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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

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voda 13 juli 2017 14:55
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US auto industry braces for Trump decision on steel

Crains Detroit reported that US domestic automakers and suppliers are bracing for a possible Trump administration decision to impose steep tariffs on imported steel and aluminum predicated on national security reasons, leading to higher costs and lost sales to foreign competitors.

Automakers are concerned about the unintended consequences of any restrictions on steel, including a potential decline in domestic auto production and the risk of triggering a global trade war. Retaliation by other countries would make access to raw materials and export markets even more difficult.

Mr Kristin Dziczek director of industry, labor and economics at the Center for Automotive Research in Ann Arbor said that "Uncertainty is what's problematic for the industry, and the most likely outcome for any remedy proposed is higher prices.”

While most automotive steel is sourced from mills in the US, many specialty grades come from overseas.

President Donald Trump on April 20 ordered the Commerce Department to investigate the effects of global overcapacity in steel and aluminum, dumping, illegal subsidies and other factors on U.S. economic security and military preparedness. Steel and specialty alloys are heavily used for armor, vehicles, ships, aircraft and infrastructure.

Cheap steel and aluminum have flooded the global market in recent years, leading to artificially low prices, a problem the White House and many experts blame on China propping up too many state-owned steel producers. Low profits prevent U.S. steel and aluminum producers from investing in development of higher-grade metals and from retaining a skilled work force, they say.

The Association of Global Automakers, which advocates for international manufacturers with US operations, recommended in its filing that Canada, the European Union and other countries that haven't engaged in unfair trade practices be exempted from any actions on aluminum. It also argued that any action that affected the price and availability of aluminum would undercut U.S. environmental policies as automakers use more aluminum to reduce vehicle weight and meet federal fuel economy standards.

The Motor & Equipment Manufacturers Association warned that higher steel prices would likely force more production offshore, and said any steel restrictions should exclude specialty steel that is not available in sufficient quantities in the U.S.

Autoliv, a Swedish-American producer of airbags with plants in Michigan and Utah, also sought an exemption, saying it is forced to import from Romania, Argentina, Mexico, South Korea and China because no U.S. steel mills can produce the ultra-strong specialty tubing it requires.

Source : Crains Detroit

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voda 13 juli 2017 14:56
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China's auto sales back to growth in June

Xinhua reported that China's auto sales grew again in June after two months of decline. Data from the China Association of Automobile Manufacturers showed that some 2.2 million vehicles were sold last month, up 4.5% year on year, compared with a 0.1% decline in May and a 2.2% drop in April. Meanwhile, 2.2 million vehicles were produced in June, up 5.4% from the same period last year. Sales of passenger cars climbed 2.3% to 1.8 million vehicles last month, 2.2 percentage points slower than the overall growth.

But both production and sales in new energy vehicles were particularly robust, with 59,000 NEVs sold in June, up 33% year on year, while 65,000 NEVs were produced, up 43.4%.

In the first six months, total auto output and sales increased by 4.6percent and 3.8 percent year on year to 13.5 million and 13.4 million vehicles, respectively, a slowdown from the the growth in the same period last year.

Some 195,000 NEVs were sold during the six-month period, up 14.4% from the first half of 2016, while 212,000 NEVs were produced, up 19.7%.

The tepid auto market was partly a result of a higher sales tax, which was raised to 7.5% this year.

In October 2015, China slashed the sales tax on cars with engines of 1.6 liters or below from 10 percent to 5 percent, helping increase total auto sales to a record high of 28.03 million last year.

Source : Xinhua

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voda 13 juli 2017 14:59
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Aangezien olie toch een belangrijke factor is, hierbij dit bericht:

China sets sights on oil benchmark after years of delays

China has opened more than 6,000 trading accounts for its long-awaited crude futures contract - with three-quarters coming from individual traders – as it pushes ahead with plans to compete with global pricing benchmarks. China’s oil majors and about 150 brokerages have also registered, but the strong interest by ‘mom-and-pop’ investors looks set to mark out China’s crude futures from western counterparts, which are dominated by institutional investors.

Shanghai International Energy Exchange, which will run China’s contract, says it is finalizing technical issues. The contract has faced years of delays and there is still no set date, but INE and also trading participants now say a launch this year is almost certain.

A spokeswoman said that “The INE is striving to launch the crude oil futures within this year,” adding that the exchange has conducted four trials to ensure it is technically ready. Oil futures trading volume is small during Asian hours despite the region’s role as the world’s top consumer.

