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voda 8 februari 2019 16:37

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NLMK Group announced Q4 and 12M consolidated financial results

NLMK Group announced an EBITDA growth of 35% yoy to $3.6 bn in 2018. EBITDA margin hit a decade high at 30%. Free cash flow grew by 60% to $2.0 bn.

12M 2018 key highlights

Group revenue in 12M 2018 totaled $12.0 bn (+20% yoy), driven by the growth of average sales prices and higher sales volumes.

EBITDA grew to $3.6 bn (+35% yoy), driven by higher revenue and operational efficiency gains in 2018.

Free cash flow increased by 60% yoy to $2.0 bn, due to the increase in profitability and a positive working capital trend vs. 2017.

Net income grew by 54% yoy to $2.2 bn.

Net debt/EBITDA decreased to 0.25? (0.35? at the end of 2017), driven by the increase in the Company’s profitability and the decrease in net debt by 3% yoy.

Q4 2018 key highlights

Group revenue decreased by 4% qoq to $3.0 bn (+7% yoy), due to the drop in prices for steel products in the Company’s key markets and the growth in the share of semi-finished products in its sales portfolio.

EBITDA totalled $847 m (-17% qoq), due to the narrowing of steel product/main raw material price spreads. EBITDA grew by +8% compared to Q4 2017.

Free cash flow decreased by 21% qoq to $502 m (+150% yoy), due to the decrease in revenue and EBITDA, and the growth of capex, driven by active settlements with equipment suppliers at the end of the financial year.

Net income dropped by 21% qoq to $509 m (+19% yoy) against the backdrop of lower operating profit.

Comment from NLMK Group CFO Shamil Kurmashov said that “In 2018, demand for steel continued to recover, coupled with a rise in protectionism in key markets. In this context, NLMK Group’s flexible business model that helped it secure its presence in key sales markets, enabled the Company to grow its sales by 7% yoy (by 1.1 m t) to 17.6 m t, hitting an all-time high for the Company. NLMK Group retained its leadership on the Russian market in terms of steel output, and consolidated its positions on global markets. Revenue grew by 20% yoy to $12.0 bn; NLMK’s EBITDA increased by 35% to $3.6 bn, while its EBITDA margin grew to 30% (+4 p.p. yoy).”

“In 2018, NLMK Group persisted with its consistent operational efficiency efforts. EBITDA gains from the operational efficiency programme totalled $189 m to the 2017 cost base. The impact of capex projects executed as part of Strategy 2017 totalled an additional $121 m. Total gains from Strategy 2017 in 2014-2018 were $1,348 m, which is significantly in excess of the $1 bn target6. EBITDA growth and the decrease in cash outflow to finance working capital supported a 60% increase in the Group’s free cash flow yoy to $2.0 bn. Total debt decreased by 9% yoy, while the cost of financing reduced from 3.8% to 3.4%. The Company’s debt is at an all-time low: Net debt/EBITDA decreased to 0.25x by the end of 2018. Growth of free cash flow and low debt enabled the Company to keep dividends high despite the growth in capex.”

Source : Strategic Research Institute

voda 8 februari 2019 16:38

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Kobe Steel to increase production capacity of steel powder plant

Kobe Steel, Ltd. plans to invest approximately 1.8 billion yen to increase the production capacity of its Steel Powder Plant in Takasago, Hyogo Prefecture in western Japan. The production capacity of steel powder products will increase to 110,000 metric tonnes per year, from the current 96,000 metric tonnes per year. Mass production is scheduled to begin in the April–June quarter of 2021.

Kobe Steel's steel powder products are mainly used in powder metallurgy to make automotive sintered parts such as engine parts and transmission parts. In the steel powder field, Kobe Steel estimates that it has nearly a 50 percent share of the domestic market, making it the top producer in Japan. Steel powder products of high acclaim are its original high-performance SEGLESS® KP and KS series having high compressibility and machinability, which contribute to high strength, and the SEGLESS® graphite segregation-free steel powders.

With car production forecast to increase over the medium to long term, demand for steel powders is anticipated to grow in the future, leading to Kobe Steel's decision to increase the production capacity of the Steel Powder Plant. Kobe Steel will install another reduction furnace to enable higher treatment temperatures than the current furnaces. It will also install another SEGLESS® mixer to increase production capacity of SEGLESS®. Of the total production capacity of 110,000 metric tonnes per year, SEGLESS® will comprise 60,000 metric tonnes per year, an increase from the current 40,000 metric tonnes per year.

