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voda 17 mei 2018 19:54

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Companhia Siderurgica Q1 earnings improve YoY

Companhia Siderúrgica Nacional SID or CSN reported impressive financial results for the first quarter of 2018. Net earnings from continuing operations were approximately R$1,486.5 million (USD 457.4 million), significantly higher than R$117.6 million (USD 37.5 million) recorded in the year-ago quarter.

Earnings per share in the reported quarter were R$1.07 or roughly 33 cents per American Depository Receipt (ADR). This compared favorably with the year-ago quarter's earnings of R$0.08 or 3 cents per ADR.

Revenues Improve Y/Y

In the reported quarter, the Brazilian steelmaker CSN's net revenues were R$5,066 million (USD 1,558.8 million), reflecting growth of 14.8% year over year.

Domestic revenues increased 26.4% year over year to R$2,515.3 (USD 773.9 million), representing 49.7% of net revenues. International business flourished with foreign market revenues recording an increase of 5.3% year over year to R$2,550.7 million (USD 784.8 million), which represented 50.3% of net revenues.

The company operates through five business segments. The segments' results for the first quarter are briefly mentioned below:

Steel: The segment's revenues totaled R$3,674 million (USD 1,130.5 million), reflecting year-over-year growth of 19.6%.

Slab production grew 5% year over year to roughly 1,050 thousand tons, while the manufacturing of flat-rolled products increased 12% year over year to 978 thousand tonnes. Manufacturing of long-rolled products declined 25% to 40 thousand tonnes.

Steel sales volume increased 7% year over year to 1,277 thousand tonnes, of which, domestic sales accounted for 61.2%, overseas subsidiaries for about 34.1% and exports for roughly 4.7%. Sequentially, steel sales volume has increased 2%.

Mining: The segment generated revenues of R$1,152 million (USD 354.5 million), down 1.9% year over year.

Iron-ore sales volume were up 3% year over year to 7,474 thousand tonnes, of which, domestic sales accounted for 17.5% and international sales for roughly 82.5%. However, iron-ore sales decreased 22% compared with the previous quarter.

Logistics: Revenues were R$397 million ($122.2 million), up 4.7% year over year.

Cement: The segment's revenues totaled R$131 million ($40.3 million), reflecting year-over-year growth of 4%. Cement production declined 5% year over year to 775 thousand tonnes, while sales volume decreased 2% to 806 thousand tonnes.

Energy: The segment's revenues were R$91 million ($28 million), up 1.1% year over year.

Source : Strategic Research Institute

voda 17 mei 2018 20:27

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Iran steel exports in last fiscal year up by 53pct

Financial Tribune reported that Iranian steelmakers exported 8.49 million tonnes of products during the last fiscal year (ended March 20, 2018), registering a 53.4% year on year growth. Iranian Steel Producers Association said that semi-finished steel made up 6.87 million tons of the total exports, up 84% YOY. Billet and bloom had the lion’s share of semis exports with an aggregate of 4.02 million tonnes to mark an 86% growth YOY. Slab followed with 2.84 million tonnes, up 80% YOY.

Exports of finished steel products shrank 10% YOY to 1.62 million tonnes. Thicker than 3-mm hot-rolled coil was the main finished steel product exported with 574,000 tonnes, down 46% YOY. Less than 3-mm thick HRC shipments surged 12,100% YOY to 122,000 tonnes.

Following HRC were rebar with 598,000 tons, up 106.9% YOY; beams with 168,000 tonnes, down 20% YOY; coated coil with 61,000 tonnes, up 118% YOY; cold-rolled coil with 20,000 tonnes, down 87% YOY and “other steel products” with 80,000 tonnes, up 78% YOY.

Source : Financial Tribune

voda 17 mei 2018 20:27

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Trump Trade War - Former NY Governor Pataki to lobby for Turkey

Ahval News quoted Mr Kerim Ülker in his column for finance daily Dünya as saying that Turkish company Borusan has rolled up its sleeves to lobby for Turkish steel in the United States and has struck deal with former New York Governor George Pataki to his end. Mr Ülker shared statistics given by the US Trade Ministry in his column; the U.S. imported 34.6 million tons of steel last year, making the nation the greatest steel importer in the world. Canada maintains the lion’s share of steel exports to the United States with 5.8 million tones. Turkey follows Brazil, South Korea, Mexico and Russia in steel exports to the U.S., coming in sixth place at $ l.2 billion, Ülker notes.

