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voda 4 oktober 2016 16:55

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Axis Bank sells INR 1,000 crore of Essar Steel debt to Edelweiss Asset Reconstruction Company at 45% discount

Indian Express citing sources reported that Axis Bank has sold its loans to Essar Steel worth around INR 1,000 crore to Edelweiss Asset Reconstruction Company at a discount of 45%.

It is the fourth bank to sell Essar Steel loans after HDFC Bank, ICICI Bank and Federal Bank sold a total of INR 2,220 crore loans.

Last week a group of lenders to Essar Steel had decided to recast INR 44,000 crore exposure to the firm rather than take a 50 per cent haircut by selling it to Asset Care and Reconstruction Enterprise. Other lenders in the 20-member consortium include State Bank of India, IDBI Bank and Punjab National Bank.

Essar Steel reported gross revenues of INR 4,482 crore in the June quarter, up 12% YoY. Flat steel production in Q1FY17 was 1.22 million tonnes, up 48% YoY. The management hopes to increase capacity utilisation substantially by March next year, producing 80%.

Source : Indian Express

A3aan 4 oktober 2016 16:58

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even de Voda krant lezen. Gaat wel veel tijd inzitten!

voda 4 oktober 2016 17:04

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Lanwa launches steel centres in Sri Lanka

Lanwa has come up with yet another steel solution in the market place. Lanwa Steel Centres, which is a sales outlet exclusively for Lanwa products, delivering quality. These new outlets come with an attractive display rack capable of stacking the entire range of Lanwa products, which includes the flagship brand Lanwa QT bars and its entire profile range.

Lanwa GI pipes, feeding the fabrication industry, is another product that gets the pride of place on the display rack, along with Lanwa box bars and its very recent introduction to the market.

The company has launched an islandwide network of 100 Lanwa Steel Centres that will go in tandem with their already strong retail distribution network. The first outlets opened in the Western Province have already shown healthy sales growth, delivering benefits to the customer and profitability to the trader.

The Lanwa steel brand not only pioneered the steel manufacture in Sri Lanka but for over 60 years has won the trust of the people for the quality of raw materials, high standards of manufacturing procedures and affordability. With the recent diversification of the product folio and plant expansion with state-of-the-art technology and the culture of engineering excellence nurtured within the company, Lanwa today provides over a dozen steel solutions to the construction industry, as well as the steel fabrication industry.

Talking of inferior products, a spokesman for Ceylon Steel Corporation Limited, the custodian of the brand Lanwa said that “The steel market in Sri Lanka is rife with inferior material, substandard manufacturing procedures and illegal and unethical practices. Our practice as a responsible corporate citizen is to make the public in general and all our loyal stakeholders in particular be aware of this fact.”

Source : Daily Mirror

voda 4 oktober 2016 17:05

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quote:
A3aantje schreef op 4 oktober 2016 16:58:
even de Voda krant lezen. Gaat wel veel tijd inzitten!

Voda, de poster die sneller plaatst dan menigeen kan lezen!

^___^:-)

Succes er mee.

voda 4 oktober 2016 17:05

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Iranian steel production update
Published on Tue, 04 Oct 2016

Iran Daily reported that Iranian steel producers cast 7.588 million tonnes of steel ingots during the five months to August 21, marking a 5.3% rise compared to figure for the same period last year which was 7.206 million tons. According to Iranian Mines and Mining Industries Development and Renovation Organization, production of crude steel during July 22 to August 21 reached 1.527 million tonnes, indicating a 14.5% increase compared to 1.333 million tonnes for the same month last year.

The five leading Iranian steel manufacturers were Mobarakeh Steel Complex, Khouzestan Steel Company, Esfahan Steel Company, Hormuzgan Steel Complex and Saba Steel Company with production standing at 2.288 million tonnes, 1.477 million tonnes, 1.048 million tonnes, 438,302 tonnes and 289,161 tonnes respectively.

According to IMIDRO, 6.72 million tonnes of steel products, including steel coil, beam, wide plate, round bar, hot rolled steel, pipe and galvanized steel, were produced in the aforementioned five month period.

Iranian steelmakers produced 1.309 million tonnes of steel products during the month to August 21 showing a 2.7% decline against last year's 1.345 million tons.

