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voda 31 mei 2023 15:19

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China's rebar sinks to three-year low
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Chinese rebar prices hit their lowest point last Friday since 3 April 2020.

In Shanghai on Friday afternoon, 20mm HRB400 rebar was trading at CNY 3,340-3,360/tonne ($473-476/t), down by CNY 195/t on-week. The October 2023 rebar contract on the Shanghai Futures Exchange closed at CNY 3,493/t, up by CNY 61/t compared with Thursday but CNY 152/t lower from the week before.

Rebar transaction prices in the spot market have actually maintained a sharp downward trend almost every week since mid-March. Kallanish has observed a cumulative CNY 820/t price decline in the period from 17 March to 26 May 2023.

Weak demand, excess production, less-than-expected policy and economic stimulus, and unconfident market traders are all part of the story. Steel mills have tried to save the market by reducing production, but eventually succumbed to profits and resumed production quickly.

Instead, market rumours led to an adjustment in the futures market on Friday. The Chinese government was rumoured to be issuing CNY 5 trillion "special government bonds" to stimulate economic recovery, which created support for the financial market and commodity sectors. However, the vast majority of market participants believe this is just another round of hype in the market.

Kallanish Asia

voda 31 mei 2023 15:19

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US scrap prices to fall further in June
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Approaching June trading, scrap prices in the US are expected to fall further amid pressured finished steel prices, Kallanish notes.

Although scrap values have rebounded in Turkey, the largest export destination, and supply is tight despite favourable weather conditions, most market participants see a further fall being inevitable.

Flow is seen to have failed to improve, contrary to expectations, despite improved weather conditions. However, as prices for both hot rolled coil and rebar are following a downward trend, mills are likely to pressure scrap prices down.

On the other hand, market participants think US mills will not show a serious buying appetite for scrap. Consequently, most market participants are seen expecting prices to slide by $20-40/gross ton, depending on grade and region.

Besides the Turkish market, the Taiwanese scrap market also saw an increase last week due to firm offers. Offers for containerised US-origin HMS 1&2 80:20 scrap have been raised to over $365/tonne cfr Taiwan, up $2.5/t from the previous week.

In Turkey, although mills were targeting to buy premium HMS 1&2 80:20 at around $375/t cfr Turkey, suppliers remained firm with their offers and refused to sell at these levels. Consequently, Turkish mills have been forced to pay $385/t cfr for premium HMS 1&2 80:20.

Burcak Alpman Turkey

voda 1 juni 2023 08:13

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Strength & Plasticity: Groundbreaking Treatment for Steel Alloy

Strategic Research Institute
Published on :
1 Jun, 2023, 7:40 am

Researchers at Purdue University have made a groundbreaking discovery in the field of materials science, uncovering a novel treatment that enhances the strength and plasticity of a high-quality steel alloy. This development has the potential to revolutionize various industries that rely on strong and ductile steel components.

The treatment involves the creation of ultra-fine metal grains on the outermost layer of the steel, resulting in a phenomenon called super-plasticity. The alloy used in the study, known as T-91, is commonly employed in nuclear and petrochemical applications but could find wider applications in areas such as automotive axles, suspension cables, and structural components.

Collaborating with Sandia National Laboratories, the research team observed intriguing characteristics in the treated steel. A region extending from the surface to a depth of about 200 microns exhibited a unique "nanolaminate" structure composed of ultra-fine metal grains. Under increasing strain, the steel displayed unexpected deformations, demonstrating its remarkable super-plasticity.

The treated G-T91 sample showcased impressive results, with a yield strength of approximately 700 megapascals and the ability to withstand a uniform strain of about 10%. These findings represent a significant improvement over standard T-91 steel, demonstrating the successful combination of strength and ductility.

Microscopy images captured during tension testing revealed a perplexing phenomenon. As the strain increased, the grains in the nanolaminate appeared to stretch, rotate, and elongate horizontally. This movement of the grain boundaries allowed the steel to deform plastically, contributing to its unique properties. The research team is now focused on understanding the rules governing this behavior to pave the way for further advancements.

This pioneering research opens up exciting possibilities for the manipulation of grain structures in materials. By unraveling the mechanisms behind the movement of grain boundaries, researchers aim to optimize the arrangement of grains, potentially leading to the development of even stronger and more versatile materials. The project received support from the National Science Foundation and the U.S. Department of Energy.

