Nieuws en info hier plaatsen (deel 4)

1. voda 3 februari 2020 17:08

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   SBI Suggests IRP to NCLT for Uttam Galva Steels
   
   ET reported that State Bank of India has submitted its suggestion for an insolvency resolution professional for to Uttam Galva Steels to the National Company Law Tribunal. Counsel representing told the tribuna “It is just that apart from Deutsche, all the other lenders are comfortable with the IRP suggested by SBI.”
   
   The Mumbai bench of the NCLT comprising Bhaskara Pantula Mohan and Rajesh Sharma adjourned the hearing in the case to February 5. The matter will be heard by a new special bench headed by Mohammed Ajmal and Rajesh Sharma.
   
   Uttam Galva Steels was among the companies in the Reserve Bank of India’s second list of loan defaulters and had been directed to come up with immediate corrective action. The lenders took the company to the tribunal to come up with a resolution plan.
   
   SBI had filed an insolvency petition against Mumbai-based Uttam Galva in November 2018 to recover an amount of INR 6,880 crore. However, SBI withdrew the claim after ArcelorMittal, then the company’s promoter, cleared its outstanding dues to become eligible to bid for Essar Steel
   
   The other lenders include Bank of Baroda, Vijaya Bank and Dena Bank.
   
   Source : ET
2. voda 3 februari 2020 17:12

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   Ukraine Seeks Abolition of Duty on Steel Imports from US
   
   Ukraine President Mr Volodymyr Zelensky said that Ukraine is counting on the abolition of duties on steel imports on the part of the United States. During a joint briefing with US Secretary of State Mr Mike Pompeo said "We expect the United States to lift trade restrictions, such as the 25% safeguard duty on steel imports. This is a sensitive issue for our metallurgical exports. We are also looking forward to abolishing this duty for Ukraine.”
   
   US Secretary of State Mike Pompeo came to Kyiv on a working visit. He said “Good to be in Kyiv today. US support for Ukraine is unwavering, and I am intent on underscoring this as I meet with Ukrainian government leaders to discuss ways we can advance our strategic partnership and reinforce Ukraine's position as a free and democratic state.”
   
   Source : Strategic Research Institute
3. voda 3 februari 2020 17:15

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   Budget Allocation for Steel Ministry Reduced
   
   The Budget allocation for the steel ministry has registered a decline of 49 per cent to INR 100 crore in 2020-21, from INR 196.08 crore in 2019-20. The expenditure budget of INR 100 crore in the 2020-21, includes INR 38.58 crore on secretariat-economic services, INR 44.24 crore on medical and public health and INR 17.18 crore on industries.
   
   This decline has been over the revised estimates of the 2019-20 Budget. While the Budget estimate was at INR 241.29 crore for 2019-20, in case of 2018-19 actual it was INR 154.54 crore.
   
   Source : Strategic Research Institute
4. voda 3 februari 2020 18:57

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   TERI Warns of Carbon Emissions from Indian Steel Mills
   
   The Energy and Resources Institute has recommended a series of measures to support the growth of the Indian steel industry, whilst reducing its impact on the environment. According to TERI's new report, titled 'Towards a Low Carbon Steel Sector: Overview of the Changing Market, Technology, and Policy Context for Indian Steel', carbon dioxide emissions from India's steel sector could increase up to 837 million tonnes by 2050 if steel demand continues to grow, having serious implications for the environment through its contribution to climate change. According to the report, India's steel demand will more than quadruple, from around 111 million tonnes to 489 million tonnes, in the next 30 years. In the corresponding period, the carbon dioxide emissions from the sector are projected to go from 242 million tonnes to 837 million tonnes. This is equivalent to around 35% of India's total current carbon dioxide emissions from fossil fuel combustion and industry, which would be incompatible with limiting the worst effects of climate change.
   
   TERI has suggested a comprehensive package of measures that would keep the sector competitive while reducing its environmental impacts. The report recommends maximising the use of domestic scrap and deploying energy efficiency measures, as well as facilitating greater resource efficiency throughout the economy. This can start by building on the progress under the Perform, Achieve and Trade scheme and India's upcoming Resource Efficiency Strategy. This can be achieved cost-effectively, helping make the steel sector, and the wider Indian economy, more competitive. Combining greater energy and resource efficiency could lead to a reduction in emissions by up to 45%.
   