The columnists explains that leading the way in efforts to push for the export of Turkish steel to the United States is Minister Zeybekçi.

Economy Minister Nihat Zeybekçi earlier this month said that Turkey would respond to tariffs imposed on metal imports by the United States with countermeasures.

Source : Ahval News

voda 18 mei 2018 16:43

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Plans afoot to set up 20 vehicle shredders scrap yard - Dr Aruna Sharma

PTI reported that Steel Secretary Dr Aruna Sharma while addressing a seminar on Opportunities for Indian Steel Mills in Infrastructure sector, jointly organised by the Ministry and a steel portal 'Steel Guru'said on Thursday, said that plans are afoot to set up 20 vehicle scrap centres once the government finalises its vehicle scrapping policy that proposes to scrap 20-year old commercial vehicles, the ministry plans to formulate a steel scrap policy by the end of this year.

She said "The Ministry of Steel will introduce a steel scrap policy this year which, in conjunction with the much-awaited vehicle scrappage policy by MoRTH , will lay out the rules and regulations for using scrap from old vehicles to produce steel. Our scrap policy is absolutely now at a final stage and the Ministry of Road, Transport and Highways is coming up with end of life cycle policy for commercial vehicles so we are going to have 20 such centres.”

She added “These centres would be set up either under private sector or on public private partnership mode.”

The proposed vehicle scrapping policy for mandatory disposal of more than 20-year old commercial vehicles will go for the Cabinet nod soon. The policy was given in-principle' approval at a high-level inter-ministerial meeting at the PMO recently to pave the way for scrapping of 20-year old commercial vehicles (CVs) from 1 April, 2020.

Source : PTI

voda 18 mei 2018 16:43

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NCLAT hearing adds new angles to Essar Steel bidding war between Numetal and ArcelorMittal

Money Control reported that the hearing of the National Company Law Appellate Tribunal (NCLAT) on the Essar Steel auction on May 17, may have lasted a little over five minutes but was enough to add another layer of complexity to the contentious race. Numetal, which had till now argued that the auction shouldn't proceed to the second round, changed its stance. The VTB Capital-led consortium said it has offered INR 37,000 crore in the second round bid, which should now be opened. ArcelorMittal too has had a change in opinion. While earlier it had argued in the National Company Law Tribunal (NCLT) that it was in favour of the second round of bids to be opened, the world's largest steelmaker now wants the first round bids to be considered. The arguments will now continue on May 22.

This shift in its strategy saw a change in Numetal's plan. While it has maintained that its shareholders - including Rewant Ruia and his Aurora Enterprises - are not liable to pay any dues, the company has now pushed for the second bid.
Numetal argued that the second round bid should be considered to maximise the asset value of Essar Steel and to ensure that banks take as low a haircut as possible. That is because in the second round, Aurora Enterprises is no longer a part of the Numetal consortium.

While ArcelorMittal was said to have bid INR 38,500 crore in the first round, Numetal's bid was at about A 19,000 crore. A source said ArcelorMittal's bid included capital infusion of INR 8,000 crore. Another source added Numetal's like to like bid compared to ArcelorMittal's first-round bid - would amount to INR 45,000 crore. This will include about INR 6,000 crore in capital infusion."

The NCLT had in April termed the invite for second round bid invalid. It had also asked the Essar Steel lenders to give Numetal and ArcelorMittal time to rework their bids, which had been termed ineligible in the first round. The two bids, according to the resolution professional, didn't meet the Clause 29A of the Insolvency and Bankruptcy Code. The Clause prevents promoters of defaulting companies from bidding for stressed assets.

Source : Money Control

voda 18 mei 2018 16:44

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China to unveil new plans major to cut steel mill pollution

South China Morning Post reported that according to a draft plan issued by the government to clean up its smoke-stack industries, roughly half of China’s steelmaking capacity would have to comply with tough new emissions targets by 2020. Ministry of Ecology and Environment documents outlines that the plan would require 480 million tonnes of annual capacity in the world’s top steel producer to meet ultra-low emissions standards by 2020. The emissions target would rise to 900 million tonnes by 2025.”

The draft set a 2020 deadline for mills around the capital Beijing, the northern port city of Tianjin and Hebei province, the country’s top steelmaking region, to meet the new standards. However, the Hebei cities of Tangshan and Handan, where hundreds of steel plants are located, may apply for an extension until 2022.

