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voda 19 april 2021 08:44

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FMG Celebrates 1.5 Billion Tonnes Iron Ore Shipment from Pilbara

Fortescue Metals Group has marked a significant milestone for its Pilbara operations, exporting over 1.5 billion tonnes of iron ore since it was first established in 2003. It comes less than three years after the Company celebrated shipping its billionth tonne from Herb Elliott Port in Port Hedland. This latest milestone coincided with a visit by Australian Prime Minister Scott Morrison to Fortescue’s Christmas Creek operations, hosted by Fortescue Founder and Chairman Dr Andrew Forrest AO. Dr Forrest said “From the start, Fortescue’s journey has been to unlock the potential of the Pilbara and build Australia’s economy through the export of iron ore to the developing world. Today, Fortescue is drawing on the talent and expertise of the entire Fortescue family as we build on our capability as a world class resources company, rapidly evolving into a green hydrogen and energy producer to drive the global transition away from fossil fuels. It is with great pride that we welcomed the Prime Minister to our Pilbara operations in his first visit to the Pilbara region of Western Australia to demonstrate how Fortescue is leading the charge to achieve carbon neutrality by 2030, positioning us as a global leader in addressing the climate change challenge.”

Fortescue Chief Executive Officer Elizabeth Gaines said “Since our first shipment in 2008, Fortescue has now exported over 1.5 billion tonnes to our customers in China and other markets. We are proud of our significant contribution to the Western Australian and national economies through jobs, investment and the flow of taxes and royalties.

Fortescue’s first shipmentof iron ore departed Port Hedland in 2008 for Shanghai Baosteel’s Majishan Port. Since the first shipment over 46,680 trains have been unloaded at Port Hedland & over 8,110 ships have left Fortescue’s Herb Elliott Port.

Source - Strategic Research Institute

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voda 20 april 2021 09:13

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ArcelorMittal to Boost Steel Output to Meet Shortage in SA

Africa's largest steel producer ArcelorMittal South Africa in its 2020 integrated annual report said that it is committed to addressing the steel shortages in South Africa. ArcelorMittal South Africa CEO Mr Kobus Verster said “The group has experienced considerable delays with starting the N5 blast furnace in Newcastle. N5 setbacks are frustrating particularly because of the group’s intense focus on addressing customers steel shortages that had been building up since before Covid-19. In the New Year we have budgeted and planned to fix the problems caused by the unusual post-pandemic start-up of N5 and to improve its reliability. Our customers and their needs will be front and centre as we explore our opportunities to grow. We can only grow when our customers grow and, while we regret the restrictions placed on their growth by post-lockdown shortages, I can assure them that in 2021, we will spare no effort to progress on our seamless, on-time supply.”

Production of flat steel at Vanderbijlpark was resumed from blast furnace D in June and blast furnace C in December

ArcelorMittal South Africa has been under fire for the critical steel shortages in South Africa. National Employers Association of South Africa recently said that the shortage is a direct result of Amsa’s deliberate decision not to start the second furnace at Vanderbijlpark following the first hard lockdown last year. Neasa said Amsa had two blast furnaces at its Vanderbijlpark works and when they operated only one of them, by necessary implication, they only operated at 50% capacity, which was not sufficient to supply the South African market and the unavailability of steel sent prices skyrocketing for the now desperate steel manufacturing industry.

Africa's largest steel producer ArcelorMittal South Africa in its 2020 integrated annual report said that it is committed to addressing the steel shortages in South Africa. ArcelorMittal South Africa CEO Mr Kobus Verster said “The group has experienced considerable delays with starting the N5 blast furnace in Newcastle. N5 setbacks are frustrating particularly because of the group’s intense focus on addressing customers steel shortages that had been building up since before Covid-19. In the New Year we have budgeted and planned to fix the problems caused by the unusual post-pandemic start-up of N5 and to improve its reliability. Our customers and their needs will be front and centre as we explore our opportunities to grow. We can only grow when our customers grow and, while we regret the restrictions placed on their growth by post-lockdown shortages, I can assure them that in 2021, we will spare no effort to progress on our seamless, on-time supply.”

