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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,550 6 jun 2024 17:37
  • 0,000 (0,00%) Dagrange 23,120 - 23,550
  • 2.337.107 Gem. (3M) 2,7M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 790 791 792 793 794 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 17 april 2018 16:30
    Van Leeuwen Pipe and Tube Group acquires Ferrostaal Piping Supply

    The Van Leeuwen Pipe and Tube Group has acquired the business of Ferrostaal Piping Supply, a German-Dutch pipe and tube trading company that primarily supplies the chemical, petrochemical and machine building segments. The acquisition takes effect on May 1, 2018.

    Ferrostaal Piping Supply, founded in 1953, specializes in the supply of pipes and piping materials, and operates in the chemical and petrochemical, the equipment and machine building, and trade segments. The company's head office is in Essen, Germany. The company primarily focuses on markets in Germany and the Benelux. In addition, Ferrostaal Piping Supply exports its products to various parts of the world. The company's annual turnover is more than € 50 million and it employs approximately 40 persons.

    The activities of the Dutch branch of Ferrostaal Piping Supply will be carried out from existing Van Leeuwen companies. The Ferrostaal teams in Germany will operate as independent commercial teams, as part of Van Leeuwen's network. The company will retain its own name, employees and customer base that will benefit from Van Leeuwen's broader offering of products and services.

    Van Leeuwen's strategy is focused on further expanding and strengthening its leading market position in various industrial segments through means of acquisitions and autonomous growth. The acquisition represents an important expansion of Van Leeuwen's commercial network. Ferrostaal Piping Supply gives Van Leeuwen greater access to the German market, in particular the chemical and petrochemical segments, in which Van Leeuwen operates throughout the world. In addition, the acquisition provides an opportunity for further expanding the services provided to the machine building segment, a segment in which Van Leeuwen has successfully operated for many years in other European countries.

    Mr Peter Rietberg, Chairman of the Management Board said that "Through the addition of Ferrostaal Piping Supply to our network, we are in a position to especially serve the German market even better. This expansion of our global network offers benefits to our national and international customers, as well as our suppliers. Especially our customers in the German market in the chemical and petrochemical segments can now make optimal use of our expertise and specialisms relating to stocks, procurement, distribution and project management."

    Source : Strategic Research Institute
  2. forum rang 10 voda 17 april 2018 16:30
    Steel Dynamics unveils its new Danieli Fata Hunter continuous coil coating line

    Steel Dynamics, Inc hosted the ribbon cutting ceremony on March 29, 2017 in the presence of Mississippi Governor Phil Bryant. The new double-coat continuous coil coating line for steel supplied by Danieli Fata Hunter is a 600-fpm (183 mpm) line for the processing of cold rolled, galvanized, pickled hot band and Galvalume® steel coils with a maximum width of 72" (1,829 mm) and a maximum base metal thickness of .076” (1.93 mm). It has a yearly capacity of 250,000 tons of coated steel. The first coil was produced on December 4, 2016, well ahead of schedule.

    During the ribbon cutting ceremony Mr Mark Millett, President and CEO of Steel Dynamics, expressed his appreciation for Danieli’s continued commitment and innovation. He said that “As typical of our company, the project schedule was on an accelerated basis, yet the SDI and Danieli Fata Hunter teams executed admirably, bringing the line in on schedule." Mr. Millett continued "And, I have seen many plants over the years, but must say this has to be the finest line in the world today. The Danieli Fata Hunter team did a phenomenal job. We should all stand very proud".

    Source : Strategic Research Institute
  3. forum rang 10 voda 17 april 2018 16:31
    4-tonne spooled coils available from Sidenor’s Sovel

    The spooled rebar coils are produced at Sovel S.A. (Sidenor Steel Industry’s subsidiary), in Almyros, Magnissia, Greece in diameters from 8 to 20 mm and weighing up to 4 tons. The spooler line is installed following the MI.DA. Danieli Micromill, which has been in operation since 2011, hence spooled bar in coils are produced in endless mode, exploiting the best plant yield.

    With this upgrade the Greek steelmaker will enrich its product range, increase customer service and annual production capacity to 1,200,000 tons.

