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voda 28 maart 2023 10:24

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Baowu Adds Half A Million Tons Electric Steel Capacity

Baosteel Group, a subsidiary of China Baowu Steel Group, has announced the full production launch of its non oriented silicon steel product structure optimization project for new energy vehicles. The project has an estimated annual production capacity of 500,000 metric tons and is the only high grade non-oriented silicon steel professional production line for the new energy vehicle industry in China.

The highly automated, intelligent, and unmanned production line utilizes cloud, big data, AI, and other technologies to realize cloud big data applications and full process control. With this launch, the annual output of Baosteel's silicon steel products will reach 4 million metric tons, with the annual production capacity of high-grade non-oriented silicon steel exceeding 1 million metric tons.

Non-oriented silicon steel is a crucial material used in the manufacturing of electric motors, which are an essential component in new energy vehicles. By producing high-grade non-oriented silicon steel, Baosteel Group aims to meet the growing demand for new energy vehicles in China, which has become the world's largest market for electric cars.

The production line's full operation will also improve the overall quality and production efficiency of non-oriented silicon steel in China, providing a significant boost to the country's new energy vehicle industry. Baosteel Group's investment in this project reflects its commitment to sustainable development and the advancement of China's green energy sector.

voda 28 maart 2023 10:25

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Alleima & Tenaris to Supply Corrosion Resistant OCTG to Petrobras

Alleima & Tenaris last month announced that they will supply Petrobras with corrosion resistant alloy OCTG tubing for offshore Brazil, as part of a new long term frame agreement between Tenaris and Petrobras. The three-year supply agreement will see Alleima as the supplier of Oil Country Tubular Goods tubes with Corrosion Resistant Alloys material, which will be used in Petrobras’ various Exploration & Production wells in the pre-salt fields.

The agreement includes the provision of pipes produced by Alleima with CRA materials and finished with TenarisHydril Blue® premium connections and Dopeless® technology. The products will be manufactured by Alleima in Sandviken in Sweden, and threaded at Tenaris’s threading facility in Aberdeen in Scotland. The frame agreement for the three-year supply of plain end tubes from Alleima has an estimated value of up to $125 million, with the first order expected during the first half of 2023.

Alleima and Tenaris have been in a strategic partnership since 2003, working together to add value to the oil and gas industry through joint research, product development, and the manufacture of specialized tubular solutions for demanding applications.

This announcement reinforces Alleima and Tenaris' position as leading suppliers of corrosion resistant alloy OCTG tubing in the oil and gas industry. Their partnership and the new frame agreement with Petrobras are expected to further enhance their global presence and capabilities in the market.

voda 28 maart 2023 10:26

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GMH & Volkswagen Osnabrück to Deepen Cooperation

Georgsmarienhütte & Volkswagen Osnabrück have announced an intensification of their partnership to achieve a circular economy by completely reusing raw materials. The two major industrial companies, both located in the Osnabrück region in the German state of Lower Saxony. , have found a way to recycle leftover metal produced at Volkswagen Osnabrück into new high tech steel at the steel mill of Georgsmarienhütte GmbH before flowing back into the value chain at Volkswagen. By doing so, both companies are making a significant contribution to reducing CO2 emissions and advancing climate protection.

Volkswagen has its pressing plant at the Osnabrück site where strip steel is processed into body components for on-site production and other Group locations. For some years, the unused metal from the manufacturing process has been delivered to the electric steel mill in Georgsmarienhütte, which is around ten kilometers away. The metal is then melted in an electric arc furnace and recycled into a new high-quality starting material for Volkswagen AG's transmission production in Baunatal, Hessen. Compared with the same tonnage of steel produced in a conventional blast furnace, the recycling of this type of metal already saves 8,000 metric tons of CO2 annually.

Georgsmarienhütte, based in Georgsmarienhütte in Lower Saxony, is one of Europe's leading suppliers of bar steel, and bright steel made from carbon and engineering steels. In addition, machined and partly ready-to-install components are produced by the company. Georgsmarienhütte is already one of the most climate-friendly steel companies in Germany. Its comparatively low CO2 value chain, in which leftover metal is melted down in the electric arc furnace and recycled into new steel, makes an essential contribution to the circular economy.

