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1. voda 26 juni 2017 16:25

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   Lenders empower PNB to initiate insolvency proceedings against Bhushan Power - Report
   
   Times of India reported that lenders to Bhushan Steel and Power have given the mandate to Punjab National Bank to proceed against the steelmaker under the Insolvency and Bankruptcy Code. Among the 31 banks that have lent to Bhushan Steel and Power, PNB has a sizeable exposure.
   
   Banks will now make an application under the IBC with the National Corporate Law Tribunal.
   
   The new legislation requires that if a resolution package is not agreed upon within 270 days, insolvency proceedings will start against the defaulter.
   
   Lenders will also need to appoint an insolvency professional. With this the total tally of companies against which banks have proceeded under the IBC has gone up to eight.
   
   Source : Times of India
2. voda 26 juni 2017 16:28

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   Tata Steel to focus on consumer-centric B2C brands - Mr TV Narendran
   
   Business Line cited Mr TV Narendran, Managing Director Tata Steel India & SEA, as saying that Tata Steel plans to be more consumer-centric and has envisioned a consumption segmentation through its B2C brands. Speaking after inaugurating the company’s Tata Steel Sampoorna store at Hubballi in north Karnataka, Mr Narendran said all B2C brands like Tata Tiscon, Tata Shaktee, Durashine, Tata Wiron, Tata Pipes, Tata Structura, Tata Agrico, Pravesh, Nest In and Tata Bearings will be available under one roof as these individual brands continue to operate independently in rural areas with a focus on maximising the potential of rural markets.
   
   Tata Steel Sampoorna stores are one-stop solution to rural consumers. The first store, developed by Nest-In Studio, was opened in Karnataka’s Lakshmeshwar village in Gadag district.
   
   Mr Narendran also flagged off the ‘Doors of India’ campaign, under the brand ‘Pravesh’ which aims to reduce carbon footprint by providing wood finish steel doors with better aesthetics for consumers.
   
   The campaign is aligned with Tata Steel’s history of offering innovative product solutions at affordable prices.
   
   The introduction of ‘Pravesh Doors’ — steel doors that have the elegance of wood — in the company’s brand portfolio is yet another endeavour to provide value-added steel solutions to individual house builders in semi-urban and rural markets.
   
   Source : Business Line
3. voda 26 juni 2017 16:29

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   Section 232 steel tariff plan in US faces resistance from Lawmakers
   
   Dow Jones Newswires reported that lawmakers in both parties in US are resisting the Trump administration's moves toward imposing steel tariffs on national security grounds, worried that other countries could use the same argument to block exports from their states. Critics of the case, known as a Section 232 investigation, say broad tariffs would lead to higher domestic prices for steel, hurting auto makers and other consumers of the alloy, as well as generating retaliation from trade partners.
   
   Rep Kevin Brady, the Texas Republican who chairs the House committee that oversees trade policy said "It will encourage others to restrict our exports, even in unrelated sectors, which only hurts the growth of jobs and paychecks here at home. Done hastily, we raise costs and prove to our partners that we aren't reliable."
   
   The resistance in Congress is notable because lawmakers, including many Democrats, generally welcomed the Trump administration's overall goal of getting tough on trade partners by enforcing trade rules. But some worry that the administration, by dusting off a rarely used provision of US law aimed strictly at security threats, could open the door for other countries to bar a variety of US exports over national-security concerns.
   
   Congress doesn't get to vote on tariffs imposed at the executive level, but it could seek to repeal the law granting the president such powers.
   
   Source : Dow Jones Newswires

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4. voda 26 juni 2017 16:30

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   SAIL and RINL revival plans to be drawn by retired PSU executives
   
   Financial Express reported that keen to take the two steel PSUs SAIL and RINL out of the woods, the steel ministry has appointed retired executives with vast domain knowledge about the units of the PSUs to prepare a plan for revival. Each expert will closely monitor the workings of SAIL’s five integrated units and RINL’s Vizag unit and devise step-wise action plans to plug the loopholes.
   
