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McNeilus Steel to bring 72 new jobs to Morristown

WBIR reported that a new manufacturing facility will bring 72 new jobs to Morristown over the next five years. McNeilus Steel will invest USD 18.8 million to build a 100,000-square-foot facility in the East Tennessee Progress Center. They hope to be operational by early 2020. Gov. Bill Lee said that “McNeilus Steel’s decision to invest in Tennessee and create high-skill jobs reinforces our thriving business environment and growing skilled workforce. I look forward to seeing the positive impact this company will have on the residents of East Tennessee.”

Mr Glenn Sylvester COO of McNeilus Steel, Inc said that “McNeilus Steel is very excited to expand our services to Morristown, Tennessee. Geographically this is an optimal location to continue to grow our family business. We look forward to getting this facility operationalized and adding quality employees from the region.”

Minnesota based McNeilus Steel is family owned and operated and supplies steel products and offers metal fabrication services to customers. It employees around 700 people in the US and has other locationis in North Dakota and Wisconsin.

Source : WBIR
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Capesizes and containers heading for recycling - Clarkson Platou

More and more Capesize dry bulkers, but also container ships are being sold for scrap, with ship owners looking to help alleviate each market’s fundamentals. In its latest weekly report, Clarkson Platou Hellas said that “with the upcoming Easter holidays commencing from this weekend, most Brokers and Owners seem to have already lined up their time off as the limited number of vessels being circulated was quite evident providing a quiet feeling in the market. It can only be likened to an Easter egg hunt where everyone is trying to find any activity that is of any significant note before the holiday period descends upon us. This does seem to be a concern as the Holy month of Ramadan coupled with the oncoming Monsoon season gives a bleak outlook on sales activity. There are still some potential discussions circulating in the market place but it would appear these are now for tonnage not actually workable as brokers vie for positions for future commitments or Owners seeking ‘yesterdays’ prices and have unrealistic levels in their minds despite, what many feels, are historically high prices. The positive news whispered from Pakistan in recent weeks doesn’t seem to have fully developed as many expected it to. There was a feeling we would start to see some strong enquiry from the recyclers locally which may have established them as serious rivals to their Indian counterparts once again, however the Ramadan holidays may stem this for the time being”.

In a separate note, Allied Shipbroking noted that “as it was expected, activity remained subdued during this past week as part of the Easter holiday slump. With sentiment in the dry bulk sector starting to improve slightly in terms of hire rates, the flow of demo candidates may start to ease back slightly once more. The only exception being that of the Capesize segment, as current earnings are still at levels which can continue to entice owners of older age tonnage to take up the ship recycling option. On the tankers side, the prevailing positive market outlook still works as a strong detriment to the demolition market. With regards to market share across the different ship recycling destinations, Bangladesh continues hold top preference thanks to the much better numbers seen there. Indian breakers have intensified their attempt to attract more cash buyers lately, but offer prices still remain a touch softer for now. At the same time Pakistan remains far behind the competition for now, while with an election period now fast approaching, it seems hard to see how this could change any time soon”, the shipbroker said.

Meanwhile, GMS, the world’s leading cash buyer, said that “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 per LDT, whilst the competing Indian and Pakistani markets struggle some USD 20 – USD 30 per 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” GMS concluded.

Nikos Roussanoglou, Hellenic Shipping News Worldwide
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ArcelorMittal Kryviy Rih completes installation of equipment for small section mill No 250-4

ArcelorMittal Kryvyi Rih has proceeded to the final stage of reconstruction of the small section mill No 250-4. At present, almost all construction and installation work has been completed, 90% of the equipment has been installed. The total cost of the investment project is USD 55 million. The main technological equipment is supplied by Danieli, which developed the detailed engineering of the project. The installation of the equipment has been fully completed in the areas of cold-reaching furnace, finishing block, heat treatment, shipment of riots, formation and shipment of packs. Commissioning is already under way on the spooler line - the electric motors are scrolling, the sensors and connections to the controller are checked, and other tests are being carried out. At the site of the output side of the mill, installation of the main equipment and pipelines for water, lubrication, etc. is completed.

