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[verwijderd] 29 april 2014 21:47

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PKP Cargo signs PLN 1 bln deal with ArcelorMittal
29th April 2014Bookmark and Share
Freight operator will transport steel producer's raw materials in Poland and Czech Republic

State-controlled freight operator PKP Cargo has signed a deal with Poland’s largest steel producer ArcelorMittal for the transportation of 35 million metric tons of raw materials.

The deal, signed on Monday, is worth PLN 1 billion, and will see PKP Cargo deliver a minimum of 11 tons annually for ArcelorMittal. The contract is set to last until at least June 2017
PKP Cargo will transport raw materials used by ArcelorMittal, such as coke, lignite, lime as well as other metals and chemicals. Three subsidiaries of the ArcelorMittal group are to benefit from the deal, including ArcelorMittal Poland, ArcelorMittal Warszawa and Czech-based ArcelorMittal Ostrava.
During 2013, PKP Cargo transported a total of 114 million tons for its entire client base. The company is the largest of its kind in Poland, holding a 48.23-percent market share in January 2014, and is the EU’s second largest – after Germany’s Deutsche Bahn – rail freight operator.
ArcelorMittal Poland is the country’s largest steel producer, comprising some 70 percent of the country’s industry potential. It owns five units in Poland, mostly in the southern industrial region of Silesia.

PLN 1 billion= 250 miljoen euro!

Subtropical 29 april 2014 22:14

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AM is klaar voor een verdere upswing, koersdoel € 13,-

Bijlage:

[verwijderd] 29 april 2014 23:05

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Bedankt voor je analyse Subtropical!

ttroo 30 april 2014 11:50

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Bedankt GVteD!

For 2014, the Zacks Consensus Estimate for ArcelorMittal has gone down roughly 17.2% to 77 cents per share since fourth-quarter 2013 earnings release. The Zacks Consensus Estimate for 2015 has also declined 15.6% to $1.35 per share.

Ik zit voor 2014 ergens op 63 dollar centen (was 68 dollar centen). Prima cijfers voor 2015. $1.35 per share.

voda 30 april 2014 16:57

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TATA Steel commissions new coke oven battery at Jamshedpur plant

TATA Steel has commissioned a new coke oven battery at its Jamshedpur steel plant, making the unit self sufficient in coke requirement and in turn stabilizing operations there.

Built at a production capacity of 700,000 tonne, the coke oven battery 11 operates with 88 ovens with stamp charge technology and is the largest coke oven complex in Jamshedpur.

It said that the facility meets all environmental norms and consists of various features to take care of the plant and human safety.

Mr Cyrus Mistry chairman of TATA Group said that "The commissioning of the coke oven battery is also the last milestone project in the completion of the 3 million tonne expansion at Jamshedpur. The project will bring about commercially significant difference to the operations at the company."

Source – Strategic Research Institute

voda 30 april 2014 17:00

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Iron prices likely to crash in the short run as China tightens credit

Iron ore price levels are in for rough patch with Chinese authorities launching cleansing act. It is learnt that iron ore stocks which was rampantly being used as security for raising credit from the banks will be investigated to minimize default.

This has led to panic selling in iron ore futures declining by 5%. The benchmark iron ore contract for September delivery on the Dalian Commodity Exchange to close down 4.5 percent, its biggest daily fall since the contract was launched in October 2013.

The probe has raised fears that the crackdown on commodities-backed financing could unleash a flood of iron ore sales from 108 million tonnes plus of stocks sitting at Chinese ports, raising the prospect of a price slump.

China Banking Regulatory Commission (CBRC) has set April 30 deadline for the local regulators and banks to submit final report.