Also, according to the recent statistics released by World Steel Association in September, Iran produced 11.4 million tonnes of crude steel in the first eight months of the current year, showing a 5.11% rise compared with the figure for the same period of 2015, which was 10.8 million tonnes.

Source : Iran Daily

voda 4 oktober 2016 17:07

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AISI update on raw steel production in US in Week 39

In the week ending October 1, 2016, domestic raw steel production was 1,611,000 net tons while the capability utilization rate was 68.9 percent.

Source : Strategic Research Institute

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voda 4 oktober 2016 17:10

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Iron miners face test of discipline as China challenge looms - Study

According to Singapore based DBS Group Holdings Ltd, world’s largest iron ore producers will need to exert tight control over supplies to keep prices at about USD 45 a metric tonne as China’s drive to weed out unwanted steel capacity poses risks to demand.

The commodity’s rally in 2016 may come under pressure as consumption in China is poised to weaken in the coming years, Chief Investment Officer Lim Say Boon said in a quarterly report. Iron ore was last at USD 55.86 a dry ton, and hasn’t traded below USD 45 since February, according to Metal Bulletin Ltd.

Iron ore sagged in September, eroding this year’s surprise advance, on resurgent concern that supply growth will again swamp the market even as some miners say they are now prioritizing the value of exports over volumes. With Brazil’s Vale SA set to start a four-year ramp-up of its S11D project, banks from Citigroup Inc to Morgan Stanley, as well as miner BHP Billiton Ltd have said the additional output will probably contribute to weaker prices.

Mr Lim wrote in the report, which was received on Monday that “Although the price of iron ore has been in an uptrend since the start of the year, it could be difficult for the market to sustain those gains.” He said that “Australian and Brazilian producers will have to maintain tight shipment discipline to keep the price” at about USD 45.”

Source : Bloomberg

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voda 5 oktober 2016 16:41

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SAIL ArcelorMittal auto steel JV to start production in two years –

Reuters reported that India’s Steel Secretary Ms Aruna Sharma told Reuters that India expects a joint venture between state-owned Steel Authority of India Limited and ArcelorMittal to start producing automotive-grade steel in two years. She said "In another two years it should be in the manufacturing stage, provided we freeze everything within one and a half months and in December we take off. We will go more for import replacements. We have solutions for it."

Officials from the two companies are due to meet on Thursday to take forward talks about a proposed INR 60 billion (USD 902 million) plant that will produce 1.2 million tonnes of steel per year

SAIL and ArcelorMittal signed a preliminary agreement in May last year to expand in what is one of the world's fastest growing steel markets and a major car exporter.

Source : Reuters

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voda 5 oktober 2016 16:42

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Donald Trump got his steel from China for 2 major US projects

Digital Journal reported that the questionable deeds of Donald Trump are being revealed fast and furiously and it is hard to keep up. Among the revelations on Monday, a Newsweek investigation found Trump has been buying most of his steel and aluminum not from home, but from China.

America's Rust Belt is a region made up of Northeastern states, the Great Lakes and Midwest sates; it's an industrial manufacturing area suffering due to a lack of projects and the unemployment rate is high. Trump often speaks of the area and the battleground states it holds, telling workers in the Rust Belt that only he can fight the exportation of jobs to overseas companies, in particular Chinese companies.

Turns out Trump companies are among those that are ignoring the Rust Belt and exporting jobs by purchasing in China. Newsweek reports that 2 of 3 recent major Trump building projects spent millions and millions of dollars overseas buying steel and aluminum from Chinese companies.

The Trump International Hotel Las Vegas, opening in 2008, was built using Chinese steel. It took Newsweek reporter Kurt Eichenwald a considerable amount of digging to find out all the facts because they are "hidden within a chain of various corporate entities, including holding companies registered in the British Virgin Islands."

Eichenwald learned Trump International Hotel in Las Vegas turned to the Chinese holding company Ossen Innovation Co., which has had various other names, to get cheaper steel from China. Millions went to China and the communist government there takes some of that money to "provide financing to companies that are competitors to American manufacturers in other industries."

