Beursonline.nl

voda 28 september 2017 17:00

0

ArcelorMittal wil schulden aflossen

Staalreus biedt 1,25 miljard dollar op eigen obligaties.

(ABM FN-Dow Jones) ArcelorMittal wil tot 1,25 miljard dollar aflossen op drie uitstaande leningen van in totaal 3,6 miljard dollar. Dit maakte het staalconcern donderdag bekend.

Het gaat om een obligatie van 1,1 miljard dollar met een looptijd tot 2022, die wordt teruggekocht voor 1.146,25 dollar per 1.000 dollar schuld, een lening van 1 miljard dollar met een looptijd tot 2041 die 1.190 dollar oplevert en nog een lening van 1,5 miljard dollar die doorloopt tot 2039 en die voor 1.212,50 dollar wordt teruggekocht.

De couponrentes op de drie leningen bedroegen oorspronkelijk 6,25 procent, 6,75 procent en 7,00 procent, maar zijn elk met 50 basispunten verhoogd in verband met een rente-aanpassingsclausule.

Obligatiehouders kunnen hun stukken in ieder geval aanbieden tot en met 12 oktober.

Het aandeel ArcelorMittal steeg donderdag 0,8 procent naar 21,46 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 28 september 2017 17:07

0

Brazil’s president revokes decree allowing mining in Amazon

Mining.com reported that Brazilian President Michel Temer has yielded to global pressure from environmentalists, artists and a number of NGOs and revoked a controversial decree that would have opened up a vast national reserve in the country’s Amazon, larger than the size of Switzerland, to mining. The order, published in the government’s gazette (in Portuguese), also keeps the protected status of the National Reserve of Copper and Associates, which straddles the northern states of Amapa and Pará.

The area, covering 46,000 sq. km (17,800 sq. miles), is thought to be rich in gold, iron ore, copper and other minerals. According to Temer, the exploitation of those riches could have helped Brazil speed up its recovery from its worst recession on record.

"Renca an acronym for the National Reserve of Copper and Associates spans the states of Amapá and Pará up to the remote national border with French Guiana and Suriname."

Critics of Temer's decree, signed in August, included international environmental groups, the country’s Catholic Church, artists, and even supermodel Gisele Bundchen. Hey all believed the area would have suffered badly from increased mining activity.

Following mounting criticism, the government amended the ruling in order to bar mining in conservation or indigenous areas within the vast area, which is home to the indigenous Aparai, Wayana and Wajapi tribes and vast swaths of untouched forest.

A court later suspended the measure altogether, saying any change to the reserve's status had to be considered by the Brazilian congress. Finally Temer opted for revoking the contentious decree, a measure hailed as opponents as a victory.

Marcio Astrini, public policy coordinator for Greenpeace Brazil, said in a statement that "The cancellation of the degree shows that, no matter how bad it is, no governing politician is absolutely immune to public pressure. It is a victory of society over those who want to destroy and sell our forest.”

There are already 14 illegal mines and eight landing strips for bush-pilots in Renca, according to Greenpeace, which says the problem would have grown worse if Temer had allowed industrial-scale mineral extraction by domestic and international companies.

The Mines and Energy Ministry said in a statement it would revisit the issue in the future in a wider debate on the topic. Minister Fernando Coelho Filho said that "Brazil needs to grow and create jobs, attract mining investment and even tap the economic potential of the region.”

Source : Mining.com

Bijlage:

voda 29 september 2017 14:58

0

ArcelorMittal investeert in Mexico

Investering van 1 miljard dollar.

(ABM FN-Dow Jones) ArcelorMittal zal de komende drie jaar 1 miljard dollar investeren in Mexico. Dit maakte de staalreus donderdagavond bekend.

De investering zal vooral worden aangewend voor de bouw van een nieuwe warmwalserij. De bouw zal circa 3 jaar in beslag nemen, denkt ArcelorMittal. Na afronding heeft de walserij een jaarlijks capaciteit van circa 2,5 miljoen ton.

