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Published: Thursday, January 12, 2006
Latin American metals companies have hit the road running in 2006, as already merger and acquisition activity is red-hot.
Brazilian steel giant Gerdau finalized the acquisition of Spanish steel group Sidenor in a move that will give it partial control of local steelmaker Aços Villares and access to the European market.
The new Sidenor owners - which also include bank Santander and some Sidenor executives - will divvy up the Spanish steel group's 58% of Aços Villares, Latin America's largest producer of specialty steel used in mechanical construction.
Gerdau's role in the acquisition may be just the beginning of an aggressive year for the steelmaker, as it confirmed reports that executives are studying plans to enter the Chinese market through acquisitions, partnerships or greenfield projects.
Meanwhile European steel group Arcelor was busy consolidating its ownership of Acesita as it snatched up 4.05% of the total capital of Brazil's leading specialty steelmaker from local pension fund Sistel for 136mn reais (US$59mn).
Arcelor is now Acesita's only controller considering the European company bought stakes in the stainless steelmaker from Brazilian pension funds Previ and Petros in 2005.
And at least one analyst was keeping a close eye on CSN, saying the Brazilian steelmaker would be the ideal candidate to acquire Anglo-Dutch steel group Corus.
Merger plans between the two steelmakers in 2002 failed to bear fruit as Corus aborted the deal citing a downturn in economic conditions. CSN did not rule out a future acquisition but declined to comment specifically on the opinion of analyst Luz Pez of French investment bank Société Générale.
But Brazil wasn't the only country in the region busy with mergers and consolidation plans as the newly created steel group Ternium, which includes Argentina's Siderar, Mexico's Hylsa and Venezuela's Sidor, filed a registration statement with the US Securities and Exchange Commission (SEC) for a planned initial public offering (IPO).
The IPO, designed to help pay down debt, would entail placing 24.8 million American Depositary Shares (ADS) on the New York Stock Exchange under the symbol TX. Ternium officially started operating as a group late last year.
And copper was once again a star metal this week as it reached a new high of US$2.137/lb on January 10. The price defied a 4,075t net increase in LME stocks and reflected concerns over a strike at Chilean copper company Codelco.
But the state miner says operations are normal despite the subcontracted workers' stoppage.
Meanwhile BNamericas learned that Codelco Norte shut down one of its two Chuquicamata refineries in the country's north on December 29 as the complex had grown too old.
But the company is investing US$180mn to modernize the second refinery - Refinería No 2. The project, due to wrap up this year, will increase capacity by 20% to 855,000t/y of copper cathodes.
And in an effort to compensate for the refinery's demise, the smelter and refinery at Codelco's Salvador division, a little further south, will process some mineral from the Chuquicamata mine.
Also during the week, Brazilian gas distributor Gasmig and long steel producer Belgo-Mineira inked a 59mn-real (US$26mn) natural gas supply contract for the latter's João Monlevade plant in Minas Gerais state.
Natural gas will substitute liquefied petroleum gas and fuel oils used at João Monlevade.
The week also had its share of setbacks, starting in Mexico where mining and metals company Grupo México suspended operations at its zinc refinery in San Luis de Potosí state due to electrical problems.
Firefighters were called in to control the "mishap," and the company is working under a contingency plan. G-Mex will be able to sell zinc concentrate until it restarts production at the refinery.
Workers at Point Lisas in Trinidad & Tobago started striking to protest what they believe to be unsafe conditions at the steel plant. Point Lisas belongs to the world's largest steelmaker Mittal Steel.
Mittal and the steelworkers' union were in talks to address the workers' concerns, which reportedly include increasing accidents and excessive dust levels plus lack of safety training, disaster preparation and protective gear. Mittal had filed an injunction against the union, arguing the work stoppage is illegal.
But on a happier note, workers at Peru's Funsur smelter decided to go back to their posts after agreeing to a new deal that grants them a pay raise of 2 soles (US$0.58) per day. Roughly 130 workers at Funsur started striking December 5 to demand a pay increase of 10 soles per day. The strike halted operations at the plant, which processes concentrates for Peruvian tin miner Minsur.
RESULTS & FIGURES
US aluminum company Alcoa's 2005 sales increased 13% to US$26.2bn from US$23.2bn in 2004. Net income for 2005 came to US$1.23bn, down from 2004's US$1.31bn.
Brazilian steel tube distributor Açotubo aims to increase revenues and distribution volumes by more than 15% in 2006. Açotubo's 2006 forecast reflects factors such as Brazil's presidential and congressional elections in October, market tendencies and increased demand thanks to company marketing initiatives.
The volume of flat steel distributed in Brazil could increase 6% in 2006 from last year's levels, said Carlos Loureiro, president of distributor Rio Negro. In 2005 steel distributors registered a 14% fall in volumes from the previous year.
And the country's steel packaging industry could increase steel consumption by 3-5% in 2006 to 710,000-720,000t, steel packaging association (Abeaço) executive director Fernando Mourão said. "In 2005, the packaging industry consumed 680,000t of steel, a 3% increase compared to 2004 figures."
Mexico's iron and steel industry closed 2005 with 16.4Mt of production and expects to increase output by 5.5% in 2006, ending the year with 17.3Mt of liquid steel. In 2004, the industry produced 16.7Mt.
Brazil's Unigal steel joint venture could increase galvanized steel plate output by 11% to meet automobile industry demand. Unigal produces some 400,000t/y of steel and aims to boost galvanized steel plate production to 450,000t/y.
Lastly, Chilean iron and steel company CAP agreed during a board meeting to pay 90 pesos (US$0.18) per share in dividends starting January 26 to shareholders.
By Randy Woods