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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,470 23 apr 2024 17:35
  • -0,640 (-2,65%) Dagrange 23,400 - 24,100
  • 3.800.729 Gem. (3M) 2,4M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 645 646 647 648 649 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 11 juli 2017 17:09
    Rio Tinto Yandicoogina mine ramping up after worker death

    Mining Monthly reported that Rio Tinto Yandicoogina iron ore mine in the Western Australian Pilbara region is slowly returning to normal operations in the wake of a worker’s death there. A Rio Tinto spokesman said operations were ramping up as the WA Police finished their work at the site.

    Operations were suspended on site in the wake of what Rio Tinto called a “serious incident”.

    According to the WA Police, the deceased worker has been identified as David John Keen, 51 years old from Warnbro, in Perth’s south.

    Source : Mining Monthly
    Bijlage:
  2. forum rang 10 voda 11 juli 2017 20:47
    Indian exports continue growth, consumption accelerates in June

    Indian finished steel exports grew 20.2% on-year in June to 648,000 tonnes, according to an Indian Joint Plant Committee (JPC) report seen by Kallanish. Domestic consumption rose 5.3% to 7.2 million tonnes, the highest monthly growth rate so far in 2017.

    Much of the new steelmaking capacity added by India over the past 12 months is currently being absorbed by exports, while domestic demand growth has been sluggish. However, hopes are pinned on government spending in the fiscal year through March 2018 to provide a boost to consumption.

    The International Steel Statistics Bureau said last week India is on course to become the world’s sixth-largest steel exporter in 2017 (see Kallanish 7 July).
    Indian merchant finished steel production grew 7.5% on-year in June to 8.83mt. Imports grew 3.2% to 653,000t, which, after May, was the second monthly year-on-year growth since March 2016, the first full month of India’s now-abandoned minimum import price (MIP) system.

    In April-June, or the first fiscal quarter, Indian finished steel exports thus surged 65.9% on-year to 2.04mt, while domestic consumption grew 4.6% to 21mt. Merchant finished steel production increased 6.7% to 26.31mt and imports fell -6.4% to 1.72mt.

    Sail and Tata Steel were the two largest single producers in April-June, taking 13% and 12% shares in crude steel output respectively. This compares to 15% and 12% respectively in the fiscal year through March 2017 (FY17). While Sail’s crude steel output fell -7% on-year in April-June to 3.3mt, Tata Steel’s grew 16% to 2.95mt.

    Sail’s share in April-June finished steel output fell to 10% from 11% in FY17, while Tata’s remained unchanged at 10%.
    Source: Kallanish.com
  3. forum rang 10 voda 11 juli 2017 22:57
    China Is Driving Steel Prices Higher This Time

    The current attack on overcapacity looks more credible

    A worker at a steel plant in Jinan, China, on July 7. PHOTO: CHINA STRINGER NETWORK/REUTERS

    By Nathaniel Taplin
    July 10, 2017 7:01 a.m. ET
    3 COMMENTS

    Donald Trump is threatening tough tariffs on steel imports. At the Group of 20 summit in Hamburg, Western leaders spent the weekend fulminating about steelworker jobs.

    But in China, where massive steel overcapacity has helped sink global prices, a funny thing is happening: Steel prices are rising, even as most commodities remain under pressure. That trend, if sustained, could have major implications for global markets—and politics—as the plight of steelworkers remains a political live wire throughout the Western world.

    Crunch Time
    China iron and steel sector gross margin, year-to-date
    THE WALL STREET JOURNAL

    And unlike in the past, there are hints that the latest rally isn’t only about China building more apartment towers. Overcapacity, the scourge of Chinese industry and a major cause of the country’s huge debt problem, is a moving target: Factory-utilization rates always go up when the economy is doing relatively well, as it is now.

    That doesn’t seem to be the whole story this time, however. Steel prices are rising, but overall inflation is cooling—June data released Monday showed most factory-gate prices trending sideways or down, but steel prices rallied. Also, prices for steel rebar—often produced from scrap by small electric induction furnaces—have done especially well this year. Those same furnaces this year have been a main target of Chinese regulators, who vowed to eliminate them by mid-2017.

