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voda 11 oktober 2019 15:50

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Nippon Steel to Halt Production at Kimitsu Works before Super Typhoon Hagibis

Nippon Steel announced that it will temporarily suspend production at one of its manufacturing bases in the city of Kimitsu, Chiba Prefecture, as a measure to prepare for the coming typhoon. Nippon Steel will halt production halt at its Kimitsu Works. Gusty winds from the powerful typhoon Faxai last month knocked down a 70-meter-tall chimney of Kimitsu Works for processing iron materials.

Typhoon Hagibis is forecast to approach mainland Japan over the weekend. Packing winds of 150 mph, Hagibis, the behemoth super typhoon crashing through the northwest Pacific, could impact Japan as the equivalent of a Category 1 or 2 hurricanes this weekend.

Source : Strategic Research Institute

voda 11 oktober 2019 15:52

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Tata Steel Update on Production & Sales Volumes in India, Europe & SEA in Q2

Tata Steel announced steel production volumes at various units during July-September 2019 quarter. Tata Steel India’s 2QFY20 sales volume increased by 5%QoQ primarily with better volumes at Tata Steel BSL. During the quarter, lower volumes to automotive segment were compensated by higher exports while deliveries in Branded Products & Retail segment and Industrial Product & Projects segment were maintained. Tata Steel India's Crude Steel production was flat on QoQ basis. Tata Steel Europe’s 2QFY20 production volume was lower primarily with adjustments related to weaker market conditions, planned summer shutdowns and unplanned outages; sales volume was flattish on QoQ basis.

Voor cijfers, zie pdf

Tata Steel said “Global business confidence remained subdued during 2QFY20 as weakening economic activities and prolonged uncertainty over trade conflicts impacted investment decisions and trade flows. The accommodative monetary policy stance by key advanced and emerging rnarket economies is yet to show any noteworthy impact on economic activity levels. Consequently, apparent steel demand remained weak, weighing on steel prices across geographies. Though the regional spot steel spreads have begun improving since mid-July’19 from the lows of 1QFY20 with softening coking coal and iron ore prices, the meaningful benefit will flow through in the next few quarters. In Europe, the steel industry continued to face significant headwinds amidst lower demand conditions due to Brexit uncertainty and trade conflicts.”

It added “During the quarter, overall economy activities in India further weakened as reflected in low investment sentiment and demand slowdown as is evident in plummeting vehicle sales and weak GST collections. This combined with a seasonally weaker monsoon quarter adversely affected overall demand for steel. The Indian government has announced various measures to stimulate economic activities and market sentiments, however the benefits of the same in terms of new private investments and improved domestic consumption will potentially manifest only in the longer term. The recent rate cuts by the Reserve Bank of India are a welcome step to improve liquidity though transmission of the rate cuts is not evident and hence the credit offtake has not yet picked up. However, as the monsoon season comes to an end and me festive season starts, an improvement in sentiment is expected to trigger a pick-up in consumption and thus steel demand.”

Source : Strategic Research Institute

Bijlage:

voda 11 oktober 2019 15:53

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EU Imposes Tariffs on Import of Steel Wheels from China

The European Union has imposed tariffs on imports of steel wheels from China. The rates of the provisional anti-dumping duties are 50.3% against 19 specifically named Chinese exporters including Zhejiang Jingu and Xingmin Intelligent Transportation Systems and 66.4% for all others. The levies, due to take effect Friday, will last six months and may be prolonged for five years.

The anti-dumping duties represent the preliminary outcome of a probe opened in February on the basis of a dumping complaint by the Association of European Wheel Manufacturers. EU has 11 manufacturers of steel road wheels, which took the unusual step of declining to identify any of them on grounds of a fear of retaliatory measures by some of their customers

Chinese exporters’ combined share of the EU market for steel road wheels doubled to 5.3% last year compared with 2015.

Source : Strategic Research Institute

voda 11 oktober 2019 15:54

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Delhi HC asks Bhushan Steel Owners to go to Trial Court for Bailn

Delhi High Court has granted 7 days protection from arrest to Bhushan Steel’s former chairman Mr Brij Bhushan Singal and his daughter-in-law Ms Ritu, summoned as accused in a fraud case. Justice Vibhu Bakhru, however, made it clear that the seven days of interim protection to the two is from the date of the decision of the trial court on their bail plea. It said that the protection is only in case the trial court’s decision on their bail pleas goes against them.

The direction and interim order came on the anticipatory bail pleas of Brij Bhushan and Ritu, who were summoned by the trial to appear before it on October 14, along with 286 others.