    Established in 1962, Sidenor Group started cooperation with Danieli 20 years ago.

    Currently, Sidenor and Sovel are producing concrete reinforcing grades in bars and spooled coils, wire rod, merchant bars, flat products and several other products for construction projects, for various industrial applications, for ship-building, for the automotive industry, for the energy sector etc.

    Danieli K-spool technology allows the production of perfectly shaped, no-twist spooled bars wound into compact coils which are extremely appreciated by downstream end-users.

    Source : Strategic Research Institute
    Bijlage:
  4. forum rang 10 voda 17 april 2018 16:33
    ESTEP begins new life as independent legal entity

    Tenova, together with other twelve leading industrial and research stakeholders from the wider steel value chain across Europe, will cooperate to implement solutions for and in the EU steel industry under a newly independent entity, the European Steel Technology Platform (ESTEP) AISBL. The legal establishment of ESTEP as an international non-profit organization under Belgian law was announced by Klaus Peters, Secretary General of the new organization, on March 26th, 2018. Its mission is to engage stakeholders in collaborative actions and projects on technology and innovation, tackling EU-wide steel innovation challenges in order to create a sustainable European steel industry. These challenges include digitisation, fostering a low-carbon future for industry, the circular economy, and resource and energy efficiency.

    The thirteen founding members are EUROFER, ArcelorMittal Maizières Research, Dillinger, Outokumpu, Tenova, Rina Consulting – CSM, Swerea, Tata Steel Nederland Technology, Thyssenkrupp Steel Europe, voestalpine Stahl, VDEh – BFI, Jernkontoret, and Salzgitter.

    ESTEP has already a track record of success over a number of years, during which it has operated under the umbrella of the European Steel Association (EUROFER).

    Andrea Lovato, Tenova CEO said that “We decided to be founding member of ESTEP because we believe that Tenova, as provider of innovative and sustainable solutions, can bring a valid contribution to the attainment of the new organization’s strategic mission. Collaboration among multiple stakeholders creates synergies to further step up the efforts towards a sustainable EU steel industry.”

    Tenova’s strong commitment to support ESTEP in enhancing innovation and sustainability across the industry was confirmed by the appointment of Roberto Pancaldi, Tenova Metals CEO, to the Board of Directors – together with Axel Eggert (EUROFER), Carl De Maré (ArcelorMittal) and Eva Sundin (Swerea).

    Mr Pancaldi said that “It’s an honor to be granted a seat in the Board. I really appreciate the activities that ESTEP has been carrying on throughout the years and I am confident that Tenova’s commitment and positive attitude at cooperating will be an asset to the organization.”

    Source : Strategic Research Institute
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  5. forum rang 10 voda 17 april 2018 16:34
    GMS Market Commentary on Shipbreaking in Week 15 - CHASING DOWN!

    Battered Bangladeshi sentiments displayed virtually no signs of improving this week as recycling markets and Cash Buyers bottom lines continue to bleed, all thanks to the purchasing exuberance displayed over the previous months, with deliveries now suffering, LCs not opening and renegotiations reportedly commonplace for the most frivolous of reasons.

    It will certainly take several more weeks (at the very least) for prices to find a level ground until some kind of bottom is reached, as each day brings with it, fresh drama and further declines. To this end, each new vessel introduced into the market is being greeted with increasingly lower prices as most Sellers and Cash Buyers with inventory in hand, continue to chase down the market.

    With Pakistan yet to reopen its beaches for tankers, the ongoing delays are further ramping up anticipation and pressure as each new delegation and meeting between the PSBA and government officials yields no results, despite the fact that only one final signature is remaining / required to reopen Gadani’s shores for tankers and finally put an end to this saga.

    For now, India remains perhaps the most stable of the sub-continent markets and as a result, has managed to secure two interesting units for the week - a large LPG and another reefer from the Baltic fleet, as sales from this particular sector continue at pace.

    As such, it remained another shaky week in the Indian subcontinent as large amounts of wet tonnage continues to arrive the Bangladeshi waterfront, where it is expected to take some time before the ongoing deliveries are absorbed / consumed and demand returns to acceptable levels.

