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voda 14 december 2020 12:42

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ESL Steel to Restart 3 Million Tonne Expansion Plans

Business Standard reported that Vedanta owned ESL Steel plans to double capacity from 1.5 million tonnes to 3 million tonnes at an estimate of INT 3,000 crore. ESL Steel Limited Chief Executive Officer Mr Pankaj Malhan said “We were going strong with our expansion plans. But Covid first hit China and then in our own country, which put brakes on the plan. Covid pushed us away by one year. The way everything is going, towards the end of fourth quarter should be a good time to start. The approvals are in the last stages.”

In 2018, Vedanta forayed into the steel business through the acquisition of ESL Steel Limited, then Electrosteel Steels. ESL, which is into long products, has a capacity of 2.2 million tonnes. When the acquisition happened, what was commissioned was 1.2 million tonnes, which was ramped up to 1.5 million tonnes. Then last year, ESL engaged M N Dastur for the expansion plan, but it was put on the backburner because of the pandemic. In the next phase, the capacity would be increased from 3 million tonnes to six million tonnes.

Source - Strategic Research Institute

voda 14 december 2020 12:42

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JSPL Reports 15% YoY Growth in Steel Production in November’20

Jindal Steel & Power Limited has reported standalone steel production with 0.614 million tonnes in November 2020 up by 15% YoY as compared to 0.533 tonnes in November 2019. JSPL's standalone sales have increased marginally to 0.562 million tonne in November 2020 as compared to 0.557 million tonnes in November 2019. The export sales contributed to 21% of total sales volumes in November 2020, which grew by 10% YoY

JSPL Managing Director Mr VR Sharma said "Our performance is in line with the India growth story. Domestic steel demand is rising in the second half of fiscal year 2020-21 and so is JSPL's production. With domestic markets recovering the company is focusing more on value-added products. We believe the company's portfolio will witness further strength in the third and fourth quarters of the current financial year.”

Source - Strategic Research Institute

voda 14 december 2020 12:45

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South Korean Court Rejects Nippon Steel Appeal Over Asset Seizure

Japanese media reported that South Korean court has rejected an appeal from Japanese steelmaker Nippon Steel Corp over seizure of the company's assets to compensate South Koreans forced to work there during wartime. The Daegu District Court's Pohang branch decided not to accept the company's immediate appeal due to the absence of grounds. The case will now move to a higher court for review.

The court decided to seize Nippon Steel's assets in South Korea as the company refused to implement a Supreme Court decision in 2018 that ordered compensation over wartime forced labour at Japan Iron and Steel Co, the steelmaker's forerunner, in the 1940s. Nippon Steel had filed immediate appeals over two of the three cases over the company's assets for which asset seizure orders have been issued. It made an appeal back in August for another case that is in progress, which also was rejected by the court and was moved up to higher court.

Source - Strategic Research Institute

voda 14 december 2020 12:46

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Electrolysis Plant Starts Trial Operations in Salzgitter

As part of the GrInHy2.0 research project funded by FCH, Salzgitter Flachstahl GmbH installed the world's largest high-temperature electrolysis. With a nominal output of 720 kWel, the plant can produce 200 Normal Meter Cubed per Hour hydrogen. Salzgitter Flachstahl GmbH will use this hydrogen for its annealing processes and displace hydrogen produced from natural gas. Later, the iron ore direct reduction plant will also be supplied, which will go into operation in the first half of 2022 as part of our SALCOS technology concept.

On December 9, 2020, the plant fed high purity hydrogen into the plant's own network for the first time. The GrInHy2.0 project thus reached an important milestone in the work plan.

The project itself started in January 2019. The design, engineering and plant construction of the prototype took place in close cooperation between the key partners Sunfire, Paul Wurth and Salzgitter Flachstahl under the project coordination of Salzgitter Mannesmann Research. In parallel to the construction of the electrolyser and the associated hydrogen processing plant, SZFG expanded the necessary infrastructure. Compared to the previous GrInHy project, the current system consists of an electrolyser that is five times more powerful and does not even require twice as much space. The power density of the technology could be tripled!

The next goals are now operational in nature: within the next two years the system should be operated for at least 13,000 hours and demonstrate a system availability of more than 95%. During this period the electrolyser should produce at least 100 tons of green hydrogen and demonstrate an electrical efficiency without compression of over 84% lower heating value.

