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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,470 23 apr 2024 17:35
  • 0,000 (0,00%) Dagrange 23,400 - 24,100
  • 3.800.729 Gem. (3M) 2,5M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 1057 1058 1059 1060 1061 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 4 september 2019 17:56
    Karnataka BJP Government to Examine Sale of Land to JSW Steel

    PTI reported that the BJP government in Karnataka will examine and take a decision on the previous coalition government's proposal regarding the sale of 3,667 acres to JSW Steel at Ballari. Minister for Large & Medium Scale Industries Jagadish Shettar said "I will look into it and discuss with officials regarding it. Did they do any activities regarding it or not, is there any report, all those things I will take that file and examine. We will examine it. Then the law department had opposed the move, why it had opposed everything has to be examined and we will take a decision.”

    The Congress-JD(S) coalition cabinet in May had decided to convert the lease of 3,667 acres to JSW Steel at Ballari into sale, in accordance with the initial agreement. The BJP while in opposition had opposed the move and even had staged protest against the then government's decision.

    Source : PTI
  2. forum rang 10 voda 4 september 2019 17:57
    Turkish Tosyali Holding to Establish Economic Zone in Senegal

    Known for its investments on the African continent, particularly in Algeria, Tosyali Holding one of the world's leading steel producers with plants on three different continents, is now gearing up for a major investment in the West African country of Senegal. The holding will establish Tosyali Economic Zone in Senegal. Chairman Mr Fuat Tosyali said that "What we do in Algeria excites other African countries. The chairman's remarks came on the sidelines of the African International Conference in Yokohama, Japan, during which he said they received official invitations from other African heads of state. The investment zone in Senegal will be a new breaking point. The Tosyali Economic Zone decree has been issued. The button is now pushed.”

    Mr Tosyali said they saw the first example of this in the Osmaniye Organized Industrial Zone. He said that "That is the charm we create. Small and medium-sized enterprises and entrepreneurial clusters form where Tosyali invests. When we first started investing in OOSB, there were no other steel companies in the region, but now there are more than 50 companies. Most of them provide us with products and raw materials, while some are exporting our products. Now, a similar situation will take place in Senegal."

    Mr Tosyali further stressed that their business model raised the investment appetite of Japanese companies as well as African countries. He continued that "When we first started our investment in Algeria, Turkish and Algerian airlines had only five flights per week to the region. Now there are more than 50 weekly flights. As in all the regions Tosyali has invested in, a large SME cluster has emerged in Algeria as well, which has led to the transformation of over 1,000 Turkish companies into de facto investors in Algeria in the last few years alone. Seeing this, the other heads of state make official invitations to us to invest in their countries. After Algeria and Senegal, I can say that we will have serious investments in steel, especially on the West African side."

    Source : Daily Sabah
  3. forum rang 10 voda 4 september 2019 17:57
    Metalloinvest Increases Energy Efficiency at Ural Steel

    Metalloinvest has implemented a largescale project to modernise the thermal power plant at Ural Steel. Mr Andrey Varichev CEO of Management Company Metalloinvest said that “Modernisation of an independent generator using modern technology is an important part of the comprehensive production development programme at Ural Steel. The new machinery with a high input-output ratio will increase energy efficiency at the enterprise. This will cut our energy usage and greenhouse gas emissions and reduce costs relating to equipment maintenance.”

    Part of the Ural Steel thermal power plant project involves the construction of a new complex with two medium pressure boilers, each with a capacity of 220 tonnes of steam per hour. Commissioning of the boilers has been scheduled for the second half of 2020. Reconstruction of the water purification facility #3 and installation of the unique automated chemical treatment unit of water from salts is ongoing. This enables the production of 300 tonnes per hour of distilled water, which is required for the continuous operation of high-pressure unit boilers. Commissioning of the equipment has been scheduled for December 2020.

    In April 2019, the electrical equipment in coupling transformer #2 was successfully replaced. The coupling transformer #3 will be also replaced.

