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Trump Trade War - Mr Wilbur Ross defies claims of consumer price rise after tariffs on aluminium and steel It has been a year President Trump announced tariffs on steel and aluminium. A latest report from the Department of Labor in the US claims that contrary to the expectations that the tariffs would hurt US consumers; the actual market data defy predictions of tariff-led inflation. Commerce Secretary Wilbur Ross insisted that all the predictions about higher prices turned out to be wrong. Mr Ross argued that tariffs would have little to no effect on US consumers. He insisted that the tariff on metals had a negligible impact on consumer prices and they are unlikely to rise significantly due to import tariffs. He argued that the car and truck prices, which were forecasted to rise due to tariffs on metals, have hardly moved. Compared with a year ago, car prices are up just 1.4%. The price of new trucks was up just 1.2%. He added that the impact of tariffs is much lesser than what was predicted. Bureau of Labor Statistics, a unit of the United States Department of Labor report, in a May 10th report said that “The all items index increased 2.0% for the 12 months ending April, the largest 12-month increase since the period ending November 2018. The index for all items less food and energy rose 2.1% over the last 12 months, and the food index rose 1.8%. The energy index increased 1.7% over the past year after posting 12-month declines the past 4 months.” Source : Strategic Research Institute
Alfried Krupp von Bohlen und Halbach Stiftung supported Thyssenkrupp's Tata JV plans Alfried Krupp von Bohlen und Halbach Stiftung, Thyssenkrupp’s biggest shareholder with 21% stake, said it had supported the company’s management in its joint venture plans with India’s Tata Steel and the planned split up. It said “The statements of the board show that the company is in a challenging situation.” Thyssenkrupp on Friday abandoned plans to hive off its steel business and split up the rest of the conglomerate after a lengthy battle with activist investors and regulators, opting to list its elevators division instead. Source : Reuters
Tenova LOI Thermprocess bags order for HPH Bell-Type Furnace Plant for Wire Coils from MMK-METIZ MMK-METIZ has placed a new contract for the expansion of the existing HPH® Bell-Type Furnace Plant for Wire Coils with Tenova LOI Thermprocess, a Tenova company, located in Essen, Germany. OJSC MMK-METIZ located in Magnitogorsk, Chelyabinsk region, already operates a HPH® Bell-Type Furnace Plant supplied by Tenova LOI Thermprocess in 2014. This plant consists of 2 annealing bases, 1 heating hood and 1 Jet-cooling hood with a maximum net charge weight of 36 tons of wire rod or drawn wire coils. It uses a hydrogen/nitrogen mixture as protective gas atmosphere and features a useable diameter of 3,200 mm and a useable height of 2,700 mm. In the spring of 2019, a new contract was signed concerning the expansion of the existing plant by further 2 annealing bases, 1 additional heating hood and 1 Jet-cooling hood. The start of production of the new plant is scheduled for the beginning of 2020. Besides the spheroidization annealing of wire rod, this plant also carries out the recrystallization annealing of drawn wire coils with the HPH® (High Performance Hydrogen) annealing technology. Source : Strategic Research Institute
Unite demands Tata Steel assurances after time is called on ThyssenKrupp joint venture Britain and Ireland’s largest union, Unite called on the Tata board to give Tata Steel workers assurances and end the ‘rollercoaster’ of uncertainty following news that a joint venture with ThyssenKrupp is effectively off. Unite national officer for steel Mr Tony Brady said “Unite will be pressing the board of Tata over its plans for Tata Steel in the wake of news that the proposed joint venture with ThyssenKrupp is effectively off. Tata Steel’s workforce has been on a rollercoaster of uncertainty for several years. When we meet the Tata board we will be telling it that it is a ride that has to end and demanding assurances over jobs and investment. Tata Steel’s workforce has made great sacrifices to secure a future for the steelmaker. It would be a betrayal if their livelihoods were now put at risk because of this doomed joint venture. He said “Tata Steel needs to give workers the assurances that their futures are secure. The government must stand ready to step in with assistance for Tata Steel and play its part too”. He added “Sky high energy costs are leaving steelmakers competing with their European competitors with one hand tied behind their backs. The government can and should go further in supporting the wider steel industry with help on business rates and high energy costs, while putting UK steel at the heart of major infrastructure and ensuring projects like the Royal Navy’s new Fleet Solid Ships are built in the UK using UK steel.” Source : Strategic Research Institute