    Source : GMS Weekly
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  6. forum rang 10 voda 17 april 2018 16:38
    Stakeholders oppose concession of Ajaokuta Steel Company

    The National Online Ng reported that experts in the Mining Sector have said that any attempt by the Federal Government to concession Ajaokuta would lead to corruption and mortgaging the security of Nigeria. Some of the experts and stakeholders in the mining sector commended the decision of the House of Representatives for standing with one voice to oppose the concession of Ajaokuta steel.

    A bill to stop the Minister of Mines and Steel Development, Dr Kayode Fayemi, from initiating or concluding any concession plan on Ajaokuta steel, recently passed second reading in the House of Representatives.

    The bill titled, “A Bill for an Act to Amend the Public Enterprises (Privatisation and Commercialisation) Act, Cap. P38, Laws of the Federation of Nigeria, 2004 to Review the List of Enterprises to be Privatised, and for Related Matters.”

    The lawmakers also seek to establish a fund to complete the Ajaokuta Steel Company Limited.

    A bill for an Act to establish the fund passed second reading at the House and 301 out of the 360 members of the House are in support of the two bills.

    Speaker Yakubu Dogara said that it was a collective shame to all leaders that the project was yet to be completed after so many years,.

    The speaker made the statement when he led members of the House Committee on Steel to Ajaokuta Steel in Kogi recently. He said the House would consult with stakeholders to work out ways to source for the 500 million dollars needed to complete the last phase of the project, adding that raising the fund would not be a problem.

    He said that there were many ways through which the money could be sourced, including from the Sovereign Wealth Fund, Excess Crude Account and recovered financial loots.

    Prof. Benjamin Adewuyi, the past President, Nigerian Metallurgical Society, said that reconcessioning the plant at its infant stage would result to putting the future and security of Nigeria in the hands of foreigners.

    Adewuyi commended Mr Speaker and the House of Representatives for speaking the minds of Nigerians, especially stakeholders in the sector that had long been canvassing that Nigerian government should revive and complete the steel plant.

    “Our stand over the years is that government should invite the original erector, the builder of the plant, called TPE, a Russian company, to come and rehabilitate and complete the project both internally and externally.

    “The TPE should complete the project, run the steel plant and carry out necessary test required; there are some perimeters needed in steel plant which must be put in place during testing.

    “When all of these are completed including the dredging of Escavo, rail system from Ajaokuta to Onne, rehabilitation of the conveyor belt, cables among others, government can then decide if the plant should be concession or privatised.

    He said that “Nigeria has the money to rehabilitate and complete the steel plant, if there is right leadership, will-power and policy towards the project. What Nigeria is spending on importation of iron and steel is far more than what will get if the government should complete the steel plant.”

    He added that Ajaokuta steel has the capacity to produce ammunition, rail lines rod for building and construction, armor vehicles among others.

    According to him, Ajaokuta is an integrated plant that should not be unbundled.

    Source : The Nation Online Ng
  7. forum rang 10 voda 17 april 2018 16:41
    China to allow foreign investors to trade iron ore futures

    Reuters reported that China will allow foreign investors to trade in domestic iron ore futures markets starting on May 4, the country’s securities regulator said in a news briefing that the Dalian Commodity Exchange is currently the only Chinese exchange offering iron ore futures contracts.

    Iron ore futures are the second Chinese commodity derivatives market that has been opened to overseas investors after the crude oil futures contract offered by the Shanghai Futures Exchange that started trading last month.

    China is the world’s biggest consumer of iron ore, the raw material for manufacturing steel. The country is also biggest steel producer globally.

    In February, Dalian issued draft rules to guide foreign investors for participating in the market.

    The Dalian Exchange did not immediately respond to requests for a comment on the CSRC announcement when contacted by Reuters.