   The report also suggests establishing pilot and demonstration plants to test emerging low-carbon technologies. TERI expects that by the 2040s, more radical decarbonisation technologies, which are currently in the demonstration stage, would be commercially available in India. Of particular interest is the substitution of coal or natural gas as a reducing agent with hydrogen, allowing India to reduce its import dependency and reduce emissions. The report also recommends stimulating the demand for low-carbon steel, through developing standards, public procurement schemes, or voluntary buyers' clubs. Finally, the report suggests introducing a penalty for emissions in the steel sector from 2030 onwards to send a clear signal to the industry to start planning for deeper decarbonisation technologies.
   
   Measures such as these could put the sector on a pathway to reduce emissions to near zero levels soon after 2050, making India the first country to industrialise while decarbonising its steel production.
   
   Source : Strategic Research Institute
5. voda 3 februari 2020 18:59

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   Henan Jiyuan Orders Billet Grinders from Danieli Centro
   
   Two new grinders ordered by Henan Jiyuan will be installed in Jiyuan in Henan province in China. They will process 150-mm square special steel billets up to 12 m long in full skin and spot/pattern grinding modes. Both grinders will be equipped with the highly reliable NGS16 Danieli belt-driven spindle, driven by 160-kW main motors and Danieli original Hi-Grind removal control system, to ensure an output ranging from 70,000 to 90,000 tpy.
   
   Manufactured and tested at Danieli China workshops in Changsu, the new grinders are scheduled to be fully operational by early 2021.
   
   Source : Strategic Research Institute,
6. mvliex 1 4 februari 2020 08:21

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   Beursblik: lastig vierde kwartaal voor ArcelorMittal voorzien
   
   (ABM FN-Dow Jones) ArcelorMittal heeft vermoedelijk een lastig vierde kwartaal achter de rug. Dit blijkt uit de analistenconsensus die het staalbedrijf publiceerde.
   
   Analisten rekenen voor het vierde kwartaal op een EBITDA van 858 miljoen dollar.
   
   In het derde kwartaal lag het bedrijfsresultaat nog op 1.063 miljoen dollar en in het vierde kwartaal van 2018 was dit zelfs 1.951 miljoen dollar.
   
   Analisten Bank of America zitten onder de consensus en mikken op een EBITDA van 836 miljoen dollar.
   
   Wel voorziet Bank of America een geleidelijk herstel in 2020. Betere macro-economische omstandigheden en lagere kosten, vooral voor ijzererts, dragen hieraan bij.
   
   Analist Stijn Demeester van ING schat de EBITDA in het vierde kwartaal in op 860 miljoen euro. "Het zal geen goed kwartaal zijn geweest. De lage staalprijzen spelen het bedrijf parten en daarnaast heeft Mittal nog te maken met de hogere grondstofkostprijzen die nog uit het derde kwartaal zijn meegenomen."
   
   De ogen zullen met name gericht zijn op de outlook die het management donderdag gaat geven, denkt Demeester .
   
   "Gezien de onzekerheid over het coronavirus zijn er best wat vraagtekens voor het eerste halfjaar. Dit is niet iets bedrijfsspecifiek maar geldt eigenlijk voor alle cyclische bedrijven", zei analist van ING tegen ABM Financial News.
   
   Mogelijk wordt het tweede deel van 2020 beter. "Belangrijk daarvoor zullen de autoverkopen zijn. In het vierde kwartaal trokken deze aan in China, maar het risico bestaat dat het coronavirus een negatieve impact op de verkopen heeft."
   
   ArcelorMittal opent donderdag voorbeurs de boeken.
   
   Door: ABM Financial News.
   info@abmfn.nl
   Redactie: +31(0)20 26 28 999
   
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7. voda 4 februari 2020 12:12

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   'Daling bedrijfsresultaat ArcelorMittal'
   
   Gepubliceerd op 4 februari 2020 11:40 | Views: 1.014
   
   ArcelorMittal 11:56
   14,01 +0,62 (+4,61%)
   
   AMSTERDAM (AFN) - Het bedrijfsresultaat van staalconcern ArcelorMittal is in het vierde kwartaal van 2019 naar verwachting lager uitgevallen dan in de voorgaande periode. Dat komt naar voren uit een consensus van analistenschattingen die ArcelorMittal op de eigen website heeft gepubliceerd. De cijfers worden donderdag naar buiten gebracht.
   
