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Home  /  Forum  /  Arcelor Mittal  /  Nieuws en info hier plaatsen (deel 4)

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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,540 25 apr 2024 17:35
  • 0,000 (0,00%) Dagrange 23,170 - 23,690
  • 2.802.569 Gem. (3M) 2,5M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 1278 1279 1280 1281 1282 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 3 maart 2021 03:46
    GMS Market Commentary on Ship Breaking in Week 08

    World's leading cash buyer of ships for recycling GMS said that “As the decline in steel plate prices levels out for the time being, all of the sub-continent markets are in a far healthier position today than they were only a few weeks back. The halt was perhaps expected, given the resumption of buying from Chinese mills, now that the Chinese New Year holidays are finally over. Consequently, we have seen prices come up of late and almost all of the sub-continent markets are now trading in the mid USD 400s/LDT, having only recently been in the low USD 400s/LDT (and even below) for many of the units that were being discussed basis a February (Alang) delivery.”

    Therefore, the sub-continent markets can positively head into March, poised and ready to acquire units at decent levels once again. Demand remains good across all sub-continent locations, but of course there is a distinct lack of supply with most freight sectors performing well of late.

    At the far end, even the Turkish market is doing better as fundamentals have been improving and prices start to firm. Only a matter of time until yard space starts freeing up and levels jump even higher.

    Source - Strategic Research Institute
  2. forum rang 10 voda 3 maart 2021 03:47
    US Steel Production in Week 08 up 0.2% WoW

    American Iron and Steel Institute announced that in the week ending on 27 February 2021, US domestic raw steel production was 1,749,000 net tons while the capability utilization rate was 77.2%. Production for the week ending February 27, 2021 is up 0.2% from the previous week ending February 20, 2021 when production was 1,745,000 net tons and the rate of capability utilization was 77.0%. Production was 1,880,000 net tons in the week ending 27 February 2020 while the capability utilization then was 81.3%. The current week production represents a 7.0% decrease from the same period in the previous year.

    Adjusted year-to-date production through February 27, 2021 was 14,357,000 net tons, at a capability utilization rate of 76.5%. That is down 8.4% from the 15,674,000 net tons during the same period last year, when the capability utilization rate was 81.9%.

    Source - Strategic Research Institute
  3. forum rang 10 voda 3 maart 2021 03:48
    OMK Automates Cargo Transportation by Road

    United Metallurgical Company OMK launched road transport automation project in mid-2020 in cooperation with European leader in the development of logistics management solutions Transporeon. In last 6 months of 2020, OMK doubled the volume of cargo transportation by road to 30 thousand trips, 20% of the total volume of cargo transportation, and reduced the planned time for searching for road carriers to send goods to customers by eight times from 72 to 9 hours.

    On the basis of the Transporeon platform, OMK has automated work with transport requests, electronic timetables, and monitors the quality of carriers' work. OMK now has a pool of more than 200 reliable shipping partners who daily deliver raw materials and ship finished products from all production sites of the company from small valves to large sized parts and large-diameter pipes. By using new automated tools and expanding the pool of carriers, OMK customers receive high quality delivery services at market prices.

    In addition, at the beginning of 2021, OMK enterprises launched a new digital service in test mode delivery monitoring, which will allow the company's customers to promptly receive information about the status and time of delivery of products to them, as is the case in retail segments.

    Source - Strategic Research Institute
  4. forum rang 10 voda 3 maart 2021 12:49
    NBS Increases China’s 2020 Crude Steel Output

    MySteel reported that China’s National Bureau of Statistic has updated China’s crude steel output for 2020 to 1.065 billion tonnes from the preliminary 1.05 billion tonnes announced on 18 January, increasing YoY growth to 7% from 5.2%. China’s finished steel output in 2020 remained unchanged at 1.3 billion tonnes for 2020, but YoY growth is increased to 10% from earlier 7.7%

    NBS also reaffirmed the data from National Administration of Customs regarding the country’s steel trade in that the country’s finished steel exports declined 16.5% YoY to 53.7 million tonnes in 2020 with the value down 14.8% YoY to about Yuan 315 billion (USD 48.7 billion), while its finished steel imports rose 64.4% YoY to 20.2 million tonnes with the value up 19.8% YoY to Yuan 116.5 billion.