Volkswagen Osnabrück, founded in February 2010, is a wholly-owned subsidiary of Volkswagen and belongs to the Volkswagen Passenger Cars brand. The complete automotive process chain can be mapped at the site, from the initial vehicle concept to series production via the three business units Technical Development, Metal Group (Toolmaking, Plant Engineering, Press Shop), and Vehicle Manufacturing. The T-Roc Cabriolet and the Arteon Shooting Brake are currently being produced at the Osnabrück site. In addition, the ramp-up phase is underway for the Porsche Boxster and Cayman models, which will also be manufactured for the Porsche brand at Volkswagen Osnabrück from April this year.

voda 28 maart 2023 10:26

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AMDA Seeks Revision to Used Vehicle Import Policy in Mexico

The Mexican Association of Automotive Distributors has called for the scrapping of the Mexican government's program to increase imports of obsolete vehicles from the US and Canada. The association argues that the program only benefits cartels that control the importation and commercialization of these vehicles. “Thousands of vehicles continue to enter, benefiting only the cartels that control the import and commercialization," says Mr. Guillermo Rosales Zarate, the Executive President of AMDA, which represents over 2,500 new vehicle dealer agencies in the country.

The program to legalize the imports of scrap vehicles into Mexico from the USMCA region began in March, following the conclusion of the original project in September 2022. However, AMDA has argued that the program has failed, with the President of the Republic announcing the fourth extension to the presidential decree that promotes regularization of contraband vehicles. “It is evident that there are organizations and people who wish to remain illegal in the absence of clear rules for not complying with the procedures, says AMDA.

The call by AMDA comes amid concerns over the impact of illegal imports on the Mexican automotive industry, which is a key sector in the country's economy. With the prevalence of cartels in controlling this activity, the industry may face significant challenges in maintaining its competitiveness and viability.

voda 28 maart 2023 10:27

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Sheet Piles Project at Zwarte Water Moves Forward

In a recent development, an administrative judge has ruled that steel sheet piling may be placed in the Zwarte Water, a river in the Netherlands. The move comes after Rijkswaterstaat, the Dutch government agency responsible for water management, sought to improve fish stocks in the river by installing sheet piling at five different locations in the waterway. The Zwarte Water must meet the requirements of the European Water Framework Directive, which mandates that member states take measures to achieve good ecological status in their surface waters. By installing sheet piling, Rijkswaterstaat hopes to improve the ecological status of the river and increase the population of fish species such as roach, bream, and pike.

The ruling by the administrative judge allows Rijkswaterstaat to proceed with the installation of sheet piling in the Zwarte Water. The agency has not yet disclosed the exact quantity of sheet piling that will be needed for the project, but it is expected to be a significant amount given the length of the area where the piling will be installed.

Sheet piling is a construction technique that involves driving thin interlocking steel sheets into the ground to form a wall. The sheet piles will be used to create areas of the river where the water flows more slowly, providing refuge for fish and other aquatic species. According to Rijkswaterstaat, a total of 1.8 kilometers of sheet piling will be installed between Hasselt, Zwartsluis and Genemuiden.

Several leading manufacturers of sheet piling exist, including ArcelorMittal, Nippon Steel, and ThyssenKrupp. It is unclear which specific company will provide the sheet piling for the Zwarte Water project.

voda 28 maart 2023 10:27

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Vietnam Terminates Safeguard Duty on billet Imports

Vietnam's Ministry of Industry & Trade announced that it will terminate the safeguard duty on the imports of billet while extending it for the imports of long steel products. The decision to terminate the safeguard duty on billet while extending it for long steel products comes as Vietnam's steel industry faces intense competition from imported products.

According to the MOIT, the safeguard duty on billet, which falls under the Customs Tariff Statistics Position Numbers 7207.11.00, 7207.19.00, 7207.20.29, 7207.20.99, 7224.90.00, and 7224.90.00, will be terminated. The safeguard duty was initially implemented in 2016 to support domestic steelmakers who were facing competition from imported products.