The Purdue Research Foundation Office of Technology Commercialization has secured a patent for this innovative treatment, ensuring the protection of intellectual property. Interested industry partners can reach out to explore opportunities for further development and commercialization of this groundbreaking work.

voda 1 juni 2023 08:14

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Advancing Mont Sorcier Mine: Voyager Files Project Description

Strategic Research Institute
Published on :
1 Jun, 2023, 7:40 am

Voyager Metals Inc, a prominent mineral exploration company, has taken a significant stride towards the development of the Mont Sorcier Mine Project by filing the initial project description with the Impact Assessment Agency of Canada (IAAC). This marks the commencement of the planning phase, providing an opportunity for public participation and input from Indigenous communities to contribute to the project's planning and environmental impact assessment.

The Mont Sorcier Mine Project, primarily situated in the culturally significant Cree territory of Eeyou Istchee James Bay, approximately twenty kilometers east of Chibougamau, will undergo a comprehensive review under Title II of Quebec's Environment Quality Act (EQA) within the framework of the James Bay and Northern Quebec Agreement (JBNQA). Embracing the guiding principles outlined in Chapter 22 of the JBNQA and aligning with the mining policy of the Cree Nation government, the Project aims to adhere to the prescribed regulations and standards.

Cliff Hale-Sanders, President and CEO of Voyager Metals Inc., expressed satisfaction with this crucial step forward, emphasizing the Company's commitment to working within Canada's stringent regulatory framework. This collaborative approach ensures the proper development of the Mont Sorcier project, leveraging its potential while considering the perspectives of regional stakeholders and government agencies throughout the evaluation process.

The exploitation of the Mont Sorcier deposit holds significant implications for the global steel industry, responding to the growing demand for high-grade iron concentrates. This material offers numerous advantages in steel production, contributing to a reduction in greenhouse gas (GHG) emissions. By decreasing the reliance on coal and minimizing energy requirements, high-grade iron concentrates play a pivotal role in mitigating the industry's environmental impact, which accounts for nearly 7% of global GHG emissions according to estimates

voda 1 juni 2023 08:14

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Nucor Texas Chooses Danieli's Advanced DanCounter Technology

Strategic Research Institute
Published on :
1 Jun, 2023, 7:41 am

In a significant development, Nucor Texas has chosen Danieli as its partner to revolutionize its bundling station and optimize productivity for long-product bundles. This strategic decision highlights Nucor Texas's commitment to leveraging cutting-edge technology for enhanced efficiency in their operations.

The focal point of this partnership is the implementation of Danieli's advanced DanCounter technology, which incorporates an optical system to ensure comprehensive counting productivity. This innovative solution utilizes four AI-driven cameras, working in perfect synergy with Danieli Automation software, to deliver unparalleled accuracy in counting processes.

One of the remarkable features of the newly selected bundling station is its ability to count up to four layers simultaneously, even for products up to 20 ft (6 m) in length. This is made possible through the station's compact design, wherein the two innermost cameras remain in a resting position beneath the chain transfer during the processing of longer layers. When shorter layers need to be counted, these cameras rise above chain level, facilitating precise counting and maintaining flexibility.

Compared to conventional counting screw solutions, the optical bar counter integrated into the DanCounter system eliminates the need for manual setup adjustments based on product size. This streamlines the setup process through a user-friendly Human-Machine Interface (HMI), resulting in reduced manpower requirements and spare part usage.

Furthermore, the bundling system incorporates Danieli's patented Perfect Forming and Bundling (PFB) technology. This system utilizes transfer tables to align and adjust layers with utmost precision, accompanied by new fast retractable lances that gently deposit the bars into a new bundle. The result is a bundle of exceptional quality, perfectly formed and aligned, meeting the highest standards.

The startup of the advanced DanCounter bundling station is scheduled for Q4 2023. This implementation represents a significant step forward for Nucor Texas, empowering them with state-of-the-art technology to optimize productivity, improve accuracy, and deliver high-quality bundles, thus solidifying their position as an industry leader.

voda 1 juni 2023 08:15

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Unions Seeks Bargaining with CSN Amidst Salary Negotiations

Strategic Research Institute
Published on :
1 Jun, 2023, 7:41 am

A concerted effort is underway as six workers' unions strive to establish a unified negotiation with CSN, a prominent Brazilian steel and iron ore producer, regarding the annual readjustment of salaries and other critical matters. This endeavor seeks to ensure fair treatment and equitable compensation for all workers involved.

Nevertheless, media reports suggest that CSN has been reluctant to engage with a single union representing all employees, citing substantial disparities among them. The company highlights the distinct negotiations conducted by miners' unions and port workers' unions as examples of the variations in workers' circumstances.

