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Home  /  Forum  /  Arcelor Mittal  /  Nieuws en info hier plaatsen (deel 4)

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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,520 25 apr 2024 17:09
  • -0,120 (-0,51%) Dagrange 23,170 - 23,690
  • 2.038.232 Gem. (3M) 2,5M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 1087 1088 1089 1090 1091 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 30 oktober 2019 17:03
    Liberty Steel to Merge into One Global Group

    The family-owned alliance led by Sanjeev Gupta announced that Liberty Steel Group, which altogether employs 30,000 people in 10 countries, will be incorporated by the end of this year through a merger of GFG’s upstream and downstream steel manufacturing, mining and distribution businesses around the world. Liberty Steel Group will be the eighth largest steel producer outside China, with operations stretching from Australia to continental Europe, the United Kingdom and the United States, and it will have annual sales of approximately USD 15 billion. Although individual businesses will retain a high degree of autonomy, consolidated accounts will be produced and a united strategy will be developed.

    At the heart of the group’s mission will be an ambition to build on GFG’s existing GREENSTEEL strategy to aim for net carbon neutral status by 2030 – placing Liberty Steel Group on a pathway to become the first carbon neutral steel company in the world. This will include exploration of the best use of new technologies such as hydrogen generated from renewable power to produce steel.

    The GREENSTEEL strategy focuses on using electric arc furnaces to recycle scrap steel, rather than producing all material from scratch, as well as using renewable sources of energy. Steel from recycled scrap using fossil fuel based energy generates less than a third of the CO2 emissions compared with primary steel making, with the benefit dramatically increasing to almost zero emissions with the use of renewable power in GREENSTEEL. Liberty’s plants already recycle three million tonnes of scrap steel annually, with investment underway in electric arc furnaces in the UK, Australia and the United States.

    Source : Strategic Research Institute
  2. forum rang 10 voda 30 oktober 2019 17:03
    Indian Steel Demand to Revive from November – Mr VR Sharma MD JSPL

    Cogenics reported that Jindal Steel and Power Ltd’s Managing Director Mr VR Sharma sees demand for steel rising November onwards, only if the government takes steps to lift the economy. In an interview he said “Steel requirement has been lower this year. Infrastructure projects such as railways, transmission towers, rural electrification, and roads require steel the most. But these projects require lot of funds and are mostly government-driven. So the lead has to be taken by the government. The government has taken some good steps like reducing corporate tax and start-up tax, but it will take some time for these measures to show results. Let us hope things get better and the government takes steps to navigate the economy in the right direction. I expect steel prices to rise November onwards as steel consumption increases during this time and sustain till April.”

    He also said “Steel plates, rails, angle, channels etcare doing well but the cold-rolled, galvanised, and colour-coated coils are not doing well. HRC has seen weak demand not only because of the slowdown in the automobile industry but also because of the slowdown in the pipe and tube industry, tanks fabrications, oil tanks, and many other engineering applications where it is widely used. Once economic growth is triggered, HRC prices would also rise.”

    Source : Cogenics
  3. forum rang 10 voda 30 oktober 2019 17:05
    Beursblik: flinke winstdaling ArcelorMittal voorzien

    FONDS KOERS VERSCHIL VERSCHIL % BEURS
    ArcelorMittal
    13,708 -0,488 -3,44 % Euronext Amsterdam

    (ABM FN-Dow Jones) ArcelorMittal heeft in het derde kwartaal van 2019 vermoedelijk flink minder winst gemaakt. Dit blijkt uit de analistenconsensus die het staalbedrijf woensdagmiddag publiceerde.

    Analisten rekenen voor het derde kwartaal op een EBITDA van 930 miljoen dollar.

    In het tweede kwartaal lag het bedrijfsresultaat nog op 1.555 miljoen dollar en in het derde kwartaal van 2018 was dit zelfs 2.729 miljoen dollar.

    De publicatie van de kwartaalcijfers staat voor 7 november gepland.

