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Bangladesh steel industry booming on mega projects

The Daily Star reported that Bangladesh’s steel industry is going from strength to strength thanks to a construction boom and implementation of mega infrastructure projects. According to a study report, a decade ago consumption of steel, which includes mild steel rod, prefabricated steel and corrugated iron sheet, was 1.6 million tonnes and last year it stood at about 7.5 million tonnes. United Securities in a recent report on the sector said that Mr Tapan Sengupta, executive director of BSRM, one of the leading steel manufacturers in Bangladesh, gave the credit to the government’s mega infrastructure projects. Mr Sengupta said that “The steel industry passed a stellar 2018. Rapid urbanization along with faster economic development is also contributing to the growth adding that BSRM’s growth was 12% last year in terms of sales.”

Government projects account for 35% to 40% of the total steel consumed in Bangladesh, up from 15 percent a decade ago. And last year seven mega projects picked up steam, according to the report.

Md Shahidullah, secretary general of Bangladesh Steel Manufacturers’ Association said that in the past few years a good number of steel and re-rolling mills were set up that use state-of-the-art technologies and churn out world-class products. He added that “So much that the Rooppur nuclear power plant and Padma bridge are being constructed solely with steel manufactured locally, adding that steel products are also being exported.”

There are about 40 active manufacturers, who altogether have the capacity to manufacture nine million tonnes a year. Of them, Abul Khair Steel, BSRM and KSRM meet more than half the demand.

And yet the industry has plenty of room to grow more.

At present, Bangladesh’s steel consumption is significantly lower than the global average, according to the World Steel Association, the international trade body for the iron and steel industry.

Source : The Daily Star
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Vietnam Van Loi Steel Mill sold for peanuts

VN Express reported that the Van Loi Steel Mill, deserted for eight years, has auctioned off for just 10 percent of its investment value. The plant in central Ha Tinh Province was recently auctioned in coordination with the district civil judgment enforcement authorities. Bids from 23 different buyers were submitted, with a starting bid of VND 108 billion (USD 4.64 million). The auction took the form of a ballot bid, meaning all interested parties submitted their maximum auction bid just once to avoid back and forth "penny bidding". This was done over several rounds to single out a winning bid. After 11 rounds, Nguyen Minh Hoang Phuong Vu, director of Nhon Tan Warehouse Investment and Development JSC (based in central Binh Dinh Province), was declared the winner with a bid of over VND 205 billion (USD 8.83 million).

Vu declined to comment on how he plans to deal with the steel mill.

Meanwhile, a senior executive of a bank involved in the proceedings said that the proceeds will be distributed pro-rata to creditors of the steel mill’s investors.

Van Loi Steel Mill, which spans an area of 26 hectares (64.2 acres), was licensed to operate in June 2007 with a registered capital of VND1.7 trillion (USD 73.3 million).

Source : VN Express
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Tata Steel Port Talbot restarts production following major explosion

ITV reported that work has returned to normal at Tata Steel following a major explosion at the site in Port Talbot. Hub director Martin Brunnock said that “Congratulations should be paid to the teams who have worked with dedication and professionalism to ensure all operations could restart in a little more than 24 hours after the incident. We have worked closely with the Health & Safety Executive onsite throughout the recovery program.”

The series of explosions happened at around 3:30am on April 26 morning and came from a train carrying molten metal on the site. Two people received minor injuries but have been released following treatment. The two blast furnaces on-site restarted on Saturday afternoon and residents were told they may experience some noise and steam emissions.

Source : ITV
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Trump Trade War - USMCA dead if steel, aluminum tariffs not lifted - Mr Chuck Grassley

An influential US Republican senator has warned that Congress will not approve the US-Mexico-Canada Agreement unless the Trump administration lifts steel and aluminum tariffs on Canada and Mexico. US Senate Finance Committee Chairman Mr Chuck Grassley wrote in a Wall Street Journal op-ed published that "If these tariffs aren't lifted, USMCA is dead. There is no appetite in Congress to debate USMCA with these tariffs in place. These levies are a tax on Americans, and they jeopardize USMCA's prospects of passage in the Mexican Congress, Canadian Parliament and US Congress.”

