Nieuws en info hier plaatsen (deel 4)

1. voda 11 augustus 2016 20:04

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   SAIL look to expand RSP capacity to 10 million tonnes - Chairman
   
   Business Standard reported that Steel Authority of India Ltd is looking to expand capacity of its Rourkela unit to 10 million tonne per annum up from 4.5 million tonne per annum now. The expansion plan is set to cost SAIL in excess of INR 30,000 crore considering the thumb rule that INR 6,000-7,000 crore is needed for every million tonne of brownfield steel ramp up.
   
   Mr PK Singh chairman SAIL told "There is the Indian government initiative to reach 300 million tonnes of steel production in the next 10 years wherein the capacity of our Rourkela steel plant will also be expanded. As of now, we need to stablise our modernization plan at Rourkela and then we will go for further expansion. The steel plant at Rourkela can reach a steel making capacity of 10 million tonnes in the next 10-15 years.”
   
   The SAIL CMD met Chief Minister Naveen Patnaik and other top state officials. The state government has urged the steel PSU to set up a cement plant at Purunapani in Sundargarh district and a skill development institute at Rourkela. The government also proposed to SAIL to set up a medical college-cum-hospital at Rourkela.
   
   Source : Business Standard
   
2. voda 11 augustus 2016 20:05

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   Steel Ministry should have pushed for coking coal import duty waiver – Panel
   
   The Hindu Business Line reported that a parliamentary committee has said that the Ministry of Steel should have taken up the matter of waiving import duty and clean energy cess on coking coal at the highest level to protect domestic steel firms. The Standing Committee on Coal and Steel noted that domestic steel makers are suffering from higher cost of power, finance, logistics and government levies as compared to their international peers.
   
   In a report titled ‘Research and Development in Iron and Steel Sector’ tabled in the Lok Sabha on Wednesday, the Committee said, “The Ministry of Steel has desired that import duty and clean energy cess on coking coal be removed as 90 per cent of coking coal is procured through imported sources…the Ministry should take up the matter at the highest level.”
   
   The committee also criticised the lack of seriousness on research and development of technologies suited to utilising locally produced iron ore variants. It recommended the speeding up of investments in steel making technologies and processes to ensure India becomes self reliant in utilisation of raw material resources.
   
   The report said “The committee has recommended to speed up the implementation of technologies/process developed by setting up of pilot plants/industrial trials for beneficiation and pelletisation of iron ore slimes, optimum coal blending, production of low phosphorus steel, production of quality steel through induction furnace.”
   
   The committee also recommended that the process of exploring fresh iron ore deposits should be initiated at the earliest. It said “Taking note of the fact that exploratory works are held up pending statutory clearances, the Committee felt that this aspect should no longer remain neglected and immediate steps should be taken for updation of mapping data of iron ore pending forest clearances.”
   
   Source : The Hindu Business Line
   
3. voda 11 augustus 2016 20:06

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   Cutting steel overcapacity in China on track - NDRC
   
   Xinhua reported that China’s top economic planner National Development and Reform Commission said, in an online statement said that efforts to reduce China’s steel production overcapacity are forging ahead according to plan. It said “In a medium-term roundup of the drive, the central government has rolled out general guidelines and the NDRC has also strongly guided local governments and major steel producers in drawing their own plans to cut capacity.
   
   Mr Xia Nong, head of the NDRC industry department, said that the resolute measures have proven effective. He added that the drive will pick up speed in the second half of this year to achieve the goal and inspection teams will be dispatched to local governments to oversee their work starting from mid-August
   
   The State Council guidelines, issued on February 4, dictated that steel production capacity must be cut by 100 million tonnes to 150 million tonnes over the next five years, with 45 million tonnes cut in 2016.
   
   In the first half year, China slashed steel capacity by 13 million tons, about 30 percent of the planned cuts for 2016, a figure in line with expectations
   
   Source : Xinhua
   
4. voda 11 augustus 2016 20:08

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   US Steel Canada rejects overtures from Essar Global fund Ontario Steel
   
   The Canadian Press reported that US Steel Canada Inc. is rejecting advances from the Essar Global fund, saying it isn’t qualified to purchase the company formerly known as Stelco, which has been seeking a buyer under a lengthy court-supervised process. US Steel Canada said that the Essar consortium’s terms are substantially similar to what was previously rejected by the company and the province.
   
   The company said Tuesday it’s not considering any further proposals from Essar and will avoid any distraction that could be detrimental to the company, its employees and pensioners, at a time when the restructuring process is progressing, and negotiations with the current bidders continue.”
   
