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voda 8 februari 2016 17:03

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PSM demands anti dumping duties on steel imports

The Express Tribune reported that Pakistan Steel Mills, in a petition, has asked the National Tariff Commission to slap anti dumping duties on cheap steel imports that have flooded the market and are among primary reasons for the collapse of the giant industrial complex.

After missing the deadline to revive the steel mill, officials of the Ministry of Industries and Production appear convinced that the real reasons for the mill’s hefty losses are not only its operational challenges, bad management and poor plant maintenance, but also the competition with cheap steel products of China. By citing this reason, the officials are apparently trying to deflect attention from their inability to help the ailing state-owned mill stand on its feet.

In a meeting of the Economic Coordination Committee (ECC) on March 19 last year, officials of the Ministry of Industries had held the Pakistan-China free trade agreement, implemented from 2007, responsible for the financial collapse of PSM. Despite making the claim, they acknowledged that the real reason behind failure of PSM to meet its capacity utilisation targets was the forced closure of one of its plants due to poor maintenance.

In another meeting held on January 29 this year, the ECC issued directives for coming up with a report on the outcome of the petition filed by PSM with the National Tariff Commission that called for imposition of anti-dumping duties on cheap imported steel products.

The Privatisation Commission told the ECC that PSM’s liquidity position had deteriorated as the mill had found it difficult to dispose of its finished goods inventory, which was worth PKR 388 million. However, the inventory of unfinished goods valuing PKR 4.6 billion could only be sold after gas supply was restored and they were converted into finished products.

The ECC was told that PSM employees had not been paid salaries for the past three months and the current finished inventory was not sufficient to meet day-to-day expenses including staff salaries.

The committee noted that operations of the steel mill had almost come to a halt and its financial condition was deteriorating. It called for curtailing non-obligatory expenditures being made on salaries of contract employees and daily-wage earners.

PSM, which had been embroiled in corruption scandals in the past, comes within the purview of the industries ministry and is on the government’s privatisation list. It is the only steel mill in Pakistan that has the ability to produce raw steel from iron ore.

Source : The Express Tribune

voda 8 februari 2016 17:03

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ArcelorMittal Poland worker unions threaten protest

PAP reported that trade unions at ArcelorMittal, Poland’s largest steel producer, have threatened to start protests unless company bosses start talks on pay hikes.

The Solidarity trade union in November demanded a wage increase of PLN 300 (EUR 68) a month in 2016 plus a one-off PLN 2,500 (EUR 570) bonus for workers for the previous year. Unionists claim that managers have deliberately stalled wage negotiations and have warned they will start a protest if the company fails to reveal its plans within a week.

The company has said that it is prepared to hold talks. ArcelorMittal Poland spokeswoman Ms Sylwia Winiarek told the PAP news agency said “We are ready to present the unionists a comprehensive explanation of the employer’s position in respect of all their demands. Because of the Christmas break it was not possible to launch talks earlier.”

ArcelorMittal Poland is the country’s largest steel producer. The group includes the Zdzieszowice Coke Plant, the largest coke producer in Europe. ArcelorMittal Poland employs over 11,000 people, and together with its subsidiaries more than 14,000.

Source : PAP

voda 8 februari 2016 17:04

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Kenyan steelmakers want higher duty on cheap Chinese steel import

The Nation reported that doemstic steel manufacturers in Kenya have escalated their dispute with the government over cheaper imports from China to the East African Community and are lobbying the five member trading bloc to increase import duty to protect their businesses.

Through the Kenya Association of Manufacturers, they have accused the government of refusing to shield them from cheaper Chinese steel. KAM boss Ms Phyllis Wakiaga said the lobby group is seeking to convince EAC countries to include steel on the list of sensitive products so as to impose duty. Ms Wakiaga said the industry is also seeking the intervention of the Kenya Revenue Authority to protect the steel industry from cheaper Chinese steel. She told “We are trying to see in this round of budget processes if the EAC countries can concur on some of these issues to address these challenges.”

KAM has requested government officials to enact a temporary duty rate increase to 25 per cent from the current 13 per cent or $250 (Sh25,766) per metric tonne, whichever is higher, for steel imports. Currently, finished steel coming into the country is slapped with 13 per cent duty (about $75 dollars per metric tonne or Sh7,729), which the association feels does not offer sufficient protection in an industry that is characterised by high conversion rates.

Kortni Rao who heads the steel sector at KAM said that the conversion cost of a tonne of steel is about $200 (about Sh20,613) per metric, which is way above the Sh7,729 that steel imports are slapped with. Rao blamed the huge conversion cost to high costs of power, finance and labour. Local manufacturers believe the temporary measure should go a long way in helping the industry regain its footing.