Through this investment, Kobe Steel will be able to further provide a stable supply of steel powders to customers. At the same time, it will be able to better respond to their diverse needs using equipment that can produce high-performance steel powder products.

Kobe Steel, which entered the steel powder business in 1968, was the first to introduce an atomization process in Japan in which high-pressure water is sprayed onto molten metal, turning it into a powder. The process enables Kobe Steel to produce outstanding steel powders of high purity, high compressibility and high density. In addition to steel powder for powder metallurgy, other major products include steel powder that remediates contaminated soil and ground water called ECOMEL™ to prevent the spread of toxic substances such as heavy metals and VOCs (volatile organic compounds); magnetic steel powder called MAGMEL™ for use in motors and reactors; and other distinctive powders for use in hand warmers and deoxidants.

Outline of Production Capacity Increase
Equipment to be installed:
1 reduction furnace, 1 SEGLESS® mixer
Investment amount:
Approximately 1.8 billion yen
Start of mass production:
April–June quarter of 2021
Total production capacity:
Steel powders?110,000 metric tonnes/year
SEGLESS® (included above) ?60,000 metric tons/year
Background Notes

1. Powder Metallurgy
In powder metallurgy, metal powder is pressed and compacted into a mold and sintered to make a high-precision part. In comparison to the machining of steel, powder metallurgy offers high yield as parts with complex, near-net shapes can be manufactured.

2. Graphite Segregation Free Treatment
Graphite is mixed with steel powder to improve the strength of sintered parts. As the specific gravity of graphite is low and its particle size is small, simply mixing the graphite leads to easy separation and segregation, resulting in variation in the composition of the part. To improve this condition, segregation-free treatment enables the graphite to adhere to the steel powder.

3. Reduction Furnace and SEGLESS® Mixer
A reduction furnace is a heat treatment furnace used in the finishing stage of steel powder production. A SEGLESS® mixer can be used for the segregation-free treatment of graphite powder mixed with steel powder.

Source : Strategic Research Institute

voda 8 februari 2019 16:42

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Turkey PM expects US to remove additional steel tariffs

Daily Sabah reported that speaking of Turkish-American economic ties at the American-Turkish Council meeting in Ankara, President Recep Tayvip Erdogan recalled his recent phone call with US Donald Trump, during which the two leaders agreed to boost bilateral trade to USD 75 billion from its current level of USD 21 billion.

The president underscored the high performance of the Turkish business environment. The president said that "According to the World Bank report, Turkey climbed 17 places compared to the previous year thanks to the legislative amendments that eased doing business in the country.” The country ranked 43rd in the World Bank's Ease of Doing Business list for 2019.

Mr Erdogan also called on the US administration to remove the additional tariffs imposed on Turkish steel and aluminium, which are an impediment to reaching bilateral trade target. On Aug. 10, 2018, the US president said that he authorized the doubling of tariffs on steel and aluminum imported from Turkey. The US levied 20 percent on aluminum and 50 percent on steel imports.

Source : Daily Sabah

voda 8 februari 2019 16:44

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Jindal Stainless to bid for Pamban railway project

Economic Times reported that Jindal Stainless, a leading private stainless steel player, has decided to bid for the tender floated by Rail Vikas Nigam Ltd for supply of stainless steel for Indian Railways' Pamban railway bridge project. Indian Railways has decided to deploy stainless steel for its Pamban railway bridge project.

To kick start this project, Rail Vikas Nigam Ltd a Railways arm has floated a tender for supply of 120 MT of stainless steel. RVNL, Chennai has included SS 2205 duplex stainless steel grade as an integral component for the fabrication of 4 spans/girders of the new Pamban bridge.

Commenting on the development Managing Director, Jindal Stainless , Mr Abhyuday Jindal said that “We welcome this progressive step by the Indian Railways and we’re keenly looking forward to partner with them for this start." JSL is a consistent supplier to Indian Railways in the wagon and coach segments with a market share of 70% and 60% respectively.

The existing Pamban railway bridge, commissioned in 1914, connects the town of Rameswaram on Pamban Island to the Mandapam railway station on mainland Indian peninsula. The bridge is located in the second most corrosive region in the world, and hence in order to address the corrosion related problems and the associated high repair and maintenance costs, Indian Railways has decided to adopt duplex stainless steel for fabrication of 4 girders of the new Pamban Bridge.