    Mysteel noted “Despite the growths in China’s crude and finished steel production last year as well as the prevailing anticipation on the further increase in the domestic steel demand for 2021, China’s Ministry of Industry and Information Technology has expressed its determination to bring down the country’s steel output on year for 2021 as part of its efforts to reduce carbon emission. The Chinese steel market is divided on the likelihood of the yearly decline in the country’s steel output this year, though many believe that the Chinese authorities will find ways to accomplish the mission.

    Source - Strategic Research Institute
  5. forum rang 10 voda 3 maart 2021 12:49
    Tata Steel Facing Carbon Challenge Port Talbot Steelworks inWales

    Wales Online reported that the Welsh Government has put into law the target of reducing net carbon emissions to zero by 2050, which means demanding targets for steel industry in the coming decades with the first being the need to cut C02 emissions by 63% by 2030. Tata Steel’s primary steel making plant in Port Talbot, which employs around 4,000 people, has been identified by the government as a key area it must address with the site previously reported to produce 15% of Wales' carbon emissions. It contributes to the Neath Port Talbot council area producing around four times as much C02 as any other Welsh local authority. Tata Steel currently uses coking coal to power its blast furnaces and experts say reducing the emissions produced would either involve converting the plant to use hydrogen, bringing in carbon capture storage or stopping primary steelmaking altogether and converting the site to recycling scrap steel using electricity. Any of those changes, or a combination of all three, would require investment of up to GBP 2 billion just in the site itself and huge sums spent on infrastructure elsewhere. Tata Steel told Wales Online “It would look to government to support industry with breakthrough policies."

    Teesside based research organisation Materials Processing Institute Mr Chris McDonald said “The use of carbon is a fundamental part of the process. To make steel we dig iron ore out of the ground, and it has iron ore and oxygen in it. You can’t make it into steel until you pull the oxygen out of it somehow, and that’s the job that the coal does. That’s why steel is a much more difficult decarbonisation challenge than, say, manufacturing, where you can electrify lines and so on, and switch to green electricity. You can’t electrify the process in the same way. So what we need to do is find different ways and completely redesign the process. If you imagine, you’re trying to make a car, and you’ve got an assembly line, you can make it a green-powered assembly line. The challenge for steel is that you need to throw the assembly line in the bin and invent a brand new way of making cars that doesn’t use an assembly line, that’s the sort of analogy really.

    Welsh Government has recently set out its legal commitment to achieve net zero emissions by 2050, but says it is pushing to get there sooner. The legal commitment from Welsh Government, based on a report made by the Climate Change Committee, is for a 63% reduction in CO2 emissions by 2030, and an 89% reduction by 2040 reaching a 100% reduction or net zero by 2050. Looking at the legal targets set by Welsh Government, the steepest reduction in carbon emissions must take place within the next decade or so, meaning that the 2020s will be a key decade in terms of hitting the targets set out by the CCC. By 2030, just nine years away, if Wales is to meet the 63% reduction rate, it must drastically reduce the amount of carbon produced.

    In 2018, Wales produced 26,525 kilotons of CO2. In addition to these targets, the CCC has also set carbon budgets for Wales, which measure the average CO2 emissions over a five-year period. The next two budget periods for Wales are between 2021-2025 and 2026-2030.

    Source - Strategic Research Institute
  6. forum rang 10 voda 3 maart 2021 12:50
    Steel Worker Unions Fear Job Losses in UK on Greensill Crisis

    BBC reported that following the emergence of financial problems for Mr Sanjeev Gupta's Liberty Group, owner of steel plants at Rotherham, Stocksbridge, Newport and Hartlepool employing 3,000 direct steel employees and a further 2,000 in engineering businesses, worker union sources are very concerned about the potential risk to thousands of UK steel and engineering jobs. A spokesperson for steel union Community told BBC "There's no doubt these reports are concerning and, on behalf of our members, we are pressing the company for answers. Liberty Steel UK is a crucial strategic business and we are ready to work with the company and the government to secure the business and protect jobs."