However, the safeguard duty on long steel products, which falls under the Customs Tariff Statistics Position Numbers 7213.10.10, will be extended. The safeguard duties on the imports of long steel products will be at 6.3 % effective from March 22, 2023, to March 21, 2024, 6.2 % from March 22, 2024, to March 21, 2025, 6.1 % from March 22, 2025, to March 21, 2026, and zero % from March 22, 2026, onwards. The MOIT said that the move was necessary to protect the domestic steel industry and ensure the stability of the market. The safeguard duty will be gradually reduced over the next few years, eventually dropping to zero % from March 22, 2026, onwards.

voda 28 maart 2023 10:27

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Japanese Steel Production Shrinks by 8% in Apr-Feb’23

Japan's crude steel production has declined in April-February 2023, as per a report from the Japan Iron and Steel Federation. The JISF report revealed that. Hot metal production had dropped by 10%, crude steel production by 8% and total hot rolled steel products by 8%

Among the total hot-rolled products of ordinary steel, rails, tires, and wheels experienced a 5% decline, while sheet pilings saw a significant decrease of 20%. Sections remained unchanged, while bars and wire rods saw a decline of 7% and 15%, respectively.

Plates experienced a marginal decline of 1%,. and electrical sheet & strip and tin plates experienced a decline of 5% and 12%, respectively. Galvanized sheets experienced a significant decline of 13%.

voda 28 maart 2023 10:28

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UK Pressure Equipment (Safety) Regulations Certifies Baowu TISCO

Chinese stainless steel manufacturer, Baowu’s subsidiary TISCO, has received approval from the UK Pressure Equipment (Safety) Regulations (for their 304, 316, 1.4301, and 1.4401 hot-rolled and cold-rolled stainless steel products that comply with US and European standards.

The PER certification ensures that the materials meet safety regulations and standards for pressure equipment. TISCO's certification signifies their commitment to high quality standards and their efforts to expand their market globally. With this approval, TISCO is set to strengthen its foothold in the UK pressure equipment field and further expand its reach in the international market. The certification is expected to enhance TISCO's reputation as a reliable supplier of high quality stainless steel products.

TISCO's diverse range of products, including stainless steel, carbon steel, alloy steel square billet, steel wire rod, and steel plate, have all passed the PER certificate. The certification work was carried out in order to satisfy users' requests and to explore overseas markets.

TISCO, also known as Taiyuan Iron & Steel, is a Chinese steelmaker that produces a wide range of steel products, including stainless steel. The company was founded in 1934 and is based in Taiyuan, Shanxi province, China. Baowu acquired a controlling stake in TISCO in 2016.

voda 28 maart 2023 10:28

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Nova Steel Expands Footprints in Mexico

Nova Steel, a Canadian steel processor and distributor, has invested $37 million to open its third plant in Ramos Arizpe, Coahuila state, Mexico. The new plant is expected to create 80 new jobs and has a production area of 16,000 square meters. The company specializes in the production of flat rolled steel products, including hot rolled, cold rolled, and galvanized steel, and mainly produces components for the automotive, construction, mining, agriculture, transportation, and railway industries.

Nova Steel's previous two plants in Mexico had a production capacity of 130,000 metric tons of steel products, and the new plant will help the company expand its capacity to meet the growing demand in the region.

Nova Steel's expansion into Mexico highlights the company's commitment to growth and development, as it seeks to better serve its customers and meet their evolving needs. The company's reputation for producing high-quality and reliable steel products has made it a trusted partner for customers in a range of industries, including automotive, construction, and manufacturing. With the new plant in Mexico, Nova Steel is poised to continue its growth and expand its presence in the global steel market.

Nova Steel is a Canadian steel company that specializes in the production of flat rolled steel products, including hot rolled, cold rolled, and galvanized steel. The company has locations in several provinces across Canada, including Ontario, Quebec, and Manitoba. Nova Steel is known for its focus on innovation and sustainability, and has made significant investments in research and development to improve the efficiency and sustainability of its operations.

voda 28 maart 2023 10:29

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Salzgitter Achieves Sales Record in 2022 despite Geopolitical Turbulence

The Salzgitter Group, a leading German steel and technology company, has announced a new sales record and the second-best operating result in its history for the financial year 2022. This achievement comes despite the massive geopolitical turbulence that marked the year, including high inflation and energy prices, as well as declining steel prices in the second half of the year.
The success of the Steel Production and Trading business units played a major role in this accomplishment, along with the contributions of the Steel Processing and Technology business units and the participating investment in Aurubis AG. The rapid increase in steel prices in the first six months of the year also boosted the trend.