    Source : Reuters
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  8. forum rang 10 voda 17 april 2018 19:56
    7 injured in furnace explosion at Fortune Steel after protest - Numsa

    African News Agency/ANA reported that the National Union of Metalworkers of South Africa (Numsa) said on Monday that at least seven workers were injured when a furnace exploded at Fortune Steel in Nigel in Ekurhuleni and called for the company's operations to be closed until an investigation by the Department of Labour had proved the environment was safe to work in. Numsa said that the incident occurred on Saturday during the night shift, less than 24 hours after the union marched and protested against the company on Friday. Fortune Steel is part of Fortune Group, a steel company based in India. Numsa has accused the company of flouting basic health and safety laws, as well as ignoring labour laws.

    Phakamile Hlubi-Majola, Numsa acting national spokesperson, said "One of the workers who was injured in the blast is in critical condition at a Hospital in Alberton after he sustained extensive injuries to the head, chest and arms. As is usually the case, the management tried to cover up this incident. They refused to call the ambulance and attempted to transport the injured themselves using private vehicles. It was only with the intervention of the local police that workers received medical care provided for by the ambulances. The management had the audacity to try and down play the accident as a minor workplace issue."

    Hlubi-Majola said Fortune Steel had proven to be "the most abusive employer" that the union has dealt with, out of all the companies in the entire Nigel area, since it began operating in South Africa in February 2017. She said that if the officials of the Department of Labour (DOL) in Nigel had taken the complaints of the workers seriously and intervened, this accident would probably never have happened.

    Source : African News Agency
  9. forum rang 10 voda 17 april 2018 19:57
    Steel Technologies installs automotive shape correction / slitting / inspection line

    The Fabricator reported that Steel Technologies has installed a Braner/Loopco coil-to-coil shape-correction/slitting/surface inspection line in its Crawfordsville, Ind., coil processing facility. It is designed to process 72 in wide coated and bare cold-rolled coil in gauges from 0.015 to 0.135 in.

    The line is equipped with automatic tension control, automatically positioned strip guides, entry and exit shears with 5-sec. cycle time, and an automatic belt wrapper. The line also is equipped with a precision shape-correction leveler, surface inspection apparatus, an elevating looping pit floor, and the ability to change rewind coil IDs from 20 to 24 in. in 2 min.

    Source : The Fabricator
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  10. forum rang 10 voda 18 april 2018 13:22
    Global steel demand continues its broad recovery - Worldsteel SRO

    The World Steel Association (worldsteel) released its April 2018 Short Range Outlook (SRO). worldsteel forecasts global steel demand will reach 1,616.1 million tonnes in 2018, an increase of 1.8% over 2017. In 2019, it is forecast that global steel demand will grow by 0.7% to reach 1,626.7 million tonnes. Mr TV Narendran, Chairman of the worldsteel Economics Committee said “In the next couple of years the global economic situation is expected to remain favourable with high confidence and strengthening recovery of investment levels in advanced economies. Benefitting from this, steel demand in both developed and developing economies is expected to show sustained growth momentum with risks relatively limited. However, possible adverse impact from rising trade tensions and the probable US and EU interest rate movements could erode this current momentum.”

    Steel demand benefitting from favourable global economic momentum, but facing risks from rising global trade tensions

    Upside and downside risks to this forecast are mostly balanced. In 2018, high confidence, strong investment levels and a recovery in commodity prices are generating a virtuous cycle for steel demand globally both in developed and developing economies. The slight deceleration in 2019 will be due to further deceleration in China and weakened investment momentum due to higher interest rates.

    On the downside, possible escalation of trade tensions, rising inflationary pressure and tightening of US and EU monetary policies may cause financial market volatilities and trouble highly indebted emerging economies.

    In 2017, the mild government stimulus measures provided some boost to construction activity, but investment continued to decelerate and steel demand showed only a moderate increase despite the stimulus.

    In 2018 and 2019 GDP growth is expected to decelerate mildly, but as the government continues to focus on shifting the growth driver toward consumption, investment is likely to further decelerate. Steel demand in 2018 is expected to stay flat. In 2019, it is expected to contract by 2.0% with a further slowdown in construction activity. In manufacturing, the machinery sector is expected to maintain positive growth on the back of a strong global economy while automotive and home appliances are expected to decelerate.

    High corporate and local government debt continues to raise concern but a hard landing for the Chinese economy is unlikely in the short run.

    Steel demand in the developed world is expected to increase by 1.8% in 2018 and decelerate to 1.1% in 2019.