However, Industrialisation Cabinet Secretary Adan Mohamed said the economy is benefiting from cheap steel prices as they have fuelled the construction sector which is growing at over 14 per cent. Mr Mohamed said that that Kenya is a big user of steel and the government has to balance between the two sectors.

Source : The Nation

voda 8 februari 2016 17:05

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EU move to impose anti dumoping duties on CR imports to hurt Russian steel makers

RBK business daily last week reported that the European Commission plans to introduce anti-dumping duties on cold rolled flat products from Russia and China by setting them up to 26 percent and 16 percent, respectively. Duties will be backdatedand affect supplies from Russia and China from mid-December, 2015. Officially, the introduction of the new regime will be announced on February 14, with the final decision to be published on the European Commission website on August 12, if an anti-dumping investigation currently underway confirms the facts of underpricing.

Anti-dumping duties will affect primarily two Russian companies the Novolipetsk Metallurgical Combine and Severstal.

Oleg Petropavlovsky from the BCS Financial Group said “No one will work at these prices. Given the falling demand for steel products on the domestic market, it won’t be easy to find new buyers for the released amount of steel. It’s likely that companies will cut production.”

In May 2015 the European Commission launched an investigation in regard to imported cold-rolled steel following a complaint by Eurofer, the European steel producers association. The association accused Chinese and Russian metal producers of artificially lowing prices for cold-rolled products used in the production of cars and home appliances.

Earlier, on January 22, Turkey introduced punitive duties on Russian hot-rolled flat products. The volume of duties differs for Russian companies: 13.7 percent for Magnitogorsk Metallurgical Combine, 12.4 percent for Severstal, and 9.4 percent for NLMK.

Source : RBK business daily

voda 8 februari 2016 17:06

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IZA urges Indian Railways to use galvanise rails for tracks

Press Trust of India reported that asserting that use of galvanised rail tracks could result in savings to the tune of 4 per cent of GDP, global zinc body IZA has urged Railway Minister Suresh Prabhu to go for such technique to avoid losses arising out of frequent track replacement from corrosion. This will also help in increasing longevity of rail tracks and ensuring passenger safety.

International Zinc Association has said in a letter to Mr Prabhu that “Galvanising of railway tracks would not only be significant initiative towards safety of trains but would also give more life to the railway tracks.”

Urging the Railway Minister to consider use of galvanised railway tracks for the safety of commuters and for longer life of rails, it said, “Experts estimate losses of almost 4 per cent of GDP per year on account of corrosion and Railways is nicely placed to minimise this loss.”

IZA Director Mr Rahul Sharma said that motivated by initiatives taken by the Railway Minister towards driving innovation and renovation in Indian Railways, the body has urged him to pay attention in this regard. He said “Indian Railways requires corrosion-free tracks in case India is considering Bullet Trains. The entire change would not only be cost effective but India would also be the first country to initiate such step towards passengers’ safety.”

He said as per reports by IIT-Kanpur and Steel Authority of India Ltd, large funds are invested to upgrade and maintain the railway track system in India. One of the significant aspects of railway track maintenance is the detection of corrosion and the replacement of corroded rails.

He added that “Corrosion of rails causes huge economic loss because of frequent rail replacements. Rail failures due to corrosion affect the safety of commuters and disturb normal traffic. The economic cost due to corrosion of rails is very significant. The rails have a life of 800 gross million tonnes, which works to approximately 12-13 years under normal traffic conditions in India. Corrosion reduces the life of rail to nearly half its expected life. The annual loss due to pre-replacement of corroded rails is huge about INR 440 crore. We have requested the Minister for his time to explain the benefits.”

IZA, a non-profit association established in 1990 in Brussels, has been active internationally as well as in India for sustainable development of applications of zinc, including the essentiality of zinc in human health, crop nutrition and corrosion protection of steel.

Source : PTI

voda 8 februari 2016 17:07

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7 nations urge for rgent EU action to help steel industry in Europe

Reuters reported that 7 countries have urged the European Union to step up action to relieve an ailing steel industry suffering from tumbling prices and cheap imports from China and Russia. Ministers from the France, Britain and Germany Italy, Poland, Belgium and Luxembourg, sent a joint letter on Friday to the European Commission and the chair of the EU Council of Ministers.

They wrote in the letter, initiated by French Economy Minister Emmanuel Macron that “The European steel industry, already weakened by the 2008 economic crisis, is tackling chronic use of unfair trade practices in a context of strong international competition intensified by overcapacity at global level. The European Union cannot remain passive when rising job losses and steelwork closures show that there is a significant and impending risk of collapse in the European steel sector."

The seven ministers asked the Commission to make full use of the full range of EU policy instruments to tackle unfair trade.

