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voda 16 mei 2018 19:54

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Fire at American Steel and Recycling in Florence

WMBF News reported that emergency crews battled a fire Tuesday at American Steel and Recycling on Pecan Street, according to an online posting from West Florence Fire-Rescue. Crews responded to the fire at about 10:08 a.m. Tuesday. As of noon, the fire is contained, the posting says. There are no immediate reports of injuries.

The Florence Fire Department, Howe Springs Fire-Rescue, Windy Hill Fire Department and Florence County EMS also responded to the incident.

Source : WMBF News

voda 16 mei 2018 19:54

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AISI update on Raw Steel Production in US in Week19

In the week ending on May 12, 2018, domestic raw steel production was 1,747,000 net tons while the capability utilization rate was 74.5 percent. Production was 1,718,000 net tons in the week ending May 12, 2017 while the capability utilization then was 73.7 percent. The current week production represents a 1.7 percent increase from the same period in the previous year. Production for the week ending May 12, 2018 is down 1.8 percent from the previous week ending May 5, 2018 when production was 1,779,000 net tons and the rate of capability utilization was 75.9 percent.

Adjusted year-to-date production through May 12, 2018 was 33,249,000 net tons, at a capability utilization rate of 75.5 percent. That is up 1.7 percent from the 32,688,000 net tons during the same period last year, when the capability utilization rate was 74.3 percent.

Broken down by districts, here's production for the week ending May 12, 2018 in thousands of net tons: North East: 220; Great Lakes: 655; Midwest: 165; Southern: 637 and Western: 70 for a total of 1747.

Source : Strategic Research Institute

voda 16 mei 2018 19:55

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GMS Market Commentary on Shipbreaking in Pakistan in Week 19 - SET TO SUBSIDE?

Pakistan remains the top placed market for yet another week, with most of the tanker tonnage (previously circulated unsold units & those in various Cash Buyer hands) and even freshly introduced units, all seem destined to head towards Gadani shores.

Evidence of this can be observed via Gadani’s local port position this week with nearly 165,000 Tons LDT (nearly all of which has been beached) is at the waterfront this week.

This represents only 6 vessels, 3 of which are +40,000 LDT VLCCs.

With the onset of Ramadan holidays and the budget imposition date of July 1st for the increased duties and taxes, it does appear that we maybe at a tipping point, given that over 6 VLCCs in various Cash Buyer hands have also been sold to local Recyclers this week alone and as such, appetite, demand and prices could start to diminish in the week(s) ahead.

In terms of sales, Polembros controlled VLCC GREEK WARRIOR (38,354 LDT) was reportedly committed at about USD 430/LT LDT, basis an ‘as is’ Singapore delivery. The vessel was sold with the Sellers delivering her in “gas free for man entry” condition and the Cash Buyer undertaking the hot works cleaning. Vessel is also expected to have about 480 Tons of bunkers at the time of delivery.

Additionally, the Livanos controlled Aframax tanker AMAZON GUARDIAN (14,350 LDT) fetched an extremely firm USD 455/LT LDT basis an ‘as is’ Khor Fakkan delivery with Sellers guaranteeing the vessel to be “gas free for hot works” clean and about 400 Tons of bunkers upon delivery.

Source : Strategic Research Institute

voda 16 mei 2018 19:56

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Trump Trade War - Having adverse effect in SA steel sector

EWN Co ZA reported that trade and Industry minister Rob Davies said that steel tariffs put in place by US President Donald Trump's administration are having an adverse effect on the South African steel sector. Mr Davies made the remarks during a briefing on his department's industrial policy action plan.

He said that “We have an ongoing and still unresolved global crisis and I think this is also behind some of the latest moves by the Trump administration on its own steel tariffs.”

Monday's briefing on the country's industrial policy comes just a day before he tables his department's budget in Parliament.

The duties came into effect in mid-March and include a 10% tariff on the imports of aluminium and a 25% tariff on imports of steel into the US.

Source : EWN Co ZA

voda 16 mei 2018 19:56

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GMS Market Commentary on Shipbreaking in India in Week 19 - SALES STORM!