Production of flat steel at Vanderbijlpark was resumed from blast furnace D in June and blast furnace C in December

ArcelorMittal South Africa has been under fire for the critical steel shortages in South Africa. National Employers Association of South Africa recently said that the shortage is a direct result of Amsa’s deliberate decision not to start the second furnace at Vanderbijlpark following the first hard lockdown last year. Neasa said Amsa had two blast furnaces at its Vanderbijlpark works and when they operated only one of them, by necessary implication, they only operated at 50% capacity, which was not sufficient to supply the South African market and the unavailability of steel sent prices skyrocketing for the now desperate steel manufacturing industry.

voda 20 april 2021 09:14

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Liberty Steel Raised Cash through Circular Selling – Sunday Mail

Sunday Mail reported that Mr Sanjeev Gupta is facing fresh questions over his Liberty Steel empire raised cash from Greensill Capital by selling steel that it then planned to buy back itself. According to documents seen by the Sunday Times, Liberty Steel Newport in south Wales used a circular trading scheme where it sold steel to a company with close links to Mr Gupta, which another firm linked to the tycoon was then to buy back. The documents show that Liberty Steel Newport sold GBP 2.5 million of coils and tubes to VS International, a metals trading business with links to GFG. Liberty was then able to raise cash from Greensill, which provided finance against the invoice from VSI. Greensill normally lent Liberty 80% of an invoice’s value, according to the report, suggesting it handed around GBP 2 million to Liberty. VSI would then sell the steel to Gupta’s CS Management Services, which in turn would sell it back to Liberty Steel Newport. The same steel would then be sold for a second time to a third party, with Greensill again providing finance against the invoice.

Sunday Mail report said “The circular deals allowed Liberty to raise millions of pounds in cash from Greensill from a single shipment of steel. It is not clear whether the steel was even physically delivered to VSI. It is also not clear whether the transactions met the terms of Liberty are financing deal with Greensill.”

In a statement GFG said “We refute any suggestion of wrongdoing. We abided by all the normal rules that apply to inventory-based financing and in full knowledge of all parties involved. While GFG companies have done business with people known to the founder, the company has long-term customer relationships with major infrastructure, industrial, aerospace and automotive customers, as you would expect from one of the world’s largest steel producers and the operator of Europe’s largest aluminium smelter.

Source - Strategic Research Institute

voda 20 april 2021 09:32

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Voestalpine Profits from Upswing in China Prompting Expands

Austrian steel maker Voestalpine said that its 40 sites and 3,000 employees in China have benefited as China has managed the coronavirus-induced 2020 economic crisis faster than any other country and is already back on a path to growth. Growing demand in the premium segment of the automotive industry in particular is ensuring good capacity utilization, and voestalpine is responding quickly by expanding capacity. New high-tech products for railway infrastructure as well as welding consumables are also increasingly filling the order books. Furthermore, the steel and technology Group recently continued the rollout of its pioneering 3D-printing process with metal powder by opening two new Chinese sites. China has been a voestalpine growth market for many years. Key customer segments include the automotive, railway infrastructure, household goods, and energy industries, in which the company generated revenue of EUR 557 million in the business year 2019/20.

1. Premium automotive parts in demand - Positive demand in the premium automotive segment is currently leading to a high level of capacity utilization in voestalpine Chinese automotive plants. The subsidiaries in the voestalpine Automotive Components Group are producing ultra-high strength body parts at the Shenyang and Tianjin sites, near their German automotive customers. The voestalpine lightweight construction innovation phs-ultraform is also playing a key role. Investment into expanding production, to allow additional orders to be processed, is already planned for the current business year 2021/22.

2. Intelligent rail monitoring for the Chinese metro - voestalpine Railway Systems operates two joint ventures in China’s turnout technology sector, and is one of the top 3 suppliers for the national high-speed rail network. The first local production facility for turnout monitoring systems was established in 2020 and has now finished processing its first major order for the metropolis of Kunming with its millions of inhabitants: Line 4 of the metro, 43 kilometres in length and with 29 stations is being equipped with a state-of-the-art axle counting system. This offers fully digital monitoring of the individual track sections, and issues track vacancy reports to ensure safe rail operations. The Chinese government is also planning to build a total of more than 100 new tramway and metro systems in future, in cities with a population of over one million. Voestalpine intends to leverage its local presence and on going digital innovations to secure numerous important future project contracts.

