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voda 12 april 2014 16:22

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SABIC to lift steel capacity to 10 million tonnes by 2025

Arab News reported that Saudi Iron and Steel Company, the metals affiliate of Saudi Basic Industries Corporation plans to add 4 million tonnes of annual steel output capacity to reach 10 million tonnes by 2025.

Mr Abdulaziz Al Humaid SABIC executive vice president for metals said that “SABIC’s total steel production now is 6 million tos per year ... Now, our ambition for 2025 is around 10 million tons. We have to be reasonable steel is a very tough market.”

Hadeed, the largest steel producer in the Kingdom, has in recent months raised billet production, which helped to replace imports. Around the end of last year it also launched a plant at Jubail making 500,000 tonnes per year of reinforcing bar (rebar), bringing its total rebar output to 4 million tons, eliminating the need to import billets for conversion.

Mr Al Humaid said that “We used to import billets. Now we stopped importing because we have a new furnace; we are now self sufficient in billet production. However, Hadeed still imports 8 million tons per year of iron ore from Sweden and Brazil, and is studying a proposal for a joint venture in Mauritania to produce iron ore.”

He said that “The feasibility study is expected to take two to three years, and if the project goes ahead, will come on line around 2019 to 2020. It would ultimately provide between 7 and 10 million tons of iron ore annually. Mauritanian supply might simply cover future expansion in Hadeed’s consumption, so imports of ore from elsewhere would remain roughly the same.”

Mr Al Humaid said that SABIC, one of the world’s largest petrochemicals companies, said last year that Hadeed planned to build two new plants in Saudi Arabia at a cost of USD 4.26 billion. The plants, in Rabigh on the west coast and Jubail on the Gulf coast, are still the subject of feasibility studies.

He said that Hadeed now has a domestic market share of 50% to 52%. Because of heavy imports, our market share dropped to 40 percent, but in the last three months we are in the range of 50% to 52%.”

Al Humaid said that “Saudi Arabia has banned rebar exports since a period of high prices in 2008, which has hurt the profit margins of steel makers in the kingdom. The ban was still in place but declined to comment further.”

He predicted that SABIC can still export flat products, and strong steel demand in the Gulf, though tough competition from producers in Turkey and China has caused prices to drop by 10% to 15% in the last six to eight months. We expect demand to be strong in the region, and we expect that there will be new capacity on line, either from SABIC or from other local producers.

Source - Arab News.com

voda 12 april 2014 16:23

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China steel demand grows in positive way but at slower pace

The slower growth of China's steel demand in 2014 and 2015 was keeping with the the country's economic development level as an industrial producer and reflected its change of economic model.

According to the Short Range Outlook published by the World Steel Association, after a 6.1% growth in 2013 with support from government infrastructure investment, apparent steel use in China was expected to slow to a growth of 3.0% in 2014 to 721 million tonnes. In 2015, the steel demand growth is expected to further fall to 2.7% to 741 million tonnes.

Mr Edwin Basson director general of Worldsteel said that "It still grows in a positive way, but at a slower pace. The amount of China's steel demand in the coming two years was still incredible."

Mr Basson said that the reason for the slowdown of China's demand growth was the shift of the Chinese economy from being investment driven to consumer driven. We have pretty much seen the process taking place in China that the government is stepping back from very large investment programs.

He said that the world was going to see in the future more moderate growth of the Chinese economy, not only in the steel use, but generally in all the commodities. We've all become used to China being the driver of the world economy, particularly in resources, over the past decade or so. There's no candidate waiting in the wings to take over this lead role.

Source - Xinhua

voda 12 april 2014 16:24

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Benchmark iron ore price pushes USD 120

Business Spectator reported that the iron ore price is pushing USD 120 a tonne following steady gains throughout the week.

Benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at USD 119.4 per tonne, an increase on the USD 118.20 price in the previous session. This is the highest point iron ore has reached since February 24, when it traded at USD 119.9 per tonne.

In the H1 of the week iron ore was trading in a range of USD 115.3 to USD 117.2 per tonne. Earlier this month, iron ore posted its biggest one day rise in nine months, flirting with the USD 118 per tonne threshold it has since broken.