The Indian market witnessed a far more busy time this week – both in terms of green sales and in terms of specialist units being committed to Alang Buyers. The much anticipated sale of the 6 Varun LPGs was finally concluded this week and the units were eventually sold after the second auction generated a healthy interest from several parties. The vessels were reportedly concluded at about USD 361/LT LDT basis an ‘as is’ Kochin and ‘as is’ Kandla delivery.

The VLGC M. BHARDWAJ (17,117 LDT) was concluded basis an ‘as is’ Kochin delivery whilst the rest of the comparatively smaller (in terms of lightweight) LPGs i.e. M. SHUBHATREYA (14,291 LDT), M. DEVATREYA (11,363 LDT), M. BHAVATREYA (11,313 LDT), M. KRIHNATREYA (11,211 LDT) and M. MAHATREYA (11,306 LDT) were all sold on an en bloc ‘as is’ basis at Kandla.

Lastly, as mentioned in the Market Commentary above, the VLCC RIDGEBURY PIONEER (42,420 LDT) was committed basis an ‘as is’ Khor Fakkan delivery with Sellers making the vessel “gas free for man entry” only. The sale was also concluded with about 300 Tons of bunkers included in the sale. Despite being able to obtain substantially more for the vessel, Owners opted to leave money on the table and conclude the sale basis HK SoC green recycling, for which, the owners MUST BE LAUDED. Owners still managed to obtain a decent price of USD 408/LDT.

On the domestic fundamentals front, although local steel plate prices continue their weekly wobbly dance, the Indian Rupee continues to take a beating as it gradually approaches the INR 68.0 mark against the U.S. Dollar.

Source : Strategic Research Institute

voda 16 mei 2018 19:59

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Metals sector to remain stable for 2018-19 - Ind-Ra

Economic Times reported that profitability improvement last year mainly in the metals sector is expected to keep corporate outlook for the new fiscal stable, but a broad-based recovery could take much longer.

India Ratings in a report said that even though EBITDA growth could could be between 8% to 11% in 2018-19, headwinds from rising oil prices, higher commodity prices, higher interest cost and a depreciation in rupee could limit the expected growth.

Companies in the oil and metals sectors are expected to be the major contributors to EBITDA growth in 2018-19. While oil companies are likely to report 13%-15% EBITDA on a year on year basis, metals companies may record a 10% growth. Compared to this, companies in other sectors could witness a growth of 6% to 8%, bringing the overall growth to 8%-11% in 2018-19.

Revenue could see a growth of 7% -9% due to pick up in demand in consumption -led sectors like automobiles and retail, low base effect and higher realisation in commodity-linked sectors. However, export linked sectors such as pharmaceuticals and IT are expected to face challenging times as international trade faces headwinds.

CAPEX TO REMAIN LIMITED UNTIL 2019-2020
EBITDA growth will also be limited by little capital expenditure until 2019-2020, Ind-Ra said.

Ind-Ra said in a report that "With an expected rise in capex post FY20 EBITD A growth will remain limited, with the only triggers being the ongoing consumption and possible revival in merchandise exports."

According to Data for Monitoring India Economy, there has been a 209% rise in stalled projects in Q4 and a 49% fall in announcement of new projects. Capacity expansion spending could also be lowered by infrastructure, metals and mining; sectors that reported high leverage of 9x-10x and lower capacity utilisation of 20%-30% in 2016-17 from the peak levels of 2005-06.

WEAKENING RUPEE AND HIGHER COMMODITY PRICES COULD AFFECT THE DOMESTIC FINANCIAL MARKET
A weakening rupee and rising prices of commodities could also throw the domestic financial market out of gear, especially in the area of interest rate; impacting debt servicing ability of corporates and incremental spending on capacity expansion.

According to Ind-Ra, INR 1.2 trillion debt would move from non-stressed to stressed category with a 100 basis points rise in interest rate. Rise in interest cost could even offset the gains exporters could realise from a falling rupee.

The ratings agency said that "Ind-Ra believes the non-stressed corporates would be able to absorb such shocks of rupee depreciation and interest rate rise with a moderate revenue growth of 8%-9%. On the contrary, the stressed corporates would find it difficult to cope up in case of a further rise in the interest rates or a fall in rupee, thereby derailing the overall recovery."