    There is some evidence that campaign is working. Chinese production of steel products is down from a year ago despite healthy demand from developers in inland cities, where falling housing inventories are supporting construction.

    Changing Tune
    Chinese figures, change from a year earlier
    THE WALL STREET JOURNAL
    Source: CEIC
    *3-month moving average.
    %
    Real estate investment(Rmb)*
    Steel product output(tons)

    Steel product output (tons)xFeb. 2013x7.5%
    Less supply and decent demand mean gross margins for China’s iron-and-steel sector as a whole hit their highest level since 2008 in the first quarter, and have now been above 8% for nine straight months, the best performance since the global financial crisis. Partly as a result, listed Chinese steel shares such as Hesteel and Baoshan are on a tear: They are up 34% and 14%, respectively, so far this year. And in contrast to iron ore, steel has held on to most of its price gain after last year’s U.S. election.

    China has a long and checkered history of “closing” excess steel and coal capacity only to allow it to roar back when inflation ticks higher—if broader price pressures in the economy re-emerge, that pattern might repeat itself. And to be sure, overcapacity remains severe despite limited progress: Margins at 8% are nothing to write home about, considering they were consistently above 10% in the early part of the previous decade.

    Still, any sign of progress is welcome. Investors watching the world’s leaders duke it out on steel can take some comfort in some signs of progress, however preliminary, in China.

    Write to Nathaniel Taplin at nathaniel.taplin@wsj.com

    Zie link, voor meer info:

    www.wsj.com/articles/how-china-is-upe...
  4. forum rang 10 voda 12 juli 2017 14:28
    Essar Steel India records 29pct YoY growth in flat steel production in Q1 FY 2017-18

    Essar Steel India Limited has achieved a run rate of 83% of capacity and recorded a significant 29% YoY growth in flat steel production in the first quarter of the current fiscal. The total production stood at 1.57 million tonnes in Q1FY18 as compared to 1.21 million tonnes in the corresponding period last year.

    Source : Strategic Research Institute
  5. forum rang 10 voda 12 juli 2017 14:28
    China quality watchdog AQSIQ to carry out more inspections of low quality steel mills

    Reuters reported that China will carry out inspections on the quality of construction steel and machinery steel from July to September as it pushes to crack down on production of low grade steel. China’s quality watchdog AQSIQ said late last week it would ask local authorities to form inspection teams, which would randomly choose a total of 100 steel mills to check the quality of their products.

    Mills caught churning out low quality steel could face losing their production licenses if they do not improve quality within a certain timeframe, said the General Administration of Quality Supervision, Inspection and Quarantine.

    The country has said it shut 600 steel mills producing low grade construction steel during the first half of the year, cutting capacity by about 120 million tonnes.

    The announcement follows a June report in the state-backed China Metallurgical News that said inspection teams would be sent out in August to check the results of the crackdown on low-grade steel products.

    Source : Reuters
    Bijlage:
  6. forum rang 10 voda 12 juli 2017 14:33
    Liberty House inks pact to acquire Tata Steel UK's LSAW pipe mills in Hartlepool

    International industrials and metals group, Liberty House, confirmed that it had signed a provisional agreement with Tata Steel UK to acquire Britain’s largest steel pipe mills, based at Hartlepool. Liberty will now conclude discussions with a range of stakeholders on a support package that will help facilitate the rescue of the remaining 140 jobs at the mills and the recruitment of more staff.

    Source : Strategic Research Institute
    Bijlage:
  7. forum rang 10 voda 12 juli 2017 14:34
    Shandong Iron and Steel Group shuts production lines of subsidiary Jigang Group

    Reuters reported that China’s state-owned Shandong Iron & Steel Group Co Ltd has shut all production lines of its subsidiary Jigang Group Co Ltd, as one of China’s largest steelmakers completes a year-long production upgrade. Of the 5.7 million tonnes steel capacity at Jigang, around 4 million tonnes will be transferred to a new site at its Rizhao Quality Steel Products Base on the east coast. All 33,000 employees of Jigang Group will face relocation once the production lines are dismantled this month.