Last month, the price of iron ore charted its largest one day price fall in more than four years on persistent fears over China's economy, dropping to as low as USD 104.70 per tonne after closing out the previous week at USD 114.20 per tonne.

Some analysts have cut growth forecasts for China, and predicted iron ore prices will sink to around USD 80 per tonne to USD 90 per tonne over the next few years.

Investors will now shift their attention to upcoming data in China, where the latest reads on the nation's trade balance and inflation are set to be released in coming days.

Source - Business Spectator.com

voda 12 april 2014 16:25

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Iron ore inventory at Chinese ports totals 108 MT on Apr 7

As of April 7, inventory of iron ore at 33 major Chinese ports amounted to 108.28 million tonnes as announced by China's Xinhua News Agency.

As of the same date, the Xinhua China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 114 points, up three points from one week earlier. Meanwhile, the Xinhua China Iron Ore Price Index for imported iron ore with 58% iron content was at 103 points on the date in question, up three points week on week.

In the given week, as the Chinese finished steel market has shown a recovery, transaction activity for imported iron ore has indicated a significant improvement, with steelmakers seeking to replenish their iron ore stocks. Iron ore traders are now more optimistic, while an increase in shipments from overseas miners like Rio Tinto and BHP Billiton has been seen at Chinese ports.

With finished steel inventory in China continuing to decline and with domestic steelmakers raising their ex works prices for products, it is thought that prices of imported iron ore in China will fluctuate within the range of USD 100 per MT to USD 110 per MT indicating slight rises.

Source - Visit www.steelorbis.com for more

voda 13 april 2014 16:25

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Premier Mr Li swaps steel production for cleaner air in China

Bloomberg reported that China’s slowing economy and tougher government anti pollution efforts are taking a toll on its steel mills, rattling the world’s biggest producer of the alloy and flashing worries of a potential downturn in the global iron ore trade.

The result is 2% of steel making capacity will be eliminated this year, China’s largest industry researcher. At the same time, steel output will slow to a growth rate of 3% from 7.5% in last year.

The biggest losers may be older, private mills the government considers to be both inefficient and some of the greatest sources of foul air that is causing outrage throughout the nation.

Premier Mr Li Keqiang declared war on pollution at the nation’s top legislature in March, sending a signal that the state isn’t willing to continue to sacrifice clean air for rapid growth.

Moody’s Investors Service said that as smaller mills are squeezed out, bigger ones including Baosteel Group Corporation and Wuhan Iron & Steel Group will win market share.

Mr Hu Muzhong GM of Central Minerals in Hong Kong said that “The government aims to wash out small, polluting producers and it wants a reshuffle of the steel industry.”

Mr Mike Henry president marketing and technology unit of BHP Billiton Limited said that “The anti pollution moves will drive consolidation towards more efficient steelmaking capacity in China.”

Mr Xu Xiangchun chief analyst of Mysteel said said that “Mysteel estimates there are more than 300 mills that have blast furnaces that consume iron ore. This year as many as 10 plants, with annual capacity of as much as 10 million metric tons, may close or scale back operations. That’s enough to create panic in the market. China produced a record 779 million tonnes of crude steel last year.

Source – Bloomberg

voda 13 april 2014 16:26

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TATA Steel Scunthorpe given deadline to control air pollution

Scunthorpe’s TATA Steel works has been given until April 30th 2014 to come up with tighter measures to control pollution from the 2,000 acre site. The deadline has been set by the Environment Agency which wants to see improvements made by March 2016 in line with a directive from the European Union.

TATA Steel bosses, who are faced with a potential GBP 500 million bill to replace out-dated plant, are seeking a stay of execution until 2020 for some of the measures to be introduced, claiming they would be either too expensive or unfeasible.

But Agency chiefs insist the company has not yet fully addressed all of the issues, in order to justify its case for a derogation which allows for all or part of the legal measure to be applied differently.

In a letter, TATA Steel has been told that the level of information you have provided so far is not sufficient for us to agree that a derogation is justified. With regards to the benefits, the damage to human health and the environment whether through the medium of air, water or solid waste should be estimated for all of the options.

They should include a reference to the mass release of relevant pollutants for each of the options. These calculations should employ the most robust and best data available. The amount of effort used to calculate these environmental and health damages should be consistent with the magnitude of the likely damage.

