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voda 24 april 2023 07:56

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TMK's Second Corporate Championship Finds Solutions for Pipe Rolling Production

Russiab Pipe Metallurgical Company TMK hosted the second edition of its corporate championship, "Solve the Problem," to enhance production efficiency. TMK's Volzhsky Pipe Plant was the venue where the contestants tackled a real business problem, seeking to reduce costs and extend the service life of mandrels, an essential tool used in the production of seamless pipes on a pipe-rolling mill.

Seven teams, representing the company's plants and partner organizations, participated in the championship. They analyzed the issue, visited VTZ's pipe-rolling shop, and proposed around 50 technical and organizational solutions designed to increase the durability of mandrels, improve the production process, and obtain an economic effect.

The teams' proposals were evaluated by a panel of experts, which included TMK's management representatives. The winners were the teams of Seversky Pipe (STZ), Pervouralsk Novotrubny (PNTZ), and Taganrog Metallurgical (TAGMET) plants, respectively. These are TMK's plants that were successful in the competition.

MK is a leading global manufacturer and supplier of steel pipes for the oil and gas industry, and its production units face technological challenges regularly. The championship provided a platform for the company to address these challenges effectively, and it resulted in approximately 40 proposed initiatives that will be implemented and worked out at TMK enterprises.

voda 24 april 2023 07:57

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Severstal’s European Steel Distribution Unit Sold, Escapes Sanctions

Russian mining and steel company, Severstal, has announced the sale of its European steel distribution network, Severstal Distribution, to Marcegaglia Carbon Steel, a subsidiary of Italian steel rerolling group Marcegaglia. The sale allows Severstal to evade EU sanctions against its majority shareholder, Mr. Alexey Mordashov, which made it impossible for Severstal’s distribution division to operate in Europe.

The assets and jobs will be transferred to the new owner, and Marcegaglia will be able to establish a commercial presence in Northern Europe and the Baltic countries. The purchase will enable the restart of distribution activities firstly in Latvia, and then in Poland and Ukraine.

Severstal Distribution, founded in 1992 and headquartered in Latvia, supplied Severstal’s steel products to the EU and Ukraine, with a volume covering 30% of the Baltic countries’ apparent consumption of hot-rolled and galvanized coils and shaped pipes. The unit sold 1.85 million metric tonnes, or over half of Severstal’s total exports, in 2021, with turnover reaching Eur1.53 billion.

Marcegaglia Carbon Steel has a production capacity of 4.65 million metric tonnes per year of flat-rolled products and welded tubes, which will now be processed and distributed through the Severstal Distribution network, renamed Marcegaglia Baltics. The companies did not disclose the value of the deal, but payment remains frozen in a special escrow account until the EU sanctions regime implemented following the Russian invasion ceases.

voda 24 april 2023 07:58

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ArcelorMittal's Dunkirk Blast Furnace to Restart After Fire Outbreak

ArcelorMittal is set to restart its blast furnace BF4 at Dunkirk, France by the end of May after it was stopped due to an ignition-caused fire on March 30. According to a company spokesperson, the blast furnace's operation is expected to resume by the end of May, following repairs and safety checks.

The Dunkirk plant is equipped with three blast furnaces, and BF4 is the largest with a production capacity of 3 million metric tons year. BF No. 3, which can produce 1.5 million metric tons per year, was restarted recently after being idle since mid-September 2022. Meanwhile, the No. 2 furnace was stopped permanently in December 2022 as it had reached the end of its service life.

In addition, ArcelorMittal France has resumed operation of its 2 million metric tons blast furnace at Fos sur Mer in April after it was shut down in December 2022 due to high energy costs and low demand.