A new heating furnace was also built, which will expand the mill's capabilities - it will allow to use billets from continuous casting machines (CCMs), two of which will be completed this summer (the first CCM was built in 2011). Now the lining of the furnace is being carried out, pipelines are being supplied. Gas supply and gas mixing stations have been built and equipped.

Source : Strategic Research Institute
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Tata Steel reports strong results for Indian operations in 2018-19

Tata Steel announced that its Indian steel production grew by 35%YoY to 16.81 million tonnes in FY19 with the acquisition of Tata Steel BSL as well as ramp-up at both Kalinganagar and Tata Steel BSL. India steel deliveries jumped 33%YoY to 16.26 million tonnes in FY19 and now account for more than 62% of consolidated volumes. India operations continued to gain market share in chosen segments. Industrial Products and Projects segment sales grew by 42%YoY. Branded products, Retail & Solutions segment sales grew by 30%YoY; Automotive segment sales increased by 21%YoY. Automotive steel sales volume crossed 2.25 million mark in FY19. India revenues from operations for the year increased by 47%YoY to INR 88,987 crores driven by higher volumes and better realizations. India adjusted EBITDA for the year increased by 56%YoY to INR 23,883 crores. EBITDA margin stood at 26.8% and adjusted EBITDA per tonne was INR 14,687 per tonne.

Mr TV Narendran, CEO & Managing Director, said “Tata Steel continues to grow its footprint in India in terms of volumes, downstream capability and product portfolio.
Our strategy of focusing on operational excellence, strong customer relationships, superior distribution network and brands is paying rich dividends. Despite subdued steel markets and weak growth in our key customer segments, this year our volumes in India grew by over 33% leading to a significant improvement in our overall profitability and cashflows. The proposed merger of Tata Steel BSL with Tata Steel will accelerate operational synergies and simplify our corporate structure. Our 5 MTPA Kalinganagar Phase II expansion will help us to further consolidate our presence in India and strengthen our financial performance. We are excited about the recently completed acquisition of the 1 MTPA steel business of Usha Martin which is an important milestone in our plans to grow our long products business. We continue to work closely with the European Commission on seeking approvals for our planned European steel JV with thyssenKrupp.”


Voor cijfers, zie pdf.

Source : Strategic Research Institute
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Italy appoints 3 new commissioners for former llva plant

Italy's minister of economic development appointed new commissioners of extraordinary administration for the former llva plant. The new commissioners are Francesco Ardito, lawyer and director of AQP SpA, Antonio Cattaneo, head of Deloitte Forensic, and Antonio Lupo, lawyer.

The appointments will be in force from June 1.

New commissioners will monitor ArcelorMittal Italia’s activity ensuring that ArcelorMittal meets its commitments made during former llva’s takeover.

Source : Strategic Research Institute
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Kumba Iron Ore update on production & sales in Q1 of 2019

Kumba is on track to deliver its sales and production guidance of 43-44Mt for 2019, with continued focus on improving its health, safety and operational performance. Throughout this report, production and sales volumes referred to are 100% of Sishen Iron Ore Company Proprietary Limited and attributable to shareholders of Kumba as well as the non-controlling interests in SIOC.

Overview

Total sales of 10.9 million tonnes were in line with Q1 2018, with export sales increasing by 2% to 10.1 million tonnes

Total production volumes decreased by 12% compared to Q1 2018, due to maintenance requirements at Sishen and Kolomela

Total finished stock reduced to 4.2 million tonnes, from 5.3 million tonnes at 31 December 2018

Voor cijfers, zie pdf.

Total sales volumes of 10.9 million tonnes were broadly flat relative to Q1 2018 with export sales growth of 2% to 10.1 million tonnes partially offset by lower domestic sales. Relative to Q4 2018, export sales decreased by 6% due to lower opening stock levels at Saldanha Port at the beginning of the year, following the derailments and bridge incident in 2018.