Het aandeel ArcelorMittal sloot donderdag 1,0 procent hoger op 21,51 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 29 september 2017 15:03

0

'Investering Arcelor toont vertrouwen in Mexico'`

Gepubliceerd op 29 sep 2017 om 09:52 | Views: 1.104

ArcelorMittal 14:43
21,68 +0,17 (+0,79%)

AMSTERDAM (AFN) - De investering van 1 miljard dollar die ArcelorMittal de komende jaren doet in Mexico toont het vertrouwen dat het staalbedrijf heeft in de groeivooruitzichten van de regio. Dat meldde ING.

De belangrijkste investering is de bouw van een nieuwe staalwals. Arcelor wil de productiecapaciteit in Mexico opkrikken tot 5,3 miljoen ton in 2020, van de huidige 4 miljoen ton. Dat is volgens het bedrijf nodig om aan de groeiende vraag te voldoen. ING stelt dat Arcelor hiermee de volgende logische stap neemt om het resultaat duurzaam te verbeteren.

Het advies voor Arcelor is buy. Het aandeel noteerde vrijdag omstreeks 09.45 uur 0,7 procent hoger op 21,67 euro.

voda 29 september 2017 15:13

0

Foreigners will soon be able to trade in China's wild commodity futures market - CSRC

Australian Business Insider reported that China’s financial markets regulator, the China Securities Regulatory Commission, has announced plans to accelerate opening of the country’s futures market. As per report, “The CSRC will push forward with plans to launch crude futures trading, and will work actively to introduce overseas investors into certain commodities markets in China, such as iron ore trading, CSRC’s futures supervision department.”

The CSRC says that it will work actively to introduce overseas investors into certain commodities markets in China, including for iron ore, in an attempt to deepen the nation’s capital markets.

As part of the plan, the CSRC said that it was also pushing forward with the introduction of crude oil futures, creating a rival contract to those traded in Chicago, New York and London.

It also announced that it would encourage Chinese futures exchanges to expand overseas, either through the establishment of offshore outlets or through acquisitions.

Chinese commodity futures have exploded in popularity in recent years, benefiting from tight capital controls and a lack of alternative investment opportunities in other asset classes.

The lift in trading volumes has also led to an influx of speculators, including inexperienced investors, resulting in wild intra-session swings in many commodities contacts.

Source : Australian Business Insider

voda 29 september 2017 15:15

0

China's machinery sector will offset construction weakness - Ms Virginia Wilson of BHPB

Reuters reported that China’s rising middle class and a growing machinery sector will counter any weakness in steel demand in construction over the next decade. The report said that Ms Virginia Wilson, general manager iron ore marketing, told an industry conference that population in China, the world’s top consumer of steel and its raw material iron ore, is expected to grow by another 250 million over the next 20 years and “a rising middle class will be looking to upgrade to bigger apartments, to better apartments.”

Ms Wilson said that “In addition, we anticipate that China will become more international in the machinery industry, and that’s a very steel-hungry industry. In aggregate these trends are expected to offset any weakness in construction in the next 10 years.”

Source : Reuters

voda 29 september 2017 15:17

0

Hebei Jingye warned after environmental violations -Report

China Daily newspaper reported that authorities in China’s northern province of Hebei found privately owned steelmaker Hebei Jingye Group lacked environmental protection facilities and had tampered with instruments monitoring discharges and that a senior environmental official is threatening to prosecute the firm’s executives if they do not bring the steelmaker in line with environmental rules.

The report quoted deputy director of the provincial environmental protection bureau Mr Ren Liqiang as saying that “Hebei Jingye will be a focus in the next inspection round. If they still don’t obey the environmental rules, their executives will be turned over to public security departments for criminal punishment by law.”

The Chinese government recently ordered 28 northern cities, including some in top steel-producing Hebei province, to clamp down during autumn and winter on heavy pollution that blankets the region, as homes crank up midwinter heating by drawing on the nation’s coal-fired power.