Bijlage:

voda 24 april 2023 07:58

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Ideal Alambrec Bekaert & Chaide to Promote Circular Economy in Ecuador

wo companies in Ecuador, Ideal Alambrec Bekaert and Chaide y Chaide S.A., have joined forces to promote a sustainable and circular economy by recycling mattresses when they reach the end of their life. Ideal Alambrec Bekaert supplies wire to Chaide, which transforms it into springs and frames that provide support in each mattress. To contribute to the islands' circular economy, Chaide encourages its customers to dispose of their old mattress responsibly, giving a cash discount on a new purchase in exchange for their old one.

The partnership, which began in March 2022, has contributed to the recycling of 1000 mattresses on the Galapagos Islands in its first year. The mattresses are collected from landfills and sent for recycling, where the recovered steel is melted and transformed into new recycled steel products. The foam and textile materials are used in co-processing to manufacture cement. The companies estimate that since the beginning of the operation, 72 metric tons of CO2 have been saved, and 52 metric tons of materials (24 metric tons of steel and 28 etric tons of foam and fabric) have been put back in the loop of the circular economy, reducing waste and environmental impact.

Mr. Tammy Caamano, General Manager of Ideal Alambrec Bekaert, said that the partnership is building on the cradle-to-cradle approach for mattresses, contributing to a more sustainable value chain. Raúl Estévez, National Sales & Innovation Manager of Chaide, emphasized that the partnership is a great example of amplifying efforts to protect the planet by joining forces with stakeholders.

voda 25 april 2023 06:46

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Mr. Miguel Ángel López Borrego to Take Charge of thyssenkrupp as Ms Martina Merz to Retire

In a significant development, Ms. Martina Merz, CEO of thyssenkrupp, has expressed her desire to retire from the Executive Board and requested the Personnel Committee of the Supervisory Board of thyssenkrupp to discuss a timely termination by mutual agreement of her Executive Board service contract as Chairwoman. As per her request, the Personnel Committee of the Supervisory Board is set to commence talks with her regarding an amicable termination of her Executive Board employment contract.

Concurrently, the Human Resources Committee has recommended to the Supervisory Board the appointment of Mr. Miguel Ángel López Borrego, the current Chairman of the Executive Board of NORMA Group and the former CEO of Siemens Spain, as a member of the Executive Board of thyssenkrupp AG effective from June 01, 2023, and also to appoint him as Chairman of the Executive Board.

Professor Siegfried Russwurm, Chairman of the Supervisory Board of thyssenkrupp, commented that the board has been successful in recruiting an experienced international manager with a wealth of industry experience in digitalization and Industry 4.0, along with highly experienced financial and M&A experts to lead thyssenkrupp into the future. He also acknowledged that the transformation of thyssenkrupp is yet to be completed, and under Mr. López Borrego's leadership, the company will continue on the path of transformation based on the strategic lines developed.

Professor Russwurm also expressed his gratitude to Ms. Merz for her hard work and leadership during challenging times, as she initiated a comprehensive change process at thyssenkrupp with a high level of commitment and great competence. He highlighted that her target definition, according to which the best possible further development of the business is more important than the ownership structure in case of doubt, was also clearly supported by the shareholders at the Annual General Meeting in February 2023.

Ms. Merz expressed her thoughts on the company's restructuring efforts and her decision to step down as Chairwoman of the Executive Board. She stated, "We have achieved a great deal in the restructuring of thyssenkrupp, created space with the sale of the elevator business, implemented a number of transactions and firmly anchored our focus on the development of the businesses. Key strategic decisions have been made. Promising talks have been held with potential partners for the steel to become independent. In the upcoming phase, the focus is on financial expertise and further improving performance. That's where additional commercial skills are certainly useful. I want to open the way for this focus in the interest of the company. I wish thyssenkrupp, which has grown very close to my heart over the past few years, all the best."