The Salzgitter Group's external sales rose by almost one third to €12.6 billion in 2022, compared to €9.8 billion in 2021. The company's EBITDA reached €1,618 million, up from €1,262million in the previous year, while earnings before taxes were €1,245 million, up from €706 million in 2021. The company's after-tax result stood at €1,085 million, up from €586 million in the previous year

In addition to its financial success, the Salzgitter Group achieved a major milestone in 2022 with the presentation and implementation of its "Salzgitter AG 2030" strategy. This strategy aims to establish the company as a leading player in the circular economy, with a focus on sustainability and decarbonization. The company also restructured its group with four business units and released funds for implementing the first stage of its SALCOS® decarbonization program.

Looking ahead to the financial year 2023, Salzgitter AG anticipates healthy demand and expects to achieve sales in the region of €13 billion, representing a slight increase from the previous year. The company also forecasts EBITDA of between €750 million and €850 million, as well as a pre-tax profit of between €300 million and €400 million.

voda 28 maart 2023 10:29

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UAE Extends Ban on Scrap Exports

The Ministry of Economy of the United Arab Emirates has announced the extension of the ban on exports of ferrous scrap and paper waste until September 21. The ban, which was initially implemented on May 15, 2020, was extended in order to support local steelmakers. The extension of the ban is part of the UAE's efforts to promote the growth and development of its local steel industry. By limiting exports of ferrous scrap, the UAE aims to ensure a steady supply of raw materials for its steel mills and reduce its dependence on imports.

The ban specifically applies to products falling under HS codes 72041000, 72042100, 72042900, 72043000, 72044100, 72044900, and 72045000. These include certain types of iron and non-alloy steel, as well as waste and scrap of paper or paperboard.

The move is also in line with the UAE's broader strategy of supporting local industries and creating new jobs. By promoting domestic production and reducing reliance on imports, the government hopes to boost economic growth and improve the country's competitiveness in the global marketplace.

voda 28 maart 2023 10:30

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Greenland Resources Provides Update on Malmbjerg Molybdenum

Greenland Resources has announced that a site visit to the Malmbjerg Molybdenum Project will be scheduled during the second week of April as part of the engineering and financing process. The visit will include a European equipment manufacturer, supplier, and contractor, as well as a Canadian arctic construction company and representatives from a Canadian bank.

During the visit, the equipment manufacturer will conduct installation suitability and construction inspection of the ore transportation system, based on onsite aerial and ground route inspections to advance the proposed routing topography, support towers, and transfer foundations. The arctic construction company, with extensive infrastructure experience, will review the overall project infrastructure construction requirements, which include port facilities, access roads, tailings management, aviation access, open pit preparation, and glacier road routings.

The Malmbjerg Molybdenum Project is supported by the European Raw Materials Alliance, a Knowledge and Innovation Community of the European Institute of Innovation & Technology a body of the European Union. Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition.

According to data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021, with the European Union as the second-largest steel producer using approximately 24% of global molybdenum supply and having no domestic molybdenum production.

Greenland Resources' strategically located Malmbjerg molybdenum project has the potential to supply approximately 25% of the EU consumption of high-quality, environmentally friendly molybdenum from a responsible EU Associate country for decades to come. The Malmbjerg ore has low impurity content in phosphorus, tin, antimony, and arsenic, making it an ideal source of molybdenum for the high-performance steel industry, led worldwide by Europe, specifically the Scandinavian countries and Germany.

Greenland Resources is a Canadian public company focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open-pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance, and low footprint due to modularized infrastructure.

voda 28 maart 2023 10:31

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Sub Continent Steel Markets Tentatively Poised

The sub-continent steel markets seem to be tentatively poised this week, with a cooling demand and lower levels that are more reflective of domestic steel prices and may have peaked, says GM, leading cash buyer of oobselet vessel for demolishion

Several sales were concluded at impressive numbers over the space of one or two weeks before prices began to decline again by about $20 per LDT, returning to the relative normalities of recent times. Although prices are still trading above $600 per LDT in Bangladesh and are not too far from that in India, only Pakistan and Turkey are lagging significantly behind and are out of the reckoning for another week. Regarding Turkey, other than the weekly fluctuation in steel plate prices and the Lira depreciating, not much has changed with this market, which has been deprived of tonnage for a while now.

Overall, the supply of tonnage has also slowed down, which is encouraging for cash buyers with existing inventories to get their desired levels without being distracted by the supposed deluge of tonnage that many ship recyclers have been fearing will greet their shores. Indeed, container charter rates have picked up from their lows seen earlier this year, and so too have dry bulk levels, which will see vessels from these two sectors arrive at a slower overall pace over the immediate future.