The ministers called for a separate investigation into imports of hot-rolled flat products from China. They said "We should not wait until the damage from unfair practices becomes irreversible for our industry.”

The EU intends to impose duties on imports of cold-rolled flat steel from China and Russia following its investigation into alleged dumping by the two countries, sources said.

The EU is the second largest producer of steel in the world after China. It makes over 177 million tonnes a year, accounting for 11 percent of global output, according to EU data. The EU also has some of the world's highest energy costs and green taxes. Europe has lost 85,000 steel jobs since 2008, over 20 percent of the workforce, according to the industry body Eurofer, as prices crashed to decade lows due to overcapacity, shrinking demand and a flood of cheap imports, mostly from China.

Source : Reuters

voda 8 februari 2016 17:08

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Ministry of Commerce promises cut in steel overcapacity in China

Xinhua reported that in response to encouragement from the European Union, China's Ministry of Commerce said that China has taken concrete steps to reduce steel overcapacity. It said “After a string of measures to cut steel overcapacity, China has seen marked progress at considerable costs with the capacity growth having been curbed.”

The State Council, China's cabinet, announced on Thursday the country will reduce its steel production capacity by 100 million tonnes to 150 million tonnes over the next five years, after a reduction of more than 90 million tonnes during 2011 to 2015.

MOC said “The moves and plan show China's resolution.”

MOC added “As steel overcapacity is a common problem worldwide and requires joint effort, China is willing to make contributions to the matter through sincere talks with members of the World Trade Organization.”

In addition, the MOC also said WTO members should stop using a surrogate country system on China's exports as the practice will lose its legal basis by the end of 2016, according to the agreement signed when China joined the WTO.

The EU has urged China to curb overcapacity as it worries steel imports from China may hurt its domestic interests. It announced it is considering new anti-dumping investigations this month.

Source : Xinhua

voda 8 februari 2016 17:09

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PPMAI knocks PM’s door on imposition of MIP on steel

Process Plant and Machinery Association of India, anapex body representing the Process Plant Manufacturers in the country, have written to Prime Minister Mr Narendra Modi against excessive protectionism including imposition of Minimum Import Price being given to the steel sector in the country. They have strongly objected and expressed serious concern at perpetual protectionist environment being created excessively in favour of steel sector in the country without consulting the capital goods and industry sector.

Mr VP Ramachandran, Secretary, of PPMAI, wrote “India is in the process of globalizing its manufacturing base through establishment of Capital Equipment and downstream industries in MSME to generate employment as well as boost Make in India vision through competitiveness of Indian products. Industrial and trade policies are based on narrow perspectives of PROTECTIONISM FOR ONE individual industry. India should not be seen as a protectionist nation with unpredictable policies.”

He wrote “If steel industry including stainless steel is favoured with so much of excessive protectionism including curb on imports with anti dumping duties and additional safe guard duties and latest Minimum Import Price (MIP) in this competitive world, it will end up as a burden on the economy and scare away investors in other productive Capital Equipment as well as downstream MSME areas which have the potential to run efficiently and grow without support and develop export markets and most importantly generate employment for the youth in our nation.”

He added “Government has already provided enough protection to steel industry through high imports duties, Rupee devaluation by over 50% and trade barriers such as anti-dumping or safeguard duties. In a deregulated environment government is taking away capital goods industries right to access the required quality of raw materials and intermediates at competitive prices.”

He said “ Why only steel sector alone which is about 80 -90 per cent family owned business in the country is being taken care of and that too at the prospect of killing the downstream capital goods & MSME sector who are the backbone to make in India theme. The recent proposal by Government to impose Minimum Import Price (MIP) for steel products without discussing with all the stake holders will further create confusion if arbitrary price is fixed and will hit domestic industry if asked to follow prices.”

He said “The current high import duties are also inverted. this basically protects the steel industry but hurts the business operations of downstream value added producers. thus, the steel industry can face lack of domestic demand if the closure of downstream sector happens in near future. Government must therefore look at the big picture and not sacrifice the Capital Goods and MSME sectors to protect the business interests of steel producers alone.”