Mr. López Borrego graduated from high school in Hesse and holds a Dipl.-Betriebswirt from the University of Cooperative Education Mannheim, and an MBA from the University of Toronto. He started his career as a controller at VDO and then became the CFO of VDO Instrumentos in Spain and the worldwide VDO Instrument Division. Within the Siemens Group, he was CFO of various business units and the Digital Factory Division. He served as CFO of Siemens Gamesa Renewable Energy and was President & CEO of the Board of Siemens Spain and Chairman of the Board of Directors, Siemens-Gamesa Renewable Energy until 2022. Until May 31, 2023, López Borrego is Chairman of the Management Board of the automotive and industrial supplier NORMA Group.

The appointment of Mr. López Borrego comes at a crucial time for thyssenkrupp AG as the company seeks to make significant strategic decisions and find potential partners to make the steel business independent. Mr. López Borrego's broad industry experience and financial expertise are expected to be useful in this regard, and the thyssenkrupp board looks forward to his contributions to the company's growth and development.

voda 25 april 2023 06:46

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Mr. Abhudya Jindal: A Visionary in the War against Corrosion & Sustainable Solutions

Mr. Abhudya Jindal, MD of Jindal Stainless, spoke at the World Corrosion Awareness Day event hosted by CII. He emphasized the need for life cycle-based solutions to combat corrosion and highlighted Jindal Stainless' commitment to supporting the war against corrosion. Mr. Jindal stressed the importance of innovative solutions and life cycle cost as the most critical criteria while designing infrastructure projects. He is known for promoting sustainable solutions for a green world.

Mr. Jindal's commitment to sustainable solutions for a green world has been praised by Mr. YPS Suri, a renowned Corrosion Guru, who acknowledged that corrosion losses are a national challenge and JSL is showing its commitment to supporting the CII National Mission on War against Corrosion.

The CII CMD Dr. D Kamachi Mudali thanked Mr. B Narayan of RIL and DG ONGC Energy Centre for their special address and observations on corrosion mitigation. The finance bill of 2016 stated that life cycle cost could be considered a component while conceiving projects, but it was not mandatory. The CII CMD shall work towards making life cycle cost a major factor in enhancing productivity and eliminating losses to society. The agenda is significant, and active participation is necessary to make India corrosion-free.

The CII established the CII CMC under the chairmanship of Late Dr. Baldev Raj to combat corrosion in 2006. The CII CMC is now being led by Dr. Mudali and supported by Abhyuday Jindal of Jindal Stainless. Their goal is to create a roadmap to contain corrosion losses to less than the global average and later, to surpass the USA and Japan. The Indo-US agreement of 2015 recognized India's National Corrosion Mission on Corrosion Control Technologies and Standards, which received support from Dr. VK Sarawat of Niti Ayog and Ms. Ruchika Govil, Addl Secy MOS at the MoU signing event last month.

voda 25 april 2023 06:46

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Tata Steel Embarks on Historic Trial of Hydrogen Injection in Blast Furnace

Tata Steel, one of India’s leading steel manufacturers, has taken a significant step towards decarbonisation by initiating a trial for the world's largest continuous injection of hydrogen gas in a blast furnace. The company has commenced the trial injection of hydrogen gas using 40% of the injection systems in ‘E’ Blast Furnace at its Jamshedpur Works. This will reduce fossil fuel consumption and subsequent CO2 emissions from the blast furnace and provide valuable insights into operating blast furnaces with greener fuel injectants.

This trial marks a major milestone in the steel industry's journey towards green and sustainable steelmaking. The endeavour is aligned with the Company’s vision of becoming Net Zero by 2045. The successful completion of this trial will demonstrate Tata Steel's capability to design, fabricate and commission the injection system, develop and establish necessary general and process safety protocols, and provide process control insight for pure hydrogen injection into the blast furnace.

"The trial of hydrogen gas injection in a blast furnace at Jamshedpur Works is important milestone in our journey towards net zero emissions. We are excited to see the impact it can have on reducing fossil fuel consumption and CO2emissions. We are confident that this trial will provide valuable insights into operating blast furnaces with hydrogen and help us identify the next steps towards achieving our goal of a leaner carbon future," said Mr. Uttam Singh, Vice President, Iron Making, Tata Steel.