Solicitor General Maninder Acharya, along with central government standing counsel Ajay Digpaul and Anurag Ahluwalia, argued that the apprehension of the accused that they will be arrested when they appear before the trial court was unfounded.

The SG also contended that the trial court had taken cognisance of the charge sheet filed by the SFIO in the case, after which the summons were issued.

Source : Strategic Research Institute

voda 11 oktober 2019 15:58

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Japanese Crude Steel Output in Oct to Dec Quarter to Slip Further- METI

Japan’s Ministry of Economy, Trade and Industry said that Japan’s output of crude steel in the October-December quarter is forecast to fall 0.1% from a year earlier as trade tensions and uncertainty over China’s economy curb exports. The Ministry said that crude steel output is estimated at 25.69 million tonnes versus 25.70 million tonnes a year earlier. Output has fallen year on year for five quarters. Output in the current quarter is expected to rise 0.8% from the previous quarter. Demand for steel products, including those for exports, is forecast to fall 2.9% YoY to 22.92 million tonnes. Exports, which typically account for about 40% of Japanese steel production, are predicted to drop 1.4%.

Mr Noriyuki Kuroda director of metal industries division at METI told a news conference that “Escalating trade tensions and uncertainty over the outlook for the Chinese economy are expected to keep weighing on exports and production. Weaker demand after consumers’ last-minute purchases before the sales tax hike may also hurt manufacturers. Higher public spending on infrastructure to guard against big disasters might mitigate some negative impact.”

Mr Kuroda warned output might fall short of the latest forecast as it does not reflect the recent shutdown of some steelmaking plants.

Source : Strategic Research Institute

voda 11 oktober 2019 15:58

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NLMK La Louviere Launches Hot Strip Mill Upgrade

Belgium based NLMK La Louviere has embarked on EUR 150 million project to revamp its hot strip mill, expanding production of thinner, stronger and more environmentally friendly steel. The investment is a part of the NLMK Group Strategy 2022. With this upgrade NLMK La Louvière will increase production from 1.7 million tonne to 2.2 million tonne by 2022 with a bigger share of the niche HRC market in the EU. The extensive upgrade includes installation of the state-of-the art automation system, three new and three upgraded roll mill stands, new drives and motors as well as new run-out table, modernized cooling and water systems. The project will enable the mill to expand production of high strength thin hot rolled coil (down to 1.2 mm), increase the range of high-strength products beyond 1000 MPa yield strength and provide customers with best-in-class surface and dimensional tolerances.

The first phase of the mill transformation is scheduled for early 2020, for completion in 2021. The contract has been awarded to Primetals Technologies, a leading supplier of solutions for the metals industry. The company has finalized basic engineering and launched production of the equipment.

Source : Strategic Research Institute

voda 11 oktober 2019 15:59

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TATA Steel Explore Potential Carbon Capture Project to Reduce CO2 Emissions

Tata Steel has joined forces with Dutch companies Gasunie, EBN and Port of Amsterdam to complete a feasibility report into an innovate project which could reduce the steelmakers’ CO2 emissions. Tata Steel announced last year it aims to be a carbon neutral steelmaker in Europe by 2050. Capturing CO2 from the company’s steelmaking operations and either reusing it or storing it in empty gas fields under the North Sea could play an important role in helping to achieve that ambition.

The new report confirmed there are sufficient opportunities for capturing, storing and reusing CO2 in the North Sea Canal area, which is home to Tata Steel’s integrated steelmaking site in IJmuiden, the Netherlands. It showed a CCUS network is technically feasible and has the potential to reduce emissions of CO2 by 7.5 million tonnes a year by 2030. The current feasibility study will be followed by more detailed research,

Known as the Athos Project it is just one of the ways Tata Steel is exploring to reach its ambitions around decarbonisation.

Source : Strategic Research Institute

voda 11 oktober 2019 16:00

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Steel Imports into US in 9M of 2019 dip by 13% - 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 September totaled 1,967,000 net tons. This was a 9.4% decrease from the 2,172,000 permit tons recorded in August and a 2.7% decrease from the August final imports total of 2,022,000. Import permit tonnage for finished steel in September was 1,510,000, down 15.9% from the final imports total of 1,794,000 in August. For the first nine months of 2019, total and finished steel imports were 22,658,000 net tons and 16,842,000 net tons, down 13.4% and 16.2%, respectively, from the same period in 2018. The estimated finished steel import market share in September was 17% and is 20% YTD.