He wrote “PPMAI urges the government to make the duty structure logical and bring down the import duties on semis and intermediates like Hot and Cold rolled carbon steel and stainless steel to the original rate of 5%. if China , Korea & Japan are dumping at low price , start anti dumping investigations instead of further protection through import curbs as Indian Economy is not only steel sector alone ”

Process Plant and Machinery manufacturers nclude major companies include Larsen & Toubro, Godrej, Thermax, Praj Industries, Aker Solutions, Toyo Engineering., ThyssenKrupp Industrial Solutions (India), (UHDE), Ion Exchange and BGR Energy Systems

Source : Strategic Research Institute

voda 8 februari 2016 17:10

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Chinese mega pans to shut 150 million tonnes of steel capacity likely to fail – Analysts

Bloomberg last week reported that According to analysts from Capital Economics Ltd, Macquarie Group Ltd and Argonaut Securities (Asia) Ltd, mega plans to shrink China’s bloated steel industry will probably fail to stem industry losses or curb the deluge of exports that’s hurting producers from India to the US and Europe as the cuts, amounting to 13 percent of capacity at most, fall short of requirements

Ms Caroline Bain, senior commodities analyst at Capital Economics, said that “The announcement is actually a disappointment. Now that we know this is intended to happen over five years, the immediate market impact seems minimal and could actually be negative.”

Mr Colin Hamilton, head of commodities research at Macquarie in London, said “China’s still going to be exporting steel and associated deflationary pressures for a while. The world needs 200 million tonnes to 250 million tonnes of capacity cuts.”

Ms Helen Lau, analyst at Argonaut Securities (Asia) Ltd. in Hong Kong, added “The government has to balance a serious situation for the steel market with the need for social stability. It looks like China isn’t going to reduce supply according to expectations. They may want to make sure that workers can be relocated slowly to other areas and ensure a smooth transition.”

As much as 150 million tonnes of capacity will be shut under a five-year blueprint that’s part of a swathe of supply side reforms directed by President Xi Jinping. The government is trimming the industry as demand sags after decades of expansion. The blueprint includes a ban on new capacity, financial support for the mills and encouragement of mergers and acquisitions. About 400,000 jobs may be lost, a leading official with a state-owned consultancy said in January.

Source : Bloomberg

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voda 8 februari 2016 17:16

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ArcelorMittal Europe reports EUR 145 million operating profit for 2015

ArcelorMittal Europe has announced its results for the full year 2015 and the fourth quarter ended 31 December 2015. For the full year 2015, the Europe segment reported an operating profit of EUR 145 million. This compares with an operating profit of EUR 549 million in 2014, reflecting the impact of lower steel prices on the business. Full-year Ebitda for 2015 was EUR 2,158 million, compared with EUR 1,730 million in 2014.

For the fourth quarter of 2015, ArcelorMittal Europe recorded an operating loss of EUR 465 million, compared with a profit of EUR 122 million for the same quarter in 2014. However the Q4 2015 performance was impacted by impairments of EUR 366 million, primarily in connection with the temporary idling of ArcelorMittal Sestao in Spain, as well as EUR 316 million of inventory write-downs following the rapid decline of steel prices.

Ebitda in Q4 2015 improved by 12.5% year-on-year, mainly due to lower costs and efficiency improvements partly offset by lower average steel selling prices (-10.2%) and lower steel shipments (-1.4%).

In terms of production, crude steel production fell by 8.2% to 10 million tonnes in the final quarter of 2015, compared with the previous quarter, primarily due to lower demand and maintenance works including the reline of a blast furnace in Dunkirk, France, and repairs to a blast furnace in Gent, Belgium.

The business’ 2015 performance has been significantly impacted by the drop in steel prices in Europe, as a result of lower demand in China which has caused record levels of unfairly priced imports into the European Union.

ArcelorMittal, together with all steel producers in Europe, has been consistently calling for the European Union to use trade defence instruments to impose tariffs on unfairly priced steel imports, in order to ensure a long-term future for the steel industry in Europe.

Mr Aditya Mittal, CEO ArcelorMittal Europe, said “ArcelorMittal Europe has today reported an operating profit of €145m for 2015, but we recorded an operating loss of €465m for the fourth quarter of the year, which included €316m of exceptional charges relating to the write-down of inventories following the rapid decline of steel prices. We have now recorded two consecutive quarterly losses as a result of this price deterioration in the second half of the year, following six consecutive quarters of profit. It is now widely known that the steel industry in Europe is suffering as a result of record levels of low-priced unfair imports."

In terms of the economic outlook, ArcelorMittal expects the modest European economic recovery to continue in 2016, with EU28 GDP growth up to 1.9% year-on-year from 1.8% in 2015. Real steel consumption is expected to continue to grow in 2016, but a build-up of stocks has led to a lower apparent steel consumption (ASC) forecast, of below 1%.

Source: Strategic Research Institute

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voda 8 februari 2016 17:17

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US steel import market share in January seen at 25% - AISI

Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of January total 2,696,000 net tons (NT)*. This was a 2% increase from the 2,638,000 permit tons recorded in December and a 16% increase from the December preliminary imports total of 2,323,000 NT. Import permit tonnage for finished steel in January was 2,093,000, up 4% from the preliminary imports total of 2,017,000 in December. The estimated finished steel import market share in January was 25%.