It said these cities faced a heavy task to complete ultra-low emission upgrading. The new targets will require steel mills to install more filtering and dust extraction equipment and use a higher grade of raw materials to curb emissions of sulphur dioxide, nitrogen oxides and other particulate matter.

Mills that completed the upgrading will receive preferential treatment on electricity rates and taxes, and face lower capacity restrictions during the winter

The draft plan is the latest move against major polluters in Beijing’s anti-smog campaign, which aims to cut emissions of damaging PM2.5 air particles so small they can pass through humans’ lungs and affect other organs.

Source : South China Morning Post

voda 18 mei 2018 16:44

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NCLAT to hear Mr Neeraj Singal plea against Tata Steel on May 21

Financial Express reported that the National Company Law Appellate Tribunal (NCLAT) on Thursday said it will hear on May 21 Bhushan Steel promoter Neeraj Singal’s plea challenging the insolvency court’s order that approved Tata Steel’s resolution plan for the bankrupt firm. In the petition, which was just mentioned before the tribunal but not heard, Singal also appealed that status quo over transfer of the company’s shareholding should be maintained.

The NCLAT bench headed by chairman Justice SJ Mukhopadhaya, however, said the matter would be heard only on Monday, since its approval was not taken before the matter’s inclusion in the cause list.

The National Company Law Tribunal (NCLT) had on May 15 approved Tata Steel’s resolution plan for Bhushan Steel which has a 5.6 million tonne per annum steel-making capacity.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 in the firm, while the remaining was with the public.

Bhushan Steel was admitted by the insolvency court on July 26 last year under section 7 of the Insolvency and Bankruptcy Code (IBC) on State Bank of India’s plea.

Source : Financial Express

voda 18 mei 2018 16:45

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Tata Steel to absorb all 5,000 employees of Bhushan Steel

Economic Times reported that Tata Steel has said that it will take on board all 5,000 employees of Bhushan Steel as part of the resolution plan submitted by it. Mr TV Narendran CEO & MD of Tata Steel “We will take on board all 5,000 employees as part of the resolution plan that we have submitted.”

Tata Steel has been allegedly facing ground level resistance in and around the BSL unit at Odisha, his comments are likely to ally concerns of contractual workers who are reportedly apprehending job losses after the proposed acquisition.

He also said “BSL is right now operating at around 3-3.5 million tonne capacity, we can easily see it operating at 4-4.5 million tonnes. However to take it beyond 5 million tonnes production level will call for more investments. But it can easily be taken from 5 million tonnes to 8 million tonnes.”

Source : Economic Times

voda 18 mei 2018 16:46

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NCLAT admits Renaissance Steel plea against Vedanta bid on Electrosteel

PTI reported that the National Company Law Appellate Tribunal has admitted the petition of Renaissance Steel challenging Vedantas bid for debt ridden Electrosteel. A two member bench of the tribunal headed by Chairman Justice S J Mukhopadhaya admitted the plea and directed to list the matter on May 28.

Renaissance Steel’s resolution application was rejected by the Committee of Creditors (CoC) of Electrosteel Steels

On May 1, NCLAT had directed that status quo be maintained in the case pertaining to the sale of debt ridden Electrosteel Steels to Vedanta Ltd.

Renaissance has submitted before NCLAT that Vedanta is not eligible to bid for Electrosteel under section 29 A of the Insolvency & Bankruptcy Code. It said one of Vedanta's affiliates in Zambia - a unit of its UK-based parent Vedanta Resources Pic - had been found guilty of criminal misconduct punishable with two or more years in jail. enaissance Steel also raised an objection against the CoC's decision to not allow it to participate in the meeting in which the successful bidder was decided.

Source : PTI

voda 18 mei 2018 16:47

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Bhushan Steel acquisition a strategic fit – MrTV Narendran Tata Steel

Economic Times reported that Tata Steel CEO & MD TV Narendran told ET Now that “We look at it in a slightly longer term basis. Brownfield expansions will always be cheaper than Greenfield expansion but Bhushan Steel was probably the best asset on sale. It is a good facility with well-built facilities, identical to the blast furnace we have in Jamshedpur. Here you do not need to spend much capital to operate at rated capacity. Second, we know that it takes a long time to build a Greenfield site. So, having ready access to 5 million-tonnes capacity is great. Bhushan Steel produces a small amount of Bhushan Power long products. So Bhushan Steel provides us with a ready access to a 5 million tonne site. It has taken us almost 10 years in Kalinganagar and we are not even at 5 million tonnes capacity. Look at the time value. It is only 150 kilometres away from our Kalinganagar site. The pluses are more than the minuses.”