Source : Economic Times

voda 8 februari 2019 16:45

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NSSMC announcement of revision in forecasts for dividend

The Board of Directors of Nippon Steel & Sumitomo Metal Corporation held on February 6, 2019 has decided to revise the forecasts for year-end dividend from retained earnings as follows.

1. Reason for the Revision
When the first half results were announced on November 2, the Company had not determined a year-end dividend distribution amount for the current fiscal year ending March 31 2019. In accordance with the basic profit distribution policy described previously announced, after due consideration of the earnings forecasts for the year and other factors, the Company intends to distribute a dividend of JPY 40 per share at the end of the second half (year-end). This would bring the full-year dividend distribution amount to JPY 80 per share, representing a consolidated dividend payout ratio of approximately 31%.

Source : Strategic Research Institute

voda 8 februari 2019 16:50

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OEMK reaches milestone of producing 70 million tonnes of metallised pellets

OEMK, part of Metalloinvest, has reached the milestone of producing 70 million tonnes of metallised pellets (direct reduced iron, DRI). This is the perfect raw material for the production of high-quality steel grades. Metallised pellets are produced through the reduction of oxidised iron ore pellets using heated reducing gas. The milestone batch was produced by technological team #4, featuring Victor Sekirin, Nikolai Mishenko, Pavel Goncharov and led by Alexander Rudakov.

Mr Andrey Ugarov, First Deputy CEO, COO, Management Company Metalloinvest, commented that “There has been a lot of hard work across OEMK that has helped us get to this milestone production figure. Each employee of the enterprise does everything possible at the enterprise to keep production stable and provide high-quality products. Every year, OEMK has been increasing its delivery of high-quality steel, which is in demand by consumers globally.”

In December 2018, OEMK’s pelletisation and metallisation plant, which has recently been converted into a factory, celebrated its 35th anniversary.

Mr Andrey Karpeshin, deputy head of the pelletisation and metallisation factory, commented: “Our department has a clear strategy to modernise equipment and technically re-equip our production processes. These objectives are in line with increasing the capacity of our metallisation facilities, which are driven by the growing demand for metallised raw materials from the electric arc furnace shop. Significant refurbishment works and technical re-equipping of all four metallisation facilities allowed us to increase productivity by 40 percent.”

In 2010, Metalloinvest completed the modernisation of metallisation facility #1 at the pelletisation and metallisation plant. The launch of the modernised metallisation facility #3 took place in 2013, while the modernisation of metallisation facility #4 took place in 2015. In 2017, the technical re-equipping of metallisation facility #2 allowed to increase production of metallised pellets by 200,000 tonnes per year. Currently, the production capacity of the four metallisation facilities is over 3.2 million tonnes per year.

OEMK is the only integrated steel company in Russia that carries out direct reduction of iron and smelting in electric furnaces, which allows for steel production that is virtually free from harmful impurities and residual elements. In 2017, OEMK produced almost 4 mn tonnes of iron ore pellets, 3 mn tonnes of direct reduced iron (DRI) and 3.5 mn tonnes of steel.

Source : Strategic Research Institute

voda 8 februari 2019 16:52

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Schmolz + Bickenbach opens new location in Argentina

Schmolz + Bickenbach has expanded its presence in the South American market with a new site in Buenos Aires, Argentina, offering long steel products. The company already has offices, warehouses, and services centers in Brazil, Chile and Colombia.

Tool steel, stainless steel, and engineering steel long product from the company’s Ascometal, Deutsche Edelstahlwerke, Finkl Steel, Swiss Steel, Steeltec, and Ugitech mills is now available through this facility.

Source : Strategic Research Institute

voda 8 februari 2019 16:53

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ArcelorMittal SA Salient features

On the back of a strong global pricing environment, the company's average realised prices rose by 12% on sales which were 5% higher than those of the previous year while cash costs per tonne increased by an average of just 2%. EBITDA improved to ZAR 3 608 million, from a loss of ZAR 315 million in 2017. Similarly, headline profits improved from a ZAR 2 518 million loss to a profit of ZAR 968 million. Net debt decreased by ZAR 2 787 million.
- Revenue increased by 16% to ZAR 45 274 million
- Liquid steel production of 5.1 million tonnes increased by 4%
- Sales volumes increased by 5% despite domestic apparent steel consumption being at a nine-year low
- Buoyant international market with exports up 21%
- Cash cost per tonne of liquid steel produced increased by 2%
- Turnaround in headline earnings from a loss of ZAR 2 518 million to a profit of ZAR 968 million
- Ebitda improved by ZAR 3 923 million from a loss of ZAR 315 million to a profit of ZAR 3 608 million
- Net borrowings decreased by ZAR 2 787 million to ZAR 475 million

ArcelorMittal SA’s share price jumped 15% to ZAR 3.95 on Thursday morning after it released its 2018 financial year results, showing a return to profit as forecast in a trading statement last week.