The newspaper said Hebei launched a half-year campaign to battle air pollution this month, and that so far 66 firms had been temporarily suspended, two were closed permanently for illegal operations, and 640 were hit with fines amounting to CNY 77 million

Source : Reuters

Bijlage:

voda 29 september 2017 15:21

0

Ternium further develops its industrial system with plans to build new facilities in Mexico and Colombia

? New hot rolling mill at Ternium’s Pesquería industrial center in Mexico to be operational by the second half of 2020 ? New steel bar production facility in Colombia to be completed by the second half of 2019

Luxembourg, September 28, 2017 – Ternium S.A. (NYSE: TX) today announced two new investment programs that will further develop its industrial system to better serve its customers. The company plans to install a new hot rolling mill at its Pesquería industrial center in Mexico, and to build a new steel reinforcing bar manufacturing facility in northern Colombia.

The new state-of-the-art hot rolling mill in Mexico will target the growing industrial and commercial markets, improving customer service and reducing lead-times. The investment will constitute a significant technological upgrade to the country’s steel production capacity, enabling the expansion of Ternium’s product range to encompass a broader dimensional offering and the most advanced steel grades, with the aim at replacing high-value-added steel imports.

Ternium’s new hot rolling mill will have an annual production capacity of 3.7 million metric tons. With a total investment of USD1.1 billion, the new line would be operational by the second half of 2020. The current plan includes the option to increase in the future the line’s production capacity by an additional 1.1 million metric tons with a small additional investment.

“A new high-end hot rolling mill in Mexico is a logical next step after the addition of our new facility in Brazil, formerly known as CSA, to Ternium’s industrial system,” said Daniel Novegil, CEO of Ternium. “This new equipment, once operational, will integrate upstream with Ternium’s high-end steelmaking capacity in Brazil and downstream with the company’s state-of-the-art Pesquería facility. This will allow us to produce in Mexico technologically advanced products for the demanding and innovative automotive industry, as well as for a wide range of other industries like the home appliance, machinery, energy and construction sectors.”

Mr. Novegil continued: “We are also proud to announce a new steel bar production facility in northern Colombia to integrate upstream our operations in the country. The Colombian steel market has been gaining relevance in the region in the last years, with significant growth in steel consumption. This investment will enable us to expand our market share in the dynamic construction sector by offering an alternative to imports. The new facility will enlarge Ternium’s footprint in the country and at the same time contribute to Colombia’s industrial development.”

2

With annual production capacity of 520,000 metric tons and total investment of approximately USD90 million, the new steel bar and coil mill will expand Ternium’s reinforcing bar production capacity in Colombia to 720,000 metric tons. The new mill would be completed by the second half of 2019.

Forward Looking Statements

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to gross domestic product, related market demand, global production capacity, tariffs, cyclicality in the industries that purchase steel products and other factors beyond Ternium’s control.

About Ternium

Ternium is Latin America’s leading flat steel producer, with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America. The company offers a broad range of high value-added steel products for customers active in the automotive, home appliances, construction, capital goods, container, food and energy industries through its manufacturing and service center network and advanced customer integration systems. More information about Ternium is available at

terniumcomprod.blob.core.windows.net/...

voda 29 september 2017 15:26

0

Private equity funds in race for Monnet Ispat - Report

Economic Times reported that JSW Steel and Tata Steel may have to compete with a raft of private equity investors, including Blackstone, in the race for a controlling stake in Monnet Ispat the troubled maker of the alloy now in bankruptcy courts for loan defaults. US-based TPG, Blackstone, and Singapore-based SSG Capital are believed to be among the likely bidders that have sent formal expressions of interest for the troubled steelmaker before the workday drew to a close, according to a source close to the development. After a round of initial scrutiny, the list of bidders is likely to be pruned in the next couple of months.

The shortlisted applicant will draw up a resolution plan to infuse fresh capital, a move that will help repay part of the company's outstanding dues to creditors. Collectively, Monnet Ispat has a debt of about INR 12,000 crore.

The advertisement was placed on Saturday and interested players could send in their EOl’s until September 25. It has been about nine months since cases were filed with the dedicated bankruptcy court, the National Company Law Tribunal.

Source : Economic Times

Bijlage:

voda 29 september 2017 15:30

0

Düsseldorf, September 28, 2017

Hejin Hongda orders high-speed wire rod outlet from SMS group

Hejin Hongda Special Steel Co. Ltd., based in Shanxi, China, has placed an order with SMS group for the supply of a high-speed outlet for wire rod in quality steel grades.