    Mr Harish Patel from Unite told the BBC what many in the industry have feared for some time. He said "Unite has always been concerned about the financial basis that Liberty Steel is based on. The latest concerns about the future of Greensill and Sunjeev Gupta's refinancing difficulties are deeply alarming and Unite will be seeking urgent reassurances about the health of the business units in the UK."

    However a GFG Alliance spokesman said "GFG Alliance has adequate funding for its current needs and its refinancing plans to broaden its capital base and obtain longer term funding are progressing well. Our global efficiency drive means that our core businesses are operationally strong. We are benefiting from a recovery in steel and aluminium markets which means that most of our businesses are running at near full capacity to meet high demand and are generating positive cash flows."

    Mr Gupta was hailed as saving thousands of UK jobs when he stepped in to buy up plants and processing facilities that seemed on the brink of going bust. But his financial arrangements have always been shrouded in secrecy and controversy. One of Mr Gupta's primary sources of finance is a group called Greensill Capital, run by former investment banker Mr Les Greensill who counts former Prime Minister Mr David Cameron among his paid advisers. Greensill's exposure to Mr Gupta's business prompted the Swiss investment bank Credit Suisse to freeze withdrawals from up to GBP 10 billion worth of funds held as security. Connections between Greensill Capital and international money manager GAM saw a senior manager at GAM forced to resign over allegations of poor risk management and due diligence over billions in loans to Mr Gupta's empire. Sources close to the situation told the BBC that Greensill is in serious financial trouble and that it would not be wrong to surmise that it is likely to go into administration.

    Source - Strategic Research Institute
  7. forum rang 10 voda 3 maart 2021 12:51
    Troubles Deepening for Dunaferr as Liberty Steel Walks Away

    Hungary's minister of foreign affairs and trade Mr Peter Szijjarto and GFG Alliance Chairmen Mr Sanjeev Gupta were in negotiations with a view to concluding the deal, but the company then went off radar. Argus, citing sources close to the situation, reported that Liberty Steel has withdrawn from takeover talks with Hungarian steelmaker Dunaferr. They suggest that the move could be driven by Liberty lender Greensill Capital's reported financial difficulties and Liberty having issues securing funding elsewhere with equity group Brookfield has walking away from financing talks with the company.

    However a GFG Alliance spokesperson told Argus “GFG Alliance has adequate current funds, and its plans to bring in fresh capital through refinancing are progressing well. We are benefitting from a recovery in steel and aluminium markets, which mean that most of our businesses are running at near-full capacity to meet high demand and are generating positive cash flows."

    Uncertainty over the future ownership of Hungarian steel producer Dunaferr is compounding the company's financial problems, with mill is producing at around half of its capacity and customers no longer prepaying for coils in fear of contracts not being honoured. In recent days, the head of a blast furnace told local media that, in addition to current coking supply restrictions, the two smelters that produce pig iron must be shut down. The coke is provided by one of Dunaferr's subsidiary ISD Kokszolo Kft and the raw material are purchased from external companies. Workers fear that in such a bad situation, at most, a miracle can save them from liquidation.

    Established in 1954, Dunaujvaros based ISD DUNAFERR is one of the largest industrial producers in Hungary with primary steel production equipment’s including blast furnaces & 2 basic oxygen furnaces. It produces hot rolled coils, hot rolled pickled, cold rolled, coated and cold formed hollow steel section. Ukrainian group Industrial Union of Donbass ISD acquired Hungarian integrated flats producer Dunaferr in 2004.

    Source - Strategic Research Institute
  8. forum rang 10 voda 3 maart 2021 12:53
    Kaptan Demir Celik Orders Wire Rod Outlet from Primetals

    Primetals Technologies has contracted with Kaptan Demir Celik to supply a complete wire rod outlet in Marmara Ereglisi, Turkey. The new mill will expand Kaptan’s portfolio to include such value added products as coiled rebar, fine grain rebar with low alloy costs, welding wire, austenitic stainless steel and cold heading grades to serve domestic and export markets. Commissioning of the new mill is expected in mid 2022. The contract brings proven technologies to increase mill speed and load separating forces. The new mill can roll 105 tons per hour at speeds between 75-110 meters per second. Kaptan will offer rebar sizes from 6 to 20 mm and its quality carbon product will range in diameter from 4.5 mm to 26 mm.