While answering to question “So how long before you can finally go in and start?” he said We wanted to go in tomorrow but today the appeal has gone to NCLAT. So, let us see what happens in the course of day today. The teams are ready to move in tomorrow if we get the clearance.”

Source : Economic Times

voda 18 mei 2018 16:47

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Tata Steel raising funds or Bhushan Steel acquisition - Report

Bloomberg, citing people familiar with the matter, reported that Tata Steel is preparing a INR 115 billion (USD 1.7 billion) loan to help fund its purchase of assets from Bhushan Steel Ltd. The sources said “It is in talks with banks about a six-month bridge facility, which it aims to refinance with a loan that would mature in about 15 years.”

Sources added “Lenders in talks with Tata for the loan include Axis Bank, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank, Standard Chartered Plc, State Bank of India and Yes Bank.”

As per report “A Tata Steel unit sold INR 50 billion rupees of three-month commercial paper to also help fund the Bhushan asset purchase.”

Source : Bloomberg

voda 18 mei 2018 16:48

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7 officials of Acciaierie Venete under probe for molten metal spill accident

ANSA reported that 7 people have been placed under investigation over a Acciaierie Venete Padua steelworks accident that burned four workers, two of them critically. Those probed include the company heads, the safety heads, and the heads of some sub-contracting companies. AS part of the probe, prosecutors will now get experts to inspect all relevant machinery. Prosecutors have impounded the factory, one of six steelworks belonging to 'Acciaierie Venete' in northern Italy.

The two steelworkers are being treated for serious burns after being covered by molten steel in the workplace accident. Their condition is said to be critical but stable. Two other steelworkers are receiving treatment for less serious burns sustained at the 'Acciaierie Venete' when a huge hanging drum transporting 90 tonnes of molten steel came unhooked and fell to the ground, splashing the men nearby.

The injured are a Romanian national aged 40 and a Moldovan aged 44, who both sustained 100% burns, and two Italians who respectively sustained 70% and more minor burns.

Metalworkers union FIOM called a strike at all the plants on Monday. Representatives of trade union confederations CGIL, CISL and UIL also met with Veneto Governor Luca Zaia on Monday to discuss workplace safety in the region.

Source : ANSA

Bijlage:

voda 18 mei 2018 16:59

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Primetals Technologies to supply two new Meros off-gas cleaning systems and upgrade previously ordered one at Kardemir

Turkish steel producer Karabük Demir Celik Sanayi ve Ticaret AS (Kardemir) has placed an order with Primetals Technologies to supply two new Meros off-gas cleaning plants for Kardemir´s sinter plants No. 1 and No. 2, and to upgrade a previously ordered Meros plant at sinter plant No. 3. Each Meros plant is able to treat 400.000 Nm³/h of sinter off-gas, reducing SOx by more than 90% as well as delivering extremely low dust emissions. The two new Meros plants are designed to use sodium bicarbonate as desulphurization agent, while the existing system installed at sinter plant No. 3 will be upgraded to employ sodium bicarbonate instead of lime in the future. Start-up of the Meros plants is expected by the end of 2018. With this investment, air quality in the valley of Karabük will be improved considerably.

Kardemir operates an integrated iron and steel works in Karabük, in the northern part of Turkey. The production site is located in a narrow valley, close to the city of Safranbolu. Three sinter plants are operated by Kardemir. In 2013, Primetals Technologies had been awarded with the installation of the Meros system for sinter plant No. 3. Due to stricter environmental regulations for sinter plants by the Turkish authorities, the concept for this Meros system will be changed to desulphurization with sodium bicarbonate instead of lime. The newly to be installed Meros systems for sinter plants No. 1 and No. 2, will be also be based on sodium bicarbonate for desulphurization. Kardemir´s Meros plants will represent the third implementation of sodium bicarbonate desulphurization, following voestalpine Stahl in Austria and JFE in Japan.

Primetals Technologies will be responsible for the engineering, supply of key equipment like sodium bicarbonate dosing and milling, filter heads, bags, cages, electrics and automation as well as for advisory services for cold and hot commissioning.