    Renovation of the thermal power plant with subsequent replacement of five high-pressure boilers, turbo-generators and air compressors will take place in the near future.

    Source : Strategic Research Institute
  4. forum rang 10 voda 4 september 2019 17:58
    GMS Market Commentary on Shipbreaking in Week 35 in Bangladesh - INCHING UP!

    The sale of one VLOC last week, at levels in excess of USD 400/LT LDT (albeit with nearly USD 10/Ton worth of bunkers onboard included in the sale) seems to indicate that the Bangladeshi Buyers are about to gear up for fresh (and firm) negotiations post-Eid holidays and finally get back to the buying. Further delivering indications about this market’s underlying firmer position is the fact that recent arrivals of previously concluded, far higher-than-today’s priced units at local anchorage were delivered without much of a fanfare. Clearly, local Recyclers remain confident about this market’s position and are anticipating a return to form in the near future – just how soon continues to be an unanswered question evading most in the industry.

    Meanwhile, on the sales front this week, a second large LDT fixture has all the hallmarks of a Bangladeshi resale on it. The SCI Suezmax tanker ANKLESHWAR (22,257 LDT) was sold basis an ‘as is’ Colombo delivery, at a decent USD 368/LT LDT with extra payment for bunkers and VAT for the lucky end Buyer. Factoring in repositioning costs, the resale is expected to comfortably surpass USD 400/LT LDT levels.

    Overall, There is still a healthy collection of large LDT vessels blocking local yards and it is expected to take most of September for some of that inventory to be digested, before demand and sentiments get a positive nudge and levels accelerate closer to previous levels, well in excess of USD 400/LDT again.

    ource : Strategic Research Institute
  5. forum rang 10 voda 4 september 2019 18:03
    Taiwan Extends Tariffs on Steel

    Taipei Times reported that Taiwan has extended anti-dumping tariffs on Chinese and South Korean steelmakers for another five years after an investigation found that firms in those countries have sold their products at unfairly low prices in the Taiwanese market, causing material damage to their peers here. In an announcement posted by the Ministry of Finance’s Customs Administration on Thursday last week, the punitive levy has been extended from Thursday to August 28th 2024, against Chinese and South Korean exporters of some steel products, including stainless steel and cold-rolled coils and sheets. The steel items are used in a wide range of products, including auto parts, kitchen equipment, computer components, electrical motors, cable cars, shipping containers and building materials. The tariffs stand at 38.11% for China and 37.65% for South Korea, the Customs Administration said.

    During the previous round of punitive tariffs from August 15, 2013, to August 14 last year, Chinese steelmakers had tariffs of 20.18% to 38.11% on their products, while South Korean firms faced tariffs of 26.53% to 37.65%.

    The Customs Administration launched a probe into some steel products imported by Chinese and South Korean firms after Yieh United Steel Corp and Tang Eng Iron Works Co filed a petition on August 8, arguing that the termination of the tariffs could harm Taiwan’s steel market if they continued to dump their products here.

    Source : Taipei Times
  6. forum rang 10 voda 4 september 2019 18:03
    Ezz Steel Plummets on Egyptian Exchange

    Reuters reported that shares in Ezz Steel plunged on Monday by as much as 10% after investment bank CI Capital cut its target price by 65% to 4.20 Egyptian pounds (USD 0.25) in a research note. CI Capital’s research note forecast an Ezz loss of 3.8 billion pounds in 2019 due to a 25% YoY rise in iron ore prices, but assumed that improved commodity prices and operating rates could turn the company to profitability in 2021.

    The company suffered consolidated losses of 1.28 billion pounds in the first quarter of this year, compared with a profit of 184 million a year ago.

    Ezz Steel has been suffering annual losses since 2014, due to a myriad of market problems, including higher production costs on successive hikes in electricity and gas prices, lower domestic demand, and recession fears and lower prices in global markets.