Products with significant year-to date increases vs. the same period in 2018 include black plate (up 95%), steel piling (up 50%) and tin free steel (up 25%).

In September, the largest finished steel import permit applications for offshore countries were for South Korea (150,000 NT, down 43% from August final), Japan (75,000 net tons, down 44%), Germany (69,000 net tons, down 8%), Taiwan (60,000 net tons, down 1%) and Vietnam (52,000 net tons, up 9%). Through the first nine months of 2019, the largest offshore suppliers were South Korea (2,042,000 net tons, down 11% from the same period last year), Japan (1,019,000 net tons, down 4%) and Germany (836,000 net tons, down 15%).

Source : Strategic Research Institute

voda 11 oktober 2019 16:02

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Primetals Technologies Commissions Hot Metal Desulfurization System at ArcelorMittal Monlevade

Recently, at the production site of Brazilian steel producer ArcelorMittal Monlevade a 130-ton-hot-metal desulfurization station (DeS) and a new dedusting system supplied by Primetals Technologies commenced operation. The desulfurization station represents the first installation of Primetals Technologies combining a volumetric dosing device for Magnesium (Mg) and a pressure dispenser for Calcium Oxide (CaO). Low sulfur levels of lesser than 0,005% (50ppm) can be achieved. The consumption of desulfurization agents is significant reduced and processing times are reduced to less than 30 minutes compared to treatment in a torpedo car. The associated level 2 system supplied by Primetals Technologies predicts the end sulfur content with high accuracy, deviations of real from predicted value is below 5ppm on average. The dedusting system installed in the melt shop processes approximately 900,000 m3/h. A handling system for 130-t-hot-metals ladles was also part of the project. The new equipment is part of an expansion and quality improvement program at ArcelorMittal Monlevade.

For the desulfurization station, Primetals Technologies was responsible for the engineering, supply and advisory services for reaction and start-up. Equipment encompassed a volumetric dosing device for dosing of Mg, a pressure dispenser for dosing CaO, lance and injection systems, the material handling system, including an unloading station, silos for storage, and material transport. An important part of the project is the complete level 1 and level 2 automation system with process models, enabling precise process control and dosing as well as reliable prediction of end sulfur content. This allows for flexible and optimum injection ratios of CaO/Mg from 2:1 to 10:1. The co-injection takes places with fully decoupled control of the conveying of Mg and CaO. The DeS station is designed to operate with fluidized CaO or CaC2 (Calcium Carbide) as well. Pure Mono-injection of CaO or CaC2 is possible, too.

The volumetric dosing device has two collateral pistons for the continuous and precise injection of Mg. The Mg flow rate is determined by the piston speed only and does not depend on the pressure in the system – there is no interaction with the pressure dispenser. With this mechanical system, the conveying rate of Mg can vary in a wide range of 3 to 15 kg/min. Powder materials like lime and calcium carbide are injected via the high performance pressure dispenser. All installed valves and control devices are designed for highest safety standard.

The new desulfurization station from Primetals Technologies replaced an existing desulfurization preformed in torpedo cars, reducing both the consumption of desulfurization agents and processing times. In addition, the effort for cleaning of torpedo cars is also lowered, deslagging simplified and metal losses during deslagging reduced.

New dedusting system covers two BOF converters, the DeS and slag skimming stand as well as the HM mixer. Primetals Technologies engineered, supplied and installed charging coolers for BOF charging evacuation, pulse jet filters with eight chambers and a filter area of 11,270 m2, and two induced draft (ID) fans with a power rating of 1,500 kW each. The filtered dust is discharged to containers. A handling system for the 130-t-hot metal ladles completed the scope of supply, including ladles, a transfer car with integrated ladle tilting device and a deslagging machine.

ArcelorMittal Monlevade is an integrated steel works located in João Monlevade, 120 km from Belo Horizonte, the state capital of Minas Gerais. It operates the following upstream facilities: one sinter plant, one blast furnace, two 130-t-BOF converters, one ladle furnace and one billet caster. The billet caster produces billets with a cross section of 155x155 mm. Production capacity is 1.1 to 1.3 million t/a. The billets are further processed in three rolling lines, producing wire rod in a diameter range of 5 to 40 mm for high-quality application as tyre cord and spring steel. ArcelorMittal Monlevade is the most important producer of tyre cord in the Americas.