   Volgens de consensus bedraagt het bedrijfsresultaat (ebitda) 858 miljoen dollar tegen bijna 1,1 miljard dollar in het derde kwartaal. Op basis van een analistenschatting van persbureau Bloomberg zou de omzet op 15,9 miljard dollar uitkomen. Dat was 16,6 miljard dollar in de voorgaande periode.
   
   Bij de publicatie van cijfers over het derde kwartaal zei topman Lakshmi Mittal dat het bedrijf nog steeds last had van moeilijke marktomstandigheden, met lage staalprijzen en hoger materiaalkosten. In de Verenigde Staten heeft het bedrijf de afgelopen tijd de staalprijzen wel meermaals verhoogd dankzij vertrouwen in de Amerikaanse economie.
   
   Overnemen
   
   Naast de cijfers zal de aandacht ook uitgaan naar de verdere ontwikkelingen rond de failliete Ilva-staalfabriek in het Zuid-Italiaanse Tarente. De fabriek wordt momenteel gehuurd door ArcelorMittal, dat de staalfabriek uiteindelijk zal overnemen. Over die overeenkomst met de Italiaanse staat wordt al lang gesteggeld, nadat ArcelorMittal had gedreigd uit het reddingsplan te stappen.
   
   Verder werd in november bekend dat ArcelorMittal groen licht heeft gekregen van het Indiase hooggerechtshof om de overname van het failliete Essar Steel af te ronden. In december werd die deal afgerond. ArcelorMittal heeft nu samen met samenwerkingspartner Nippon Steel de controle bij Essar. Het grootste staalconcern ter wereld en zijn Japanse partner boden ongeveer 5,8 miljard dollar in contanten voor het bedrijf en beloofden er veel geld in te pompen. Arcelor is goed voor een belang van 60 procent, Nippon voor het overige deel.
8. voda 5 februari 2020 13:05

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   Tata Steel zet tafelzilver in etalage
   Door EDWIN VAN DER SCHOOT
   
   Vandaag, 05:45 in FINANCIEEL
   
   Het Europese hoofdkantoor van Tata Steel polst de interesse voor de verkoop van een groot aantal bedrijfsonderdelen in de staal- en metaalbewerking en distributie. De stap volgt op een slecht ontvangen reorganisatieplan.
   
   Dat concluderen zowel bronnen rond het bedrijf als in de financiële sector. Aanleiding zijn vier verschillende teasers of informatie-memoranda van onder meer accountants- en adviesbureau Grant Thornton die in de markt circuleren. De stap lijkt te gebeuren achter de rug om van de Nederlandse directie en werknemers.
   
   De bedrijfsonderdelen die onder de loep worden genomen zijn de divisies tubes, distributie, building systems en beplating. Onder meer het Duitse bedrijf Hille Müller, het Spaanse Layde, het Franse Unitol, het Finse Naantali, Tata Steel Tubes uit Oosterhout (het oude Hoogovens Buizen) en de Amerikaanse dochters Apollo Metals uit Pennsylvania en Thomas Steel uit Ohio zouden in de brochures vermeld staan, zo meldden drie bronnen. De bedrijven zijn allemaal actief in de bewerking en distributie van staal.
   
   Het staal maken zelf gebeurt louter op de locaties van de Nederlandse en Britse hoogovens in IJmuiden en Port Talbot. De verdere werking en distributie wordt in IJmuiden echter gezien als een essentieel onderdeel van een geïntegreerde waardeketen, reden waarom er in Geldermalsen door Tata Steel Nederland (TSN) onlangs nog €27 miljoen is geïnvesteerd in een nieuwe fabriek voor dak- en gevelplaten. Bij een eventuele verkoop van de genoemde dochterbedrijven raken de hoogovens in IJmuiden de grip op hun afzetmarkt kwijt. In IJmuiden vreest men dan voor het verdwijnen van een deel van de afzet van staal.
   