   Steel secretary Aruna Sharma told FE that “Steel minister Birender Singh has formed a committee chaired by secretary of steel for the revival of SAIL and RINL. The committee has nominated industry veterans, known for their expertise in the steel sector, for SAIL and RINL plants to monitor the workings of the units and suggest step-wise solutions to help nurse them back to health.”
   
   Individual experts, mostly retired officials from SAIL and Tata Steel, have no fixed tenure. They will continue to provide expertise as long as the steel ministry wants them to. They will be given an honorarium.
   
   The steel secretary did not reveal their identity. However, sources said while BK Singh, an advisor to SAIL, has been asked to prepare the revival plan for RINL’s lone Vizag plant; RP Singh, former advisor to SAIL, BN Singh, former RINL CMD, and Tridibesh Mukherjee, former Tata Steel deputy MD, have been given the mandate for SAIL’s plants.
   
   Mr Sharma said that “These experts have started working. We have had a meeting with them. I must thank them. They are stalwarts in the field, but they are actually going to the plants and advising the units how to work properly.”
   
   Steel ministry directive for committee, headed by Mr Sharma said that “The terms of reference of the committee will include chalking out a revival plan for turning around loss-making PSUs of Ministry of Steel, to profit-making PSUs in 2017-18. The plan will focus on increasing production, sales and improving financial health of these PSUs.”
   
   The revival plan will include recommendations on bringing down cost of production, improving branding and marketing, value-addition and diversification for better margins, among others.
   
   Source : Financial Express

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5. voda 26 juni 2017 16:31

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   Steel exports not US security threat - Canada prime minister
   
   Reuters reported that Canadian Prime Minister Justin Trudeau dismissed the idea that Canadian steel exports posed a national security threat to the United States and expressed confidence Canada would escape any punitive measures. Mr Trudeau told a public event in Toronto it was "just silly" to imagine Canadian exports were a threat to the United States, given how closely the two nations' militaries and security forces cooperated.
   
   He said that "I made this point directly to the President, that Canada has no business being on a list of possible national security concerns and I am confident we're moving in the right direction on that.”
   
   US administration of President Donald Trump is probing whether foreign-made steel imports pose a risk. The investigation is almost complete. Foreign steel companies are concerned the probe may be aimed at shoring up American producers and cutting out foreign competition.
   
   Source : Reuters
6. voda 26 juni 2017 16:32

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   Amsteel takes legal action against Ann Joo Steel
   
   The Edge Market reported that Ann Joo Resources Bhd said Amsteel Mills Sdn Bhd has taken legal action against its wholly owned subsidiary Ann Joo Steel Bhd for wrongfully terminating a supply contract and addendum. In a filing with Bursa Malaysia, Ann Joo Resources said Ann Joo Steel had received a writ and statement of claim from Amsteel, seeking among others, RM14.96 million as incurred loss of profits as a result of the termination, which would otherwise have been made from the sales of re-bar and wire rod using the billet that were ordered.
   
   Amsteel is also seeking damages of RM885,200 being the difference between the price of the re-bar billet in the contract and addendum, and the market price of re-bar billet at the latest date of delivery.
   
   It also sought a declaration that Amsteel is entitled to loss of profits for the failure of Ann Joo Steel to proceed with the supply contract and addendum, as well as costs and/or other relief as the High Court deems fit and proper.
   
   The filing said that "The Court has fixed a case management before the registrar on July 18 and Ann Joo Steel’s solicitors are required to enter appearance by July 4.”
   
   The filling added that "The board wishes to highlight that Ann Joo Steel has valid and strong grounds not to continue with the supply contract and has instructed its solicitors to refute the claim on the alleged wrongful termination and also the damages claimed by Amsteel.”
   
   Ann Joo is also of the view that the statement of claim has no material impact on the financial position of the group and has no impact on the operations of Ann Joo Steel.
   