   The Hamilton-based company says Essar Global was previously eliminated as a contender in the court-supervised sales process in part because it failed to provide sufficient evidence that it has the financial ability to buy and operate US Steel Canada.
   
   The Ontario Steel Investments group, a vehicle set up by Essar Global, didn’t announce Tuesday what it would pay for the business, which has its operations in southern Ontario at Hamilton and Nanticoke.
   
   US Steel Canada has been operating under protection from the Companies’ Creditors Arrangement Act since September 2014. Last Friday was one of the interim deadlines within a court-supervised sales process.
   
   Source : The Canadian Press

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5. voda 11 augustus 2016 20:26

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   GBP 7 million investment at Tata Steel Shotton coating plant
   
   News Northwales reported that ahead of the release of its latest financial results next week, Tata Steel has confirmed to the Leader that it intends to pump several million pounds into its Colorcoat and Building Systems UK site in Shotton. A spokesman for the company said the site will be “spearheading” a drive to create the next generation of its products.
   
   In a statement a Tata Steel spokesman said “The Shotton works will be spearheading a drive to create and bring to market the next generation of building envelope products. These will meet all current and planned future legislation and continue to provide our customers with the products they need.”
   
   It is understood by the Leader that the programme of investment is made up of a cash injection of about GBP 7 million into the site over a number of years.
   
   More than 700 jobs hang in the balance at the Indian conglomerate’s Shotton plant following the announcement in March that the company was exploring the offloading of its UK sites. Further uncertainty was placed over the sites’ futures after an announcement earlier this month that the firm was pausing the sale of its Welsh sites and looking at a possible merger with German company Thyssenkrupp AG.
   
   Source : News Northwales
   

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6. voda 11 augustus 2016 20:29

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   Iron Ore giants reject proposed AUD 7.2 billion mining tax hike in Australian
   
   Bloomberg reported that the world’s two largest mining companies rejected a proposed AUD 7.2 billion ($5.5 billion) tax increase on their Western Australian iron ore operations, saying it’s likely to put jobs and competitiveness at risk.
   
   Brendon Grylls announced the tax proposal after being appointed the new leader of the state’s Nationals party on Tuesday. The plan to raise the production rental cost on Rio Tinto Group and rival BHP Billiton Ltd. to A$5 a metric ton from 25 Australian cents would be a pillar of the Nationals campaign for the 2017 state election, according to a statement.
   
   Grylls said in the statement that “The Nationals WA believe that the state and taxpayers have facilitated a huge expansion of the iron ore industry at great cost to our state budget and the big miners are not paying their fair share. These two miners have made almost $140 billion since 2010, and Western Australia has facilitated that.”
   
   According to the statement, the Nationals are the smaller party in the ruling coalition in the state under Premier Colin Barnett of the larger Liberal party. Grylls has met with Barnett to discuss the policy. The hike would add A$7.2 billion to the state’s budget across its forward estimates and bring it back into surplus.
   
   The proposal isn’t “supported by business and was unlikely to proceed given it would need the support of the Nationals’ alliance partners,” Chamber of Commerce and Industry of Western Australia’s Chief Executive Officer Deidre Willmott said Tuesday in a statement.
   
   The state government said that royalty income, Western Australia’s third-largest source of revenue after taxes and federal government grants, is forecast to decline 8 percent to about A$3.8 billion this fiscal year, mainly as a result of lower iron ore prices.
   
   London-based Rio said that “There are no grounds for a new mining tax in Western Australia and it should not be adopted as Nationals policy. An ill-conceived tax grab will place these local jobs and the growth of Rio Tinto’s iron ore business at risk.”
   
   Rio and BHP, together the second- and third-largest iron ore exporters in the world, have expanded aggressively in Western Australia, spending billions on new mines, ports and rail operations to tap surging demand from China. After climbing to a record of almost $200 a ton in 2011, the price of the steelmaking raw material plunged to near $60 a ton thanks to a deepening glut as producers expanded.
   
   Source : Bloomberg

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7. voda 11 augustus 2016 20:39

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   Gelukkig gaat Arcelor er tegen in met zijn super staal producten!
   
   Growing automotive demand boosts aluminium outlook
   
   The Hindu Business Line reported that after a dismal performance last year, LME aluminium has turned the tables in 2016 gaining around 10 per cent in the first seven months. The metal touched highs of USD 1,688.5 per tonne and is currently hovering around $1,640.
   