   Vrijwel alle bedrijfsonderdelen, op enkele Britse na, vallen historisch onder het Nederlandse hoofdkantoor in IJmuiden en kunnen alleen verkocht worden als het Nederlandse bestuur daarmee instemt. Ook heeft de ondernemingsraad een adviesrecht mocht het tot een verkoop komen. Vorige week stapte de ondernemingsraad van het in Oosterhout gevestigde Tata Steel Tubes daarom al naar de rechter omdat hij vermoedde dat het bedrijf verkocht zou worden.
   
   Buizen
   Bij Tubes, ooit bekend als de Verenigde Buizen Fabrieken, werken 431 mensen, naast Oosterhout in Maastricht, Zwijndrecht en het Engelse Hartlepool en Corby. Die werknemers zetten in het boekjaar 2018/2019 nog €217 miljoen om, waar €12 miljoen verlies op werd geleden.
   
   Een ander Nederlands onderdeel dat mogelijk in de etalage staat is SAB Profiel uit IJsselstein. Daar maken nog eens 155 landgenoten gevel- en dakplaten.
   
   Verlieslatend
   In totaal heeft Tata Steel in Europa 21.000 werknemers en zet het een kleine €8 miljard om. In december presenteerde de topman van Tata Steel Europe een plan om ruim 3000 banen te schrappen, waarvan 1650 in Nederland. Sluiting van het historisch zwaar verlieslatende Britse deel van het bedrijf was desgevraagd geen optie volgens topman Henrik Adams, die orders heeft uit India om Tata Steel Europe winstgevender te maken, omdat de Indiërs louter nog in hun eigen land willen investeren.
   
   Onduidelijk is in hoeverre de plannen om te polsen of er kopers zijn voor de dochterbedrijven, een alternatief zijn voor de geopperde reorganisaties die op veel weerstand stuitten in met name IJmuiden.
   
   De mondiale staalmarkt is sinds het begin van de eeuw gigantisch onder druk komen te staan door de opkomst van overcapaciteit door de groeiende productie van met name Chinese staatsbedrijven.
   
   Uitermate bezorgd
   De Europese directie van Tata Steel wil niet reageren op de verkoopgeruchten. De Nederlandse directie wel. Zij zegt desgevraagd uitermate bezorgd te zijn. „Eventuele voorstellen hiertoe zijn niet met de directie van TSN besproken. De directie heeft immers geen verkoopplannen gezien, laat staan goedgekeurd.”
   
   www.telegraaf.nl/financieel/604319865...
9. voda 5 februari 2020 16:11

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   US DoC Finalizes New Currency Manipulation Rules
   
   The US Department of Commerce has finalized new rules to impose countervailing duties on countries found to be undervaluing their currencies, a move that could lead to further duties on steel imports. The new currency rule clarifies how the department of Commerce will apply CVD to subsidies that result from currency undervaluation. Under the rule, it can determine that a countervailable subsidy exists if there is multilateral undervaluation and any corresponding bilateral undervaluation relative to the dollar. Additionally, CVD duties may be assigned if a government action of the exchange rate contributes to undervaluation or if there is predominant or disproportionate use of the currency subsidy by the traded goods sector. Secretary of Commerce Mr Wilbur Ross said “This Currency Rule is an important step in ensuring that unfair trade practices are properly remedied. While successive administrations have balked at countervailing foreign currency subsidies, the Trump Administration is taking action to level the playing field for American businesses and workers.”
   
   US law defines a countervailable subsidy as a financial contribution from a government or public entity that is specific and that provides a benefit to a foreign producer or exporter. The final regulation identifies the criteria the Department would use to determine if countervailing duties should be imposed for subsidies in the form of currency undervaluation that results from government action on the exchange rate during the relevant period. In assessing whether there has been such government action, Commerce will not normally include monetary and related credit policy of an independent central bank or monetary authority. Commerce will seek and generally defer to Treasury’s expertise in currency matters.
   
   The department of Commerce currently maintains 516 antidumping and countervailing duty orders, with many of the orders affecting steel products, as US mills have been successful in pursuing trade remedies.
   