3. Two new 3D-printing centers - At the end of last year, voestalpine also continued the rollout of its pioneering 3D-printing process with metal powder in China. In addition to the five voestalpine additive manufacturing centers in Düsseldorf, Taiwan, Singapore, Toronto, and Houston, the innovative technology is now also being used at two new sites, in Shanghai and Dongguan. Both competence centers will focus on tool making, primarily for the automotive and consumer goods industries, as well as for medical technology applications.

4. Excellent level of orders for voestalpine welding technology - There are signs of growth in ultra-high strength welding wires which are used in steel construction, and welding filler materials for use in sectors including the automotive and oil & gas industries. Voestalpine Böhler Welding, a specialist in this field, produces in China to European quality standards, and, following massive public investment in new infrastructure projects, its order books are full. Despite the economic crisis, in 2020 the company profited from the excellent level of orders in the construction industry. A further production line at the site in Suzhou is currently in the run-up phase.

Source - Strategic Research Institute

voda 20 april 2021 09:33

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Hoa Phat Chairman Mr Long Becomes 2nd Richest Person in Vietnam

VnExpress reported that Vietnamese steel maker Hoa Phat Group Chairman Mr Tran Dinh Long has overtaken Vietjet Air CEO Mr Nguyen Thi Phuong Thao to become the second richest person in Vietnam. As of Monday is Viet Nam’s richest person with a net worth of USD 9.7 billion.

Hoa Phat is now the biggest steel maker in Vietnam, making pipes and construction steel & HRC. Mr Long is one of the largest shareholders in his company with over 700 million shares, equivalent to a more than 25% stake.

Source - Strategic Research Institute

voda 20 april 2021 09:33

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Shandong Province to Cut Steel Capacity in 2021 & 2022

Chinese media reported that China's Eastern Shandong Province plans to relocate or cut a total of 21.41 million tonnes of steelmaking capacity and 22.38 million tonnes of iron making capacity by 2022. The provincial government aims to cut 4.65 million tonnes of steel capacity in 2021 and the remaining 16.76 million tonnes in 2022. According to media reports, steel capacity in cities among regions that could affect air quality in the Beijing-Tianjin-Hebei area, such as Binzhou and Zibo, should all be relocated or eliminated in principle. The Shandong provincial government said it will encourage the removal of capacities along the Qingdao-Jinan rail corridor.

Shandong is the third biggest steel producer province in China. The province produced 79.94 million tonnes of crude steel in 2020, accounting for 7.5% of the country's total output.

Source - Strategic Research Institute

voda 20 april 2021 09:34

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Trouble Brewing at Dunaferr Steel Works in Hungary

Hungary Today reported that police presence was high in Dunaújváros, about 60 km south of Budapest in Hungary, on Friday night after dozens of people, appearing to be security personnel, tried to get into Dunaferr steel plant, Hungary’s largest steelworks. As it turned out, the reason for the conflict was a legal dispute between the owners of the Dunaferr Company. According to reports, 50 security personnel in black uniforms appeared in Dunaújváros on Friday night in connection with a dispute between the owners of Dunaferr over who controls the company’s management. Dunaújváros police stepped in to defuse the situation, closing many of the roads stopping and performing background checks on everyone. Dunaferr said that “It had learned a group of mercenaries recruited to represent the interests of the Dunaferr's minority owner Ukrainian Ms Tatyana Taruta had made preparations to occupy the steelworks. A group of men with shaved heads and a militant stance was arrested by the authorities on Friday evening. The management of the steelworks had previously been informed through unofficial channels that the minority ownership had occupied factories in Ukraine using similar methods.”

The two main players of the ownership dispute are the management, whose mandate has expired, appointed by the majority-owner Russian state bank Vnyesekonombank VEB and the Ukrainian minority owners of the steelworks. The faceoff between the Russian and the Ukrainian parties has been escalating for the past year, adding to the woes of the steelworks.

Meanwhile Unions of steelmaker Dunaferr in Dunaújváros, in central Hungary, staged a demonstration demanding that the company should pay employees’ wages and negotiate a new collective agreement, on Friday. The company unilaterally terminated the collective agreement on August 14, has not started talks on a new deal with employees, and has delayed payment of last month’s.