Not surprisingly the move is series of credit bubble defusing measures launched by the Chinese authorities over the past 3 years in a bid to stem the risk of collapse. Creation of toxic debts in steel and reality sector after the 2008 economic collapse has raised hackles in China. Recurrent high inflation led to tightening of credit lines which in turn enticed steel mills to lend their credit lines to traders for importing iron ore. The traders in turn sold these stocks to repay the credit. The scramble for credit, via the use of iron ore imports, has caused imports in the first quarter of 2014 to surge about 20 percent from a year ago, even though demand has been anaemic.

Chinese banks have started to tighten loan requirements for steel mills and trading firms seeking credit for iron ore imports spiking the margin on the letters of credit to 40-50 percent from 10-20 percent.

Iron ore price levels fell by USD 4 per tonne during the last week washing of previous gains.

Source – Strategic Research Institute

voda 30 april 2014 17:00

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Problems at Chinese steel companies expected to worsen

Xinhua reported that overcapacity, excess supply and sagging prices have taken Chinese steel firms from profit to loss in the Q1 and the problems will get worse.

According to yesterday’s report by the China Iron and Steel Association, more than 45% of steel companies reported losses as growth hit an 18th month low of 7.4%. Total losses stood at CNY 2.33 billion against almost CNY 8 billion of profits in the same period of last year.

Mr Zhang Changfu VP of CISA said that “The Q1 of 2014 was the most difficult quarter since the start of the century. Seasonally low consumption means steel firms find themselves in the doldrums.”

At the end of March, inventories totaled 19.4 million tonnes up 43.5% at the beginning of the year and deepening worries. Prices have flagged. The China Steel Price Index stood at 94.83 at the end of March, down 11.28% YoY and 1.7% from a month ago. The average transaction price fell 10.14% YoY.

Despite weak demand, output kept rising, though less quickly than a year ago. Crude steel output in the Q1 stood at 203 million tonnes up 2.4%. Total sales revenues were CNY 869 billion down 0.79% YoY.

According to a government work report in March, 27 million tonnes of production capacity must be cut in the sector this year, but things have not gone entirely to plan. The government placed strict controls on new steel output last year, but new projects are still coming.

Mr Zhang said that inventory growth was also fueled by private investment. Private fixed-asset investment totaled CNY 71.6 billion in the Q1 up 6.65% YoY. Capacity added 90 million tonnes in 2012 and 40 million tonnes in 2013. Despite the reduction, investment remains high.

He said that “To break the vicious circle, firms must turn their attention to product quality and categories, with a view to low carbon, environmentally friendly products.”

Xinhua

voda 30 april 2014 17:01

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China steelmakers to see better Q2 returns but tight credit to cap - CISA

Reuters reported that China's steel sector is expected to see quarterly margins improve over the three months to June but a tough credit market and rising environmental costs will restrict gains.

The China Iron & Steel Association said that Chinese banks have cut loans to the capital intensive steel industry given worries over its ability to repay in a slowing economy, while tough environmental protection measures have added to pressures on the world's biggest steel sector. Banks have not only cut credit lines but also raised interest rates to steel mills, making their business more difficult and even affecting cash flow safety for some.

The rapid squeeze in credit lines has led to a 22.2% rise in steelmakers' financial costs in the Q1 from a year ago, compared with an annual drop of 3% last year. The steel sector's profitability is expected to improve in the Q2 from the Q1 but it will be difficult to grow much.

Source – Reuters

voda 30 april 2014 17:03

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China steel industry in crisis - MIIT

China's steel industry is confronted with severe overcapacity, sluggish demand, strengthened enforcement of environmental protection and falling profits.

Mr Feng Fei director of industrial for policy division of the Ministry of Industry and Information Technology said that "China's steel industry is having a tough time. The long-awaited recovery has yet to come and protracted weakness badly hits many steel companies and traders."

Mr Feng said that China's crude steel production rose 2.4% YoY to more than 200 million tonnes in the Q1 but the overall situation for China's steel sector was rigorous due to sustained price declines.

The daily crude steel production in March hit record high at 2.266 million tonnes. Steel companies were having difficulties in business operations on rising output and weak prices.

