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Supreme Court quashes criminal cases, lookout notices against Mr Pramod Mittal

ET reported that the Supreme Court has quashed all criminal cases and lookout notices against Mr Pramod Mittal, his wife and children after he paid up all his dues to public sector enterprise State Trading Corporation. A bench of justice Abhay Manohar Sapreand and justice Indu Malhotra also quashed any lookout notices that may have been issued against Mittal and his family by these agencies, besides 11 complaints of cheating and criminal breach of trust pending in a lower court in Delhi.

The bench invoked its extraordinary powers to quash all proceedings, possibly a first in a corporate debt case.

Mr Promod Mittal, the younger brother of Mr LN Mittal, was facing multiple court proceedings in India and abroad in connection with his dues to the company. These included FIRs filed by the Central Bureau of Investigation and the Enforcement Directorate and a show-cause notice issued by the Passport and Consular Wing of the Indian High Commission in London.

Source : ET
Bijlage:
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MMK remains largest supplier of galvanized steel in Russia in 2018

Magnitogorsk Iron and Steel Work sold a record amount of galvanized steel in 2018 - around 1.3 million tonnes. MMK's share in the product’s consumption in Russia amounts to 34%. According to the Senior Manager of MMK's Coated Products Sales, Vadim Dorofeev, who spoke at the 14th International Conference "Galvanized and painted steel - production and consumption trends," MMK remains the largest supplier of galvanized steel in Russia with total sales amounting to 1.269 million tonnes at the end of last year, a record number for the plant. At the same time, the sales to export destinations and to CIS countries are gradually increasing. Nevertheless, the Company continues following its sales strategy aimed at the Russian market, which accounts for 80% of sales. In 2018, MMK sales to the Russian market amounted to 1.08 million tonnes. The main consumers of MMK's galvanized steel are the construction sector (64%) and the automotive industry (26%).”

MMK also remains one of the largest players in polymer-coated steel market. In 2018, the Company sold 559,000 tonnes of this product, of which 90% (500,000 tonnes) were shipped to the domestic market. The merger of the Lysvensky Metallurgical Plant (LMP) into MMK Group enabled MMK to achieve a significant increase in sales - by over 27%. Thus, MMK Group's production and supply of polymer-coated steel now takes place at two different production sites. In 2018, 270,000 tonnes of polymer-coated steel were shipped to the Russian market from the MMK site and 231,000 tonnes from the MMK-LMP site. These products are mainly used by the construction industry. Polymer-coated steel is profiled and used as a semi-finished rolled product for the manufacturing of metal roofing tiles (22%), profiled sheeting (56%) and sandwich panels (7%).

MMK Group produces a wide range of polymer-coated steel - from basic products to premium types of polymer-coated steel - and LMP's facilities enable MMK to sell this polymer-coated steel to all sectors of the market, manufactured under the brand name SteelArt and Moire. Currently, the niche for premium types of polymer-coated steel is at the initial stage its development and has high growth potential.

Source : Strategic Research Institute
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Sidor shuts all operations after energy blackout - Report

SP Global, citing sources within the mill, reported that Venezuela's largest steelmaker Sidor shut all operations after the country's energy blackout March 8 and that there is no timetable for resumption. The company's steelmaking operations have been offline since August 2018, while other units, including its pellet plant, were operating at reduced levels before the blackout.

Sidor has an installed crude steel capacity of 5.1 million tonnes, 2.8 million tonnes of hot-rolled coil capacity, 1.7 million tonnes of cold-rolled coil, 600,000 tonnes of wire rod, 390,000 tonnes of rebar and 280,000 tonnes of tinplate.

Source : SP Global
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BAML analysts warn of price-crushing 'Steelmageddon' steel glut in US

Seeking Alpha reported that US steel capacity is set to increase by 20% around 2022, pushing down prices for steel commodities, BofA Merrill Lynch warns as it dubs the upcoming several years of turmoil as "Steelmageddon." The price crushing steel glut will sweep through the industry over the next few years as new project startups create an oversupply of steel commodities, the firm says, after which the US industry will emerge with a smaller footprint as new electric arc furnaces replace older blast furnaces.