Source - Strategic Research Institute

voda 14 december 2020 12:47

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Canacol Qualifies Tenaris as Outstanding Supplier

Independent onshore natural gas exploration and production company in Colombia Canacol has qualified Tenaris with one of the highest scores (98.7 out of 100) during an overall assessment that covered operational and commercial performance, as well as safety, quality, health, environment, working environment and social responsibility.

Canacol and Tenaris have been working together in Colombia since 2011. Tenaris started as a regular supplier of casing and tubing, until reaching a long-term agreement in 2015, also including well services. Tenaris is looking to expand its services offer with Canacol to cover vehicle geo location and the use of the Rig Direct Portal, a digital platform that streamlines product orders, electronically tracks shipments and deliveries, manages rig returns and provides customers with easy access to invoices.

Source - Strategic Research Institute

voda 14 december 2020 12:48

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Technosteel Plant for Steel Industry Machine Parts in Serbia

SeeNews reported that Serbian company Technosteel & Consulting, owned by Italian investor Mr Fabio Bianco, plans to start the construction of a plant for manufacturing of spare parts for machines used in the steel industry in Serbia's Ruma in March 2021. Technosteel signed an agreement to acquire 2 hectares of land in the Rumska Petlja industrial zone for the construction of the factory for 14 million dinars. Mr Bianco said "Our goal is to have 80 employees in the new plant in the future. We have many orders for 2021 and we hope to continue in that direction.”

Technosteel, established in 2014, has a team of steel industry technicians based in Sremska Mitrovica and provides engineering services for the revamping of plants and machines, development and installation and service of automation and integration systems.

Source - Strategic Research Institute

voda 14 december 2020 13:18

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Mr Frank Mrvan Named Co Chair of US Congressional Steel Caucus

US Rep Democratic Highland elect Mr Frank Mrvan has been selected by current co-chairman Mr Conor Lamb and other members to co chair the Congressional Steel Caucus, a bipartisan group of more than 100 members of Congress working to promote and advance the interests of the American steel industry and its workers. Mr Mrvan said he’s looking forward to working with other caucus members to advance policy priorities for the American steel industry and to make sure that the industry can continue to be an engine supporting the strength of the country’s national defense and economy.

American Iron and Steel Institute president and CEO Mr Kevin Dempsey said “AISI congratulates Congressman elect Mrvan on being selected as the Co-Chairman of the Congressional Steel Caucus. We welcome his strong commitment to the steel industry and the nearly two million jobs our industry supports, and look forward to working closely with him to promote public policies that will further strengthen the domestic steel industry. Continuing our collaboration with the Caucus, in working with the congressman elect and the rest of the Caucus leadership, is critical to advancing policies that create jobs in steel.”

The Congressional Steel Caucus is a caucus of the United States Congress. Founded in the early 1970s by Representatives John Murtha (D-PA) and Ralph Regula (R-OH), this bi-partisan coalition promotes the health and stability of the domestic steel industry, as well as the interests of its workforce. The House Steel Caucus is extremely active on Capitol Hill, frequently holding policy-forums, media briefings, and hearings regarding issues affecting domestic steel producers and their downstream counterparts.

Source - Strategic Research Institute

voda 14 december 2020 13:19

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US DOC Rescinding Review of AD Order on Steel Nails from Taiwan

US’s Department of Commerce is rescinding the administrative review, in part, of the antidumping duty order on certain steel nails from Taiwan for the period July 1, 2019 through June 30, 2020. Commerce is rescinding this review with respect to 9 companies China Staple Enterprise Corporation, Hor Liang Industrial Corp, Hoyi Plus Co Ltd, Liang Chyuan Industrial Co Ltd, Romp Coil Nail Industries Inc, Trim International Inc, UJL Industries Co Ltd, Yu Chi Hardware Co Ltd and Zon Mon Co Ltd. The administrative review remains active only with respect to Create Trading Co Ltd, which has filed a certification of no reviewable sales. Commerce will instruct US Customs and Border Protection to assess antidumping duties on all appropriate entries at a rate equal to the cash deposit of estimated antidumping duties required at the time of entry, or withdrawal from warehouse, for consumption, during the period July 1, 2019 through June 30, 2020. Commerce intends to issue appropriate assessment instructions to CBP 15 days after the publication of this notice in the Federal Register.