    The scope of supply includes several items from the Morgan product line including Intelligent Pinch Roll and High Speed Laying Head, Rod Reducing & Sizing Mill, Water Boxes, and Stelmor Conveyor, as well as shears, reform and coil handling equipment and compactor. An electric and automation package, and full turnkey process are also part of the contract.

    Kaptan Group has operations in iron and steel production, shipping, port operations, transportation, energy, mining, recycling, and shipbuilding. Kaptan Demir Celik began production in its first rolling mill in 1964 and continues their presence at Marmara Ereglisi. Its products, which include steel billets, deformed and plain round reinforcing bars, and square, equal angles, flat, and profile bars, are now used in more than 100 countries worldwide.

    Source - Strategic Research Institute
  9. forum rang 10 voda 3 maart 2021 12:54
    Changes to European Executive Committee of Tata Steel

    Tata Steel has announced changes to its European Executive Committee. Chief Commercial Officer Mr Karl Haider and Executive Director Human Resources Mr Tor Farquhar are leaving to pursue their careers outside of the company and Chief Technical Officer Mr Ernst Hoogenes is retiring. The company’s European CEO Mr Henrik Adam and CFO Mr Sandip Biswas will take over the duties and responsibilities of the departing directors. A smaller Executive Committee will continue to lead Tata Steel Europe.

    Mr Ernst and Mr Karl will leave the business at the end of March while Mr Tor will leave at the end of April.

    Source - Strategic Research Institute
  10. forum rang 10 voda 3 maart 2021 12:55
    Baowu & Sangang to Invest in Steel Projects in Fujian Province

    Reuters reported that China's top steelmaker Baowu Steel Group and regional producer Fujian Sangang Group have signed agreements to invest 20 billion yuan (USD 3 billion) in two separate steel projects in the south-eastern Fujian Province of China. Baowu controlled Taiyuan Iron and Steel Group will invest 10 billion yuan in a Fujian project that aims to produce 3.22 million tonnes per year of stainless steel and Fujian Provincial Government owned Fujian Sangang will spend 10 billion yuan on facilities to make fine steel products and related infrastructure including a docking berth.

    Southern regions are an increasingly popular investment destination for steel mills in China due to rising demand and more lenient environmental regulations compared with the more polluted north.

    According to the National Bureau of Statistics, Fujian Province churned out 38.6 million tonnes of steel products in 2020. Stainless steel makers Baosteel Desheng, Tsingshan Holding Group and Fujian Fuxin Special Steel all have mills in the province.

    Meanwhile, Wuxi Xinsanzhou Steel Co will invest in a 3.5 billion yuan cold-rolled steel project in Fujian, the Fuzhou News reported, with annual capacity set to reach 1.1 million tonnes.

    Source - Strategic Research Institute
  11. forum rang 10 voda 3 maart 2021 12:56
    AISI Applauds Confirmation of Ms Raimondo as Secretary of Commerce

    US Senate confirmed Rhode Island Governor Ms Gina Raimondo as the next secretary of the US Commerce Department. With a 84-15 confirmation vote, Ms Raimondo is set to lead one of the federal government's most eclectic departments. Ms Raimondo is cutting short her second term as governor of the country's smallest state Rhode Island to join the Biden administration. During the confirmation process, Raimondo emphasized the need for the department to address how the coronavirus pandemic has ravaged the economy and underscored structural inequities facing people of color and families with lower incomes.

    American Iron and Steel Institute President & CEO Mr Kevin Dempsey said “We congratulate Governor Raimondo on her well-deserved confirmation by the Senate as Secretary of Commerce. We appreciate her commitment to addressing the issues facing the American steel industry, including vigorously enforcing the US trade remedy laws and remaining aggressive in combating unfair trade practices by China and other trading partners. Strong enforcement of U.S. trade laws is a top priority for American steelmakers, particularly as foreign government subsidies and other market-distorting policies and practices have resulted in significant global steel overcapacity, the impacts of which have been exacerbated by the COVID-19 pandemic. A critical part of the response to the global steel overcapacity crisis must be the full enforcement of the Section 232 remedies on steel products, including action to ensure that the Section 232 exclusions process does not inadvertently allow exclusion of products that are made by domestic steel producers. We look forward to working with Gov. Raimondo to address the steel crisis and ensure good-paying manufacturing jobs in the domestic industry are not lost to unfair trade in any form.”