Kumba’s total plant production volumes decreased by 12% to 9.5 million tonnes compared to Q1 2018. The was driven by unscheduled plant maintenance at Sishen and stoppage of the dense media separation plant at Kolomela to perform a critical infrastructure upgrade. Production at Sishen decreased by 12% to 6.4Mt and at Kolomela by 13% to 3.1 million tonnes. With rail logistics performing in line with plan, this resulted in a drawdown of excess finished stock levels at the mines and total finished stock reducing to 4.2 million tonnes from 5.3 million tonnes as at 31 December 2018.

From a mining perspective, waste stripping at Sishen was 3% lower at 40.9 million tonnes (Q1 2018: 42.2 million tonnes) due to a marginal reduction in shovel availability. While at Kolomela, longer haul distances led to a 5% decrease in waste stripping to 12.8Mt. Improving mine to plan practices and operating equipment performance are key priorities as we progress towards new levels of benchmark operating performance.

Guidance
Logistical performance improved during the quarter, reflecting the progress made by the joint steering committee and the benefits of working more closely with Transnet. This progress was one of the key factors underpinning the maintenance of the 2019 full year guidance announced in Kumba's 2018 annual results on 19 February 2019. The 2019 guidance is unchanged, as follows:
Total sales of 43-44 million tonnes
Total production of 43-44 million tonnes
- Sishen ~30 million tonnes
- Kolomela 13-14 million tonnes

Source : Strategic Research Institute
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Havilah Resources update on iron ore scoping study

Havilah Resources Limited has provided an update on the due diligence work program being led by SIMEC Mining on Havilah's Maldorky and Grants iron ore projects in northeastern South Australia, near Broken Hill. The scope of work is to assess the resource, project life, production, infrastructure and ultimately commercial viability of the iron ore projects. This work commenced in June 2018 and SIMEC Mining has an exclusivity period until the end of April 2019 in order to complete its work program. SIMEC Mining has provided Havilah with an update on the status of the internal scoping study work program with encouraging overall outcomes to date as reported below.

HIGHLIGHTS

SIMEC Mining's internal scoping study and due diligence work is nearing completion with positive results reported

Exploration drilling has greatly expanded the known area of iron ore mineralisation, justifying infill drilling to define a JORC resource

Results from testing of Maldorky samples show that targeted product grade of 65% Fe and 40% product yield for an overall 85% Fe recovery can be achieved with conventional processing methods

Potential opportunity to reduce comminution capital costs and process water requirements using alternative grinding technology

Mineralisation Potential
The recent Grants Basin drilling program has confirmed a greatly expanded area of iron ore mineralisation comprising thick, continuous iron formation over an area of at least 3.5 km2 (ASX Announcement 4 December 20181. A new diamond drillhole in Grants Basin (ASX Announcement 29 lanuarv 20191 completed at a final depth of 624.4 m to obtain metallurgical samples returned an exceptional 486 m continuous downhole thickness of iron bearing sequence.

An Exploration Target of 3.47 - 3.79 billion tonnes of mineralised iron formation grading 23.9-27.6% Fe (ASX Announcement 5 April 2019) has been estimated for the Grants Basin discovery (*The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Target and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed).

Results are considered to be sufficiently encouraging to warrant a resource drilling campaign with the objective of defining a JORC resource of sufficient size to support a viable commercial operation in terms of mine life and processing plant throughput.

