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1. voda 31 augustus 2016 16:39

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   Steel sector overcapacity likely to feature in G20 summit - German official
   
   Reuters reported that a German government official said on Tuesday that the issue of overcapacity in the steel sector and other industries is likely to come up in the communique of the upcoming G20 summit in China.
   
   China produces half the world's 1.6 billion tonnes of steel and has struggled to decrease its estimated 300 million tonne overcapacity, and rising prices have given companies there an incentive to boost production for export.
   
   Source : Reuters

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2. voda 31 augustus 2016 16:42

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   Tata Steel UK in court for trial over death of electrician
   
   Scunthorpe Telegraph reported that TATA Steel UK has appeared in court facing legal action over the death of Scunthorpe maintenance electrician Mr Thomas Standerline six years ago.
   
   An investigation by the Health and Safety Executive into the death of the 26-year-old led to charges relating to alleged breaches of the health and safety laws on the 2,000-acre Scunthorpe site.
   
   Thomas Standerline, 26, of Burton-Upon-Stather, died as the result of an accident at the Brigg Road site while working as a craft electrician on April 23, 2010.
   
   He had gone to maintain a crane, but was crushed when another crane began to operate above him and there was only a 12cm clearance.
   
   Source : Scunthorpe Telegraph

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3. voda 31 augustus 2016 16:45

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   BHP Billiton CEO Mr Andrew Mackenzie has bonus axed
   
   City AM reported that BHP Billiton's CEO will have his bonus scrapped this year following a fatal dam collapse at a Brazilian mine last November and the ongoing decline in global commodity markets. Company said that Mr Andrew Mackenzie, who has been at the helm of the mining giant since 2013, will receive no bonus on top of his $1.7m (£1.3m) base salary for the 2015 to 2016 financial year.
   
   He received a $2.3m bonus in the 2014 to 2015 financial year, although this was down from $3.1m the year before.
   
   BHP said the disaster last year in which a dam burst at its jointly owned Samarco Mineracao iron ore mine was a key consideration in the decision, as well as commodity price pressure.
   
   Mackenzie indicated to the board and remuneration committee that his preference would be to not receive a bonus this year in light of these events
   
   Source : City AM

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4. voda 31 augustus 2016 16:53

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   Prosecutors to decide in September on Samarco dam spill charges
   
   Reuters reported that federal prosecutors investigating the deadly dam spill in November at the Samarco iron ore mine, owned by Vale SA and BHP Billiton, will decide in coming weeks whether to charge the company and executives, a prosecutor in the case said on Tuesday. A police investigation accused Samarco in June of willful misconduct, saying the company ignored clear signs the dam was at risk of collapsing. The investigation is now with prosecutors, who are deciding whether to file charges.
   
   Prosecutor Eduardo Santos de Oliveira said in an interview said that the task force is at this moment concluding the analysis of the documents from the investigation., but declined to comment further on what charges might be brought or whether the case might be dismissed.
   
   He said a decision was expected in September.
   
   De Oliveira's comments come the day after Samarco, Vale and BHP published a report into the cause of the dam collapse, which killed 19 people and resulted in Brazil's worst environmental disaster. The report found the spill was caused by drainage and design flaws but stopped short of assigning blame, saying such a verdict was outside its scope.
   
   Source : Reuters

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5. voda 1 september 2016 15:37

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   Beursblik: Europese staalmarkt wordt aantrekkelijker
   
   Europese sector in 2017 aantrekkelijker dan Amerika volgens Jefferies.
   
   (ABM FN-Dow Jones) Europese staalfondsen zoals ArcelorMittal worden aantrekkelijker ten opzichte van Amerikaanse sectorgenoten, door invoerbeperkende maatregelen die zullen worden geïmplementeerd in Europa en een aanstaande consolidatieslag. Dit bleek donderdag uit een sectorrapport van Jefferies.
   
   Aandelen van Europese staalproducenten zouden volgens de analisten moeten profiteren van hogere staalprijzen en bovendien worden deze fondsen aantrekkelijker in vergelijking met de duurdere aandelen van Amerikaanse sectorgenoten. Waar 2016 vooral een positief jaar voor de Amerikaanse staalsector is, verwachten de marktvorsers dat in 2017 de Europese staalindustrie meer in trek zal zijn.
   