"Our efforts towards decarbonisation are driven by our commitment to creating a sustainable tomorrow. The trial, a testament to our capabilities in design, fabrication, and commissioning of injection systems, will accelerate our foray into green steelmaking. Tata Steel remains dedicated to leveraging innovation and technology in its pursuit of becoming the industry leader in sustainability," said Dr Debashish Bhattacharjee, Vice President (Technology and R&D), Tata Steel.

The potential of hydrogen as an alternative to fossil fuels as an important reductant of iron ore in blast furnace has been recognized for a long time. Given the imperative to make industrial processes greener, hydrogen fuel utilisation is gaining a lot of traction and is being embraced on a scale like never before.

Tata Steel has adopted a two-pronged approach of Carbon Direct Avoidance (CDA) and CO2 Capture and Use in its pursuit of decarbonisation. The trial injection of hydrogen gas is part of the CDA approach, focussing on the blast furnace, one of the heaviest known industrial contributors to CO2 emissions worldwide.

voda 25 april 2023 06:47

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SPM and H2 Green Steel Sign Landmark Deal for Sustainable Steel

SPM and H2 Green Steel have entered into a five-year supply agreement for green steel, with the latter’s flagship plant in northern Sweden expected to provide 25% of SPM’s annual volumes. This marks a significant step in the decarbonization of hard-to-abate-industries, starting with steel, as H2 Green Steel’s plant in Sweden will be the first new steel mill in Europe in over 50 years. By using green hydrogen instead of coal, CO2emissions from the reduction process can be reduced by up to 95%. H2 Green Steel aims to achieve annual production of 5 million tonnes of green steel by 2030.

The contract between the two companies is valued at approximately €125 million and SPM secures 25% of its future annual steel demand through the agreement. Mr. Nick Liggins, Commercial Director at SPM, expressed his belief that green steel is the future, and the agreement with H2 Green Steel is a timely investment in this changing industry. He notes that companies who embrace this change early will have an advantage in their sector as demand for these products could outstrip supply in the next five years.

According to Mr. Mark Bula, Commercial Head of Steel at H2 Green Steel, this agreement demonstrates leadership by SPM in its market segment and is a clear sign that businesses of all sizes are validating the business case for sustainably produced steel. SPM’s success is attributed to the quality of their products and services, as well as their values, which align with those of H2 Green Steel.

SPM is a privately owned steel and processing business based in the UK, serving customers primarily in the automotive and construction industries. The company is celebrating its 30th anniversary this year.

H2 Green Steel, on the other hand, was launched in 2021 with the aim of accelerating the decarbonization of the steel industry, starting with green steel production. The founder and largest shareholder of H2 Green Steel is Vargas, which is also co-founder and one of the larger shareholders in Swedish battery maker Northvolt.

voda 25 april 2023 06:47

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China's Steel Industry Grapples with Overcapacity

The steel industry in China has seen an uptick in demand in the first quarter of 2023, signaling a positive economic outlook for the country. However, this has also drawn attention to the looming problem of overcapacity in the industry, which may hamper future growth prospects.

At the recent 19th Steel Development Strategy Conference in Shanghai, Mr. Zhang Qiusheng, a senior engineer at Nanjing Iron & Steel, highlighted that China's steel capacity is expected to reach 1.25 billion metric tons, while the total consumption is estimated to be only 960 million metric tons in 2023, which is significantly lower than the capacity. This excess production capacity has been a long-standing issue for China's steel industry.