    Source : Reuters
  7. forum rang 10 voda 4 september 2019 18:04
    Tanzania Bureau of Standards Puts Steelmakers on Notice

    The Tanzania Bureau of Standards has put steel manufacturers on notice over substandard products. A senior TBS official said the Bureau is closely monitoring the quality of steel in the market amid complaints that the market was awash with steel of dubious quality standards - thus endangering people’s lives. The TBS head of Product Certification, Deusdedith Maganga, said in Dar es Salaam that “We will continue to closely monitor the quality of steel in the market and those who will be found distributing steel that does not meet the required will be dealt with in accordance with the law.” He revealed that a market inspection conducted by TBS last month revealed that 82% of steel samples that were tested in laboratory7 did not meet the required standards.

    He added that “Our inspection also revealed that most retailers can’t differentiate between good quality steel and substandard steel.”

    Source : The Citizen
  8. forum rang 10 voda 4 september 2019 18:04
    GMS Market Commentary on Shipbreaking in Week 35 in Turkey - SLIPPED!

    Things deteriorated further for the Turkish market as both fundamentals slipped this week. While local steel plate prices declined by about USD 8/Ton, the Turkish Lira deteriorated even further since last week, briefly breaching the TRY 5.85 mark against the US Dollar. Expectedly, sentiments have taken a dive for the worse and weaker indications were forthcoming on the few small LDT units being proposed to Aliaga Buyers. As such, and as tragic as the local situation has been, the Turkish market is invariably falling victim to its own undoing as a declining Indian subcontinent and a relatively steady Turkish market could’ve inevitably helped Aliaga Buyers with a smaller price gap.

    However, with this most recent drop, the integrity of the pricing gap with the subcontinent markets will prevail, leaving fewer options for Turkey amidst the already excruciating shortage of tonnage.

    Source : Strategic Research Institute
  9. forum rang 10 voda 4 september 2019 18:05
    Pakistan PM Cautioned Over Delay in Deciding Fate of Pakistan Steel Mills

    Stakeholders of the defunct Pakistan Steel Mills have alerted Prime Minister Imran Khan over deliberate delays by vested interests in revival or sale of the country’s largest industrial complex which has been bleeding for more than a decade. Comprising employees, pensioners, suppliers, dealers and contractors, the PSM Stakeholders’ Group said it was surprising to note that even on completion of one year tenure of the new government, the Pakistan Steel Mills was without a management structure or board of directors and the federal ministries remained uncertain how to address the PSM challenge.

    The convener of the group, Mr Mumrez Khan told Dawn that the prime minister was being misled by his advisers regarding the future roadmap for the PSM that stood shut-down since June 2015. He said the prime minister was first told the PSM would be revived through the Sarmaya Pakistan Company, followed by its proposed improvement through public-private partnership and then again by putting the industrial complex into the active privatisation list.

    He said the PSM had been closed down by the PML-N government by reducing the gas supplies to it and the PTI government also appeared to be no different to the PML-N as it was also keeping the huge industrial complex closed. He said the PSMSG offered the government to help turn around the company by reviving its existing plant and expand its capacity three times to three million tonnes to stop its further bleeding, reduce foreign exchange loss and to help support the domestic industry and the economy but its proposals were not entertained.

    Source : Dawn
  10. forum rang 10 voda 4 september 2019 18:05
    Operating Conditions in ASEAN in August Deteriorate at Fastest Pace Since November 2015 - PMI

    Operating conditions at ASEAN manufacturing firms deteriorated at the fastest pace since November 2015 in August, according to the headline IHS Markit Purchasing Managers Index, with a fall in new business and output weighing on the headline index reading. The headline index fell further below the 50.0 neutral mark, slipping from 49.5 in July to 48.9 in August and signalling a further deterioration in the health of the ASEAN manufacturing sector, the quickest since late-2015. Contributing to the decline was a moderate reduction in new business inflows and a second consecutive downturn in output. The strongest fall in external demand since November 2015 also weighed on overall new orders. That said, only three of the seven monitored countries reported a deterioration in operating conditions.