Source : Economic Times

voda 16 mei 2018 20:00

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China approves USD 1 billion loan for Sri Lanka expressway

PTI reported that China has approved a USD 1 billion loan to revive a long-delayed expressway in central Sri Lanka, the island’s government said. Construction of the first phase of the road linking the capital Colombo with the hill resort of Kandy had been delayed for more than two years due to a lack of foreign funding, according to local media reports.

Prime Minister Ranil Wickremesinghe’s office said he met the Chinese ambassador today, who told him Beijing had decided to approve the loan that will be provided through the Export-Import Bank of China.

China has emerged as the largest single lender to Sri Lanka in recent years, securing contracts to build roads, railways and ports under the former government of Mahinda Rajapakse.

After Wickremesinghe came to power in January 2015, many projects were suspended pending investigations into corruption allegations, but construction work has recently restarted following renegotiations.

Source : PTI

voda 17 mei 2018 16:52

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Uttam Galva unaware about ArcelorMittal move

Uttam Galva on Wednesday said they have no information regarding ArcelorMittal clearing the company dues. Uttam Galva Steels Ltd has submitted to BSE that with reference to news appeared Moneycontrol.com dated May 16, 2018 quoting "ArcelorMittal transfers Rs. 7,000 cr to SBI escrow A/c to clear Uttam Galva dues" that “We refer to your letter seeking a clarification on a recent news item which appeared in www.moneycontrol.com dated May 16,2018. In this regard we would like to inform you that the Company has not received any communication either from its lenders or ArcelorMittal.”

Further, we would like to submit that we are in complete compliance with SEBI (LODR), Regulations 2015 and will provide the information as required in due course if any such event takes place which is required to be disclosed to the exchange.

Source : Strategic Research Institute

voda 17 mei 2018 16:54

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Delay in Bhushan Steel acquisition may lead to governance issues - Tata Steel

Financial Express reported that Tata Steel said that any delay in the acquisition of debt-ridden Bhushan Steel may lead to governance issues since the latter has a running plant. Tata Steel executive director and chief financial officer Koushik Chatterjee told reporters “In the short term, I think the delay in the process (acquisition) is a concern. We worry about the governance issues since Bhushan Steel is a running plant.”

He said “We valued the assets on the basis of going concern and on the basis of strategic opportunity it can provide to us. The depletion in assets in any form will be a concern and we will certainly look into it whenever the process is completed.”

He said “We think the quickest way to resolve that is to close the transaction fast.”

He added “The Bhushan Steel plant has a five million tonne capacity. We can easily see it going to 4-4.5 million tonne level. Beyond the five million tonne level, there will be a need for more investment.”

Source : Financial Express

voda 17 mei 2018 16:59

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Bhushan Steel promoter moves to NCLAT against Tata Steel acquisition

Financial Express reported that one of the promoters of Bhushan Steel has moved the appellate tribunal challenging the NCLT order. The National Company Law Appellate Tribunal (NCLAT) has listed the matter for hearing on Thursday.

Mr Neeraj Singal, the aggrieved promoter, had 22% stake in the company, as on March, 2018. Along with Neeraj, the Singal family had a cumulative 43.9% shareholding while the remaining was with the public.

Source : Financial Express

voda 17 mei 2018 17:06

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Essar Steel lenders to seek guidance from NCLAT – Report

Business Standard reported that lenders to Essar Steel will approach the National Company Law Appellate Tribunal (NCLAT) on Thursday to seek its guidance. . Lenders said they would seek clarity from the tribunal on how to go forward with ArcelorMittal’s offer, which came with several conditions.. They will also seek direction on whether to open the second round of bids for the bankrupt steel firm, in which Vedanta and JSW Steel had also participated

Corporate lawyers said banks would not accept a conditional offer. Alok Dhir of Dhir & Dhir Associates said “The conditional offer does not purge them (ArcelorMittal) of the ineligibility as they have to pay off the dues before their plan can be considered by the committee of creditors.”

He added “Secondly, they have now transferred their shares in Uttam Galva, so they will have to work out a structure with Uttam Galva and its promoters to pay their dues to banks in return for an equity or management stake, which may be a long-drawn process, more particularly since it is a listed company. Shareholders’ consent, Sebi takeover code, etc, may be relevant conditions precedent to payment of funds to Uttam Galva lenders.”