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

    © Copyright ABM Financial News B.V. All rights reserved.
  4. forum rang 10 voda 30 oktober 2019 17:07
    Carbon Border Levy is the Start to Greener Steel - ArcelorMittal

    Reuters reported that ArcelorMittal said that a proposed EU carbon border tax is a vital first step to enable the industry to introduce low carbon technology and help reach the Paris agreement of curbing climate-warming emissions. Mr Alan Knight, GM in charge of corporate responsibility, said “The ideological principle has been accepted. The carbon border adjustment is about making progress to implement the Paris Agreement. We are trying to solve a problem before it’s happened - a higher carbon price could inevitably cause steel production to move to countries where emission standards are lax compared to Europe.

    ArcelorMittal sees a chance of success now the new European Commission, in office from November, has accepted the idea and appointed three separate departments to work on it. In Europe steelmakers must comply with the bloc’s Emissions Trading System, where pollution permits are trading around 25 euros a tonne. Until now, the Commission has handed out free ETS permits to tackle industry’s complaints it is subject to carbon leakage, the term used to refer to the possibility high EU compliance costs will drive manufacturing to cheaper parts of the world. From 2021 companies will receive fewer free permits.

    Around two tonnes of carbon dioxide are emitted for every tonne of steel made. With around 1.7 billion tonnes produced annually, the sector accounts for around 7% of global emissions.

    Source : Reuters
    Bijlage:
  5. forum rang 10 voda 30 oktober 2019 17:14
    SIMEC Expands Portable Biofuel Power Venture through Acquisition of Fleetsolve

    Mr Sanjeev Gupta’s GFG Alliance’s SIMEC has accelerated plans for the deployment of its biodiesel generators through the acquisition of Fleetsolve, an award-winning company with 17 years of experience developing, operating and maintaining biofueled combined heat and power generation equipment. SIMEC is taking full ownership of Wirral-based Fleetsolve and its sister company Fuelsolve. The transaction will bring well-established engineering expertise and market-leading technology into the group. Fleetsolve won the Merseyside Innovation Prestige Award in 2018, in recognition of its cutting-edge approach to renewable power generation. SIMEC, through Fleetsolve, will launch a nationwide campaign to identify customers who will benefit from carbon-neutral energy coupled with the resilience of having on-site power or combined heat and power generation.

    Combining SIMEC’s portfolio of compact containerised generators with Fleetsolve’s expertise, the CHP units range from 250kW to 18MW in capacity and can operate continuously for 24 hours a day customer sites, delivering clean and reliable power for industrial and commercial users.

    Under the arrangement, Fuelsolve will manage the supply and logistics of the biofuels needed to power the generators, which will be placed with corporate and public sector clients requiring an intensive supply of energy produced from sustainable sources at a competitive price.

    Source : Strategic Research Institute
  6. forum rang 10 voda 30 oktober 2019 17:14
    QSP Due Danieli Universal Endless Commissioning in progress at Shougang Jingtang

    Danieli is presently commissioning the world’s first DUE® plant at Shougang Jingtang, Caofeidian Industrial Area, Tangshan city, Hebei province, China. This new concept in thin-slab casting and rolling unifies in a single production line all the winning features that have been demonstrated up to now, using either endless or coil-to-coil rolling in separate production lines while eliminating the limiting factors of each. The single-strand thin-slab caster is regularly producing slabs reduced from 130 mm (mould exit) to 110 mm (TSC exit), using Danieli’s well-proven Dynamic Soft Reduction technology. Coil-to-coil rolling is already consolidated production practice as is semi-endless rolling, the latter being the natural step to achieve the true casting/rolling functionality in endless mode.

    The DUE® at Shougang Jingtang already has achieved the important milestone of producing the first coil in full endless mode, with dimensions 3.00 mm x 1250 mm, MC grade, after having rolled just 45,000 t of HRC since commencement of hot tests, with mutual satisfaction of the teams.

    The unique DUE® layout configuration currently is proving its outstanding flexibility, being capable of performing different production modes.