   Source : Strategic Research Institute
10. voda 5 februari 2020 16:13

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    Ind-Ra Cuts Indian Steel Demand Growth by 3%
    
    as revised its outlook on the steel sector to stable-to-negative for the remainder of the ongoing fiscal due to sluggish steel demand growth expectations. It said "Ind-Ra has revised its outlook on the steel sector to stable-to-negative from stable for the remainder of FY20 given sluggish steel demand growth expectations owing to mix of structural and cyclical concerns in end-user sectors: primarily auto and real estate construction. Hence, Ind-Ra has also revised downwards its FY20 steel demand growth expectations to around 4 per cent from the previous forecast of 7 per cent.”
    
    The outlook, Ind-Ra said, also factors in increased import risks especially from Free Trade Agreement countries such as Japan and South Korea due to adverse impact of the slowing global growth and continuing trade frictions. Furthermore, raw material availability and price risks may escalate in the fourth quarter if the uncertainty over iron ore mine auctions prolongs.
    
    Ind-Ra also expects overall steel sales volumes and margins to weaken further in the second quarter of FY20 after industry witnessed margin correction in the fourth quarter of FY19 and the first quarter of FY20. Steel prices have been continuously softening, while raw material cost have only seen partial declines, thereby squeezing the gross spreads for steel producers
    
    The agency believes that limited new capacity additions in FY20 will help balance the demand-supply situation amid sluggish demand in second half of FY20. It said "Steel producers are likely to see moderation in cash flows from operations as strong margins moderate over FY20 from the highs of FY19. Large integrated players should continue to have adequate liquidity supported by their sound market access and high financial flexibility, despite moderating profitability pressures, ongoing challenges in market liquidity and increased risk perception among investors.”
    
    Source : Strategic Research Institute
12. voda 5 februari 2020 16:14

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    SAIL Registers 35% YoY Rise in Sales in January 2020
    
    Steel Authority of India Limited has registered a 35% YoY rise in sales during the month of January 2020 to 1.659 million tonnes of sales. During the April’19–January’20 period, the Company has achieved a 10.8% increase in sales over the same period last year. Incidentally, with the growth in sales in Jan’20, SAIL has continued the streak of sales growth consistently as it had posted rise of 47% and 36% in sales during December and November-2019 respectively.
    
    During January’20, SAIL exported 1.82 lakh tonnes steel, which is also the best ever export performance by the company in any month.
    
    Source : Strategic Research Institute
13. voda 5 februari 2020 16:14

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    JSPL Starts Transportation of Iron Ore from Sarda Mine in Odisha
    
    Jindal Steel and Power Ltd said that it has started transportation of its already processed and royalty paid iron ore from Sarda Mines Pvt Ltd in district Keonjhar of Odisha after the Supreme Court's order issued last week. On January 30, the Supreme Court allowed JSPL to sell INR 2,000 crore worth of iron ore inventory from its SMPL if it pays Inr 933 crore in dues to the state government by February 28. The decision will allow JSPL to transport Rs 2,000 crore worth of 12 million tonnes of iron ore from SMPL to its pellet plant at Barbil, both in Odisha.
    
    SMPL, a supplier of high-quality ore to the Naveen Jindal-led JSPL plant, was closed in March 2014 due to lack of environment clearances. JSPL was then forced to source raw material from the open market.
    
    Source : Strategic Research Institute
14. voda 5 februari 2020 16:15

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    NCLAT Reserves Order in BPSL Matter
    
    The National Company Law Appellate Tribunal has reserved its order over a batch of petitions over Bhushan Power and Steel’s sale to JSW Steel under the insolvency process. An NCLAT bench headed by Justice S J Mukhopadhaya concluded its hearing as arguments in all seven petitions, including JSW Steel and former promoters of Bhushan Power and Steel Ltd, are over.
    
    In its affidavit filed before the NCLAT, the Enforcement Directorate has opposed JSW Steel’s immunity in the BPSL insolvency case. The directorate has said a recent amendment in Insolvency and Bankruptcy Code would not apply on the JSW Steel-BPSL deal as it was approved last year, before the amendment came into force. Moreover, it has also said that promoters of JSW and BPSL are related parties as they had a joint venture for a coal block.
    