    Source - Strategic Research Institute
  12. forum rang 10 voda 3 maart 2021 12:57
    GFG Alliance Appoints Ms Grohnert to Global Advisory Board

    Sustainable industry leader GFG Alliance has appointed Ms Ana-Cristina Grohnert to its Global Advisory Board. Ms Ana-Cristina joins 17 other experts across industry, politics, economics, and law, who give guidance on GFG Alliance’s strategy to transform industrial manufacturing and become Carbon Neutral by 2030.

    Ms Ana-Cristina brings a wealth of experience in corporate transformation and HR strategy to GFG Alliance. She is the Chairperson of Charta der Vielfalt (Charta of Diversity), an organisation with a focus on Diversity and Inclusion as a business success factor, which represents over 3,500 companies and approximately 30% of all employees in Germany. In her previous role as Board Member for HR and Internal Services at Allianz Deutschland AG, she was responsible for regions representing 65,000 employees – half of the Allianz global workforce. Beginning her career in banking and industry, Ms Ana-Cristina combines strong expertise in finance and risk management with her track record of success in HR. As Managing Partner at Ernst & Young, she spearheaded purpose-driven transformation and HR strategy, in addition to supporting the restructuring of Financial Services clients. She has been named one of the most influential women in German business by The Manager Magazine and the Boston Consulting Group.

    The full members of GFG Alliance’s Global Advisory Board are Board President Mr Mark Elborne, Mr Jon Bolton, Mr Lord Lancaster of Kimbolton, Mr Carwyn Jones, Mr Alexander Downer, Ms Anne Lange, Mr Henri Proglio, Mr Sigieri Diaz della Vittoria Pallavicini, Mr Cristian Colteanu, Mr Peter Stracar, Mr Michael Setterdahl, Mr Ray LaHood, Mr Ray Horsburgh, Mr Simon McKeon, Mr Michael Morley, Professor Ross Garnaut, Mr SJ Mukhopadhaya and Ms Ana-Cristina Grohnert.

    Source - Strategic Research Institute
  13. forum rang 10 voda 3 maart 2021 12:57
    ChTPZ Group Upgrading Equipment for Nuclear Aplications

    Russian ChTPZ Group is implementing a project to modernize equipment for the manufacture of seamless pipes from corrosion-resistant steels with an increased surface quality, which are intended for structural elements of nuclear power plants. As part of the project, a LOESER grinding complex was put into operation at the Pervouralsk Novotrubny with investments amounting to more than 160 million rubles. The complex is designed for the preparation of hot-deformed billets for the production of pipes for cold processing with mandatory machining. The equipment is used for processing pipes with a diameter of 68 to 178 mm and a length of up to 12 meters, the average hourly productivity is 150 meters when metal removal is 1 mm per diameter.

    The use of the LOESER grinding complex will expand the range and increase the output of hot-rolled pipes with an improved surface quality, as well as increase the production of cold-worked pipes, in the manufacture of which a billet with mandatory surface machining is used.

    ChTPZ Group offers its customers high-tech solutions in the segment of seamless stainless pipes for the nuclear industry that meet the most stringent safety and reliability requirements. By investing in the modernization of equipment that allows it to manufacture products according to international quality standards, the company expands its customer offer and increases the operational efficiency of production.

    ChTPZ Group produces a wide range of stainless steel pipes for the construction of power facilities in Russia and abroad. The company supplied products for the Rostov, Belorusskaya, Kursk, Leningrad, Tianwan (China) nuclear power plants, the Kudankulam NPP (India), as well as for the Amur, Primorskaya, Pregolskaya, Kaliningrad thermal power plants and the Long Phu-1 thermal power plant (Vietnam).

