Beursonline.nl

voda 31 oktober 2022 16:31

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Staalgigant ArcelorMittal wil CO2 afvangen om er brandstof van te maken
businessam.be - 4 uur geleden

Staalfabrikant ArcelorMittal gaat samen met een aantal andere grote partijen in de industrie verkennen hoe ze CO2-afvangtechnologie kunnen inzetten bij hun fabrieken in België en de VS. Dat spraken alle betrokken bedrijven gisteren af in een investeringsovereenkomst.

© Aangeboden door Business AM

Het gaat om een samenwerking tussen ArcelorMittal, mijnbouwbedrijf BHP, Mitsubishi Heavy Industries Engineering en Mitsubishi Development Pty Ltd. Samen willen ze de komende jaren de haalbaarheid testen van carbon capture utilisation and storage (CCUS) – het afvangen, gebruiken en opslaan van CO2. ArcelorMittal wil proefdraaien met nieuwe technologieën in hun staalfabriek in Gent en een nog nader te bepalen fabriek in de Verenigde Staten.

CO2 wordt brandstof
Het idee is dat een speciale fabriek geplaatst bij de hoogovens dagelijks 300 kilo CO2 per dag gaat afvangen. In een volgende fase wordt van de afgevangen CO2 de brandstof ethanol gemaakt. De plannen moeten bijdragen aan de ambitie van ArcelorMittal om 30 procent minder CO2 uit te stoten in 2030. Voor Europa heeft het een reductiedoelstelling van 35 procent tegen 2030.

Mislukte projecten
Vooralsnog staat er nergens op de wereld een CC(U)S-fabriek die op grote schaal werkt. Sterker nog, wereldwijd zijn er flink wat CO2-afvang projecten stopgezet vanwege te hoge kosten of tegenvallende resultaten.

CCS cruciaal
Toch ziet het Internationaal Energie Agentschap een cruciale rol voor CCUS. Als de staalindustrie klimaatneutraal wil zijn in 2050 moet er jaarlijks 700 miljoen ton CO2 per jaar worden afgevangen. In dat scenario moet bij meer dan helft van alle staalfabrieken een CCS-afvangsysteem staan.

www.msn.com/nl-nl/nieuws/overig/staal...

voda 31 oktober 2022 16:31

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Beursblik: analisten verwachten winsthalvering ArcelorMittal
Zowel op kwartaal- als jaarbasis flinke afname.

(ABM FN-Dow Jones) ArcelorMittal heeft in het derde kwartaal van 2022 vermoedelijk veel minder winst behaald. Dit verwachten 12 analisten die bijdroegen aan de bedrijfsconsensus van de staalreus.

De analisten rekenen gemiddeld op een EBITDA in het derde kwartaal van 2,34 miljard dollar. Dat zou een ruime halvering zijn van de 5,16 miljard dollar in het tweede kwartaal van dit jaar. Dat was toen ook het vijfde kwartaal op rij dat de EBITDA boven de 5 miljard dollar uitkwam.

In het derde kwartaal van 2021 lag de EBITDA zelfs op 6,06 miljard dollar.

Daarnaast mikken de analisten voor het afgelopen kwartaal op een nettowinst van 1,36 miljard dollar en een winst per aandeel van 1,52 dollar.

"De langetermijn vooruitzichten voor staal blijven positief", zei CEO Aditya Mittal bij de halfjaarcijfers.

ArcelorMittal opent op 10 november de boeken over het derde kwartaal.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

voda 1 november 2022 07:15

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Anglo American Report 5% QoQ Dip in Iron Ore Production

Strategic Research Institute
Published on :
1 Nov, 2022, 3:45 am

Anglo American Chief Executive Mr Duncan Wanblad said “Our performance stepped up 16% quarter-on-quarter amid a challenging operating environment, driven by the ongoing ramp-up of our Steelmaking Coal longwall operations and continued strong performance at De Beers. Our new world-class copper mine in Peru, Quellaveco, continues to ramp-up production with shipments to customers now under way. Production in the third quarter was broadly flat compared to the same period in 2021, as higher production from Quellaveco, Steelmaking Coal and De Beers was offset primarily by expected lower copper ore grades in Chile and some operational challenges at our Kumba iron ore business.”