In general , Meros process involves several modules for injecting and finely distributing adsorption and desulfurizing agents, such as activated carbon and sodium bicarbonate, into the off-gas flow. This efficiently binds and removes heavy metals, harmful and hazardous organic components, as well as sulfur dioxide and other acidic gases. The use of sodium bicarbonate to reduce the amount of sulfur dioxide also eliminates the need for a conditioning reactor. The dust particles are deposited in a specially developed, energy-efficient bag filter. The greater part of the dust removed by the precipitator is recycled back into the flow of off-gas to further optimize the efficiency and cost-effectiveness of the gas purification process. Any remaining unutilized additives are then once more in contact with the off-gas, so that they are finally almost completely utilized. There is also considerably less discharged residue when sodium bicarbonate is used instead of slaked lime. The process automation system ensures stable operation, even when there are considerable fluctuations in the volume and composition of the off-gas. Emission limits can therefore be observed at all times. Thanks to the modular design of the Meros system, a tailor-made solution based on the environmental restriction can be provided, with possible upgrades of the system by subsequent installation of required modules.

MEROS is a registered trade mark of Primetals Technologies in certain countries.

Source : Strategic Research Institute

Bijlage:

voda 18 mei 2018 17:00

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Mr Bogdan Grecu is new GM of ArcelorMittal Galati and Skopje plant

Mr Bogdan Grecu was appointed as General Manager of ArcelorMittal Galati (Romania) and Skopje (Former Yugoslavian Republic of Macedonia). The activity of both units and others from the separation pack will be steered by a hold separate manager and surveyed by a „monitoring trustee, appointed in agreement with the European Commission.

Bogdan Grecu, the General Manager of ArcelorMittal Galati – Skopje Units said “All our activities will continue normally in the next months of transition and preparations for the sale.”

Bruno Ribo, former Chief Executive Officer of ArcelorMittal Gala?i – Skopje said “Bogdan will have all my support in the next future to ensure a smooth transition and a perfect continuity in all the layers of our work.”

Bogdan Grecu, 41 years old, graduated Galati “Dunarea de Jos” University, Economy and Administration Sciences Faculty, master degree in economics, and - since 2001 - joined the Gala?i Steel Plant. Since 2012 he was member of the Management Committee of ArcelorMittal Galati and coordinated various activities such as: internal audit, purchase, logistics, investments, IT, automations, supply chain and demand.

Bruno Ribo, 55 years old, was the Chief Executive Officer of Galati and – subsequently – Skopje steel plants since 2012. He will support the newly appointed Managing Director during the transition phase.

Source : Strategic Research Institute

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voda 18 mei 2018 17:02

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Trump Trade War - Japan may soon notify WTO of countermeasures against US

Japan Times, citing sources close to the matter, reported that Japanese government may soon notify the World Trade Organization of its plans to consider measures against higher tariffs imposed by the US on steel imports. As per report “With the move resulting in an additional JPY 50 billion (USD 452 million) in tariffs, Japan’s government is expected to consider countermeasures with the figure in mind. But it does not plan to identify specific items. We will decide whether to actually raise tariffs depending on future developments.”

Japan’s top government spokesman, Yoshihide Suga, conceded the government was considering taking “necessary” steps based on WTO rules. But he said no final decision has been made on whether to take retaliatory steps.

Under WTO rules, when a country raises tariffs to protect its domestic industry, affected countries can do the same to cancel out the impact. The envisaged move is different from a dispute settlement under the WTO.

Japan has been lobbying the United States, its key ally, to exempt it from President Donald Trump’s decision to impose higher tariffs said to defend national security. But the request has not yet been met.

Source : Japan Times

voda 18 mei 2018 17:05

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FPG to start second blast furnace at Formosa Ha Tinh Steel in Vietnam

Taipei Times reported that Formosa Plastics Group, Taiwan’s largest industrial conglomerate, said it would fire up the second blast furnace at its Vietnamese venture, Formosa Ha Tinh Steel Corp, marking the completion of the first phase of its construction of the steel mill. The blast furnace was approved by the Vietnamese authorities last week

The first furnace began production last year.

The investment by Formosa Ha Tinh Steel is the largest foreign direct investment in Vietnam and also the biggest integrated steel mill in Southeast Asia. The steel mill produced 1.6 million tonnes of steel last year and sold 1.37 million tonnes

Source : Taipei Times

Bijlage:

voda 18 mei 2018 17:06

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Chinese firm CCECC and Nigeria sign USD 6 billion rail project agreement

Xinhua reported that Nigeria recently signed an agreement of USD 6.68 billion with China Civil Engineering Construction Corporation (CCECC) for a major segment of rail line linking the economic capital Lagos with Kano, northern Nigeria's commercial hub.