Mr Grassley wrote, noting the negative impact of tariffs on his home state, wrote "Many Americans have been harmed by retaliatory tariffs. Mexican tariffs on US pork, to take one example, have lowered the value of live hogs by USD 12 an animal. Iowa is the top pork-producing state in the country. That means jobs, wages and communities are hurt every day these tariffs continue -- as I hear directly from Iowans. It's time for the tariffs to go.”

He suggested that the Trump administration can take the lead by promptly lifting tariffs on steel and aluminum from Canada and Mexico.

The USMCA, signed by leaders of the three countries late last year to replace the North America Free Trade Agreement, still needs to be ratified by lawmakers of the three countries before going into effect.

Source : Xinhua
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Complete caster revamping at Pacific Steel

New four-strand billet caster started up at Pacific Steel (SIMEC group) in Guadalajara, Mexico. The purpose of the intervention was to improve the overall performances and to extend the production from commercial to specialty steel grades. Exploiting the existing civil works, Danieli rapidly upgraded the caster in all its parts.

The new moulds featuring mould level control, in-mould and final stirrers, stopper rods to cast in open- and closed-stream mode, and flying nozzle-change device.

Source : Strategic Research Institute
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Hitachi Metals grants FAC to SMS Group for forging press

Hitachi Metals, Yasugi, Japan, has granted SMS group the final acceptance certificate following the successful commissioning of its 90/108 MN open-die forging press. This is the largest four-column open-die forging press in push-down design that SMS group has built in the last 25 years. The plant operates with a forging force of up to 90 MN and an upsetting force of 108 MN. It forges flat and round bars from ingots quickly and precisely at a maximum starting material weight of 30 tons. Two rail-bound manipulators position the forgings with millimeter precision and move them fully in sync with the press stroke. Hitachi intends to use the new open-die forging press to process temperature-sensitive materials, such as titanium alloys, tool steels, high speed steels, and nickel-based alloys. Forging sophisticated materials is a highly technological process which requires the specified parameters to be precisely maintained. The engineers at SMS group have designed and built an open-die forging press that fully meets the high customer demands.

SMS group has devised a highly efficient, space-saving hydraulic system concept for the four-column, push-down press. High-speed forging is possible thanks to the 18 high-performance hydraulic pumps installed in the press. The twin pump arrangement, ie two pumps operated by one motor, makes the hydraulic system require distinctly less space.

The customer had specifically requested the option of performing fast tool changes on the press. So, SMS group developed a tool changing system for this very purpose. With this new concept only the die track needs to be replaced. The entire tool changing process is performed fully automatically. The scope of supply for the press also included a table shifting device, a die shifting device, and a die magazine.

The customer uses the ForgeBase® control software for optimized, reproducible forging results. A variety of forged parts can be produced precisely and cost-efficiently based on predetermined pass schedules. The press operator is able to switch from fully automatic to semi-automatic or manual mode as and when required.

In order to minimize the vibrations emitted into the ground, the open-die forging press was erected on a vibration-isolating foundation, consisting of an intermediate foundation and several vibration dampers. As a result, the residual vibration measured at the reference point meets the customer’s strict specifications. What’s more, the horizontal stoppers installed on the sides give the solid press design extra stability in case of earthquakes.

Another special technical feature is the three-dimensional laser measuring system. It measures the surface temperature and the geometry of the forging in real time, and optimizes the pass schedule for homogeneous forging of the core zone.

Source : Strategic Research Institute
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Global crude steel production in Q1 of 2019 up by 4.5% YoY

World crude steel production for the 64 countries reporting to the World Steel Association was 155.0 million tonnes in March 2019, a 4.9% increase compared to March 2018. World crude steel production was 444.1 million tonnes in the first three months of 2019, up by 4.5% compared to the same period in 2018. China's crude steel production for March 2019 was 80.3 million tonnes, an increase of 10.0% compared to March 2018. India produced 9.4 million tonnes of crude steel in March 2019, down 1.0% on March 2018. Japan produced 9.1 million tonnes of crude steel in March 2019, unchanged from what it produced in March 2018. South Korea's crude steel production stood at 6.3 million tonnes, up 2.8% on March 2018.