Finished steel imports with large increases in January 2016 permits vs. the December 2015 preliminary included standard rails (up 460%), oil country goods (up 91%), reinforcing bars (up 74%), standard pipe (up 68%), line pipe (up 45%), cold finished bars (up 24%), structural pipe and tubing (up 19%), wire drawn (up 11%) and plates in coils (up 11%).

In January, the largest finished steel import permit applications for offshore countries were for Turkey (262,000 NT, up 56% from December preliminary), South Korea (259,000 NT up 10%), Japan (216,000 NT, up 50%), Germany (125,000, up 3%) and Brazil (89,000 NT, up 30%).

Source : Strategic Research Institute

voda 8 februari 2016 17:20

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ArcelorMittal reduces net debt by USD 4 billion

ArcelorMittal has announced a proposed capital raise of USD 3 billion which, alongside the sale of its minority stake in Gestamp for approximately USD 1 billion also announced, would reduce pro forma net debt as of 31 December 2015 by USD 4 billion to below USD 12 billion.

Features of the c.US$3.0 billion share capital increase, expected to be completed in H1 2016, include:
Capital increase by way of a rights issue for ArcelorMittal shareholders[3]
The Mittal family has committed to take up its pro-rata entitlement corresponding to approximately US$1.1 billion
ArcelorMittal has entered into a standby underwriting commitment with Goldman Sachs International, BofA Merrill Lynch and Crédit Agricole Corporate and Investment Bank, acting as Joint Global Coordinators, pursuant to which the Joint Global Coordinators undertook to underwrite the capital increase for the remaining amount, subject to customary conditions.

Additionally the Company will receive approximately US$1 billion from today’s separately announced sale of its 35% shareholding in Gestamp which is expected to be closed by the end of June 2016. ArcelorMittal will continue its supply relationship with Gestamp through its 35% shareholding in Gonvarri, a sister company of Gestamp.

Assuming completion of the rights issue and factoring in the Gestamp sale proceeds, the Company’s net debt at 31 December 2015 would be less than $12bn representing 2.2x 2015 Ebitda.

Mr LN Mittal, chairman and CEO of ArcelorMittal, commented “This capital raise, combined with the sale of our minority shareholding in Gestamp, will accelerate the company’s debt reduction plans and enable us to reduce net debt to less than US$12 billion. This will help ensure that the business is resilient in any market environment and puts ArcelorMittal in a position of strength from which to further improve performance. The Company had already announced plans to reduce the cash requirements of the business and improve Ebitda in 2016. A more detailed long-term strategic review has now been completed, setting out the performance improvement potential for the five year period to 2020. “Looking ahead it is clear that those steel companies with a combination of the right assets, the right strategy and the right balance sheet will prosper. We are confident ArcelorMittal has this combination and that we are in a strong position to deliver on the targets identified and cement our position as the world’s leading steel company.”

The Board of Directors has proposed that an Extraordinary General Meeting will be held to pass the resolutions necessary for the capital increase.

The Company separately announces today a five-year strategic roadmap, the ArcelorMittal Action 2020 plan, which sets out improvement plans for each of its five business segments and aims to improve Ebitda and free cash flow performance.

Source : Strategic Research Institute

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voda 8 februari 2016 17:21

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Latin America steel import from China in 2015 total 9.4 million tonnes

Latin American steel association Alacero announced that China has significantly increased its exports of steel-derivatives products to the region and must be monitored (wire products and welded tubes). Total volume of steel imports from China will be calculated as the sum of finished steel products (long steel, flat steel and seamless pipes) plus steel-derivatives products. The total exports of steel from China -including finished and steel-derivatives products- continued growing and reached 109.6 million tons during 2015, 20% more than 2014. Of this volume, 103.0 million were finished steel and 7.0 million tons of steel-derivatives products. Latin America accounted for 8.6% of those exports, reducing its participation in 1.7 percentage points versus 2014 (10.3%).

China ´s main destinations for finished steel exports are South Korea, which received 13.5 million tons (12.2% of the total) in the period and Vietnam 10.0 million tons (9.2% of the total). With this, in 2015, both countries recorded a growth of 4% and 53%, respectively, on their imports of Chinese steel compared to 2014.

In 2015, China shipped 9.4 million tons of steel to Latin America, which 8.4 million tons were finished steel and 1.0 million tons of steel-derivatives products. The total volume is 1% more than the 9.3 million tons (8.3 finished products and 1.0 million tons of steel-derivatives products) recorded in 2014. The Chart 01 shows that the volume of Chinese steel received by the region is approaching 2014 levels, reducing the strong gains in early 2015. In December 2015, Latin America received 873 thousand tons of steel from China (770 thousand tons of finished and 103 thousand tons of steel-derivatives).