Shanghai’s crude futures are aimed at giving China more clout in pricing crude in Asia and a share of the trillions of dollars in oil futures trade.

The INE hopes to attract foreign investors, and locally registered entities of JPMorgan and UBS are among those registered, although international players have raised concerns, including denomination in yuan, that may dampen early take-up.

Most oil trades are priced off two crude derivatives, US West Texas Intermediate (WTI) and London’s Brent, traded on the Intercontinental Exchange and the New York Mercantile Exchange owned by CME Group.

Earlier attempts to establish an Asian derivative crude contract by Singapore and Tokyo foundered. The only liquid crude futures in the region is the Oman contract on the Dubai Mercantile Exchange.

RETAIL INTEREST
Successful crude derivatives would be the jewel in the crown in China’s push to ramp up futures trading on products from dates to steel to open up markets and offer new avenues for investors.

While Chinese banks are barred from futures trading, the new market is expected to attract interest from deep-pocketed private equity firms and funds, while state-owned oil majors, like PetroChina and Sinopec will provide liquidity.

PetroChina is set to register two accounts and Sinopec is setting up a trading outfit in Shanghai dedicated to the contract, said senior company sources. Independent refiners like Shandong Chambroad Group have also joined, while retail interest is strong.

Individuals already account for 80 percent of turnover on China’s $8 trillion equity markets, and day traders have whipsawed commodities from eggs to iron ore in China over the past year.

Mr Jin Changyi, a 40-year-old former hotel owner from eastern China, who began dabbling in Brent crude oil futures last year, has opened a CNY 500,000 account with a Shanghai-based brokerage and plans to act as a mini-broker for friends. He said that “The way it’s designed it won’t fluctuate wildly. Compared to trading Brent, the risks are more manageable.”

INTERNATIONAL CONCERNS
International interest at first may be more muted.

Executives at international banks and traders who have reviewed the contract rules and specifications warn of concerns including Beijing’s clamp-down on capital outflows, unusually small price limits and China’s heavy handed intervention in commodity markets last year.

An official with a western investment bank who declined to be named due to company policy “Everybody is staring at everybody else.”

Reflecting a regulatory aim to stave off price volatility, the Shanghai contract has a 4 percent daily price fluctuation limit, half the limit for Chinese coking coal.

China’s crude futures also do not have a mechanism to reset limits after a big price move, which means Shanghai trading could freeze while prices still move elsewhere. For WTI, for example, a USD 10 a barrel move activates circuit breakers to pause trade briefly until a new limit of another USD 10 is set.

Source : Reuters

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voda 13 juli 2017 15:51
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Outokumpu geeft winstwaarschuwing af

Minder winst in tweede kwartaal voorzien.

(ABM FN-Dow Jones) De Finse producent van roestvast staal Outokumpu heeft donderdag de winstverwachting voor het tweede kwartaal verlaagd.

Afgelopen kwartaal denkt Outokumpu een aangepast bedrijfsresultaat (EBITDA) van ongeveer 200 miljoen euro te hebben behaald. Eerder zei de fabrikant nog uit te gaan van een iets lager bedrijfsresultaat dan in het eerste kwartaal, toen dit 294 miljoen euro was.

De resultaten stonden afgelopen kwartaal onder druk door een lagere productie van ferrochroom doordat onderhoud langer duurde dan voorzien. Ook ondervond Outokumpu de nadelige gevolgen van lagere grondstofprijzen.

Ondanks de winstwaarschuwing zei Outokumpu wel te verwachten dat de onderliggende "gezonde" vraag naar roestvast staal zal aanhouden.

Outokumpu maakt op 25 juli de cijfers over het tweede kwartaal bekend.

Het aandeel Outokumpu daalde donderdag 5,4 procent.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

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voda 13 juli 2017 21:26
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Steel stocks spike as Trump says he is considering using quotas, tariffs to deter dumping
Evelyn Cheng | @chengevelyn
3 Mins Ago
CNBC.com

An American flag is seen as contractor walks on a steel beam while working on the Korean Air Lines Co. Wilshire Grand hotel and office building in downtown Los Angeles, California
Patrick T. Fallon | Bloomberg | Getty Images
An American flag is seen as contractor walks on a steel beam while working on the Korean Air Lines Co. Wilshire Grand hotel and office building in downtown Los Angeles, California
Steel stocks jumped Thursday after a report President Donald Trump said he is considering quotas and tariffs on steel imports to the U.S.