Q3 2022 highlights

Iron ore production decreased by 5% primarily due to Kumba, which was impacted by the slow ramp-up after the safety intervention in the second quarter and Eskom load-shedding, primarily in September, while production at Minas-Rio was flat

Steelmaking coal production increased by 28%, reflecting the ongoing ramp-up of the longwall operations

Copper production decreased by 6%, due to planned lower grades at all our operations in Chile, as well as unfavourable ore characteristics at Los Bronces, partly offset by the first production of copper from Quellaveco in Peru

Nickel production decreased by 4%, primarily due to lower grades.

Metal in concentrate production from our Platinum Group Metals (PGMs) operations decreased by 6%, due to the impact of Eskom load-shedding (power outages) primarily in September, infrastructure closures at Amandelbult and lower grade at Mogalakwena

Rough diamond production increased by 4%, principally reflecting the treatment of higher grade ore at Orapa (Botswana) as well as continued strong performance in Namibia

He added “As we move through the final quarter, we are focused on maintaining this operational momentum to deliver our full year guidance. The continued safe ramp-up of our steelmaking coal operations, as well as further performance improvements at our iron ore businesses, are priorities to set the platform for delivery into next year. We do continue to feel the effects of dislocations in the global economy on our business - in energy and across supply chains and labour markets - and are planning accordingly for 2023, confident in the strategic position of our business.”

voda 1 november 2022 09:41

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Vale agrees to build Saudi Arabia pellet plant
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Saudi Arabia's National Industrial Development Center (NIDC) has signed a memorandum of understanding with Vale to develop a 4 million tonnes/year capacity high-quality iron ore pellet production facility in Ras Al-Khair Industrial City. The site on the kingdom’s east coast will also have a logistics centre, Kallanish notes.

The investment aligns with Saudi Arabia’s recently announced National Industrial Strategy and is the result of growing steel demand in Saudi Arabia.

The project aims to ensure sustainable feedstock supply at an estimated investment cost of SAR 4 billion ($1.06 billion). It will create 400 direct jobs in its initial phase.

"Driven by the Kingdom's strong economic growth in the construction and industrial sectors, domestic steel demand is growing rapidly, as more production capacity is needed to meet the growth in demand. NIDC, under the guidance of MIM [Ministry of Industry and Mineral Resources], has identified more than 5 million tonnes of annual steel capacity to be added to the Kingdom's industrial base, which already has more than 16mt of annual capacity,” NIDC says.

"The new capacity will support new steel products, targeting advanced sectors such as military, packaging, shipbuilding, oil and gas, automobiles, and others. Iron ore pellets, the main feedstock for steelmaking, have been identified by NIDC as a critical component necessary to ensure an uninterrupted supply of raw materials to the local industry. They [NIDC] have been working with international partners to develop local iron ore pellet capabilities,” it concludes.

"It is a sage decision and move because, if it materialises, the facility will feed a big portion of direct reduced iron production in Saudi Arabia,” comments a local senior mill official.

In 2021, Saudi Arabia was fourth-largest DRI producer after India, Iran and Russia, with production of 6.4mt.

NIDC was represented at the MoU signing ceremony by its chief executive, Dr Abdulrahman Al-Qurtas, while Vale was represented by its ceo, Eduardo Bartolomeo.

Vale already has 11m t/y of iron ore pellet production capacity in Oman.

To diversify and secure raw material supply, Sabic has established a Mauritania-based iron ore mining joint venture with local authorities to feed its subsidiary and Saudi’s largest steelmaker Hadeed. The first ore cargo is to be shipped by 2024 (see Kallanish passim). It will produce up to 10 million tonnes/year of 67-68% Fe and below 2% silica content DR-grade pellet from 35-38% Fe magnetite iron ore.

Burak Odabasi Turkey

voda 2 november 2022 06:33

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Danieli Automation Revamping Completed at Tata Steel UK

Strategic Research Institute
Published on :
2 Nov, 2022, 4:42 am

A strategic project for the line processing 70% of the materials flowing through different plants inside the whole complex at Tata Steel UK Trostre Works, in Wales, has been completed by Danieli Automation. The project included the complete replacement of the obsolete line automation system, MCC cabinets and DC converters for the existing strip transportation motors (more than 140 motors in all, with individual armature control) plus the related erection activities in only 10 calendar days by the several installation teams that worked 24 hours, continuously.

Special attention was paid to preparation for the shutdown, starting from site mobilization and performing in advance transportation of major part of the supply inside the electrical rooms reducing operating activities to be performed. Remote connections with plant operators were implemented with the aim to validate in advance all the scenarios according to the actual line behavior.