Source : Strategic Research Institute

voda 11 oktober 2019 16:02

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New Danieli Large Bloom Caster in Operation at Valin Xiangtan

The brand new, 14-m five-strand bloom caster was started successfully after less than 13 months from the contract signature. A joint effort of Valin and Danieli site teams made possible machine erection in just 38 days, limiting the cold tests to just 11 days. Presently the caster is producing a wide range of steel grades, including high-alloyed and high-carbon spring steels in square and rectangular sections, 280x280 and 350x430 mm. Many performance activities have been accomplished and full commissioning will be completed very soon, with Valin’s satisfaction.

This is the first caster in the world operating with different withdrawal units along the line performing simultaneous soft and hard reduction, to further optimize internal quality -particularly on high-carbon grades- which tend to exhibit higher porosity and segregation.

Source : Strategic Research Institute

voda 11 oktober 2019 16:03

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Metalloinvest Aims for Global Leadership in Iron Ore Product Quality

Metalloinvest a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, unveiled plans to produce premium iron ore products at the 15th mining and geological forum MINEX. The comprehensive development programs taking place at Lebedinsky GOK and Mikhailovsky GOK aim to improve the quality characteristics of iron ore concentrate, pellets and hot briquetted iron, increasing production while reducing environmental impact, as well as boosting operational efficiency. Metalloinvest's anticipated investment in activities related to the construction and modernisation of production facilities at Mikhailovsky GOK and Lebedinsky GOK planned before the end of 2024 is estimated at 64bn roubles.

Mr Andrey Ugarov, First Deputy CEO, COO of Management Company Metalloinvest, commented that “Metalloinvest is striving for leadership in the metals and mining industry. Today we have a clear action plan that will ensure we achieve this ambitious goal. We will make a technological breakthrough our enterprises will become world leaders in the quality of pellets and HBI. Implementation of the development programmes at Lebedinsky GOK and Mikhailovsky GOK will open new sales markets for the Company, increase sales margins, and ensure the sustainable development of production with minimal environmental impact - both at Metalloinvest enterprises and among our customers.”

Construction of the crushing and conveyor facility at Mikhailovsky GOK continues on the south-eastern and north-eastern sides of the quarry. The first phase of Derrick Fine Screening Technology was launched at the beneficiation plant and implementation of the second phase of the project has begun with the construction of a new building for beneficiation of concentrate at the beneficiation plant using highly efficient equipment. In 2022, Mikhailovsky GOK will have produced approximately 16.9mn tonnes of high-quality concentrate, including 8.8mn tonnes of flotation concentrate with a 70% iron content.

Construction of the crushing and conveyor facility and the new building for beneficiation will enable the use of refractory ores with a high iron content in processing, as well as a reduction in overburden and production costs.

At Mikhailovsky GOK’s pelletising unit, pellet plants are being modernised to boost capacity, improve pellet quality and expand the production line of high-basicity pellets.

Source : Strategic Research Institute

voda 11 oktober 2019 16:06

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Severstal Distribution Develops New Scheme for Customers

Severstal Distribution JSC has developed a fundamentally new scheme of cooperation with the client: sheet metal is produced at the Severstal steel mill 5000 sheet rolling mill in Kolpin from imported raw materials. A similar scheme of working with a client is used when supplying stainless steel to AEM Technologies JSC. AEM-technology makes high demands on the product: deviation from flatness at a distance of 250 mm from the edges of not more than 2 mm per 1 m length and not more than 3 mm per 1 m length over the remaining area of each sheet. Stainless steel with such a level of flatness is not produced in Russia. Severstal Distribution has offered the possibility of rolling imported stainless slabs at mill 5000 at the Severstal sheet rolling mill in Kolpino with the achievement of the required flatness requirements. This ensures complete support of the transaction from the order to delivery to the customer’s warehouse.

So, in 2018, Severstal Distribution shipped 1,400 tons of 08Kh18N10T stainless steel to the client, of which 48 sheets with a total weight of 453 tons for use in the structures of the Kursk NPP. Shells were made of the obtained material at the AEM-Technology plant: tanks of the passive core system of the core.

Source : Strategic Research Institute

voda 11 oktober 2019 16:06

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AISI Congratulates Mr Tim Timken

Mr Thomas J Gibson, president and CEO of the American Iron and Steel Institute made the following statement as Tim Timken steps down as CEO of TimkenSteel that “Tim Timken is one of the longest-serving directors at AISI, and he has been a strong voice and effective advocate for the steel industry. Tim joined the AISI Board in 2004 and served as our chairman from 2007-2008, where he helped guide the industry and the Institute through a very challenging period. In recognition of his outstanding leadership, AISI awarded Tim our highest honor – the Gary Medal – in May of 2009. In receiving this honor, Tim was recognized not only for his leadership in furthering the interests of the steel industry and North American manufacturing, but also his vision for a strong, policy-focused Institute. Tim also served as vice-chairman of AISI from 2006-2007, 2009-2010 and 2017-2019. We will always be grateful for Tim’s commitment, and the time and energy he dedicated to keeping the steel industry at the forefront in the public policy arena. I appreciate his guidance, support and friendship over the past eleven years.”