   Auto demand
   This can be largely attributed to the rising automotive demand as recently affirmed by Norsk Hydro, one of Europe’s largest producers. The aluminium giant insisted that a surplus of up to 1.5 million tonnes of the metal in China this year will be offset by a deficit elsewhere in the world and steady demand.
   
   The company also raised its estimate of growth in global aluminium demand to between 4 and 5 per cent from 3-4 per cent. The main reason is a strong demand in the US and Europe spurred by carmakers that are increasingly using aluminium to build lighter cars in order to meet carbon emissions standards.
   
   This can be seen by a massive 75 per cent surge in use of the metal in car bodies last year, led by the Ford F-150 pick-up truck. Sharp fall in the inventories has also been a blessing for the light metal.
   
   Dip in inventories
   As on August 5, stocks of aluminium held in Shanghai Futures Exchange warehouses are at 107,520 tonnes, the lowest since 2011. LME inventory situation is no different wherein stocks have fallen by 577,275 tonnes, or almost 20 per cent, so far this year.
   
   China factor
   Also, aluminium stocks in China’s five major markets — Shanghai, Wuxi, Hangzhou, Gongyi and Nanhai — continued falling after hitting their lowest in seven years. Talking about production, China produced 2.69 million tonnes (32.7 mt annualised output) of refined aluminium in June, down by 2.4 per cent year-on-year compared with 31.5 mt of annualised output in May.
   
   From January to June 2016, China’s total refined aluminium output was 15.11 mt, virtually flat on the same period last year.
   
   Since aluminium and oil prices share a good co-relation, a 13 per cent rise in NYMEX WTI crude oil prices this year on account of major supply cuts and disruptions in Venezuela, Canada and Nigeria boosted the metal.
   
   On the contrary, the biggest US aluminium producer Alcoa has reduced its deficit forecast from excess of 1 mt to approximately 775,000 tonnes for the current year as it now expects a 5 per cent demand growth to outweigh 2.5 per cent supply growth instead of a smaller supply increase of 2 per cent.
   
   However, Chinese economic growth, steady at 6.7 per cent in the second quarter, remains a cause of concern as it is widely believed to be a temporary relief post aggressive stimulus measures.
   
   Speculation
   Also, this surprise uptrend in prices has boosted speculation that aluminium smelters in China would restart capacity, which it had closed down last year to support the falling metal.
   
   As a result, some Japanese aluminium buyers have agreed to pay producers a premium of $90 per tonne for metal to be shipped in the July-September quarter — 22-23 per cent down from a $115-117 per tonne premium in the previous quarter.
   
   Hence, we expect aluminium prices to trend higher from a two-month perspective and LME Aluminium (CMP: $1,656.5/tonne) prices can possibly trend higher towards $1,800-1,850/tonne while MCX Aluminium (CMP: INR 110.5/kg) prices may rise to INR 118-119/kg.
   
   Source : The Hindu Business Line
   
8. voda 15 augustus 2016 16:18

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   Production set to resume at Dalzell Steelworks next month
   
   Daily Record reported that steel production is set to resume next month at Dalzell Steelworks in Motherwell. Tata Steel closed its Dalzell plant as well as Clydebridge plant in Cambuslang with the loss of 270 jobs. However, both were later bought by international metals firm Liberty House earlier this year.
   
   About 60 staff are currently working there, with 40 more recruits expected to be hired.
   
   Jon Bolton, chief executive of Liberty Steel UK plate division, said: "This is a significant milestone for the plates business in Scotland, but also positive news for the UK steel sector as steel once again is manufactured in British Steel's Scunthorpe site to be rolled in Scotland. It is pleasing to watch the plant gradually coming back to life as more people arrive on site and particularly pleasing to welcome young apprentices to the team."
   
   Liberty said that about 70 per cent of the initial wave of recruits were former employees returning to their old jobs.
   
   It has also awarded about 20 new supply contracts, for business and engineering services, to firms in the Motherwell area.
   
   Source : Daily Record

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9. voda 15 augustus 2016 16:19

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   Steel & Tube full-year profits rise over 20%
   
   Reuters reported that New Zealand's Steel & Tube has posted a rise in its full-year profit, despite low prices for steel and increased competition creating a challenging environment. Full-year net profit after tax for the year ended June 30 rose 20.5 percent to NZ$25.8 million ($18.58 million). This included a previously reported NZ$6.4 million tax gain from the sale of an Auckland property.
   