Shares of U.S. Steel traded 3.5 percent higher, while AK Steel leaped more than 5.5 percent.

"There are two ways — quotas and tariffs. Maybe I'll do both," Trump said Wednesday evening, according to excerpts of his conversation with reporters on Air Force One. The transcript was made available Thursday afternoon.

"Not only China, but others. We're like a dumping ground [for steel], okay?" Trump said. "They're dumping steel and destroying our steel industry, they've been doing it for decades, and I'm stopping it. It'll stop."

Many on Wall Street upgraded the steel stocks in anticipation of a tougher U.S. announcement on foreign steel producers, in favor of the U.S. firms.

"President Trump's comment today about quotas and tariffs on steel and the positive response across steel stocks suggests more upside ahead when an official announcement is made by the Commerce Department," Jim Strugger, managing director, derivatives strategist, at MKM Partners, told CNBC in an email Thursday. "We're suggesting that clients get long or longer here."

www.cnbc.com/2017/07/13/trump-says-he...

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voda 13 juli 2017 21:44
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Mag ik even een opmerking plaatsen?

Deze data draad is inmiddels de 500,000 views gepasseerd.

Een opmerkelijk feit, toch? :-)

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voda 14 juli 2017 12:10
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Beursblik: ING zet ArcelorMittal op kooplijst

Koersdoel verhoogd naar 28,00 euro

(ABM FN-Dow Jones) ING heeft vrijdag het advies voor ArcelorMittal verhoogd van Houden naar Kopen en stelde daarbij het koersdoel opwaarts bij van 25,50 naar 28,00 euro.

Volgens de bankanalisten schat de markt de ontwikkelingen rondom ArcelorMittal niet op waarde. De marktvorsers wezen onder meer op de beter dan voorziene cijfers van de staalreus in het eerste kwartaal en de aantrekkende mondiale staalmarkt. Ook zal de overname van de Italiaanse staalfabriek Ilva flink bijdragen in de toekomst.

ING denkt dat Ilva tegen 2021 circa 450 miljoen dollar aan het bedrijfsresultaat (EBITDA) van ArcelorMittal zal toevoegen. In 2025 kan dit zelfs bijna 600 miljoen dollar zijn. Zonder dat dit de balans onder druk zet, denkt ING dat Ilva 3,50 euro aan het koersdoel zal bijdragen.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

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voda 14 juli 2017 12:24
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I may slap both quotas and tariffs on steel - Mr Trump
Published on Fri, 14 Jul 2017

Politico reported that US President Mr Donald Trump told reporters Wednesday night that he may slap quotas and tariffs on steel, according to a newly released transcript of a previously off-the-record conversation on his way to Paris for meetings. Mr Trump said on board Air Force One "Steel is a big problem. I mean, they're dumping steel. Not only China but others too. We're like a dumping ground, OK? They're dumping steel and destroying our steel industry. They've been doing it for decades, and I'm stopping it. It'll stop."

Asked how he would do that, Mr Trump replied: "There are two ways — quotas and tariffs. Maybe I'll do both."

The exchange came as the Commerce Department is preparing to make its recommendation in two separate investigations into whether it is necessary to restrict steel and aluminum imports in order to protect national security.

Source : Politico

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voda 14 juli 2017 12:25
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Chinese steel sector predict stronger results for the first half

Caixin Global reported that China’s steel sector continues to recover as several big names predict stronger results for the first half as steel prices edge up and efforts to trim overcapacity improve efficiency. The country’s largest steel maker, China Baowu Steel Group Corp Ltd made a profit of 8.7 billion yuan (USD 1.3 billion) in the first half, according to Shen Ying, chief accountant of the State owned Assets Supervision and Administration Commission which oversees Baowu and other state-owned enterprises.

The overall performance figures of the two state-owned steel makers are not public, but figures from their listed subsidiaries showed how China’s steel sector has been in decline since 2015. The sole listed-arm of WISCO, which has been absorbed into Baosteel, reported a net loss of 7.5 billion yuan in 2015, and a 50% profit drop to 359 million yuan in the first half of 2016.

Other steel companies have also forecast better-than-expected financial results. Hebei-based HBIS Group Co. Ltd estimated that its first half profits had tripled to around 1.2 billion yuan from a year earlier, as steel prices stabilized during the period.

The smaller Hunan-based Valin Steel forecast a record profit of at least 1.2 billion yuan from January to June, after reporting first-half losses every year since 2015.