Region Wise

Zie pdf voor meer cijfer werk:

Source : Strategic Research Institute
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Tata Steel plans to double iron ore output - Mr TV Narendran

Telegraph India reported that Tata Steel plans to double iron ore output from captive sources over the next decade as the company shifts focus to fully integrating its rapidly expanding Indian operations after hiving off its overseas facilities into joint ventures. Mr TV Narendran, managing director and CEO of Tata Steel Group told The Telegraph in an exclusive interview that “We have environment clearance to expand our capacity iron ore mine to 38 million tonnes from 25 million tonnes. We will reach there in 5-6 year. Eventually, in 10 years, our mining capacity will go up to 45 to 50 million tonnes.”

He added that while the raw material division of the company will try to extract more ore this fiscal, the big uptick will come in fiscal 2021 when the Khondbond mine is expanded to 8 million tonnes from 3 million tonnes at an investment of INR 2,000 crore. The expansion of mining capacity in India is usually fraught with challenges, both regulatory and social, often leading to time overruns. Khondbond also had its share of delays but it is now on track. Tata Steel’s close engagement with the the local community helped.

The managing director pointed out that Tata Steel had a track record of 100 years in mining and is probably the third-largest miner in India after public sector Coal India and NMDC.

Though the company sourced 25 million tonnes of iron ore from its mines in Odisha and Jharkhand in the recently concluded fiscal, internal demand outpaced supply as the Tatas acquired Bhushan Steel under a bankruptcy process. The company had to buy ore from the market for Tata Steel BSL (formerly Bhushan Steel), moderating profitability, even as existing operations were fully serviced by captive iron ore mines.

Source : Telegraph India
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AISI update on Raw Steel Production in US in Week 17

In the week ending on April 27, 2019, domestic raw steel production was 1,895,000 net tons while the capability utilization rate was 81.4 percent. Production was 1,780,000 net tons in the week ending April 27, 2018 while the capability utilization then was 76.0 percent. The current week production represents a 6.5 percent increase from the same period in the previous year. Production for the week ending April 27, 2019 is down 0.4 percent from the previous week ending April 20, 2019 when production was 1,903,000 net tons and the rate of capability utilization was 81.8 percent.

Adjusted year-to-date production through April 27, 2019 was 31,849,000 net tons, at a capability utilization rate of 81.9 percent. That is up 6.8 percent from the 29,814,000 net tons during the same period last year, when the capability utilization rate was 76.4 percent.

Broken down by districts, here's production for the week ending April 27, 2019 in thousands of net tons: North East: 201; Great Lakes: 737; Midwest: 188; Southern: 696 and Western: 73 for a total of 1895.

Source : Strategic Research Institute
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Lenders ignored higher bid for Uttam Value & Uttam Galva Metallics - Report

Economic Times, citing two persons in the know, reported that lenders to Uttam Value and Uttam Galva Metallics have ignored a higher bid from a consortium led by SSG Capital. The report quoted these sources as saying that “The higher offer of INR 3,300 crore made by SSG Capital Management and Synergy Metals and Mining Fund contained an upfront payment of INR 1,000 crore against INR 625 crore offered by CarVal. Additionally, the consortium was putting in INR 250 crore for the operational improvement of the assets against INR 100 crore committed by Car-Val. It also had a shorter repayment period of 3.5 years against 5 years put down by the winning bidder. It throws up an important question, why a higher offer wasn’t chosen by the banks?”

Resolution professional Rajiv Chakraborty had presented both the plans as compliant for the banks to consider. Bank of Baroda, Dena Bank and Vijaya Bank, had abstained from voting on the resolution plan.

ET had reported last week that CarVal was voted as the successful bidder on April 21 based on the INR 2,541 crore offer it made along with Nithia Capital Resources, a UK-based metal investment and advisory firm led by Mr Jai Saraf, former Mittal Steel finance director. The offer is being executed through a trust set up by Asset Reconstruction Company of India and will cause the banks to take a 60% haircut.

Source : Economic Times
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Indian crude steel production in 2018-19 FY up by 2.3% YoY - worldsteel data

According to the latest March data from worldsteel, India's crude steel production totalled 105.54 million tonnes in April'18-March'19, up by 2.4 million tonnes or 2.3% YoY as compared to 103.14 million tonnes in April'17-March'18. (There is a sight variance of about 1.5 million tonnes with numbers being published in media, wherein the YoY growth in crude steel production is pegged at 3.3% to 107 million tonnes.) Month wise YoY comparison shows that crude steel production growth was robust 5.6% YoY to 52.3 million tonnes in H1, but the production shrank by 1% YoY to 53.3 million tonnes, mainly due to higher base in last 6 months of FY 2017-18.