   De analisten raden beleggers aan om uit Amerikaanse staalfondsen te stappen ten faveure van Europese staalfondsen.
   
   Jefferies merkte op dat de Amerikanen hun staalsector agressiever hebben beschermd dan Europa tegen de invoer van goedkoper staal uit met name China. De analisten denken echter dat hier langzaam verandering in komt. Vorig jaar heeft de Europese Unie reeds anti-dumping maatregelen ingevoerd en momenteel lopen er onderzoeken naar nieuwe maatregelen.
   
   Daarbij staat de Europese sector een consolidatieslag te wachten. Dat is volgens de marktvorsers hard nodig omdat er sprake is van overcapaciteit en het aanbod moet worden beperkt. Ook hier loopt Europa achter op Amerika volgens Jefferies. Het gaat om de verkoop van de Italiaanse staalfabriek Ilva, waar ArcelorMittal voor in de race is en ook zijn ThyssenKrupp en Tata Steel in gesprek over een fusie van hun Europese staalactiviteiten.
   
   Jefferies heeft een koopadvies op ArcelorMittal met een koersdoel van 7,00 euro.
   
   Op een groen Damrak noteerde het aandeel ArcelorMittal 1,3 procent hoger op 5,36 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
6. voda 1 september 2016 16:14

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   Population changes to hit South Korean steel industry – POSRI
   
   The Korea Herald reported that the expected decline in the working age population in South Korea beginning next year will hit the steel and its related markets, as seen in the case of Japan.
   
   Source : The Korea Herald
   
7. voda 1 september 2016 16:14

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   Arrium to cut Whyalla losses to AUD 11 million in 2017
   
   The Australian reported that Arrium’s beleaguered steelworks plant at Whyalla in South Australia will narrow its losses to AUD 11 million in the next financial year according to a confidential sales document obtained by The Australian, underscoring the scale of the turnaround since the voluntary administrators, KordaMentha assumed control.
   
   In February, Whyalla, the main source of the cash bleed for the stricken company, notched up an operating loss of $43m.
   
   Since then the politically sensitive business, which is the only manufacturer of structural steel and rail in the country, has sapped $100m from state and federal coffers as politicians rushed to protect thousands of jobs in a state where the economy remains battered by a slump in commodity prices as well as sharp falls in mining investment.
   
   But despite this government aid and the narrowing losses at Whyalla, many remain sceptical about whether a buyer can be found for the business.
   
   In the ‘teaser’ document for Arrium Australia, which includes the company’s domestic operations but excludes the media grinding business, Moly-Cop, it states “the administrators have a strong preference to execute a sale of the whole business”.
   
   The document, assembled by advisers Morgan Stanley, sets out KordaMentha’s financial forecasts for the local businesses and shows earnings before interest, tax depreciation and amortisation for the 2017 financial year will hit $297m.
   
   Source : The Australian
   

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8. voda 1 september 2016 16:15

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   USW says US Steel layoffs at Gary Works jeopardize safety
   
   NWI Times reported that the United Steelworkers union says US Steel’s layoffs of about 75 employees at Gary Works and demotions of an additional 200 to work gangs raise serious safety concerns. USW officials say the Pittsburgh-based steelmaker, acting on the advice of Chicago-based consultant McKinsey & Co., is seeking to replace full-time maintenance workers with independent contractors at Gary Works. The result is that hundreds of work orders are going unfilled, and no preventative maintenance is getting done at the sprawling plant on Lake Michigan.
   
   USW District 7 Director Mr Mike Millsap said “Every workplace has work hazards that the employers and employees must be aware of. At any given time a workplace accident can happen that can result in very serious injuries and sometimes fatalities. It is the obligation and responsibility of the company to minimize these hazards at much as possible to make the workplace safe. In this steel plant, those risks are much greater. The risk is greater for the employees.”
   
   He said “Unfortunately, McKinsey has no experience with what it takes to run a work plant, a steel company and what it takes to protect the employees from harm.”
   
   He said “Maintenance employees do much more than just day-to-day maintenance. They work on projects and make repairs that are often safety related. This union is prepared to bargain over the layoffs McKinsey says need to happen. How will the maintenance work get done? That’s our question. Specifically the safety work.”
   