   Steel & Tube's Chief Executive Dave Taylor said in a statement that there continued to be "a particularly challenging environment with global steel prices at 13-year lows at the year's midpoint, ongoing price volatility and intense competition in the domestic steel market."
   
   The steel goods manufacturer said that the global steel environment posed difficulties, but they were optimistic the company's performance would be stronger in the next year.
   
   The company announced its final dividend was 13.5 New Zealand cents per share.
   
   Source : Reuters
10. voda 15 augustus 2016 16:20

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    Indonesian government protects domestic steel sector
    
    Antara News reported that the Indonesia’s Ministry of Industry is protecting the local steel sector, maximizing production and absorbing more workers in an effort to restrict the use of imported steel, a senior official said. MrGusti Putu Suryawirawan, the director general of Metal, Machinery, Transportation Equipment and Electronic Industry, said “The government has its task cut out. It would maximize production at home and reduce imports, particularly in the steel sector.”
    
    He added that although it is the era of globalization and imports could flood the country, yet it does not mean unrestricted imports without the government offering any protection to domestic players.
    
    The government is making efforts to carry out periodical supervision and tighten it; adjusting tariffs to make local steel competitive and available at a fair price; and issuing policies to protect local industries.
    
    Foreign goods are usually imported in limited volumes and as per need. Goods that could not be produced at home, such as steel for cars, steel wires for suspended bridges and others, are imported.
    
    Source : Antara News
12. voda 15 augustus 2016 16:20

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    Stronger yen could hit Japan steel demand recovery - Nippon Steel & Sumitomo Metal
    
    Reuters reported that Nippon Steel & Sumitomo Metal Corp Executive Vice President Toshiharu Sakae said that a higher yen could force Japanese manufacturers that use steel, such as automakers, to cut local output as a stronger yen makes Japanese products more expensive for holders of foreign currencies in export markets.
    
    Mr Sakae told Reuters in an interview this week that “We have been experiencing headwinds since the yen's surge after Brexit. We had expected a pickup in domestic steel demand in the second half of this (financial) year, but we now see an amber light.
    
    Mr Sakae said that he is less confident on the outlook for demand in the October-March period.
    
    He added "We now face a triple whammy of slumping global steel prices, lower oil prices that battered demand for seamless pipes, and a higher yen. We'll need to craft our next mid-term business plan based on these conditions. It will likely include a reduction of fixed costs through the consolidation of facilities in Japan, as well as overseas expansion including more M&A.”
    
    The yen has jumped around 14 percent this year after safe-haven demand shot up as the so-called 'Brexit' vote unleashed a wave of uncertainty in global financial markets.
    
    Source : Reuters
13. voda 15 augustus 2016 16:21

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    Brexit vote neutral for EU steel merger chances - Thyssenkrupp CFO
    
    Reuters reported that Thyssenkrupp's finance chief said that Britain's vote to leave the European Union does not change the likelihood of Thyssenkrupp and Tata merging their steel operations. Mr Guido Kerkhoff told reporters on a conference call after Thyssenkrupp reported third-quarter results on Thursday that “Brexit is something that definitely affects us on the timeline... for the discussion, it's actually neutral.”
    
    Mr Kerkhoff said he could not predict how long the talks with Tata might take. He said "Sometimes one has to live with uncertainty.”
    
    Germany's Thyssenkrupp and India's Tata Steel confirmed last month they were in talks about a consolidation of beleaguered European steel mills that are hit by overcapacity, weak demand and cheap imports.
    
    Source : Reuters
14. voda 15 augustus 2016 16:23

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    Chinese crude steel production in July surges by 2.6% YoY
    
    According to China's National Bureau of Statistic, China's crude steel production totaled 66.81 million tonnes up by 2.6% YoY taking the cumulative output of crude steel in the first seven months of 2016 to 466.52 million tonnes down by just 0.5% YoY as the Chinese steel mills continued to produce in full speed to capitalize on improved margins
    
    Source : Strategic Research Institute
15. voda 15 augustus 2016 16:23

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    ArcelorMittal SAIL JV to be operational by December - Minister
    
    PTI reported that Steel Minister Chaudhary Birendra Singh said that the much-awaited joint venture between ArcelorMittal and Steel Authority of India Limited will be operational by December this year. Mr Singh told reporters that “An MoU was signed earlier, but there were some issues related to production, etc, which will be sorted in a month or so. It should be operational by the year end.’
    
    The proposed JV will construct a cold rolling mill and other downstream finishing facilities in India
    
    The Minister said the JV will also focus on producing specialised grade steel products for defence, space and automobiles.
    