Dhir said it would be better for lenders to decide to cancel the first bid and go for evaluating the second round of bids to fulfil the object of the code for enhancement of value to the stakeholders.

There is precedent in other cases like Bhushan Power and Binani Cement where the NCLT allowed more bids so that banks can maximise their recovery.

Source : Business Standard

voda 17 mei 2018 17:09

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Tata Steel announces results for Q4 and2017-18

Mr TV Narendran, CEO & Managing Director said “Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance. During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity. Growth was broad-based across our marketing segments. Tata Steel Europe had a good quarter despite currency headwinds. The UK pension scheme restructuring process has also been completed. The 50:50 JV discussion with thyssenkrupp is progressing well and we are committed towards building a strong European portfolio. We continue to execute on our strategy of expanding our footprint in India. Kaliganagar Phase 2 expansion is progressing well, which will take our capacity from 13mt to 18mt of crude steel. I am also happy to share that NCLT has given its approval on our resolution plan for Bhushan Steel. We have also received CCI approval for this transaction.”

Highlights:

Consolidated revenues increased by 8.0%QoQ to INR 36,132 crores in 4QFY18, driven by improved selling prices across geographies and higher deliveries in Europe. It grew by 13.3%YoY to INR 1,33,016 crores in FY18.
,
Consolidated EBITDA increased by 13.4%QoQ to INR 6,579 crores in 4QFY18, it improved by 29.5%YoY to INR 22,045 crores in FY18.

Pre-exceptional PBT from continuing operations increased by 19.6%QoQ to INR 3,839 crores in 4QFY18, it grew by 69.3%YoY to INR 11,511 crores in FY18.

The exceptional gain was INR 11,376 crores which includes a non-cash gain of INR 14,077 crores on account of restructuring of UK pension scheme in 4QFY18.

Consolidated PAT stood at INR 14,688 crores in 4QFY18 as against INR 1,136 crores in 3QFY18, it improved to INR 17,763 crores in FY18 vs. a loss of INR 4,169 crores in FY17.

Key Operating and Financial Highlights

India Operations

Deliveries declined to 3.03 million tons in 4QFY18 as production was impacted due to unforeseen blast furnace outage at the Kalinganagar plant. The issue has been resolved and plant is now running at full capacity.

FY18 deliveries grew by 10.7%YoY which was better than 7.9%YoY demand growth in India. The volume growth was broad based and across segments. Automotive segment sales increased by 22.9% with 17.3% growth in hi-end automotive steel sales. Branded products, Retail & Solutions segment sales grew 9.5% in FY18. Deliveries in the Industrial Products, Projects & Exports segment grew 6.3% with 2x growth in the engineering sub-segment.

Launched 38 new products in FY18. Enriched products now account for 68% deliveries in India; Branded products contribute 46% of total revenues.

EBITDA for the quarter improved to INR 4,823 crores, up by 11.5%YoY and 3.8%QoQ as decline in deliveries was more than offset by improved realisations. FY18 EBITDA registered a significant improvement increasing by 32.3% to INR 15,800 crores.

European Operations

Liquid steel production declined by 1.6%QoQ to 2.63 million tons in 4QFY18, FY18 production was up by 1.2% to 10.69 million tons.

Deliveries improved by 4.3%QoQ to 2.55 million tons in 4QFY18, FY18 deliveries increased by 0.6%YoY to 9.99 million tons.
EBITDA jumped by 77.7%QoQ to GBP 129 million on account of higher realisations in 4QFY18 and lower maintenance cost for planned outages as compared to 3QFY18. FY18 EBITDA stood at GBP 442 million.

Launched 23 new products in FY18, which includes steel for construction and automotive customers and also a new Nickel-plated steel for batteries used in electric vehicles. Differentiated products mix at Europe improved to 42%.

South-East Asian Operations

Revenue for South East Asia operations increased by 5.6%QoQ to INR 2,631 crores in 4QFY18 with better selling prices; increased 15.7%YoY in FY18

EBITDA declined to INR 95 crores in 4QFY18 vs. INR 184 crores in 3QFY18 as spreads were impacted mainly due to higher scrap prices. FY18 EBITDA stood at INR 437 crores.