   Source : The Edge Market
7. voda 26 juni 2017 16:35

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   SAIL seeks NITI Ayog help to resolve differences with ArcelorMittal on proposed JV - Report
   
   Press Trust of India reported that Steel Authority of India Limited has sought help from government think-tank NITI Aayog to resolve differences with ArcelorMittal over setting up of about INR 5,000-crore auto-grade steel plant. The report quoted an official privy to the development as saying that “SAIL has written to NITI Aayog to find a solution.”
   
   He said “There were differences between the two companies on certain points under the Memorandum of Understanding, so it was decided to extend it for another three months from the deadline of May 31, 2017. After the expiry of MoU, both the companies have extended the pact to conclude the deal.”
   
   He added "Now, they are thinking of resolving the issue under the guidance of steel ministry and NITI Aayog has also stepped in.”
   
   He also said "Earlier, ArcelorMittal was hell bent on its terms and conditions. But now, it is not stringent in its demands and I think the deal is on its right track.”
   
   The JV between steel giant ArcelorMittal and SAIL will also focus on producing specialized grade steel products for defence, space and automobiles. The proposed JV will construct a cold rolling mill and other downstream finishing facilities. In an investor presentation in June 2015, ArcelorMittal had said the proposed steel plant will come up at a major auto cluster in India.
   
   Source : Press Trust of India
8. voda 26 juni 2017 16:35

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   ThyssenKrupp signals steel merger decision by end Sept - Report
   
   Reuters reported that Germany's ThyssenKrupp wants to decide by the end of September whether to pursue a European steel merger with India's Tata Steel. Guenter Back told reporters that Chief Financial Officer Guido Kerkhoff had said the company would decide by the end of the 2016/17 fiscal year whether to proceed, after more than a year of talks that have been complicated by the UK Brexit vote. He said that "The ghost must be laid to rest.”
   
   ThyssenKrupp and Tata are keen to combine their European operations in a 50/50 joint venture to remove overcapacity from the market and cut costs. ThyssenKrupp’s operations are mainly in Germany, while Tata's are in Britain and the Netherlands.
   
   A condition of any deal is that Tata finds a solution for its 15 billion pound (USD 19 billion) UK pension scheme, which is heavily in deficit. It is unclear whether a recent deal to separate the pension from operations is sufficient.
   
   Source : Reuters
9. voda 26 juni 2017 16:35

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   Essar Steel eying 25pct auto steel market share in 2 years
   
   Press Trust of India reported that Essar Steel aims to achieve 25% market share in auto-grade steel over the next couple of years through strategic alliances and new product development. The report quoted a company official as saying that "Currently, we enjoy 18-20% of market share and aim to achieve market share of 25% in auto grade steel over the next couple of years. We plan to achieve this target through strategic alliances, new product development and Value Analysis Value Engineering (VAVE) to comply with the new emission norm for auto sector.”
   
   Essar Steel India ED, Strategy & Business Development Mr Vikram Amin said "Auto is a very promising sector and we would like to certainly capitalize on our expertise to develop innovative products and our ability to commercialize these products in our world-class facilities.”
   
   He said “Essar Steel has been awarded by many of its leading customers like Maruti, VE Commercial Vehicles, Tata Motors, Maxion, among others for its quality.”
   
   Essar Steel has the first mover advantage, having set up seven steel processing facilities in major auto hubs, including Gujarat. It has developed various new high-strength products for auto sector to reduce weight of vehicles and increase fuel efficiency. The company has developed new-generation crash resistant steel, high-strength cold rolled steel and dent-resistant steels. High-strength hot rolled steel for long members were developed for the first time and used by major auto-makers, giving them 17-20% reduction in weight.
   