Thanks also to the mutual effort provided during the several phases of project execution and during the start-up, the commissioning team restarted the line with the new, complete automation system, and quickly achieved 99.87% line availability performance (value measured on 14 production days consecutively).

Final acceptance was achieved according to the contractual schedule and the cooperation between parties has been strengthened with a remote assistance contract (8 hours/day, 7/7 days) where Danieli Automation’s engineers can provide support for troubleshooting and additional optimization to Tata Steel’s requests.

voda 2 november 2022 06:35

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Mr Lisin Accused of Supplying Steel for Russia's Nuclear Weapons

Strategic Research Institute
Published on :
2 Nov, 2022, 4:43 am

Inside The Games reported that US Congressman from Tennessee co-chair of the Commission on Security and Cooperation in Europe Mr Steve Cohen has described Russia’s richest man & NLMK owner Mr Vladimir Lisin as one of dictator in Mr Vladimir Putin's wallets. Mr Cohen in a letter also addressed to the High Representative of the Union for Foreign Affairs and Security Policy at the European Union Mr Josep Borrell wrote “Lisin's NLMK is one of the main suppliers of steel for the Russian military-industrial complex, particularly Uralvagonzavod tank manufacturing plant. The products of Lisin's enterprises are used to conduct military operations on the territory of Ukraine and to kill Ukrainians.”

Unlike many of Russia's rich and politically-connected industrialists, Mr Lisin and his companies have not been sanctioned by the US, the EU, Britain, or even Ukraine. So far, only Australia has issued economic sanctions against Lisin.

United States Secretary of State Mr Anthony Blinken has been urged to impose sanctions on International Shooting Sport Federation President Mr Vladimir Lisin after he was linked to Russia's nuclear weapons programme.

An investigation by Czech Republic-based RFE/RL journalists last month claimed to have uncovered connections between Lisin and Russia's military industries. According to a non-governmental organisation that monitors Russian state contracts, one of his companies did business with a state-run institute involved in the development of nuclear weapons.

voda 2 november 2022 06:35

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6 Workers Injured In Explosion at Geetai Steel Plant In Jalna

Strategic Research Institute
Published on :
2 Nov, 2022, 4:45 am

Media has reported that at least six workers were injured after a boiler exploded at Geetai Steel plant located in Maharashtra Industrial Development Corporation area near Jalna in central Maharashtra. Four injured workers were admitted to a private hospital in Jalna while two were shifted to a hospital in Aurangabad for treatment

Victims were working at the furnace when the blast occurred

The process of registration of a police case for alleged negligence in connection with the accident was underway.

voda 2 november 2022 06:36

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Hoa Phat Reports Loss in Jul-Sep’22 Quarter

Strategic Research Institute
Published on :
2 Nov, 2022, 4:46 am

Vietnam’s leading steel maker Hoa Phat Group achieved revenue of VND 34.4 trillion in the third quarter of 2022, down 12% YoY. Its after-tax profit was at negative VND 1.7 trillion, down 117% YoY. In the first 9 months of the year, Hoa Phat Group achieved VND 116.5 trillion in revenue and VND 10.4 trillion in after-tax profit, reaching 76% and 39% of the whole year plan respectively. Steel and related products contribute over 90% of the group's revenue and profit. Hoa Phat said “The above business results were due to weak steel demand in both the country and the world. Meanwhile, raw material prices, especially coal prices are three times higher than normal times. In addition, the credit was tightened, exchange rate and interest rates rose sharply.”

Hoa Phat Group produced more than 6 million tons of crude steel in the first 9 months of 2022, equivalent to the same period in 2021. Sales volume of construction steel products, HRC and steel billet reached 5.7 million tonnes, up 3% YoY. Construction steel recorded 3.4 million tonnes after 9-month period, posting 24% YoY increase. Of which the export market contributed more than 1 million tons, equivalent to the whole year of 2021. In the 9 months of 2022, the export market contributed more than 1 million tonnes, equivalent to the whole year of 2021.