Voor cijfers, zie bijlage:

Source : Strategic Research Institute

Bijlage:

voda 17 mei 2018 18:36

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Bod Arcelor op Essar dit keer wel geschikt

Gepubliceerd op 17 mei 2018 om 17:25 | Views: 460

ArcelorMittal 17:35
30,62 +0,13 (+0,43%)

LUXEMBURG (AFN/BLOOMBERG) - Het nieuwe bod van staalconcern ArcelorMittal op Essar Steel is dit keer wel geschikt bevonden en is bovendien een ,,superieur bod'' vergeleken met andere biedingen op het Indiase Essar. Dat heeft ArcelorMittal laten weten.

Of het aan de beurs in Amsterdam genoteerde bedrijf in deze biedingsstrijd ook als winnaar uit de bus zal komen, is nog niet duidelijk. ArcelorMittal heeft diverse toezeggingen gedaan aan de commissie van schuldeisers achter het failliete Essar. De onderneming hoopt daarom dat haar interesse in de overname serieus genomen zal worden.

Een eerder bod van ArcelorMittal samen met Nippon Steel werd nog verworpen omdat het niet geschikt zou zijn. Daarom is later een nieuw bod gedaan. Het is de staalbedrijven er alles aan gelegen hun aanwezigheid in groeimarkt India te vergroten.

voda 17 mei 2018 19:07

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JSW Steel announces Q4 and 2017-18 results

JSW Steel has reported about three-fold jump in its consolidated net profit to INR 2,879 crore for the fourth quarter ended March 31. The consolidated total income of the company increased by 16% YoY to INR 20,862 crore during the quarter. Its total expenses increased to INR 17,275 crore as compared to INR 16,578 crore in the year-ago period. EBIDTA margins increased sharply by 575 basis points YoY to 25.4%, while the consolidated Ebitda grew 67% to INR 5,290 crore. The Company achieved its highest ever Crude Steel production for the quarter at 4.31 million tonnes, up 5% YoY as well as QoQ, on account of higher utilisation and sound operational performance across all locations. Aided by a robust domestic demand, primarily for long products, the Company also achieved highest ever quarterly sales volume of 4.22 million tonnes, which grew by 7%YoY and 6%QoQ.

Voor cijfers, zie bijlage: (In million tonnes)

JSW Steel Coated Products: During the quarter, JSW Steel Coated Products registered a production (Galvanized/Galvalume products) of 0.48 million tonnes and sales volume of 0.47 million tonnes. It has recorded revenue from operations and Operating EBITDA for the quarter at INR 3,043 crores and INR 202 crores, respectively. Net Profit after Tax stood at INR 87 crores for the quarter. During the year, the JSW Steel Coated Products achieved a production of 1.70 million tonnes. Revenue from operations, operating EBITDA and Net Profit after Tax stood at INR 12,553 crores, INR 638 crores and INR 275 crores respectively.

US Plate and Pipe Mill: The US based Plate and Pipe Mill facility produced 71,015 net tonnes of Plates and 12,142 net tonnes of Pipes, reporting a capacity utilisation of 30% and 9% respectively, during the quarter. Sales volumes for the quarter stood at 52,835 net tonnes of Plates and 12,222 net tonnes of Pipes. It reported an EBITDA of $3.25 million for the quarter. During the year, the US Plate and Pipe Mill facility operations turned around. With trade remedial actions in the US and strong domestic growth and higher spreads, the facility generated positive EBITDA. It recorded a production of 248,444 net tonnes of Plates and 50,301 net tonnes of Pipes with capacity utilisation of 26% and 9% respectively, and EBITDA of USD13.22 million for the year.

Source : Strategic Research Institute

Bijlage:

voda 17 mei 2018 19:18

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NCLAT to hear appeals over disqualified resolution plans for Essar Steel

Mint reported that National Company Law Appellate Tribunal (NCLAT) at New Delhi set to begin hearing on a batch of cross-appeals concerning disqualified resolution plans for the debt-ridden steel manufacturer by ArcelorMittal India Private Limited (AMIPL) and Numetal Limited. AMIPL has maintained before NCLAT that its disqualification under Section 29A of the Insolvency and Bankruptcy Code (IBC) as bad in law. Numetal, backed by Russia’s VTB Capital, has not only challenged its own disqualification but also disputed the permission granted to rival AMIPL to clear bank dues of associate companies to cure its ineligibility.