The SA operations of the world’s largest steelmaker reported a net profit of ZAR 1.3 billion for the year to end-December, a recovery from 2017’s R5.1bn loss. Revenue grew 16% to ZAR 45 billionn due to a 5% increase in the volume of steel sold.

Mr Kobus Verster CEO said in the results statement that the group managed to grow the overall volume of steel it sold thanks to demand from the rest of Africa offsetting a 4% drop in SA consumption.

Mr Verster was ArcelorMittal SA’s CFO until he left to head Aveng in 2011 and then returned as the steelmaker’s CEO in January 2018. He added that “SA and key African markets continue to face the threat of steel imports, mainly from China. Although there was a 20%, or 190,000 tons, decrease in imports, 769,000 tons of primary carbon steel were still imported into SA in the year, despite import duties, selective safeguarding and the designation of local steel.”

Source : Strategic Research Institute

voda 8 februari 2019 16:54

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Tata Steel Port Talbot plan to cut dust emission by three quarters

BBC Com reported that TATA Steel has pledged to cut dust emissions which have plagued residents near its Port Talbot plant by three quarters with a new extraction system. Last summer, people living nearby claimed black dust had never been so bad, leaving their homes filthy.

Graffiti artist Banksy has highlighted the issue of pollution in the artwork he painted on a garage in Port Talbot.

Plans for a new chimney stack, pipes and ducting to replace a 40-year-old system have been backed by councillors.

The project will replace the secondary dust extraction system for the sinter plant, where iron ore is heated with lime and sand before going into the blast furnace.

Neath Port Talbot councillors unanimously backed the application on Tuesday, the Local Democracy Reporting Service reported.

With around 4,000 workers, Tata Steel is key to the health of the Port Talbot economy
Planning committee chairman Suzanne Paddison said that "There's nothing I would like to approve more than this. The people who live in the area do suffer greatly from dust, anything that can reduce that is to be welcomed."

Mr Scott Bamsey, a councillor who works at the plant, said that "Tata got a lot of flack during the summer for quite a poor performance. This large investment shows not only that they're committed to improving its environmental impact but also to its future in Port Talbot with continued investment in the plant."

Councillor Rhidian Mizen added that "I worked in a sinter plant for a couple of years, anything that improves the air quality for employees and residents living nearby gets my full backing."

Planning officers told councilors the new system would cut emissions in the air from 40mg of dust per cubic metre to 10mg.

They added that the new system would be tested over a period of nine months before the old chimney stack was demolished.

Source : BBC Com

voda 8 februari 2019 16:54

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Interpipe NTRP completed modernization of the heat treatment site

Interpipe announced the completion of the pipe heat treatment site modernization at the tube-rolling shop #4 of Interpipe NTRP. The project cost amounted to USD 5 million. Heat treatment facility modernization enables to increase the tubular goods production of higher strength steel grades. The project consisted of three major stages: detailed engineering, construction, start-up and commissioning. Pilot operation ended in the 4th quarter of 2018.

During the project, the company installed a quenching equipment – a sprayer manufactured by Barni (Italy), and arranged a closed-loop water supply for the heat treatment line, consisting of a main concrete settling basin, an intermediate settling basin with a series of high-pressure pumps, an external pumping station, and a water-cooling tower. A separate transformer substation was also installed outside the workshop to power the entire line. Such a water supply cycle has allowed the mill to reduce the use of the make-up water from the Dnipro River, required for quenching of pipes.

Mr Denis Morozov, Interpipe Chief Financial Officer said that “Heat treatment line modernization at the tube-rolling shop #4 of Interpipe NTRP is one of our important investment projects. The water supply system of the heat treatment site at this facility was outdated and could not ensure the required performance. From now on, we can boost up the production of higher strength steel grades pipes. Due to the new products, we will strengthen our presence at the Middle East and America markets, thereby partially mitigating the loss of the Russian market.”