    Source : Strategic Research Institute
  7. forum rang 10 voda 30 oktober 2019 17:14
    New Management Board of NLMK

    At a meeting held on 24 October 2019, the Board of Directors of NLMK Group, an international steel company, approved the new composition of the Group’s Management Board as follows:

    Grigory Fedorishin - President, Chairman of the Management Board
    Mikhail Arkhipov - Vice President, HR & Management System
    Tatiana Averchenkova - Vice President, Operational Efficiency
    Ilya Guschin - Vice president for sales
    Barend de Vos - Vice President, International Operations
    Shamil Kurmashov - Vice President, Finance
    Sergey Likharev - Vice president for logistics
    Eugene Ovcharov - Vice President, Risk Management
    Sergey Chebotarev - Vice President of Energy
    Sergey Filatov - Advisor to the President

    Source : Strategic Research Institute
  8. forum rang 10 voda 30 oktober 2019 17:15
    Kampag Named Swedish Steel Prize 2019 Finalist

    For developing a new harvesting feeder solution for soybean farming that lasts longer, damages fewer crops and drastically improves the yield of existing farms, Kampag has been nominated for the Swedish Steel Prize 2019. Kampag, from Brazil, is one of the four finalists for this year’s prize, which will be awarded during a ceremony in Stockholm, Sweden on November 14. The award ceremony is part of a three-day event where hundreds of international participants will take part in seminars and a site visit at SSAB.

    Kampag is nominated for its High Performance Feeder Modulus, a unique solution for soy axial grain harvesters that allows for increased yields through the gentler handling of the harvested crop.

    The machine is called “axial”, meaning that the material flow occurs at the axial axle, as it is placed at the main rotor. The new feeder modulus utilizes blades made from the abrasion resistant steel Hardox® 500 with an optimized shape in a spiral-like orientation that cut and collect soybeans, as well as other cultures, in a continuous flow.

    The High Performance Feeder Modulus means that harvesters can operate two hours longer per day due to the ability to operate in moist conditions. The unique design and use of Hardox® 500 steel means that weight has also been drastically reduced from previous solutions and the result is a reduction in fuel consumption of up to 15 percent when harvesting.

    The High Performance Feeder Modulus is also gentler on the crop during harvest, which accounts for an increase in production of usable soybeans by 3 percent.

    To put this into perspective, at today’s harvesting levels, the increase attributed to the High Performance Feeder Modulus alone would satisfy Sweden’s entire demand for soybeans for two years.

    Source : Strategic Research Institute
  9. forum rang 10 voda 30 oktober 2019 17:15
    Tenova Receives FAC at Pomina Flat Steel in Vietnam

    Techint Group company Tenova recently received the Final Acceptance Certificate from Pomina Flat Steel, a subsidiary of the Pomina Steel Group, for its Cold Mill Complex in Ba Ria - Vung Tau. The Pomina CMC plant project, which began back in 2017, includes the following Tenova equipment: Push Pull Pickling line and Acid Regeneration Plant, 6Hi Cold Rolling Mill, Continuous Galvanizing line and Color Coating line as well as Roll Grinding equipment. The new Cold Mill Complex will produce high quality Cold Rolled steel coils, Galvanized steel coils, Galvalume steel coils, Pre-Painted Galvanized steel coils (PPGI) and Pre-Painted Galvalume Steel coils

    The technology provided to Pomina is also the most state-of-the-art in terms of sustainability: the Acid Regeneration Plant recovers the hydrochloric acid used in the pickling lines, and all the other processes are optimized to reduce energy consumption and augment the whole process in compliance with environmental regulations.

    Pomina Group (former Thep Viet) started its collaboration with Tenova almost 15 years ago, with a successful initial contract for a Consteel® EAF, ladle furnace and continuous caster. This contract was followed by another Consteel® EAF installation and most recently a contract for a new Flexible Modular Furnace (FMF®).

    Source : Strategic Research Institute
  10. forum rang 10 voda 30 oktober 2019 17:15
    Metalloinvest Ural Steel Selects Danieli Dancu Technology for BF Modernization

    As part of the a large scale technical overhaul project for the Blast Furnace No 2 and 3 at their Ural Steel plant in Novotroitsk, Russian steel producer Metalloinvest has selected Danieli technology for an upgrade to the top charging system of Blast Furnace No 3. The furnace will be equipped with a modern chute-type distributor based on hydraulics for maximum reliability and availability. The Danieli distributor DANCU has only a few moving parts and it is the most straightforward, robust design in the industry. All main components are either failure-free or redundant, ensuring unparalleled reliability.

    To allow for implementation without large-scale modifications to the existing top structure of Ural Steel Blast Furnace No 3, Danieli Centro Metallics and Danieli Corus have developed the Compact DANCU distributor. Although it has a slightly shorter maximum chute length, it shares all of the advantages of the original DANCU distributor – including the new maintenance concept whereby all key equipment such as the distributor and main valves are conveniently positioned on rail systems or such that they can be removed and reinstalled in minimum time.