On September 3, 2020, based on timely requests for review by the petitioner Mid Continent Steel & Wire Inc, a US domestic producer and interested party and nine Taiwanese companies, Commerce published in the Federal Register a notice of initiation of an administrative review of the antidumping duty order on certain steel nails from Taiwan covering 141 companies and the period July 1, 2019 through June 30, 2020. On September 21, 2020, the petitioner timely withdrew its request for administrative review of all companies originally requested, except for one company; Create Trading Co Ltd. Nine Taiwanese companies also self-requested an administrative review. On October 15, 2020, Commerce rescinded the administrative review, in part, of all companies under review except for Create Trading Co Ltd and the nine companies that self-requested an administrative review and for which their requests for review had not been withdrawn at that time. Subsequently, on November 30, 2020, the nine Taiwanese companies timely withdrew their requests for review.

Source - Strategic Research Institute

voda 14 december 2020 13:19

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Perma Pipe Bags Contracts in Egypt & Saudi Arabia

Perma Pipe International Holdings Inc recently announced that its subsidiary Perma Pipe Egypt has been awarded approximately USD 6.0 million in contracts by China State Construction Engineering Company for the provision of thermally insulated pipe, field joints, and leak detection system for a district cooling network for the New Urban Communities Authority, in the Central Business District of the New Administrative Capital of Egypt. The project will begin execution in Perma Pipe’s facilities in Beni Suef in Egypt in Q4 2020. Perma Pipe International Holdings Inc also announced its subsidiary Perma Pipe Saudi Arabia has been awarded a USD 5.1 million contract by Nesma & Partners Contracting Co Ltd for the provision of thermally insulated pipe and field joints for a district cooling network for Umm Al Qura for Development & Construction Company in the King Abdul Aziz Road Development. The combined value of contracts awarded to Perma Pipe Saudi Arabia in Q3 2020 was USD5.7 million. The project will begin execution in Perma Pipe’s facilities in Dammam Industrial City in Saudi Arabia in Q4 2020.

These projects will utilize Perma Pipe’s XTRU-THERM insulation system, a spray applied polyurethane foam jacketed with a high density polyethylene casing. POLY THERM complies with the stringent flame-spread index and smoke development index requirements of ASTM E84 Class-1 making the product suitable for applications where fire protection is paramount. Prior to application of the insulation system, an anti-corrosion polyamide epoxy coating will be applied to the steel pipe in Perma Pipe’s newly commissioned blasting and coating facility. Perma Pipe will also be responsible for the supply, installation, and commissioning of Perma Pipe’s own PermAlert leak detection system for the insulated pipelines.

Source - Strategic Research Institute

voda 14 december 2020 13:21

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Fortescue Metals Group Celebrates First Ore at Eliwana Mine

Fortescue Metals Group Ltd has achieved a significant milestone in the development of its iron ore operations in the Pilbara, celebrating first ore through the ore processing facility at the Eliwana mine and rail project in the Western Hub. Fortescue Chief Executive Officer Ms Elizabeth Gaines said “Eliwana is the next important stage of development of Fortescue's world-class, integrated operations. Exploration commenced in this area in 2006, and we have now delivered a new 30 million tonne per annum dry ore processing facility and infrastructure, along with 143 kilometres of rail which is in the final stages of construction. Eliwana will see us maintain our low-cost status and provide us with greater flexibility across our product mix. Construction of the mine, village and infrastructure was completed safely over a 12-month period, in line with budget and schedule.”

Fortescue has awarded contracts valued at over AUD 150 million to Aboriginal businesses and their joint venture partners for the Eliwana project. These form an important part of Fortescue's Billion Opportunities program to provide employment and business opportunities for the Aboriginal community. These contracts include PKKP owned businesses Jilpanti Enterprises and Australian Indigenous Enterprises, to provide early civils and earthworks. Additionally, PKKP Enterprises, 100% owned by PKKP Aboriginal Corporation, were awarded the village services, hospitality and technical services contract with their joint venture partner Action Catering; and Mallard Deemey, a 100 per cent Aboriginal-owned business was contracted for the non-processing infrastructure development including Eliwana’s administration offices and building services.