The central element of the 700,000 ton-per-year line will be a ten-stand wire rod block of proven, highly reliable SMS group design. The range of rolled products will include wire rod in diameters from 5.5 to 20 millimeters and rebar in diameters from 6 to 14 millimeters finish-rolled at speeds of up to 105 meters per second.

In addition to the wire rod block, SMS group will supply the shear group ahead of the block and the loop layer complete with a pinch roll unit.
Commissioning of the plant is scheduled for summer 2018.

SMS group is a group of companies internationally active in plant construction and mechanical engineering for the steel and nonferrous metals industry. It has some 13,500 employees who generate worldwide sales of more than EUR 3 billion. The sole owner of the holding company SMS GmbH is the Familie Weiss Foundation.

www.sms-group.com/press-media/press-r...

Bijlage:

voda 29 september 2017 15:35

0

Regulator reveals Tata Steel UK pension deal still in limbo - Report

FT Advisor reported that UK’s Pensions Regulator TPR has moved to reassure pension scheme members who face losing their benefits under the new British Steel Pension Scheme (BSPS). In a letter to Work and Pensions committee chair MP Frank Field, Lesley Titcomb, chief executive of the TPR, said that it is important to note that the new BSPS is not a foregone conclusion. Mr Field, chairman of the Work and Pensions select committee, wrote to the regulator expressing concerns about the restructuring of Tata Steel’s defined benefit (DB) scheme.

The regulator gave its formal approval to this operation on 12 September, which was done through a regulated apportionment arrangement (RAA). In this case, the BSPS has received GBP 550 million from the parent Tata Steel Group, significantly more than it would receive in insolvency, and a 33% equity stake in Tata Steel UK. BSPS members now have two options: either transfer to a new scheme (if they meet certain qualifying conditions), which will be sponsored by TSUK, or remain in the existing scheme which will transfer to the Pension Protection Fund (PPF).

But while the regulator's approval suggested the deal had been done and dusted, in the letter to Mr Field, Ms Titcomb said: “Certain qualifying criteria, designed to safeguard members’ benefits by ensuring TSUK is able to support the New BSPS over the longer term, still need to be met. Whether the criteria will be met will not be known until calculations are undertaken once members have made their decision regarding transferring to the New BSPS or receiving PPF compensation.”

She also noted that the establishment of a successor scheme did not form part of the negotiations in respect of whether the regulator would approve an RAA.

Ms Titcomb also said that the scheme trustee has agreed to prioritise the award of discretionary pension increases to members with pre-6 April 1997 benefits should certain funding criteria be met.

Mr Field questioned the regulator about the indexation of benefits accrued before that date.

Source : FT Advisor

voda 29 september 2017 15:39

0

HKEX plans to launch iron ore futures in November

Reuters reported that Hong Kong stock exchange plans to launch a US dollar denominated, cash settled iron ore futures contract in Hong Kong, as the bourse aims to compete with US and Asian rivals. The launch is tentatively set for November, subject to market readiness.

Hong Kong Exchanges and Clearing Ltd said in a statement that the iron ore contract will be its first ferrous metal product and will complement its existing precious and base metals products.

Mr Li Gang, HKEX’s co-head of market development said that “With the benefits of electronic trading, our planned Iron Ore Futures will provide a transparent and efficient risk management and investment tool for physical and financial users who want to hedge their price risk or gain exposure in iron ore.”

Source : Reuters

Bijlage:

voda 29 september 2017 15:41

0

Westpac says the worst of the iron ore rout is probably over

Iron ore has been in the wars recently, falling more than 20% in recent weeks, leaving it in a technical bear market. It’s merely the continuation of the wild price movements over the past 12 months. After such a pronounced decline, it’s has many, especially traders, wondering what will happen next. Is it the start of an even larger decline, or the start of yet another rebound? To Westpac’s economics and strategy team, the near-term risks appear to be slanted to the downside.