    Source : Strategic Research Institute
  11. forum rang 10 voda 30 oktober 2019 17:16
    Vietnam Imposes AD duty on Coated Steel from China & South Korea

    Vietnam has imposed antidumping duty on imports of certain coated steel products from South Korea and China after domestic producers said unfair pricing from overseas competitors caused them to shut down production lines. Vietnam’s Ministry of Industry and Trade imposed anti-dumping duties of 2.53%-34.27% on China and 4.71%-19.25% on South Korea for 5 years. The tariffs became effective on October 24

    MoIT said it started the investigation in October last year, based on the evaluation results of a dossier requesting the application of anti-dumping measures submitted by representatives of the domestic steelmakers in August 2018. It co-ordinated with relevant agencies to assess the dumping’s impact on the domestic steel industry. The investigation was conducted in accordance with the provisions of the Law on Foreign Trade Management, the WTO Anti-Dumping Agreement and related regulations.

    Source : Strategic Research Institute
  12. forum rang 10 voda 30 oktober 2019 17:21
    US DoC Opens New Anti-Dumping Investigation on Mexican Steel Rebar

    The US Department of Commerce has opened an inquiry into whether companies are circumventing anti-dumping and countervailing duty orders on steel rebar from Mexico by bending the product at one or both ends. The Commerce Department press release announcing the inquiry did not specify which companies are being investigated. The Commerce Department said it will instruct U.S. Customs and Border Protection to begin collecting cash deposits on rebar from Mexico if it determines the anti-dumping duties are being improperly circumvented, according to the release.

    The newest rebar inquiry is the second time in the last five years that the Commerce Department has investigated Mexican companies for possible dumping of rebar into the US market.

    Mexico was the fourth-largest foreign supplier of steel rebar in 2018. Imports of rebar from Mexico in 2018 were valued at USD 51 million. Port Laredo, the Port of Houston and El Paso, Texas, account for around 70% of imports of Mexican rebar coming into the US.

    Source : Strategic Research Institute
  13. forum rang 10 voda 30 oktober 2019 17:21
    Hannam & Partners Involved in British Steel Talks with Ataer Holding

    The Guardian reported that he Turkish army pension fund’s Ataer Holdings, in talks to buy British Steel, has been advised by a prolific City dealmaker who was sanctioned for market abuse. Hannam & Partners, run by former JP Morgan trader Mr Ian Hannam, took part in discussions between former business minister Greg Clark and Ataer Holdings in June, according to the register of MPs’ meetings. Hannam’s involvement marks a return to the fore for one of the City’s most high-profile dealmakers, renowned for his record with mergers and acquisitions, particularly in the mining sector.

    The former SAS reservist played a pivotal role in landmark transactions such as the USD 40 billion merger that created global mining giant BHP and the flotation of Xstrata, which went on to merge with Glencore. Hannam also brought foreign firms to London that proved controversial, including the Indonesian coal miner Bumi, which became mired in a corporate governance scandal, and copper miner Kazakhmys, which faced criticism over pollution and links to the autocratic Kazakh regime. Hannam, 63, was fined £450,000 by the Financial Conduct Authority in 2012 for passing emails containing inside information about the oil company Heritage Oil to the natural resources minister of Iraqi Kurdistan.

    Source : The Guardian
  14. forum rang 10 voda 30 oktober 2019 19:51
    ArcelorMittal announces the publication of third quarter 2019 Ebitda sell-side analyst consensus figures

    30 October 2019, 16:30 CET

    ArcelorMittal today announces the publication of its third quarter 2019 EBITDA sell-side analysts’ consensus figures.

    The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Vuma Financial Services Limited (trade name: Vuma Consensus).

    To arrive at the consensus figures below, Vuma Consensus has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of about 20 brokers.

    The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.