Source - Strategic Research Institute

voda 14 december 2020 13:21

0

Rio Tinto Ore Reserve at Jadar Lithium Borates Project

Rio Tinto has disclosed to the Australian Securities Exchange a maiden Ore Reserve and updated Mineral Resource at the 100% owned Jadar lithium-borates project in western Serbia. The Ore Reserve is 16.6 million tonne at 1.81% Li2O and 13.4% B2O3. The Mineral Resource comprises 55.2 million tonne of Indicated Resource at 1.68% Li2O and 17.9% B2O3 with an additional 84.1 million tonne of Inferred Resource at 1.84% Li2O and 12.6% B2O3. The update precedes the release of the project’s ‘Elaborate of Resources and Reserves’, reporting required under the Serbian Reporting Code YU53/79. Declaration of resources and reserves is an important milestone as the project progresses towards the award of an exploitation license, the precursor to a construction licence.

Pre-feasibility studies have shown that the Jadar project has the potential to produce both battery grade lithium carbonate and boric acid. The deposit is located on the doorstep of the European Union, one of the fastest growing electric vehicle markets in the world, and has the potential to provide lithium products into the EV value chain for decades. Boric acid is, a key raw material for advanced glass and fertilizer products and would be integrated with and complimentary to Rio Tinto’s established position in this market. The scale and high grade nature of the Jadar mineralisation provides the potential for a long life operation in the first quartile of the industry cost curve for both products.

The project under study consists of an underground mine, sustainable industrial processing and waste facilities as well as associated infrastructure. Jadar, one of the largest greenfield lithium projects in development, would be capable of producing approximately 55 thousand tonnes of battery grade lithium carbonate, as well as 160 thousand tonnes of boric acid (B2O3 units) and 255 thousand tonnes of sodium sulfate as by-products per annum. It represents a significant investment for Serbia with both direct and indirect economic benefits, and would become the country’s second largest exporter.

At the end of July 2020, the project moved into feasibility study, with an investment of almost $200 million on a scope that includes detailed engineering, land acquisition, workforce and supply preparation for construction, permitting and the early infrastructure development. The feasibility study is expected to be complete at the end of 2021 and, if approved, construction could take up to 4 years.

Source - Strategic Research Institute

voda 15 december 2020 08:54

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Beursblik: Societe Generale zet ArcelorMittal op kooplijst

FONDS KOERS VERSCHIL VERSCHIL % BEURS
ArcelorMittal
17,388 0,00 0,00 % Euronext Amsterdam

(ABM FN-Dow Jones) Société Générale heeft dinsdag het advies voor ArcelorMittal verhoogd van Houden naar Kopen en het koersdoel bijgesteld van 10,30 naar 32,50 euro.

De analisten van de Franse bank wezen op enerzijds de succesvolle verlaging van de schulden en anderzijds de sterk stijgende prijzen voor staal en ijzererts. "Dat ondersteunt het winstherstel", schreven de analisten. Zij verdubbelden hun ramingen voor de EBITDA in 2021 en 2022 en zitten naar eigen zeggen inmiddels 50 procent boven de consensus.

Wel waarschuwden de analisten dat een onverwachte verkrapping door de Chinese centrale bank een risico is voor de staalreus. Een chaotische Brexit en de machtsoverdracht in de VS kunnen voor tegenwind zorgen.

Société Générale rekent voor 2020 op een dividend van 0,50 dollar per aandeel, wat voor 2021 zal stijgen naar 2,00 dollar. Ook voor 2022 rekent de bank op 2,00 dollar per aandeel.

Het aandeel ArcelorMittal sloot maandag op 17,39 euro.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 15 december 2020 11:13

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Tenaris Expands Cold Drawing Capabilities for Hydraulic Cylinders

Tenaris’s cold drawing plant in Costa Volpino in Italy, together with the component centers in Italy and Romania, has expanded its portfolio of hydraulic cylinder applications, worldwide. Tenaris has recently invested in the hydraulic cylinder segment, to combine customized solutions for sophisticated large diameter products and the development of advanced steel grades to enhance the structural integrity and reliability throughout the entire life of the cylinder components. Steel grades and manufacturing processes have been optimized in order to comply with the most severe conditions of hydraulic cylinder components: fatigue life, increased working pressure and reliability, excellent mechanical properties up to 700 MPa yield strength, high toughness at very low temperatures, Arctic application at minus 40 dgree celcius and lengths up to 14.5 meters.