Westpac said that “We have been arguing that markets were too downbeat on iron ore for some time and that a rise to the late USD 70s or even early USD 80s was likely. Thus the recent high at $80 was fully justified in our view. However, our concern now is that iron ore markets are more likely to soften as the National People’s Conference and seasonal plant closures came into view.”

it said that “Another factor adding to this view has been that rebar inventory levels have started to rise as they did last year. This was arguably one factor that weighed on iron ore and steel prices in Q3 last year and may again do so this year.”

However, while seasonality and higher steel inventories may weigh on iron prices in the near-term, Westpac says that if further downside does eventuate, it will likely be mild in nature given a slowdown in global iron ore seaborne exports.

It said that a key point to keep in mind is that the pace of increase of seaborne iron ore exports remains muted at best.

Source : Business Insider

voda 29 september 2017 15:42

0

Roy Hill can expand iron ore capacity beyond target

Reuters reported that Australian iron ore miner Roy Hill Holdings Pty Ltd has the ability to expand its production capacity beyond the 55 million tonnes it has targeted. Barry Fitzgerald on the sidelines of an industry conference in China said that Roy Hill, controlled by Australian billionaire Gina Rinehart is closing in on that 55 million tonnes a year goal as it expects to export at least 4.6 million tonnes this month from Australia’s Port Hedland. He said that “We’re not saying we’re at 55 (million tonnes). We are saying we expect to be there by Christmas.”

When that targeted production capacity is achieved, the company will “consolidate that, we’ll improve our reliability ... and then focus on incremental capacity to optimise whatever our facilities can do.”

Asked whether Roy Hill’s iron ore capacity could be increased to more than 55 million tonnes, Mr Fitzgerald said that “We think we’ve got some inherent capacity in our plants.”

The ramp-up in Roy Hill’s capacity along with the gradual production increase from top iron ore producer Vale’s S11D expansion project in Brazil has helped boost global supply of the steelmaking raw material this year.

Source : Reuters

Bijlage:

voda 29 september 2017 15:43

0

China to cancel a third of iron ore mining rights in fight against smog

Reuters reported that China will cancel about a third of its iron ore mining licenses, mostly belonging to small polluting mines as part of Beijing’s efforts to improve air quality, a mining association official said on Wednesday.

Mr Lei Pingxi chief engineer at the Metallurgical Mines’ Association of China, told an industry conference that over 1,000 mining rights will be eliminated under China’s campaign against pollution. He said that “Some small miners who didn’t pay attention to environmental issues simply closed down temporarily to cope with inspections. However, these small miners will be forced to upgrade their production processes in order to survive, otherwise they will be cleared out.”

Mr Lei said that mining in places within natural reserves will also be banned, citing regulations issued by the Ministry of Environmental Protection in July.

The number of iron ore mines in China have dropped from more than 3,000 to around 1,900 in recent years and was continuing to fall, Peter Poppinga, executive director at top iron ore producer Vale said at the conference.

Mr Poppinga said that “Some of the mines are even importing some low-grade seaborne cargoes and upgrading them instead of investing the money in their own mines.”

China’s raw iron ore is mostly low grade, with iron content of around 30 percent or less, compared with more than 60 percent for iron ore produced by international miners such as Brazil’s Vale .

Source : Reuters

Bijlage:

voda 29 september 2017 15:45

0

Fortescue Group plans business diversification

Gulf Times reported that Fortescue Metals Group, the world’s No 4 iron ore miner, is looking to diversify its business by investing in energy infrastructure and exploring for gold and base metals.

Chief executive Neville Power who is due to step down said that Fortescue was carrying out exploration work in Australia and South America focused on gold and metals such as copper, as well as on lithium. Mr Power said that “(Those commodities) can provide strategic options for us for diversification and growth from a very low-cost base. So we don’t have to go and make acquisitions, but rather we’re using our exploration skills to develop that growth option.”

He added that Fortescue was also looking at energy infrastructure projects which could enhance its business in Australia’s Pilbara iron ore region.

Fortescue announced Mr Power’s departure on September 15, taking the market by surprise and causing shares to slide. Mr Power, who became CEO in 2011, led expansion that took the miner’s iron ore production to 170mn tonnes last year from 55mn tonnes when he started. He said that the search is still underway for his replacement.