This will hopefully allow both Bangladeshi and Pakistani markets to sort out their chronic LC financing issues, with it still taking much longer to open LCs and obtain bank approvals, and often if going through state central government banks, no approvals are forthcoming at all for the time being.

For week 12 of 2023, GMS demo rankings & pricing for the week are as follows:

Bangladesh Positive
Dry Bulk $610 per LDT, Tankers $ 630 per LDT, Containers $650 per LDT

India Positive
Dry Bulk $570 per LDT, Tankers $ 580 per LDT, Containers $600 per LDT

Pakistan Weak
Dry Bulk $540 per LDT, Tankers $550 per LDT, Containers $560 per LDT

Turkey Steady
Dry Bulk $330 per LDT, Tankers $340 per LDT, Containers $350 per LDT

voda 28 maart 2023 10:31

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US Raw Steel Production Falls 1.8% YoY, Capability Utilization Rate Stands at 75.1%

According to data from the American Iron & Steel Institute, raw steel production in the US totaled 1.679 million net tons in the week ending March 25, 2023. This represents a 1.8% decrease compared to the same period in the previous year when production was 1.710 million net tons. The capability utilization rate for the current week was 75.1%, down from 78.7% in the same week last year.

The week-on-week production also fell by 0.4% from the previous week ending March 18, 2023, when production was 1.686 million net tons and the rate of capability utilization was 75.4%.

Looking at production by districts, the North East produced 150,000 net tons in the week ending March 25, 2023, while the Great Lakes region produced 561,000 net tons. The Midwest produced 211,000 net tons, the Southern region produced 698,000 net tons, and the Western region produced 59,000 net tons. The total production for the week was 1,679,000 net tons.

Year-to-date adjusted production through March 25, 2023, totaled 19.878 million net tons, with a capability utilization rate of 74.1%. This marks a 4.5% decrease compared to the 20.814 million net tons produced during the same period in the previous year when the capability utilization rate was 79.7%.

The data indicates that the US raw steel production is continuing to fall as the capability utilization rate remains below the 80% mark. The declining production is believed to be linked to the ongoing supply chain disruptions caused by the COVID-19 pandemic. While the current demand for steel remains high, the production levels are yet to recover to pre-pandemic levels.

voda 29 maart 2023 08:59

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US scrap market sentiment weakens on Turkish bookings
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Approaching April trading, the current downswing in Turkish scrap prices is seen to have weakened sentiment in the US domestic scrap market, notes Kallanish.

Although no market participants expected a downtrend until last week, the last US-origin bookings in Turkey increased the likelihood that prices might turn down, specifically for cut grades.

On Friday, a Turkish long steel mill bought two cargoes from the US (see Kallanish passim). The first US cargo, comprising 25,000 tonnes of HMS 1&2 80:20 at $444/tonne, 12,000t of shredded at $464/t and 3,000t of bonus grade at $464/t cfr Turkey, is for April shipment. The other cargo was booked at $446/t for 30,000t of HMS 1&2 85:15 and $461/t cfr for 15,000t of shredded, for May shipment.

“We were not expecting this,” says a US scrap supplier who thought no US supplier would accept to sell HMS 1&2 80:20 at below $455/t cfr Turkey.

A US mill source says: “I am not sure about busheling due to supply and demand imbalance but I believe prices of both cut grades and shredded will fall. Busheling prices still have the potential to remain sideways.”

Price direction in Turkey is still unclear, meanwhile, as only one producer returned to the market on Friday while all others continued to halt scrap purchases.

“No revival in Turkish scrap demand is expected unless steel sales and prices recover,” says a Turkish steel producer. “The continuity of weak scrap demand is likely to push scrap prices lower.”

On the West Coast, the market is no different than in Turkey. While demand for US-origin containerised HMS 1&2 80:20 remains weak amid financial market turmoil, falling steel prices and an increase in electricity prices from April, prices recorded a sharp drop in fresh bookings at $415/t cfr Taiwan last week.