Source : Strategic Research Institute

voda 11 oktober 2019 16:07

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Desktop Metal Launch of H13 Tool Steel for Both Hot & Cold Work Tooling Applications

Desktop Metal announced the launch of H13 tool steel for the Studio System, the world’s first office-friendly metal 3D printing system for prototyping and low volume production last month. Characterized by its stability in heat treatment, exceptional hot hardness, and abrasion resistance, H13 is a tool steel widely used in hot work applications. High toughness and hardness also make it an ideal metal for cold work tooling applications as well.

Injection mold cores are used for the molding of mouthpieces for asthma inhalers. H13 is an ideal material for this part due to its hot hardness and abrasion resistance. During the injection molding process, the cooling of a mold like this can traditionally account for up to 95 percent of the mold’s entire cycle time. By 3D printing the mold with the Studio System instead, the part can incorporate a conformal cooling channel that closely follows the molding surfaces profile, increasing the cooling rate of the mold. This dramatically reduces the mold’s cycle time, which may allow more parts to be molded every hour. Furthermore, 3D printing the mold to near net shape will reduce the wear on EDM tooling required to finish the mold, reducing both lead time and costs.

The complex geometry of an extrusion die often makes it a difficult part to machine. This limits the ability of manufacturers to iterate on the extrusion die design, due in part to the high lead time and cost of machining. At the same time, the part must be able to withstand the extreme temperatures and pressures required to successfully push molten materials through the extrusion die. 3D printing in H13 tool steel enables design teams to quickly and easily produce dies featuring complex extrusion profiles previously unattainable via machining.

This part is used to mold a zinc zipper that is then attached to an article of clothing. The mold features numerous fine details, such as a logo, textures, and subtle draft angles that are critical to the part’s molding success. By 3D printing with the Desktop Metal Studio System high resolution nozzle, users can achieve the fine details required for this part and also save valuable time and costs compared to traditional methods of machining the mold. What’s more, H13’s hot work capability enables fabricating molds for die casting applications.

Source : Strategic Research institute

voda 11 oktober 2019 16:07

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GMS Market Commentary on Shipbreaking in Week 40 in Pakistan - EXCUSE AFTER EXCUSE!

Despite the good news on the halting of imports of cheap Iranian billets into Pakistan, Gadani End Buyers still found pitiful excuses to not offer reasonable market rates on tonnage being proposed to them. This will logically see even geographically positioned vessels head to an improving Bangladesh to leave a virtually obsolete Pakistani market empty-handed once again.

The reported ‘wait and watch’ mentality is a rather curious one for Gadani Recyclers to adopt, particularly given the drastically constricted supply of vessels and nearly all plots in Pakistan remaining empty for well over one year now.

Source : Strategic Research Institute

voda 11 oktober 2019 16:08

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Nico Steel Reports Net Loss for H1 of 2019

Singapore based Nico Steel posted a net loss of USD 283,000 for its first half of fiscal 2020, versus a net profit of USD 121,000 a year ago mainly due to uncertainties arising from the US-China trade war and fluctuations in commodity prices and currencies. Its revenue dipped 11 per cent to USD 7.1 million from USD 8 million mainly due to lower demand for the group’s proprietary Nico brand of metal alloys. These higher margin proprietary metal alloys are mainly for high-end electronics and mobile devices of global market leaders.

Mr Danny Tan, executive chairman and president of Nico Steel said that "We faced a lot of disruptions in our project pipeline with our customers who are market leaders in the mobile communications and industrial sectors as the trade dispute intensified. While we did not lose any customer and we continue to work with them on the metallurgical and material solutions for their devices, the uncertainties arising from trade tariffs as well as the delays in the rollout of 5G mobile networks affected the progress and intended timelines were extended. This inevitably had a negative impact on us as everyone took a wait-and-see approach and become more price-sensitive.”