Agency chiefs have also said a time limited derogation for a desulpurisation plant to be built in Scunthorpe at a cost of more than GBP 31 million to reduce emissions of sulphur dioxide was not acceptable. TATA Steel bosses this week kept their cards close to their chests as the clean up discussions continued.

Source – Scunthorpe Telegraph

voda 13 april 2014 16:29

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China's finished steel exports up 27pct in Q1

According to data issued by the Chinese customs authorities, China exported 6.76 million tonnes of finished steel in March this year, up 28.03% while it exported 18.33 million tonnes of finished steel in the whole of the Q1 rising by 27% both YoY.

In March, China imported 1.25 million tonnes of finished steel, increasing by 1.63% while its finished steel imports in the January to March period amounted to 3.59 million tonnes up 11.3% both YoY.

China imported 73.96 million tonnes of iron ore in March, rising by 14.58% and 222.01 million tonnes of iron ore in the first 3 months of the year, up 19.4% both on YoY basis.

In March this year, China exported 0.65 million tonnes of metallurgical coke, up 18.18% MoM and rising by 530.5% YoY while it exported 1.94 million tonnes of coke in the Q1 increasing by 615.6% YoY.

Source - Visit www.steelorbis.com for more

voda 13 april 2014 16:32

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US H1 scrap prices rise for first time in 3 months

It’s reported that the US H1 scrap prices averaged at USD 375.17 per long ton on April 7th, rising by USD 13.34 per long tonne from a week ago. H1 Scrap prices are on the rise for the first time for past 3 months.

Among them, the average prices of H1 scraps in Pittsburgh were at USD 399.5 per long tonne increasing by USD 20 per long tonne; those in Chicago were at USD 287.5 per long tonne increasing by USD 10 per long tonne and those in Philadelphia were at USD 338.5 per tonne increasing by USD 10 per long tonne all in comparison of the prices in the previous week.

In the given period of time, the H1 scrap averaged at USD 282.5 per long tonne in New York, Houston and Boston, up by USD 10 per long tonne from the previous week.

Source - www.yieh.com

voda 13 april 2014 16:33

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Iron ore spot prices on rise in China

The spot price of Australian iron ore fines 62% to China continued its upward trend. Current price is being offering at USD 117.25 per tonne to USD 118.25 per tonne at this moment, up by USD 0.78 per tonne from the previous prices.

According to the latest statistics by the China Iron and Steel Association, meanwhile, the China Iron Ore Price Index went up 3.99 points or 1.01% week on week to 400.9 as of April 9th.

Source - www.yieh.com

voda 14 april 2014 16:30

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China Steel imports and exports in March 2014 up YoY

According to statistics from the General Administration of Customs, China imported 1.25 million tonnes of steel products in March 2014, up 1.6% or 20,000 tonnes from a year earlier. The figure represented a month-on-month increase of 15.2 percent on a daily basis.

Exports of steel products in March amounted to 6.76 million tonnes, an increment of 28% or 1.48 million tonnes from the same month last year. Compared to a month earlier, it posted a rise of 27.2% on a daily basis.

Net exports in March were 5.51 million tonnes, up 36% or 1.46 tonnes compared to year ago level. Compared to the previous month, it represented a gain of 30.3% on a daily basis.

In March, China's iron ore imports hit 73.96 million tonnes up 14.6% or 9.41 million tonnes year on year and up 12.72 million tonnes from the previous month. Daily imports in the month were 2.386 million tonnes, increasing by 9.1% MoM.

Average import price was USD 123.94 per tonne down USD 5.01 per tonne versus February. China's coke exports reached 650,000 tonnes in March 100,000 tonnes more than the prior month.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 14 april 2014 16:37

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Alcoa cut to junk by fitch as Aluminum Glut Hampers Earnings

Alcoa Inc, the largest US aluminum producer, was cut to junk by a second ratings company as a global oversupply of the metal hampers profitability.

Fitch Ratings cut Alcoa’s credit grade one level below investment grade to BB+ from BBB-. It sees Alcoa’s total debt remaining more than 2.5 times its earnings before interest, taxes, depreciation and amortization.