AMIPL and Numetal had emerged as the final bidders in February this year. However, the two finalists for Essar Steel acquisition were disqualified by the resolution professional under Section 29A of IBC.

On 19 April, the National Company Law Tribunal’s (NCLT), Ahmadabad bench, had set aside the first round of bidding for Essar Steel on the ground that the committee of creditors and the resolution professional did not follow the procedure prescribed under the IBC. The tribunal, however, gave chances to the two final resolution applicants to cure their ineligibility under Section 29A.

Source : Mint

voda 17 mei 2018 19:18

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Nippon Steel & Sumitomo Metal to become Nippon Steel Corporation

Nippon Steel & Sumitomo Metal Corp announced that it will change its name to Nippon Steel Corp. next April. It said “NSSMC has determined to adopt a new and more inclusive trade name befitting a steelmaker with origins in Japan and an emphasis on continuing growth in global markets looking toward the future. New trade name is Nippon Seitetsu Kabushiki Kaisha (Nippon Steel Corporation). Scheduled date of change is April 1, 2019

The steelmaker decided to change its name more than five years after it was created through the merger of Nippon Steel Corp. and Sumitomo Metal Industries Ltd in 2012.

Source : Strategic Research Institute

voda 17 mei 2018 19:47

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Honda awarded for advanced high strength steel innovation by SMDI

The Steel Market Development Institute (SMDI), a business unit of the American Iron and Steel Institute (AISI), awarded the "Automotive Excellence Award" to Honda Motor Company for their advanced high-strength steel (AHSS) innovations in the 2018 Honda Odyssey. The award was presented today by David Anderson, senior director, automotive market, SMDI at the 17th annual Great Designs in Steel (GDIS) seminar in Livonia, Michigan. Nic Goldsberry, senior body design engineer at Honda, received the award for his GDIS 2017 presentation, titled, "The All-New 2018 Honda Odyssey."

Honda designed an all-new chassis for the 2018 Odyssey, based on the platform used in light duty trucks to maximize maneuverability and steering ease. They employed the Next-Gen Advanced Compatibility Engineering (ACE) body structure in combination with tailor welded hot stamped door rings and a new multi-connection bumper beam to enhance occupant protection. The Odyssey is comprised of 58 percent high-strength steel leading to high rigidity and a lightweight body.

The SMDI Automotive Excellence Award is presented each year at Great Designs in Steel. Individuals or teams from automakers, suppliers or the academic community who embrace innovation and make significant contributions to the advancement of steel in the automotive market are awarded for their innovation. Award winners are chosen from presenters at the previous year's GDIS seminar. Candidates are rated in several categories, including: challenges and benefits associated with cost, mass reduction and performance; overall contribution to the advancement of steel; and implementation in production.

Source : Strategic Research Institute

voda 17 mei 2018 19:49

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Calstrip announces new steel processing plant in Blytheville

Calstrip Industries Inc announced plans to build a new processing facility on the campus of Nucor Steel Arkansas, near Blytheville in Mississippi County. Construction will begin during the second quarter of 2018. The initial construction will be 100,000-plus square feet, with two planned expansions that will bring the total facility size to more than 300,000 square feet. The initial phase alone will involve capital investment of more than $15 million and creation of 45 new jobs.

Located adjacent to Nucor’s new specialty cold mill complex, Calstrip will operate both slitting and multi-blank cut-to-length lines. The facility design, equipment selection, and information systems will include advanced generation technology to provide specified storage and processing requirements for Nucor Steel Arkansas and its customers. Additionally, the operation will be positioned to support Calstrip’s traditional medium- and high-volume service center customers.

The addition of this new operation will expand Calstrip’s footprint into the Midsouth to enhance existing OEM customer relationships, target new sales opportunities, and support Nucor’s growth in advanced high-strength, high-strength low-alloy, and motor lamination steel products. The specialty cold mill complex currently under construction at Nucor Steel Arkansas will have annual capacity of approximately 500,000 tons per year and will significantly broaden Nucor’s capabilities in the automotive market. In addition, the recently announced Galvanizing Line will bring 500,000 tons per year of “new coated” capacity by early 2021.