A similar thing occurred during the building of the Trump International Hotel and Tower in Chicago, opening in 2009. Newsweek found that Trump got financing from the Deutsche Bank and hedge funds financed in part by the controversial George Soros, generally regarded as an enemy to Trump's Republican Party.
similar thing occurred during the building of the Trump International Hotel and Tower in Chicago, opening in 2009. Newsweek found that Trump got financing from the Deutsche Bank and hedge funds financed in part by the controversial George Soros, generally regarded as an enemy to Trump's Republican Party.

Source : Digital Journal

voda 5 oktober 2016 16:45

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US Army Corps of Engineers to dredge Ohio shipping channel

Associated Press reported that the US Army Corps of Engineers said it would dredge a Cleveland shipping channel and dump the sediment in a containment facility instead of Lake Erie if Ohio agrees to pay additional disposal costs should the Corps prevail in a pending federal lawsuit over the costs.

The Army Corps issued a statement late Monday about its plans to dredge a six-mile-long shipping channel in the Cuyahoga River, where sediment build-up has caused cargo ships to lighten loads of iron ore pellets on their way to a steel mill. It was first reported by The Cleveland Plain Dealer.

The Ohio Environmental Protection Agency on Tuesday didn't respond to questions from The Associated Press about whether it agreed with the Army Corps' plans, which must be approved by U.S. District Judge Donald Nugent. The Ohio EPA and the Port of Cleveland sued the Army Corps last year when it said it would charge the state $1.4 million for disposing of dredged sediments into the containment facility along the Lake Erie shoreline.

The Army Corps has argued that dredged sediments can be safely dumped in the open waters of Lake Erie. The Ohio EPA says the sediments are contaminated by PCBs, a probable carcinogen, and would jeopardize Lake Erie's ecosystem.

Officials for steelmaker ArcelorMittal recently said in a court filing that the company could be forced to curtail or shut down its blast furnaces without the raw materials needed to produce steel. Lighter loads have caused the steel mill's inventory of iron ore pellets to reach critically low levels, company officials said.

Source : Associated Press

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voda 5 oktober 2016 16:55

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Fresh capacity set to worsen supply glut in Indian steel market - Report

Mint reported that India’s top three steel firms Tata Steel Ltd, Steel Authority of India Ltd and JSW Steel Ltd are adding fresh capacities in phases. Tata Steel’s Kalinganagar plant will be adding 3 million tonne of fresh capacity over the next two years, of this a million tonne is likely to be available in fiscal 2016-17 itself. JSW Steel has commissioned a new capacity of 3. 7 million tonne, with 80-85% to be utilized in the current fiscal. SAIL will add 2.5 million tonne by end of this fiscal

Mr Goutam Chakraborty, an analyst at brokerage Emkay Global, said “If demand in the sector has to catch up with supply, it has to grow at double the pace of supply in the remaining part of FY17, which looks unlikely as there’s already significant capacity addition taking place and they are going to be ramped up in subsequent months.”

However, steel makers believe construction demand will revive by the time fresh steel capacity comes on line in the next two years, dismissing fears that an oversupply will depress prices.

Finished steel consumption in India advanced at a mere 1.3% to 33.74 million tonnes in the five months from April to August, according to the Joint Plant Committee

Source : Mint

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voda 5 oktober 2016 16:57

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BaoSteel Wisco merger sets stage for faster steel industry consolidation in China

South China Morning Post reported that the landmark merger of Baosteel Group and Wuhan Iron and Steel Group will help quicken consolidation of China’s steel sector, bringing important reforms back on track that had fallen behind expectations of senior economic planners in Beijing. But Beijing’s efforts to combine the nation’s largest steel mills will only be effective in curbing excess capacity if low steel prices and industry barrier regulation enforcement persist, according to some analysts.

Fitch Ratings director of Asia Pacific corporates Laura Zhai said in a note said “We do not think that such a merger will have an immediate impact on the overall sector capacity elimination. Small steel mills in China do not compete with Baosteel and Wisco, which produce high-end steel products. Smaller inefficient mills are not likely to be eliminated without the enforcement of more stringent environmental requirements and prolonged low prices.”

Citi’s metals and mining analyst Jack Shang said in a note that although news of mergers and capacity closures would support short-term investor sentiment toward China’s steel sector, he is cautious on the outlook since the government’s concern about non-performing loans remains a stumbling block for large scale plant closures.