Source : Strategic Research Institute
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Anglo American update on iron ore business in Q1 of 2019

Kumba – Production decreased by 12% to 9.5 million tonnes driven by reductions at Sishen and Kolomela due to plant maintenance. Sishen’s production decreased by 12% to 6.4 million tonnes, due to unscheduled plant maintenance, while waste movement decreased by 3% to 41.0 million tonnes. Kolomela’s production decreased by 13% to 3.1 million tonnes, due to an extended stoppage of the dense media separation plant, while waste movement decreased by 5% to 12.8 million tonnes. Total sales remained broadly flat at 10.9 million tonnes, with a 2% increase in export sales to 10.1 million tonnes supported by ongoing demand for premium quality lump product, partially offset by lower domestic sales. Finished stock at 31 March 2019 was 4.2 million tonnes compared to 5.3 million tonnes at 31 December
2018.

Minas-Rio – Production increased by 61% to 4.9 million tonnes as the ramp-up progresses well following the restart of operations in December 2018. This reflects the optimisation work undertaken (including on the pipeline system) during 2018 whilst operations were suspended. In addition, this operational performance was facilitated by access to the Step 3 licence area’s higher grade ore.

Full Year Guidance
Production guidance for Kumba is unchanged at 43-44 million tonnes.
Production guidance for Minas-Rio is unchanged at 18-20 million tonnes (wet basis).

Source : Strategic Research Institute
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MMK update on CAPEX in environmental programmes from 2000-2018

Magnitogorsk Iron and Steel Works invested over RUB 58 billion in environmental activities from 2000-2018, including RUB 9 billion in the last year alone, according to the Company's environmental report, published on its official website. The report was prepared in order to inform all stakeholders about the Company's efforts in the field of environmental safety. The report reflects the main principles of MMK's environmental policy, the results of environmental activities for the period from 2000 to 2018, as well as key areas for the implementation of the ‘Clean City’ strategic initiative.

When planning long-term and sustainable development, MMK always works to ensure environmental safety and to improve their environmental management system. The Company's production work is carried out in accordance with the Russian legal requirements in the field of environmental protection and in accordance with the international standard ISO 14001:2015.

Among the main aims of environmental investments at Magnitogorsk is the implementation of air quality protection measures and measures aimed at reducing the plant's negative impact on water bodies. MMK's focus is on the use of industrial waste in its own production and reclamation of land. The result of this work was the reduction of total air emissions by 1.6 times from 2000 to 2018 (specific emissions were reduced by 2.1 times) and total pollutant discharges into water bodies was reduced by 2.9 times over the same period. Today, 100% of industrial waste water is used in water recycling.

MMK's environmental programmes are part of the country's overall environmental strategy. Comprehensive action plans to reduce emissions of air pollutants are being implemented in twelve large industrial centres, including Chelyabinsk and Magnitogorsk, this is in accordance with the President of Russia's decree "on national goals and strategic objectives of the Russian Federation for the period up to 2024". The key elements of the comprehensive plan adopted at Magnitogorsk are MMK's projects developed within the framework of MMK's 'Clean City' initiative.

This environmental program is part of MMK's development strategy for the period up to 2025 and aims to lower Magnitogorsk's air pollution rating to the level of 5 units by 2025 (to meet the conditions of the ‘Clean City’ initiative) and for their production standards to reflect the use of the best available technologies in Russia in terms of environmental impact. The strategic initiative envisages the construction of new environmental facilities and the reconstruction of existing facilities, as well as the radical first reconversion with decommissioning of obsolete equipment.

The implementation of the measures included in the 'Clean City' initiative will allow a reduction in total emissions into the atmosphere by 18.4 thousand tonnes by 2025 and a tenfold reduction in emissions of the most dangerous class 1 and class 2 pollutants. Emissions of pollutants are expected to be reduced by 37.5 thousand tonnes. Waste recycling is targeted at no less than 2.3 million tonnes per year. Annual reclamation is planned at 20 thousand square metres of exhausted quarries. As part of the urban landscaping programme, 11 thousand trees and shrubs will be planted on Magnitogorsk land. MMK's total investment in environmental projects between 2018 and 2025 should exceed RUB 38 billion.