    Singapore reported a sharp downturn in the health of its manufacturing sector, with August's headline reading (42.9) the joint-lowest in the series history. Malaysia also posted a solid deterioration in manufacturing conditions, with the headline index (47.4) posting at its lowest reading since March. Indonesia registered back-to-back falls in business conditions, with the headline figure (49.0) highlighting the quickest decline since July 2017.

    By comparison, Thailand's headline figure (50.0) signalled no change in operating conditions, highlighting a stagnation across the manufacturing sector. Meanwhile, Vietnam's headline index (51.4) signalled a marginal expansion, albeit the slowest in six months. The Philippines reported one of the fastest improvements in operating conditions in 2019 so far. At 51.9, the headline index signalled a modest upturn. Lastly, Myanmar's headline index (52.0) marked the tenth consecutive improvement in conditions, albeit the slowest in seven months.

    Overall the ASEAN manufacturing sector struggled in August, as operating conditions fell to a near four-year low. Foreign demand fell for the second time in three months, whilst new business declined for the first time since February. Order book volumes fell marginally, breaking a five-month sequence of growth and leading to the first back-to-back decline in production since July 2017. That said, the reduction in output was only marginal overall.

    Subdued demand conditions led to a faster fall in buying activity, quickening moderately from July to the fastest since November 2015. Firms remained cautious about their inventories in August, with pre-production stocks decreasing for the third successive month, albeit at a softer pace than July. Stocks of manufactured items fell fractionally, with the rate of stock depletion unchanged from July. Vendor performance improved further in August, as suppliers' delivery times were shortened.

    August data highlighted a third successive monthly reduction in workforce numbers. That said, the rate of job shedding eased slightly from July's three-and-a-half-year low. Notably, only three of the seven monitored countries reported a fall in workforce numbers, whilst the Philippines recorded its strongest expansion of staffing levels for almost two years.

    On the prices front, ASEAN manufacturers registered muted inflationary pressures in August. Input costs increased only marginally, and at a slower rate than in July. Meanwhile, output price inflation eased amid difficult demand conditions.

    Volumes of incomplete work fell for the second consecutive month, although the rate of backlog depletion eased from July.

    Finally, expectations regarding future output remained generally upbeat in August, with the level of positive sentiment broadly unchanged from July. That said, it remains firmly subdued compared to the series average.

    Lewis Cooper, Economist at IHS Markit, said “The ASEAN manufacturing sector continued to signal contraction in August, according to the latest PMI survey data. The rate of deterioration quickened to the fastest since November 2015, as falls in new orders and output weighed on the headline figure. Notably, there was stark variation between the monitored countries, as Singapore posted the joint-strongest deterioration since this index began in 2012, whilst by comparison, Myanmar signalled a modest improvement in operating conditions. "Despite rocky business conditions, manufactures remain broadly optimistic in regard to future output growth,

    Source : Strategic Research Institute
  11. forum rang 10 voda 4 september 2019 18:08
    GMS Market Commentary on Shipbreaking in Week 35 in Pakistan - CONFUSING!

    There remains an on-going confusion as to where Pakistani levels really are at the moment, as very few end Buyers are willing to table any firm numbers, not only in the wake of a rabidly declining India, but Gadani Buyers also having been out of the game for well over a year now. Even though the present is a good time for local Recyclers to nosedive back into the buying, especially with India off so dramatically, the Pakistani market instead remains ever as frustrating that even geographically suitable tonnage that has been opening up in the area has instead, set sail towards Chattogram shores.

    While cheap Iranian billet imports continue to undercut local inventories, the currency has endured a dreadful time over the past year or so (despite firming marginally over the last month from a high of PKR 161 to PKR 156.50 against the U.S. Dollar) and Imran Khan’s supposedly progressive party still trying get the economy back on track.