Zie pdf voor cijfers:

Source : Strategic Research Institute
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Qatar Mining Company steel plant in Algeria to open by Q4 2019

The Peninsula Qatar reported that Board of Directors of Qatar Mining Company held a meeting and discussed the progress of the company’s important developmental projects and growth strategy, including the company’s upcoming steel plant in Algeria, which is set to become operational before the end of this year. The CEO of Qatar Mining Company, Khalid bin Ahmed Al Obaidli, revealed the accelerated pace of construction work on its project, the Belara Steel and Steel Plant currently being implemented in Algeria, which is being implemented in partnership with the Algerian government for the establishment of the Algerian Qatari Steel Company. The factory is about 96% complete.

In 2012, Qatar Mining Company established one of its major subsidiaries, Qatar Steel International, which owns 49 percent of the Algerian-Qatari Steel Company, the owner of the largest iron and steel plant in the region, located in Algeria’s Jijel, 359 km east of Algiers, the largest Arab joint project in Algeria. The iron and steel plant in Baalara built an area of about 216 hectares, making it the largest steel industrial complex in Algeria and the region.

The project will be completed and fully operational in the fourth quarter of this year (Q4 2019), with the direct reduction unit entering the service and production as it is considered to be one of the largest direct reduction units in the world.

Source : The Peninsula Qatar
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NMK Stoilensky produces its 15 millionth tonne of pellets

Stoilensky, part of NLMK Group, has produced its fifteen millionth tonne of pellets since the launch of its pelletizing plant. Launched in November 2016, the pelletizing plant has a design capacity of 6 million tonnes of pellets per year. In 2018, the plant reached the production capacity of 6.7 million tonnes of pellets (+12% yoy).

In March Stoilensky signed a development contract with the Finnish company Outotec to increase the pelletizing plant's installed capacity by a third - from 6 to 8 million tonnes of pellets per year.

Mr Sergey Napolskikh, Stoilensky General Director, said that “In order to reach the output of 8 million tonnes of pellets per year Stoilensky will need to upgrade several transformation stages of the current pelletizing plant. In particular, to build an additional grinding facility, implement a new filtration technology, upgrade the gas flow pattern of the induration machine, and update the control systems suite via digital technologies. This project, part of Strategy 2022, will ensure NLMK Group's control over the raw material costs in the long term.”

In 2019-2021 it is planned to boost ore production and beneficiation capacity by 14% through modernization of Stoilensky's other transformation stages with a view to ensure stable supply of raw materials to the pelletizer after it reaches the output of 8 million tonnes. This will enable the Company to increase its ore processing capacity from 37 million tonnes to 42 million tonnes and to increase its concentrate output from 17.3 million tonnes to 20 million tonnes per year.

Source : Strategic Research Institute
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Metalloinvest presents updated Development Strategy

Metalloinvest, a leading global producer and supplier of HBI and iron ore products, and one of the regional producers of high-quality steel, has updated its Development Strategy. The Strategy aims to allow the Company to maintain the leading position in the metals and mining industry and continuously enhance the Company’s efficiency. In 2015, Metalloinvest announced Strategy 2023, which aimed to strengthen the Company’s position as the global leader in hot briquetted iron production; implement a major investment programme aimed to improve the efficiency of development and production; and increase the share of high value added products as well as improve product quality. The key operational and financial milestones of Strategy 2023 were achieved and already surpassed in 2018. These excellent results demonstrate that the Company chose the right strategic approach and created a platform to achieve long term leadership.

In Spring 2019, the Board of Directors of Metalloinvest decided to update the Strategy considering the opportunities and challenges of the new strategic cycle. The Company will maintain the direction of development which proved its effectiveness in production of high value added products as well as improving the quality of products.

At the same time, the updated Strategy focuses on production safety, the protection of employees’ lives and health, environmental protection and the digital transformation of business processes.

Metalloinvest believes its mission is to provide the global steel industry with high-quality iron ore and metallised products to boost production efficiency.