   US Steel has declined to comment on the layoffs, which the union has filed a grievance against. The company lost USD 1.5 billion last year, and has lost money in five out of the last six years. The steelmaker is following McKinsey’s advise on how to cut costs
   
   Source : NWI Times

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9. voda 1 september 2016 16:16

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   ThyssenKrupp-Tata Talks Focusing on UK Unit Value
   
   Bloomberg reported that dinged by Chinese exports flooding the market, European steel companies are struggling with overcapacity. Combining forces could enable Europe’s second- and third-biggest steelmakers to better use their facilities and cut costs. ThyssenKrupp AG and Tata Steel Ltd.’s attempts to combine their European steel operations are centered on how to value Tata’s troubled UK assets, according to people familiar with the matter.
   
   While ThyssenKrupp is open to integrating Tata’s British unit in the joint venture, the Essen, Germany-based company wants Tata to find a way to fund its UK pension-scheme obligations as a precondition, the people said, asking not to be identified because the negotiations are private. Tata wants to include the U.K. division in the ThyssenKrupp project, which would give it a bigger stake in the overall venture, one of the people said.
   
   The British Steel Pension Scheme had a deficit of about 300 million pounds ($393.88 million) as of March on a “consistent basis,” the fund said in a statement to members this month. That’s down from 485 million pounds ($636.77 million) a year earlier, according to its annual report.
   
   Source : Bloomberg
   
10. voda 1 september 2016 16:19

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    Mobarakeh Steel starts using domestic catalysts for DRI production
    
    Financial Tribune reported that Mobarakeh Steel Company has started using domestically produced catalysts manufactured by Sarv Oil and Gas Industries Development Company in its direct iron ore reduction plant this week.
    
    According to Mahmoud Rezayi, Sarv’s sales manager, close to 20% of all the sponge iron produced in Iran is with domestically-made catalysts and Khuzestan and Hormozgan steel companies are among other consumers of domestically produced catalysts.
    
    DRI catalyst, one of the main materials required for the production of sponge iron from pellets, was imported from India and Europe for more than 30 years. Domestic demand for the industrial product stands at 500,000 liters per year and is expected to rise to 850,000, as new steel mills are established across the country.
    
    Iran is currently the world’s biggest DRI producer. It produced 9.1 million tons of DRI during the January-July period, increasing output by 6.1% year-on-year, data by World Steel Association show. The rise was driven by higher crude steel production as the majority of Iranian steelmakers use DRI as feedstock.
    
    Source : Financial Tribune
    

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12. voda 1 september 2016 16:20

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    SAIL to raise up to INR 5,000 crores for modernisation programmes
    
    Financial Express reported that Steel Authority of India Limited in a regulatory filing said that it plans to raise up to INR 5,000 crore via private placement and the proceeds will be utilised for modernisation programmes, among others and would seek shareholders’ nod for a special resolution at its annual general meeting next month
    
    It said “SAIL will approach shareholders to allow its Board to make offer to raise funds through private placement of Secured Non-convertible Debentures/Bonds of up to INR 5,000 crore, during a period of one year from the date of this AGM.”
    
    Besides eligible investors, the firm will approach NRIs, FIIs, Venture Capital Funds, Foreign Venture Capital Investors, State Industrial Developments Corporations, Insurance Companies, Provident Funds, Pension Funds, Development Financial Institutions, among others.
    
    Explaining the rationale, SAIL said: “The company has already spent about INR 62,441 crore on expansion programme till April 30, 2016. In order to part finance the expansion programme, your company plans to borrow about INR 5,000 crore during the next year.”
    
    It added “On analysis of the various options of raising funds through borrowing in domestic and international market, it has been decided by the Board to raise the funds through private placement of Secured Nonconvertible Debentures/Bonds to the extent of INR 5,000 crore during the year.”
    
    Source : Financial Express
    
13. voda 1 september 2016 16:22

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    Chinese steel mills hunt for high grade iron ore to boost output
    
    Reuters reported that cashed up Chinese steel mills are chasing top quality iron ore to help increase output and meet Beijing's tougher environmental standards, driving the premium for high-grade ore to its biggest in two years. Higher quality ores produce more steel for each tonne that is processed, helping to boost output, and can reduce emissions as less coke is used in the production process.
    
    As per report “In the latest sign of renewed optimism among China's steel producers as capacity cuts boost steel prices, producers are turning away from cheaper ore with a lower iron content, contributing to growing stockpiles at domestic ports.”
    