    Source : Strategic Research Institute
  12. forum rang 10 voda 4 september 2019 18:09
    GMS Market Commentary on Shipbreaking in Week 35 in India - OPTING OUT!

    There are a number of potential vessels, especially those with Sellers of units that are intended for HKC green recycling, but it seems very few are willing to pull the trigger at this time, unwilling to accept the mediocrity of local offerings that are languishing in the low-to-mid USD 300s/LDT. Thankfully, for a majority of Owners, freight rates remain relatively firm across the board and as such, the ship recycling sector is not being greeted with the regular volume of tonnage. This might well be a blessing in disguise as an oversupply of tonnage would likely end up squeezing prices even lower. As it stands, levels have cooled off by about USD 70/LDT in India since the peaks seen earlier in the year – largely due to collapsing steel prices (that have mercifully made some minor improvements this week) and of late, a depreciating currency that only added its share of worsening local sentiments.

    Yet, amidst all of the hellfire, an extremely interesting sale was concluded for HKC green recycling as SMT concluded their general cargo vessel ‘ARCTIC PEARL’ (11,100 LDT) at an impressive (yet confounding) USD 387/LT LDT, a level approaching tanker-region indications from India. The Cash Buyer in question certainly banking on a hopeful uptick in the Indian market, given the end September delivery dates on the unit.

    Source : GMS
  13. forum rang 10 voda 4 september 2019 18:10
    Indian Steel Inventory at Alarmingly High Level - INSDAG Chief

    Mr Sushim Banerjee, director general at Institute of Steel Development & Growth told Business Standard “It is a depressing scenario for domestic steel producers as inventories are at alarming levels of 35 days, compared to the usual 21 days. Increasing inventory is also putting pressure on fresh production, which is another issue for primary producers.”

    He added “Select segments such as consumer goods should lift demand for steel in the country in the coming months. This may take domestic steel prices up to some extent, but only marginally.”

    Mr Jayant Acharya director (commercial and marketing) at JSW Steel said “Some portion of our inventory is surely up, we cannot deny that, but we are managing by picking up opportunities in certain pockets of the global market. Also, in the domestic market, we are targeting water or oil pipeline project orders where (revenue) visibility is better.”

    As per BS report, currently, steel inventory of all primary producers put together stands at 2 million tonnes, up from a normal level of a million tonnes.

    Source : Business Standard
  14. forum rang 10 voda 4 september 2019 18:11
    Liberty Steel Hartlepool Pipe Mill Bags Pipe Supply Deal from Aramco

    Sanjeev Gupta’s GFG Alliance’s Liberty Steel Hartlepool has secured a milestone contract to manufacture more than 16 kilometres of heavy duty steel pipe for a multi-billion-dollar offshore Saudi Arabian oil and gas development. The order to supply SAWL Linepipe for an expansion of the Saudi Aramco Marjan field is the first major contract the Hartlepool mills have won from the Middle Eastern Kingdom since being acquired by Liberty almost two years ago. Liberty in conjunction with Sumitomo Corporation Middle East FZE, will supply the Marjan project with more than 16 kilometres of Submerged Arc Welded Linepipe (from its 42-inch UOE mill, one of two mills it operates at Hartlepool. The offshore Linepipe, suitable for highly-resilient ‘sour service’ application, is due for delivery in the final quarter of 2019.

    Saudi Aramco is the world’s biggest oil and gas company by revenue and Liberty is hopeful the prestigious Marjan contract will lead to further opportunities in Saudi Arabia and the wider Gulf region. Saudi Aramco is planning to boost the Marjan and Berri fields’ production capacity by 550,000 barrels per day of crude oil and 2.5 billion standard cubic feet a day of gas.