Mr Shen said that Central-government-controlled steel companies, including Baowu, have trimmed 5.95 million tonnes of excess production capacity in the first six months of 2017, hitting the annual target set by SASAC.

The steel maker has also put its loss-making car rental subsidiary ALD Automotive up for sale in a bid to shore up its bottom line. ALD has been bleeding money since 2014.

Steel prices rebounded between late-2016 and February of this year, before edging down over the next two months as the government started to cool the sizzling property market, a large consumer of steel products, said Du Hui, steel analyst at Zhongtai Securities.

Source : Caixin Global

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voda 14 juli 2017 12:26
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Essar Steel suppressed facts - SBI tells Gujarat High Court

Business Standard reported that terming Essar Steel’s petition against the insolvency proceedings “futile”, lead lender State Bank of India’s counsel told the Gujarat High Court on Thursday that the borrower company was aware and had agreed to the proceedings in the June 22 joint lenders’ forum (JLF) meeting.

Both the Reserve Bank of India and SBI counsels on Thursday argued that Essar Steel had suppressed facts that it was taken by surprise by the RBI’s June 13 press release amid debt restructuring talks with banks.

SBI counsel argued “Essar Steel had accepted in the meeting that SBI can go to National Company Law Tribunal (NCLT) for insolvency proceedings, and this has been kept from the court and is sufficient to show Essar Steel the door and dismiss its petition.”

The RBI and SBI counsels also sought discontinuance of the interim relief offered to Essar Steel to which the latter responded with counter arguments, which will continue till July 14. The hearing for admission of insolvency proceedings against Essar Steel has been deferred to early next week by the NCLT.

In his arguments, the SBI counsel narrated a set of chronological events from June 15 when the SBI wrote to Essar Steel on convening a JLF meeting on June 22 till the latter’s subsequent letters to its lender. It added that eight high ranking officials of Essar Steel, including Essar Group Chief Executive Officer Prashant Ruia, were present at the June 22 meeting.

The SBI counsel told the court that after the meeting, Essar Steel wrote to SBI and accepted in its presentation made to the JLF that it would “participate in insolvency proceedings with the NCLT” and had requested for an insolvency resolution professional to work “seamlessly with Essar Steel in a cohesive manner”.

Source : Business Standard

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voda 14 juli 2017 12:27
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JSW Steel to revise offer for Monnet Ispat

The Hindu reported that Mr Sajjan Jindal-led JSW Steel is keen on revising its bid for his brother-in-law Mr Sandeep Jajodia-led Monnet Ispat and Energy, after the lead banker SBI opposed Mr Jindal’s bid to buy the firm. Mr Sajjan Jindal chairman of JSW Steel said “Now there is a completely new process that RBI is initiating that all these stressed assets will have to go through NCLT process and whatever that process will entail, we will follow that.”

Mr. Jindal told The Hindu “Probably, it will be looked into afresh, There would be consolidation in the industry and the good companies will look into stressed assets.”

State Bank of India on Thursday told the National Law Company Tribunal that it did not accept JSW Steel Ltd’s offer to buy lenders’ 51% stake in Monnet Ispat and Energy Ltd because the consortium was not happy with the proposal.

In February, JSW Steel had expressed interest to buy the majority stake of the lenders. However, lenders did not accept the offer because it entailed banks to accept significant haircut to resolve the asset, according to bankers.

Source : The Hindu

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voda 14 juli 2017 12:28
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US Commerce chief Mr Ross hopes to announce steel decision next week

Reuters reported that US Commerce Secretary Mr Wilbur Ross said on Thursday he will present to President Donald Trump a range of options on restricting steel imports and a decision could be announced as early as next week, according to several senators who met with Ross. Senator Debbie Stabenow told reporters "At this point (Ross) says he is presenting a range of options to the president.”

Ross told the senators he wants to announce a decision next week, according to Democratic Senator Sherrod Brown.

The comments were made as members of the Senate Finance Committee left a closed-door meeting with Ross on Capitol Hill.

Source : Reuters

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voda 14 juli 2017 12:28
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Former White House economists argue against US steel tariffs

The Hill reported that fifteen former Democratic and Republican White House economists are urging the Trump administration to forego imposing tariffs on steel imports over national security concerns. The group of White House Council of Economic Advisers heads said levying taxes on steel coming into the United States would cause economic harm and generate diplomatic tensions. The economists wrote in a letter to President Trump that “We urge the administration not to take this action.”

The economists noted that while US steel imports come from more than 110 countries and territories much is sold to the United States by important allies such as Canada, Brazil, South Korea and Mexico.