This volume is 45% higher than the previous month that recorded 603 thousand tons (551 thousand tons of finished and 52 thousand tons of steel-derivatives) and 12% less than 993 thousand tons (867 thousand tons of finished and 126 thousand tons of steel-derivative) of December 2014.

Finished steel imports from China by destination
The main destinations for Chinese steel (finished + steel-derivatives) in Latin American during 2015 were Central America, which received 1.8 million tons (19% of the region); Chile, which accumulated 1.3 million tons (14%); and Brazil, with 1.2 million tons (12%). Between Jan/Dec 2015, the countries that most increased their imports of Chinese steel (in percentage terms) versus 2014 were Argentina (+ 305%), Dominican Republic (+ 148%), Cuba (+ 145%) and Costa Rica (+ 101%). Argentina, Dominican Republic and Cuba, however, still hold a small participation of the Latin American steel imports of Chinese steel (2%, 3% and 2%, respectively). Mexico became the fourth destination of Chinese steel in 2015, receiving 1.1 million tons, 18% more than 2014.

On the other hand, the countries that have reduce their imports of total steel products from China versus 2014 were: Brazil (-44%), Colombia (-18%), Ecuador (-15%), Chile (-7%) and Peru (-3%) and currently have shares of 12%, 8%, 6%, 14% and 10%, respectively

Imports from China by products
49% of the steel (finished and steel-derivate products) imported by Latin America from China during 2015 were flat products, which reached 4.6 million tons. Among these, the most relevant products in terms of volume were:
Sheets and coils of other alloy steel (1.6 million tons, 34% share of flat steel imported from China)
Hot galvanized (1.1 million tons, 25%)
Cold coils (679 thousand tons, 15%)

Long steel: China exported to Latin America 3.4 million tons, mainly concentrated in:
Bars (1.6 million tons, 48% share of the long steel)
Rod Wire (1.3 million tons, 38%)

The region received 395,000 tons of seamless pipes (4% of the total) and 1.0 million tons of steel-derivate products (11%):
Welded tubes (820,000 tons)
Wire (199,000 tons)

Source : Strategic Research Institute

marco1975 8 februari 2016 18:04

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BofA Revises Estimates on ArcelorMittal

ArcelorMittal beat BoFA predictions on EBITDA by 2% resulting in changes in estimates

Bank of America has made slight changes to its Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and EPS predictions for ArcelorMittal SA (ADR) (NYSE:MT), following the firm's recent announcements. Arcelor Mittal has announced that it will look to raise $3 billion from issuing new shares, and another $1 billion from selling its stake in Gestamp, a Spanish automotive steel parts maker.

The investment firm has maintained its FY16 EBITDA to $4.96 billion, but has forecast a 2017 EBITDA of $5.31, an increase of 5%, as it expects profits from the US and CIS states to reach normal levels. For 2018, EBITDA is expected to reach $5.78 billion. EPS revisions include losses per share of $0.42 for 2016, up from losses per share of $0.63. The same holds for 2017 and 2018, with losses per share of $0.26 and $0.09; again increases from previous estimates.

Additionally, it expects better cash flow generation due to reduced capital expenditure, as well as a decline in interest rate costs. For 2016, free cash flow should reach $300 million, and that should double in 2017 to $600 million. BofA is not taking into account the new shares issue and planned sales for now, but will factor them into later models.

Looking at the steel industry, analysts expect the market to reach some level of stability as China starts to reduce its production overcapacity. Moreover, they expect the US and EU to start enforcing anti-dumping duties to further constrain supply, leading to margins getting solidified. This will allow ArcelorMittal to be able to refinance some of its debt, with $5 billion due by the end of 2017. Therefore, BofA maintains its price target of €4.2 while reiterating its Buy rating.

Editing by Shuaib Ahmed; Graphics by Waqas Khan

bron

www.bidnessetc.com/63027-bofa-revises...

voda 9 februari 2016 16:09

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Aperam houdt last van dalende nikkelprijzen - Preview

AMSTERDAM (Dow Jones)--Aperam (056997440.LU) heeft in het vierde kwartaal last gehad van aanhoudend dalende nikkelprijzen, terwijl de recessie in Brazilie ook op de resultaten drukte, waardoor de omzet en de operationele winst lager uitkwamen dan in dezelfde periode een jaar terug. Dit blijkt uit analistenrapporten en een consensus van dataverzamelaar FactSet.

