

He also said “Phase two of the commissioners project, in which we will plan and realise the future of Taranto, is now opening up. This will focus on the environmental clean-up activities and the economic and social relaunch of the local area."

Di Maio, who is also deputy premier and labour minister, said the permanent institutional talks on the plant led by the industry ministry would start on Wednesday.

The Taranto plant, which has been linked to high local cancer rates, is the largest steel plant in Europe.

Source : ANSA
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Japan’s crude steel production slips by 2% YoY in 2018 FY - JISF

Japan Iron & Steel Federation has announced that Japan’s crude steel production in April’18-March’19 period totalled 102.889 million tonnes, down by 1.9% YoY. Share of BF-BOF route in crude steel production dipped by 1.2% YoY to 74.7%, while EAF route crude steel production increased by 3.7% YoY to 25.3%. JISF also said that total hot-rolled products of ordinary steel also reduced by 1.7% YoY to 70.739 million tonnes during this period. JISF Chairman Mr Yoshihisa Kitano, citing citing healthy demand from automobile and construction segments and higher output at some mills that have faced system trouble in the previous year told “Crude steel output will likely grow back to 105-106 million tonnes this financial year.”

Voor cijfers, zie pdf.

Source : Strategic Research Institute
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Steel rolling mills in Egypt hit by 15% import duty on billets - Report

Daily News Egypt reported that Mr Tarek Al Gioshy, president of Al Gioshy Steel and member of the Metallurgical Industries Chamber said that the decision of Egypt's Ministry of Trade and Industry to impose a temporary import tariff of 15% on iron billets and 25% on steel rebar, set for 180 days, has a bad effect on the current 22 factories that work in rolling steel and other related factories that work in complementary industries. Mr Al Gioshy elaborated that “These four companies demanded the imposition of a temporary 15% import tariff on steel billets to protect Egypt's domestic iron and steel industry against dumping, and they provided the government with figures to prove that they are able to cover the market needs of other companies which import billets, which is contrary to the truth. We called all the competent authorities in Egypt such as the cabinet and the ministries of trade and industry and finance to reconsider this decision which harms the local industry and promotes monopolization policies. Besides, we are trying to provide arguments to international organizations, namely the World Trade Organization and International Labor Organization.”

He noted that the government made the decision individually without consulting any of the rolling steel companies other than the four major companies, of which the state owns two and that the consumer is the first loser of this decision application. He demanded the consideration or cancellation of this hasty decision or decreasing tariffs to maximum of 5%.

Mr Wanes Ayad chairperson of Metad Helwan for Rolling Metals (Ayad Group) said that the decision led to steel price increases by EGP 600, expecting an increase of 15% on iron prices during the decision period. He said that “The decision resulted in the closure of 12 factories and the others are already closed. We will stop production in the next week, and the ministry of trade and industry as well as finance does not respond to our calls and appeals. The decision has no use or value and that it does not protect the national industry, however, it protects the interest of very specific companies to monopolise the market. Decision of imposing a temporary 25% import tariff on steel rebar was a good decision and in favour of the Egyptian industry but the other decision to impose a 15% import tariff on billets was faulty because no tariff is supposed to be imposed on raw material.”

Source : Daily News Egypt
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Globals steel demand growth could moderate in 2019 - Mr Seshagiri Rao of JSW Steel

Mr Seshagiri Rao, Joint MD & Group CFO of JSW, in an interview with ETNOW while talking about steel demand said “The numbers for CY2018 have come. The steel demand growth globally was 4.9%, which was quite encouraging for last year. At the same time, the Chinese steel demand in CY2018 was 7.9%. So there was a very good demand for steel growth in 2018. But considering the slowdown which we see across the globe, the outlook released by world steel association for the CY2019 will show a moderation in steel demand. They expect the steel demand growth for CY2019 to be 1.3%. At the same time, even China it is expected to have 1% steel demand growth. So, there will be moderation in steel demand globally. But interestingly, there will be 1.3% growth on overall base of close to 1.7 billion tonnes.”

While answering to “What are the three sectors where demand for steel in India is coming back?” he said “Government expenditure is one of the major drivers. Steel consumption last year was 97.5 million tonnes. 60-65% of steel is consumed by infrastructure and construction and real estate sectors. Of these three sectors, other than residential real estate, other sectors are doing quite well. State and centre governments together are spending close to Rs 7-8 lakh crore in infrastructure projects. General engineering and capital goods are the sectors where yellow goods are doing reasonably well driven again by the mining industry. The only industry where I am seeing a bit of slowdown is the auto sector. The growth in auto sector for next year is expected to be in the 2-4% range. As the auto industry association has mentioned, they are not facing a structural slowdown, it is a temporary slowdown. We expect things to return to normal once the liquidity situation improves and the banks and NBFCs start lending again.”

Source : Strategic Research Institute
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Independent directors gain majority on NLMK Board committees

The newly elected Board of Directors of NLMK Group held its first meeting. Vladimir Lisin was re-elected as Chairman of the Board. The Board of Directors also approved the schedule of the Board meetings and formed Board Committees. Independent directors comprise the majority on two of the Board Committees.

Strategic Planning Committee:
Chair – Oleg Bagrin
Members: Thomas Veraszto (independent director), Helmut Wieser, Joachim Limberg (independent director), Vladimir Lisin, Marjan Oudeman(independent director), Karen Sarkisov, Grigory Fedorishin, Benedict Sciortino (independent director).

Audit Committee:
Chair - Marjan Oudeman (independent director),
Members: Nikolai Gagarin, Karen Sarkisov, Stanislav Shekshnia (independent director), Benedict Sciortino (independent director).

Human Resources, Remuneration, and Social Policies committee:

Chair - Stanislav Shekshnia (independent director)
Members: Oleg Bagrin, Thomas Veraszto (independent director), Joachim Limberg (independent director), Vladimir Lisin.

Source : Strategic Research Institute
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