    An iron ore trader in Beijing, who sells 65% iron ore, said “We've had pretty good sales over past few months, as steel mills are profitable again since June. They like to buy higher grade ore as this can help increase steel output, leading to surging premiums."
    
    The preference will help boost top miners such as Brazil's Vale and Australia's Rio Tinto and BHP Billiton, whose premium quality ore has been taking market share from China's domestic producers.
    
    Traders said the greater interest from steel mills in higher quality iron ore, and reduced buying of poorer grades, had partly contributed to booming stockpiles at Chinese ports. Inventories surged to a more than two-year high of 108.46 million tonnes by Aug. 23
    
    Source : Reuters
    

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14. voda 1 september 2016 16:24

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    Obama to press the case against excess steel capacity at G-20 - Lew
    
    US Treasury secretary Mr Jack Lew said that US president Mr Barack Obama is set to press foreign leaders to take action against excess steel capacity at the G-20 Leaders' Summit in China next week. He said “The President will press for action on excess capacity, most notably in the steel industry.”
    
    Source : Strategic Research Institute

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15. voda 1 september 2016 16:24

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    Steel ministry taking initiatives to boost steel demand in country
    
    PTI reported that to increase consumption of steel in India, Steel Ministry is talking with the ministries of road transport, shipping and railways to explore ways to raise demand for the metal. Steel Secretary said that per capita steel consumption in the country needs to be doubled in the shortest possible time and for this the industry also has to chip in.
    
    Steel Secretary Ms Aruna Sharma said “We have been talking about increasing the demand and we have been in dialogue with the concerned ministries of infrastructure as to how to get into it. We have to come up with modular structures for bridges, smaller bridges. Because if you come to modular, the cost will come down, which is very practical,”
    
    The Secretary added that Steel Ministry is talking to the Ministries of Rural Development, Road Transport & Highways and Shipping and Railways in this direction. The ministry will talk to real estate sector association CREDAI among others in this regard, she said.
    
    On consumption, Sharma said it is only 60 kg per capita, which is very low and needs to be increased. She stressed on the point that the percentage of steel used in the construction sector is low and needs to be increased. She said “What question we need to ask ourselves is that what percentage of steel is used in the infrastructure expenditure that is happening in the country. Unfortunately, we have not got in to the discipline of having heavy steel-based structures in the country.”
    
    Source : PTI
    
16. voda 1 september 2016 16:26

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    POSCO opens 450,000 tonnes auto steel plant in Thailand
    
    Korea Times reported that POSCO has opened an automotive steel plant in Thailand, the first of its kind in Southeast Asia, to bolster its business in the rapidly growing regional economy. The new facility will produce 450,000 tons of automotive steel annually for Toyota, Nissan, Ford and other automakers operating factories nearby.
    
    POSCO held a ceremony on Wednesday marking the completion of its new continuous galvanizing line in Pluak Daeng, Rayong Province, about 140 kilometers southeast of Bangkok. POSCO Chairman Kwon Oh-joon attended a ribbon-cutting ceremony with 200 high-ranking Thai government officials, including Deputy Prime Minister Tanasak Patimapragorn, and executives of its domestic business partners.
    
    POSCO began the construction of the USD 300 million plant in September 2014 to take advantage of the rapidly expanding car production in the Southeast Asian nation.
    
    Thailand accounts for more than 50 percent of automobile production in Southeast Asia and is projected to manufacture more than 2.8 million vehicles annually by 2020 as Japanese and other global automakers continue to increase operations there. Despite the booming car industry, there were only two steel plate manufacturing facilities operated by Japanese steelmakers, only producing a combined 760,000 tonnes annually. JFE Steel Galvanizing Thailand, set up in April 2013, produces about 400,000 tonnes every year, with Nippon Steel Galvanizing Thailand making 360,000 tonnes since October 2013.
    
    The newly opened plant has bolstered POSCO's automotive steel plate production capacity to 2.25 million tonnes annually. By building more such plants in Korea, China and elsewhere, it plans to increase its annual production to over 10 million tonnes in 2019.
    