Calstrip Industries Inc. operates three facilities spanning the U.S.-Mexico border located in Mission, Texas; Santa Teresa, New Mexico; and Mira Loma, California. Industries served include appliance, electrical lighting, construction, HVAC, and automotive. The addition of the new facility in Arkansas will add further depth to Calstrip’s existing network of metal service centers supporting customers in the border region, northern Mexico, and southern United States.

Source : Strategic Research Institute

voda 17 mei 2018 19:50

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Salzgitter Group off to a strong start to the year

In an overall tangibly improved market environment that is nevertheless still characterized by global excess capacities and trade policy uncertainties, the Salzgitter Group generated a very gratifying pre-tax profit of EUR 95.9 million in the first quarter of 2018 (Q1 2017: EUR 77.1 million). The strong result of the Strip Steel Business Unit made a special contribution to this result. Moreover, all other business units delivered positive results, also thanks to the rigorously implemented programs within the Group.

Prof. Dr.-Ing. Heinz Jörg Fuhrmann CEO stated that “Personally, I am very happy about this successful start to the year that marks the 20th anniversary since our public offering. Although numerous financial and political imponderables may still impact the further development of the financial year, we are looking forward with confidence. We have set in place the prerequisites with our optimization measures implemented within the Group since 2012. Although the focus is increasingly shifting toward growth programs, we will be maintaining the pace of our ongoing dynamics.”

The external sales of the Salzgitter Group remained virtually at the year-earlier level (EUR 2,307.5 million; Q1 2017: EUR 2,353.9 million). The sales of the steel companies rose largely on the back of selling prices, as opposed to international trading that reported a decline. Earnings before taxes were up by almost one quarter to EUR 95.9 million (Q1 2017: EUR 77.1 million). This figure comprises EUR 7.5 million in after-tax contribution from an investment in Europe’s leading copper producer Aurubis AG, a company included at equity (Q1 2017: EUR 33.6 million). An after-tax result that stood at EUR 65.2 million (Q1 2017: EUR 48.7 million) brings earnings per share to EUR 1.18 (Q1 2017: EUR 0.87) and return on capital employed to 11.6 % (ROCE; Q1 2017: 10.3 %). An equity ratio of 36.9 % and a net financial position that has almost doubled in comparison with the previous year’s period (EUR 320 million; 2017/03/31: EUR 156 million) characterize the comfortable financial basis and sound balance sheet for the Salzgitter Group.

Outlook
Given the good start to the year, the generally positive business outlook, as well as the planned further effects of the implemented measures and growth promotion measures, Salzgitter AG lifted its earnings forecast at the end of April for the financial year 2018. We now anticipate:

1. A slight increase in sales to above the EUR 9 billion mark,
2. A pre-tax profit of between EUR 250 million and EUR 300 million and
3. A return on capital employed that is stable compared the previous year's figure.

Source : Strategic Research Institute

voda 17 mei 2018 19:54

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Southern Steel 3Q net profit up by 64pct

The Edge Markets reported that Southern Steel Bhd's net profit grew 63.99% to RM52.27 million or 12.07 sen per share for the third quarter ended March 31, 2018 (3QFY18), from RM31.87 million or 7.54 sen per share last year, due to higher sales volume. Its quarterly revenue stood at RM953.37 million, 43.17% higher compared to RM665.91 million in 3QFY17.

In a filing to Bursa Malaysia , the group declared an interim single-tier dividend of 3.5 sen per share for the financial year ending June 30, 2018 (FY18), payable on June 13.

For its cumulative nine months of FY18, its net profit doubled to RM175.64 million or 40.67 sen per share, from RM87.73 million or 20.82 sen per share a year ago, on the back of higher sales volume with improved margins. Its revenue was up 41.67% to RM2.81 billion versus RM1.98 billion last year.

Going forward, although demand is likely to be weaker in this last quarter of the financial year due to the festive season, Southern Steel said the board expects the group's performance to remain satisfactory for FY18.

Source : The Edge Markets

Vertraagd	17 mei 2024 17:35
Koers	24,270
Verschil	-0,070 (-0,29%)
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Laag	24,120
Volume	2.399.653
Volume gemiddeld	2.555.105
Volume gisteren	3.937.932

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