Burcak Alpman Turkey

voda 29 maart 2023 09:43

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Government Dropping 100% Disinvestment of RINL VSP

Rashtriya Ispat Nigam Limited, India's state-owned steelmaker, is reportedly seeking interest from domestic and international partners to form joint ventures under two separate business models to help it expand its production capacity, enhance its competitiveness and create value for its stakeholders. This move is in contrast to the Cabinet Committee on Economic Affairs' (CCEA) January 2021 approval for 100% strategic disinvestment of the Government of India's shareholding in RINL, along with management control by way of privatization.
RINL had previously featured on the Department of Investment and Public Asset Management (DIPAM) for 100% disinvestment, and shortlisted potential bidders, including Adani Group, ArcelorMittal, and Tata Steel, in June 2022. However, the government subsequently announced in September 2022 that the sale of RINL is on hold for the time being due to ongoing protests and opposition.

Interested parties can submit their expressions of interest, and a pre-bid conference will be held soon to provide further information on the proposed joint ventures, adds Steel Orbis RINL, with April 15, 2023, as the last date for submission of responses from prospective partners.

Under the first model, RINL is seeking a strategic partner to establish a new Greenfield steel plant with an annual production capacity of 5 million metric tons. The company is offering a stake of up to 49% to the partner, who would be responsible for investing in the project and providing technology and expertise.

In the second model, RINL is looking for existing steel industry partners to jointly operate its existing steel plant in Visakhapatnam, with a capacity of 7.3 million metric tons per year. Here, RINL would hold a majority stake, and the partner would take up to a 49% stake.

Report adds “RINL aims to increase its production capacity to 20 million metric tons by 2025, and these partnerships will play a significant role in achieving this target. By joining hands with domestic and international partners, RINL will be able to leverage their expertise, gain access to new markets, and bring in fresh investment.”

RINL operates 7.3 million metric tons per year capacity steel mill at the southern port town of Vishakhapatnam with rebars, wire rods, blooms, round structural, billets and pig iron in its product portfolio.

voda 29 maart 2023 09:51

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SSAB Estimates €300 Premium for Almost Zero Fossil Free Steel

SSAB, the Swedish steel manufacturer, who estimates that the gross premium on steels with almost zero fossil CO2e emissions will be around €300 per metric ton against the backdrop of the price of carbon dioxide emissions in Europe, higher production costs, and the value added for the customer, has revealed its plans to strengthen its position towards 2030 at the Capital Markets Day in Stockholm. The company has been focused on transitioning to sustainable steelmaking, a policy decision made last year, which is expected to deliver higher profitability and a better ability to manage cyclical fluctuations while dramatically reducing the carbon footprint of the group.

The company launched new steel, SSAB Zero, with 0.0 kg of CO2e emissions, the first commercial product of its kind in the world. The company also updated its financial targets, building further to reach industry-leading profitability. The focus in the coming years is on the company's investment program, which will improve its cost position and drive carbon dioxide emissions down to almost zero.

Customer demand is driving development towards sustainable products, and last year SSAB took a policy decision to accelerate the transformation to fossil-free steelmaking around 2030. The plan primarily involves building two modern, highly efficient mini-mills in Luleå, Sweden, and Raahe, Finland. This will mean lower production costs, improved product mix through greater capacity for further processing, and strengthen flexibility with a high share of variable costs.

Investments in the transformation of the Nordic production system (Oxelösund, Luleå, and Raahe) are expected to total around $4.8 billion, in line with earlier estimates. The transformation can lower SSAB's costs by around $480 million, and there is a potential for higher volumes of high-strength steel and other premium products to deliver an approximate additional $347 million. Altogether, the company can see an annual earnings potential of at least $960 million billion once the transformation is completed.

The increased capacity for further processing will allow SSAB to continue growing within high-strength steels. SSAB Special Steels aims to deliver 2.2 million metric tons of high-strength steels in 2030. At the same time, the shipments of standard products will decrease.

voda 29 maart 2023 09:53

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UT Dallas Awards Lifetime Achievement to Mr. Naveen Jindal

Jindal Steel & Power Chairman, Mr. Naveen Jindal, has been honoured with the Lifetime Achievement Award by the University of Texas (Dallas) for his exceptional accomplishments in industry, politics, and education. Mr. Jindal, who is an alumnus of UT Dallas from the 1992 batch, received the award at a ceremony held by the University on March 25, 2023. Mr. Naveen Jindal is the second person to receive the prestigious Lifetime Achievement Award from the University of Texas, Dallas after Nobel Laureate Mr. Aziz Sancar.

During his time at UT Dallas, Mr. Jindal served as both Student Government Vice President and President and earned the Student Leader of the Year Award. In 2010, he was recognized with the University’s Distinguished Alumni award.