Source - Strategic Research Institute

voda 20 april 2021 09:39

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Danieli Installs Roller Guides at Gerdau Ouro Branco in Brazil

Brazilian steel maker Gerdau has selected Danieli Service Brazil to supply intelligent roller guides for its wire rod mill in Ouro Branco in Brazil, the largest Gerdau steelmaking operation, producing a variety of low, medium & high carbon long products. The new roller guides were installed in the last passes of the sizing block, where high speed operation requires perfect product guiding and stability. The supplied SRW roller light guides provide excellent performance, improved stability of the wire rod process, improved product quality, extended lifetime of the rollers and at same time contribute to improved operator’s safety during maintenance thanks to a 40% lower weight.

Danieli MH roller guides are intelligent-ready, which means that specifically designed sensors can be easily installed and integrated in the 4.0 plant automation control system to monitor and predict performances.

The supply included the Smart Eye digital camera-based setting system for precise setting and alignment of the roller guides, supporting operators in the configuration and fine-tuning of the guides in the workshop and in the mill.

Danieli MH intelligent roller guides can process any diameter ranging from size 5.5 to 21.5 mm.

Source - Strategic Research Institute

voda 20 april 2021 09:41

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USITC Keeps AD & CVD on PC Steel Wire Strand Imports from China

The US International Trade Commission determined as that revoking the existing antidumping and countervailing duty orders on imports of prestressed concrete steel wire strand from China would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time. As a result of the Commission’s affirmative determinations, the existing orders on imports of this product from China will remain in place.

This action comes under the five-year sunset review process required by the Uruguay Round Agreements Act. The Uruguay Round Agreements Act requires the Department of Commerce to revoke an antidumping or countervailing duty order, or terminate a suspension agreement, after five years unless the Department of Commerce and the USITC determine that revoking the order or terminating the suspension agreement would be likely to lead to continuation or recurrence of dumping or subsidies (Commerce) and of material injury (USITC) within a reasonably foreseeable time.

The five-year (sunset) reviews concerning Prestressed Concrete Steel Wire Strand from China were instituted on September 1, 2020.

Source - Strategic Research Institute

voda 20 april 2021 09:41

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Gerdau Investing in Auto Steel Production in Brazil

Brazilian integrated steelmaker Gerdau will invest BRL 1 billion (USD 180 million) in its specialty steel operation in Brazil. Gerdau specialty steel business Vice President Mr Rubens Pereira told media that the company will invest the funds between 2021 and 2022 to increase the production capacity steel used mainly in the automotive industry and in modernizing its operations. Investments will be made in the three company units Charqueadas and Mogi das Cruzes and Pindamonhangaba.

The Charqueadas mill is located in the city of same name in Rio Grande do Sul state, while the other two are located in Sao Paulo state.

Gerdau produced 661,000 tonnes of specialty steel in Brazil in 2020. It plans to produce 880,000 tonnes of the product in 2021.

Source - Strategic Research Institute

voda 20 april 2021 10:06

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GMS Market Commentary on Ship Breaking in Week 15 - COVID CHAOS

World's leading cash buyer of ships for recycling GMS said that “The increasingly growing concern last week has been the number of mounting Covid-19 cases across the sub-continent, especially in India, where the country hit a daily record infection rate of over 200,000 cases per day, placing an increasing pressure on an already strained healthcare system that is fighting to keep up with the number of sick. There is talk in India of another nationwide lockdown, as only the worst hits states & provinces are under quarantine at present, with residents urged not to leave their homes and further limited working hours are being mandated across many sectors. Oxygen supplies across the country are being diverted away from recycling yards to hospitals in India and only a handful of yards remain operational as steel prices have artificially shot up this week, due to a lack of production.”

GMS said “Bangladesh too has seen its domestic cases rise again as the country endures another potential period of lockdown, which is set to last for another week as the Bangladeshi government strives to bring the exponential spread under control. The holy month of Ramadan is now underway in Bangladesh and Turkey. Yet, despite this and Covid-19 lockdowns / restrictions resulting in reduced port / agent activity and banking hours, demand and pricing remain firm for those market units (mostly tankers and offshore) that are available.”