    Source : PTI
    
16. Padre 15 augustus 2016 16:26

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    quote:

    voda schreef op 15 augustus 2016 16:23:

    ArcelorMittal SAIL JV to be operational by December - Minister
    
    PTI reported that Steel Minister Chaudhary Birendra Singh said that the much-awaited joint venture between ArcelorMittal and Steel Authority of India Limited will be operational by December this year. Mr Singh told reporters that “An MoU was signed earlier, but there were some issues related to production, etc, which will be sorted in a month or so. It should be operational by the year end.’
    
    The proposed JV will construct a cold rolling mill and other downstream finishing facilities in India
    
    The Minister said the JV will also focus on producing specialised grade steel products for defence, space and automobiles.
    
    Source : PTI
    
    

    top :)
17. voda 15 augustus 2016 16:49

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    quote:

    Padre schreef op 15 augustus 2016 16:26:

    [...]top :)
    

    En meteen schiet de koers omhoog! :-)
18. voda 16 augustus 2016 16:19

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    Beursblik: Moody's positiever over ArcelorMittal
    
    Kredietbeoordelaar verhoogt outlook staalproducent naar stabiel.
    
    Moody's is positiever over ArcelorMittal. Dit bleek dinsdag uit de verhoging van de outlook voor 's werelds grootste staalproducent van negatief naar stabiel door de Amerikaanse kredietbeoordelaar.
    
    "We hebben de outlook aangepast om een reeks aan positieve ontwikkelingen weer te geven in zowel de sector als de kredietmaatstaven van ArcelorMittal", zei analist Hubert Allemani.
    
    "Het bedrijf heeft kunnen profiteren van het sterke herstel van de staalprijzen in zowel de Verenigde Staten als Europa, waardoor de winstgevendheid in het tweede kwartaal is toegenomen tot een niveau dat we tot het eind van het jaar als duurzaam beschouwen", stelde de analist van Moody's.
    
    Allemani noemde de emissie van 3 miljard dollar en de desinvestering van niet-kern activiteiten waarvan de opbrengst werd gebruikt om de schuld terug te dringen als maatregelen die ArcelorMittal nam om zijn financiële profiel te versterken binnen een marktklimaat waarin het lastig opereren is.
    
    Moody's verwacht verder dat ArcelorMittal zal kunnen profiteren van de hogere staalprijzen, waardoor het bedrijfsresultaat (EBITDA) voor dit jaar, die de staalproducent nu op 4,5 miljard dollar inschat daar zelfs boven uit kan komen.
    
    ArcelorMittal kan waarschijnlijk ook profiteren van de anti dumpingbelasting in Europa en de Verenigde Staten, stelde Allemani.
    
    Hoewel de staalprijzen recent herstelden van de lage niveaus van eind vorig jaar en begin dit jaar, verwacht Moody's wel dat de staalprijzen de rest van het jaar onder druk blijven staan, vanwege aan de import en prijzen gerelateerde maatregelen die China heeft genomen.
    
    De kredietrating van Ba2 die Moody's vandaag bevestigde, reflecteert volgens de kredietbeoordelaar enerzijds de sterke marktpositie van ArcelorMittal, maar geeft ook de impact weer van onder andere de recessie in Brazilië, de sterke concurrentie uit Azië en lage winstgevendheid van het bedrijf.
    
    Het aandeel ArcelorMittal noteerde dinsdagmiddag op een verdeeld Damrak 4,1 procent in de plus op 5,85 euro.
    
    Door: ABM Financial News.
    
    Info@abmfn.nl
    
    Redactie: +31(0)20 26 28 999
    
    Copyright ABM Financial News. All rights reserved
    
    (END) Dow Jones Newswires
19. voda 16 augustus 2016 16:23

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    Correctie: BHP Billiton lijdt grootste verlies uit geschiedenis
    
    Slecht resultaat vooral door miljarden aan afwaarderingen.
    
    BHP Billiton heeft het grootste verlies uit zijn geschiedenis geboekt, vooral als gevolg van miljarden aan afwaarderingen. Dit maakte de Australische mijnbouwer dinsdag bekend.
    
    Het concern realiseerde in het op 30 juni geëindigde boekjaar een verlies van 6,39 miljard dollar (5,72 miljard euro)N tegen een nettowinst van 1,91 miljard dollar een jaar geleden. Analisten waren gemiddeld uitgegaan van een verlies van 5,8 miljard dollar.
    