    With total investment of CNY 56.7 billion yuan (USD 8.34 billion), the Rizhao plant will have iron making capacity of 8.1 million tonnes, billet steel capacity of 8.5 million tonnes and steel making capacity of 7.9 million tonnes.

    Rizhao will start a part of its production in late August and be fully operational next year, as part of layout optimisation and capacity upgrade plan at Shandong Iron & Steel Group.

    In the past 10 years, Shandong Iron & Steel Group has shut down the capacity of more than 6 million tonnes at Jigang to make way for new capacity in Rizhao base.

    Shandong Iron & Steel Group ranked sixth in terms of steel output with crude steel production of 23.02 million tonnes in 2016.

    The eastern province of Shandong has pledged to cut 150 million tonnes of annual steel capacity by 2020 as part of the government’s efforts to tackle pollution and make bloated steel sector more efficient.

    Source : Reuters
    Bijlage:
  8. forum rang 10 voda 12 juli 2017 14:36
    Chinese steel sector tempers pollution

    China Daily reported that China's iron and steel business is scaling back on over production and clamping down on pollution. An industry insider confirmed the shift, as the sector brings in high-tech solutions to grapple with old practices. Mr Li Xinchuang president of the China Metallurgical Industry Planning & Research Institute said that "The industry has improved greatly in saving energy, reducing pollution and water waster.”

    His comments came at the Eighth China Iron & Steel Energy Saving and Emission Reduction Forum in Beijing on Saturday.

    As a pillar industry, the iron and steel sector accounts for about 15% of the total carbon emissions in the country. During the last decade, the industry has reduced its coal use by 34.4 million metric tonnes after bringing in energy-saving production processes, Mr Li, also a vice-chairman of the China Iron and Steel Association, pointed out.

    A glance at the figures showed that China's crude steel output jumped 108% between 2007 and 2016, with an annual increase of 7.6%. Total energy consumption by the industry during that period grew only 93%, with an annual increase of 6.8%, according to statistics from the China Metallurgical Industry Planning & Research Institute.

    Sulfur dioxide emissions per tonne of steel also fell to 0.69 kilogram last year from 3 kg in 2005. Dust emissions per tonne of steel were down to 0.75 kg by the end of 2016 from 2 kg levels 20 years ago.

    Mr Li said that "By implementing projects such as sintering flue gas, desulfurization and using gas instead of coal, air pollution has been greatly reduced.”

    Waste water discharged during the steel making process has also been reduced.

    From 2005 to 2016, the total amount of waste water from the industry fell by 800 million cubic meters, from 1.2 billion cu m to 400 million cu m, data highlighted.

    The amount of waste water discharged from making one ton of steel was down to 0.8 cu m in 2016 from 4.7 cu m in 2005.

    Some companies even reported figures close to zero percent when it came to discharging waste water.

    Source : China Daily
    Bijlage:
  9. forum rang 10 voda 12 juli 2017 14:40
    EU exports fell by 10pct over the first 4 months of 2017 - EUROFER

    Total EU exports of steel products to third countries fell by 10% over the first four months of 2017. Semis exports grew by 132% compared with the low level in the same period of 2016. Finished product exports dropped by 15% y-o-y, due to an 11% reduction in flat product exports and a 20% drop in long product exports.

    Source : Strategic Research Institute
  10. forum rang 10 voda 12 juli 2017 14:49
    JIT finding on Sharif family on Gulf Steel Mills

    The Joint Investigation Team in its findings about Gulf Steel Mills has maintained that the story of respondents (Nawaz Sharif and his two sons Hussain Nawaz and Hassan Nawaz), in the light of letter of the Ministry of Justice of UAE and inconsistency in statements of Sharif family, is unauthentic, lacks substance and seems fabricated.