GMS concluded “Amidst this worrying backdrop, it has been another busy week in the recycling markets with several deals being done at impressive levels, as owners take advantage of the surging steel prices and decent demand for prompt pre-monsoon units.”https://knect365.imgix.net/article/images/cacheable/4ea7c2f3-c33f-4cbe-bfe9-a5e4b6b9f7bc-featured-199f328451fe77fe9f4a2c31ba7c2557.jpg?auto=compress&fit=max

Source - Strategic Research Institute

voda 20 april 2021 10:07

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US Steel Capacity Utilization Climbs to 78% in Week 15

American Iron & Steel Institute announced that in the week ending on April 17, 2021, domestic raw steel production was 1,770,000 net tons while the capability utilization rate was 78.0%. Production was 1,240,000 net tons in the week ending April 17, 2020 while the capability utilization then was 55.4%. The current week production represents a 42.7% increase from the same period in the previous year. Production for the week ending April 17, 2021 is up 0.5% from the previous week ending April 10, 2021 when production was 1,761,000 net tons and the rate of capability utilization was 77.6%.

Adjusted year-to-date production through April 17, 2021 was 26,703,000 net tons, at a capability utilization rate of 77.1 percent. That is up 0.1 percent from the 26,665,000 net tons during the same period last year, when the capability utilization rate was 73.7 percent.

Broken down by districts, here’s production for the week ending April 17, 2021 in thousands of net tons: North East: 164; Great Lakes: 603; Midwest: 183; Southern: 747 and Western: 73 for a total of 1770.

Source - Strategic Research Institute

voda 20 april 2021 10:08

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China Steel Corporation Reports 9% Dip in Steel Sales in Q1

Taiwan’s top integrated steel producer China Steel Corp announced that steel sales in January-March quarter of 2021 declined by 8.7% YoY. Over January-March, CSC sold 2.49 million tonnes of finished carbon steel, down 236,434 tonnes compared with the same period last year. However, the company performed extremely well in terms of pre-tax profits, mainly thanks to the continuous growth in steel sales prices. The preliminary consolidated operating revenues in March 2021 totaled NTD 97,821,598 thousand. The preliminary consolidated operating income totalled NTD 12,489,188 thousand. The preliminary consolidated income before income tax totalled NTD 13,099,180 thousand.

The sales volume of carbon steel in March 2021 totalled 878,997 tonnes. The preliminary consolidated operating revenues in March 2021 totalled NTD 36,894,940 thousand. The preliminary consolidated operating income totalled NTD 5,388,143 thousand. The preliminary consolidated income before income tax totalled NTD 5,637,258 thousand.

Source - Strategic Research Institute

voda 20 april 2021 10:09

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Tenaris Tests TenarisHydril Blue Dopeless Connection for CCS

Tenaris recently finalized a test on TenarisHydril Blue Dopeless connection for a Carbon Capture and Storage project. The study has been carried out in partnership with a major operator and was based on an application specific testing protocol. Dopeless technology, Tenaris’s dope-free multifunctional solution, is perfect for carbon dioxide injection application, providing not only HSE benefits, but also long-term reliability for injection wells. The test, which has been streamed live to customer’s engineers, marks the first time that a gas-tight premium connection has gone through a testing protocol that includes both numerical analysis and full-scale tests simulating actual field conditions induced by the injection of carbon dioxide in highly depleted reservoirs.

Tenaris has leveraged its global R&D capabilities and technical know-how in premium connections and proprietary steel grades to address the technical challenges posed by the CCS technology. The company is also actively developing new technologies for CO2 abatement and other low carbon energy applications.

Source - Strategic Research Institute

voda 20 april 2021 10:10

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Corinth Pipeworks Uses EAF Slag to Coat Steel Pipes

Corinth Pipeworks in its commitment to act in a sustainable manner and to assist the transition to a low carbon circular economy is optimizing the use of natural resources in our operation wherever possible and to find synergies with other industries, making industrial symbiosis a reality. A successful initiative that has been undertaken in conjunction with Wasco Energy Group and AEIFOROS SA is the use of Electric arc furnace slag in special concrete applications such as heavy concrete, requiring aggregates of stable quality regarding density and sizing, for the coating of pipes for offshore pipelines. It complies with all standards used in pipeline projects meeting raw material specifications for the coating mixture. When compared to natural aggregates, these waste products have a higher density, thus leading to the overall substitution of the iron ore or other natural minerals.