According to Mr. Zhang, the industry's overcapacity can result in price volatility, which can adversely impact the overall performance of the sector. The average steel prices hit a peak in March 2023, and Mr. Zhang expects them to reach another peak in the November-December period. However, the year is likely to see price changes within the range of $46-58 per metric ton

To address the issue of overcapacity, China plans to implement production restrictions for the steel industry, which will help stabilize prices from the supply side. As the Chinese government tackles overcapacity, it remains to be seen how the industry will respond and adapt to the changes. However, it is clear that the steel industry's performance will continue to have a significant impact on China's overall economic growth.

voda 25 april 2023 06:47

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SAIL RSP Commissios Sheet Shearing Line at New HSM

SAIL's Rourkela Steel Plant has taken a significant step in the direction of boosting India's steel industry by launching its first consignment of hot-rolled plates from the recently installed Sheet Shearing Line at the Hot Strip Mill. The steelmaker announced that the first shipment, comprising 19 HR plate packets weighing about 126 metric tons, was dispatched to Ballabgarh Stockyard by rail.

The Sheet Shearing Line at RSP HSM is still in the ramp-up and commissioning stage, and it has a production capacity of 400,00 metric tons per annum of world-class hot-rolled plates.

voda 25 april 2023 06:47

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BHP Reports Robust Iron Ore Production in Q1

Australian mining giant BHP Billiton recently released production results for the first nine months of the financial year 2022-2023. According to the announcement, BHP Billiton's iron ore production increased by 1.3% year on year to 191.7 million metric tonnes, buoyed by a strong supply chain performance. However, the temporary suspension of operations offset this increase. "We delivered another strong performance this quarter, with record iron ore production from our Western Australian Iron Ore operations," said BHP Billiton's CEO, Mr. Mike Henry. "Our consistent operational delivery continues to underpin our strong financial results."

Notably, Western Australia Iron Ore (WAIO), one of BHP Billiton's subsidiaries, achieved a record production of 212.6 million metric tonnes in the nine-month period. Despite the occurrence of tropical cyclones, no significant damage or injuries were reported at the WAIO sites.

BHP Billiton expects its iron ore production to remain unchanged for the financial year 2022-2023, ranging between 249 million metric tonnes and 260 million metric tonnes.

On the other hand, BHP Billiton's metallurgical coal production decreased by 27% year on year to 20.5 million metric tonnes due to rainy weather. Nonetheless, production is expected to range between 29 million metric tonnes and 32 million metric tonnes in the same financial year, remaining unchanged.

voda 25 april 2023 06:48

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Argentem to Buy Majority Stake in AHMSA

After months of searching for a buyer to save it from its financial troubles, Mexico’s integrated steel giant Altos Homos de México has finally found a new owner in US-based financial company Argentem Creek Partners. The company has agreed to purchase a 55% controlling stake in AHMSA, subject to certain terms and conditions. The deal, which is expected to inject $200 million of working capital into the Mexican steel company, was signed on February 20 and is still subject to final approval.

The news was confirmed by AHMSA on April 20, following an ordinary shareholders’ meeting. The company said that the process of entering new share capital will be completed under the terms established with Argentem Creek Partners. However, it is important to note that the deal is not yet final, despite the media suggesting otherwise.

A source involved in the negotiations revealed that the capital injection process was highly competitive, with seven companies showing an interest in acquiring AHMSA. The unnamed source further added that Argentem Creek Partners was the clear winner, thanks to their terms and conditions.

The purchase comes after AHMSA, which has a production capacity of 5.5 million metric tons of steel per year, was forced to halt production due to liquidity issues, including the inability to pay for energy. Among the seven companies interested in purchasing the beleaguered steelmaker were Italian-Argentinean Ternium and Mexican Grupo Villacero, one of the largest steel processors in Mexico.

voda 25 april 2023 06:48

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Wooden Towers Replace Steel in Turbines

Finnish wood product company Metsä Wood has joined hands with Swedish wood technology firm Modvion to deliver Laminated Veneer Lumber for Modvion's wooden wind turbine towers. Modvion builds modular wind turbine towers using LVL, where Metsä Wood is an essential supplier to Modvion. The LVL products have a high strength-to-weight ratio, resulting in lighter towers with less need for costly reinforcements, making them an ideal choice for sustainable construction.