According to local press accounts, the unified union commission, determined to achieve its objectives, has issued a bulletin proposing an alternative approach to pressure CSN into accepting the concept of a unified negotiation. The bulletin recommends a reduction in the pace of production operations as a means of exerting leverage on the company.

Additionally, the bulletin highlights CSN's purported desire to enforce a salary readjustment lower than the annual inflation index, further exacerbating concerns among workers. The absence of worker participation in the company's profits has also been raised as a contentious issue in the ongoing negotiations.

The unified union commission's endeavors represent a pivotal moment in advocating for the rights and interests of workers in the Brazilian steel industry. By seeking collective bargaining, they aim to promote a fair and inclusive negotiation process that addresses the diverse needs of the workforce.

As the negotiation unfolds, the commission's unwavering commitment to the welfare of workers remains steadfast. Their efforts to unify disparate unions and establish a comprehensive dialogue with CSN serve as a testament to their determination in pursuing equitable treatment and just compensation for all employees involved.

voda 1 juni 2023 08:15

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Duferco TP Unveils State-of-the-Art Beam Rolling Mill

Strategic Research Institute
Published on :
1 Jun, 2023, 7:42 am

Duferco Travi e Profilati, a subsidiary of the renowned Duferco Group, is poised to commence production at its cutting-edge beam rolling mill in Italy. This state-of-the-art facility showcases a remarkable fusion of technology and innovation, signifying the collective effort and determination of the enterprise in tackling the challenges of the steel industry.

The beam rolling mill at San Zeno Naviglio stands as a testament to the company's commitment to sustainability and belief in shaping a better future. With a length of five hundred meters and an average height of 6.5 meters, the mill exudes the power of advanced technology harnessed to serve a large-scale industrial plant. It symbolizes the integration of digitalization, quality, and productivity.

The SBM (Smart Beam Manufacturing) plant, developed in collaboration with SMS Group, represents a significant milestone in the verticalization of production at the San Zeno site Naviglio. This pioneering project applies innovative technologies to optimize the production process, enhance safety standards, minimize waste, and reduce environmental impact. It also establishes a robust digital infrastructure for high-level data processing and analysis.

Equipped with state-of-the-art automation and artificial intelligence, the mill boasts a potential production capacity of 1 million tons per year. The design and construction of the reheating furnace, capable of utilizing hydrogen, aligns with Duferco TP's commitment to sustainable practices. The integration of renewable energy sources, facilitated by a Power Purchase Agreement, ensures that the plant operates with minimal environmental impact.

The utilization of CCS® (Compact Cartridge Stand) tandem cylinder stands, in conjunction with the TCS plus technological control system, enables Duferco TP to optimize productivity and minimize hydraulic energy consumption. The implementation of low-temperature rolling techniques contributes to the conservation of valuable resources. Advanced measurement devices, such as the PROgauge light section measurement system, further enhance quality control during the rolling process.

Water treatment and management systems play a vital role in the sustainability of the beam rolling mill. Duferco TP has partnered with SMS Group to develop a comprehensive water treatment plant that meets future environmental requirements. By prioritizing efficiency and adhering to European standards, the company aims to redefine industry norms and set a new standard of excellence.

Antonio Gozzi, President of Duferco Italia Holding, emphasizes the significance of water conservation and treatment in ensuring the plant's sustainability and alignment with European environmental standards. With SMS Group as a trusted partner, Duferco TP is poised to achieve its production goals while establishing itself as a leader in efficiency and sustainability in Europe's steel industry.

voda 1 juni 2023 08:16

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Outokumpu's Dispute with RAOS Project: ICA Decision

Strategic Research Institute
Published on :
1 Jun, 2023, 7:43 am

Outokumpu hasresponded to the decision made by the Secretary General of the International Court of Arbitration of the International Chamber of Commerce (ICC) regarding the dispute initiated by RAOS Project Oy. This development relates to the termination of the EPC contract between Fennovoima Oy and RAOS Project Oy and its subsequent implications.

The Secretary General's decision to refer the dispute to an arbitral tribunal prompts Outokumpu to assert its position. Outokumpu disputes the existence of any contractual relation, obligation, or arbitration agreement with RAOS Project Oy. As a non-party to the EPC contract, Outokumpu challenges the jurisdiction of the arbitral tribunal to address matters concerning the company.

It is important to note that the administrative decision made by the Secretary General is preliminary and does not have binding implications for the arbitral tribunal. Outokumpu firmly contests the claims made by RAOS Project Oy and is prepared to mount a robust defense against these baseless allegations. The company has not made any provision in its accounting to account for this matter.