    The report said the Ministry of Justice of UAE in response to JIT’s Mutual Legal Assistance, vide their letter No INA 68/2017, dated June 28, 2017, has also certified that share sale agreement 1980 does not exist and, therefore, it is proved beyond doubt that story about sale proceeds worth 12 million Dirham is false and fabricated; it is just a myth and not reality.

    The report’s findings also said that two affidavits of Tariq Shafi about seed money (12 million Dirhams) for their business of respondents (especially Avenfield Apartments) cannot be relied upon as evidence. “The evidences were drafted by Barrister Salman Akram Raja on behalf of Tariq Shafi and the witness has not read or understood the affidavit before signing and hence failed to justify contents. The documents are factually incorrect, tampered and misleading,” it said.

    The letter from the Ministry of Justice of UAE said that “That share sale agreement of 1980 of Ahli Steel Mills (Gulf Steel Mills) dated 14-04-1980 according to your request does not exist. The available and produced documents, record, circumstantial evidence and discrepancies of Tariq Shafi and respondents also establish that the sale proceeds of Gulf Steel Mills never reached Jeddah, Qatar or UK.”

    The letter said that no transaction worth 12 million Dirhams as sale proceedings of 25% shares of Gulf Steel Mills ever took place in the name of Tariq Shafi. The JIT report finds that overall, the inconsistencies in the statements of Sharif family with reference to Gulf Steel Mills and documents obtained from foreign jurisdiction by the JIT through mutual legal assistance conclusively prove that the story of respondents about Gulf Steel Mills is unauthentic, lacks substance and seems fabricated.

    The report further states that the respondents have misstated about transportation of scrap machinery of erstwhile Gulf Steel to Jeddah, LC document of transportation of scrap machinery from Dubai to Jeddah unauthentic and fictitious. The report pointed out that from 1978 to 1980, the steel market in Dubai was in boom and the company was earning good profit and why was the company sold when it was earning good profit.

    The JIT report in its conclusion about Gulf Steel Mills said the letter by the Ministry of Justice of UAE proves beyond doubt that the documents, record produced by respondents regarding 25 percent share sale agreement are unauthentic, unverified and fake. The JIT in its findings said the Gulf Steel Mills was family business while Tariq Shafi and Muhammad Hussain were Benami owners and Mian Muhammad Sharif was the actual owner. “Being head of the family, Mian Muhammad Sharif used the two Benamidars (an orphan aged 18 years and foreign national) presumably to distance himself and his immediate family member from prosecution.

    The findings said that as per information received from the UAE government, the Share Sale Agreement 1980 produced by the respondents under an affidavit in the Supreme Court does not exist. The notarisation of the document has also proved to be fictitious and illegal.

    The findings said that stated position of respondents and Tariq Shafi about Gulf Steel Mills and proceedings (12 million Dirhams) is also false, fabricated, inconsistent and factually incorrect and cannot be relied upon. The report observed that Nawaz Sharif, during his address to the nation, stated that in 1980 this factory (Gulf Steel Mills) was sold for 33.37 Dirhams. This is not consistent with either the documents or recorded provided by Respondents. The findings said that Tariq Shafi not only produced false and misleading affidavits in the Supreme Court but is also known to have tainted reputation as he defaulted on loans of BCCI in 1987-88.

    Source : The News
  11. forum rang 10 voda 12 juli 2017 14:51
    What you need to know about China's steel capacity cuts

    Xinhua reported that steel overcapacity will again be thrust into the global limelight this week as G20 leaders gather in Hamburg, Germany, to discuss solutions and hopefully move one step towards closing divergence.

    Tensions have been on the rise as US President Donald Trump hinted that hard-line actions were needed to protect the domestic steel industry, stoking concerns from the world's major producers, including Europe.

    As a top steel-producing nation, China will likely be under pressure as well.

    But the finger-pointing will not help solve the problem. With bold moves to downsize its production capacity, China is working to redefine its role in the sector and fulfill its part in reversing the status quo.

    The effort can at least provide experience for the rest of the world still grappling with steel woes.