Source : Strategic Research Institute
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Ulbrich Stainless Steel uses AI embedded SAS solution to flatten its IoT data challenges

Whether manufacturing engineered stainless steel for medical implants or creating the specialty wire for solar panels, Ulbrich Stainless Steel & Specialty Metals knows its customers count on consistently high-quality products. Staying ahead of maintenance and production challenges that keep precision metals rolling out of its plants on time is a high priority for the global company. That’s why Ulbrich recently chose SAS® Analytics for IoT to analyze the data created by its plant sensors. Mr Jay Cei, Chief Operating Officer at Ulbrich said that Precision and quality are key factors in manufacturing highly engineered metals that support our customers’ varied needs. Collecting machine and sensor data from our factories and integrating that with ERP system data will help us understand the intricate relationships between equipment, people, suppliers and customers. Using SAS to learn what our IoT data means is critical for understanding how we can become more productive and efficient in the future.”

Mr DJ Penix, President of Pinnacle Solutions, a SAS implementation partner said that “Streaming analytics will not only help Ulbrich understand what is happening now with their machines, but it will also enable them to predict future events, such as when a machine needs maintenance before it breaks down.”

Recent upgrades to SAS® Analytics for IoT mean enterprises have access to the latest suite of AI, machine learning and streaming analytics available.

The software provides a simplified way for any user to prepare stationary and streaming IoT data for analysis without specialized skills. Whether a data scientist, business manager, or someone in between, they can use SAS Analytics for IoT to quickly select, launch, transform and operationalize IoT data to make informed, timely decisions. The upgraded SAS software provides open application program interfaces (APIs) to enable integration with other SAS, third-party and open-source products.

Source : Strategic Research Institute
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NLMK update on USA Q1 production update

Sales increased by 19% qoq to 0.6 million tonne (+9% YoY) supported by stronger demand from service centres, pipe, construction, and machine-building industries. Revenue increased by 4% qoq to USD 526 million thanks to growing steel product sales, which was partially offset by declining prices by an average 12%. Year on year 22% revenue increase was attributed to sales growth and higher sales prices.

3. EBITDA reduced by 65% qoq to USD 17 million (-58% YoY) amid rapid decline in finished steel prices and consumption of slabs out of stocks with higher costs. EBITDA margins lost 7 p.p. qoq.

4. 4% qoq revenue growth amid higher sales volumes

Source : Strategic Research Institute
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Essar Steel in a tight spot over 1,000 acres of unused land at Paradip

Business Standard reported that Essar Steel is in a tight spot for failing to develop over 1,000 acres of land at Paradip in Odisha, where it initially proposed a 6 million tonne greenfield steel mill. An Odisha government source said that “We are closely watching the insolvency resolution process of Essar Steel. After the company wriggles out of bankruptcy, the land can be transferred to the new promoters with a nominal transfer fee”.

To facilitate the setting up of the steel plant, the Odisha government through its agency for land acquisition- Odisha Industrial Infrastructure Development Corporation had acquired 1,262 acres of land, of which 1,123 acres were private and around 100 acres were government-owned. The acquired land was alloted to Essar Steel with pointed riders. The company was to commence civil work in six months and start commercial production of steel within three years.

Idco's letter to Essar Steel in January 2015, reviewed by Business Standard, shows the government agency alloted a parcel of 676.61 acres of acquired private land to the steel company after the latter paid INR 116.27 crore. The letter mandated that the land would revert to Idco free from all encumbrances should Essar Steel fail to start civil construction within six months and commence commercial steel production in three years from taking possession of land. Also, Essar Steel was restrained from transferring its right or title in land either partially or fully including change in the constitution of the company without prior approval of Idco.

An Essar Steel spokesperson said that “We have not received any letter from the Odisha government on taking back land un-utilized by Essar Steel at Paradip. Also, we cannot comment on setting up the steel plant at this stage until the successful resolution applicant takes over.”