Outokumpu holds a 22% stake in Voimaosakeyhtiö SF, which in turn owns 97% of the shares in Fennovoima Oy. In its financial statements as of December 31, 2021, Outokumpu fully wrote down the value of its investment in Voimaosakeyhtiö SF. This decision reflects the company's approach to addressing the circumstances surrounding its investment.

voda 1 juni 2023 08:18

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Megasa Zaragoza's Mill Advances with New Hot Charging System

Strategic Research Institute
Published on :
1 Jun, 2023, 7:43 am

Sarralle Rolling Mill has celebrated the recent acquisition of the Final Acceptance Certificate for its innovative Hot Charging System installed at Megasider Zaragoza, Spain. This milestone marks a significant advancement in the efficient and automated transfer of hot billets from continuous casting to the rolling mill's furnace.

Megasider Zaragoza, a part of the Megasa Group, a renowned family business specializing in long steel product production and distribution, benefits greatly from this cutting-edge mill. It specializes in manufacturing merchant bars of various dimensions and grades, including rebar and selected sections.

The newly implemented system by SARRALLE facilitates two evacuation lines at the rolling mill's exit. Firstly, a hot outlet efficiently transports the hot billets, minimizing temperature loss during the transfer to the loading table of the reheating furnace. Simultaneously, the existing cold exit to the train-side cooler remains operational.

The scope of this project encompassed engineering, manufacturing, purchasing, assembly, and commissioning of the equipment. With this advanced charging system, Megasider Zaragoza achieves notable reductions in natural gas consumption within the rolling mill's reheating furnace, leading to reduced emissions and enhanced energy efficiency in the overall production process.

voda 1 juni 2023 08:19

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South Korea & Japan Hold Steel Dialogue for Collaboration

Strategic Research Institute
Published on :
1 Jun, 2023, 7:44 am

South Korea and Japan recently conducted their first regular dialogue on steel industry cooperation in five years. The meeting aimed to facilitate technology exchanges and collaborative responses to the emerging net-zero market trend, signaling a thaw in diplomatic relations between the two nations.

The 20th Korea-Japan Steel Dialogue took place in Tokyo, bringing together working-level officials from both governments and steelmaker associations. This meeting is part of a series of bilateral economic and industry discussions, with the previous encounter occurring in November 2018.

During the dialogue, participants assessed the global steel market and explored avenues for enhancing cooperation in carbon-related regulations, such as the European Union's Carbon Border Adjustment Mechanism (CBAM). The CBAM proposes import charges on various items, including steel, based on their carbon emissions. It is set to take full effect in 2026, following a transition period beginning in October 2023.

The two sides also delved into technology exchanges for low-emission steel products and discussed strategies to strengthen their steel trade. Given evolving market circumstances and the rise of trade protectionism, bilateral cooperation in the steel industry has become increasingly vital. Both parties expressed their commitment to continued collaboration.

The Ministry of Trade, Industry, and Energy emphasized the significance of steel industry cooperation amidst changing market dynamics. With a shared understanding of the challenges ahead, South Korea and Japan reaffirmed their determination to work together in the face of shifting trade landscapes and growing demand for environmentally sustainable practices.

voda 1 juni 2023 08:19

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US Extends Suspension of Tariffs on Ukrainian Steel

Strategic Research Institute
Published on :
1 Jun, 2023, 7:45 am

Secretary of Commerce, Ms. Gina Raimondo, announced that the United States will extend the temporary suspension of tariffs on Ukrainian steel for an additional year under Section 232 of the Trade Expansion Act of 1962. This decision solidifies American support for Ukraine amidst ongoing Russian aggression.

Secretary Ms. Raimondo acknowledges the vital role the United States plays as a market for Ukraine's steel exports. By providing this market, Americans directly contribute to the economic well-being of the Ukrainian people, who heavily rely on the country's steel industry. The extension of the tariff suspension sends a powerful message of unwavering commitment in the face of Russian aggression.

In May 2022, President Biden signed a Presidential Proclamation that initially suspended the Section 232 steel duties for Ukraine. This action opened up crucial export opportunities for one of Ukraine's key industrial sectors, allowing its steel mills to continue employing workers. The extension of this action through today's Presidential Proclamation demonstrates the United States' unwavering support for the Ukrainian people during this time of unjustified war.

The decision to extend the tariff suspension reflects the leadership of President Biden in prioritizing the Ukrainian people's well-being and countering Russian aggression. By providing export opportunities and sustaining employment in Ukraine's steel industry, the United States shows its commitment to bolstering the country's economy and helping it withstand external pressures.