    As the second biggest industry in the world after oil and gas, steel production remains an indispensable link in the whole industry system, providing basic materials to downstream manufacturers and creating enough employment to stabilize the economy.

    The sector was growing steadily until the global financial crisis broke out a decade ago, resulting in economic recession, dragging down steel prices, making many steel mills redundant and putting jobs at risk.

    Reviving domestic steel industries has become a priority for policy makers around the world, with some pressing ahead with reform and others blocking imports.

    China is in the middle of a painful downsizing in its steel sector. Since supply-side structural reform was proposed at the end of 2015, capacity cutting has been in full swing.

    The government set specific targets, making all-out effort to cut capacity and deliver on its promise. More than 65 million tonnes of steel production capacity was phased out in 2016, beating the annual target.

    The cuts are still afoot. As of the end of May, 42.39 million tonnes of capacity had been slashed, accounting for 84.8% of the annual goal.

    The results were satisfactory. Crude steel output retreated 2.33% year on year in 2015, the first drop in a quarter of a century. Many industry insiders expect the volume to fall again in 2017 after edging up last year.

    The contraction in China's steel sector will be a relief to countries suffering from the steel glut.

    Source : Xinhua
  12. forum rang 10 voda 12 juli 2017 14:54
    National Steel Policy 2017 depends on how Indian economy shapes - Mr Sushim Banerjee

    Mr Sushim Banerjee DG of Institute of Steel Growth and Development in his personal capacity wrote for Financial Express that the capacity augmentation plan in NSP is crucially dependent on how Indian economy shapes up in the next decade to generate adequate demand for steel. It is a matter of great satisfaction that National Steel Policy 2017 prepared by steel ministry has been approved by the government for implementation. The earlier policy drafted in 2005 needed revision in view of the sweeping changes happening in the global and national economy impacting the demand and supply perspectives of the material, pricing and availability of raw inputs, technological breakthroughs in user segments necessitating changes in the technology of steel making and emergence of new high value added steel. The capacity targets envisaged in the document has clearly set out the availability of principal raw materials required for production by 2030-31.

    The emergence of new technology in the field of non-conventional energy like solar power, more availability of natural gas for energy as well as for steel making, more beneficiation and use of pellets in the BFs may result in a paradigm shift in the current norm of consumption and change the pattern of coking coal and iron ore demand in the next 5-7 years. This is good news as it would somewhat ease the logistic pressure on movement of raw materials and reduce the cost of production. The long term plans for Railways, Coal India may have to be reworked based on these technological interventions.

    The capacity augmentation plan in NSP is crucially dependent on how Indian economy shapes up in the next decade to generate adequate demand for steel. From the various development planning schemes being undertaken by the government in areas of rural and urban development, affordable housing, smart cities, defence procurement, Make in India, dedicated freight corridors, metro rail network, Sagarmala and port led growth programs, it is apparent that apart from requirements for standard grades of steel, there would be enormous scope for high performance low weight steel to influence the buying pattern by these sectors desirous of their end products/structures look innovative, sleek and in tandem with the state-of-the-art technology.

    Needless to mention that these changes in the specific buyers’ perspectives may be sweeping, thanks to globalisation, policy supports for technology transfer and penchant for value added steel by our architects and structural engineers. The codal provisions in Euro, British or American codes for designs are aggressively pursued by our engineers to cater to the buyers’ needs. They need not wait for development of corresponding Indian codes.

    For instance, the delayed release of code for cold formed structural (IS-801) for pre engineered or pre fabricated structures is a dampener but definitely not a severe constraint for use of these type of structures in the country. The use of cold formed structural as well as hollow and tubular steel reduces the weight of the structures and enhances the inherent properties of the structures in terms of load bearing capacities, corrosion resistance and durability.