The economists wrote that “The diplomatic costs might be worth it if the tariffs generated economic benefits. But they would not. Additional steel tariffs would actually damage the US economy. Tariffs would raise costs for manufacturers, reduce employment in manufacturing and increase prices for consumers."

The letter, which was spearheaded by the conservative American Action Forum, was accompanied by an analysis that found steel tariffs would likely harm the US economy by driving up domestic steel costs, for US manufacturers, consumers and the nation's closest allies.

Overall, the analysis found that Section 232 investigations are rarely utilized and have only resulted in two prior import restrictions.

Tariffs also would likely result in retaliation from US trading partners such as China and the European Union.

The economists argued that emergency steel tariffs put in place in 2002 under President George W. Bush didn't work to boost the economy or the manufacturing sector. Mr Bush lifted the tariffs a little more than a year later after a strong backlash that led to threats of retaliation from US allies.

The World Trade Organization then ruled against the steel tariffs.

Source : The Hill

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voda 14 juli 2017 12:29
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Creditors formally approve Arrium sale to Liberty House GFG Alliance

ABC reported that the sale of Whyalla's steelworks to a British company has been formally approved by its creditors, leaving the path free for foreign investment on South Australian soil. Arrium's administrator KordaMentha said the approval removed the last significant hurdle to completion of the proposed sale.

Partner Mark Mentha said the sale also required approval for the transition of workers' compensation coverage to GFG Alliance along with finalisation of accounting restructure steps.

He said the approvals were expected before August 31.

Mr Mentha said the sale "would end a remarkable 16-month administration marked by its complexity, a volatile trading environment and an extraordinary effort by all stakeholders to maintain the business and preserve a future for Whyalla".

The Federal Government has already given the OK to foreign investment.

Source : ABC

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voda 14 juli 2017 12:30
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China welcomes New Zealand's decision on Chinese steel probe

Xinhua reported that China's Ministry of Commerce said Thursday it appreciated and welcomed New Zealand's decision not to impose anti-dumping measures against Chinese galvanized steel. MOC spokesperson Gao Feng told a press conference "This [ruling] was in line with facts.”

The decision will help advance Sino-New Zealand communication and cooperation in economic and trade areas, Gao said.

He told reporters that China was ready to work together with other countries to promote trade and investment liberalization and fight against protectionism, citing the unsteady recovery of the world economy.

The comments came after New Zealand authorities ruled earlier this month that Chinese subsidies on galvanized sheet steel imports were too small to have injured the domestic industry.

Source : Xinhua

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voda 14 juli 2017 12:31
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Iran Plate producer Khuzestan Oxin to raise exports

Iran Daily reported that Iran's main heavy plate producer, Khuzestan Oxin Steel Co is planning to increase exports in the year to March 21, 2018 to around 10% of its overall output. Mr Mohammad Khazami head of company's marketing and market research told S&P Global Platts that Oxin's output was around 650,000 tonnes in the year to March 2017 of which some 30,000 tonnes were exported mainly to Germany, Italy, Belgium and the Netherlands.

He said that "Since receiving positive feedback from our European clients, our exports are expected to reach around 75,000 tonnes this year.”

He noted that Oxin offers some products not made by Iran's other main flats producer, Mobarakeh Steel Co. Mr Khazami said that "Oxin is the only Iranian producer of heavy wide steel plate and is able to produce it in widths of 1,100-4,500 millimeters with a thickness of 8mm-150mm, as used by shipbuilders, large diameter pipe makers and for special purposes in the oil and gas industries."

Mr Khazami said that currently, some 80% of its required slab is sourced from domestic producers MSC, KSC and Hosco, with a further 20% (used for API grade plate) being imported, adding that the company is planning a modern, steel plant which is now at the stage of obtaining environmental permits.

He added that"We are also able to supply the materials needed by new foreign investment projects in Iran's oil and gas industry. Oxin's production is based on European and American standards and the company has been audited by companies affiliated with the country's Oil Ministry, which is in charge of development projects. Therefore, we are able to supply the heavy plate which foreign companies will need for projects in Iran."

As a result of the largest Iranian steel producer, MSC's policy of focusing on requirements of the country's downstream manufacturers and slowdown in exports, Oxin could become the most important flats exporter in Iran.