Alcoa is working to reduce dependence on the price of raw aluminum by shutting high cost smelters and boosting sales of specialized shapes and alloys for customers in growing industries such as aerospace and autos.

The company was cut to junk by Moody’s Investors Service in May. Standard & Poor’s rates its debt BBB-, the lowest investment grade level. New York-based Alcoa was removed from the Dow Jones Industrial Average on September 10 after 44 years.

Alcoa is aggressively transforming the company building out our value-add businesses and improving our competitive position by lowering the cost base of our commodity business. Our debt is at the lowest level it’s been since 2007, and we have no significant maturities due before 2017.”

Fitch said that this year and next it expects Alcoa’s profit to continue to reflect weakness in the price of aluminum, as its debt-to-Ebitda ratio rises to as much as 2.9.

Ms Carol Levenson an analyst at New York based Gimme Credit LLC said that “Alcoa’s prospects are founded upon projected hefty market growth in aerospace and North American aluminum auto sheet demand. The company continues to attempt to combat lower aluminum prices via capacity curtailment, leading to higher productivity and other cost savings.”

Source - Bloomberg

voda 14 april 2014 16:38

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China's new megalopolis would be bigger than Uruguay and more populous than Germany

China might not be willing to relocate its capital city, but it can make it bigger. The country’s top economic planner has reportedly drawn up a plan for a Beijing-centered “economic circle” that combines the municipalities of Beijing and Tianjin and parts of Hebei province into one huge megalopolis.

Officials believe that integrating the three areas will help alleviate traffic, population, and housing pressure in Beijing, which is struggling with air pollution, water scarcity, and a flood of migrant workers. Last month, officials said that some administrative bodies in Beijing would be offloaded to Baoding, a nearby medium-sized city in Hebei. Other initiatives range from a joint plan for improving air quality to expanding transportation links so that more families opt to live outside Beijing, easing demand for housing in the capital.

The effect would be to create one of the country’s largest regions—already colloquially known as “Jing-Jin-Ji”. Already, Hebei is China’s 12th largest province in terms of area adding on Beijing and Tianjin would increase its total area to about 216,000 square km bigger than the total area of Uruguay. The combined economic output of Jing-Jin-Ji surpassed 6 trillion yuan ($970 billion) last year, accounting for about 10.9% of the country’s total GDP. The area’s total population is over 100 million, more than that of Germany or Vietnam.

However, it’s not clear that this will help conditions in Beijing. Hebei province is a poor steel-making region that isn’t likely to attract workers away from Beijing. Some cities like Yanjia function as suburbs of Beijing, but most of its residents still work in the capital, which doesn’t alleviate traffic.

Source - www.qz.com

voda 14 april 2014 16:45

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South Korea's Hyundai Steel to build special steel factory

South Korea’s Hyundai Steel said it has started to build a special steel production factory inside its Dangjin Steel Mill. The plant is expected to be completed by 2015, with initial output of 1 million tonnes in the first year.

Hyundai STEEL also has a special steel factory in Pohang, North Gyeongsang, which is capable of producing 500,000 tonnes per year. The output of special steels will be mainly used in auto parts. Besides, the new production output will reduce the imports of special steel in the country.

Source - www.yieh.com

voda 15 april 2014 16:41

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IJzerertsproductie Rio Tinto naar record

DINSDAG 15 APRIL 2014, 09:21 uur | 296 keer gelezen

LONDEN (AFN/BLOOMBERG) - De productie van ijzererts door mijnbouwconcern Rio Tinto is in het eerste kwartaal van dit jaar naar een nieuw record gestegen. Dat maakte het op één na grootste mijnbouwbedrijf ter wereld dinsdag bekend.

De productie van de grondstof voor staal nam met 8 procent toe tot 52,3 miljoen ton in vergelijking met een jaar eerder. Analisten hadden in doorsnee op 54,7 miljoen ton gerekend. Met de hogere productie van ijzererts wil Rio Tinto inspelen op de stijgende vraag vanuit China.

voda 15 april 2014 16:53

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Fitch affirms TATA Steel and TATA Steel UK ratings

Fitch Ratings has affirmed the Long Term Foreign Currency Issuer Default Rating on India based TATA Steel Limited at 'BB+'. The agency has also affirmed the 'B+' Long Term Foreign Currency IDR on TSL's wholly owned subsidiary TATA Steel UK Holdings Limited. The Outlooks have been revised to Stable from Negative. A full list of rating actions is provided at the end of this commentary.