In het derde kwartaal wist de fabrikant van roestvast staal de dalende nikkelprijs en zwakke marktomstandigheden te compenseren met kostenbesparingen. Aperam kondigde toen aan weer dividend uit te gaan keren, wat in 2013 en 2014 achterwege was gebleven, en zei ook te verwachten dat de markten zouden gaan aantrekken. Wat betreft het vierde kwartaal sprak de onderneming de verwachting uit van een stabiel bedrijfsresultaat (EBITDA) ten opzichte van de $108 miljoen die in het derde kwartaal werd gerealiseerd.

Analisten geraadpleegd door FactSet verwachten dat Aperam afgelopen kwartaal een bedrijfsresultaat van $100 miljoen realiseerde. Daarmee zou het bedrijfsresultaat $17 miljoen lager liggen dan in dezelfde periode in 2014. De marktvorsers mikken daarnaast op een omzet van $1.067 miljoen, tegenover $1.291 miljoen een jaar eerder.

Analisten van Deutsche Bank stelden dat de roestvast staalsector een van de meest aantrekkelijke is van de materialensectoren. Ondanks de stevige daling van de nikkelprijzen vorig jaar, zijn de marktvorsers nog steeds van mening dat het structurele herstel in Europa intact is. Wanneer nikkel in waarde daalt, stellen klanten van Aperam hun bestellingen uit, in afwachting van verdere dalingen. De nikkelprijzen daalden in 2015 met 42% en met 12% in de laatste drie maanden.

De koers van Aperam kreeg recentelijk flinke klappen en is ten opzichte van begin dit jaar met ongeveer een vijfde gedaald. Exane noemde deze correctie echter overdreven. Met name vanwege de kostenbesparingen die Aperam realiseert, is de fabrikant de sectorfavoriet van de Franse bank. Exane verwacht evenwel glansloze resultaten over het vierde kwartaal en rekent ook op een matige outlook van Aperam voor het lopende eerste kwartaal. Wel verwachten de analisten dat de priijsdaling van nikkel in de eerste helft van dit jaar zal uitbodemen.

Aperam maakt de kwartaalresultaten woensdag nabeurs bekend.

Door Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 9 februari 2016 16:11

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ArcelorMittal advies omlaag bij ING - Market Talk

AMSTERDAM (Dow Jones)--ING heeft het advies voor ArcelorMittal (MT.AE) afgewaardeerd naar hold van buy in reactie op de geplande claimemissie ter waarde van $3 miljard en de verwachting dat de wereldwijde staalmarkten zwak zullen blijven. De analist verwacht dat de verhouding tussen de vraag en aanbod van staal ook dit jaar uit balans zal blijven. Hier zal het staalconcern last van blijven houden, eventuele anti-dumpingmaatregelen in de EU en Amerika ten spijt. Deze maatregelen, die zullen helpen tegen de import van staal uit China, worden halverwege februari verwacht. De bezettingsgraad van de wereldwijde capaciteit in de staalmarkten is tot onder de 70% gezakt en volgens ING zijn serieuze capaciteitsverminderingen in China nodig om evenwicht in de sector terug te brengen. De analist voorziet aanhoudende volatiliteit voor de koers en verlaagt zijn koersdoel naar EUR3,10 van EUR10,50. Het aandeel is maandag gesloten op EUR3,23.

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 9 februari 2016 16:11

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Goldman Sachs haalt ArcelorMittal van verkooplijst - Market Talk

AMSTERDAM (Dow Jones)--Goldman Sachs heeft dinsdag het advies voor ArcelorMittal verhoogd naar neutral van sell, maar stelde het koersdoel wel neerwaarts bij naar EUR3,30 van EUR3,90.

De analisten van de Amerikaanse zakenbank besloten na een periode van onderpresteren het fonds van de verkooplijst te halen. Sinds Goldman Sachs het aandeel op de verkooplijst zette in mei 2014, daalde het fonds maar liefst 71,5% in waarde.

Voor 2016 mikt Goldman Sachs voor ArcelorMittal op een bedrijfsresultaat (EBITDA) van $4,5 miljard. De aantrekkelijkheid van het aandeel zal afhangen van de macro-economische omstandigheden, de haalbaarheid van de gestelde doelstellingen onder het gelanceerde herstructureringsprogramma en de opwaartse risico's van de outlook voor 2016.

De risico's voor de balans op korte termijn zijn volgens de marktvorser "significant" verkleind, terwijl er voldoende liquiditeit aanwezig is om voor 'vele jaren" aan de verplichtingen te voldoen.

Het aandeel ArcelorMittal verliest rond 9.10 uur 2,7% op EUR3,14, terwijl de AEX met 0,7% stijgt.