Essar Steel had deposited around INR 200 crore with the authorities as land cost, assuming an average acquisition cost of INR 15 lakh per acre. The company failed to install the steel plant as promised in a memorandum of understanding signed with the Odisha government in 2005. Instead, Essar Steel set up a pellet complex, at Paradip, barely utilizing 200 acres of land. The six million tonne pellet plant is backed by 12 million tonne benefication plant at Dabuna (Keonjhar), both facilities connected by a slurry pipeline.

Source : Business Standard
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NLMK update on Russia Long Products in Q1

Sales in Q1 2019 declined by 9% QoQ (flat YoY) to 0.77 million tonne, which is due to seasonally low demand for profitability, which was partially offset by sales of inventories accumulated in ports. Revenue in Q1 2019 dropped by 27% QoQ to USD 415 million average sales prices. Year-on-year revenue reduction was also mainly associated with lower prices.

EBITDA of the Segment in Q1 2019 reduced by 76% QoQ to USD 9 million impacted by ruble appreciation, decline in sales and narrowing price spreads amid high scrap prices. The year-on-year EBITDA reduction (-85%) was also associated with a significant narrowing of price spreads.

Source : Strategic Research Institute
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Bangladesh steel makers seek continuation of tariff based VAT

New Age Business reported that three associations of steel manufacturing sector on demanded continuation of the existing tariff-based value added tax on rod and steel-made products in the distribution level instead of imposing VAT under the new law. The associations Bangladesh Steel Manufacturers’ Association, Bangladesh Re-Rolling Mills Association and Bangladesh Steel Mill Owners’ Association made the demand at a joint press briefing at National Press Club in Dhaka. BSMA general secretary Mr Mohammad Shahidullah said that existing tariff-based fixed VAT of BDT 900 on each tonne of rod was very easily collectable for the government and there was no scope of complexity. He cautioned that the prices of one tonne of rod would go up by BDT 9,000 if the businesses were to pay VAT under the new law which would come into force on July 1 and such taxation measures would affect consumers at large.

Speaking about the raw material for steel manufacturing, Mr Shahidullah urged that the government should keep VAT and import duty on ferrous waste and scrap unchanged at zero and BDT 1,500 respectively.

The BSMA GS also proposed for withdrawal of 7% advance income tax deducted at source on total turnover citing such taxation as irrational and discouraging.

Mentioning fuel cost as the second largest expenditure for the steel manufacturers, he requested the government not to hike prices of gas as it would increase production cost of one tonne of steel by BDT 4,000. He said that increase in prices of steel would ultimately hamper infrastructural development as well as the housing sector.

Source : New Age Business
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US ITC rules for AD & CVD order on steel wheels imports from China

The United States International Trade Commission has determined that US industry is materially injured by reason of imports of steel wheels from China that the US Department of Commerce has determined are subsidized and sold in the United States at less than fair value. As a result of the USITC’s affirmative determinations, Commerce will issue antidumping and countervailing duty orders on imports of this product from China.

Petitioners: Accuride Corporation Evansville IN and Maxion Wheels Akron LLC Akron OH

Product Description: Steel wheels are certain on-the-road steel wheels, rims, and discs for tubeless tires that are made of steel and have a nominal rim diameter of 22.5 inches and 24.5 inches, regardless of width. Steel wheels are generally used for class 6, 7, and 8 commercial vehicles (as classified by the Federal Highway Administration Gross Vehicle Weight Rating system), which includes tractors, semi-trailers, dump trucks, garbage trucks, concrete mixers, and buses.

Status of Proceedings
USITC Institution Date: March 27, 2018.
USITC Hearing Date: March 14, 2019.
USITC Vote Date: April 24, 2019.
USITC Notification to Commerce Date: May 13, 2019.