The Outlook revision reflects Fitch's expectations of improvement in TSL's financial profile in the near to medium term.

TSL's Financial Profile to Moderate
Fitch expects TSL's financial profile to moderate with net leverage improving to below 4x by the year ending March 31st 2015. Fitch expects TSL's strong cash generation to support the deleveraging over the medium term. This is even though debt levels are likely to peak in FY15 as the company expands its capacity in India.

TSL's EBITDA improved to INR 114 billion in 9 month FY14 from INR 82.9 billion a year earlier, driven by growth in its Indian sales volumes and improved profitability in the European business. Fitch expects both sales volume growth and stronger profitability to be sustainable. The commissioning of the first phase of its new plant at Odisha in Q4 FY 2015 will also support stronger earnings. The first phase of the new plant is expected to add 3 million tonne per annum of capacity.

Improvement in European operations:
The performance of TSUKH has improved over the last Q4 with the company consistently generating positive EBITDA. For the 9 months to December 2013, EBITDA was GBP 233 million, a strong improvement from GBP 18 million a year earlier. Fitch's expectation of a sustained improvement in TSUKH's profitability is underpinned by the modest improvement in market conditions for western European steel producers and TSUKH's on going cost rationalisation measures and improving product mix.

TSUKH's Weakness Offset by TSL Support:
In line with Fitch's Parent and Subsidiary Rating Linkage methodology, the agency has raised TSUKH's IDR by two notches above its standalone credit profile as a result of moderately strong operational and strategic ties between TSUKH and its parent TSL. TSUKH's standalone credit profile is weak, evidenced by high leverage and weak profitability. In addition, its business has been challenged by difficult, though improving, market conditions in western Europe.

Assets Sales Support Capex:
TSL has undertaken measures to control its rising debt levels. In March 2014, the company sold a land parcel in Mumbai for INR 11.55 billion. Fitch believes that the company is likely to divest additional assets, which will help fund its capex and constrain TSL's debt levels. The company is also expected to delay work on the second phase, which has capacity of 3 million tonne per annum, at its Odisha plant in India. The company now plans to start the second phase after commissioning and ramping up the first phase.

Weaknesses in Indian Market:
Fitch expects demand growth for steel in India to remain muted in the near term and improve modestly from the second half of FY15. The agency does not expect the profitability of Indian steel companies to improve significantly given the likely overcapacity in the industry over the medium term. While TSL's Indian operations continue to remain highly profitable, supported by its high level of raw material integration, any significant and sustained drop in steel prices may have a negative impact on the performance of the consolidated entity.

TATA Group Support:
TSL's ratings continue to benefit from a one notch uplift because of the potential support from the TATA group due to the former's strategic importance to the group.

Source – Strategic Research Institute

voda 15 april 2014 17:00

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Chinese steel rebar and iron ore futures stretch losses

Reuters reported that Chinese steel and iron ore futures extended recent losses on Monday, pressured by a weak outlook for demand in the world's top consumer of the two commodities.

The most traded rebar for October delivery on the Shanghai Futures Exchange was off 0.5% at CNY 3,350 per tonne by midday. It was rebar's fourth straight session of decline after hitting a one month high of CNY 3,425 last week that was spurred by a sustained decline in stocks of steel products in China.

Iron ore for delivery in September on the Dalian Commodity Exchange fell 1.2% to CNY 802 down for a third session in a row. Appetite for spot cargoes in China, which buys about two thirds of globally traded iron ore, was likely to ease this week as buyers take their cue from softer steel prices.

A seasonal pickup in steel consumption in China is unlikely to be enough to prop up steel prices given downside risk to economic growth and Beijing not keen on providing major stimulus measures. A trader in Shanghai said that "I think seasonal demand will not provide much support for steel prices because production remains the same. Overcapacity is the key issue and if that's not solved, that means you will never be able to see a sustained increase in steel and iron ore prices. Some mills have already finished their short term replenishment of iron ore so buying interest has shrunk since the end of last week. They also expect the price would fall again because there is pressure from the huge supply."