With its laboratories equipped to carry out small and full-scale fatigue tests, Tenaris is able to characterize the performance of steel grades for hydraulic cylinders and study the crack propagation on the real component.

The Italian facility is integrated with Tenaris’s Zalau component center in Romania, to provide customers with additional services such as cutting product to length, machining and welding operations. Skiving and roller burnishing machining are also offered to customers to respond to the increasing need for efficiency and reducing cost along the complete supply chain.

Source - Strategic Research Institute

voda 15 december 2020 11:13

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ICRA Upgrades Indian Steel Sector Outlook on Better Demand Prices

Rating agency ICRA in latest report has upgraded Indian steel sector outlook to Stable from Negative, on the back of improving demand and prices. As per an ICRA note, the momentum has strengthened further in Q3 FY2021, with the cumulative domestic steel demand in October - November 2020 already surpassing the pre-Covid levels prevailing during the same period of last fiscal. ICRA Senior Vice President & Group Head Corporate Sector Ratings Mr Jayanta Roy said “We are gradually seeing a more broad-based pick up in economic activity with every passing quarter, which makes us believe that the recovery in domestic steel demand would sustain in the near term at least. The revival in demand has been surprising, and the steel industry’s ability to claw back to the pre Covid levels of demand within 6 months of a global pandemic outbreak has been remarkable. We are consequently revising our FY2021 steel demand forecast to a contraction of around 12%, significantly better than our initial forecast of a 23% contraction made in April 2020. The sector outlook is also revised to Stable from Negative.”

With respect to international trends, China’s crude steel production grew at a healthy 5.5% in 10 months of 2020 supported by strong domestic demand, which in turn was aided by rising investments in fixed assets and real estate; and strong automobile sales in the last six months. China’s healthy domestic demand also resulted in a higher de-growth of about 19% in its steel exports during 10 months of 2020 compared to a 7% fall in 2019. Consequently, in October 2020, the World Steel Association has also revised its demand growth forecast for China to 8% for 2020 as against its previous forecast of 1% made in April 2020, resulting in a lower estimated demand de growth of 2.4% for the world compared to the earlier estimate of a decline of 6.4%.

Coming to domestic trends, ICRA notes that the share of top six steel producers in total crude steel production, which remained at about 55% historically, has risen to about 65% in recent months. Also, as against the average industry capacity utilisation of 78% for the period FY 2016-2020, the same for the top six steel producers has now touched a high of 85% in October 2020, while the other steel producers are still operating at capacity utilisation rates of about 65%. These trends indicate the rising dominance of large steel players in the domestic industry and an adverse impact of the pandemic on the business performance of some of the smaller steel producers, which would find it difficult to operate at pre Covid levels in the near term.

In terms of export-import trends, as anticipated by ICRA, steel exports from India have dropped sharply in recent months to touch a monthly level of 0.6 million tonnes as compared to above 1 million tonnes level reported during the large part of H1 of FY2021, as domestic demand regained momentum gradually. Steel imports, on the other hand, remained low in absolute terms and could increase opportunistically driven by arbitrage between domestic and landed prices especially from free trade countries.

Domestic hot-rolled coil prices have been revised upwards multiple times in recent months and are ruling at a multi year high level of INR 49,000 plus per tonne. While domestic HRC prices are currently trading at a premium to landed prices, a buoyant domestic demand and over 25% growth in Chinese HRC export prices in Q3 of FY2021 point to possibilities of further upside in domestic steel prices. However, it is to be noted that steel imports from free trade countries including Japan and Korea attract nil import duty and their prices would in turn act as a ceiling for domestic HRC prices.

Source - Strategic Research Institute

voda 15 december 2020 11:14

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POSCO Board Recommend Chairman Mr Choi Jung-woo as Next CEO

POSCO's board of directors have unanimously voted on December 11 to recommend Chairman Mr Choi Jeong-woo, whose term is to expire in March, to the shareholders' meeting as a candidate for the next CEO. The decision came after the CEO candidate nomination committee, which consists of all outside directors, reported to the board the results of its review of qualifications that Chairman Mr Choi is suitable for the next CEO candidate.

The board of directors voted last month to form a committee and examine Choi's qualifications as the next CEO following Choi's announcement of his intention to serve a second term.

Over the past month, the committee conducted interviews with various internal and external officials, including investment companies, customers, business partners, and former executives and employees, and held seven meetings to conduct objective and close assessments of management reform and performance since taking office.