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 9 februari 2016 16:18

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ArcelorMittal vergadert 10 maart over emissie

LUXEMBURG (AFN) -
ArcelorMittal legt de onlangs aangekondigde claimemissie van 3 miljard euro op 10 maart voor aan zijn aandeelhouders. Tijdens een buitengewone vergadering kunnen zij stemmen over het voornemen om maximaal 30 miljard gewone aandelen uit te geven, aldus het staalconcern dinsdag.

Klik hier voor meer nieuws en actuele koersinformatie over ArcelorMittal

De nominale waarde van de stukken wordt verlaagd tot 10 cent per aandeel. Die verlaging resulteert in een daling van het uitstaande aandelenkapitaal van circa 7,5 miljard euro naar iets meer dan 180 miljoen euro. Dat bedrag wordt vervolgens aangevuld met de opbrengst van de uitgifte.

Om de claimemissie uit te kunnen voeren moet 50 procent van het uitstaande aandelenkapitaal aanwezig dan wel vertegenwoordigd zijn op de vergadering. Bij instemming van minimaal twee derde van de stemmen worden de voorstellen van kracht.

voda 9 februari 2016 16:19

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Alle adviezen voor Arcelor Mittal

Datum Advies Koersdoel Door
09 feb '16 Lager Overweight» Neutraal € 5,90 » € 2,70 Lager J.P. Morgan Meer »
09 feb '16 Lager Kopen» Houden € 10,50 » € 3,10 Lager ING Meer »
09 feb '16 Hoger Verkopen» Neutraal € 3,90 » € 3,30 Lager Goldman Sachs Meer »
08 feb '16 Lager Kopen» Houden € 5,50 » € 3,60 Lager Berenberg Meer »
08 feb '16 Lager Kopen» Houden € 6,50 » € 3,30 Lager Norddeutsche Landesbank Meer »
08 feb '16 Hoger Market underperform» Neutraal € 3,50 Exane BNP Paribas Meer »
08 feb '16 Houden € 6,00 » € 4,00 Lager Deutsche Bank Meer »
05 feb '16 Verkopen € 4,70 » € 3,20 Lager S&P Capital IQ Meer »
05 feb '16 Niet aanbevolen - Theodoor Gilissen Meer »
05 feb '16 Kopen € 9,00 Société Générale Meer »
05 feb '16 Market underperform € 3,00 Jefferies Meer »
03 feb '16 Kopen € 6,50 » € 5,00 Lager Commerzbank Meer »
28 jan '16 Houden € 4,80 » € 3,70 Lager HSBC Meer »
27 jan '16 Neutraal € 5,00 » € 4,14 Lager Credit Suisse Meer »
26 jan '16 Kopen - UBS Meer »
15 jan '16 Verkopen € 4,00 » € 3,00 Lager Independent Research Meer »
15 jan '16 Equalweight € 5,50 » € 4,00 Lager Barclays Meer »
23 dec '15 Houden € 6,00 » € 4,00 Lager Rabo Meer »
18 dec '15 Lager Sector outperform» Sector perform € 11,00 » € 4,00 Lager RBC Meer »
02 dec '15 Lager Kopen» Neutraal € 6,50 » € 5,00 Lager Citigroup Meer »
07 okt '15 Kopen € 12,00 » € 7,50 Lager Kepler Cheuvreux Meer »
05 aug '15 Hoger Houden» Kopen € 9,00 » € 10,50

Bron: www.trivano.com/aandeel/arcelor-mitta...

De link geeft een duidelijker beeld!

voda 9 februari 2016 16:52

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Mizuho Bank extends low rate financing to Baoshan Steel

Nikkei last week reported that Mizuho Bank loaned CNY 120 million (USD 18.2 million) to Chinese company Baoshan Iron & Steel on Thursday in Shanghai's free trade zone, becoming the first Japanese bank to finance in the special economic district.

The deal was reached through Mizuho's Chinese arm at the end of January.

The loan is said to charge lower interest than the 4.35% one-year onshore benchmark rate set by the People's Bank of China, the central bank.

Source : Nikkei

Vertraagd	2 mei 2024 17:35
Koers	24,330
Verschil	+0,740 (+3,14%)
Hoog	24,640
Laag	23,430
Volume	3.748.681
Volume gemiddeld	2.514.768
Volume gisteren	2.340.129

11:38	Beursblik: resultaten ArcelorMittal b...	1
08:25	AEX gaat hogere opening tegemoet, ter...	3
07:25	Meer omzet en hoger resultaat bij Arc...
01 mei	Lagere winst ArcelorMittal verwacht
23 apr	Mondiale staalproductie daalt toch weer
16 apr	Deutsche Bank haalt ArcelorMittal van...	1
12 apr	Video: cyclische aandelen bieden kansen
09 apr	World Steel Organisation ziet vraag n...
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12 mrt	ArcelorMittal neemt groot belang in V...

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