   Source : Press Trust of India
10. voda 26 juni 2017 16:50

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    Clive Palmer royalty row - Sino Iron took USD 1 billion loss as iron rose
    
    The Australian reported that Citic’s Sino Iron project in Western Australia’s Pilbara lost more than USD 1 billion (AUD 1.3 billion) last year and was propped up with billions in loans from related parties registered to the tax haven of the British Virgin Islands. The details of Sino Iron’s strained financial position were revealed in WA’s Supreme Court yesterday as the legal battle between Citic and former federal MP Clive Palmer over potentially billions of dollars in royalties continued.
    
    Financial accounts for Sino Iron Holdings, the Citic subsidiary responsible for the AUD 12 billion project, tabled as evidence yesterday, showed that the mine generated a loss of USD 1.08 billion in 2016 even as iron ore prices improved and production from the project increased sharply. The figures show the ongoing financial strain at Sino Iron. Citic has previously warned that the dispute with Mr Palmer risked further jeopardising the viability of the project.
    
    The lawyer representing Mineralogy, Thomas Bradley QC, used his cross-examination of former Citic Pacific Mining executive director Malcolm Northey to highlight Sino Iron’s reliability on loans from related parties CATAK Holdings and Fortune Wave.
    
    The accounts showed that Sino Iron owed the two British Virgin Islands-registered companies more than USD 2.8 billion in loans at the end of 2016, with Sino Iron having taken on another USD 1.15 billion in loans from the duo over the course of the year.
    
    There was no suggestion that Citic and Sino Iron have used the BVI-registered duo to avoid any Australian tax obligations.
    
    The accounts also showed that Sino Iron owed the China Development Bank and the Industrial and Commercial Bank of China a combined USD 2.9 billion in borrowings.
    
    Citic and Mr Palmer are in the middle of a long-running legal feud over royalties linked to the Sino Iron project. Citic paid Mr Palmer USD 415 million in 2006 for the rights to develop the project, and also agreed to pay additional royalties based on production volumes and the value of products from the mine.
    
    Source : The Australian
11. voda 26 juni 2017 16:51

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    Australian minister bestows a timely break on Atlas Iron
    
    The Australian reported that the West Australian government has thrown junior miners Atlas Iron and Mineral Resources a AUD 25 million break at the same time it slugs the state’s other exporters almost AUD 100 million in extra fees. The government unveiled an increase in charges at ports around the state as part of its efforts to repair the budget.
    
    Major iron ore producers Rio Tinto, BHP Billiton and Fortescue Metals are set to wear the bulk of the additional charges but there will be relief for the likes of Atlas Iron and MinRes after Transport Minister Rita Saffioti said the government would extend a AUD 2.50 a tonne discount on fees for users of the Utah Point berth at Port Hedland for another six months.
    
    The discount extension will be worth about AUD 12.5 million to each of Atlas and Chris Ellison’s MinRes, providing relief when both miners are being squeezed by the sharp fall in iron ore prices.
    
    The discount could prove important for Atlas, which is losing about AUD 2 on each tonne of ore it exports at current prices.
    
    Atlas announced it had shelved its planned AUD 53 million development of a new mine at Corunna Downs while it waited for an improvement in iron ore prices.
    
    The headline price of iron ore has fallen more than 40 per cent since February.
    
    Under the changes announced yesterday, fees charged at ports in the Pilbara will increase by between 3c and 4c a tonne for all users. The increase will cost Rio more than AUD 13 million a year, BHP about AUD 9 million and Fortescue around AUD 6.8 million.
    
    The Utah Point discount was put in place two years ago by the former Barnett government and was due to expire at the end of this month.
    
    Atlas managing director Mr Cliff Lawrenson told The Australian that the looming end of the fee discount had been a big concern for the group. He said that “We were worried about it. We had spoken to (the government) about it at length and we’re glad they’ve extended it. They initially didn’t like it, but they understand now that at the current iron ore price we’re not breaking even.”
    
    Before slipping into the red in the past month, Atlas had paid off around AUD 77 million in debt in the past year, putting it ahead of its debt repayment schedule.
    
    The fee increases announced will be relatively minor for the bigger iron ore producers, who earlier this year fended off a AUD 6 billion push from the WA arm of the Nationals for a levy on iron ore production.
    