China’s steel industry has 1.2 billion tonnes of annual excess capacity, particularly for low-end products. Average plant utilisation fell from 89 per cent in 2006 to 67 per cent last year. China’s steel demand has been on a downward trend since hitting an annual growth rate of 18 per cent in 2005. Beginning in 2014 China’s annual steel consumption contracted by a low single-digit percentage. Exports of Chinese steel surged 20.5 per cent last year and a further 6.3 per cent in the first eight months of this year, as domestic mills looked to foreign markets to offset the shortfall in demand at home.

Amid mounting losses of China’s steel sector and pressure from other nations accusing the mainland of unfair trade practices related to dumping steel products at or below cost, Premier Li Keqiang in January unveiled plans to eliminate up to 150 million tonnes of inefficient capacity in five years. About 100 million tonnes of annual excess capacity have been shuttered in recent years. However, progress has been slower than expected in the first seven months of this year, with the industry eliminating only 47 per cent of the 45 million tonne target for 2016.

Candidates include Hebei province-based Hesteel Group, which will be usurped as the nation’s top steel firm by China Baowu Iron and Steel Group upon Baosteel and Wisco’s merger. Other candidates include eastern China’s Shagang Group, northeast China’s Anshan Iron and Steel Group, Shougang Group, Shandong Iron and Steel Group and Maanshan Iron and Steel Group.

Source : South China Morning Post

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voda 5 oktober 2016 16:58

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Nippon Steel & Sumitomo Metals warns Australia against increased iron ore tax plan

The West Australian reported that Japan’s biggest steelmaker and a foundation customer and joint venture partner for the original Pilbara iron ore developments in the 1960s and 70s, Nippon Steel & Sumitomo Metals, has written to Colin Barnett to oppose WA Nationals leader Brendon Grylls’ $5-a-tonne tax plan. Nippon Steel & Sumitomo Metals managing executive officer Kazuo Tanimizu told the Premier his company was watching developments with utmost concern.

Mr Tanimizu, who met Mr Barnett in August at Rio Tinto’s 50th anniversary dinner, wrote last month that if Mr Grylls’ proposal was implemented, it would not only present uncertainty for future investments in WA mining by his or other companies but also jeopardise WA iron ore’s global competitiveness.

He wrote “It could even ultimately affect security of supply of iron ore from WA, which is a concern to us, as our company is also one of the largest buyers of iron ore from WA. I understand you have publicly expressed your view against this proposal. I would sincerely appreciate your continued support on this matter.”

Nippon Steel & Sumitomo Metals’ antecedent companies underpinned the development of the Pilbara’s first iron ore mines by agreeing to long-term supply contracts. The company remains a joint partner with Rio Tinto in the Robe River venture.

Source : The West Australian

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voda 5 oktober 2016 17:05

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US ITC holds tariffs on Russian Hot Rolled Steel

Law360 reported that the US International Trade Commission announced Friday it will continue anti-dumping duties on Russian hot-rolled steel, saying it had determined that lifting the duty would harm U.S. industries.

The ITC's report on the investigation found that while the duty had done its job in curbing Russian steel imports, dumping was likely to resume if the duty were lifted.

The investigation was the third five-year review of the duty, which was first imposed in 1999. The duty was suspended due to an agreement with Russia until 2014

Source : Law360

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voda 6 oktober 2016 16:11

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Beursblik: Berenberg verhoogt koersdoel ArcelorMittal

Advies blijft Kopen.

(ABM FN-Dow Jones) Berenberg heeft het koersdoel voor ArcelorMittal verhoogd van 7,50 naar 8,00 euro met een ongewijzigd Kopen advies.

De analisten verhoogden hun raming voor het bedrijfsresultaat (EBITDA) voor dit jaar van 5,8 miljard naar 6,4 miljard dollar, gesteund door de opwaarts bijgestelde verwachtingen voor staalprijzen in de Europese Unie en ruwe grondstoffen. Ook de raming van Berenberg voor het EBITDA voor 2017 kreeg een opwaartse bijstelling, van 7,1 miljard naar 7,3 miljard dollar.