Key priorities of the Strategy:

Supply of high-quality raw materials to reduce harmful impurities, improve product properties and reduce costs during processing
Production safety, protection of the lives and health of employees
Reduced environmental impact through efficient and innovative production
Reduced emissions and waste
Ensuring the sustainable development of the regions where the Company operates
Andrey Varichev, CEO of Management Company Metalloinvest, said: “The updated Strategy is based on an in-depth analysis of market trends. We see significant opportunities in meeting the growing global demand for high-quality raw materials for electric steel smelting. The Company has advanced, high-capacity pellet and HBI production facilities. The use of raw materials with a high iron content and low impurity levels allows our steelworkers to reduce atmospheric emissions. The focus of the updated Strategy is sustainable development. We are convinced that metallurgy should be a green and safe industry. Metalloinvest's goal is to completely eradicate workplace accidents.”

Key objectives of the Strategy:

Increased production and improved quality of iron ore concentrate, pellets and HBI
Increased production and improved quality of SBQ (high-quality rolled steel products)
Maintaining leadership in the steel bridge market
Development of an engineering and design centre
Establishment of a centralised R&D management team
Development of the Company’s business system
Growth of normalised (discounting various factors, exchange rates and volatility of market conditions) EBITDA at 3% per year
Reduced accidents, injuries and occupational illnesses
Be a leader among Russian metals and mining companies and comply with international standards in the field of industrial safety and production culture
Metalloinvest also continues to adhere to a policy of strengthening its financial stability, aimed at reducing costs and improving the debt repayment schedule.

The Strategy will continue implementing a comprehensive development programme at Metalloinvest enterprises, aimed at increasing the quality and sales of iron ore, metal and steel products, and the digital transformation of business processes.

At Lebedinsky GOK and Mikhailovsky GOK, construction of conveyor systems for transporting iron ore (cyclical and continuous transportation technology and the crushing and conveyor facility) continues.

OEMK is implementing a comprehensive programme to increase customer focus and the quality of SBQ and plans to build ball rolling facilities and steel furnace #5, which is part of the complex steel processing facility #4.

Ural Steel continues the modernisation of blast and steel making production, the construction of medium pressure boilers in the thermal power plant, and the construction of air separation unit #6 for outsourcing in partnership with the company Linde.

Projects are being implemented at all enterprises to develop laboratory equipment, automation and mechanisation of technical servicing and repair functions.

Source : Strategic Research Institute
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Evraz announces Q1 2019 result

EVRAZ plc released its trading update for the first quarter of 2019. In Q1 2019, EVRAZ’ consolidated crude steel output climbed by 12.4% QoQ to 3.5 million tonnes, primarily as a result of higher pig iron production following the completion of capital repairs at EVRAZ ZSMK’s blast furnace no. 3 at the end of Q4 2018. Total steel product sales rose by 8.4% QoQ, driven by higher crude steel production. Sales of semi-finished products surged by 29.0%, primarily due to increased pig iron and crude steel output. This was partly offset by a 2.7% reduction in sales of finished products, which was mostly attributable to lower sales of construction products in Russia and tubular and railway products in North America.

Production of raw coking coal remained flat QoQ. In Q1 2019, external sales volumes of coking coal products declined by 4.1% as coking coal concentrate sales subsided from the elevated levels during the longwall repositioning at Yuzhkuzbassugol’s Uskovskaya mine in Q4 2018.

Sales of vanadium products fell by 5.3% QoQ, mainly due to a sharp decline of demand from the automotive industry and high stock levels at steel makers, accumulated during a period of sharp FeV price increase.


Voor cijfers, zie pdf.

Source : Strategic Research Institute
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US economy grows by 3.2% in first quarter

US Department of Commerce's Bureau of Economic Analysis released the first quarter 2019 Gross Domestic Product numbers. The Bureau found that the real gross domestic product increased at an annual rate of 3.2% in the first quarter of 2019. Secretary of Commerce Wilbur Ross said "This blockbuster GDP report shows that President Donald J Trump's policies are unleashing the vitality of the American economy, fulfilling the President's promise for 3% economic growth and benefiting American workers in the form of better jobs and higher wages. The Trump economy has repeatedly defied the skeptics who predicted an economic downturn and has restored America's position in the world as a consistent source of economic growth."