    Source : The Australian
12. voda 26 juni 2017 16:54

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    JSW Steel sets up team to oversee GST implementation
    
    Times of India reported that JSW Steel has put in place a dedicated team to oversee smooth adoption of the GST regime across its plants and outlets spread across the country. The company said in a report that "The transition to GST scenario is a major change process and the company has established a dedicated team to evaluate the impact analysis and carry out changes to the business process and IT systems as per the GST framework.”
    
    The adoption of GST in the company's business systems and processes is one of the priorities of JSW Steel during the ongoing fiscal.
    
    Terming the introduction of Goods and Services Tax as a very significant step of indirect tax reforms in India, the company said that by amalgamating a large number of Central and state taxes into a single one, GST would mitigate cascading or double taxation in a major way and pave the way for a common national market.
    
    The company also expressed optimism that the country's growth momentum may rise, driven by the government's policy initiatives in areas such as taxation.
    
    Source : Times of India
13. voda 26 juni 2017 16:55

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    How technology is changing our work - Mr Kevin Hu of voestalpine
    
    As a technology and capital goods company, we are actively helping shape our future. We asked our colleagues around the world how technological developments have improved our daily work over the years. It seems technology has long been integrated into our daily lives and its positive effects are appreciated as you can read here in the first responses and opinions.
    
    Mr Kevin Hu is the Managing Director of voestalpine Precision Strip Trading (Suzhou) Co Ltd. in Suzhou, China. In this position he is responsible for keeping an eye on the company’s goals as well as for achieving those goals. Digital communication permeates his daily tasks. But the product that his company manufactures would also be inconceivable without modern technology.
    
    Q - What are the technological aspects of your work?
    
    A - The manufacture of cold-rolled special steel strip would be inconceivable without technology. It’s hard to believe, if you haven’t seen it with your own eyes: that steel can be produced at a thickness of just 22 micrometers a quarter of the thickness of a human hair. You can even use it to make clothing.
    
    Q - What has technology improved in your area?
    
    A - Our company concentrates on the development of new materials like Flap-X, a new type of stainless steel for an air flap that can be found in compressors for air conditioners and refrigerators, which makes the appliances more durable, more quiet and more efficient.
    
    Q - How will the use of technologies in your area change and develop over the next few years?
    
    A - In general, I think that new technologies will offer more room for individual creativity and, as a result, it will become easier to develop, improve and innovate.
    
    Source : Strategic Research Institute
14. voda 26 juni 2017 16:56

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    Usiminas in talks with Brazil's CSA for steel slab supply contract
    
    Reuters reported that Usinas Siderurgicas de Minas Gerais SA, Brazil's No. 1 listed flat steelmaker signed a memorandum of understanding to buy slabs from ThyssenKrupp AG's CSA Cia Siderúrgica do Atlantico SA for about 60 months.
    
    In a Thursday securities filing, Usiminas said the purchase of CSA's slabs will be funneled into the Cubatao mill. The transaction will only take effect once Brazil's antitrust watchdog Cade decides on the takeover of CSA by Ternium SA which is also a major shareholder in Usiminas.
    
    Source : Reuters
15. voda 26 juni 2017 16:59

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    VDM Metals puts plant for powder production into operation
    
    On the occasion of the Paris Air Show, the world's largest aerospace exhibition, the long-established company based in Werdohl aims to present its concept for powder production for Additive Manufacturing methods. This investment will allow the company to extend its product spectrum.
    
    The cornerstone for this expansion was laid back in November 2016. The development includes construction of a new hall for powder production as well as procurement of the required units. A vacuum inert gas atomization plant forms the core of the powder manufacturing facility, comprising a vacuum induction melting furnace and an atomization unit, in which the highly pure powder is also produced under vacuum conditions via vacuum induction melting and subsequent inert gas atomization. This involves a standardized production process. The plant is currently in the commissioning phase.
    