    Source - Strategic Research Institute
  14. forum rang 10 voda 3 maart 2021 12:58
    China Launches National Carbon Market

    World’s largest emitter of greenhouse gases China has flipped the switch on a nationwide carbon trading market on 1 February 2021. The Emission Trading System, which will include all greenhouse gas emissions measured by CO2e, will initially apply mainly to power plants this year. MEE has published guidelines on how emission quotas will be distributed to a total of 2,225 coal- and gas-fired power plants, including manufacturing facilities that have captive power plants. As per media reports about 10 steelmakers are included in the list, including Baotou Steel, Anshan Steel and Pangang. They will receive free carbon emissions quotas covering 70% the electricity and heat produced in 2018, with actual quotas to be allocated by provincial governments after final adjustments based on actual production levels in 2019-20.

    China’s Ministry of Ecology and Environment Vice Minister Mr Zhao Yingmin last month also announced that it will push for a Climate Change Law, which may fill this higher level role. Taken together with the ambitious climate targets announced by President Xi in September, the timing of the publication of this regulation suggests that 2021 will be the year that China’s carbon market finally comes of age.

    As the Chinese government works to curb its environmental impact, policies like a carbon trading system could spur the adoption of new technologies, increasing demand for goods and services from domestic start-ups and tech companies around the world.

    Source - Strategic Research Institute
  15. forum rang 10 voda 3 maart 2021 12:59
    Tenaris Expands Gas Tight Connections for Unconventional Wells

    Tenaris is expanding its Wedge Series 400 portfolio with the addition of TenarisHydril Wedge 425, an integral semi-flush connection, designed for enhanced efficiency in shale applications. The TenarisHydril Wedge 425 replaces TORQ SFW and joins Tenaris’s series of shale-specific connections with extreme torque and quick installation speeds TenarisHydril Wedge 463, TenarisHydril Wedge 441 and TenarisHydril Wedge 461.

    The TenarisHydril Wedge 425 connection features a make-up indicator for easy make-up with no need of torque turn chart. Its intermediate metal-to-metal seal provides exceptional sealability for gas or liquid production and has been evaluated under Tenaris’s Testing Protocol for Multi-Fractured Horizontal Wells, aligned with API TR 5SF, to simulate fracking and production loads.

    Like other TenarisHydril Wedge threads, TenarisHydril Wedge 425 design delivers nearly twice the torque and compression capacity of a traditional semi-flush product, minimizing rejects and re-makeups for faster and more reliable operations.

    Source - Strategic Research Institute
  16. forum rang 10 voda 3 maart 2021 13:00
    JFE Steel Ultrasonic Testing Robots for Inspecting Steel Plate

    JFE Steel Corporation announced that it has developed the world’s first autonomous Ultrasonic Testing Robots for inspecting thick steel plate. The company has deployed three of the robots in a steel plate plant in Japan to carry out automated offline UT that are proving to be more reliable and efficient than conventional manual UT. Given the crucial importance of improving product quality, JFE Steel has continued to develop and deploy a range of testing equipment to ensure defect free products. Automated online UT using ultrasonic technology has traditionally been used to detect most internal flaws in steel plate products. For certain plate thicknesses, etc., however, experienced technicians occasionally must perform offline UT, a manual process that depends on how precisely inspection equipment is operated and how accurately the results are recorded as well as how efficiently the overall work is carried out. Improving the reliability and efficiency of such inspections has been an issue for some time. JFE Steel has now developed a proprietary system combining an autonomous robot and UT equipment. Using a high precision indoor location system to monitor actual and target positions, the robot can move autonomously along a target route to perform UT. In addition to improving inspection reliability to a level comparable to that of automated online UT, the system also streamlines the inspection process. Inspection results are automatically saved digitally for easy traceability, monitoring and quality management. The latest version of the robot is also small and light enough for one person to carry around.

    The robots are now in service at a plant in the company’s Keihin-district operations, which are part of JFE Steel’s multi location East Japan Works. Additional robots will be deployed at steel-plate plants in the company’s Kurashiki and Fukuyama districts within the multi location West Japan Works. Going forward, JFE Steel expects the UT-robots to further enhance the quality of its steel plate products and also further streamline production operations.