Mr. Henrik Söderström, SVP, Sales and Marketing at Metsä Wood, says, "Kerto® LVL enables high material efficiency thus making it ideal for sustainable construction. Modvion's design and application is a great example of its versatility."

"The volumes of wood needed for a Modvion tower are between 300–1200 cubic metersdepending on the height and load. That means an LVL carbon storage capacity between 240 950 metric tons CO2eq per tower," said Mr. Pär Hallgren. Modvion's next milestone is constructing its first commercial wind turbine tower in 2023, where Metsä Wood will provide the LVL for this innovative project. Building renewable energy with renewable materials can enable net-zero energy production from wind, said Mr. Pär Hallgren.

Aside from the technical advantages of LVL, it also enables radical reductions in emissions. According to a Swedish research institute RISE's lifecycle analysis, a wooden wind turbine tower reduces emissions by 90% compared to a steel tower of the same height and load. Because wood also stores carbon, the tower becomes carbon-negative, binding more CO2 than it emits during manufacturing. After the wind turbine tower is decommissioned, Modvion plans to reuse the wood material to ensure maximum carbon storage.

voda 25 april 2023 06:49

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Bankrupt Steel Processor Dan Steel up for Auction on 28

CITR, Romania's insolvency administrator, is set to auction off a bankrupt steel mill for a starting price of €25.9 million on April 28. The Dan Steel Group Beclean steel processor, which has been in bankruptcy proceedings since the beginning of this year, will be auctioned in collaboration with local law firm Prime Insolv Practice.

Ms. Mariana Boiciuc, Senior Partner at CITR Cluj Branch, expressed the desire to attract potential investors who can revive the factory. "We aim to attract potential investors to bring back to life this factory with a history of over 30 years,” she said.

With over 40 hectares of land, buildings that cover an area of 75,460 square meters and related equipment, the steel mill is located in the northern county of Bistrita-Nasaud. It was established in 1991 and was one of the major employers in the city of Beclean, as well as an important company for the metal industry in Romania. The asset has a history of over 30 years of manufacturing nails, galvanized wire, braided wire, welded mesh, and panels for the domestic market and the markets of Hungary, Poland, Serbia, the Czech Republic, and Slovakia. The Dan Steel Group Beclean mill sales have been declining since 2017, and it has accumulated debt of over €35 million.

CITR is an insolvency administrator that is part of the Impetum entrepreneurial group. It is currently administering assets worth €1 billion and distributes over €100 million annually to creditors.

voda 25 april 2023 06:49

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Bangladesh’s Ship Breaking Yards Record Low Turnover, Triggering Worry

The Ship Breaking Industry in Bangladeshhas reported its lowest turnover in over a decade. The reduction in turnover is attributed to a decrease in the import of scrap metal, as Bangladeshi banks have been reluctant to issue letters of credit, resulting in a shortage of US dollars. The cost of shipping has also increased due to the US embargo that has banned imports from the Russian-Ukrainian region. Consequently, local suppliers have bought fewer items than in the past.

According to data from the Bangladesh Ship Breakers & Recyclers Association, a total of 151 vessels beached in 2022, a decrease of almost 27% compared to 2019. Despite these numbers, Bangladesh tops the list of shipbreaking countries, according to data from the NGO Shipbreaking Platform, followed by Pakistan and India.

voda 25 april 2023 06:49

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Rodco Steel Distributors Breaks Ground for Expansion at Mission

Rodco Steel Distributors, a family-owned company based in Mission, Texas, has broken ground on its $9.5 million expansion project. The new facility, located on the southwest corner of I-2 and Conway Avenue, will be the company's second plant in the area. The new facility will house a new part of Rodco's business: manufacturing metal doors. The project will also include a 16,000 square foot Harbor Freight Tools facility

Mission Pro Tem Ruben Plata congratulated the Rodriguez family on their investment in the community, citing the benefits it would bring in terms of job creation and sales tax.