    Bhushan Power and Steel preferred bidder JSW Steel in a reply affidavit to the NCLAT has rejected the Enforcement Directorate’s two major contentions it cannot seek immunity from attachment of BPSL assets by the enforcement agency and that JSW Steel is a related party. It has described these two contentions as complete misconception and misplaced. It said “It is submitted that the condition stipulated in Section 32A (1) (a) is merely a subset of Section 29A of the IBC which sets out the circumstances in which a person would be ineligible to be a resolution applicant and submit a resolution plan. Both the resolution professional (RP) and the committee of creditors (CoC) had earlier found that JSW was eligible to submit the resolution plan under Section 29A.”
    
    Source : Strategic Research Institute
15. voda 5 februari 2020 16:15

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    Labour Union to Fight for Good Deal in Thyssenkrupp Elevator Unit Sale
    
    Thyssenkrupp is planning to list or sell elevator division, which is valued at more than 15 billion euros. Any buyer will have to strike an agreement with IG Metall, Germany’s most powerful union, as part of an acquisition. But workers at Thyssenkrupp’s elevator unit will press for job and site protection as well as labour representation in upcoming talks with potential suitors, as a mid-February deadline for binding bids draws closer. Labour leaders wield powerful influence over Thyssenkrupp, controlling half of the group’s supervisory board. Susanne Herberger, who sits on the supervisory boards of both Thyssenkrupp and its elevator unit, said “We want a collective bargaining agreement that includes protection of sites and employees. We will fight to get that.”
    
    Potential buyers are expected to court worker representatives to improve their chances in the current auction. Suitors will sound out the scope for potential cost cutting, which will make for tricky negotiations between the two parties.
    
    Inyerested bidders include
    Kone
    Blackstone, Carlyle and the Canada Pension Plan Investment Board
    A group comprising Advent, Cinven, the Abu Dhabi Investment Authority and Germany’s RAG foundation
    Canada’s Brookfield (and Singapore’s Temasek
    
    Thyssenkrupp Elevator employs more than 53,000 people globally, of whom less than 5,000 are based in Germany.
    
    Source : Strategic Research Institute
16. voda 5 februari 2020 16:16

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    NCLT Approves Vedanta Amalgamation of Elctrosteel Steels
    
    Vedanta Ltd said that National Company Law Tribunal’s Kolkata Bench has approved the scheme of amalgamation of its arm Vedanta Star Ltd with Electrosteel Steels Ltd. Vedanta said “Post the amalgamation becoming effective, Vedanta Limited will directly hold 95.48% in ESL. The acquisition of ESL fits into Vedanta's strategy of forward integration; complementing the existing iron ore set-up as well as mines in Jharkhand. The business has seen a complete turnaround since its takeover with the combination of right people, higher volumes and better cost control leading to a visible positive change. This positions ESL to become a significant player in the Indian Steel Sector.”
    
    Vedanta Limited had pursuant to the Resolution Plan approved National Company Law Tribunal’s Kolkata Bench dated April 17, 2018 acquired Electrosteel Steels Limited, through its wholly-owned subsidiary Vedanta Star Limited with effect from June 4, 2018.
    
    Source : Strategic Research Institute
17. voda 5 februari 2020 16:16

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    Northwest Pipe Company Acquires Geneva Pipe Company
    
    Northwest Pipe Company has acquired Geneva Pipe Company Inc, a concrete pipe and precast concrete products manufacturer based in Utah. The transaction closed on January 31, 2020, and was funded with cash on hand and debt. This acquisition expands Northwest Pipe Company’s water infrastructure product capabilities by adding additional reinforced concrete pipe capacity and a full line of precast concrete products including storm drains and manholes, catch basins, vaults, and curb inlets as well as innovative products that extend the life of concrete pipe and manholes for sewer applications. Geneva, previously a privately held company, has around 140 employees and had revenues of approximately $43 million in 2019. Jefferies LLC advised Northwest Pipe Company.
    
    Operations will continue with their current management and workforce at Geneva’s three Utah manufacturing facilities located in Salt Lake City, Orem, and St. George. Founded in Orem in 1956, the company has been an integral part of infrastructure development in Utah and the Intermountain West.
    