Source : Strategic Research Institute

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voda 8 februari 2019 16:55

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Kobe Steel to increase production capacity of steel powder plant

Kobe Steel, Ltd. plans to invest approximately 1.8 billion yen to increase the production capacity of its Steel Powder Plant in Takasago, Hyogo Prefecture in western Japan. The production capacity of steel powder products will increase to 110,000 metric tonnes per year, from the current 96,000 metric tonnes per year. Mass production is scheduled to begin in the April–June quarter of 2021.

Kobe Steel's steel powder products are mainly used in powder metallurgy to make automotive sintered parts such as engine parts and transmission parts. In the steel powder field, Kobe Steel estimates that it has nearly a 50 percent share of the domestic market, making it the top producer in Japan. Steel powder products of high acclaim are its original high-performance SEGLESS® KP and KS series having high compressibility and machinability, which contribute to high strength, and the SEGLESS® graphite segregation-free steel powders.

With car production forecast to increase over the medium to long term, demand for steel powders is anticipated to grow in the future, leading to Kobe Steel's decision to increase the production capacity of the Steel Powder Plant. Kobe Steel will install another reduction furnace to enable higher treatment temperatures than the current furnaces. It will also install another SEGLESS® mixer to increase production capacity of SEGLESS®. Of the total production capacity of 110,000 metric tonnes per year, SEGLESS® will comprise 60,000 metric tonnes per year, an increase from the current 40,000 metric tonnes per year.

Through this investment, Kobe Steel will be able to further provide a stable supply of steel powders to customers. At the same time, it will be able to better respond to their diverse needs using equipment that can produce high-performance steel powder products.

Kobe Steel, which entered the steel powder business in 1968, was the first to introduce an atomization process in Japan in which high-pressure water is sprayed onto molten metal, turning it into a powder. The process enables Kobe Steel to produce outstanding steel powders of high purity, high compressibility and high density. In addition to steel powder for powder metallurgy, other major products include steel powder that remediates contaminated soil and ground water called ECOMEL™ to prevent the spread of toxic substances such as heavy metals and VOCs (volatile organic compounds); magnetic steel powder called MAGMEL™ for use in motors and reactors; and other distinctive powders for use in hand warmers and deoxidants.

Outline of Production Capacity Increase
Equipment to be installed:
1 reduction furnace, 1 SEGLESS® mixer
Investment amount:
Approximately 1.8 billion yen
Start of mass production:
April–June quarter of 2021
Total production capacity:
Steel powders?110,000 metric tonnes/year
SEGLESS® (included above) ?60,000 metric tons/year
Background Notes

1. Powder Metallurgy
In powder metallurgy, metal powder is pressed and compacted into a mold and sintered to make a high-precision part. In comparison to the machining of steel, powder metallurgy offers high yield as parts with complex, near-net shapes can be manufactured.

2. Graphite Segregation Free Treatment
Graphite is mixed with steel powder to improve the strength of sintered parts. As the specific gravity of graphite is low and its particle size is small, simply mixing the graphite leads to easy separation and segregation, resulting in variation in the composition of the part. To improve this condition, segregation-free treatment enables the graphite to adhere to the steel powder.

3. Reduction Furnace and SEGLESS® Mixer
A reduction furnace is a heat treatment furnace used in the finishing stage of steel powder production. A SEGLESS® mixer can be used for the segregation-free treatment of graphite powder mixed with steel powder.

Source : Strategic Research Institute

voda 8 februari 2019 19:30

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Prijs voor ijzererts schiet naar hoogste niveau sinds 2014 na mijnramp Vale

De prijs voor ijzererts, grondstof voor staal, blijft maar stijgen na de mijnramp in Brazilië. De prijs voor een ton ijzererts tikte vrijdag $94 aan. Dat is een prijsniveau dat sinds augustus 2014 niet is gezien.

En een einde aan de prijsstijging lijkt nog niet in zicht. De mijnbouwsector is in rep en roer door de ramp bij de mijn van Vale, de grootste producent van ijzererts ter wereld. Twee weken geleden brak in Brazilië een dam door bij de plaats Brumadinho in Minas Gerais, de mijnbouwstaat in Brazilië. Die dam was bedoeld om een bassin met modder en mijnafval af te sluiten en de breuk veroorzaakte een enorme modderstroom, met meer dan honderdvijftig doden tot gevolg.