This extension of the tariff suspension not only supports Ukraine's steel industry but also serves as a symbolic gesture of solidarity against Russian aggression. It sends a clear message to the Ukrainian people that the United States stands firmly by their side, unwavering in its commitment to their sovereignty and security.

voda 1 juni 2023 08:20

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Jindal Stainless Calls for CVD on Chinese Steel Imports

Strategic Research Institute
Published on :
1 Jun, 2023, 7:45 am

Jindal Stainless Ltd (JSL), the foremost stainless steel manufacturer in India, is advocating for the re-imposition of countervailing duties on Chinese stainless steel imports. These imports are priced at least 19% lower than Indian counterparts, posing a significant threat to the domestic steel industry.

In a letter addressed to the Revenue Secretary, Sanjay Malhotra, JSL emphasizes the need to safeguard Indian businesses from the surge in dumped and subsidized exports from China. The letter highlights that China has become the world's largest net exporter of stainless steel flat products, flooding international markets with excess supply.

JSL points out that several countries, including Brazil, Malaysia, Mexico, South Korea, Taiwan, Thailand, the USA, Vietnam, and various European Union nations, have already imposed duties on Chinese stainless steel imports. These duties have been in effect since 2013, specifically targeting products such as cold-rolled coils and stainless steel strips.

JSL is the second Indian company, following the Steel Authority of India Ltd (SAIL), to raise concerns about the impact of Chinese steel imports. According to the Directorate General of Trade Remedies (DGTR), Chinese imports into India have risen significantly since the suspension of countervailing duties in February 2021, reaching 44% on an annualized basis.

The DGTR's investigation reveals that the 200 series of Chinese steel products, which are subject to scrutiny, are subsidized and have caused substantial injury to domestic players. JSL highlights that approximately 50% of imports in this product category were priced below the direct cost of the Indian industry, while one-third were even below the raw material costs in India.

The impact on Indian steel manufacturers is severe, with JSL reporting a capacity utilization rate of only 77% due to production cutbacks caused by increased imports. The company cites instances of underutilized capacity and financial difficulties faced by industry players, further emphasizing the need for protective measures.

voda 1 juni 2023 08:21

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Sustainable Development: ASEAN Steel Industry Flourishes

Strategic Research Institute
Published on :
1 Jun, 2023, 7:46 am

The prospects for the development of the ASEAN region took center stage at the prestigious 2023 SEAISI annual conference and exhibition held in Manila from May 22 to 25. This event, titled "Accelerating Progress through Sustainable Development in the ASEAN Steel Industry," gathered 388 participants, including steel producers, traders, and equipment suppliers, to discuss the future of the steel industry in the region.

According to Yeoh Wee-Jin, the secretary general at SEAISI, steel demand in the ASEAN-6 is projected to grow by 3.4% to reach 77.6 million tons in 2023, after a marginal increase of 0.3% in 2022. The primary drivers behind this growth are expected to be Indonesia and the Philippines, where the GDP is anticipated to rise by 6-7% year-on-year. The governments of these countries are actively promoting various projects that contribute to their economic progress.

Indonesia is set to experience a 5% year-on-year increase in steel consumption, reaching 17.4 million tons this year, according to SEAISI. However, the Indonesian Iron and Steel Association (IISI) holds an even more optimistic outlook, predicting a 7% growth to 17.9 million tons. The construction sector is the main consumer of steel in Indonesia, with a share of 76-78% over the past three years. Infrastructure projects, especially the construction of a new capital in Kalimantan, are expected to further drive this demand. The completion of the second stage of the project by 2029 is estimated to require around 9 million tons of steel.

In the Philippines, steel demand is predicted to reach 10.8 million tons, showing a 6% year-on-year increase. Despite economic challenges, such as high inflation and interest rates, the government's commitment to infrastructure and power development projects is expected to support the steel industry. While some participants at the conference remain optimistic about the potential for steel demand to reach 6 million tons, others believe the figure is closer to 4-4.5 million tons. The influx of China-invested IF rebar and section producers, who are engaging in price dumping, has been a cause for concern among local steel suppliers.

Malaysia anticipates a 4.1% growth in steel demand this year, following Thailand's 3.7% year-on-year increase, primarily driven by improved consumption in the construction sector. Vietnam is expected to see the slowest growth at 0.8% year-on-year, while Singapore's steel demand is projected to remain stable, as per ASEAN data.