    The outlook for steel demand in the US remains robust on the back of the strong economic fundamentals – strong consumption and investment due to high confidence, rising income and low interest rates. The manufacturing sector is being supported by a low dollar and increasing investment while rising housing prices and steady non-residential sector growth point to a healthy construction sector. Though the recent tax reform is further expected to boost steel demand through its positive impact on investment, there is some concern over a possible overheating of the economy. The announced infrastructure plan is unlikely to affect steel demand in the short term.

    The EU economy has developed strong momentum with broadening recovery across countries. Prompted by robust domestic and external demand, investments are expected to remain a major growth driver while low inflation, wage and real income growth will support private consumption. Steel demand will be supported by a pickup in non-residential construction and strong manufacturing activities.

    The automotive sector in both the EU and the US is expected to moderate due to saturation effect and rising interest rates, while the machinery sector is expected to benefit from rising investment.

    An expected monetary tightening in the US and the EU is responsible for the forecasted deceleration of steel demand growth in 2019.

    Steel demand in Japan has been benefitting from an improving investment sentiment and government stimulus, but the scope of growth will continue to be limited by structural factors such as an aging population.

    Despite improved consumer sentiment, steel demand growth in South Korea will be constrained by high consumer debts, weakening construction and a depressed shipbuilding sector.

    Developing economies ride the recovery momentum, yet to gain further strength

    Steel demand in emerging and developing economies (excl. China) is expected to increase by 4.9% and 4.5% in 2018 and 2019 respectively.

    Recovery in oil and commodity prices has improved the outlook for MENA countries. Provided geopolitical stability can be achieved, steel demand outlook for the region could further improve as a result of reconstruction activities

    The mild recovery in Russia and Brazil is expected to continue. Recovery in Russia will be supported by credit expansion, easing monetary policy and improving consumer and business confidence. In early 2017 Brazil started to come out of its deep recession, but uncertainty remains as to the sustainability of this recovery momentum. Furthermore, recovery of construction activities has been slow. In other Latin American countries, recovery is also underway and growth in the region could accelerate if reforms are implemented, but the forthcoming elections lead to uncertainty.

    Turkish steel demand showed strength in 2017, backed by supportive government measures. While slightly decelerating due to subsiding special economic stimulus, steel demand in Turkey is expected to show stable growth in 2018/19.

    The Indian economy is stabilising from the impact of currency reform and GST implementation and steel demand is expected to accelerate gradually, mainly driven by public investment. Stronger growth is held back by still weak private investment.

    Steel demand in ASEAN-5 countries dipped in 2017 due to slow construction activity and destocking. In 2018/19 however, steel demand is expected to regain the growth momentum backed by infrastructure investment.

    Source : Strategic Research Institute
    Bijlage:
  11. forum rang 10 voda 18 april 2018 13:23
    Steel Minister felicitates winners of contest on Start-Up India - #MyLOVESTEELidea

    Union Minister of Steel, Chaudhary Birender Singh felicitated the winners of contest on Start-up India titled #myLOVESTEELidea at a function organized by Ministry of Steel in New Delhi. This contest launched during the India International Trade Fair, 2017 by Ministry of Steel aims to encourage fresh business ideas based on steel. The Minister said, the contest received huge participation and many smart ideas have been received reflecting that steel as a material is gaining popularity and can have several uses.He further added thatsteel as a material can find various usages in several sectors apart from the conventional sectors. The life cycle cost of steel, its durability, strength, eco friendliness makes it a better choice in construction and infrastructural work.

    The first prize was awarded to Sumit Gupta from Delhi for his idea of Steel based expandable tiny homes for providing low cost basic housing with solar panels and bio toilets. Second Prize was awarded to HareeshS. from Thiruvanthapuram for his idea of designs for Stainless steel waste bin, incorporating enclosed segregated storage and with provisions for advertising space. Third prize was awarded to VasimMalek from Nadiad City, Gujarat for his idea of laying underground permanent steel utility ducting along roads and in apartments for eliminating disruption of daily life of citizens due to repeated digging up. Apart from these, four appreciation prizes were also awarded.