Hoa Phat Group's market share has been expanded from 32.6% to 36% for construction steel, from 24.7% to 29% for steel pipes and continued to be maintained in the third quarter of 2022.

voda 2 november 2022 06:37

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Miele Partners with Salzgitter for SALCOS Green Steel

Strategic Research Institute
Published on :
2 Nov, 2022, 4:47 am

World-leading manufacturer of premium domestic appliances Miele Group is backing ‘green steel’ from Salzgitter AG to reduce its CO2 footprint. The Salzgitter Group is working closely with customers and partners to achieve climate protection goals. In this context, within the framework of a Salzgitter AG partnering program, Miele and Salzgitter Flachstahl GmbH have now signed a declaration of intent to secure a defined quantity of ‘green steel’ for Miele to be produced and delivered commencing from the end of 2025 under the SALCOS - SAlzgitter Low CO2 Steelmaking program.

The Salzgitter Group has entered into similar partnering agreements with numerous companies in a variety of sectors, including the automotive industry, cold-rolling specialists and domestic appliance manufacturers.

In a pilot project, the domestic appliances group based in Gütersloh is already processing low-CO2 steel Stahl for use in stoves and ovens. Thanks to the use of climate-friendly energy sources and steel scrap, the volume of CO2 emitted in the manufacture of this material is reduced by more than 66 percent. In this way Miele is making an initial contribution towards further reducing emissions in the field of outsourced goods and services (Scope 3.1), as well as taking an important step forward in implementing its ambitious sustainability goals.

voda 2 november 2022 06:37

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Weak Market Continues to Impact NMDC’s Iron Ore Sales

Strategic Research Institute
Published on :
2 Nov, 2022, 4:49 am

India’s leading iron ore miner NMDC has reported 12% YoY dip in iron ore sales in April-October 2022 signalling weak market conditions

-----------------------------

October 22 Production

Chhattisgarh - 2.56 million tonnes, up 9% YoY

Karnataka - 0.97 million tonnes, down 2% YoY

Total - 3.53 million tonnes, down 6% YoY

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October 22 Sales

Chhattisgarh - 2.33 million tonnes, down 3% YoY

Karnataka - 0.76 million tonnes, down 35% YoY

Total - 3.09 million tonnes, down 14% YoY

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April-October 2022 Production

Chhattisgarh - 13.83 million tonnes, down 2% YoY

Karnataka - 5.88 million tonnes, down 15% YoY

Total - 19.71 million tonnes, down 6% YoY

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April-October 2022 Sales

Chhattisgarh - 13.78 million tonnes, down 12% YoY

Karnataka - 5.66 million tonnes, down 12% YoY

Total - 19.44 million tonnes, down 12% YoY

voda 2 november 2022 06:38

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Tata Steel Awaiting Government's Response on UK’s Business

Strategic Research Institute
Published on :
2 Nov, 2022, 4:50 am

Tata Steel Chief Executive Officer & Managing Director Mr TV Narendran said that Tata Steel's future course of action with respect to its UK business will be based on the British government's response to the company's proposal seeking financial support to sustain the business there. He said “Obviously plans are being made in case we don't get the support that we seek from the UK government, but it's too early to talk about it, but again a lot of conversations are going on internally to how we plan for all situations.”

Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. Tata Steel is seeking 1.5 billion pounds from the UK government to execute its Decarbonisation plans.

voda 2 november 2022 06:38

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Baldota Group to Build 3.5 MTPA Steel Plant in Koppal

Strategic Research Institute
Published on :
2 Nov, 2022, 4:51 am

ET reported that Vijayanagar-based Baldota Group’s subsidiary Aaress Iron & Steel has proposed to set up an integrated steel plant of 3.5 million tonnes per annum capacity with an investment of INR 18,000 crore. The plant will come up at Halavarthi village in Koppal district. Aaress has already acquired 1036 acres of land and is in the process of acquiring another 933 acres. It has already received environment clearance and water drawl sanctions. The project will add about 10,000 direct and indirect jobs, it said.

Baldota Group’s MSPL joint MD Mr Rahul Baldota will sign an MoU for this

The Baldota Group will also sign another MoU at the GIM on setting up a 3 million tonnes per annum pelletisation and 5 million tonnes per annum iron beneficiation plants at Somlapur village at Sandur taluk in Ballary district. The Group said it will spend about INR 1600 crore for the project.

voda 2 november 2022 06:39

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Tata Steel’s Jamshedpur Plant’s ResponsibleSteel Certified

Strategic Research Institute
Published on :
2 Nov, 2022, 4:53 am

Tata Steel has placed India on the global Decarbonisation and sustainability map with three of its production facilities in Jamshedpur receiving the coveted ResponsibleSteel Certification. The Company’s Steel Works, Tubes Division and Cold Rolling Mill at Bara in Jamshedpur have joined an exclusive group of steel producing sites around the world to receive the ResponsibleSteel Certification, which also includes some of the other renowned steel manufacturers in the world.