Data from industry consultancy Steelhome showed that stocks of imported iron ore at 44 Chinese ports stood at 108.2 million tonnes as of Friday SH-TOT-IRONINV, up 550,000 tonnes from the previous week.

Source – Reuters

voda 15 april 2014 17:01

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worldsteel calls for an industry wide safety audit

The World Steel Association calls for an industry wide safety audit across the steel industry on the occasion of the Steel Safety Day on April 28th 2014. This safety initiative coincides with the World Safety Day held by the International Labour Organization and aims to engage the entire steel industry as well as all related organizations with a cross section of employees and service providers, involving as many as 4 million people worldwide.

worldsteel is requesting all participating organizations to carry out the audit during the two weeks starting from April 14th to 28th 2014 and report back to worldsteel afterwards. The audit will focus on identifying the hazards for the main causes of safety incidents within the steel industry and setting up an action plan to manage the hazards and risks for each site.

The five most common causes of safety incidents and preventative measures are as follows

1. Moving machinery – before any machinery is cleaned, serviced or adjusted all sources of energy including gravity must be isolated, locked, or pinned to prevent movement.

2. Falling from heights – training should be provided on how to use protective equipment and work safely at heights.

3. Falling objects – measures must be taken to prevent objects from falling and all people should be evacuated from areas where this remains a possibility.

4. Asphyxiation or gassing – people should be trained to ensure they can test for and eliminate dangerous gasses in confined spaces.

5. Cranes – daily checks must be carried out on cranes before use to maintain reliable operation.

Mr Edwin Basson DG of worldsteel said that “The steel industry is a highly automated industry and most manual handling, heavy lifting and many operational activities have been automated. This has removed staff’s exposure to many hazards and reduced safety risks in the working environment. However, safety incidents still happen in the industry today and it is our responsibility to make sure that all applicable measures have been put in place to manage the hazards. We believe all injuries and work-related illness can and must be prevented.”

Source – Strategic Research Institute

voda 15 april 2014 17:02

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2 Philippine firms facing charges for smuggling steel from China

Two firms were charged before the Department of Justice for the smuggling of steel products from China with a total cost of PHP 30.7 million at the Port of Manila.

Thunder Birds Trading and its owner, Shine Rapadas Montes, were slapped with two complaints involving two separate shipments:
(1) Importation of eight 20 foot container vans of steel angle bars misdeclared as steel angle frames and
(2).Importation of twelve 20 foot containers declared as steel sheets, clamps, flexible tubing and hinges but turned out to be cold rolled steel sheets.

Mr John Sevilla customs commissioner said that the weight of the shipment, which arrived in the 3rd week of October was also misdeclared.

A separate case was filed against Skylink Import Export, Inc and its officers: Mr Junnhel Atun president; Donna Donita Mercado, corporate secretary; Ms Jumean Rose Atun, treasurer and directors Ms Limuelle Montesa and Rogelio Ocampo. The firm's customs broker, Jarie Mae Juquiano, was also charged.

Skylink brought in eight 20 foot container vans in the first week of January declared as hardware items but turned out to be steel angle bars.

Mr Sevilla said that both firms also evaded the payment of Safeguard Duty for imported steel products.”

Source – Abs-cbnnews.com

voda 15 april 2014 17:02

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Chinese steelmakers have branched out into shadow banking

In its boom years, China’s status as the world’s biggest steel maker was an emblem of its industrial might. Now, it symbolizes the dangers of dried-up demand. The sector posted CNY 3 billion in losses in the first two months of 2014 alone. According to Caixin, cash poor steelmakers are scrambling to cover their debts.

According to the deputy director of China’s industry ministry, and they’ve sure racked up a lot of them CNY 3 trillion worth, in fact. Bank loans comprise 1.3 trillion yuan of the total, and the rest is shadow finance (credit issued off bank balance sheets).

Banks are getting nervous: Shanghai courts handled 3,700 steel dispute lawsuits in 2013, 5.5 times more than in 2012.

What’s happening in China’s steel industry illustrates not only how painful the economy’s inevitable slowdown will be but also how the country’s complicated tangle of debts are straining the connective tissue of supply chains, endangering the whole system.