Daarop kondigde Vale aan de eigen productie terug te schroeven, totdat de veiligheid bij andere mijnen met soortgelijke dammen kan worden gewaarborgd. Op jaarbasis zou dit 40 miljoen ton ijzererts schelen, zo bericht persbureau Bloomberg. Maar dat ging de autoriteiten in Brazilië niet ver genoeg. Deze week droeg een rechter het bedrijf op om activiteiten bij de belangrijke Brucutu-mijn te staken. Dat levert naar schatting nog eens een productieverlies van 30 miljoen op jaarbasis op.

Afname aanbod
Handelaren in ijzererts lijken in te prijzen dat de afname van het aanbod door de ramp bij Vale het effect van de afname van de vraag in China teniet zal doen. China is de grootste importeur van ijzererts, maar de economie van het land groeit in een lager tempo dan voorheen. Tot voor kort ging iedereen ervan uit dat dit de prijs van ijzererts zou drukken, maar sinds de tragische gebeurtenissen in Brazilië ligt het anders.

Analisten bij banken verhogen in rap tempo hun verwachtingen voor de prijs. Die van het Amerikaanse Citigroup verhoogden hun verwachting voor de prijs voor 2019 zelfs met 40% naar $88 per ton gemiddeld. 'Een groot risico is dat de Brucutu-mijn de eerste is van vele mijnen van Vale die gedwongen moeten stoppen,' schrijven analisten van Citi in een rapport waar Bloomberg over bericht.

Tweede ramp
De Braziliaanse mijnbouwer kan in de ogen van de autoriteiten weinig meer goed doen, want de ramp met de dam bij Brumadinho is niet de eerste. In november 2015 brak in Brazilië ook al een dijk door van een bassin met mijnafval.
Daarbij kwamen negentien mensen om.

De vraag is ook wat de ramp voor gevolgen heeft voor de rest van de sector. Beleggers dringen al aan op betere veiligheidsmaatregelen, die in potentie bij andere mijnbouwers de kosten kunnen opjagen en de productie kunnen drukken. Teken aan de wand is dat staalreus ArcelorMittal vrijdag in Brazilië 200 mensen liet evacueren uit een dorp vlakbij een mijn in Brazilië. Arcelor is de grootste staalfabrikant ter wereld maar heeft ook eigen mijnen.

De evacuatie is een voorzorgsmaatregel, nadat het bedrijf door de autoriteiten was gewaarschuwd voor instortingsgevaar van een dam van het zelfde type als bij de ramp bij Brumadinho.

Van onze redacteur

fd.nl/beurs/1288623/prijs-voor-ijzere...

voda 8 februari 2019 19:31

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Klus voor ILVA/Arcelor?

Kort | Sloop Genovaanse rampenbrug begonnen

Foto: Reuters
Bouwvakkers zijn vrijdag in Genua begonnen met de sloop van de vorig jaar ingestorte Morandi-brug. De naar zijn ontwerper Riccardo Morandi vernoemde tuibrug doorstond het gebeuk van ruim vijftig jaar zwaar verkeer, maar begaf het vorig jaar op 14 augustus. Daarbij kwamen 43 personen om het leven. Architect Renzo Piano presenteerde in december zijn plan voor een nieuwe brug, die eind 2019 klaar moet zijn. In tegenstelling tot zijn voorganger zal de brug geheel uit staal zijn opgetrokken en niet uit beton. De kenmerkende drie A-vormige pylonen van de oude brug keren evenmin terug.

fd.nl/laatste-nieuws

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voda 11 februari 2019 16:28

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China slowdown is weighing on steel demand - ArcelorMittal

Bloomberg Quint reported that ArcelorMittal, as well as smaller European producers like Salzgitter AG and Voestalpine AG, are sounding the alarm about weakening conditions, particularly in China. ArcelorMittal said “China, which uses about half of the world’s steel, is now expected to see a drop in demand, the first contraction since 2015. Demand in the US and Europe will grow at a slower pace this year. China’s steel demand is seen falling by 0.5% to 1.5% this year, compared with growth of 3.5% in 2018. While global consumption will grow at a slower pace than last year, the outlook for the world excluding China is slightly stronger, driven by stabilization in Turkey.”

The reports from steelmakers reinforce economic data pointing to a gloomy outlook for the global economy. Sentiment is being dented by the ongoing China and US trade war, Brexit, as a well as manufacturing and sentiment indicators that point to waning demand.