The growth prospects for the ASEAN steel industry remain promising, driven by construction projects and infrastructure development in key countries such as Indonesia and the Philippines. While challenges persist, including price dumping by foreign investors, the overall outlook suggests an upward trajectory. The 2023 SEAISI conference served as a platform for discussing these trends and fostering collaboration among industry stakeholders.

voda 1 juni 2023 08:22

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InfraBuild Secures Loan, Explores Acquisition of Steel Assets

Strategic Research Institute
Published on :
1 Jun, 2023, 7:46 am

In a recent development, InfraBuild, the prominent Australian integrated steel manufacturer, has successfully closed a substantial $350 million Asset-Backed Term Loan. This financing milestone marks a significant step for InfraBuild, enabling the company to pursue its growth objectives, including the potential acquisition of steel assets in the United States currently owned by GFG Alliance.

As Australia's largest vertically integrated steel long manufacturer, InfraBuild has demonstrated strong financial performance throughout the first three quarters of its 2023 fiscal year. The successful closure of this loan further reinforces the company's commitment to continuous growth and diversification.

InfraBuild operates recycling, manufacturing, and distribution operations across Australia, positioning itself as a key player in the country's steel industry. To further support its expansion plans, the company is actively exploring additional financing alternatives. The proceeds from these financing endeavors, combined with the Asset-Backed Term Loan, will facilitate InfraBuild's pursuit of potential acquisitions in the US steel market.

Jefferies LLC played a pivotal role as the sole arranger of the Asset-Backed Term Loan, which garnered substantial interest from funds and accounts managed by BlackRock and Silver Point Finance. Their involvement highlights the confidence in InfraBuild's business strategy and growth potential.

Dak Patel, InfraBuild's Interim CEO and Managing Director, expressed his optimism about the financing, emphasizing its strategic significance in supporting the company's ongoing expansion and commitment to serving various markets such as infrastructure, commercial and residential construction, agriculture, and mining. Patel also highlighted the growing demand for sustainable steel and the opportunities it presents for InfraBuild.

The potential acquisition of steel assets in the United States represents a crucial avenue for InfraBuild's growth and diversification. While the specifics of the acquisition, including the inclusion of Keystone Consolidated Industries, Johnstown Wire Technologies, and Georgetown steelworks, remain undisclosed, this move aligns with InfraBuild's objective to strengthen its operations and capitalize on emerging opportunities in the steel industry.

voda 1 juni 2023 08:22

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Mr. Vladimir Lisin Expands Business Footprint in Abu Dhabi

Strategic Research Institute
Published on :
1 Jun, 2023, 7:48 am

Russian steel magnate Vladimir Lisin has extended his business ventures into Abu Dhabi, registering multiple offices and creating two SPVs, Serenity II Holdings and Nebula II Holdings, in Abu Dhabi Global Market (ADGM), according to the registry of the business hub. Earlier this year, Lisin had already set up four entities in the financial free zone. While the exact activities of these new firms remain undisclosed, SPVs are often utilized by affluent individuals to establish family offices and manage private assets.

Abu Dhabi has become a preferred destination for the global financial elite, drawn by the emirate's sovereign wealth funds, which oversee more than $1.2 trillion, as well as its appealing blend of low taxes, strong international connections, and luxurious lifestyle.

In an effort to further bolster its financial standing, Abu Dhabi recently unveiled plans to expand ADGM tenfold, transforming it into one of the world's largest financial districts. This growth trajectory has attracted prominent figures such as hedge fund billionaire Ray Dalio, who is establishing a branch of his family office in the sun-soaked city-state.

voda 1 juni 2023 08:23

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Calcutta High Court Declined To Stay Steel Cartelization Probe

Strategic Research Institute
Published on :
1 Jun, 2023, 7:49 am

In a recent development, the court dismissed the request to stay the summons issued by the Director General of the Competition Commission of India (CCI) to two senior officials, including a Director of Shyam Steel Industries Ltd. The court emphasized that the issuance of the summons under section 26(1) of the Competition Act, 2002 does not involve any adjudicatory processes and would not cause immediate prejudice to the petitioners during the investigation stage. The court clarified that the petitioners would have ample opportunities to challenge the investigation process or its outcome at a later stage. The summons were issued as part of an investigation into alleged cartelization by steel manufacturers, and the Director of the petitioner company was summoned based on the potential possession of evidence relevant to the case.

The counsel representing the petitioners argued that the summons were issued without following the statutory mandate outlined in section 26(1) of the Act, which requires the Commission to form a prima facie opinion before directing the Director General to conduct an investigation. The counsel relied on a previous order of the Madras High Court that directed the Director-General to act in accordance with the law. However, it was noted that the petitioner company was not mentioned in the said order, and the Commission's decision to direct the DG to examine the case was only made accessible to the petitioners at a later date.