The US economy has gotten off to a strong start so far in 2019. In January and February of 2019, the two months for which data is available, the US trade deficit dropped well below expectations. This trend continued as exports alone drove nearly half a percentage point of overall GDP growth in the first quarter.

After starting off the year by adding over 300,000 jobs in January, the economy ended the first quarter at a 3.8% unemployment rate. In February, annual wage growth for hourly workers increased by 3.4%, the fastest rate since early 2009.

As they have since the start of his term in office, President Trump’s actions have yielded real results for American businesses, workers, and families, increasing incomes while cutting taxes and regulations.

Source : Strategic Research Institute
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Australian steel facilitates construction of W2BH pipeline

Utility Magazine reported that pipeline manufacturer Steel Mains supplied almost 30,000 tonnes of steel pipes for the 270km W2BH project, completed in December 2018. The project will secure a long-term water supply for Broken Hill, whilst enabling growth and prosperity for communities in regional NSW. In October 2017, WaterNSW appointed a consortium of John Holland, MPC Kinetic and TRILITY to design, build, operate and maintain the Wentworth to Broken Hill Pipeline. WaterNSW CEO, Mr David Harris, said WaterNSW is proud to have led such a significant regional project as the W2BH, which will guarantee water security for the Broken Hill community. The project has been recognised as one of the fastest completed infrastructure projects ever built in New South Wales. He said that “Approximately USD 3 million was invested into training, providing workers with transferable experience and skills for future work. With the workforce reaching around 500 workers at peak times, local economies experienced benefits of an estimated USD 50 million.”

The project was scheduled for completion by December 2018, with construction commencing in February 2018. By the end of that year, all 270km of pipe had been laid. The pipeline was constructed underground, from both ends, following the trajectory of the Silver City Highway to Broken Hill.

The raw water that will be transported through the pipeline is being sourced near Wentworth on the River Murray. A Joint Venture (JV) of John Holland-TRILITY will now be responsible for the pipeline maintenance for a period of 20 years.

Source : Utility Magazine
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Metinvest announced Q1 2019 operational results

Metinvest BV the parent company of a vertically integrated group of steel and mining companies announced its operational results for the first quarter ended 31 March 2019.

OPERATIONAL HIGHLIGHTS

Zie pdf voor cijfers:


In 1Q 2019, Metinvest’s hot metal production remained almost flat QoQ at 1,957 kilo tonne, as an increase of 48 kilo tonne at Azovstal partly compensated a decrease of 62 kilo tonne at Ilyich Steel. The effect of a shortage of primary raw materials at the Mariupol steel mills in February 2019 was almost completely compensated by greater output at Azovstal due to shorter overhauls on blast furnaces compared with 4Q 2018.

Meanwhile, the Group’s crude steel production rose by 13% QoQ to 1,941 kilo tonne, driven by increases of 154 kilo tonne at Ilyich Steel and 62 kilo tonne at Azovstal. The main drivers were the commissioning of the new continuous casting machine no. 4 at Ilyich Steel and the absence of major overhauls of basic oxygen furnaces in the period. By comparison, in 4Q 2018, downtime related to major overhauls totalled 46 days at Azovstal and 21 days at Ilyich Steel.

Compared with 1Q 2018, hot metal output at the Mariupol steelmakers decreased by 9% YoY amid irregular supplies of primary raw materials.

Metinvest’s steel output climbed by 6% YoY in 1Q 2019. The main catalysts were greater production of 164 kilo tonne at Ilyich Steel, as hot metal was redirected to make steel and downstream products instead of merchant pig iron due to the commissioning of CCM no. 4. At the same time, steel production at Azovstal decreased by 48 kilo tonne due to lower hot metal output.

In 1Q 2019, the Group’s output of merchant semi-finished products fell by 14% QoQ to 623 kilo tonne, as an increase in slab output of 128 kilo tonne partly compensated a decrease in merchant pig iron production of 227 kilo tonne. The rise in slab production came amid an increase of 100 kilo tonne at Azovstal due to greater steel output and the commissioning of CCM no. 4 at Ilyich Steel.

Compared with 1Q 2018, Metinvest’s output of merchant semi-finished products dropped by 21% y-o-y, as production of merchant pig iron decreased by 249 kilo tonne and production of slabs increased by 85 kt. This was largely due to the redirection of hot metal for making steel and downstream products after the commissioning of new equipment at Ilyich Steel.