Source : Iran Daily

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voda 14 juli 2017 12:33
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Royal Navy's new warships will be built with 65% foreign steel

Mirror CO reported that Tories have betrayed British workers by sourcing 65% of the steel for eight new Navy ships from Sweden. British steel could have been used in the Royal Navy’s eight new Type 26 frigates if UK plants had been properly briefed, union bosses insist.

But up to two thirds of the metal for the £8billion order the biggest Royal Navy deal after the latest Trident nuclear subs will be bought from Sweden.

The fresh blow for the UK’s battered steel sector was quietly revealed in a series of written Commons answers, by Defence Minister Harriet Baldwin.

She said that “Around 4,000 tonnes of steel will be required to build each Type 26 Frigate. Steel will be sourced principally from the UK and Sweden.”

But in a second answer, she admitted that“We expect around 35% of steel for each ship will be sourced from UK suppliers in Scotland and Scunthorpe; approximately 1,400 tonnes per ship. For some grades of plate steel needed for the Type 26 Frigates the combination of thickness, size and flatness specifications means that the steel cannot be sourced in its entirety in the UK.”

But community steelworkers’ union boss Roy Rickhuss said that “British steel is some of the best in the world, and our Government should be using this project to help British steelworkers. It’s not good enough for the Government to say we can’t make the right sort of steel. If we had a proper industrial strategy our steelworks would be equipped to meet the challenges.”

Mr Roy said that “Steelworkers have made big sacrifices over the past few years; it’s now time for the Government to bring forward a strategy for steel that supports our industry and our steel communities.”

Source : Mirror CO

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voda 14 juli 2017 12:36
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United American Steel Three employees charged for embezzling money from company

WSET reported that three out of four men charged with stealing more than USD 380,000 from their employers has accepted a plea deal. In court on Wednesday, three pleaded guilty to a consolidated charge of embezzlement.

Franklin County Assistant Commonwealth's Attorney, Matthew Hubbard explained the case started when the owner of United American Steel noticed missing money.

The investigation revealed that the four men had driven company trucks to ScrapCo and got checks in their personal names for the scrap metal that belonged to United American Steel and that they had been doing this scheme since 2013.

Source : Wset

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voda 14 juli 2017 12:38
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BMZ reroutes export due to European Commission's antidumping duty

BelTA reported that Belarusian steel mill BMZ has rerouted its export after the European Commission introduced a five year antidumping duty on steel rebars. BMZ Deputy Director General Andrei Kulakovsky said that reinforcing bars accounted for an average of 12.3% of BMZ's total export in 2012-2013. The introduction of the antidumping duty was no shock. During the investigation phase the Belarusian steel mill took steps to adjust its manufacturing processes and sell merchandise to different customers.

Mr Andrei Kulakovsky noted that the Belarusian side does not totally agree with results of the European Commission's investigation. "Every country tries to protect itself within limits of its legislation. We have withdrawn from the market but prices for rebars have increased instead of going down. This is why not everything is cut and dried," he said.

BMZ has sold rebars in Europe for over 25 years. The reinforcement bars were used to build and reconstruct important facilities in many cities across Europe. In the period the Belarusian steel mill established reliable partnerships with many consumers.

Mr Andrei Kulakovsky also said that in January to June 2017 the profitability of sales totaled 6.3%. The figure was achieved thanks to the improved situation on the global steel market and the company's efforts to reduce production costs. In HI 2017 the economic effect of the efforts to reduce the costs in accordance with methods of the State Control Committee reached USD 57.1 million or 11.3% of the total manufacturing costs.

Source : Belta

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voda 14 juli 2017 12:43
   voda

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Severstal Resources Q2 coking coal concentrate update

Severstal Resources announced that in Q2 2017 coking coal concentrate sales volumes from Vorkutaugol increased 16% driven by production volumes growth following scheduled long-wall repositionings at the Vorkutinskaya and Komsomolskaya mines in Q1. As anticipated, internal coking coal concentrate procurement increased 16% while the minor volumes allocated by Vorkutaugol to external sales remained broadly flat.

Steam coal sales at Vorkutaugol declined 9% q/q reflecting weaker demand from domestic consumers at the end of the heating season.

Iron ore concentrate sales volumes surged 54% q/q to 1.24 million tonnes (Q1 2017: 0.80 million tonnes).

Iron ore concentrate sales improvement in Q2 reflects seasonal dynamics and planned production increase.

Iron ore pellet sales improved 12% and totaled 2.88 million tonnes (Q1 2017: 2.58 million tonnes). Iron ore pellet sales volumes were impacted by stock reduction.

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Source : Strategic Research Institute

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