China’s largest private steelmaker, Highsee Iron and Steel Group, is a good example. Highsee has shuttered five of its six steel furnaces due to disappearing demand. That will make it hard for the Shanxi province steelmaker to pay its debts, which are reportedly between CNY 15 billion and CNY 20 billion. It owes Minsheng Bank a mid sized bank known for risky lending more than CNY 3 billion.

Part of the problem is that Highsee itself is owed a lot of money, just like the banks. China’s steel glut has forced steelmakers to extend credit when clients fell behind on payments. Voiding those contracts would risk scaring away other traders. It would also mean holding inventory, making it harder to convince creditors that its business activity make it a good candidate for future loans.

Highsee also reflects another industry trend: diversification. As Caixin reports, company chairman Mr Li Zhaohui has invested heavily in banks including Minsheng as well as securities firms and recreational centers.

Whether because of the abundance of cheap credit or a calculated shift away from steel, nearly all of the 32 listed steelmakers have built out non core divisions, reports the 21st Century Business Herald (link in Chinese). Some, like trading and logistics businesses, are steel-related. Others notably finance, property and Fushun Special Steel’s diner subsidiary clearly aren’t.

Source: QZ

voda 15 april 2014 17:03

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TATA Steel celebrates 150th anniversary of Scunthorpe iron making

Thousands of past and present steelworkers around the world will be celebrating the 150th anniversary of the start of iron making in Scunthorpe this year.

It was in the spring of 1864 that Mr George and Mr William Dawes started producing blast furnace iron at their newly built Trent works in the town. And it was to be only another 26 years before the town famous for its motto The Heavens Reflect Our Labours also started producing steel.

Iron making these days in Scunthorpe is in the safe hands of Mr Dave Collins who is currently overseeing the GBP 30 million plus reline of the town's 60 year old Queen Anne blast furnace.

Mr Collins said that "Iron making in Scunthorpe has been a journey. A journey of discovery which has seen great leaps in technology, in safety and in processes. This is a journey which continues today and, I am sure, will continue for many years to come. When the first blast furnace was tapped in 1864 it cost around GBP 260 in today's money to produce a tonne of iron.”

Mr Collins said that "Well, 150 years later we can do it for less than that thanks to the hard work of generations of iron makers who came to Scunthorpe, made it their home and added to the collective knowledge of great iron making. I am very proud to be part of what is really a very short history which has helped create the modern world we live in today.”

He said that "People often ask what the Scunthorpe ironworks must have been like in its heyday. Well I feel now the 150th anniversary of blast furnace iron making is the heyday. At no point in the last 150 years have we been able to produce so much iron with such precision and in such safety.

That is a real heyday, and it is something I am delighted to be a part of and I know everyone here at TATA Steel is proud of too. While blast furnace iron-making was brought to Scunthorpe by George Dawes in 1864, it was not long before he was followed by other Victorian iron-makers keen to cash in on the growing demand for iron.

By 1876 there were six separate iron companies operating 23 blast furnaces within a one mile radius. By that time the pace of innovation was already picking up and these early blast furnaces were each capable of producing around 20 tonnes of iron a day.

The introduction in 1904 of the first mechanically-charged furnace, which was also equipped for the first time with a steel hearth jacket, tuyeres fabricated from copper and the first revolving distributor, saw a steep change in how much iron could be made.

By then a blast furnace could produce about 1,000 tonnes of iron a week. By 1964 that had shot up to more than 9,000 tonnes a week. Today? Well today Queen Victoria can produce 30,000 tonnes of iron a week using less coke than ever before. And what we have achieved has only been made possible by the lessons we have learned from those men and women who have been making iron in Scunthorpe for the last 150 years.

The safety and health of all our employees is our number one priority. We have developed safety performance in line with output and there has not been a lost time injury at the blast furnaces for more than eight years. However, over the generations people have given their lives during the making of iron and steel in the town.

It is important we remember them and their families which we will be doing again on April 28th 2014. That day will see a memorial service staged in the town's Central Park to pay homage to steelworkers who have been killed at work over the past 150 years.

Source – Scunthorpetelegraph.co.uk

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12 apr	Video: cyclische aandelen bieden kansen
09 apr	World Steel Organisation ziet vraag n...
22 mrt	Mondiale staalproductie in de lift

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