Berenberg betoogde dat het staalconcern kan profiteren van de Europese handelsbeperkingen en de overnamecyclus waar de staalsector van Europa zich thans in bevindt. Een economisch herstel in respectievelijk Brazilië en Rusland zou bovendien "significante" steun bieden aan deze regio's.

Het aandeel ArcelorMittal sloot woensdag op een rood Damrak 0,7 procent hoger op 5,53 euro.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

Copyright ABM Financial News. All rights reserved

(END) Dow Jones Newswires

voda 6 oktober 2016 16:49

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Sindh High Court extends bail of former PSM chief

The Express Tribune reported that while extending bail granted to the former chairperson of the Pakistan Steel Mills, the Sindh High Court directed National Accountability Bureau investigators to apprise the court of the progress of the probe into the PKR 378 million corruption scam by November 25.

A two-judge bench, headed by Justice Ahmed Ali Sheikh, passed this order on a bail plea filed by former chairperson Moin Aftab Sheikh.

Sheikh had approached the high court as the national anti-graft body initiated inquiries into his alleged sale of PSM’s different products to private companies at very low rates.

The bureau alleged that the scam caused losses worth Rs378 million to the national exchequer. It has named the former chairperson, along with 65 others, including steel mills officials and private persons, as accused in the case.

Source : The Express Tribune

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voda 6 oktober 2016 16:51

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Metalloinvest to supply rail and shaped billets

Metalloinvest and Aktobe Rail and Section Works in Kazakhstan have signed a long-term contract for the supply of rail and shaped billets.

Source : Strategic Research Institute

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voda 6 oktober 2016 16:52

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Tata Steel Netherlands workers get job guarantee

NL Times reported that Tata Steel and the unions made an agreement on a job guarantee scheme for workers at the factory in IJmuiden, the unions announced on Tuesday

There will be no compulsory redundancies at Tata Steel Netherlands for a period of five years. Employees who become redundant can be internally redeployed for a period of 21 months. This becomes a permanent position after two months of good performance.

Negotiations between Tata Steel and the unions started in February. The unions are concerned that a potential merger between Tata and Germany’s ThyssenKrupp will come at the expense of thousands of jobs.

Source : NL Times

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voda 6 oktober 2016 16:53

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Jindal Shadeed to build iron ore pelletising plant in Oman

Trade Arabia reported that Jindal Shadeed Iron & Steel plans to set up a major iron ore pelletising plant in Oman, which will be primarily dependent on the availability of competitively priced natural gas.

The company's proposed pelletising plant is among a trio of planned ventures lined up for implementation in the next phase of Jindal Shadeed’s expansion, stated the Oman Daily Observer report, citing a senior official.

Jindal Shadeed Iron & Steel owns and operates the sultanate’s largest integrated steel mill at Sohar Port.

The availability of natural gas at subsidised rates is a great challenge and can adversely affect the company’s future investment plans, warned the company’s chief financial officer Rama Subramanian Chidambaram.

The company also plans to set up a plant to produce pellets as feed material for the company’s direct reduction iron (DRI) plant at Sohar, and a lime and dolomite calcination unit to produce calcined lime and dolomite for captive use in its steel melt shop (SMS).

Source : Trade Arabia

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voda 6 oktober 2016 16:54

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Air Liquide to supply industrial gas to Iranian steel mills in Chabahar Free Zone

IRNA reported that directors of French Air Liquide company have announced readiness for construction of oxygen facility, supply of industrial gas to Iranian steel and petrochemical projects in Chabahar Free Zone.

Deputy Head of French Air Liquide Vianney de Buchet said on Wednesday that the company has necessary facility and potential for activity in the zone and they can supply industrial gases to the steel and petrochemical facilities in Chabahar of Iran.

Buchet said Air Liquide is a multi-national company registered and put into operation in 1902 and is active in production of industrial gases and related services in 80 countries.

He said that the company is busy offering necessary services to different industries, including the factories manufacturing medical equipment, chemical substances and electronic parts.

Source : IRNA

Vertraagd	7 mrt 2025 17:36
Koers	30,480
Verschil	-1,690 (-5,25%)
Hoog	31,770
Laag	30,480
Volume	4.319.928
Volume gemiddeld	3.001.505
Volume gisteren	8.534.283

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