The Additional Solicitor General (ASG) representing the CCI contended that the investigation was of significant public interest as it pertained to allegations of steel price manipulation. The ASG argued that the Director General had no choice but to initiate the investigation following the direction from the Madras High Court. The court acknowledged the requirement for the Commission to form a prima facie opinion before initiating an investigation, as highlighted in a Supreme Court case.

While acknowledging that the Madras High Court's order was not directly related to the petitioner corporation, the court stated that the order compressed and subsumed the sequential steps for the Commission to inquire into alleged contraventions. The court determined that there was no jurisdictional error and found no reason for the petitioners to obstruct the investigation. It emphasized that the petitioners had the opportunity to disprove the charges and bring the proceedings to a close if the prima facie case ceases to exist.

In light of the claims of cartelization and manipulation of steel supply and pricing, the court recognized the broader consequences of such acts on the general public, including end-users, consumers, and home buyers. It emphasized the need to consider the greater public interest and concluded that there was no compelling reason to interfere with the investigation by restraining the respondents from proceeding with the impugned Summons.

voda 1 juni 2023 08:23

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Adjusting Imports of Steel Into US: A P residential Proclamation

Strategic Research Institute
Published on :
1 Jun, 2023, 7:49 am

In a significant proclamation regarding the national security of the United States, President Joseph R. Biden Jr. has taken measures to address the potential threats posed by the importation of steel articles. The proclamation, titled "A Proclamation on Adjusting Imports of Steel Into the United States," emphasizes the need to safeguard the country's national security interests and protect vital industries.

The proclamation builds upon previous investigations and findings by the Secretary of Commerce, who determined that steel articles are being imported into the United States in quantities and circumstances that could impair the nation's security. President Biden concurred with these findings and decided to impose a 25 percent ad valorem tariff on steel articles imported from all countries, except Canada and Mexico.

However, recognizing the unique situation of Ukraine's steel industry, the President had previously suspended tariffs for steel articles and derivative steel articles from Ukraine. The latest proclamation extends this suspension, considering the continued disruption caused by the Russian Federation's unjustified war against Ukraine. The war has severely impacted Ukraine's steel production, reducing the total output and import volume to the United States.

The proclamation is enacted under the authority granted by section 232 of the Trade Expansion Act of 1962, section 301 of title 3 of the United States Code, and section 604 of the Trade Act of 1974. These provisions empower the President to adjust imports that pose a threat to national security and embody such adjustments in the Harmonized Tariff Schedule of the United States (HTSUS).

voda 1 juni 2023 08:23

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German Minister Habeck Visits Salzgitter’s SALCOS® Project

Strategic Research Institute
Published on :
1 Jun, 2023, 7:50 am

European Commissioner for Energy, Kadri Simson, and German Minister for Economic Affairs and Climate Action, Robert Habeck, convened in Lower Saxony, Germany to engage in a bilateral discussion on current energy matters. They started with a bilateral exchange in Hanover, delving into European energy issues, and later proceed to visit Salzgitter AG's Salcos project in Salzgitter.

During their bilateral meeting, Kadri Simson and Robert Habeck acknowledged the achievements made under the REPowerEU initiative and explore the potential of linking the new European Hydrogen Bank with Germany's H2Global best-practice initiative. As part of a Team Europe approach, H2Global aims to facilitate hydrogen tenders for all EU governments interested. The European Hydrogen Bank and H2Global foundation will collaborate on a joint European auction, contributing to international hydrogen imports.

Minister Habeck expresses Germany's commitment to investing over €5 billion in international hydrogen purchases in the coming years. The country has already commenced the first auctions, which are open to international partners. Minister Habeck strongly supports the integration of H2Global into the European Hydrogen Bank, recognizing its potential for fostering a sustainable hydrogen market.

Commissioner Simson highlights the significance of hydrogen for the complete decarbonization of the energy system, alongside energy efficiency, renewables, and electrification. The EU's renewable hydrogen policy has progressed rapidly, with the REPowerEU Plan providing a substantial boost. Commissioner Simson commends Germany as the pioneer in setting up an international auction and expresses readiness to develop the first European auction through the European Hydrogen Bank, accessible to all EU countries.

The visit includes a joint tour of Salzgitter AG, a prominent German steel producer. Alongside Lower Saxony's Economic Affairs Minister, Olaf Lies, Commissioner Simson and Minister Habeck witness Salzgitter AG's successful transition toward climate-neutral production. The company is implementing a new hydrogen-based route to steelmaking, enabling low-CO2 crude-steel production. The German Federal Ministry of Economic Affairs and Climate Action is providing approximately €700 million in funding for this ambitious project.