Mr Wang Xiaoqi vice chairman of China Iron and Steel Association said that China’s steel industry recorded a loss of CNY 2.3 billion in the Q1 of this year. Notably, the main business reported deficits of CNY 4.1 billion.

Mr Wang elaborated further that though it was a tough year in 2013, the sector posted a profit of CNY 22.9 billion. It achieved investment income of CNY 17.8 billion and main business income of CNY 5.1 billion. In the first two months of this year, the steel industry's main business posted a loss of CNY 4.7 billion. The situation failed to reverse for the Q1 despite an improvement seen in March.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 30 april 2014 17:04

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China major province sees Q1 GDP growth fall

Economic growth in China’s Hebei province slowed to 4.2% in the Q1 from 9.2% a year earlier as its steel industry took a hit from newly introduced pollution curbs.

The central government has ordered many of Hebei’s polluting steel factories to reduce capacity, in effect, closing them down. The slowdown in Hebei’s expansion underscores the impact of the government’s campaign to reduce industrial overcapacity and contamination of the environment. Hebei, which surrounds the Chinese capital Beijing, is the country’s biggest steelmaking region.

Source – China Economic Review.com

voda 30 april 2014 17:06

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Chinese steel firms report severe Q1 losses

Xinhua reported that more than 45% of China's steel companies reported profit losses in the Q1 of 2014 as an economic slowdown and seasonally low consumption pushed down prices, new data showed on Monday.

According to a report released by the China Iron and Steel Association, total profit losses stood at CNY 2.33 billion in the Q1 compared to almost CNY 8 billion in profits in the same period last year.

Despite the weak demand, output still increased during the period which further exacerbated the oversupply that pressed down prices. The Q1 of 2014 was the most difficult quarter for steel firms since the start of the new century.

Q1 crude steel output stood at 202.7 million tonnes up 2.37% while output of steel products rose 5.3% to 261.41 million tonnes. However, the rate of growth for both declined sharply from a year ago. Total sales revenues of steel companies stood at CNY 868.89 billion down 0.79% YoY.

Source - Xinhua

voda 30 april 2014 17:06

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US updates on weekly raw steel production

In the week ending April 26th 2014, domestic raw steel production was 1,835,000 net tonnes while the capability utilization rate was 76.3%. Production was 1,837,000 net tonnes in the week ending April 26th 2013, while the capability utilization then was 76.7%.

The current week production represents a 0.1% decrease from the same period in the previous year. Production for the week ending April 26th 2014 is up 1.5% from the previous week ending April 19th 2014 when production was 1,808,000 net tonnes and the rate of capability utilization was 75.2%.

Adjusted year to date production through April 26th 2014 was 30,274,net tonnes at a capability utilization rate of 76.1%. That is a 0.8% decrease from the 30,524 net tonnes during the same period last year when the capability utilization rate was 76.9%.

Broken down by districts, here's production for the week ending April 26th 2014 in thousands of net tons: North East: 229; Great Lakes: 621; Midwest: 232; Southern: 665 and Western: 88 for a total of 1,835.

Source – Strategic Research Institute

voda 30 april 2014 17:11

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Jury sides with Schnitzer Steel in dispute with its insurer

A federal jury in Portland has determined that Continental Casualty Company and its subsidiary should pay USD 8.6 million to cover costs incurred by Portland's Schnitzer Steel Industries to comply with regulators who oversee the Portland Harbor Superfund site.

The jury in the court of US District Judge Mr Michael Mosman also said that the Illinois based insurer should pay Schnitzer attorneys and consultants fees which haven't been determined.

Lawyers for Schnitzer said that they could not comment on the case until all legal proceedings are finished. Lawyers for Continental Casualty didn't respond to requests for comment.

The federal Environmental Protection Agency and the Oregon Department of Environmental Quality notified Schnitzer in 1999 and 2000 that the company may be what the agencies called a potentially responsible party for the cleanup of part of the Superfund site.