Source - Strategic Research Institute

voda 15 december 2020 11:14

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Aartee Group Acquires Acenta Steel from Liberty Steel

GFG Alliance’s Liberty Steel Group announced that it reached an agreement with Singapore based Aartee Group to combine their engineering bar business to supply high quality products. According to the agreement, Aartee Group will buy Liberty's engineering bar division and the combined company will be named Aartee Bright Bar. It will have operations in South Yorkshire and the West Midlands in the UK and will produce bright steel bars, which are used for precision components in the automotive, manufacturing, hydraulics and construction industries.

The news was announced to staff at a special meeting by Acenta's co-owner Mr Tarlok Singh, who handed a key to Aar Tee founder and chairman Mr Ravi Trehan to mark the change in ownership. The Acenta senior management stay in place with Mr Singh now becoming executive chairman of the business, while finance director and COO Mr Chris Mills becomes chief executive.

Last year Acenta Steel achieved turnover of GBP 70 million across its six sites in the UK, which employ 350 people. Its products are used in precision-finished material for component manufacture in wide ranging and demanding engineering applications such as engine, driveline and suspension parts, hydraulic valves and household goods.

The Aar Tee investment was led by Hitesh Pattani, CEO Aar Tee UK. Aar Tee was advised by Eversheds and Sutherlands and the Acenta team were advised by Mark Gibson of DWF.

Source - Strategic Research Institute

voda 15 december 2020 11:16

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CSC Hikes Steel Prices for Domestic Sales in January 2021

Taiwanese steel giant China Steel Corporation has hiked steel prices for domestic sales in the January 2021 & January-March 2021 quarter lifted by 6.1% in average, TWD 1,200-1,500 per tonne (USD 43-53). CSC said “Due to the successful development of COVID-19 vaccine, and nearing to the conclusion of US president election and the new economic relief package launched by various countries government, the global economy has been on track gradually. OECD forecasts the global economic growth rate will be 4.2% in 2021. The Directorate General of Budget, Accounting and Statistics also optimistically predicts that the economic growth rate of 2021 will reach 3.83% in Taiwan, which is benefiting from the release of infrastructure, the trend of returning Taiwanese companies and the rising export market. Moreover, the logistical disruptions caused by floods and the winter steel production restriction plans in China have made the steel supply facing a substantial contraction. However, the demand of downstream industries has recovered faster than expected, and the inventory level has fallen rapidly. The overall steel demand has shown a V-shaped recovery in the fourth quarter. The supply is far from matching the demand.”

CSC added “US HR price is reaching USD 1,000 per ton and European HR price is around USD 700 per ton. Compared with Southeast Asia and Taiwan market, the current import price is around CFR USD 650 per ton only, which means that there is still some room for the price to hike in Asian market. Boasteel raised domestic hot rolled and wire rod prices by CNY 400 (USD 61) for January shipment, and other steel products were raised by CNy 500-800 (USD 77-123). It is expected that FHS may also raise price significantly to reflect soaring steelmaking cost and market price.”

Monthly Prices - Average Adjusted Amounts

HR +1,200-1,400

CR +1,200

ES +1,400

GI +1,400

In TWD per tonne

Quarterly Prices - Average Adjusted Amounts

Plate +1,500

Bar and wire rod +1,500

HR +1,500

CR +1,500

EG +1,200

GI +1,500

Automotive usage +1,200

In TWD per tonne

CSC’s price hike announcement follows strong recovery in November 2020. The sales volume of carbon steel in November 2020 totaled 885,290 tonnes, with 59% of domestic sales.Accumulated sales volume of carbon steel as of November 2020 totaled 9,279,034 tonnes, with 66% ofdomestic sales.

Source - Strategic Research Institute

voda 15 december 2020 11:16

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POSCO to Expand Hydrogen Production for Decarbonization

POSCO has shared a blueprint for producing five million tonnes of hydrogen by 2050 and making 30 trillion Korean won sales from the hydrogen business. Its goal is to achieve a carbon neutral society where CO2 emissions, the primary greenhouse gas, are cut to net-zero by producing hydrogen, a clean energy source, and using it in steel production. Its hydrogen business is expected to begin in earnest as it is almost certain that CEO Choi Jeong-woo will renew his contract. POSCO announced its strategy to lead decarbonization efforts by expanding hydrogen production. It will focus on developing hydrogen technologies such as electrolysis that use electricity to split water into hydrogen and oxygen and other methods of extracting hydrogen. It also plans to create a hydrogen-based steel production method.