1. Wasco Coatings Europe BV has successfully managed to utilize ferronickel slags in the production process for the same application in coating of pipes. Benefits are two fold

2. Use of valuable by-products, which in the past were stored on site, landfilled, or utilized in lower added value products

Conserving natural resources which were traditionally used in this application like iron ore and heavy minerals

Source - Strategic Research Institute

voda 20 april 2021 10:10

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Severstal Improves Heating Efficiency of Mill 5000 Furnaces

The specialists of Severstal Digital, together with the collective of the Severstal Russian Steel division’s flat-rolling shop for the production of tubular products located in Kolpino have developed a model for automatic heating control of the chamber furnace No 1 of mill 5000. The technology helps to speed up the heating process of the furnace and reduce the downtime of the unit. In six chamber furnaces, the metal is heated before rolling, at which the temperature rises to 1200 degrees. The heating cycle takes about 18 hours: it includes raising the temperature and holding the metal for some time at these values. At the same time, with an increase in temperature, the required thermal power increases and it is possible to set up to 1050 degrees with greater intensity.

Previously, the operator could only set the final temperature value and the time it takes for the unit to reach it. Over the entire temperature range, the heating rate was approximately 70 degrees per hour. Now the model estimates the current heating rate, gas consumption and temperature difference in the furnace zones and, based on this, sets the optimal heating intensity (for example, in the interval 800-1100 degrees, the temperature rises at a speed of up to 125 degrees per hour). The automatic control mode can be turned on both at the beginning of heating and during the operation of the furnace - the model considers the current state and continues further heating according to the plan.

As a result of using the model, it was possible to reduce the heating time for chamber furnace No. 1 by an average of 10%. In addition, the difference between thermocouples between the zones of chamber furnaces has been reduced to 10 degrees, which allows the most efficient use of energy resources.

Source - Strategic Research Institute

voda 21 april 2021 10:45

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Posco May Invest USD 12 Billion to Set Up Steel Plant in Odisha

Express News Service reported that South Korea Ambassador Mr Shin Bongkil has rekindled the hope of Posco investing USD 12 billion in a steel project in Odisha. During a virtual roundtable on South Korea and Odisha: Promoting Bilateral Business Opportunities, Mr Bongkil said Korean steel giant Posco has plans to make one of the single largest FDI in the history of India with an investment of USD 12 billion to set up an integrated steel plant in Odisha.

This announcement came after four years of scrapping the green field project, announced in 20005. In February 2017, Posco had communicated its intention to surrender the 1,880 acre of land handed over to it by Idco saying that it had no intention to use it urgently. The project ran into rough weather as the overseas company did not get a firm commitment from the State government to get a captive mines for the proposed plant following changes in the Mines and Minerals (Development and Regulations) Act, 1957.

Source - Strategic Research Institute

voda 21 april 2021 10:45

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RINL VSP Worker Unions Serve May 6 Strike Notice over Wages

Hans News Service reported that Rashtriya Ispat Nigam Limited’s trade union leaders issuing nationwide strike notice scheduled on May 6 to the management in Visakhapatnam. Recognised union leaders accuse the VSP management of deliberately neglecting wage agreement with lame excuses.

President of Visakhapatnam Steel Plant recognised union Mr J Ayodhya Ram demanded that the management show a positive attitude towards the employees wage agreement. Mr Ayodhya Ram said like previous wage agreement, 17% Minimum Guaranteed Benefit should be given this time too and demanded that the term of the wage agreement should not exceed more than five years.

He was among Visakhapatnam Steel Plant union leaders, who issued a strike notice to the management.