The Portland Harbor Superfund site, which includes the lower Willamette River roughly from the Broadway Bridge downstream to Sauvie Island, has been contaminated by a century of industrial use. The EPA says a variety of toxins, including PCBs, dioxin and DDT have collected in the soils, posing health risks to animals and humans.

In its September 2010 complaint against its insurer, the company said the agencies expressed concerns about its metal recycling yard at Burgard Industrial Park and some other sites owned or previously owned by Schnitzer. Beginning in 2006, the company said, it cooperated extensively with the agencies' requests for investigation and some remediation, incurring legal and administrative costs.

Source – Oregonlive.com

voda 30 april 2014 17:14

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BC Iron flags weaker earnings

BC Iron's H2 profit is set to fall following a drop in the iron ore price and the effects of the recent wet season.

The Pilbara miner beat its own guidance in the traditionally wet March quarter by selling 1.22 million shipped tonnes. However the iron ore price fell significantly during the quarter as costs rose with BC Iron realizing a price of USD 102 per tonne.

It has since stabilized to between USD 110 and USD 120. Therefore, BC Iron anticipates its revenue and profits will be lower in the H2 of FY 2014 compared to the H1."

BC Iron, which is involved in JV with Fortescue Metals, increased its underlying profit 10 fold in the H1 to USD 70 million. BC Iron reaffirmed sales guidance of between 5.8 and 6.2 million tonnes and cash costs at USD 46 per tonne to USD 50 per tonne.

Source – News.smh.com

voda 30 april 2014 17:17

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Chinese shipbuilding industry to indicate healthy demand for steel in 2014

According to media report that China could demonstrate healthy demand for steel in the its domestic ship buidling industry as the industry experts expects a demand of 13 million tonnes of steel will be seen in 2014, a surge of 18.2% YoY.

For the month of January to February period, the accumulated output for export orders in China's shipping industry amounted to 3.65 million DWT down 25.8% YoY.

Nevertheless, ship export orders for China's shipbuilding industry added up to 128.99 million DWT up 41.9% YoY and China's new ship export orders in the given period amounted to 15.87 million dwt, up 307% YoY. In the January to February period this year, China's new ship orders amounted to 18.08 million DWT up 259% YoY.

Source - www.yieh.com

voda 30 april 2014 17:20

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Chernobyl Steel Radiation shield - The biggest moving structure ever

In the normal world, it's what you'd call a bad investment: Spending USD 2 billion to build the largest moveable structure ever and knowing that it won't work for longer than 100 years.

But in Chernobyl, it's the best available option for protecting a whole continent from the worst nuclear disaster in history.

Today is the 28th anniversary of the disaster, which killed 31 and subjects hundreds of others to extreme suffering, and left 200 tonne of radioactive corium and 16 tonne of uranium and plutonium exposed inside the smoking remains of Reactor 4.

At the time, heroic workers quickly constructed an ad hoc shelter over the reactor to stop the spew of radioactive material across Ukraine and Western Europe, using 7,000 metric tonne of metal and many more tons of concrete. But that shelter known as the Sarcophagus was never meant to last. And now, it's in danger of collapsing.

Enter New Safe Confinement, a project that's nearly as old as the meltdown it's designed to contain.

It's a two-pronged plan: First, thousands of workers are constructing a 300-foot-tall steel arch that weighs more than 32,000 tonne. Though it's being built a few hundred meters away from Reactor 4, it's eventually going to cover it, creating a thick steel cage around the reactor in case it collapses. But because the area near it is too radioactive for workers to stay there for longer than a few minutes, this huge structure is being built next door—then, very very slowly, it will be slid on teflon-coated tracks to cover the reactor.

However, we last checked in with its progress almost six months ago, the 300-foot arch was well underway. But today, on the anniversary of the disaster that necessitated it, we spent some time on the NSC's official website to cull the most incredible photographs of its construction in the months since our last look.