Tata Steel H Blast Furnace at Jamshedpur plant hit by a snag Tata Steel announced that the ‘H’ Blast Furnace Process coal injection system used for injecting fuel into furnace developed a technical problem on 8th May and immediately the operating team began work on restoring the system back to optimal performance. It said “However, owing to the above mentioned technical problem, furnace pressure increased and as per standard procedure, process safety measures immediately kicked in and the bleeders which are the safety relief system in the furnace operated at 6:45 PM. This explains the noise heard along with the gases and black smoke seen. There has been no injury of any sort whatsoever to any individual and no property damage due the same.” The Furnace is presently in recovery mode. Source : Strategic Research Institute
Ampco-Pittsburgh to exit US Cast Roll Manufacturing Facility Ampco-Pittsburgh announced a plan to sell its Avonmore, PA cast roll manufacturing facility to an affiliate of WHEMCO Inc. The purchase agreement has been executed, and the transaction is expected to close in the second half of 2019, following cessation of roll finishing operations once remaining customer commitments are fulfilled. In connection with the anticipated divestiture, the Corporation recorded an impairment loss of USD 10.1 million. Ampco-Pittsburgh CEO Brett McBrayer said “Excess capacity and high operating costs in our cast roll system have made operation of the Avonmore facility untenable. We will continue our restructuring plan with a pace and urgency to fully demonstrate our earnings power.” The company did not disclose a purchase price. Source : Strategic Reearch Institute
ArcelorMittal update on NAFTA operations in Q1 of 2019 NAFTA segment crude steel production increased by 7.2% to 5.4 million tonne in 1Q 2019 as compared to 5.0Mt in 4Q 2018. This increase reflects higher production in the US, despite an approximate 100kt loss due to a power outage at Burns Harbor, and to a much lesser extent the eventual restart of the blast furnace in Mexico which had suffered delays following scheduled maintenance in 3Q 2018. Steel shipments in 1Q 2019 increased by 2.8% to 5.3 million tonne as compared to 5.2 million tonne in 4Q 2018 with improvements in the flat business (+7.8%) offset by weaker long product shipments (-19.0%), primarily in Mexico due to less availability of material due to delayed restart of the blast furnace as discussed above. Sales in 1Q 2019 increased by 4.7% to $5.1 billion as compared to $4.9 billion in 4Q 2018, primarily due to higher steel shipments (+2.8%) offset in part by lower average steel selling prices (-0.9%, flat products were down -2.3% whilst long products increased 1.7%). Source : Strategic Research Institute
ThyssenKrupp supervisory board support plans of the executive board & pact with IG Metall for the realignment ThyssenKrupp announced that it’s Executive Board presented its plans for the realignment of the company to the Strategy, Finance and Investment Committee of the Supervisory Board. In the course of the meeting, the Committee unanimously approved the Executive Board's recommendations on the realignment of the Group. Part of the approval is a basic agreement between the Executive Board and IG Metall on the strategic realignment of the Group. The agreement lays out the key principles for the future-oriented management of the thyssenkrupp Group and sets the framework for responsible implementation of the new strategy. Ms Martina Merz, Chairwoman of the Supervisory Board of thyssenkrupp AG, said “The Group’s realignment proposed by the Executive Board is a responsible decision for which I have great respect. The expected prohibition of the steel joint venture and the changed framework conditions has made a fundamental re-assessment of the previous course necessary. In this difficult situation, it will be possible for the Supervisory Board to consider the interests of employees, customers and shareholders equally. The committees will therefore recommend that the Supervisory Board approve the Executive Board's proposal on May 21. We will gladly accompany the Executive Board during the implementation of the strategic realignment. I would like to thank all those involved for the good cooperation in this difficult time.” The Executive Committee of the Supervisory Board also dealt intensively with the Executive Board's new strategy and, together with the Strategy, Finance and Investment Committee, will therefore recommend to the Supervisory Board to approve thyssenkrupp's realignment at its meeting on May 21. The Executive Board's new strategy is to build a fundamentally new thyssenkrupp. The entrepreneurial freedom of the individual businesses is to be improved and the flexibility of the businesses increased. At the same time, the elevator business is to be listed on the stock exchange via an Initial Public Offering. The existing Group and administrative structures will become significantly leaner and the performance of the individual businesses will be improved. The plans also include a Group-wide performance program involving the reduction of 6,000 jobs. Source : Strategic Research Institute