    This contest was held in association with MyGov, Government of India. Steel Research and Technology Mission of India (SRTMI), an organization with Ministry of Steel, will provide technical support to the contest winners for taking their projects forward.

    Steel secretary Dr.Aruna Sharma, Chairman SAIL and other dignitaries were present on this occasion.

    Source : Strategic Research Institute
  12. forum rang 10 voda 18 april 2018 13:24
    Vedanta Limited’s resolution plan for acquisition of Electrosteel Steels Limited approved by NCLT

    National Company Law Tribunal, Kolkata Bench, has approved the terms of the Resolution Plan submitted by the Company, to acquire Electrosteel Steels Limited pursuant to a Corporate Insolvency Resolution process implemented by way of the Insolvency and Bankruptcy Code 2016 and the terms of the Resolution Plan are now binding.

    Pursuant to the Resolution Plan, a wholly-owned subsidiary of the Company, will subscribe for the share capital of Electrosteel for an aggregate amount of INR 1,805 Crores (US$ 275.7 million) and provide additional funds aggregating of INR 3,515 Crores (US$ 536.9 million) by way of debt. Upon implementation of the Resolution Plan, the Company will hold approximately 90% of the paid up share capital of Electrosteel (the "Transaction"). The remaining 10% of Electrosteel’s share capital will be held by Electrosteel's existing shareholders and the financial creditors who receive shares in exchange for the debt owed to them. The funds received by Electrosteel as debt and equity will be used to fully settle the debts owed to the existing financial creditors of Electrosteel, by payment of INR 5,320 Crores (US$ 812.6 million).

    Electrosteel was incorporated in Ranchi, Jharkhand, India as a public company on 20 December 2006 and has been listed on the Bombay Stock Exchange and National Stock Exchange of India since 2010. Electrosteel owns and operates a greenfield integrated steel manufacturing facility near Bokaro, Jharkhand, India, which has a current capacity of 1.5 million tonnes per annum ("MTPA") and the potential to increase to 2.5 MTPA.

    Electrosteel’s unaudited statement of assets and liabilities as at 30 September 2017 reports the total assets of Electrosteel as INR 13,051.56 Crores (US$ 1,993.7 million). According to Electrosteel’s statement of audited financial results for the year ended 31 March 2017, Electrosteel’s total income was INR 2,867.83 Crores (US$ 438.1 million) and loss for that period was INR 1,463.48 Crores (US$ 223.6 million). Its latest unaudited quarterly update for the nine months ended 31 December 2017 reported a total income of INR 2,440.35 Crores (US$ 372.8 million) with a loss of INR 866.50 Crores (US$ 132.4 million). Total Income for the year ended 31 March 2015 and 31 March 2016 was INR 1,846.85 Crores (US$ 282.1 million) and INR 2,904.47 Crores (US$ 443.7 million), respectively.

    The directors of the Company believe that the Transaction will complement the Group’s existing iron ore business as the vertical integration of steel manufacturing capabilities has the potential to generate significant efficiencies. The Directors do not expect the Transaction will have any material impact on the Group’s earnings for the financial year ending 31 March 2019 and anticipate returns to be received in the following years.

    The consideration payable under the Resolution Plan and the transaction fees and expenses will be paid using the existing cash resources.

    The transaction is not a related party transaction under the Indian Companies Act 2013 or the Indian Listing Regulations.

    Completion of the Transaction is conditional upon obtaining applicable regulatory approval including approval from the Competition Commission of Indiaand the Securities and Exchange Board of India.

    As part of the Transaction, the Company has submitted an unconditional and irrevocable performance guarantee of INR 100 Crores (US$15.3 million) to the committee of creditors which shall be released upon expiry of six months from the date that the National Company Law Tribunal approved the Resolution Plan.

    Source : Strategic Research Institute
  13. forum rang 10 voda 18 april 2018 13:24
    Indian steel sector full of opportunities - Steel Minister

    Union Minister Chaudhary Birender Singh said the Indian steel sector is full of opportunities and the country must aim to grab the numero uno position in quality steel production. While facilitating the award winners of #MyLOVESTEELindia, he told “Indian steel industry is full of opportunities and we are already second largest steel producer and must aim to become number one in quality steel by diversifying into wide range of high-quality products.”