ResponsibleSteel is the steel industry’s first global multi-stakeholder standard and certification initiative that works with steel producers, consumers, and intermediaries towards building a sustainable steel industry by addressing pressing challenges including climate change, diversity, human rights and more.

voda 2 november 2022 06:39

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Nippon Steel Raises Profit Forecast for Financial Year

Strategic Research Institute
Published on :
2 Nov, 2022, 4:54 am

Japan's Nippon Steel has raised its full-year net profit forecast by 12% on, citing higher margins through price increases and lower costs after restructuring and capacity cuts. Nippon Steel said that Net profit in its financial year to March 31 is now projected at a record 670 billion yen (USD 4.6 billion), up from its August guidance of JPY 600 billion. The stronger profit forecast comes despite lower crude steel production plans, excluding its subsidiaries, at 34 million tonnes, down from a previous forecast of 35 million tonnes.

Nippon Steel Executive Vice President Mr Takahiro Mori said “This is the effect of our efforts over the past two years to reinforce margins. Fixed costs have been significantly reduced through structural reforms.”

Mr Takahiro Mori added “Global steel demand has slowed quite rapidly," Mori said, adding that a recovery will take some time in the face of U.S. monetary tightening and China's strict curbs to eliminate COVID-19 outbreaks.

Net profit for the April-September period rose 25% to JPY 372 billion on inventory valuation gains and higher product prices as it passed on rising costs to customers.

voda 2 november 2022 06:40

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Vale Signs 3 MoU to Develop HBI Hubs in Middle East

Strategic Research Institute
Published on :
2 Nov, 2022, 4:56 am

Brazilian miner Vale and local authorities and clients in Saudi Arabia, the United Arab Emirates and the Oman Sultanate have signed three agreements for the development of studies related to the construction of industrial Mega Hubs, to produce low carbon products to serve the steel industry. The Mega Hubs will produce hot briquetted iron and steel products that will serve the local and transoceanic markets, with significant reduction of C02 emissions.

Saudi Arabia's National Industrial Development Center has signed a memorandum of understanding with Vale to develop a 4 million tonnes per year capacity high-quality iron ore pellet production facility in Ras Al-Khair Industrial City. The site on the kingdom’s east coast will also have a logistics centre

Vale has signed a MoU with the UAE’s Emirates Steel Arkan for a plant at the Khalifa Economic Zones Abu Dhabi

Vale has also signed cooperation memorandum with Oman’s Commerce Ministry for a mega hub to be implemented in Duqm

HBI production from natural gas has C02 emissions 60% lower, when compared to the conventional technological route of blast furnace and basic oxygen furnace.

Vale already has 11 million tonnes per year of iron ore pellet production capacity in Oman.

voda 2 november 2022 06:40

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Tata Steel’s Profit Shrinks by 90% YoY in Jul-Sep’22 Quarter

Strategic Research Institute
Published on :
2 Nov, 2022, 4:57 am

Tata Steel has reported that Consolidated Revenues stood at INR 59,878 crores and consolidated EBITDA at INR 6,271 crores, with an EBITDA margin of 10% and Consolidated Profit after tax stood at INR 1,297 crores for July-September 2022 quarter

Production - 7.56 million tonne, down 3% YoY

Deliveries - 7.23 million tonne, down 2% YoY

Turnover – INR 59,878 crore, down 1% YoY

Adjusted EBITDA - INR 5,817 crore, down 67% YoY

Adjusted EBITDA per ton - INR 8,045 per ton, down 67% YoY

Reported Profit after Tax - INR 1,297 crore, down 90% YoY

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Tata Steel India

Production - 4.80 million tonne, down 1% YoY

Deliveries - 4.91 million tonne, down 7% YoY

Turnover - INR 34,114 crore, down 1% YoY

Adjusted EBITDA - INR 3,929 crore, down 72%

Adjusted EBITDA per ton - INR 7,997 crore, down 74% YoY

Reported Profit after Tax - INR 1,993 crore, down 77% YoY

Tata Steel Chief Executive Officer & Managing Director Mr TV Narendran said “Concerns about slowdown in key economies, persisting geopolitical issues coupled with seasonal factors led to a volatile operating environment. Despite these headwinds, Tata Steel registered best ever domestic sales in India enabled by a strong product portfolio and an extensive distribution network which services end to end requirements in chosen segments.