A statement by Nigeria's transport ministry said that "The signing of the Ibadan-Kaduna segment contract agreement today (Tuesday) concludes all outstanding segments of the Lagos-Kano rail line."

Source : Xinhua

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voda 18 mei 2018 20:49

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FMG celebrates 10 years of iron ore exports

Fortescue Metals Group announced that celebrated 10 years of iron ore exports resulting in over one billion tonnes of contribution to Australia’s economic growth. Exactly a decade ago today, Fortescue shipped its first 180,000 tonnes of iron ore aboard the Cape size vessel Heng Shan from Herb Elliott Port in Port Hedland. Since then, the company has become the lowest cost and most efficient supplier of seaborne iron ore into China.

Speaking at the celebration event at Cloudbreak, Fortescue’s original mine site, Foreign Minister Ms Julie Bishop said Fortescue has changed the face of the Pilbara and the Australian mining industry.

The Minister said that “Fortescue has contributed to the economic strength of our nation, providing employment and training opportunities for thousands of people including Indigenous workers, significant contracts that benefit local communities as well as playing a key role in the Australia-China relationship.”

Fortescue Founder and Chairman Mr Andrew Forrest AO paid tribute to the hard work and determination of the entire Fortescue family including suppliers, customers, pastoralists, native title partners and local communities since the company’s inception in 2003.

Mr Forrest said that “From the first discovery hole drilled at Cloudbreak to now sustaining consistent production at 170 million tonnes per year, Fortescue is truly an Australian success story.”

Mr Forrest said that “Ten years ago, I said Australia now had a new flagship company and today Fortescue continues to proudly wave that flag.”

Mr Forrest also acknowledged Fortescue’s long-term relationship with its Chinese customers, which has played a critical role in the company’s growth.

Mr Forrest said that “We are proud of our contribution to China’s remarkable economic development and our role in supporting the important trade relationship between China and Australia which has been vital to driving economic growth in both nations.”

Mr Forrest said that “There is an exciting future ahead. We look forward to continuing to invest in the long-term sustainability of our core iron ore business in the Pilbara and ensuring that local communities continue to benefit from our growth and development.”

Source : Strategic Research Institute

voda 18 mei 2018 20:50

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NMDC produced 1.57 million tonnes of iron ore from Chhattisgarh mines

Daily Pioneer reported that NMDC Ltd produced 1.57 million tonnes of iron ore from its Chhattisgarh mines as on April 30, 2018. The company informed in a regulatory filing that the company is targeting to achieve 10 million tonnes of iron ore production per annum from each of its mines in Chhattisgarh by 2024-25.

They informed that it has also sought 7.116 hectares forest land diversion for its iron ore concentrate pipeline in Dantewada district of Bastar.

Officials informed that notably, NMDC will also be seeking Right of Use / Right of Way permission for developing a land corridor for its Slurry Pipeline project from Bailadila to Nagarnar in Bastar region of Chhattisgarh.

Source : Daily Pioneer

Bijlage:

voda 21 mei 2018 14:57

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China steel capacity to be brought below 1billion tonnes by 2025 - CISA President

Global Times reported that Yu Yong, president of the China Iron and Steel Association (CISA) and chairman of the State-owned Hebei Iron and Steel Group said that China will shut down more outdated steel plants and bring total capacity to less than 1 billion tonnes by 2025 as the demand for steel is set to decline gradually. He said "On the basis of China's achievements in cutting capacity, China will use methods such as the law, market forces, financial instruments and also mergers and acquisitions to continue easing overcapacity.”

He said China would aim to keep utilization rates at around 80 percent. They fell to less than 70 percent in 2015.

He said “As much as 120 million tonnes of annual crude steel capacity had already been closed. China aims to close another 30 million tonnes of capacity this year, and it has also shut down around 100 million tonnes of illegal low-grade steel used largely in construction.”

He added "In the future, China's overall steel demand will fluctuate downward and overcapacity is likely to persist for a relatively sustained period of time.”

Source : Global Times

Bijlage:

Vertraagd	24 mei 2024 17:35
Koers	23,830
Verschil	+0,090 (+0,38%)
Hoog	23,900
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Volume	1.348.366
Volume gemiddeld	2.526.996
Volume gisteren	2.171.312

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