BAML believes Nucor and Steel Dynamics could emerge with improved market share and healthier profit margins but warns Steelmaggedon should deter most long-term investors from buying into the space.

Source : Seeking Alpha
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AISI update on raw steel production in US in Week 11

In the week ending on March 16, 2019, domestic raw steel production was 1,930,000 net tons while the capability utilization rate was 82.9 percent. Production was 1,826,000 net tons in the week ending March 16, 2018 while the capability utilization then was 78.3 percent. The current week production represents a 5.7 percent increase from the same period in the previous year. Production for the week ending March 16, 2019 is down 0.6 percent from the previous week ending March 9, 2019 when production was 1,941,000 net tons and the rate of capability utilization was 83.4 percent.

Adjusted year-to-date production through March 16, 2019 was 20,310,000 net tons, at a capability utilization rate of 81.4 percent. That is up 6.7 percent from the 19,035,000 net tons during the same period last year, when the capability utilization rate was 76.6 percent.

Broken down by districts, here's production for the week ending March 16, 2019 in thousands of net tons: North East: 226; Great Lakes: 729; Midwest: 205; Southern: 711 and Western: 59 for a total of 1930.

Source : Strategic Research Institute
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Share sales by Mr Abramovich and partners lower sanction risks – Evraz CFO

Reuters reported that Evraz said a decision by Mr Roman Abramovich and his partners to sell some of their shares in the group would reduce sanctions risks. Evraz CFO Mr Nikolay Ivanov said “In my opinion this further decreases risks of the introduction of sanctions on Evraz. Evraz had recently changed its ownership structure in a way that would also reduce sanctions risks. So if the sanctions will be introduced against one of our key shareholders, Evraz will be significantly less vulnerable to that.”

Chelsea soccer club owner Abramovich, businessman Alexander Abramov and other top Evraz shareholders sold around 25.4 million shares in Evraz on Monday, raising some GBP 151 million. Their sale of a total stake of 1.8% brought Abramovich and Abramov’s combined stake in the company to less than%

The United States and other Western countries have imposed sanctions on Russian officials, companies and banks since Moscow’s annexation of Crimea in 2014, and the campaign continues to gather force. As recently as last Friday the United States, Canada and European Union imposed fresh sanctions to punish Russia for its 2018 attack on three Ukrainian ships as well as its annexation of Crimea and its activities in eastern Ukraine.

Source : Reuters
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Increase in iron ore production of Iran's major mining companies - IMIDRO

Trend reported referring to the website of Iranian Mines and Mining Industries Development and Renovation Organization, the iron ore production of Iran's major mining companies has increased by 19 percent during the 11 months of the current Iranian year.

According to the report, 41.9 million tons of metal ore were produced by Iran's major iron ore producers in 11 months - this figure, however, stood at 35.1 million tons during the same period last year. Some 14.4 million tons of iron ore concentrate were produced by Iran's Golgohar Mining & Industrial Company, with Chadormalu Mining and Industrial Company producing 8.2 million tons, Iran Central Iron Ore Co producing 4.9 million tons, Middle East Mines & Mineral Industries Development Holding Company producing 4.57 million tons, Gohar Zamin Iron Co producing 4.06 million tons, Opal Parsian Sangan Co producing 2.76 million tons, National Industrial and Mining Development Co producing 1.41 million tons, Sabanour Mining and Industrial Development Company producing 1.02 million tons, and the Jalalabad Complex belonging to Iran Minerals Production and Supply Company producing 475,000 tons.

According to the report, 6 large companies produced 6.03 million tons of iron ore granule in 11 months, which shows a 15-percent increase when compared to last year's figures for the same period - namely, 5.22 million tons.

Meanwhile, Opal Parsian Sangan Co produced 1.74 million tons of of iron ore granule, while Sabanour Mining and Industrial Development Company produced 1.62 million tons, Iranian Central Plateau Iron Ore Mines Complex produced 916,000 tons, Chadormalu Mining and Industrial Company produced 378,000 tons, and Mishdovan Complex belonging to Iran Minerals Production and Supply Company produced 62,200 tons.

Source : Strategic Research Institute
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