Fortescue’s chief operating officer, Greg Lilleyman, who joined in January from mining rival Rio Tinto, is widely viewed as a likely successor. Mr Power said that “I’m looking forward to having a break and then I’ll think about what I want to do next.”

Mr Power said Fortescue still expects to sell its entire iron ore output of 170mn tonnes to China this year, despite Beijing’s plans to cut steel output during winter in some key producing areas.

He said demand for raw material iron ore in steelmaking areas such as Tangshan and other parts of top-producing province Hebei, as well as in Tianjin, may drop.

Source : Gulf Times

Bijlage:

voda 29 september 2017 16:02

0

News Releases

Schnitzer Provides Preliminary Results for Fourth Quarter of Fiscal 2017
- Fourth Quarter and Fiscal Year-End Earnings Conference Call October 24, 2017 11:30 a.m. Eastern -

PORTLAND, Ore.--(BUSINESS WIRE)--Sep. 27, 2017-- Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today announced preliminary results for its fourth quarter of fiscal 2017 ended August 31, 2017. Schnitzer expects fourth quarter earnings per share from continuing operations to be in the range of $0.62 - $0.65.

Adjusted earnings per share are expected to be in the range of $0.60 - $0.63. For the fourth quarter of fiscal 2016, reported earnings per share were $0.59 and adjusted earnings per share were $0.60, both of which included a benefit of $0.21 per share from an insurance reimbursement of $6 million. For a reconciliation of adjusted results to U.S. GAAP, see the table provided in the Non-GAAP Financial Measures section.

In the fourth quarter of fiscal 2017, Schnitzer completed the previously announced integration of its steel manufacturing and Oregon metals recycling operations into a single operating segment, Cascade Steel and Scrap (CSS). As a result, our Auto and Metals Recycling (AMR) performance now excludes the Oregon metals recycling operations. This change in operating segments is reflected in the preliminary results for the fourth quarter of fiscal 2017 presented below and comparable prior period information has been recasted to reflect this change. Additional recasted historical financial information will be provided at the time of our fourth quarter earnings release. Recasting this historical information does not have an impact on the consolidated financial performance of the Company for any of the periods presented.

AMR is expected to generate operating income in the range of $23 - $24 million and operating income per ferrous ton in the range of $27 - $28 for the fourth quarter of fiscal 2017 which compares favorably to operating income of $19 million and operating income per ferrous ton of $23 in the fourth quarter of 2016. Operating income per ferrous ton in the fourth quarter of fiscal 2017 was adversely impacted by sharply higher ferrous market prices in August which led to increases in the cost of raw materials, compressing margins on shipments contracted earlier in the quarter. Average ferrous net selling prices are expected to increase approximately 25% compared to last year's fourth quarter, and ferrous sales volumes are expected to be approximately 7% higher. Average nonferrous net selling prices are expected to increase approximately 7% from the prior year quarter, and nonferrous sales volumes are expected to be 8% higher.

CSS is expected to generate operating income of approximately $8 million for the fourth quarter of fiscal 2017, including a gain on sale of an Oregon metals recycling joint venture investment of approximately $1 million. This compares favorably to the prior year fourth quarter operating income for CSS of $3 million, which included an asset impairment charge of $2 million in the steel manufacturing operations. Operating performance in the fourth quarter of fiscal 2017 primarily reflects the benefits from higher shipments of finished steel products, an expansion of finished steel metal spreads and productivity improvements, including initial synergies from the integration with the Oregon metals recycling operations. CSS's average finished steel selling prices are expected to increase approximately 7%, and finished steel sales volumes are expected to increase approximately 20% compared to the prior year fourth quarter.

For fiscal 2017, total ferrous volumes, including external sales by AMR and CSS, and transfers to our steel mill, are expected to increase by 10% compared to fiscal 2016. AMR’s operating income per ferrous ton is expected to be $29 on a reported and adjusted basis for fiscal 2017 compared to reported operating income per ton of $8 and adjusted operating income per ton of $16 in fiscal 2016.