Source – Gizmodo.com

GVteD 30 april 2014 21:59

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Nucor Corporation and ArcelorMittal: Buy, Sell, or Hold?

www.fool.com/investing/general/2014/0...

[verwijderd] 30 april 2014 22:08

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Alberto Alerigi and Guillermo Parra-Bernal
Reuters
2:17 p.m. EDT, April 30, 2014

SAO PAULO (Reuters) - ArcelorMittal SA, the world's largest steelmaker, and Bekaert Group on Wednesday agreed to swap their stakes in their Brazil, Costa Rica and Ecuador ventures, part of a broader plan to extend a four-decade partnership in fast-growing markets, an executive said.

Under terms of the plan, ArcelorMittal will transfer its 55 percent stake in a rope-producing venture to Bekaert, allowing the latter to control all of Bekaert Cimaf Cabos Ltda in exchange for steady supply of wire, said Augusto Espeschit, president of Belgo Bekaert Arames - the Brazil-based venture between Bekaert and ArcelorMittal known as BBA.

In addition, ArcelorMittal will have a minority shareholding in Bekaert-controlled wire producer Ideal Alambrec in Ecuador, taking advantage of rapid expansion in the country's civil construction sector, he added.

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In Costa Rica, both companies agreed to split their share in a steel wire plant, with Bekaert taking a 73 percent stake and agreeing to leave the steelmaking business all under ArcelorMittal's control. The companies are currently building a steel fiber manufacturing plant in the Orotina industrial site at a cost of $20 million over two years, he said.

"This move will improve our competitiveness and help us add more value to our products," Espeschit told Reuters. BBA output of steel wire and related products is targeted at about 750,000 tonnes in Brazil this year, although production might end the year closer to 700,000 metric tons.

The deal, which involved no cash disbursement, maintains ArcelorMittal's control of BBA, which both companies set up in 1997 to develop Brazil's steel wire market. Bekaert, the world's top producer of steel cord, and rivals have in recent years grappled with price cuts in Asia, weak demand for some types of wire and narrowing margins in Europe.

The move will allow the venture to reach more customers in Central and South America, especially in the agribusiness, construction, fencing and industrial markets, Espeschit noted. "In the mid- to long-term we see a very promising outlook for the markets."

(Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr.; Editing by Cynthia Osterman)

voda 1 mei 2014 16:58

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China steel and iron ore futures fall ahead of holiday on demand worries

Reuters reported that Chinese steel and iron ore futures fell ahead of the Labour Day holiday with traders in the world's top consumer of the two commodities concerned that a seasonal recovery in steel demand won't be enough to offset a slowing economy.

Traders are also concerned that prices will be hit further by increasing overseas supplies of the steelmaking raw material.

China's Baoshan Iron & Steel said that it expected no big stimulus to help ease the economic slowdown in the Q2 though the government was expected to push ahead with infrastructure projects and might also loosen monetary policy to support growth.

Mr Dai Zhihao president of Baosteel said that "China's steel overcapacity will worsen over the next 2 to 3 years. Capacity is still drifting up but demand growth has dropped significantly. Apparent consumption of crude steel grew just 0.5% in the Q1 while output rose 2.4%.

Mr Dai said that the company expected iron ore prices to drop to about USD 100 a tonne in the medium term. The benchmark iron ore contract for September delivery on the Dalian Commodity Exchange was down 1.4% at CNY 758 per tonne by the midday break. It earlier revisited a one month low of CNY 757 hit earlier this week, and is heading for a fifth straight month of losses.

China's steel industry, the world's biggest is suffering from overcapacity and dealing with government attempts to curb output by closing smaller, higher polluting mills.
Spot iron ore for immediate delivery to China fell for the third day in a row on Tuesday to a one and a half month low, when it dipped 0.3% to USD 108.3 per tonne. It is on track for a fifth consecutive monthly loss.