    Source : Strategic Research Institute
  15. forum rang 10 voda 4 september 2019 18:11
    AISI Update on Raw Steel Production in US in Week 35

    In the week ending on August 31, 2019, domestic raw steel production was 1,850,000 net tons while the capability utilization rate was 79.5 percent. Production was 1,861,000 net tons in the week ending August 31, 2018 while the capability utilization then was 79.4 percent. The current week production represents a 0.6 percent decrease from the same period in the previous year. Production for the week ending August 31, 2019 is down 1.4 percent from the previous week ending August 24, 2019 when production was 1,877,000 net tons and the rate of capability utilization was 80.6 percent.

    Adjusted year-to-date production through August 31, 2019 was 65,313,000 net tons, at a capability utilization rate of 80.8 percent. That is up 4.1 percent from the 62,723,000 net tons during the same period last year, when the capability utilization rate was 77.3 percent.

    Broken down by districts, here's production for the week ending August 31, 2019 in thousands of net tons: North East: 209; Great Lakes: 673; Midwest: 198; Southern: 699 and Western: 71 for a total of 1850.

    Source : Strategic Research Institute
  16. forum rang 10 voda 5 september 2019 19:11
    ArcelorMittal Italia to Continue Taranto Plant Operations

    ArcelorMittal notes the publication on the Italian Official Journal of a decree law adopted by the Italian Government. This decree law amends the so-called Crescita decree law which had removed legal protection pending the implementation of the environmental plan for the Taranto plant. Following its publication, the decree law comes into immediate force, although its permanence is subject to ratification by the Italian Parliament within 60 days.

    It said “As a result of this development, ArcelorMittal Italia will continue operations beyond 6 September whilst continuing to monitor legal, regulatory and operational developments in relation to the Taranto plant closely in view of its continued viability.”

    Source : Strategic Research Institute
  17. forum rang 10 voda 5 september 2019 19:27
    ArcelorMittal blijft actief in Italiaanse Taranto

    FONDS KOERS VERSCHIL VERSCHIL % BEURS
    ArcelorMittal
    13,862 0,422 3,14 % Euronext Amsterdam

    (ABM FN-Dow Jones) ArcelorMittal houdt zijn fabriek in het Italiaanse Taranto langer open, nu de Italiaanse regering een aangepast decreet heeft uitgevaardigd over het milieuplan voor de fabriek. Dat maakte de staalfabrikant woensdagavond bekend.

    Het nieuwe decreet is een amendement van het eerdere Crescita-decreet, waarin de regering zijn juridische garanties uit 2017 opschortte, totdat het milieuplan voor de fabriek zou zijn uitgevoerd. De garanties werden afgegeven in 2017 toen ArcelorMittal ermee instemde om te investeren in de fabriek in Zuid-Italië, en betreffen aansprakelijkheid voor milieuschade die ArcelorMittal niet heeft veroorzaakt.

    ArcelorMittal Italia heeft in reactie op de nieuwe aanpassing, die pas permanent is als het Italiaanse parlement deze binnen 60 dagen goedkeurt, besloten om door te gaan met zijn activiteiten na 6 september.

    Het staalconcern blijft nauwlettend in de gaten houden of de fabriek levensvatbaar blijft, naar gelang de ontwikkelingen op het gebied van wet- en regelgeving en op operationeel gebied.

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

    © Copyright ABM Financial News B.V. All rights reserved.
  18. forum rang 10 voda 5 september 2019 19:45
    Moody's Downgrades US Steel Ratings

    Moody's Investors Service downgraded United States Steel Corporation's Corporate Family Rating and Probability of Default Rating to B2 and B2-PD respectively from B1 and B1-PD respectively. The senior unsecured ratings and Environmental Improvement Revenue bond ratings (ultimately obligations of U. S. Steel) were downgraded to B3 from B2. The Speculative Grade Liquidity rating was unchanged at SGL-2. This concludes the review for downgrade initiated on August 15th 2019. The outlook is stable.

    Ms Carol Cowan, Senior Vice President and lead analyst for US Steel said that "The downgrade reflects the expected weakening in debt protection metrics on lower steel prices, softening demand in key end markets, poor performance in Europe and tubular and the increasing leverage position to finance the company's strategic investments at USSK, the Tubular segment, and Mon Valley.”