Consolidated financial performance in the fourth quarter is expected to include Corporate expense of approximately $10 million, an increase compared to the prior year quarter primarily due to the $6 million insurance reimbursement in the fourth quarter of fiscal 2016. For fiscal 2017, the Company’s effective tax rate is expected to be approximately 2.7%.

For the fourth quarter, the Company expects to report operating cash flow of approximately $49 million. Total debt was $145 million as of August 31, 2017 which is a reduction of $39 million, or 21%, compared to May 31, 2017. Debt, net of cash, was $138 million as of August 31, 2017 which is a reduction of $31 million, or 19%, compared to May 31, 2017. For a reconciliation of debt, net of cash, see the table provided in the Non-GAAP Financial Measures section.

The preliminary, unaudited information provided above is based on the Company’s current estimate of its financial results for the fourth quarter and fiscal year ended August 31, 2017 and remains subject to change based on management’s ongoing review of the Company’s fourth quarter financial results and the completion of the Company’s annual audit.

The Company will report the financial results for its fourth quarter and fiscal year ended August 31, 2017, on Tuesday, October 24, 2017. The Company will webcast a conference call to discuss these results at 11:30 a.m. Eastern time on the same day. The webcast of the call and the accompanying slide presentation may be accessed on Schnitzer’s website under the Investor section Event Calendar at www.schnitzersteel.com/events. The call will be hosted by Tamara L. Lundgren, President and Chief Executive Officer, and Richard D. Peach, Senior Vice President, Chief Financial Officer and Chief of Corporate Operations.

www.schnitzersteel.com/news_releases....

voda 29 september 2017 16:05

0

Ships Demolition Market - Cash Buyers Recent Purchases Deemed Speculative
Published on Fri, 29 Sep 2017

Hellenic Shipping News reported that tanker tonnage being sold for scrap has been the dominant force behind the ships’ demolition market for the past few months. However, things are starting to slow down again, as recent purchases of tanker tonnage were speculative and prices have retreated again. Nevertheless, deals were still being concluded left and right, with more ship types entering the foray. In its latest weekly report, GMS, the world’s leading cash buyers of ships said that it was “another busy week of sales and speculative offerings seemed to convey a sector with a booming demand and buoyant pricing, as the recent rally in local steel plate prices showed few signs of abating. The markets also witnessed another VLCC fixture for the week, as sales in the tanker sector continue at pace and keen owners exploit some of the excellent prices well above USD 400/LDT”.

GMS added that “notwithstanding, we did see vessels from the dry, offshore, and wet sectors all concluded this week. It certainly seems as though there has been a steady flow of tonnage at the moment (rather than a deluge) with keen buyers emerging by the week to negotiate all available units at firmer numbers. However, it does seem as though a price ceiling to many of the offerings has been reached, given that Bangladesh is increasingly displaying signs of hesitation to match some of the firmer asking prices in recent weeks and some of the above market purchases have been failing to find even breakeven levels in Pakistan at present. India is the only sub-continent market that remains some ways behind their Bangladeshi and Pakistani counterparts, even for favored container units and it has primarily been only green tonnage (at a significant discount) that they have been able to acquire of late. Local steel prices, currencies and demand from the top performing markets do appear to be relatively steady this week, despite steel prices in China and Turkey taking a tumble of late (hardly relevant to China where they have been taking very few vessels due to the gulf in prices). As such, it was another encouraging week for Owners, Cash Buyers and recyclers alike, with plenty of fourth quarter activity anticipated to keep all sides busy.”

In a separate demolition report, shipbroker Clarkson Platou Hellas said that “with the summer being dominated by Tanker tonnage and with, seemingly, only one destination for such units, it seems that the Bangladesh buyers are becoming increasingly less keen to offer rates at the recent highs recorded. This further emphasises what many believed to be speculative purchases from Cash Buyers in the past couple of weeks who appear to now see a southern direction in price levels whilst they attempt to resell recently acquired tonnage. With the majority of tonnage that have been purchased ‘as-is’ earlier in the summer reaching the Bangladeshi waterfront, there are reports that the cash buyers are facing difficulties reselling their units at anything resembling profits. We are also still seeing that neighbouring India is still some way from taking the lead in the Indian Sub-continent. After taking a back seat for most of the year, it appears that sentiment locally in India could start to fade further after a correction in the Iron Ore pricing and in addition, reports this week in the local media outlets India is considering loosening their fiscal deficit target which in turn may cause some depreciation of their currency, hence some buyers/breakers may become cautions in their acquisitions approach (i.e. the recyclers repay their loans as per their Letters of Credit in U.S. Dollars but get weaker rupees from the steel mills). Elsewhere, Pakistan still remain aggressive for any available dry tonnage and with no real serious tonnage entering the market prices look set to remain stable and provide Owners with an avenue for higher prices in this sector.”