Using new technologies, the company aims to increase by-product hydrogen production tenfold from 7,000 to 70,000 tonnes by 2025. It also plans to produce 500,000 tonnes of blue hydrogen, which is low carbon hydrogen produced from fossil fuels, by 2030 in collaboration with global companies, and two million tons of green hydrogen from renewables, to produce a total of five million tons of hydrogen by 2050 and make 30 trillion won from hydrogen business alone.

The steelmaker also wants to decarbonize steelmaking by 2050 by utilizing green hydrogen. If hydrogen-based steel production methods become commercially available, 3.7 tonnes of hydrogen will be needed annually, which will make POSCO the largest hydrogen producer and consumer in South Korea.

Source - Strategic Research Institute

voda 15 december 2020 11:38

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Canadian Steel Producers Ready to Partner on Climate Change

The Canadian Steel Producers Association has welcomed the opportunities laid out in the Government of Canada’s climate plan: A Healthy Environment and a Healthy Economy. The federal strategy is well aligned with the CSPA’s own Climate Call to Action announced in March, 2020. CSPA President Ms Catherine Cobden said “Earlier this year, we outlined our plan for moving forward on climate change, including the need for a deep partnership with the federal government. In their plan released today, we can see that the federal government was listening. The federal government is sending an important signal that we are not alone in this incredibly challenging transition. As a heavy industry, we need a range of solutions and we see that many options are on the table in today’s plan.”

The Canadian Steel Producers Association points out, however, that timing is urgent to advance these solutions. As time passes, the carbon price will escalate placing a significant burden and urgency on heavy industries to transform. The CSPA will continue to work with the federal government to seek ways to move ahead in a manner that allows the technology to advance and ensures the Producers’ competitiveness is preserved.

The key elements of today’s plan of significant interest to the CSPA include:

Create a Net-Zero Accelerator Fund to expedite decarbonization projects of large emitters

Provide funding to support strategic R & D

Support the greening of Canada’s electricity generation across the country

Develop supply chains to locally source low emission building material

Explore the potential of border carbon adjustments to ensure a level playing field with other competing jurisdictions

Support for a hydrogen strategy as a future energy source for Canada.

Source - Strategic Research Institute

voda 15 december 2020 11:48

0

GMS Market Commentary on Ship Breaking in Week 50 - Brakes On

World's leading cash buyer of ships for recycling GMS said that last week, as steel plate prices temporarily reversed in a previously rampant Bangladesh, the decline finally put the brakes on what was a surging market. As a result, local expectations have been somewhat tempered there as the week ended. Perhaps, it has finally turned into a case of too much too soon, as prices increased by about USD 25-30 per LDT, light displacement tonnage, over the course of only a few weeks. As such, many End Buyers in Chittagong now seem to be content to wait and watch the market, rather than diving in at what may likely have been above market numbers from the previous few high-priced sales. On the other side, levels from India and Pakistan remain firm, yet, positioned just behind Bangladesh and there certainly seem to be vessels available for all markets, from HKC green to non-green units alike, as another busy year in the recycling markets reaches its crescendo. Finally, Turkey continues to be the impressive silent performer, with firming steel plate & import scrap prices that have both resulted in ship prices making a noteworthy jump this week, even though the TRY has weakened marginally.

Meanwhile, on the supply side, there have been a number of VLOCs sold at increasingly impressive prices of late, taking the total number committed so far this year to 28, in what has been one of the busiest sectors for recycling. Additionally, as charter rates slip to just around OPEX levels once again, we are seeing a number of Capesize Bulkers starting to return to the market for a recycling sale, some even built in the early 2000s. Therefore, it would be unsurprising to see additional large LDT vessels sold for recycling towards the end of the year, with tankers also firmly on the list of potentials, given the falling charter rates in that sector as well.

Source - Strategic Research Institute

Vertraagd	3 mei 2024 17:35
Koers	24,300
Verschil	-0,030 (-0,12%)
Hoog	24,680
Laag	24,160
Volume	1.804.974
Volume gemiddeld	2.538.924
Volume gisteren	3.748.681

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