    JFE Steel is actively pursuing digital transformation DX in its internal operations, aiming to dramatically upgrade productivity and operational stability across all areas of manufacturing. Specific initiatives include opening the JFE Digital Transformation Center JDXC and deploying cyber-physical systems in manufacturing processes.

    Source - Strategic Research Institute
  17. forum rang 10 voda 3 maart 2021 13:01
    JSPL, GMS & Kotak Express Interest in Reliance Naval & Engineering

    Business Standard reported that Jindal Steel & Power Limited, GMS and Kotak Special Situations Fund have registered to bid as for Reliance Naval & Engineering Limited by February 28 deadline. Earlier known as Pipavav Defence & Offshore Engineering, Reliance Naval has been facing severe financial headwinds since 2013. It was bought over by Mr Anil Ambani group in 2015. IDBI Bank dragged Reliance Naval to the bankruptcy court claiming dues worth INR 1,159.43 crore. Reliance Naval was admitted for insolvency proceedings on 15 January by the Ahmedabad bench of the National Company Law Tribunal.

    The financial creditors have claimed INR 43,587 crore dues but the resolution professional has admitted only INR 10,878 crore of dues. IRP had admitted claims of INR 1,965 crore from State Bank of India, INR 1,555 crore from Union Bank of India and INR 1,375 crore from IDBI Bank, among others. The operational creditors had claimed INR 1,922 crore from the company, of which only INR 485 crore had been admitted by the RP.

    The process to find a buyer for shipyard began in May 2020 with deadlines being extended four times. In August, 12 companies had submitted expressions of interest including APM Terminals, United Shipbuilding Corporation of Russia, Hazel Mercantile Ltd, Chowgule Group, Interups of USA, Next Orbit Ventures, ARCIL, IARC, JM ARC, CFM ARC, Invent ARC and Phoenix ARC.

    JSPL MD Mr VR Sharma confirmed to BS JSPL’s interest and said that “We are looking at it in two ways. One is the strategic location as it is port based and the other is that it can be a good outlet to consume our own plates.”

    Source - Strategic Research Institute
  18. forum rang 10 voda 3 maart 2021 13:02
    Pakistan Links Steel Scrap Import Value with LME

    Tribune reported that Pakistan’s customs authorities have linked the value of steel scrap with the London Metal Bulletin in a bid to avoid confusion at the time of goods clearance at ports. The Customs Valuation, Karachi Directorate-General issued valuation ruling number 1,517 that linked the value of steel scrap with the London Metal Bulletin. The notification said the decision is made to resolve the problems importers face at the clearance stage because the international market fluctuated according to demand and supply and prices of scrap were also published in the London Metal Bulletin for Pakistani importers.

    There are two systems for the valuation of imported goods under Section 25 of the Customs Act. One is ITP (import trade price) system, in which a minimum price is fixed and goods are assessed based on the ITP or declared price in the invoice/ LC (letter of credit, whichever is higher. The second is LMB system, which shows the value of goods as per the London Metal Bulletin on the date of opening the LC or based on the value declared in LC, whichever is higher.

    Pakistan Association of Large Steel Producers has lauded the customs’ decision. Welcoming the decision, the steel industry expressed optimism that more export-friendly initiatives would be taken by the customs department to facilitate manufacturers.

    Source - Strategic Research Institute
  19. forum rang 10 voda 4 maart 2021 09:35
    German Regulator BaFin Orders Moratorium on Greensill Bank AG

    The crisis at the troubled lender Greensill Capital has spread further after German regulators banned its German subsidiary Greensill Bank from doing business and reportedly filed a criminal complaint against management and Bank of England took action against one of the firm’s major business partners. German Federal Financial Supervisory Authority Bundesanstalt für Finanzdienstleistungsaufsicht has issued a ban for Greensill Bank AG on disposals and payments as there is an imminent risk that the bank will become over-indebted. In addition, BaFin has ordered that the bank be closed for business with customers and prohibited it from accepting payments that are not intended for repaying debt to Greensill Bank AG. BaFin’s measures are immediately enforceable but not yet final.

    Greensill Bank AG is directly supervised by BaFin. During a special forensic audit, BaFin found that Greensill Bank AG was unable to provide evidence of the existence of receivables in its balance sheet that it had purchased from the GFG Alliance Group. For this reason, BaFin has already taken extensive measures to secure the bank’s liquidity and to limit risks for Greensill Bank AG and has appointed a special representative for the bank.