Source - Strategic Research Institute

voda 21 april 2021 10:46

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China Opens Probe in Alibaba & Minmetals Steel E-Commerce Venture

Chinese media reported China's market regulator State Administration for Market Regulation is investigating a joint venture between e-commerce giant Alibaba Group and Minmetals Development, amid a broad antitrust clampdown on internet firms. Minmetals said that it received a notice from the State Administration for Market Regulation in recent days about an investigation into the joint venture formed in 2015, in which Alibaba transferred its 44% stake to an unrelated firm in 2019, which the regulator suspects may constitute an illegal concentration of market power under the Anti-Monopoly Law. Minmetals said “According to its preliminary understanding, the company's e-commerce cooperation did not involve any violation of the anti-monopoly law, and there was no damage to the interests of customers, consumers, and investments. We will actively cooperate with the investigation conducted by the market regulator and fulfil the obligation of information disclosure.”

Minmetals added that it does not expect the regulator's investigation will have an adverse material impact on its business operations.

China issued antitrust guidelines on the country's platform economy in February, signalling strengthened antitrust enforcement against monopolistic behaviours in the country's internet platform sector. According to China's Ministry of Commerce, the undertakings concerned shall file a prior notification with the State Council when a concentration of undertakings reaches the following criteria

1. The combined worldwide turnover of all the undertakings concerned in the preceding financial year is more than 10 billion yuan

2. The combined nationwide turnover within China of all the undertakings concerned in the preceding financial year is more than 2 billion yuan, and the nationwide turnover within China of each of at least two of the undertakings concerned in the preceding financial year is more than 400 million yuan.

In December 2015, subsidiaries of China Minmetals and Alibaba jointly announced their cooperation to build an e-commerce platform for steel. In 2014, Alibaba's total turnover settled at 52.5 billion yuan while Minmetals Development reached 134.56 billion yuan.

The investigation follows the record USD 2.75 billion anti-monopoly fine imposed on Alibaba earlier this month for an exclusive dealing agreement. State Administration for Market Regulation has earlier fined 12 companies, including internet giants Tencent and Baidu in March for violating anti-monopoly law in making deals.

State backed Minmetals E-Commerce was founded in May 2012 to share information more efficiently to trade metals. Alibaba had joined the metal marketplace's funders in May 2016 by paying CNY 317 million in cash. In March 2020, Alibaba Group Holding's investment entity Hangzhou Ali Venture Capital has gotten rid of its 44% stake. Ali Venture Capital sold its stake to E-Commodities Beijing Supply Chain Management. The deal price was not disclosed, nor the reason behind the move.

Source - Strategic Research Institute

voda 21 april 2021 10:54

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Investors File Class Action Lawsuits against Credit Suisse

The Telegraph reported that Credit Suisse faces an American style class action lawsuit over losses suffered by investors in its funds that backed the collapsed lender Greensill. As per report, US law firm Boies Schiller Flexner held its first group meeting with investors who have been burnt by the Greensill Capital saga to discuss how to pursue litigation. Litigation funders eager to take a slice of any pay outs have also approached lawyers about backing the case, which is likely to centre on mis-marketing claims and even mismanagement.

Separately, Bronstein, Gewirtz & Grossman LLC notified investors that a class action lawsuit has been filed against Credit Suisse Group AG and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Credit Suisse American Depositary Receipts between October 29, 2020 and March 31, 2021. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934. The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts. Specifically, the Company concealed material defects in its risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital and Archegos Capital Management, exposing the Company to billions of dollars in losses. Subsequently, as the Company disclosed billions of dollars in losses tied to the collapse of its Greensill-linked funds and the implosion of total return swap positions it had entered into with Archegos, the price of Credit Suisse ADRs to plummeted. A class action lawsuit has already been filed.

The Zurich based Credit Suisse bank has tried to soothe investor concerns last week. It told them it was working closely with Greensill’s administrator Grant Thornton and plans to make claims under relevant insurance policies. Credit Suisse said it still has around USD 2.3 billion at risk in its funds linked to Greensill, adding that it will consider appropriate legal actions to protect fund holders’ interests.

Credit Suisse has had a nightmarish start to the year as a result of its ties to Greensill as well as US hedge fund Archegos. Even before the implosion of the two companies it was fighting to restore its reputation following a major spying scandal in 2019, while Boies Schiller is already advising investors in a UK case against Credit Suisse over its alleged role in Mozambique’s so called tuna bond loans scandal.

Source - Strategic Research Institute

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