    EBITDA consensus estimates

    Period Number of sell-side analysts participation EBITDA consensus average $ million
    3Q --2019 --20-- $930
    The sell-side analysts who cover ArcelorMittal and whose estimates are included in the Group consensus outlined above are the following:

    Ahorro – Cesar Bergon
    BancoSabadell - Francisco Rodriguez
    Bank of America Merrill Lynch – Jason Fairclough
    BBVA - Luis de Toledo
    Citi – Ephrem Ravi
    Commerzbank - Ingo-Martin Schachel
    Degroof Petercam - Frank Claassen
    Deutsche Bank - Bastian Synagowitz
    GVC Gaesco Beka - Iñigo Recio Pascual
    Groupo Santander – Robert Jackson
    ING - Stijn Demeester
    Jefferies – Alan Spence
    JPM – Luke Nelson
    Kepler - Rochus Brauneiser
    KeyBanc – Phil Gibbs
    Macquarie – Grant Spore
    Morgan Stanley - Alain Gabriel
    Oddo – Alain Williams
    Societe Générale – Christian Georges
    UBS – Myles Allsop

    corporate.arcelormittal.com/news-and-...
  15. forum rang 10 voda 1 november 2019 16:05
    Chinese Crude Steel Output in 2019 to Miss 1 Billion Tonne Mark by 5-6 Million Tonne - CISA

    The China Iron and Steel Association has increased its crude steel output forecast for 2019 to 994 million tonne in 2019, higher than 950 million tonnes predicted in the beginning of 2019. CISA during the quarterly conference in Beijing said “More and more enterprises meet the ultra-low emission standards, actively explore merger and reorganization paths.”

    During January-September, Chinese steelmakers boosted output by 8.4% YoY to 748 million tonnes ie monthly average of 83.1 giving annual rate of 997.3 million tonnes

    In 2018, China produced 928.3 million tonnes, which was 6.6% up YoY.

    Source : Strategic Research Institute
  16. forum rang 10 voda 1 november 2019 16:06
    BaoSteel's Net Profit Slumps in January-September 2019

    The financial results of Baoshan Iron and Steel Co decreased in January-September on the back of strong raw material costs during the whole period. In the meantime, steel prices were not growing as fast. Weak demand from the automotive sector, one of the major downstream industries for the producer, also affected the performance. Baoshan Iron and Steel Co, a listed unit of Baosteel Group, cut its net profit by 44% to CNY 8.8 billion (USD 1.25 billion) year-on-year, according to the company’s quarterly report published on October 25. The revenue dropped by 3.75% to RMB 216.8 billion (USD 30.6 billion) YoY. The economic slowdown and the decline in domestic steel demand and prices alongside with the sharp rise in iron ore quotes were the main reasons

    Baosteel, one of the leading auto sheet makers in China, was affected by stagnant performance of China's automotive sector over the January-September. It said “The automotive segment has a relatively high proportion of the company’s product portfolio. The decline in production and sales of the automobile industry has a certain impact on the company. We had to optimize production and sales structure according to the market changes.”

    January-to-September steel production at Baosteel was 36.7 million tonnes, 6% up YoY, while steel product sales amounted to 35.46 million tonnes which was only 1% higher than last year.

    Source : Strategic Research Institute
  17. forum rang 10 voda 1 november 2019 16:06
    Brazil Ends Anti-Dumping Duty on Cold-Rolled Stainless Steel Imports from Vietnam

    The Trade Remedies Authority of Vietnam under Ministry of Industry and Trade reported the Brazilian Ministry of Economy has decided to terminate anti-dumping duties on cold-rolled stainless steel imported from Germany, Finland, the Republic of Korea and Vietnam. Under its sunset review’s conclusion, the anti-dumping measures will be extended for steel sheets purchased from China and Taiwan for five years. The products subject to the anti-dumping duty are coded 7219.32.00, 7219.33.00, 7219.34.00, 7219.35.00 and 7220.20.00.

    On October 3, 2018, Brazil initiated the sunset review after receiving petition from domestic steel producer Aperam Inox America do Sul S.A.

    Earlier in 2012, Brazil launched an anti-dumping investigation into imports of cold-rolled stainless steel sheets from the six countries and territory. Accordingly, authorities in the American nation decided to impose a definitive anti-dumping tax ranging from 616.67 to 705.61 USD per tonne for Taiwanese exporters, from 1,030.2 to 1,076.86 USD for Finnish exporters, 952.9 USD for German exporters, from 267.84 to 940.47 USD for RoK exporters, and 568.27 USD for Vietnamese exporters. The duties entered into forced on October 4, 2013 for a period of five years.