India may increase iron ore pallets export to China - Report PTI reported that high grade pallets are in good demand but mining issues and export restrictions have kept India's iron ore out of the high-demand Chinese market in recent years. A trader said “India is expected to export 10-11 million tonnes of iron ore pallets to China this year against 9.5 million tonnes last year on good demand notwithstanding trade tensions with the key export market of the US.” He added The price of high grade pallet of 64fe content with 3% alumina content has also improved to USD 122-125 per tonne, up from USD 114-116 in February 2019.” He added “High grade pallets are in good demand but mining issues and export restrictions have kept India’s iron ore out of the high-demand Chinese market in recent years.” Source : PTI
Chinese steel mills regain taste for high grade iron ore on strong steel order book Reuters reported that Chinese steelmakers are regaining their appetite for high-grade iron ore despite record-high ore prices, mill managers and traders say, as recovering profit margins spur plants to seek efficiency gains and ramp up output. Reuters quoted a purchasing manager at a mid-sized mill in China’s top steelmaking province of Hebei as saying that “We have signed abundant orders for steel products for the coming three months and steelmaking is quite profitable. It’s time to buy more high-grade ore.” Mr Siddarth Aggarwal, market analysis manager for iron ore and ferrous trading at Anglo American, said “In the longer term, because of the changes in the Chinese steel industry as well as tighter emissions controls, we see a very significant demand pool and preference for high-grade iron ores. That talks to an industry that is moving towards efficiency, productivity, cleaner practices and therefore you need high-grade iron ore.” Source : Reuters
thyssenkrupp and Tata Steel expect EC to block planned steel JV ThyssenKrupp announced that after conversation with the European Commission, thyssenkrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due to the Commission's continuing concerns. It said "The European Commission took the improvements of the submitted covenants proposed by thyssenkrupp and Tata Steel as an opportunity to conduct another market test. The new market survey did not resolve the Commission's concerns, although the partners had offered significant further concessions. From the point of the view of thyssenkrupp and Tata Steel, further commitments or improvements would adversely affect the intended synergies of the merger to such an extent that the economic logic of the joint venture would no longer be valid. Consequently, the partners assume that the European Commission will not approve the joint venture." It said “With the expected unsuccessful outcome of the steel joint venture, the Executive Board of thyssenkrupp AG has reassessed the strategic options for the company and will propose to the Supervisory Board to not go ahead with the planned separation into two independent companies. The economic downturn and its effects on business development and the current capital market environment have led to the separation not being able to be realized as planned. Instead, thyssenkrupp will fundamentally realign itself to significantly improve its operating performance. This will include a value based more flexible portfolio approach with greater freedom for the development of all businesses, a leaner holding structure and a stronger performance orientation. At the same time, the company will sustainably strengthen its capital base in order to gain the necessary financial leeway for necessary restructuring and business development. As part of this new strategy, the Executive Board of thyssenkrupp AG will also propose an IPO of Elevator Technology to the Supervisory Board.” Due to this development, expected book equity gains from the closing of the Steel Joint Venture will not materialize. In the third quarter of the current fiscal year, thyssenkrupp will reintegrate the Steel Europe Business Area back into the Group. This will also lead to an adjustment of the forecast for the 2018/19 financial year. From today's perspective, the Group expects - including the Steel Division - an adjusted EBIT of EUR1.1 to 1.2 billion. The Group's free cash flow before M&A is expected to be negative in the high 3-digit million ER range. The Group expects a net loss for the year. thyssenkrupp will publish the adjusted Group forecast with the 2nd quarter report on May 14, 2019. thyssenkrupp Steel Europe AG is, among other companies, the subject of preliminary investigations into alleged cartel agreements for heavy plate and flat carbon steel. The proceedings in the field of flat carbon steel have been discontinued in the meantime. Due to far-advanced discussions with the Federal Cartel Office, thyssenkrupp expects to be able to finalize the proceedings for heavy plate in a timely manner by mutual agreement. In this forecast, the Group will also recognize an increase of the existing provisions by slightly more than ER 100 million for the ongoing cartel proceedings regarding heavy plate. The provision is thus increased to the amount of the expected fine. The Group's free cash flow could be additionally impacted by a payment of this fine in this financial year. Source : Strategic Research Institute