Steel is often viewed as a barometer for global growth because it’s the backbone for much of the world’s construction and manufacturing. The industry is also facing a squeeze on profit margins as prices of iron ore surge in the aftermath of Vale SA’s dam collapse in Brazil.

Source : Bloomberg Quint

voda 11 februari 2019 16:29

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Mr Sanjeev Gupta raises fears by delaying accounts - Report

The Times reported that the steel tycoon Sanjeev Gupta has delayed publishing the accounts of more than 20 companies, raising new questions about the financial health and transparency of his fast-growing empire. FT report said “Analysis of more than 40 of Gupta’s UK subsidiaries shows that about half have used an accounting tactic to postpone the filing of accounts at Companies House. In many cases this means the last disclosed trading was almost two years ago.”

Mr Gupta’s acquisition spree across the UK, America, Europe and Australia has seen him spend hundreds of millions of pounds on businesses from steelworks and aluminium plants to banks.

Source : The Times

voda 11 februari 2019 16:30

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ArcelorMittal bid for Essar Steel is a big scam - StanChart counsel

Financial Express reported that last week Standard Chartered Bank’s counsel termed the bid made by ArcelorMittal for the distressed Essar Steel Limited as ‘big scam’ during the hearing of Essar Steel Insolvency Case. Arguing before the Ahmedabad bench of National Company Law Tribunal on Thursday, the SCB counsel said that instead of upfront payment of over INR 42,000 crore, ArcelorMittal submitted a plan of INR 39,500 crore and INR 2,500 crore for working capital. He further said that the profit being earned by Essar Steel which is monthly INR 180 200 crores per month shouldn’t belong to the bidder but it should be given to creditors. SCB counsel also raised concern over the role of resolution professional (RP) and committee of creditors (CoC) appointed sub-committee.

Earlier RP’s counsel stated that RP’s job is to present resolution plan to CoC for approval and he is not responsible for any decision. He told that “Role of RP is just that of a facilitator. It is CoC, which decides on Resolution Plan. Distribution mechanism is also decided by CoC. Both these plans were voted separately and passed with majority.”

Source : Financial Express

voda 11 februari 2019 16:31

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Essar Steel insolvency awaits NCLT verdict

Financial Express reported that as the Essar Steel’s insolvency and bankruptcy case plays out at the NCLT Ahmedabad, awaiting verdict due by 11 February 2019, there might be yet another spanner in the wheel which could throw the process off the track, even if for a short duration. The Supreme Court will hear an operational creditor Kamaljeet Singh Ahluwalia’s plea on 11 Feb. Ahluwalia had moved the apex court against the NCLAT directive to NCLT Ahmedabad to decide on Essar Steel’s resolution plan by 11 Feb.

Earlier, Mr Kamaljeet Singh Ahluwalia had moved NCLAT before approaching the Supreme Court, requesting it to ask NCLT to hear his plea before the ArcelorMittal resolution plan is accepted. His plea was rejected by a two-judge bench headed by Justice S J Mukhopadhaya, which ruled that NCLAT would not take the matter up before the hearing is finished at the NCLT.

According to Essar Steel’s website, the company owes INR 41.4 crore to Kamaljeet Singh Ahluwalia. Essar Steel has long been embroiled in the insolvency and bankruptcy case.

Source : Financial Express

voda 11 februari 2019 16:37

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PHP Steels Mills workers demand pay hike

The Daily Star reported that several hundred workers of the PHP Steels Mills staged a demonstration in front of the factory's main gate at Boro Kumira area in Sitakunda upazila, demanding a salary hike. The demonstration began at 7AM and lasted four hours before it ended at 11AM on Sunday. A mill worker told The Daily Star “The pay of a newly-appointed or trainee worker of the steel mills ranges from Tk 3,000 to Tk 4,000 a month. Average wages of an experienced worker is not more than Tk 7,000.”

Mr Delower Hossain, officer-in-charge of Sitakunda Police Station, said “Owners assured the agitating workers that steps will be taken the next month to meet the demands of the workers.”