    Dr Niclas Müller CEO said that "Our aim is to consolidate our position as a world market leader in high-performance materials with this investment. This means we can rise to the challenge of utilizing new technologies to thrive in tomorrow's changing market environment. The new production plant will allow us to extend our product portfolio as a reliable supplier of powder materials."
    
    Generative production processes are on the verge of becoming indispensable even in demanding industries such as aerospace, chemicals and medical technology. These methods are currently undergoing the transformation from rapid prototyping to series production, which means manufacturing processes and materials are confronted with new challenges. The area of Additive Manufacturing is highly complex as a whole, and is still in a development phase with a corresponding learning curve. As a result, the company is seeking cooperative ventures with interesting customers, industrial enterprises and universities. Together with its partner companies, VDM Metals is investigating this budding field in respect to the materials required for the Additive Manufacturing. Our teams are not only working towards manufacturing proven materials as powder - they are also striving to develop and qualify new powder alloys, so as to be able to cover a broad application spectrum.
    
    Mr Müller continued that "Experts agree that generative manufacturing is akin to a technical revolution set to create undreamt-of opportunities in production and industry as a whole. Along with our cooperation partners, we're currently fathoming what developments and opportunities this sector promises to offer. We're in a very exciting phase and want to share in the technical development here too, while shaping the market for metallic powder materials."
    
    Source : Strategic Research Institute

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16. voda 26 juni 2017 17:04

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    Chinese TIDFORE to set up steel plant in Liberia
    
    Liberian President Ms Ellen Johnson Sirleaf witnessed the formal signing ceremony of the Agreement between the Government of Liberia and TIDFORE (Hong Kong) Investment (LICEMCO) for the establishment of a steel plant in Liberia. The USD 200 million investment will ensure the utilization of iron ore for steel production for both and national and international market; provide jobs for over 1000 persons; improve revenue collection, reduce the cost of both steel products and cement as well as improve infrastructural development.
    
    TIDFORE will also provide and maintain modern public facilities within the project area in accordance with best practice, general acceptable procedures and environmental law.
    
    President Ms Sirleaf reflected on the history of Firestone and a number of iron ore mining companies that started investing in Liberia in the 1920s and 1950s and how they have not been able to add value to the raw materials from Liberia. She therefore indicated that the agreement with TIDFORE Investment was a realistic break from the past that will enhance Liberia’s efforts towards manufacturing and value addition.
    
    Source : Africa On-Line

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17. voda 26 juni 2017 17:05

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    New plate mill at SAIL RSP hit by de scaling pump breakdown - Report
    
    Express News Service reported that financial crisis of Steel Authority of India Limited’s Rourkela Steel Plant continues to deepen with the revival of the state of the art new plate mill is likely to take minimum of 10 days. It is apprehended total production loss at the new plate mill since Thursday morning due to failure of the third de scaling high pressure pump would significantly affect the financials of RSP.
    
    Ne plate mill with 3,000 tonnes daily production capacity requires at least two de-scaling pumps to run simultaneously to achieve rated capacity. But, the Management erred in procuring extra de scaling pump costing about INR 3 crore for back-up. These German KSB make high RPM pumps are imported and spares are also not available presently. The RSP management is trying to revive one de scaling pump using in house resources with help of KSB’s India Operation.
    
    Sources attributed the failure of the de-scaling pump to damage to the bearing thrust plate due to internal scratches and also damage to the mechanical seal and impellers. They also pointed out in 2016 that out of two main motors of GE-make, one had suffered major damage as the NPM was forced to run at low capacity.
    
    They said the new plate mill earns maximum profit for the RSP and daily production loss would be INR 10 crore.
    
    Source : Express News Service
18. voda 27 juni 2017 16:28

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    EU may deploy safeguard measures if US sparks trade war over steel with 232 - Report
    
    The Telegraph reported that a “nuclear option” of trade defenses to hold a back of flood of steel imports being dumped in Britain and the EU could be employed if the US shuts its markets. It is thought the European Commission is looking at measures not used for 14 years if President Trump’s investigation finds that imports of steel are endangering America’s national security by harming domestic producers.
    