Mr.Enrique Garza, president of EB Merit Construction, which is serving as the general contractor for the project, praised the design of the building, which will feature glass and reach a height of 60 feet.

Rodco Steel Distributors is a family-owned steel distributor that has been operating since 1999. The company opened its first plant in Mission, Texas in 2017. Rodco Steel Distributors has a reputation for providing high-quality steel products and exceptional customer service to its clients.

voda 25 april 2023 06:49

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DTU Researchers Secure Grants to Tackle Energy Efficiency & Material Design

The Technical University of Denmark (DTU) has been awarded $13.7 million grants from the Villum Foundation, a Danish philanthropic organization. The funding will go towards three separate research projects aimed at improving energy efficiency in fiber-optic communication systems, optimizing material design through 3D printing, and enhancing the microstructures of metallic materials.

Professor Dorte Juul Jensen from DTU Construct will explore ways to improve the microstructural design of metallic materials when 3D printing in stainless steel and aluminum. Using X-rays to study the 3D-printed metals, her team aims to understand their structure and development and subsequently improve them through deformation and heat treatment.

Professor Darko Zibar from DTU Electro, one of the grant recipients, plans to use artificial intelligence to identify the most energy-efficient approach to transmitting information via fiber-optic networks. "Internet traffic is growing exponentially, and by 2030 the fiber-optic communication systems on which the internet is based are expected to use a fifth of the world's electricity consumption, which is unsustainable," says Zibar.

Meanwhile, Professor Ole Sigmund from DTU Construct will investigate the optimal microstructure in architected materials produced using 3D printing, with a view to improving the design of everything from bridges to prostheses. "If you compare a human bone to a man-made prosthesis, which is stronger? The bone with its random and uneven microstructures, or the prosthesis that, at the micro level, has a completely uniform and regular structure?" says Sigmund.

DTU's Villum Investigator grants recognize experienced and internationally renowned researchers who will continue to lead world-class research. "We are proud to support these exceptional researchers, whose research projects have the potential to make significant contributions to society," says Mr. Thomas Sinkjær, CEO of the Villum Foundation.

voda 25 april 2023 06:50

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London High Court Suspends Mr. Pramod Mittal's Bankruptcy Discharge

The High Court in London has suspended the discharge of Mr. Pramod Mittal's bankruptcy, which has put an embattled Mr. Pramod Mittal on a sticky wicket. Mr. Pramod Mittal declared bankrupt in 2020 on a petition by Moorgate Industries after he failed to pay £140 million. The trustee overseeing the bankruptcy alleged that Mr. Pramod Mittal had failed to cooperate by not sharing crucial information and being evasive about his assets and liabilities.

Mr. Pramod Mittal stood guarantee for the loan to Global Ispat Koksna Industrija, which he co-owned. In the UK, a person declared bankrupt gets automatically discharged a year after, unless there have been serious non-compliance or non-cooperation by the bankrupt person. The ruling by Justice Trower means that Mr. Pramod Mittal will remain on the bankruptcy register and be debarred from becoming a director or involved in the management of a company.

Justice Trower’s judgment comes just days after the High Court declined Mr. Pramod Mittal permission to appeal against the revocation of his Individual Voluntary Arrangement. The IVA is an agreement between a debtor and his creditors, which spells out the procedure and plan to pay the debt. Mr. Pramod Mittal's IVA proposed payment of just £250,000 to Moorgate against their outstanding debt of £140 million. In November 2022, a court revoked the IVA following which Mittal filed an appeal. Mr. Pramod Mittal’s appeal was refused earlier this month.