    It would therefore imply that capacities that are going to be created either via brown field or green field expansions in expectation of the emerging demand need to emphasis the value added component of the steel product profiles that the emerging market would demand. Keeping in view the inordinate delays that characterize our project completion schedules encountering numerous clearances in land, environment, raw material securities and availability of capital related issues, the envisaged demand in grades, sizes and profiles in the DPR are found to be falling short of the emerging market needs at the time of commercial commencement of the projects resulting in the project continuing to suffer from lower realisation and inability to repay the debts incurred for installing capacities and creation of other commensurate plant facilities. The thrust on R&D by the steel producers that has a special mention in the NSP would only enable them to meet the emerging demand for value added steel by reorienting the product mix.

    The NSP projects the finished steel demand to grow from the current level of 83.6 MT to 230 MT by 2030-31 at a CAGR of 7.5% per annum. This is against the CAGR of 6.4% per annum growth envisaged for crude steel capacity expansion in the country. The incorporation of the concept of value added steel is likely to have a bearing on the steel intensity of GDP in the coming years and may lead to bringing down both steel demand and supply projections in terms of volume. This, however, excludes the impact analysis of Industry 4.0 that speaks of robotics, artificial intelligence and increasing digitisation requiring new skills, revised manpower and job contents, innovative production and marketing strategies. It would be a much better implementation strategy of NSP if suitable proactive steps in each of the vital areas start getting activated.

    Source : Financial Express
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  14. forum rang 10 voda 12 juli 2017 15:16
    Mining Scam - Unregistered ore trader held for illegal mining

    Nav Hind Times reported that special investigation team probing the alleged multi crore mining scam arrested an unregistered iron ore trader Philip Jacob on Monday for his alleged involvement in illegal ore trade and theft of iron ore. SIT officials said the accused is a resident of Pala, Kerala, who had an office in Panaji; his turnover is said to be more than INR 500 crore.

    Official said that the probe, which covers the period between 2007 to 2011, has found that Jacob had not registered himself as an ore trader with the mines department.

    Officials have claimed that mining leaseholders in the state were in the know that Jacob was not a registered trader. Despite this, they used him to trade their unaccounted iron ore to avoid paying compulsory dues to the government, thereby committing an act of theft of iron ore causing loss to the state exchequer in crores of rupees.

    The officials said that these illegalities couldn’t be carried out without the connivance of influential politicians, bureaucrats in the mines department as well as the Indian Bureau of Mines, Goa.

    The scrutiny of bank statements of Jacob’s firm ‘Amalagiri’ has revealed that transactions in the form of RTGS through different banks amounting to more than INR 300 crore were received from different exporters, and thereafter money was paid to mine owners. Bank transactions have also suggested cash withdrawals amounting to ore than INR 130 crore by different individuals working for Jacob and the same was paid to different mine owners in the state for the purchase of unaccounted iron ore from mining leaseholders and other illegal traders too, the officials disclosed.

    According to the SIT officials, Jacob had also reportedly bought 40,000 metric tonne of iron ore kept at Sancorda from another ore trader Kancha Gaunder, who has been in police custody.

    Source : Nav Hind Times
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  15. forum rang 10 voda 12 juli 2017 15:22
    Mercantile's role in the liquidation of Alert Steel heads to court in SA
    Published on Wed, 12 Jul 2017

    Fin24 reported that Mercantile Bank's role in the liquidation of Alert Steel is heading to court, with plaintiffs, including ArcelorMittal, demanding ZAR 351 million damages. Soon after JSE-listed Alert Steel applied for business rescue in May 2014, the appointed business rescue practitioner, Mr Zaheer Cassim, issued a statement complaining that creditor Mercantile Bank had seen to all stores being locked down and staff being denied access to the various premises.

    Mr Cassim said Mercantile was blocking any reasonable prospect of rescuing Alert, and he was therefore applying for the company to be liquidated.

    The plaintiff's counsel Wim Trengove SC and Emmanuel Limberis SC filed papers in the High Court in Johannesburg on Friday, accusing Mercantile Bank of conspiring with the owner of West Lake Trade and Investments, Rayhaan Hassim, to liquidate Alert Steel at the expense of other shareholders.