Source : Strategic Research Institute

voda 11 oktober 2019 16:12

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ArcelorMittal Kryvyi Rih Starts Hot Trial at Reconstructed Mill 250-4

ArcelorMittal Kryvyi Rih began the hot tests of small-grade mill No 250-4, being reconstructed at USD 50 million investment. Part of the funds was spent on the purchase of equipment of the Italian company Danieli. The fourth small section mill was stopped at the beginning of the year. During this time, foundations were built and new draft stands, a heating furnace, gas-boosting and gas-mixing stations, heat-strengthening and packaging lines were installed. A new production line for bobbin windings has also been built. Three electric bridge cranes were repaired and two more were reconstructed to transport riots. The entire technological line of the mill was transferred to a digital control system. The new electrical equipment was designed and supplied by the French power engineering company Schneider Electric.

Before the reconstruction, the mill could only produce products from a square billet with a cross section of 80x80 mm, which was produced in the blooming workshop using outdated technology. Now it is possible to partially abandon it and produce reinforcing and long products from billets of 130x130 mm and 150x150 mm obtained on continuous casting machines. One of them (CCM-1) was built in 2011, two more (CCM-2.3) the company is completing this year.

Instead of two obsolete heating furnaces, one modern one will be used - Danieli. This furnace with walking beams has several advantages: the metal in it is heated from all sides, and not from one, as in the old ones. You can also easily change the heating mode, which is important when changing the assortment, thereby increasing the energy efficiency of the furnace.

The new furnace with the maximum mode and the use of natural-coke-blast furnace mixture (21,500 nm3 / year) will reduce the consumption of gaseous fuels by the second section rolling shop. In particular, blast furnace gas - by 80.9 million cubic meters per year, coke oven gas - by 17.7 million cubic meters per year, natural gas - by 38.9 million cubic meters per year.”

Source : Strategic Research Institute

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voda 11 oktober 2019 16:12

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GMS Market Commentary on Shipbreaking in Week 40 in Turkey - NO WHERE TO GO!

For the last two weeks now, Turkish steel plate prices have settled in at region USD 235/MT, a nearly USD 60/MT decline from over a few weeks ago. Even the Turkish Lira continues to hover between the TRY 5.60 – TRY 5.70 mark against the US Dollar. As it stands, the recently steady fundamentals have helped local offerings stabilize as well, but as with the rest of the competing markets, the excruciating shortage of tonnage has ensured that the Turkish market remains devoid of any real action. The dithered offerings are doing less-than-little to assist with their ongoing predicament.

Even though Aliaga Recyclers are expecting local offerings to stabilize and perhaps even improve in the near future, it appears to be a rather tough / quiet fourth quarter for Turkey (as it stands).

Source : Strategic Research Institute

voda 12 oktober 2019 14:30

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Revamped U.S. Steel guidance met with skepticism by KeyBanc analyst

Oct. 10, 2019 4:13 PM ET|About: United States Steel Corpora... (X)|By: Carl Surran, SA News Editor

U.S. Steel (X +0.5%) shares barely held on to a gain and lagged other steelmakers (NYSEARCA:SLX) after issuing a Q3 loss estimate that was better than company guidance just three weeks ago.

"You have to question the motive when a company pre-releases twice," KeyBanc analyst Phil Gibbs tells Bloomberg. "They're trying to create good news for themselves, and I think it signals to me a kind of longer-term, more permanent capital raise is likely closer than the reverse."

In today's trade: MT +6.8%, AKS +6.2%, STLD +3.7%, NUE +2.8%.

The company says stronger shipments, better than expected manufacturing performance in its flat-rolled segment and a contingency gain from recovered claims arising out of the bankruptcy of a supplier improved the Q3 outlook.

"Why couldn't you wait three weeks [for the Q3 earnings report] to say this? Because you're desperate for good news," Gibbs says, and "you would be desperate for good news because you need money, and why do you need money, because you just announced a $700M acquisition in the last week and a half."

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voda 12 oktober 2019 14:31

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Steel names surge on trade hopes

Oct. 11, 2019 10:43 AM ET|About: AK Steel Holding Corporation (AKS)|By: Carl Surran, SA News Editor

Steel stocks are among the big winners in early trade amid renewed optimism for a U.S.-China trade deal: X +9%, AKS +8.3%, CMC +5.4%, MT +5%, STLD +4.9%, WOR +4.1%, NUE +3.9%, RS +2.5%.

It's not just the tariffs, as a resolution of the trade dispute likely would lead to more confidence for spending and investing by industrial companies, which have been in a state of limbo for many months, as noted by Briefing.com.

Another modest tailwind seems to be GM's update on labor negotiations, as automotive is a key market vertical for steel names.

ETF: SLX

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