Steel rebar futures for October settlement on the Shanghai Futures Exchange dropped 0.6% to CNY 3,224 by the midday break. They too were poised to post their fifth straight monthly loss in April.

Source - Reuters

voda 1 mei 2014 16:59

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US Steel announces the results for Q1 2014

United States Steel Corporation announced Q1 2014 net income of USD 52 million, or USD 0.34 per diluted share compared to Q1 2013 net loss of USD 73 million, or USD 0.51 per diluted share and Q4 2013 net income of USD 270 million, or USD 1.75 per diluted share. Adjusted net income for the Q4 of 2013 was USD 38 million, or USD 0.27 per diluted share and adjusted net loss for the Q1 2013 was USD 51 million or USD 0.35 per diluted share.

Highlight;
1. Total reportable segment and Other Businesses income from operations of USD 154 million
2. Net income of USD 52 million, or USD 0.34 per diluted share
3. Shipments of 5.1 million tonnes and net sales of USD 4.4 billion
4. Total liquidity of USD 2.7 billion, including USD 1.1 billion of cash.

The USD 154 million, or USD 30 per tonne of reportable segment and Other Businesses income from operations for the Q1 of 2014 compares to income from operations of USD 146 million, or USD 30 per tonne in the Q4 of 2013 and income from operations of USD 94 million, or USD 17 per tonne in the Q1 of 2013. Other items not allocated to segments in the Q4 of 2013 consisted of non cash restructuring and other charges of USD 248 million, or USD 1.71 per diluted share; an adjustment to our preliminary non cash goodwill impairment charge of USD 23 million, or USD 0.16 per diluted share; a USD 32 million, or USD 0.22 per diluted share, environmental remediation charge and a non cash charge to write off an equity investment of USD 16 million, or USD 0.11 per diluted share.

Net interest and other financial costs in the Q1 of 2013 includes USD 34 million pre tax charge related to repurchases of USD 542 million principal amount of our 4.00% Senior Convertible Notes due 2014. For the Q1 2014, we recorded a tax provision of USD 1 million on our pre tax income of USD 53 million. Additionally, as disclosed in our 2013 Form 10-K, we recorded tax benefits totaling USD 534 million for restructuring and other items in the Q4 2013. As of March 31st 2014, US Steel had USD 1.1 billion of cash and USD 2.7 billion of total liquidity. Cash provided by operating activities improved in the first quarter due to improved working capital management.

Mr Mario Longhi president and CEO of USSC said that "We are pleased to report an improvement in our Q1 operating results despite extreme weather related issues. Higher natural gas prices and operational issues due to the weather were offset by better commercial prices and Carnegie Way benefits."

Mr Longhi said that "We expect reduced income from operations in the Q2. We expect our production to be limited which will temporarily slow shipments primarily due to continued weather related logistical issues affecting both raw materials and finished products. We expect to report a loss for our Flat rolled segment in the Q2. The operational difficulties described above are projected to temporarily limit our production capabilities, resulting in a reduction in our shipments and higher operating costs as compared to Q1. Market conditions in North America are improving; however, average realized prices are projected to be comparable to the Q1.”

He said that “Given our production disruptions, Q2 shipments will be geared to fulfilling contract commitments where prices are not moving at the same rate as the spot market, as well as negatively influenced by lower automotive coated production and shipments this quarter. We expect to have the operational difficulties largely behind us as we exit the Q2. We expect results for our European segment to decrease in the Q2 due to the absence of the sale and swap of carbon emission allowances in the Q1. Shipments and average realized prices are expected to be comparable to the Q1.”

He added that “Tubular results are projected to increase compared to the Q1. Shipments are projected to be higher due to increased drilling activity. We expect average realized prices to be in line with the Q1. We expect a minimal tax provision and benefit in the Q2. We remain focused on cash flow and expect to retire the Senior Convertible Notes due in May 2014 without refinancing.”

Source – Strategic Research Institute

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