US Steel's Midwest Plant discharges iron in Burns Waterway The Times reported that US Steel's Midwest Plant in Portage discharged iron Thursday that briefly discolored the Burns Waterway flowing into Lake Michigan, where it spilled hexavalent chromium in 2017. US Steel said "Today, at our Midwest Plant, we detected discoloration of water at Outfall 004 located near Burns Waterway. We immediately contacted the US Coast Guard National Response Center and Indiana Department of Environmental Management. No substances containing chrome were detected. Initial determinations indicate the presence of iron in the water that resulted from maintenance work. The discoloration has since stopped." The steelmaker faced a lawsuit from the Surfrider Foundation after spilling cancer-causing hexavalent chromium into Burns Waterway in 2017, resulting in the closure of Lake Michigan beaches. The state of Indiana and U.S. Department of Justice proposed a consent decree requiring US Steel to pay about SD 600,000 in civil penalties and USD 630,000 in damages. The Indiana Department of Environmental Management is now requiring US Steel to test the groundwater every three months in Portage. Source : The Times
PALSP calls for banning Iranian rebar imports into Pakistan via road The Dawn reported that Pakistan Association of Large Steel Producers has asked the government to make the steel industry critical enabler of growth amid infrastructure development, China-Pakistan Economic Corridor projects and large-scale housing programmes in the country. PALSP said “There is a need to curb smuggling and prevent massive tax evasion. Moreover, the steel imports should be banned through land routes. Currently, large consignments of smuggled steel bars mainly from Iran border are making their way in to the Pakistani markets undercutting the local industry. Steel imports items should be allowed only from the sea route as it will allow customs to control and regulate smuggling activities.” The association said that in order to curb sales tax evasion by melting units operating on electricity provided by power generating companies other than power distributing companies, the tax should be increased to PKR 7,300 per tonne at the import stage and the same should be made un-adjustable against the sales tax collected on the basis of units of electricity consumed. In its budget proposals forwarded to the Ministry of Industries and Production, steel producers highlighted that Pakistan has a menial steel consumption of 42 kg per capita compared to the world average of 256 kg per capita. It said “Pakistan has a long way to go in terms of steel manufacturing and consumption in order to become a developed economy. The long-term vision for the steel industry is to enhance its global competitiveness so that Pakistan can become a steel exporting nation. However, to achieve this objective, the government will have to provide policy frame-work to address key cost parameters and policy uncertainties so that investments can materialize to build economies of scale.” The PALSP has claimed that they represent large-scale, documented, and integrated steel producers that manufacture over two million tonnes of steel per annum, and contribute highest revenue to the national exchequer within the long steel sector. Source : Dawn
Trump Trade War - Iran metals under new US sanctions Reuters quoted Iran’s foreign ministry as saying that new US sanctions targeting revenue from the country’s exports of industrial metals were “against international norms”, and warned Washington would be responsible for Iran’s losses. Iran exported over 57 million tonnes of mineral products worth more than USD 9.2 billion during the fiscal year to March, according to information on the website of Iran’s state-owned mines and metal holding company IMIDRO. But analysts said that the latest sanctions are unlikely to affect global markets. Saxo Bank commodities analyst Ole Hansen said that “Years and years of sanctions and lack of investment means that Iran has not been able to fulfil its potential of being a major metals producer. There was barely any reaction in prices to the news.” Iran’s mining industry was already “70% under sanctions in practice” due to shipping and payment restrictions, the deputy head of Iran’s Mine House, Mohammad Reza Bahraman was quoted as saying by the state news agency IRNA. Iran has about 37 billion tonnes of proven mineral reserves and 57 billion tonnes of potential reserves, worth USD 800 billion according to 2014 data from an article posted on IMIDRO’s website. Below are details of Iran’s main minerals, based on data from IMIDRO: IRON ORE Iran produced 35.1 million tonnes