    Source : Strategic Research Institute
18. voda 5 februari 2020 16:18

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    Danieli to build Real Steel Corp Steel Rolling Mill in Philippines
    
    The Real Steel Corp and Danieli Group is set to build high-speed rolling mill in Pampanga in Philippines. Real Steel Corp had signed a deal with Danieli Group to build a plant that uses fully automated and environmentally sound technology. The plant will use an induction heating system that eliminates pollution caused by the natural gas and oil used in heating steel. Danieli Chief Executive Officer Alessandro Menocci said “Many of the solutions we implement are included in this new high-speed rolling mill, especially features in technology that improve environmental impact and safety.”
    
    Real Steel said that the facility, which it expects to be fully operational by 2022, will be one of the fastest rolling mills in Asia.
    
    Source : Strategic Research Institute
19. voda 5 februari 2020 16:18

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    German Court Sentences 2 Executives of Thyssenkrupp 5 Years in Jail
    
    The Superior Regional Court of Hamm dismissed the appeal of the two managers of Thyssenkrupp, already sentenced in Italy for the fire that occurred in 2007 in the Turin plant in which seven workers died. Now the two managers will serve a 5-year prison sentence in Germany. Previously, the Essen court had declared Italian sentences enforceable but had adapted them to German law which in these cases provides for a maximum detention of 5 years. The charge is of manslaughter and arson. The four Italian managers convicted in the case have already started serving their terms including almost 10 years for ex-CEO Harald Espenhahn
    
    That night at the end of 2007 at the outbreak of the stake the seven workers together with their colleague Antonio Boccuzzi, the only survivor, had tried to put out the flames, but their every effort had been in vain: despite the frequent fires on line 5, the fire extinguishers were almost empty, unnecessary water hoses, the plant was not adequate because the management knew that the plant would be closed. From the investigation it emerged that limiting the costs of prevention had been a corporate choice, defined by the judges of the Court of Assizes as “unfortunate”, but aware, which is why they had sentenced the defendants to sentences between ten years and sixteen for voluntary murder with willful misconduct.
    
    Source : Strategic Research Institute
20. voda 5 februari 2020 16:19

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    AISI Update on Raw Steel Production in US in Week 05
    
    In the week ending on February 1, 2020, domestic raw steel production was 1,914,000 net tons while the capability utilization rate was 82.1 percent. Production was 1,878,000 net tons in the week ending February 1, 2019 while the capability utilization then was 80.7 percent. The current week production represents a 1.9 percent increase from the same period in the previous year. Production for the week ending February 1, 2020 is down 0.3 percent from the previous week ending January 25, 2020 when production was 1,919,000 net tons and the rate of capability utilization was 82.3 percent.
    
    Adjusted year-to-date production through February 1, 2020 was 8,769,000 net tons, at a capability utilization rate of 82.3 percent. That is up 2.4 percent from the 8,561,000 net tons during the same period last year, when the capability utilization rate was 80.4 percent.
    
    Broken down by districts, here's production for the week ending February 1, 2020 in thousands of net tons: North East: 230; Great Lakes: 680; Midwest: 204; Southern: 714 and Western: 86 for a total of 1914.
    
    Source : Strategic Research Institute
21. voda 5 februari 2020 16:20

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    China Steel Corporation Reports Results for 2019
    
    Taiwan’s top steel producer China Steel Corporation reported that its sales went down 8.5% or 951,413 tonnes on year to 10.3 million tonnes over 2019, while its pre-tax profit plunged by 60% on year. Among CSC’s total arbon steel sales for 2019, domestic market took 68%, which was two percentage points lower than the average 70% for 2018, though it was still largely in CSC’s normal domestic sales range of 68-72% for most of the year. The declines were mainly because of the weakening demand both in Taiwan and the overseas market amid a slow-down in the global economic growth. For 2019, CSC’s total pre-tax profit, therefore, slid to TWD 12.8 billion (USD 422 million) as against TWD 31.9 billion for 2018, and the company had been into lossmaking for the last two months of last year with the December losses amounting to over TWD 1 billion, or steeper than the losses of TWD 294 million for last November.
    
    Source : Strategic Research Institute