    He said this while felicitating the winners 'My Love Steel Idea Contest' organised by his ministry for coming up with best innovative business ideas in the sector.

    Source : Strategic Research Institute
  14. forum rang 10 voda 18 april 2018 13:25
    SC directs status quo on Jayaswal Neco resolution process

    Economic Times reported that the Supreme Court ordered status quo to be maintained in the insolvency resolution proceedings against Jayaswal Neco, acting on a plea by the company that the process could not have been initiated when a majority of the lenders had agreed to a debt restructuring plan under a Reserve Bank of India directive. Status quo will be maintained, a bench led by Justice Ranjan Gogoi directed on Monday. The bench issued notices to all parties on the company’s plea. The company’s case was argued by senior advocate Harish Salve who was assisted by lawyer Mahesh Agrawal.

    Jayaswal Neco; a producer of iron and steel castings, owes upwards of Rs. 5,000 crore to a group of lenders. The lenders had designated over 60% of the loans as non- performing assets as of March 31, 2016.

    The company had first moved the Bombay High Court against the initiation of the insolvency resolution proceedings, but had been turned away. It appealed against the decision in the top court.

    Source : Economic Times
  15. forum rang 10 voda 18 april 2018 13:25
    POSCO CEO Mr Kwon Oh-joon to step down early

    Reuters reported that POSCO said that it’s CEO Mr Kwon Oh-joon will step down before his term ends in 2020 as he is keen for a younger person to lead the firm. As spokesman said “Kwon Oh-joon, 69, offered his resignation at an emergency board meeting, but will stay in the post until the company appoints a new chief.”

    Kwon took over as CEO of the country’s top steelmaker in March 2014. He was re-appointed in March last year, and his term was set to end in March 2020.

    The spokesman denied any link between Kwon’s resignation offer and a change of government last May.

    Source : Reuters
  16. forum rang 10 voda 18 april 2018 13:26
    Usiminas reopens Ipatinga blast furnace No 1

    The Brazilian steelmaker Usiminas has reignited a blast furnace at the Ipatinga Plant (MG). The furnace had been off since June 2015, for the company to adjust its production to the drop in demand for flat steel in the Brazilian market. The reactivated furnace in the state of Minas Gerais has the capacity to process 650,000 tonnes of hot metal annually.

    Usiminas said "The resumption of the operations of the Alto Forno number 1 at the Ipatinga Plant should lead to an increase in the company's current production capacity, reducing its exposure to the purchase of third party plates.”

    Following the BF 1 reactivation, Usiminas will carry out scheduled maintenance on the BF 3 to "exchange staves,"the company said. The work is expected to occur in July and last 14 days. Usiminas added the procedure is a usual stop and that "it will not affect the company's ability to serve the market."

    Source : Strategic Research Institute
  17. forum rang 10 voda 18 april 2018 13:29
    CSN in talks with SDI to sell Terre Haute unit in US - Report

    Reuters reported that Brazilian steelmaker Companhia Siderurgica Nacional is in talks to sell a US unit to Steel Dynamics Inc for around USD 250 million. The unit, based in Terre Haute, Indiana, has 350,000 tonnes a year in capacity

    The paper said other companies such as Nucor Corp., Commercial Metals Co and ArcelorMittal SA had looked into the unit, but talks had progressed with Steel Dynamics.

    Source : Reuters
  18. forum rang 10 voda 18 april 2018 13:29
    Russel Metal closes acquisition of Dubose Steel

    Russel Metals Inc announced that it has completed the previously announced acquisition of DuBose Steel. DuBose Steel is a full line structural steel service center operation with value-added processing capabilities serving customers along the east coast and south eastern United States from its facilities located in Roseboro and Fayetteville, North Carolina. Revenues for DuBose Steel were approximately CDN$85 million during its last fiscal year.

    John Reid, President and Chief Operating Officer of Russel Metals stated, "We are extremely pleased to have completed this transaction which expands our United States service center operations and capabilities. We welcome the employees and customers of DuBose Steel to Russel Metals' family of companies."