In 2019, Mr. Pramod Mittal was arrested in Bosnia on charges of fraud related to his role as a co-owner of Global Ispat Koksna Industrija. The company was accused of embezzling $44 million from its Bosnian subsidiary, GIKIL BH. Mr. Pramod Mittal was released on bail and denied any wrongdoing, stating that he was merely a non-executive chairman of the company.

voda 25 april 2023 06:50

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Severstal Suffers Steel Sales Slump in Q1

Severstal, the Russian steelmaking giant, has reported a decline in steel output and sales for Q1 2023. The company's crude steel output was down by 0.7% QoQ and 7.5% YoY, while pig iron production decreased by 4.2% QoQ. The decline is primarily attributed to the planned repairs on several blast furnaces. Sales of pig iron decreased by 35.3% YoY, while sales of semi-finished products increased by 4.5% QoQ. Overall, steel sales during the January-March period amounted to 2.76 million metric tons, a decrease of 1% QoQ but an increase of 1.4% YoY.

The company's sales of semi-finished products increased by 4% QoQ, while commercial steel sales, including hot-rolled coil and long steel, declined by 6% QoQ due to a decrease in HRC demand during the winter season. High-value-added products saw a 3% QoQ increase in sales, with the total share of HVA products in the product mix increasing to 43%.

According to Severstal's estimates, demand for steel products in Russia increased by 6% in Q1 2023 compared to Q4 2022. However, in annual terms, the demand for steel during the first three months of 2023 was 3% lower than the same period last year.

In response to the results, Mr. Alexander Shevelev, CEO of Severstal, noted that "the first quarter of the year was challenging due to the scheduled repair work at the blast furnaces, which impacted our production volumes." Despite the lower output, Shevelev expressed optimism for the future, citing "positive global economic conditions, which are supporting the recovery of steel demand in our key markets."

voda 25 april 2023 06:50

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Market Turbulence: Recyclers Face Challenges in acquiring LC Approvals

The ongoing market decline has created challenges for recyclers in Bangladesh and Pakistan, with vessels sold at higher prices now struggling to deliver in a U.S. dollar-starved environment. End buyers are causing unnecessary turbulence at the waterfront, especially on those high-priced incoming units. Across all markets, including Turkey, steel plate prices have been fluctuating, leaving various recycling destinations more precarious than during the bullish start of the year.

Bangladeshi recyclers, amidst an ongoing liquidity crunch in the country, are facing difficulties in obtaining fresh L/Cs approved by the Central Bank. Only essential items like food, fuel, and fertilizers are receiving approvals, resulting in delays on arrival for some of the higher-priced deals that were concluded over the past few months. The industry is now experiencing how increasingly challenging it might be to obtain L/C approvals on upcoming deliveries.

It is highly recommended for owners with incoming vessels to either reposition their units towards competing markets such as India or ensure a minimum of five days between arrival, tendering NOR, and payment release is provided by end buyers to obtain L/C approvals. Meanwhile, Pakistan remains invisible to the ship recycling community, while Turkey continues to sail through week after week, with nearly the same result.

The markets are not the same as they used to be, and more time and patience will be required to deliver larger LDT vessels. The end of the holy month of Ramadan from next week should bring some greater clarity and demand to buy.

For the 16th week of 2023, GMS demo rankings/pricing for the week are steady in Bangladesh, with a sentiment of 590/LDT for dry bulk, 610/LDT for tankers, and 630/LDT for containers. India is also steady, with a sentiment of 570/LDT for dry bulk, 580/LDT for tankers, and 600/LDT for containers. Pakistan is weak, with a sentiment of 540/LDT for dry bulk, 550/LDT for tankers, and 560/LDT for containers. Turkey is also steady, with a sentiment of 330/LDT for dry bulk, 340/LDT for tankers, and 350/LDT for containers.

Vertraagd	31 mei 2024 17:35
Koers	24,160
Verschil	+0,250 (+1,05%)
Hoog	24,180
Laag	23,760
Volume	6.882.105
Volume gemiddeld	2.623.475
Volume gisteren	4.317.263

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