    The papers filed against Mercantile Bank say it "conspired to devise and implement a scheme to transfer the plaintiff's business and all its assets to a new company held by Mr Hassim (West Lake); to pay the plaintiff's loan liability to Mercantile Bank in full; and to put the plaintiff in liquidation".

    Mercantile told Fin24 it believed the summons it received on Monday morning was fraught with factual inaccuracies.

    Source : Fin24
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  16. forum rang 10 voda 12 juli 2017 15:23
    Bankruptcy proceedings against specialty steelmaker Innoventive Industries facing delays - Report

    Reuters reported that in January, Innoventive Industries, a specialty steelmaker based in Pune, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve the country's $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata Motors, posted its third straight annual loss in 2016, prompting ICICI, one of its lead lenders, to trigger bankruptcy proceedings early this year. Nearly six months on the proceedings against Innoventive, seen as a test case for the first national bankruptcy law, are raising questions about the efficiency of the new regime that regulators are now compelling lenders to use to recover debts.

    The new regime aims to significantly boost recoveries and put a firm timeline around case resolution in the hope that this will help clean-up bank balance sheets and spur lending. The new law mandates a 180-day deadline to resolve cases, but the Innoventive case, in which creditors are seeking to recover about USD 200 million, has already faced multiple delays.

    Innoventive initially sought to block the matter under a six-decade old state law, and launched appeals in the High Court and an appellate tribunal, while creditors were divided on the terms of an interim financing deal, according to two sources close to the case. The company could appeal all the way to the Supreme Court, forcing lenders to seek an extension and jeopardising the resolution deadline.

    The new Insolvency and Bankruptcy Code aims to move cases of company failure into a single forum, replacing an archaic system of overlapping regulations under which banks, company promoters and other creditors could all initiate competing proceedings in different courts, tribunals and regions. That system left Debt Recovery Tribunals vastly overstretched, with court buildings strewn with ever-rising pillars of dusty files, gumming up the flow of credit in the economy and discouraging new investment.

    The World Bank estimated it took 4.3 years on average in India to resolve insolvency under the old laws, more than twice as long as in China. And average recoveries were just 25.7 cents on the dollar, one of the worst among similar sized economies.

    Source : Reuters
  17. forum rang 10 voda 12 juli 2017 15:25
    Jiangsu Shagang to be largest shareholder of Dongbei Special Steel

    Reuters reported that China's Jiangsu Shagang Co Ltd is expected to be the biggest shareholder of debt strapped Dongbei Special Steel Group after a bankruptcy restructuring process.

    Owned by the Liaoning provincial government in the country's "rustbelt" northeast, Dongbei entered into the bankruptcy restructuring process in October aimed at recovering a reported USD 10 billion in debt, and said it faces "uncertainties" about paying interest on medium-term notes in April.

    Jiangsu Shagang, owner of China's largest private-owned steel mill said one of its subsidiary is expected to become the biggest shareholder of Dongbei once the bankruptcy restructuring process is completed.

    Jiangsu Shagang did not disclose further details of the investment.

    Meanwhile, Bengang Steel Plates Co Ltd said that it plans to invest CNY 1.04 billion (USD 152.88 million) in Dongbei, and this would account for 10 percent of Dongbei's registered assets after the restructuring process.
    Source : Reuters
    Bijlage:
  18. forum rang 10 voda 12 juli 2017 15:31
    Nigeria SON shuts seven steel companies over substandard steel

    The National Online Ng reported that Chief Executive Officer of Standards Organisation of Nigeria, Mr Osita Aboloma has shut seven steel companies in the last few months. Mr Aboloma said the use of substandard steel and other building materials had led to loss of many lives and property. He stated these at a seminar organised by the Building Collapse Prevention Guild, Ikorodu Unit, for steel manufacturers and other stakeholders in building

    Aboloma, who was represented by SON’s Sectional Head, Mechanical Department, Abdulrasak Oyewopo said the agency shut seven out of the 41 rolling mills registered with it for various reasons.