Mr TV Narendran also added

Our 6 MTPA pellet plant at Kalinganagar is coming on stream shortly and will deliver significant benefits by reducing costs.

We will begin the phased commissioning of the 2.2 MTPA state of the art Cold Rolling Mill complex and the 5 MTPA capacity expansion at Kalinganagar thereafter.

Despite multiple challenges, we were successful in commissioning Neelachal Ispat Nigam Limited (NINL) within 3 months of acquisition and the ramp-up is progressing well.

We have commenced work at our new 0.75 MTPA Electric Arc Furnace at Punjab, strategically located in proximity to the market and the scrap generating auto hub in North India.

Further, in Netherlands, Tata Steel along with its customers has embarked on the journey to be carbon neutral through Zeremis, a flexible solution that lets you choose the carbon emission intensity reduction”

voda 2 november 2022 06:41

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Gas Commission Report is Not Resolving Energy Crisis in Germany

Strategic Research Institute
Published on :
2 Nov, 2022, 4:59 am

The Expert Commission for Natural Gas and Heat set up by the federal government presented its final report on 31 October. The proposals also include possible relief for the industry affected by the energy crisis. In addition, on Friday the European Commission published an adjusted framework for crisis aid, Temporary Crisis Framework, against the background of the current situation in the energy industry.

German Steel Association W Stahl President Mr Hans Jürgen Kerkhoff said “The gas price brake for energy-intensive industries proposed by the commission of experts does not yet lead to internationally competitive gas prices. But it is still an important first step in bridging the acute crisis. The federal government must now implement caps on gas and electricity prices in such a way that relief for energy-intensive industries can take place quickly, unbureaucratically and to a sufficient extent.”

Mr Hans Jürgen Kerkhoff added “We are very concerned that the EU Commission's temporary crisis framework will not do justice to the current dramatic situation. It is imperative to prevent the current energy crisis from causing permanent damage to the industrial base.”

voda 2 november 2022 06:41

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Economic Recession Hits European Steel Industry

Strategic Research Institute
Published on :
2 Nov, 2022, 5:00 am

The European Steel Association EUROFER said that the continuing deterioration of the EU economy following Russia’s invasion of Ukraine and the energy crisis is leading to a recession severely impacting industrial sectors. EUROFER said “The steel market outlook has worsened for both the second half of 2022 and 2023, with steel demand receding more strongly than expected at minus 3.5% for this year and minus1.9% for next year). Yet, imports penetration persists at historically high levels.”

EUROFER Director General Mr Axel Eggert said “All downside factors have remained in place and even exacerbated, especially skyrocketing energy prices, which lead to unbearable production costs. This has entailed a further cut in apparent steel consumption and a significant downward revision of steel-using sectors’ output in the EU for the remainder of this year and supposedly for the first half of next year. Even more worrying is the persistent high level of distortive steel imports into the EU in such a context. We risk heading towards significant industrial capacity destruction in Europe, if emergency trade measures reflecting the precarious situation of some critical industries in Europe are not taken.”

EUROFER added “After the rebound experienced throughout 2021 (+16.3%) following the pandemic, in the second quarter of 2022 apparent steel consumption’s positive trend came to an end with a marked drop (-4.8%), down to 38.6 million tonnes. Negative performances are predicted to continue throughout 2022 and at least up to the first half of 2023, consolidating the prospect of a deeper-than-expected annual recession in apparent steel consumption this year (-3.5%, previously estimated at -1.7%) and also in the next (-1.9%). These would be the third and the fourth steel consumption recessions respectively in five years.”

voda 2 november 2022 06:42

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The Steel Man of India Dr Jamshed J Irani Passes Away

Strategic Research Institute
Published on :
2 Nov, 2022, 5:02 am

It is with profound grief that Tata Steel informed of the demise of Padma Bhushan Dr Jamshed J Irani. He passed away on 31 October 2022 at 10 PM at TMH in Jamshedpur. Dr. Irani is survived by his wife Daisy Irani and his three children, Zubin, Niloufer and Tanaaz. Dr Irani was associated with Tata Steel for over four decades. He retired from the board of Tata Steel in June 2011, leaving behind a legacy of 43 years, which won him and the Company international acclaim in various fields.