    Source : Strategic Research Institute
  19. forum rang 10 voda 18 april 2018 13:30
    GMS update on Shipbreaking in India in Week 15 - AVOIDING TURMOIL!

    Whilst hardly firing on all cylinders, India has inadvertently become the leading subcontinent market of late, avoiding the pitfalls and turmoil of the Bangladeshi and Pakistani markets, becoming the only market to report any markets sales for the week.

    These include the larger LPG unit ISIS GAS (19,562 LDT), which managed to fetch a decent USD 442/LT LDT on a delivered basis, followed by the Baltic Reefers sale of their second unit within a week, the BALTIC PILGRIM (6,355 LDT), which fetched another decent USD 415/LT LDT.

    On the local fundamentals front, the Indian Rupee has depreciated a little, trading in the mid INR 65s against the US Dollar, as local steel plate prices continue their daily rollercoaster movements, leaving end Buyers confused as to the overall direction that the local market is heading in.

    Nevertheless, given the ongoing performance of the competing markets, India currently remains the preferred location for actively working units.

    Source : Strategic Research Institute
    Bijlage:
  20. ijzervreter 18 april 2018 13:57
    CZECH GOVERNMENT CONCERNED ABOUT FUTURE OF OSTRAVA STEELMAKER
    Chris Johnstone 18-04-2018 Send by email Print Subscribe to RSS
    The biggest Czech steelmaker and its home city of Ostrava are concerned they could be hit by a major ownership upheaval in the European steelmaking sector. And the Czech government is keeping close tabs on talks surrounding the fate of ArcelorMittal Ostrava.

    ArcelorMittal Ostrava, photo: František Tichý
    ArcelorMittal Ostrava, photo: František Tichý
    More than 1,600 kilometres separate the southern Italian port city of Taranto and the gritty eastern Moravian-Silesian city of Ostrava. But the fate of the two are now closely bound with global steel multinational ArcelorMittal seeking to acquire the massive Italian steel maker Ilva and its steel plant on the heel of Italy. Part of the price of European Commission clearance for the deal looks like being the sell up of other steel making capacity across the continent, including the Ostrava plant.

    And that’s the source of major worries for Ostrava and for the Czech government. Brussels is worried that ArcelorMittal might simply control too much of European steel production, especially the flat products used to make everything from cars to the steel used in the construction sector. And although the sell ups likely to be demanded of ArcelorMittal are aimed at boosting competition, ownership changes are always risky and the Czech government is particularly worried that a speculative investor which might control of the Ostrava steelmaker and not have its long term interests at heart.

    That’s one reason why the general manager of ArcelorMittal Ostrava, Ashok Patil, met with Czech minister for industry and trade, Tomáš Hüner, and gave what assurances he could about the situation:

    "We assured the minister that even in the case of a divestment scenario, Ostrava steelworks would continue to operate in full. There is no threat of a reduction of capacity and related jobs. We agreed with the minister that we will be in close touch and work on the subsequent steps as we work more on that decision. Of course, subsequent steps would be supervised and be under the guidance of the European Commission, but we will be in close touch with the minister to discuss the steps and have a constant dialogue."

    Ashok Patil, Tomáš Hüner, photo: CTK
    Ashok Patil, Tomáš Hüner, photo: CTK
    Mr. Patil later elaborated that one of Brussel’s targets should be to see a thriving Ostrava steelworks in whoever’s hands it might end up:

    "When the Commission is reviewing the process of the remedy, they want to see more competition on the European market which covers the investments and the divestments. The units in the divestment need to be able to run fully and stand alone in the European market and compete."

    The Ostrava steelworks and its subsidiaries employ around 7,250, paying above average wages, in a city and region still suffering from a higher than average jobless rate. And the fate of other key local employers, such as coking coal producer OKD, are also closely tied to the steel plant.

    That’s why industry minister Hüner has created a team of experts to keep in the closes touch with developments affecting the steel plant. The key European Commission analysis of the divestments to make in connection with the Ilva acquisition should be released on May 23.


    Chris Johnstone 18-04-2018 Send by email Print Subscribe to RSS
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