Source : The Daily Star

voda 11 februari 2019 16:38

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Tata Steel announced consolidated financial results for Q3

Mr TV Narendran CEO & Managing Director said that “Tata Steel is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships and sustainability. Despite a sharp drop in international steel prices, we were able to maintain our overall realizations and increase our volumes significantly in India. The integration of Tata Steel BSL continues and our 5 MTPA expansion at Tata Steel Kalinganagar is also making good progress. We are also looking forward to enhancing our long products and downstream capability through the acquisition of the 1 mtpa steel business of Usha Martin. The phase II review of the TSE ThyssenKrupp JV is ongoing and we are closely working with the European Commission to facilitate the same. In line with our strategy of divesting non-core assets and focusing on India, we have announced a divestment of a 70% stake in our SEA business and we continue to work on exploring similar opportunities across our portfolio."

Highlights of the quarter:

1. Health and Safety: Lost Time injury frequency rate per mn man hours worked of Tata Steel group reduced to 0.47 in 9MFY19

2. Consolidated steel production grew 11%YoY to 7.23 million tonnes and deliveries increased 7%YoY to 6.99 million tonnes

3. India1 steel production surged 34%YoY to 4.38 million tonnes while deliveries grew 18%YoY to 3.89 million tonnes from 3.30 million tonnes in 3QFY18
4. Consolidated revenues increased 23%YoY to INR 41,220 crores; India1 revenues recorded 41%YoY growth to INR 22,063 crores as compared to INR 15,596 crores in 3QFY18

5. Consolidated adjusted EBITDA grew 27%YoY to INR 7,225 crores as compared to INR 5,671 crores in 3QFY18

6. Standalone adjusted EBITDA was INR .4,872 crores and EBITDA margin stood at 28.4%. Standalone EBlTDA/t was INR 16,407/t

7. Consolidated PAT increased to INR 1,753 crores as compared to INR 1,136 crores in 3QFY18

8. The liquidity position of the group remains robust at INR 19,320 crores comprising of INR 8,549 crores in cash and cash equivalents and INR 10,771 crores in undrawn bank lines

9. Gross debt decreased by INR 9,083 crores during the quarter.

Key Operating and Financial Highlights of the quarter:

1. India1 steel production grew by 34%YoY to 4.38 million tonnes with the acquisition and ramp-up of Tata Steel BSL. India1 deliveries stood at 3.89 million tonnes and now account for more than 55% of consolidated volumes.

2. Tata Steel continued to increase its market share in chosen segments. Automotive segment sales increased by 24%YoY; Industrial Products and Projects segment sales grew by 29%YoY.
Branded products, Retail & Solutions segment sales grew by 16%YoY; Tata Steel now touches 3 million retail customers.

3. India1 revenues from operations increased by 41%YoY to INR 22,063 crores driven by higher volumes and better realizations.

4. Standalone adjusted EBITDA for the quarter was INR 4,872 crores, the EBITDA margin stood at 28.4%; Standalone EBlTDA/t was INR 16,407/t.

5. Tata Steel BSL integration is progressing smoothly and the focus continues to be on ramping up production and realizing synergies. Tata Steel BSL EBITDA for the quarter was INR 1,008 crores and the EBITDA margin was 20.6%.

6. Tata Steel remains focused on operational efficiencies and minimizing environmental impact.

Tata Steel Jamshedpur has been able to increase solid waste utilization to 97% in 3QFY19. Solid waste utilization at Tata Steel Kalinganagar stood at 105% in 3QFY19.

Source : Strategic Research Institute

voda 11 februari 2019 16:39

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Standard Chartered delaying Essar Steel insolvency process - CoC counsel

Financial Express reported that rejecting all charges made by SCB counsel, including that of conspiracy against SBC and entire process of resolution plan as a big scam, the CoC counsel said that decision on distribution plan was taken on best commercial wisdom of CoC. CoC counsel told the Ahmedabad bench of National Company Law Tribunal “Standard Chartered Bank doesn’t have anything to argue as its loan is not secured with project assets but it is still delaying the case using arm twisting and blackmailing tactics. Decision on distribution plan was taken on best commercial wisdom of CoC. Don’t trivialise negotiation through imaginary conspiracy. Decisions were taken on the basis of quality, nature and depth of security.”

He further said that through negotiation core-committee could raise ArcelorMittal’s bid from INR 35,000 crore to INR 39,500 crore plus minimum guarantee of INR 2,500 crore as working capital.

Source : Financial Express

Vertraagd	20 mei 2024 17:39
Koers	24,170
Verschil	-0,100 (-0,41%)
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Volume gemiddeld	2.540.437
Volume gisteren	2.399.653

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