Born on June 2, 1936 at Nagpur to Jiji Irani and Khorshed Irani, Dr Irani completed his Bachelor of Science degree from Science College, Nagpur in 1956 and Master of Science degree in Geology from the Nagpur University in 1958. He then went to the University of Sheffield in UK as a J N Tata scholar where he secured a Masters in Metallurgy in 1960 and a PhD in Metallurgy in 1963.

He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963 but always yearned to contribute to the Nation's progress and returned to India to join the then The Tata Iron and Steel Company (now Tata Steel) in 1968, as Assistant to the Director in-charge of Research and Development. He went on to become General Superintendent in 1978, General Manager in 1979, and President of Tata Steel in 1985. He then became Joint Managing Director of Tata Steel in 1988, Managing Director in 1992 before retiring in 2001.

He joined the Board of Tata Steel in 1981 and was also a Non-Executive Director from 2001 for a decade. Besides Tata Steel and Tata Sons, Dr. Irani also served as a Director of several Tata Group companies, including Tata Motors and Tata Teleservices.

Dr. Irani was the National President of the Confederation of Indian Industry (CII) for 1992-93. He was conferred several honours, including his appointment as International Fellow of the Royal Academy of Engineering in 1996 and an Honorary Knighthood by Queen Elizabeth II in 1997 for his contributions to Indo-British Trade and Co-operation. In 2004, the Government of India appointed Dr Irani as the Chairman of the Expert Committee for formation of the new Companies Act of India. He was conferred the Padma Bhushan in 2007 for his contribution to industry. He was the recipient of the Lifetime Achievement Award by the Government of India in 2008 as acknowledgement to his services in the area of metallurgy.

He will be fondly remembered as a visionary leader who led Tata Steel from the forefront during India’s economic liberalisation in the early 1990’s and immensely contributed to the growth and development of the steel industry in India.

voda 3 november 2022 06:41

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UK Sanctions Evraz’s Former Heads Mr Abramov & Mr Frolov

Strategic Research Institute
Published on :
3 Nov, 2022, 4:42 am

The UK has on 2 November sanctioned 4 oligarchs who have enabled Putin to mobilize Russian industries to support his military effort. UK’s Foreign Secretary Mr James Cleverly said “Putin continues to rely on his cabal of selected elite to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn fund his military machine. By targeting these individuals, we are ramping up the economic pressure on Putin and will continue to do so until Ukraine prevails.”

Amongst those sanctioned today are Mr Alexander Abramov and Mr Alexander Frolov, who have been targeted for their involvement in the extractive, transport, and construction sectors. The pair, known to be business associates of Mr Roman Abramovich, previously owned major stakes in Russian steel manufacturer Evraz plc, are thought to have an estimated global net worth of GBP 4.1 billion and GBP 1.7 billion respectively, and are reported to have UK property investments worth an estimated GBP100 million. They are both subject to travel bans, asset freezes and transport sanctions.

Alexander Grigoryevich Abramov is a former non-executive director of Evraz PLC. In this role, Abramov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at Evraz PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Abramov’s net worth is reported to be an estimated GBP 4.1 billion. Abramov is subject to a travel ban, asset freeze and transport sanctions

Alexander Vladimirovich Frolov is a former director and former CEO of Evraz PLC. In this role, Frolov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at Evraz PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Frolov’s net worth is reported to be an estimated GBP 1.7 billion. Frolov is subject to a travel ban, asset freeze and transport sanctions

Asset freeze

An asset freeze prevents any UK citizen, or any business in the UK, from dealing with any funds or economic resources which are owned, held or controlled by the designated person. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. It also prevents funds or economic resources being provided to or for the benefit of the designated person.

Travel ban

A travel ban means that the designated person must be refused leave to enter or to remain in the United Kingdom, providing the individual is an excluded person under section 8B of the Immigration Act 1971.

Transport sanctions

Recently introduced powers make it a criminal offence for any Russian aircraft to fly or land in the UK and give the government powers to remove aircraft belonging to designated Russian individuals and entities from the UK aircraft register, even if the sanctioned individual is not on board. Russian ships are also banned from UK ports.

The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120 oligarchs with a net worth of more than GBP 140 billion.

Vertraagd	26 apr 2024 17:37
Koers	23,750
Verschil	+0,210 (+0,89%)
Hoog	24,080
Laag	23,700
Volume	2.295.626
Volume gemiddeld	2.493.843
Volume gisteren	2.802.569

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