    Source : VNA
  18. forum rang 10 voda 1 november 2019 16:08
    Russian Metprom to Revive Nigerian Ajaokuta Steel Co

    Bloomberg reported tatt Russia may give a new lease of life to Nigeria’s biggest steel plant after decades of inactivity. Mines & Steel Development Minister Olamilekan Adegbite said “Russian engineering and construction group MetProm will undertake the necessary work to bring the facility into operation, financed by the state-owned Russian Export Center JSC and the Cairo-based African Export-Import Bank. We’ve come to the realization that it’s best to go back to those guys who did it initially.”

    He said “The two governments plan to conclude the deal by January, after which it should take a maximum of two years to complete the blast furnace, the key component of the facility that will turn domestic iron ore into liquid steel, Adegbite said. While that work takes place, they are considering whether to kick-start some of Ajaokuta’s smaller manufacturing units using imported steel billets.”

    Construction of Ajaokuta Steel Co began in 1979 with assistance from the then-Soviet Union, but the facility never started production and has sucked up $8 billion of public money. Repeated attempts to revive the flagship project by transferring it to private investors failed and the government terminated the concessions.

    Source : Bloomberg
  19. forum rang 10 voda 1 november 2019 16:08
    European Steel Market may improve in Q2 of 2020

    Bloomberg reported that downturn in European steel demand that’s already cost the region’s producers a combined USD 50 billion in market value looks set to continue into early 2020 before signs of stabilization appear. According to forecasts and historic data from industry lobby group Eurofer, apparent steel demand in the European Union will sink 3.1% this year, the most since 2012 and conditions are seen improving slightly from the second quarter and apparent consumption is expected to rise 1.4% in 2020, mostly due to modest restocking.

    Eurofer said “Steel markets in Europe and elsewhere have been battered this year by trade disputes, economic growth worries and uncertainty over Brexit. Europe’s manufacturing sector is unlikely to bottom out soon. EU producers have been particularly hard hit as low-cost steel from countries like Turkey, Russia and China have flooded the market, pushing prices to multiyear lows.”

    It added “A no-deal Brexit and a further escalation in protectionist trade measures would make the outlook even more negative.”

    Source : Bloomberg
  20. forum rang 10 voda 1 november 2019 16:09
    Pakistan Approves Legal Fees for Al-Tuwairqi Steel Case

    The Tribune reported that Paksitan government has diverted PKR 419 million, earlier earmarked for subsidies, grants and loan write-offs, for paying fee of the foreign counsel defending Pakistan’s case in the international court, approached by Saudi Arabia’s Al-Tuwairqi Group of Companies. Earlier, the government had approved a supplementary grant of Rs110 million to pay fee of the foreign counsel for pursuing the case. Now, it has endorsed a technical supplementary grant of Rs419 million, which has been diverted from the funds allocated to the Ministry of Industries and Production for grants, subsidies and loan write-offs.

    Al-Tuwairqi Steel Mills Limited, a foreign direct investment project of the Al-Tuwairqi Group of Companies and a joint venture with a South Korean firm, was established at Bin Qasim, Karachi over an area of 220 acres. The Saudi firm stopped work on the plant after the previous Pakistan Muslim League-Nawaz (PML-N) government refused to provide gas at a discounted rate. TSML management had sought gas supply at Rs123 per million British thermal units (mmbtu) in a bid to efficiently run the plant. However, the government turned down the request, arguing that it would amount to a subsidy of Rs25 billion over five years. The Finance Division and the Ministry of Petroleum and Natural Resources also opposed the plan, saying that the government was not legally bound to provide gas at a concessionary rate. Consequently, the Al-Tuwairqi Group of Companies pulled out its investment and filed a case against the government of Pakistan in the International Court of Arbitration. It invoked Article 17(2) of the 1981 OIC agreement for the promotion, protection and guarantee of investments among member states of the Organisation of Islamic Cooperation to address its grievances.

    There were plans to turn TSML into Pakistan’s largest steel complex with production capacity of 1.28 million tons per annum. However, its Direct Reduced Iron plant was shut down for several months in 2014 due to the dispute over gas supply. Phase-I of the DRI plant had been completed at a cost of USD 340 million while capital injection in phase-II and III was expected to be in the range of USD 850-900 million.

    Source : The Tribune
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