    He said that “In our efforts to ensure quality of products, all steel bars produced locally have identification marks that will enable SON to trace them to the manufacturer. The incidence of building collapse has been a serious concern. Governments and other stakeholders are making efforts to curb the menace.”

    BCPG National President, Mr Kunle Awobodu, blamed high quantity of metal scraps for rampant building collapse.

    Mr Awobodu noted that the quantity of iron ore ought to be more than that of metal scraps in construction steel to achieve quality. He said that “But the rising cost of production has turned metal scraps as the major component in steel production instead of ore (billets). It has to be 70% ore and 30% metal scraps, which is permitted in any steel production.

    Mr Awobodu said that “These days, there are many inferior steel producers, who use 100 per cent metal scraps, even when they know that certain scraps are not ideal for steel production. Building collapse is worrisome; we have submitted some major reasons we know to the Lagos Statement Government for urgent action.”

    Mr Awobodu also said there was the need to ensure that rolling mills had Fatigued Testing Machine to ensure quality steel.

    According to him, many laboratories in Nigeria only conduct one-sided test mechanical test leaving chemical test undone; hence, poor quality steel in circulation. He said that “The reality is that the quality of steel is better controlled from the source, that is the rolling mill, rather than relying on laboratory test of few samples.”

    Source : The National Online Ng
    Bijlage:
  19. forum rang 10 voda 12 juli 2017 15:37
    Donald Trump steel tariffs decision misses deadline

    Associated Press reported that President Donald Trump pledged during the campaign to help US factory workers by slapping tariffs on foreign steel. But his long-awaited decision on the issue is running behind schedule and administration officials are leaving plenty of wiggle room on what direction he'll take.

    Commerce Secretary Wilbur Ross initially hoped to finish a report on tariffs last month, but his department has been holding off as the Pentagon weighs in about impact of steel tariffs on national security. The delay is an example of the difficulty Trump faces in delivering on his ambitious policy agenda on taxes, health insurance and more as quickly as he told voters he could.

    White House officials have hinted that tariffs still are coming. Asked on "Fox News Sunday" over the weekend if the president planned to impose sanctions on foreign steel, White House chief of staff Reince Priebus responded: "My guess is that he will because he promised he would."

    Source : Associated Press
  20. forum rang 10 voda 12 juli 2017 15:38
    Vietnam steel firms revenue positive - Mr Trong

    Viet Nam News quoted Vietnam Steel Corporation’s deputy director Mr Nguy?n Tr?ng as saying that most steelmaking companies turned a profit in the first two quarters of 2017, despite difficulties in March and April.

    Mr Tr?ng speaking at a VNSTEEL review of 2017’s first six months last week, saying though the companies may differ in year on year return, most generated profits.

    Some steelmakers reported pre-tax income higher than in the same period in 2016, such as the Th?ng Nh?t Flat Steel JSC with nearly VN? 45.8 billion (USD 2.04 million) or the Vietnam Japan Steel JSC with almost VN? 20 billion (USD 891,106) in revenue.

    Other companies recorded pre tax income higher than or equal to the same period last year, such as the VNSTEEL-Th? ??c Steel JSC with estimated revenue of nearly VN? 30 billion (USD 1.33 million), the Hochiminh City Metal Corporation with more than VN? 35 billion (USD 1.55 million) while the Vinatrans International Freight Forwarders company had VN? 17 billion (USD 757,440) in revenue in the first half of this year.

    Other companies such as Vnsteel Th?ng Long, Biên Hòa Steel Joint Stock Company and Vingal Industries Co Ltd also reported to have recorded a profit.

    In addition, several subsidiaries of VNSTEEL were profitable, though less so than in the same period in 2016, including Southern Steel Company whose revenue was just 44.6% of last year and the Phú M? Flat Steel Company’s at 23.9% compared to 2016.

    VNSTEEL’s report showed that in the first half of 2017, the company and its subsidiaries increased co-operation and integration amongst different units in the steelmaking industry to ensure smooth operation from input purchasing to output distribution.

    Source : Vietnam News
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