    Source : Strategic Research Institute
  19. forum rang 10 voda 5 september 2019 19:46
    thyssenkrupp Issues Bond with a Volume of 1 Billion Euro

    thyssenkrupp AG has successfully issued a 1 billion Euro bond with a maturity of 3.5 years under the company’s 10 billion Euro Debt Issuance Programme. Joint bookrunners are Citi, Commerzbank, Crédit Agricole CIB, Deutsche Bank, Santander und UniCredit Bank. The bond carries a coupon of 1.875 percent p.a. at an issue price of 99.633 percent.

    With the bond issue, which attracted great interest from investors, thyssenkrupp took advantage of the favorable market environment and further strengthened its liquidity position.

    Source : Strategic Research Institute
  20. forum rang 10 voda 5 september 2019 19:47
    ArcelorMittal Kryvyi Rih Denies Owing USD 355 Million in Taxes

    Local media reported that ArcelorMittal owes UAH 9 billion (USD 355 million) to Ukrainian authorities after a probe found that ArcelorMittal had paid too little land tax and had dealings with non transparent companies. Tax office boss Evgen Bambizov was quoted as saying “As of today, a massive audit of the enterprise has been completed. We determine claims of 9 billion hryvnias adding that the probe’s findings would be passed on to law enforcement agencies.”

    ArcelorMittal Kryvyi Rih said “The head of the Office of Large Taxpayers of the State Fiscal Service of Ukraine disseminated information about the additional charge of UAH 9 billion of tax payments to our company based on the results of the audit. We consider the dissemination of such information to be premature - this is a violation of the rights and legitimate interests of ArcelorMittal Kryvyi Rih. In this connection we want to clarify the following. Yes, indeed, the Office of Large Taxpayers from May 14 conducted a planned field documentary audit of our company. It ended on August 29th. The audit covered the period from December 2014 to March 31, 2019. To date, the company has not received either an act on the results of such an audit, or a tax notice-decision. Therefore, the enterprise has not yet had the opportunity to submit its objections and explanations to the act. The appeal procedure for the tax notice-decision has also not yet begun. We do not have any official information about the amount of possible additional assessments of taxes and fees, as well as penalties based on the results of the audit. The procedure for conducting tax audits and formalizing their results, provided for by law, gives the taxpayer the right to submit objections to the audit act at a specified time. Only on the basis of the act of verification and consideration of the objections of the taxpayer is the tax authority entitled to make a decision on the accrual of tax liabilities and issue tax notification decisions. In this case, the taxpayer must either pay to the budget the amount of tax, levy, or fine assessed by the tax authority; or appeal this decision notice in an administrative or judicial manner. These are the requirements of the Tax Code of Ukraine. In this regard, we were extremely surprised by today's public statements by the head of the Office of Large Taxpayers. We believe that it is premature and incorrect to make public statements before submitting a tax audit report to an enterprise. We can not consider such statements as otherwise biased and aimed at unreasonably discrediting the business reputation of the enterprise. We believe that the practice when a taxpayer learns about additional assessments of taxes and fees from public statements of the head of the tax service unit before the act of verification appears is unacceptable and does not contribute to improving the investment attractiveness of the country. This causes ArcelorMittal Kryvyi Rih reasonable concern. Such allegations cast doubt on the legality of the conclusions made by the STS based on the results of such an audit.”

    Ukraine's state tax service also said no decisions had been made about a probe into ArcelorMittal taxes. State tax service said Bambizov did not have the authority to speak about the probe because he was not the head of the large taxpayers' office but the head of a commission on reorganising that office. It said “Regarding the statements made by Yevgeny Bambizov to journalists about alleged tax charges and imposing penalties on a number of enterprises, the State Tax Service informs that these issues are outside the scope of E. Bambizov's authority. At this time, tax audits on these businesses have not been completed and no decisions have been taken.”

    Source : Local media
35.173 Posts
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