In 1Q 2019, the Group’s finished product output increased by 10% QoQ to 1,501 kilo tonne. In particular:

1. Flat product output climbed by 126 kilo tonne to 1,270 kilo tonne, mainly due to an increase of 104 kilo tonne at Ilyich Steel following shutdowns for annual major overhauls in 4Q 2018;

2. Long product output rose by 3 kilo tonne to 191 kilo tonne amid a rise at Promet Steel; and

3. Output of railway and tubular products grew by 2 and 3 kilo tonne to 4 and 36 kilo tonne respectively.

In 1Q 2019, Metinvest’s output of finished products grew by 2% YoY. In particular:

1. Flat product output rose by 71 kilo tonne due to increases in production of 26 kilo tonne at Ilyich Steel, 22 kilo tonne at Azovstal and 4 kilo tonne at the European re-rolling mills, as well as due to the acquisition of Unisteel’s galvanising facilities;

2. Long product output decreased by 40 kilo tonne, of which Azovstal accounted for 21 kilo tonne and Promet Steel for 19 kilo tonne, amid a seasonal drop in demand;

3. Railway product output edged down by 7 kilo tonne; and

4. Tubular product output increased by 1 kilo tonne.

Zie pdf voor 2e gedeelte cijfers:

Source : Strategic Research Institute
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Essar Steel posts EBITDA of INR 2K crore - Report

Financial Express reported that Essar Steel, which is undergoing debt resolution process, has posted EBITDA of around INR 2,000 crore during the insolvency period and the amount could be utilized by financial creditors against their outstanding dues. In an affidavit before the National Company Law Appellate Tribunal last week, Arfin India an operational creditor of Essar Steel has submitted that details pertaining to the debt-laden firm’s EBITDA were disclosed by the Committee of Creditors, comprising mainly financial creditors, in the special leave petition filed before the Supreme Court.

The CoC had challenged the orders of the NCLAT of March 18 and March 20 before the Supreme Court by filing an SLP. The NCLAT in its orders had asked the resolution professional of the company to call a fresh meeting of the CoC to consider redistribution of funds among the financial and operational creditors. Arfin India in its affidavit said, “The said SLP clearly states that the corporate debtor Essar Steel during the period of the insolvency has a healthy EBITDA of INR 2,000 crore. It is submitted that this particular fact has not been disclosed before this tribunal and the appellant is wary that the said amount could be utilised for satisfying the claim of the financial creditors, without apportioning any dues towards the amount claimed by the appellant herein/”

Requesting to take the information on record, Arfin India has asked the NCLAT to modify the resolution plan, granting equal treatment to operational and financial creditors. The Ahmedabad bench of National Company Law Tribunal had initiated insolvency proceedings against Essar Steel on June 27, 2017, admitting the lenders’ plea.

Source : Financial Express
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New tariffs hits small steel producers in Egypt - Report

The Arab Weekly reported that small steel producers in Egypt face an uncertain future after the application of protectionist tariffs to iron billet and steel imports. Mr Tareq al-Gioshi, a steel factory owner said that “The new tariffs will raise the price of production requirements. This will cause losses to producers, given the fact that they cannot raise the price of their final products.”

The Egyptian Ministry of Industry and Foreign Trade started applying the tariffs April 15 to protect the local steel and iron billet industry against imports. The tariffs set for 180 days, although they could be extended amount to 15% on iron billet imports and 25% on steel rebar. The ministry investigated semi-finished products of iron or non-alloy steel and steel rebar for construction purposes. On April 3, it said growth in imports had harmed Egypt’s domestic steel industry.

One of the reasons local producers are losing to foreign suppliers is that production costs are considerably higher in Egypt, which producers attribute to the lack of government support and high energy prices.

Egypt’s construction sector has been growing steadily with dozens of national megaprojects ordered by the government in all provinces. The Egyptian government is spending billions of dollars on the construction of electricity plants, roads, bridges and factories. The projects have created demand for construction materials, in general, and construction steel, in particular. The real estate sector has also been expanding, even as demand dropped, with the prices of housing units out of reach for millions of Egyptians.

Source : The Arab Weekly
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