    Source : Korea Times
    

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17. voda 1 september 2016 16:29

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    Baosteel expects slight YoY drop in Chinese apparent steel consumption in 2016
    
    Shanghai Daily reported that Mr Dai Zhihao GM of Baoshan Iron & Steel expects that China’s apparent consumption of crude steel to drop to 680 million tonnes in 2006 down from 698 million tonnes in 2015,
    
    Mr Dai said that Baosteel Group would cut 12.2 million tonnes of capacity through 2018, in line with Beijing’s efforts to curb oversupply in China’s steel sector. It had previously planned to reduce 9.2 million tons of capacity.
    
    Baosteel has previously said it was restructuring, together with Wuhan Steel, amid wide expectations the two firms will be merged. Mr Dai declined to disclose the latest progress, but said China’s steel sector would require mergers and acquisitions to increase the share of top mills which might take two decades.
    
    In the short term, Mr Dai expects steel prices to get a boost from a seasonal recovery in demand after the summer and China’s crackdown on the sector’s overcapacity.
    
    Source : Shanghai Daily

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18. voda 1 september 2016 16:33

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    China Steel PMI in August up by 11% MoM
    
    China's Steel-PMI entered expansion territory in August 2016 both before and after being seasonally adjusted since overall end-user demand has shown signs of recovery. China's Steel-PMI was 54.51 in August, up 11.22 MoM and 8.24 YoY. On a seasonally adjusted basis, the Steel-PMI came in at 54.82, up 5.45 MoM and 8.11 YoY.
    
    Source : Strategic Research Institute
    
    
19. voda 1 september 2016 16:35

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    Atlas Iron narrows annual loss
    
    AAP reported that the company took asset writedowns of $101 million, and depreciation and amortisation expenses of another $85 million for the year to June 30. It had posted a net loss of $1.38 billion in the previous year, caused by nearly $1.01 billion in impairment charges and asset value writedowns.
    
    Revenue for 2015-16 rose nine per cent to $786 million, while underlying earnings, excluding the impact of impairments, rose to a $74 million profit from a $51 million loss a year earlier.
    
    Atlas staved off voluntary administration earlier in 2016, after securing relief from its debt woes in April, following shareholder approval for a debt-to-equity swap deal. It replaced its chairman in June with turnaround specialist Eugene Davis appointed to the position.
    
    Meanwhile, the Pilbara miner has been given some breathing space by a small rebound in iron ore prices this year. Iron ore currently trades at $US59 a tonne, up from a decade low of USD US38 a tonne in late 2015.
    
    Source : AAP

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20. voda 2 september 2016 15:54

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    Steel nearing completion of Research & Innovation Center
    
    Dayton Daily News reported that more than a year of construction on AK Steel’s USD 36 million Research and Innovation Center will wrap up in the coming weeks and employees will fill the facility by year’s end. According to Mr Eric Petersen, vice president of research and innovation at AK Steel, the 135,000 square foot research and innovation center will be filled with equipment next month, then staffers during the following two months before fully opening to customers next spring and that the company will fully support its business and its customers during that transition period.
    
    He said that “The center is divided into three areas with a front portion featuring a modern, updated office area with plenty of natural light. I like to say that we designed it with the mindset of take your Panera Bread eating area and combine it with your university library and melding the two together to provide an environment that’s encouraging, that’s enriching as the diverse crowd of engineers that we have in our facility.”
    
    Laboratories toward the back of the facility will allow workers to analyze steel and will include newly purchased state-of-the-art equipment, such as field emission microscopes with electron back-scatter diffraction.
    
    The back right portion of the building will include a high bay containing everything to replicate the steel process, to actually take rocks and make them into steel
    
    Stainless steel ribbing around the trim and roof of the building will be entirely comprised of AK Steel products, highlighting a number of its steels from the architectural side of things
    
    The facility is being constructed on a 16-acre site west of Union Road and I-75 in the Renaissance District just north of the Atrium Medical Center campus. Once completed, it will replace the facility at 705 Curtis St., near to where the company’s former headquarters once stood in Middletown.
    
    Activities at the center will focus on the development of automotive lightweight steels as well as advanced, high strength steels for other industries served by the company such as electrical and stainless steels, the company said.
    
    Source : Dayton Daily News

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21. voda 2 september 2016 15:55

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    Kroman Çelik orders Q-MELT Automatic EAF from Danieli
    
    In order to enhance EAF competitiveness and performance, Kroman has awarded Danieli an order for a state-of-the-art Q-Melt® Automatic EAF technology, as well as an upgrade of the Chemical Injection System.
    
    Source : Strategic Research Institute
    
    

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