Source : Hellenic Shipping News

Bijlage:

voda 29 september 2017 16:10

0

China still stocking up on metals and credit – China Beige Book

CNBC reported that China-driven surge in commodity prices could soon come to an end. According to the China Beige Book’s early brief of third quarter data released, contrary to markets’ unremitting faith in the Chinese government campaign to combat oversupply in metals, firms are saying quite the opposite. For the sixth quarter in a row, coal, aluminum, steel, and copper each saw capacity rise on net. The report said that “Sector-wide growth took a dive across the board revenue, profits, output, export orders, volumes, hiring, capex, borrowing, wages, and sales prices.”

The China Beige Book is a quarterly survey of Chinese companies in an attempt to present a more accurate picture of growth. Many question the accuracy of most Chinese government data, since officials may have incentive to inflate or deflate the figures they report in order to show compliance with central policy.

Mr Leland Miller, chief executive officer of China Beige Book told CNBC that “There has been for the past year and a half a desire to not think too much about China. I think you’re at a point right now where there’s been a complacency on the part of the Chinese economy that is lending itself to unrealistic expectations about the economy that are not going to be met.”

Morgan Stanley echoed some of the China Beige Book’s concern in a Monday report. Equity strategist Tom Price and a team of analysts said that “So in fact, the strongest price performances of 2017 (aluminium, zinc, lead, copper, nickel, alumina, iron ore) are based on either China’s reform-based supply shocks or global currency trades not a sustained improvement in demand growth.” They have negative price forecasts on aluminum, copper, iron ore and steel.

Source : CNBC

Bijlage:

voda 29 september 2017 16:15

0

Canadian Chamber lends support to steel industry

Sault Star reported that the Ontario Chamber of Commerce has adapted a resolution that will see it lobby about the importance of the Canadian steel industry. The resolution, raised initially by Sault Ste. Marie and Hamilton and Windsor-Essex chambers, calls on the Canadian Chamber to actively lobby the federal government to identify steel as a “core industry” and a “critical element” of the national economy.

It also urges the Canadian Chamber to communicate the need for an immediate and coordinated response to importation of non-market economy produced steel and encourages a free and full access to each other’s market.

The importance of the Canadian steel market on U.S. government must also be stressed, the resolution concludes.

Rory Ring, chief executive officer of the Sault Chamber of Commerce, said the resolution increases the level of recognition to the challenges the industry faces on international trade issues and anti-dumping legislation.

Source : Sault Star

Vertraagd	4 apr 2025 17:35
Koers	22,750
Verschil	-2,100 (-8,45%)
Hoog	24,460
Laag	21,950
Volume	6.015.490
Volume gemiddeld	3.324.764
Volume gisteren	3.805.595

10:13	Defensieve aandelen ontsnappen aan ha...	2
02 apr	Video: vertrouwen beursexperts daalt ...
02 apr	Beursblik: vertrouwen experts daalt e...
02 apr	ArcelorMittal rondt aandeleninkoop af
29 mrt	Tech onder druk in moeizame week op D...
26 mrt	Jefferies haalt ArcelorMittal van de ...
25 mrt	Mondiale staalproductie opnieuw gedaald
19 mrt	ArcelorMittal blij met actieplan Brussel
11 mrt	Europese beurzen sluiten opnieuw lager
09 mrt	ArcelorMittal, Air France-KLM en bank...

Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

Meedoen aan de discussie?

Direct naar Forum

Detail

ArcelorMittal nieuws meer