Minister Habeck emphasized the importance of transforming steelmaking into "green steel" for the future of Germany, the EU, and achieving climate goals. The government supports steelmakers by funding new production routes, such as the Salzgitter Salcos project. They also prioritize ensuring sufficient hydrogen and renewable energy supply to meet future demands. Minister Habeck expresses satisfaction with the talks held with Commissioner Simson and the joint visit to Salzgitter, highlighting the sector's significance in renewable hydrogen consumption.

voda 1 juni 2023 08:24

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JSW Steel Leads with GreenPro Ecolabel for Automotive Steel

Strategic Research Institute
Published on :
1 Jun, 2023, 7:51 am

JSW Steel, a leading integrated steel manufacturer, proudly announced its groundbreaking accomplishment as the first manufacturer to receive the esteemed GreenPro ecolabel for its 'Automotive Steel' products. The GreenPro ecolabel, developed by the Confederation of Indian Industry's (Cll) Green Business Centre, recognizes unparalleled environmental sustainability and product performance within the Indian manufacturing sector.

JSW Steel Vijayanagar's 'Automotive Steel' products have undergone stringent assessments and surpassed the rigorous criteria set by the GreenPro certification. This momentous achievement showcases JSW Steel's unwavering dedication to producing superior, sustainable steel solutions for the automotive industry. The GreenPro ecolabel signifies that JSW Steel's products are meticulously manufactured while considering their environmental impact throughout the entire lifecycle, including raw material sourcing, production processes, energy consumption, and end-of-life management.

Mr. Jayant Acharya, JMD & CEO of JSW Steel, expresses his delight, stating that the company is honored to be recognized as the first manufacturer to achieve the GreenPro ecolabel for their 'Automotive Steel' products. Sustainability lies at the heart of JSW Steel's business strategy, and this recognition further strengthens their commitment to environmental responsibility. The company has invested substantial resources in developing innovative processes and technologies to minimize their ecological footprint while ensuring superior product quality.

JSW Steel's path to GreenPro certification has been strengthened by active participation in developing GreenPro Automotive Steel standards. Under the leadership of Mr. Devasish Mishra, Executive Vice President - PDQC and TE, JSW Steel played a pivotal role in formulating the stringent criteria and guidelines for the Automotive Steel segment. By actively contributing to the standard-setting process, JSW Steel showcases thought leadership and a steadfast commitment to driving sustainable practices in the industry.

The GreenPro ecolabel for JSW Steel's 'Automotive Steel' products empowers automotive manufacturers to make informed choices and encourages the adoption of sustainable materials in their supply chains. By selecting JSW Steel's certified products, automotive manufacturers can enhance the overall sustainability of their operations and contribute to a greener future.

JSW Steel's achievement of the GreenPro ecolabel solidifies its position as a trailblazer in sustainability initiatives within the steel industry. The company remains devoted to pursuing innovative solutions and continuously improving its environmental performance across all aspects of its operations.

voda 1 juni 2023 08:25

0

Plug Power's Unprecedented Industrial Scale Steel Projects

Strategic Research Institute
Published on :
1 Jun, 2023, 7:51 am

Plug Power, an eminent provider of comprehensive hydrogen solutions, has recently secured three pioneering projects that harness industrial-scale green hydrogen. These projects involve collaborations with Ardagh Glass Limmared AB, Hydro Havrand, and the APEX Group, aiming to introduce green hydrogen into the realms of glass manufacturing, aluminum recycling, and steel production.

A significant demonstration of Plug Power's commitment to sustainability can be witnessed in Bremen, Germany, where Plug and their esteemed partner, APEX Group, are embarking on a groundbreaking endeavor. They aim to showcase the feasibility of producing green steel by decarbonizing ArcelorMittal's local blast furnaces.

By the year's end, Plug will deliver two 5MW electrolyzer modules to SWB, the city's public utility company, capable of producing 4.2 metric TPD of green hydrogen. The ultimate goal is to achieve complete decarbonization of the steel industry in northern Germany and across Europe.

To align with the European Union's ambitious plan of producing 10 million metric tons of green hydrogen annually by 2030, Plug Power's deployment of electrolyzers plays a pivotal role in decarbonizing European industries and the mobility sector. These ventures contribute significantly to the EU's decarbonization roadmap, pushing the boundaries of what is possible in the green hydrogen landscape.

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