of iron ore in the fiscal year ended March 2019, and exports of iron ore concentrate totaled USD 380.95 million during the same period. Iran is estimated to have around 2.7 billion tonnes of reserves. The Chadermalu, Golgohar and Sangan mines are considered the largest iron ore mines in the country. STEEL In 2018 Iran was ranked tenth among global steel producers, according to World Steel Organization data, with output of 25 million tonnes. It exported steel chain and steel products worth USD 4.118 billion in the fiscal year ended March 2019. GOLD Iran has 250 tonnes (8.04 million ounces) of reserves and produces around 3 tonnes of gold annually. In 2014, Iran launched the Zarshuran plant, which it billed as the biggest gold processing operation in the Middle East. Its exports of precious minerals, including gold and silver, were relatively insignificant however, totaling USD 160,000 in the year to March 2019. COPPER Iran exported copper chain and downstream products worth USD 917.53 million in the year ended March 2019. It has 2.6 billion tonnes of reserves. One of its major mines is the Sarcheshmeh complex in the southeast Kerman province. ZINC Iran sits behind China, Kazakhstan and India as the world’s number four producer of zinc ore. The country has 300 million tonnes of lead and zinc reserves but the sector is largely underdeveloped. The Mehdiabad project, with one of the world’s biggest zinc deposits, has been under consideration since the 1990s. In 2017, the country signed a USD 1 billion deal with private investors to develop it. Source : Reuters
Samarco joint venture output to resume by 2H 2020 – Vale CFO Reuters reported that Vale’s CFO Mr Luciano Siani told analysts on a conference call that it expects iron ore production at its Samarco joint venture with BHP Group Ltd to resume in the second half of 2020 after a tailings dam burst in 2015. He told “Vale expects to receive the needed licenses to restart the mine by September of this year but that added investments will be required after that for the facility to resume operations.” Source : Strategic Research Institute
Iron ore demand will be critical for dry bulk market recovery - Intermodal Mr Nikos Roussanoglou wrote in Hellenic Shipping News Worldwide that while demolition activity in the dry bulk segment has been up by 185% this year, compared to 2018, a potential dry bulk market recovery ultimately hinges on the improvement from the demand side of things. According to Mr George Panagopoulos, Research Analyst with Intermodal, said “With the reweighting of the BDI last year, the barometer of the market is on Capes accounting for 40% of the BDI. As we have witnessed, the first four months for the Capesize sector were dramatic, with a new historical low on the BCI (92 points in 02/04/2019), well below OPEX earnings, muted SnP activity (currently only 3 reported sales), the biggest orderbook to fleet ratio (currently at 14%) and increased demo activity (currently at 20 capes, translating to 3.8m dwt). Therefore, it is interesting to examine what affected the capesize market. VALE dam disaster in Brazil is undoubtedly one factor that has pushed Capesize earnings to lower levels during February and March. Analysts estimated that the disaster left around 40 to 50 Capes unemployed. Moreover, China’s iron ore imports were down in April due to VALE closure and the Australian cyclone. Lastly, we do have to take into consideration the seasonality of iron ore, which is also a factor for weaker freight rates.” Mr Panagopoulos also noted that “Concerning the muted SnP activity on capes the past four months, it is normal for the decreasing freight rates to cause ship-owners to have many concerns about investing in the Capesize segment. However, something that should be mentioned along with the muted SnP activity is the asset value’s resistance to decreasing. It can be identified that despite T/C rates having dropped 35% compared to last year, the values have only decreased by 7%.” He concluded that “With regards to demolition, activity in the segment is up by 186% compared to last year. The VALE dam disaster, the poor freight rates and the upcoming regulations next year are factors for the increased demo activity. Nevertheless, something that has also helped ship owners to consider demolition as an option is the healthier demo prices in the Indian subcontinent. When comparing a similar situation in the segment back in 2016, average prices ($/ldt) are up by 61%. All in all, last week we witnessed capes covering lost ground much faster than expected. However, the following weeks will show if this correction on rates will continue. Undoubtedly China’s demand for iron ore will be critical together with the trade talks between China and United States. As far as SnP transactions and demo activity go, their future performance is definitely linked with the aforementioned.” Source : Hellenic Shipping News Worldwide