US Industry in 2017
Number of U.S. producers: 2
Location of producers’ plants: Kentucky and Ohio
Subject imports: 1,014,146 wheels.
Leading import sources: China and Mexico

Source : Strategic Research Institute
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Brazil steel sector output projections cut by IABr

Reuters reported that a leading Brazilian steel institute IABr, which represents a sector made up of 30 steel mills, cut its production forecast for steel to a 2.2% rise in 2019 from 2.7% amid concerns over economic growth and cost increases after miner Vale’s dam burst disaster. It said that it now expects 2019 production of 36.03 million tonnes. It also sees steel consumption, which includes domestic sales plus imports, growing 4.6% to 22.05 million tonnes, down from its December projection of 6.2% growth. IABr Chief Executive Marco Polo de Mello Lopes told reporters “The steel industry is now operating at 66.6% of installed capacity, which shows that the domestic market has not progressed as expected.”

The new projections come after the industry had a weak first quarter. Production in the period fell 2.8%, domestic sales shrank 0.1% and consumption fell 1.4% compared with the same period in 2018.

Source : Reuters
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OMK starts building 0.5 million tonne seamless pipe facility at Vyksa Works

Russia’s United Metallurgical Company has launched construction of a RUB 50 billion seamless pipes facility at its subsidiary Vyksa Iron and Steel Works. The company plans to launch the facility with a design capacity of 500,000 tonnes in 2021. Italian company Danieli will be the main supplier of equipment for the facility.

Mr Dmitry Chernyshev, director of OMK’s department for asset development and investment, said “The goal of the project is to satisfy current and future demand in line and threaded seamless pipes, including pipelines for difficult production conditions and directional drilling by oil and gas companies and companies that work in the power and machine tool industries. Its launch is to expand the assortment significantly and to help us enter a new market in Russia and abroad.”

Source : Strategic Research Institute
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Tata Steel BSL to merge with Tata Steel

Tata Steel has proposed to merge Tata Steel BSL (formerly Bhushan Steel) with itself, less than a year after acquiring the company through a bankruptcy process. Tata Steel informed BSE “The Board of Directors of the Company have considered and approved a merger of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly Bhushan Steel Limited) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of INR 10 each fully paid up of the company for every 15 equity shares of INR 2 each fully paid up held by the public shareholders of Tata Steel BSL Limited. As part of the scheme, the equity shares held by Bamnipal Steel Limited and the preference shares held by the Company in Tata Steel BSL Limited shall stand cancelled. The equity shares held by the Company in Bamnipal Steel Limited shall also stand cancelled.”

The merger is subject to shareholders and other regulatory approvals.

Source : Strategic Research Institute
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Tata Steel consolidated numbers for 2018-19

Key profit & Loss account items - Consolidated

Voor cijfers en meer, zie pdf.

Source : Strategic Research Institute
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Severfield announces 2018-19 results

UK based Severfield pic, the market leading structural steel group, announces the following trading update for the financial year ended 31 March 2019. The Group's overall trading performance continues to be in line with management's expectations. The financial position of the Group remains good and year-end net funds were approximately GBP 25 million as against GBP 33 million on 31 March 2018.

UK and Europe
The order book of GBP 274 million as at 1 April 2019ontinues to include a high proportion of smaller, lower risk projects which typically have shorter lead times. The order book also includes the first orders secured by our new European business venture, based in the Netherlands. The order book remains in line with our normal levels, which typically equate to eight to ten months of annualised revenue. Our pipeline of potential future orders has remained stable with a good balance of work across all key market sectors. Both order book and pipeline performance are consistent with our continued progress towards our strategic targets. Following extensive negotiations with all stakeholders, we have now agreed a final settlement for the remedial bolt replacement works at Leadenhall. resulting in no further costs for the Group.

India
The Indian joint venture JSSL has continued to perform well in the second half of the year. The market for structural steel in India continues to improve as evidenced in an order book of GBP 149 million at 1 April 2019 which includes a large recent commercial order (Amaravati) in the state of Andhra Pradesh. The improving market position is also reflected in a growing pipeline which includes a number of potential commercial projects, together with various industrial opportunities, including those for our joint venture partner JSW Steel. The expansion of the Bellary facility is now underway and is expected to be completed towards the end of the 2020 financial year.

Source : Strategic Research Institute
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