    Furthermore, the Greensill Bank was reported by Bafin to the public prosecutor's office in Bremen on suspicion of balance sheet manipulation. Balance sheet manipulation can be punished with up to three years in jail under German law.

    Further questions are raised about GFG Alliance Group’s finances when the Bank of England ordered its subsidiary, GFG Alliance, to inject about GBP 75 million into Wyelands Bank, established in 2016 by Mr Sanjeev Gupta. Wyelands will use the money to return cash to retail savings customers as part of a plan it is agreeing with regulators. Wyelands Bank said “It will close its deposit accounts by 24th March and will be returning funds to its depositors. This is a result of regulatory requirements applied by the PRA to Wyelands Bank. The Bank has been working closely with its regulators regarding this repayment to depositors. The Bank is solvent and has sufficient financial resources to meet all of its obligations and repay all depositors.”

    Greensill was thrown into crisis earlier this week after it failed to secure a court injunction in Australia that would prevent insurers from pulling coverage for loans extended to its business borrowers. Its lawyers said the lapsed contracts would leave the firm unable to offer new loans to businesses, which may otherwise default and be forced to file for insolvency, putting 50,000 jobs around the world at risk. Credit Suisse later blocked investors from withdrawing money from USD 10 billion of funds linked to Greensill. The Swiss asset manager GAM Holdings revealed it was also closing its USD 842 million Greensill supply chain finance fund owing to market developments and resulting media coverage. Greensill is now holding out hope for a pre-pack deal with the private equity group Apollo Global Management, which is expected to cherrypick the best assets out of administration. However, Apollo is not expected to pick up a tranche of loans extended to Gupta, whose GFG Alliance empire has relied heavily on Greensill loans.

    The lender was founded in 1927 in Bremen as Nordfinanz Bank AG and renamed Greensill Bank AG in 2014, when it was acquired by Greensill Capital. GFG Alliance’s Mr Sanjeev Gupta has a close relationship with Australian banker Mr Lex Greensill, who founded the finance company. Greensill Bank AG describes itself as a refinancing institution for the Greensill Group and an investor in working capital solutions products developed by its British sister company Greensill Capital (UK) Ltd. The Greensill Group primarily acts as a global provider of short term supply chain financing solutions for industrial companies. The Australian company Greensill Capital Pty Ltd is the parent company of Greensill Bank AG.

    Source - Strategic Research Institute
  20. forum rang 10 voda 4 maart 2021 09:36
    Indian Steel Export & Import to Be Subdued in Q4 of 2020-21

    India Ratings and Research in its latest digest on India’s steel sector opined that Indian steel exports to remain low over the balance 4QFY21, due to a continued strong domestic demand and robust realisations and there is unlikely to be any spurt in imports due to domestic prices in India being at a discount to Chinese prices and China having limited steel surplus.

    India’s crude steel output in January 2021 was high at around 10 million tonnes, around 2% MoM and 7% YoY higher. The production of finished steel in January 2021 was 1.8% MoM and 4.1% YoY higher. The production is likely to remain on par in the coming months.

    India’s finished steel consumption in January 2021 stood at 9.97 million tonnes, up 3% MoM and 9% YoY, due to a robust demand and double-digit sales growth in auto, white and consumer durable goods that has led to the increased consumption. During April 2020-January 2021, the consumption was at 74.58 million tonnes down 13% YoY on account of the COVID-19 led disruptions over 1QFY21. The consumption is likely to remain strong in the near term, on back of a strong demand from the user industry.

    India's finished steel exports in January 2021 were at 0.58 million tonnes, down 6% MoM and 16% YoY. However, India’s export volumes were at 8.84 million tonnes, up 23% YoY due to during the lockdown in India. Conversely, India’s finished steel imports were around 2% MoM and 8.3% YoY higher at 0.52 million tonnes in January 2021. India's finished steel imports over April 2020-January 2021 were at 3.79 million tonnes, 37% lower YOY due to the COVID-19 disruptions.

    Source - Strategic Research Institute
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