To honour the enormous success of their most distinguished alumni, the University of Texas at Dallas renamed their School of Management as the Naveen Jindal School of Management in 2011. This award is the highest honour that UT Dallas bestows on alumni, to recognize a graduate whose extraordinary contributions have bettered society, transformed UT Dallas, and inspired others to reach new heights of excellence.

Receiving the Lifetime Achievement Award is a significant achievement, recognizing Mr Jindal's outstanding accomplishments in his career and contributions to society. The award serves as a testament to Mr. Jindal's dedication to excellence and his commitment to the growth and betterment of society.

voda 29 maart 2023 09:53

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Jindal Stainless Acquires 49% Stake in NPI Maker New Yaking

Jindal Stainless Ltd, India's largest stainless steel manufacturing company, has entered into a strategic collaboration agreement with New Yaking for investment in, development, construction, and operation of a Nickel Pig Iron smelter facility located in an industrial park in Halmahera Islands, Indonesia to secure a long-term supply of nickel, which is a key raw material for the production of stainless steel. Under the collaboration agreement, JSL will acquire a 49% equity interest for a consideration of approximately USD 157 million. The facility is expected to be commissioned within two years with an annual nameplate production capacity of up to 200,000 metric tons of NPI with an average 14% Ni Content.

Mr. Abhyuday Jindal, MD of Jindal Stainless, said "This path-breaking collaboration will enhance value for stakeholders with JSL acquiring a stake in nickel supply to create raw material security for its SS operations. This acquisition will usher a sharper competitive advantage to JSL in Indian and international markets."

This is the first strategic partnership entered into by an Indian company for securing a stake in nickel reserves globally as India is deficient in nickel ore. Backward integration will be one of the major benefits of this partnership for JSL, as it will have a stake in the NPI business.

The price trend of nickel has been a key factor in the stainless steel business worldwide. Geopolitical issues, logistical hurdles, pandemic-induced constraints, etc., often affect the demand-supply dynamics of nickel, thereby increasing the cost and uncertainty for its user industries such as stainless steel. Currently, JSL meets most of its nickel requirements through stainless steel scrap and NPI & ferro nickel. However, this collaboration will secure ample supply of NPI for JSL and ensure long-term availability of nickel for its operations.

voda 29 maart 2023 09:54

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SSAB Launches New Zero Emission Steel - SSAB Zero™

Swedish steel manufacturer SSAB has announced the launch of SSAB Zero™, a fossil carbon emission-free steel that is made using recycled steel and fossil-free energy. The new steel is the first commercial steel of its kind and will be available from Q2 of 2023. The launch of SSAB Zero™ means that SSAB will have a comprehensive offering with zero-emission steel, regardless of the raw material used. This will further consolidate SSAB's leadership position in the green transition in the steel industry. Volvo Group has already signed a delivery agreement at the launch.

SSAB's president and CEO, Mr. Martin Lindqvist, said, "We are proud to already today be able to strengthen our portfolio with SSAB Zero™, as we see increasing customer demand for steels with low emissions. By further enhancing steelmaking processes, we will provide a comprehensive offering with zero emissions while reducing the impact on the planet."

SSAB Zero™ is a fossil carbon emission-free steel based on recycled steel and produced using fossil-free energy. The quality and properties of SSAB Zero™ will be equal to SSAB's conventional steels. SSAB produces two types of zero-emission steel: SSAB Zero™, based on recycled steel, and SSAB Fossil-free™, based on iron-ore without fossil fuels. SSAB Zero™ has zero fossil carbon emission, less than 0.05 kg CO2e emissions per kg steel in scope 1 & 2, in operations, including purchased energy and transportation. SSAB practices market-based emission factors for the electricity used and may secure fossil-free electricity through electricity guarantees of origin. Fossil fuels remain in the ground as SSAB has implemented a system to manage and ensure the correct source and use of alternatives connected to the production of SSAB Zero™. Only recycled steel is used as a raw material, which means SSAB Zero™ supports the circular economy. SSAB does not engage in carbon emission offsetting activities.

The aim is to deliver 40,000 metric tons of SSAB Zero™ to the market in 2023, ramping up to around 100,000 metric tons in 2025. In 2021, SSAB delivered the world’s first fossil-free steel plates to Volvo Group, and in 2022, it delivered 500 metric tons of fossil-free steel to strategic customers.

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