ThyssenKrupp rekent op jaarverlies Gepubliceerd op 14 mei 2019 om 07:40 | Views: 825 ESSEN (AFN) - ThyssenKrupp verwacht het lopende boekjaar af te zullen sluiten met een verlies. Het Duitse staal- en industrieconcern trekt de portemonnee voor het omgooien van de organisatie, nu de beoogde fusie van zijn staalactiviteiten met de Europese staaltak van Tata Steel van de baan is. Ook worden kosten gemaakt voor de aanstaande beursgang van zijn liftendivisie. Door het klappen van de fusie moet ThyssenKrupp noodgedwongen overstappen op een plan B. Ook loopt er nog een kartelprocedure bij de Duitse autoriteiten, waar een voorziening voor werd genomen. Het bedrijf kwam met zijn prognose bij de presentatie van de halfjaarcijfers van zijn gebroken boekjaar. In de verslagperiode zag ThyssenKrupp de omzet met 2 procent stijgen tot 20,4 miljard euro. Vooral de liftendivisie deed goede zaken in Europa en de Verenigde Staten. Bij de staaltak en de divisie Materials Services was sprake van een omzetdaling. Onder de streep resteerde een bedrag van 59 miljoen euro, tegen 343 miljoen euro een jaar eerder. Kosten Onder meer de hogere kosten voor materialen en personeel zetten resultaten van het bedrijf onder druk. Verder drukten lagere staalprijzen de financiële prestaties. Ook de mindere economische prestaties wereldwijd en in het bijzonder van van de auto-industrie, werkte negatief door in de cijfers van ThyssenKrupp. Tot slot zadelde ook de lage waterstand in de rivier de Rijn het bedrijf op met logistieke hoofdbrekens. Door de mindere prestaties van het concern, zal de kritiek op de leiding van ThyssenKrupp verder toenemen. Topman Guido Kerkhoff zette bij het klappen van de fusieplannen ook een streep door de voorgenomen opsplitsing van het bedrijf. Aandeelhouders hadden vorig jaar juist aangedrongen op die ingreep.
Trump tevreden over opleving Amerikaanse staalindustrie (ABM FN) De Amerikaanse staalindustrie kent een enorme oplevering omdat de Verenigde Staten importheffingen van 25 procent hebben ingevoerd om het dumpen van goedkoop staal door China en andere landen tegen te gaan. Dit schreef president Donald Trump dinsdag op Twitter. "In één jaar hebben heffingen de Amerikaanse staalindustrie herbouwd, het knalt omhoog!", aldus de president, die meent dat Amerika nu een grote en groeiende industrie heeft. "We moeten de staalsector redden voor onze defensie en de auto-industrie", meent Trump. Door: ABM Financial News.pers@abmfn.be Redactie: +32(0)78 486 481 © Copyright ABM Financial News B.V. All rights reserved.
Arcelor paying INR 39,500 crore for Essar Steel and not INR 42,000 crore - Mr Kapil Sibal Economic Times reported that world's largest steel maker ArcelorMittal is in effect paying INR 39,500 crore and not Rs 42,000 crore for buying Essar Steel as the remaining sum is being adjusted towards outstanding of an associate business, senior counsel Kapil Sibal Monday alleged in the NCLAT. Appearing on behalf of Standard Chartered, which is seeking to be treated at par with the secured financial creditor for its claim of INR 3,500 crore, Mr Sibal said bankers have clubbed Orissa Slurry Pipeline Ltd with Essar Steel in the auction to recover unpaid loans. He said that Orissa Slurry Pipeline Ltd is a separate entity owned by SREI Infrastructure and Essar Steel, and was not part of the original offer to sell Essar Steel. Clubbing it with Essar Steel in the sale would benefit Lakshmi Mittal-run firm. Mr Sibal argued that acceptance of INR 39,500 crore as the bid amount by the Committee of Creditors of Essar Steel, to which Standard Chartered Bank was not part, is contrary to the undertaking given by ArcelorMittal to the Supreme Court. He alleged that the truncated CoC of four members privately negotiated with ArcelorMittal to get a Slurry Pipeline, which is not even an asset of Essar Steel. An amount of INR 2,500 crore, which should have been paid to Standard Chartered, has been diverted to lenders of Odisha Slurry Pipeline India Ltd, which owns the slurry pipeline. Such private negotiations should not have been undertaken by the four members of the CoC, which are to the detriment of the stakeholders of Essar Steel and concern assets of a different company altogether, he said. Standard Chartered had filed a plea in the National Company Law Appellate Tribunal opposing a decision by a lower court to sell Essar Steel to ArcelorMittal as it stands to lose a substantial part of loans it had extended to Essar. Standard Chartered is to get just 1.7% of its outstanding claims while the financial creditors were recovering close to 92% of their claims from the sale proceeds. Mr Sibal also questioned the authority of the CoC to distribute money received from the auction of Essar Steel saying it was only empowered to approve or reject a resolution plan. He protested that Standard Chartered was not allowed to be present and become part of voting at the CoC, which comprised lenders for slurry pipeline project also. SCB also argued that profits made by Essar Steel during the insolvency period were being misappropriated by ArcelorMittal. Such funds are otherwise required to be distributed amongst creditors. The NCLAT directed a day-to-day hearing of the case and posted the matter for hearing on Tuesday when Sibal will continue his arguments. ArcelorMittal sought time for its senior counsel Harish Salve to appear on its behalf on May 20 or May 24. The NCLAT had last week sought a response from ArcelorMittal on a petition filed by a majority shareholder of Essar Steel seeking rejection of the INR 42,000 crore bid alleging that its promoter Lakshmi Mittal hid his association with loan defaulting firms run by his brothers. Source : Economic TImes
