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ArcelorMittal adds Fortiform 980 Extragal Steel Grade for Further Auto Weight Savings

As automakers are challenged to improve safety and fuel economy, they continue to search for new materials to meet higher performance demand of body structures. ArcelorMittal is joining our automotive partners in taking that challenge seriously, adding to its family of advanced high strength steels (AHSS) for the auto industry with the development of Fortiform® 980 Extragal® (-GI) in North America. With the second generation of steels, body engineers had some limitations in using the higher strength grades for parts that play a role in energy absorption or parts that were complex in shape. The use of Fortiform® eliminates this limitation. Fortiform® 980 Extragal® is compatible with the current welding systems used in the industry. The product was engineered to mitigate the challenges typical of higher strength AHSS such as liquid metal embrittlement and optimum weld strength. ArcelorMittal has studied four welding types of resistance spot-welding, laser welding, MIG brazing and gas metal arc welding with no signs of surface cracks in critical zones.

Hassan Ghassemi-Armaki and Qaiser Khan presented details of ArcelorMittal’s new Fortiform® 980 Extragal® steel grade at the 2019 Great Designs in Steel conference earlier this year. The new steel grade was showcased in the presentation titled “On the advantages of Fortiform® 980 GI - A third generation AHSS grade with superior weldability” presented by authors, Ghassemi-Armaki, Khan and Shri Aditya Varanasi from ArcelorMittal USA, at the 2019 Great Designs in Steels (GDIS) conference earlier this year. The presentation also discusses the axial crush results of this grade for different gauges and weld pitch combinations.

Fortiform® 980 Extragal® joins grades Fortiform® 1050 (available in Europe only) and Fortiform® 1180. The successful launch of these AHSS grades over the past six years is further proof that steel is the most sustainable, adaptable and most affordable material to help automakers produce lighter vehicles and achieve their weight reduction targets on-time without compromising strength and safety. It demonstrates that ArcelorMittal has an unwavering focus on delivering value to the industry and the products it needs into the future.

Fortiform® 980 Extragal® is currently available in North America only. It will be launched in Europe soon.

Source : Strategic Research Institute
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Metinvest Issues Dual-Currency Bonds & Extends Maturity Profile

Metinvest has successfully completed the transaction to extend the maturity of its outstanding Eurobonds. The Group’s debut dual-currency offering, consisting of tranches denominated in US dollars and euros, has helped to effectively extend the maturity of USD 440 million of the USD 944,515,000 Eurobonds due in 2023 by 6.5 years, while the net proceeds from the deal amounted to roughly USD350 million. The deal received strong support from the global investor community and top European financial institutions.

The Group conducted two simultaneously interdependent transactions:
A tender offer for the USD 944,515,000 Eurobonds due in 2023 to purchase for cash up to USD440 million of the paper
A new dual-currency Eurobond offering, including a USD500 million 10-year tranche at 7.75% per annum and a EUR300 million long 5-year tranche at 5.625% per annum

Notably, the dollar-denominated tranche is Metinvest’s longest to date with the lowest yield ever secured by the Group. The debut euro-denominated tranche was issued at the lowest yield ever achieved by any Ukrainian issuers in euros (including the sovereign), and helped Metinvest to diversify the currency mix of its debt portfolio. It also helped to significantly diversify the investor base and further improve investor quality.

Most of the bond investors came from the US, the UK and continental Europe. The investor distribution by region for the dollar-denominated tranche was: US – 55%, Europe – 22%, UK – 21% and CIS – 2%. The euro-denominated tranche’s distribution was: UK – 39%, Europe – 29%, US – 23% and Asia – 9%.

Deutsche Bank, Natixis and UniCredit acted as Joint Bookrunners of the new bond offering and Joint Dealer Managers for the tender offer. On the legal side, Allen & Overy and Avellum advised Metinvest, while Linklaters and Sayenko Kharenko supported the bookrunners.

Source : Strategic Research Institute
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Mr Nikolai Tikhomirov Appointed as Advisor to GD of Severstal Management

Mr Georgy Shevtsov resigned as Advisor to the Director General of Severstal Management JSC to concentrate on his deputy activities in the Legislative Assembly of the Vologda Oblast. Mr Nikolai Tikhomirov was appointed Advisor to the General Director of Severstal Management JSC, who until September 2019 was a member of the Federation Council of the Federal Assembly of the Russian Federation from the executive branch of the Vologda Region.

Nikolai Vasilyevich Tikhomirov was born in 1952 in the village of Pokrovskoye, Sheksninsky District, Vologda Region. After graduating from high school No 2 of Cherepovets in 1969, he worked as a student of an electrician, an electrician in the central factory laboratory of the Cherepovets Metallurgical Plant. From 1970 to 1972 he served in the Soviet Army. At the end of his military service, he returned to his former place of work in the CPL. He combined his career with studies and in 1979 successfully graduated from the North-West Polytechnic Institute with a degree in electrical engineer. In 1979, he was elected deputy secretary, then secretary of the Komsomol committee of the metallurgical plant. In March 1987, he was elected second secretary of the Cherepovets City Committee of the CPSU. In April 1988, he was transferred to work in the Vologda Regional Committee of the CPSU and approved as the head of the department of metallurgical and chemical industries. In November 1988, he was elected second, and in June 1989 - First Secretary of the Cherepovets City Committee of the CPSU. From September 1991 to June 1996 he worked at Severstal OJSC as a director of a hotel under construction. From June 1996 to December 2001, he was the Human Resources Director at Severstal.

Source : Strategic Research Institute
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Ambica Steels is International Automotive Task Force Certified for Automotive Industry

Stainless steel long product manufacturer Ambica Steels Limited has recently became International Automotive Task Force IATF 16949:2016 certified. The certificate further increases credibility of the company as a supplier to the automotive industry.
an ISO 9001:2015 certified based out of India. The company was established in 1970 with an annual production capacity of 10,000 MT.

IATF 16949 has become a key requirement for suppliers catering to the automobile industry. IATF 16949 accreditation reiterates the company's commitment to customer focused approach.

With a current melting capacity of 80,000 tonnes, Ambica Steels Limited has grown to become one of the leading stainless steel manufacturing companies in India.

Source : Strategic Research Institute
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