    Het dividend werd verlaagd naar 0,14 dollar per aandeel van 0,62 dollar een jaar geleden.
    
    Het verlies was vooral te wijten aan afwaardering van 7,7 miljard dollar, voornamelijk vanwege afschrijvingen op olie-activiteiten inde Verenigde Staten en op operaties van ijzerertsmijnen in Brazilië.
    
    Onderliggend, exclusief eenmalige posten, daalde het resultaat alsnog met 81 procent tot 1,22 miljard dollar. Het concern heeft vooral te kampen met overproductie, resulterend in sterk lagere grondstofprijzen.
    
    BHP maakte bekend 437 miljoen dollar aan besparingen te hebben gerealiseerd uit efficiencyverbeteringen.
    
    Correctie: om schrijffout in kop te corrigeren.
    
    Door: ABM Financial News.
    
    Info@abmfn.nl
    
    Redactie: +31(0)20 26 28 999
    
    Copyright ABM Financial News. All rights reserved
    
    (END) Dow Jones Newswires
20. voda 16 augustus 2016 16:40

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    Ann Joo posts surge in profits in Q2
    
    The Sun Daily reported that Ann Joo Resources Bhd posted a net profit of RM92.40 million for the second quarter ended June 30, 2016 compared with a net loss of RM10.85 million a year ago due to the recovery in the selling price of various steel products, despite persistent influx of Chinese steel products.
    
    The group said the higher profitability was also due to significant earnings contribution from its investment in hybrid Blast Furnace-Electric Arc Furnace (BF-EAF) technology, which has enabled the group to vastly improve its cost structure.
    
    Both manufacturing and trading divisions contributed positively to the group, recording a segmental operating profit of RM93.56 million and RM11.45 million respectively in Q2’16 as compared with segmental operating loss of RM7.57 million and segmental operating profit of RM2.40 million respectively in Q2’15.
    
    Revenue for the quarter rose 16.64% to RM584.66 million from RM501.27 million a year ago on the back of improved market sentiments and recovery in steel prices, which led to higher selling price and tonnage sold.
    
    The group expects the steel market to remain highly volatile despite steel prices rising in the second half of 2016 on the back of recovery in demand, and prices are set to rise on the real impact from China’s capacity cut and demand boosts.
    
    Locally, steel demand will be driven by the rollout of mega infrastructure projects including MRT2, LRT3 and Tun Razak Exchange (TRX), as well as the construction of major high-rise buildings such as Menara Warisan Merdeka.
    
    “The imposition of trade measures on China by certain neighbouring countries also creates large regional opportunities. This provides the group with flexibility of selling to domestic and/or export markets, depending on price and market conditions,” said Ann Joo.
    
    The group expects its performance for the second half of 2016 to remain satisfactory on the back of improved market sentiments and price normalisation in domestic and international markets.
    
    “However, the group’s profitability is still largely dependent on the effectiveness of the Chinese government in eliminating steel overcapacity as well as the Malaysian government on curbing the imports of steel products into Malaysia,” it said.
    
    For the six months ended June 30, 2016, Ann Joo posted a net profit of RM97.92 million compared with a net loss of RM5.52 million a year ago. Revenue for the period rose 5.11% to RM1.07 billion from RM1.02 billion a year ago.
    
    Source : The Sun Daily
    
21. voda 16 augustus 2016 16:41

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    • voda

      Lid sinds: 02 dec 2005

      Laatste bezoek: 20 feb 2025

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    Chinese firms show interest in revival of Ajaokuta steel
    
    The Nation reported that a Chinese group of firms have indicated interest to the Federal Government in acquiring Ajaokuta steel company. The group of companies which is into mining, exploration, financing, provision of technologies, commodity exchange and minerals product beneficiation, have indicated their interest to the Minister of State for Solid Minerals, Hon. Abubakar Bwari.
    
    Bwari who met with the group yesterday in his office stated that the government is ready to woo investors into the solid minerals sector.
    
    A statement endorsed by Assistant Director (Press) Ministry of Solid Minerals Development, Rhoda Iliya explained that Bwari restated the Federal Government’s determination to encourage and partner with genuine local and foreign investors to develop the solid minerals sector in the country.
    
    He said government was ready to assist and cooperate with any investor in the solid minerals sector and necessary enabling environment has been provided for the smooth operations in the sector. He told the group who indicated interest in investing in the sector to submit a detailed presentation on areas of interest for the benefits of the parties involved.
    
    Source : The Nation

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