Peru closes antidumping probe into Brazil steel bar imports - Report Peruvian government reportedly closed an antidumping probe into imports of Brazilian steel bars after several months of investigation, paper Valor Econômico reported on Monday. The Brazilian government is reportedly satisfied with the news, as steel bars represent one of the main exports to its neighbor, the report said, citing a note from foreign trade department Secex. The report said that "The Brazilian government, through coordinated action between the foreign affairs and the finance ministries, followed all the investigation stages conducted by Peru, always seeking to demonstrate that there was no harm or threat of harm to Peruvian industry that justified the application of antidumping measures to Brazilian exports of steel bars." Brazilian exports to Peru reached USD 798 million in the first four months of the year, up 4.56% YoY. It said that imports from the neighboring country declined 21.6% in the same period, totaling USD 461 million, adding that most of the sales to Peru correspond to manufactured goods. Source : BNamericas
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Edelmetalen
Ekopak
Elastic N.V.
Elia
Endemol
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Erasmus Beursspel
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Europcar Mobility Group
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Exor
Facebook
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First Solar Inc
FlatexDeGiro
Floridienne
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Fluxys Belgium D
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Fondsmanager Gezocht
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Frans Maas
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FuelCell Energy
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Galapagos
Gamma
Gaussin
GBL
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General Electric
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Gilead Sciences
Gimv
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Goud
GrandVision
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Greenyard
Grolsch
Grondstoffen
Grontmij
Guru
Hagemeyer
HAL
Hamon Groep
Hedge funds: Haaien of helden?
Heijmans
Heineken
Hello Fresh
HES Beheer
Hitt
Holland Colours
Homburg Invest
Home Invest Belgium
Hoop Effektenbank, v.d.
Hunter Douglas
Hydratec Industries (v/h Nyloplast)
HyGear (NPEX effectenbeurs)
HYLORIS
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IBA
ICT Automatisering
Iep Invest (voorheen Punch International)
Ierse aandelen
IEX Group
IEX.nl Sparen
IMCD
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Imtech
ING Groep
Innoconcepts
InPost
Insmed Incorporated (INSM)
IntegraGen
Intel
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Intrasense
InVivo Therapeutics Holdings Corp (NVIV)
Isotis
JDE PEET'S
Jensen-Group
Jetix Europe
Johnson & Johnson
Just Eat Takeaway
Kardan
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Kendrion
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Kiadis Pharma
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Klépierre
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Lavide Holding (voorheen Qurius)
LBC
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Leasinvest
Logica
Lotus Bakeries
Macintosh Retail Group
Majorel
Marel
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Materialise NV
McGregor
MDxHealth
Mediq
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Merus Labs International
Merus NV
Microsoft
Miko
Mithra Pharmaceuticals
Montea
Moolen, van der
Mopoli
Morefield Group
Mota-Engil Africa
MotorK
Moury Construct
MTY Holdings (voorheen Alanheri)
Nationale Bank van België
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Novacyt
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Orange Belgium
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P&O Nedlloyd
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Payton Planar Magnetics
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Pershing Square Holdings Ltd
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Pfizer
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Sofina
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Stellantis
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Technicolor
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Telenet Groep Holding
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TITAN CEMENT INTERNATIONAL
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Zilver - Silver World Spot (USD)