    The trade defenses thought to be under consideration by the EC are known as “safeguarding measures”. They could be quickly introduced, imposing large tariffs on imports in weeks, rather than the months normally taken and not requiring lengthy EC investigations and proof of damages which may come to late to save businesses from collapse.
    
    A spokesman for the EC refused to be drawn on what measures are being drawn up to defend the European industry, saying it was too early to be talking about a specific response as the US has yet to take action. However, he added that the Commission does not see evidence that imports, and certainly not those from the EU, impair or threaten to impair US national security and hope that security exceptions are not misused”. He said “We stand firmly for trade that is both open and fair. Ensuring fair conditions for our steel producers is of key importance.”
    
    Mr Ian Rodgers, a former UK Steel industry executive, said safeguarding measures were last used in 2003. He said “George W Bush imposed tariffs pretty much across the board of 30pc for political reasons. The EU response was pretty robust with safeguarding measures which meant there was no surge of redirected steel. The speed of the action shielded EU steel makers. Safeguarding is pretty much the strongest action they could have taken in terms of it being pretty unassailable”.
    
    A report is due any day on the “Section 232” probe which could allow the US to block steel from foreign producers, mainly targeting Chinese steel mills subsidized by the Beijing government, from coming into the US by imposing huge trade tariffs on it. However, Section 232 tariffs would likely shut out all imports, heaping pressure on Britain’s steel industry, with exports to the US accounting for 9pc of all British steel production, worth about GBP 350 million a year.
    
    Source : The Telegraph
19. voda 27 juni 2017 16:31

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    Tata Steel plans to enhance Kalinganagar capacity by 5 million tonnes - Mr TV Narendran
    
    Business Line reported that TATA Steel plans to enhance production capacity at its Kalinganagar plant in Odisha to 8 million tonnes per annum, from 3 million tonnes per annum, in anticipation of incremental demand from the Centre’s ambitious infrastructure spend of INR 4 lakh crore. The company had earlier planned to double its capacity in Odisha to 6 million tonnes per annum by adding three million tonnes in the second phase. If implemented in a time-bound manner, the decision to add an extra 2 million tonnes per annum capacity in Odisha should bring down the overall cost of the much-delayed project.
    
    Mr TV Narendran MD of Tata Steel told Business Line that having ramped up the capacity at Kalinganagar, the company reviewed the project and decided to go in for five mtpa instead of three mtpa by putting in a bigger blast furnace and retaining the same steel melting shop and hot strip mill as it will more capital efficient. The company has already received environment clearance for the project and the board will take a call in a month or two.
    
    Without commenting on the proposed investment, he said the company has already made a substantial investment in Kalinganagar and the second phase will not cost as much as the first.
    
    As per the industry standard, a greenfield project of 1 million tonnes per annum of steel capacity calls for an investment of USD 1 billion (about INR 6,400 crore). However, brownfield projects costs much less.
    
    Last month, JSW Steel said it would spend INR 15,000 crore at its Dolvi plant in Maharashtra to double capacity from 5 million tonnes per annum to 10 million tonnes per annum by 2020. Tata Steel itself is adding 1 million tonnes per annum to its 10 million tonnes per annum Jamshedpur plant through brownfield expansion.
    
    Source : Business Line
20. voda 27 juni 2017 16:31

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    EU amends imports surveillance rules for steel
    
    Tax News reported that the European Commission has published amended rules for the EU surveillance system for steel imports. The system was introduced in April 2016 in response to the crisis in the steel sector. Surveillance takes the form of automatic import licensing. Importers must notify the relevant authorities in EU member states of their intention to import steel products into the EU. They must receive a document confirming that surveillance rules have been respected before an import operation can take place.
    
    The Commission has announced that it will increase the exemption threshold for certain products from 2.5 tons to five tons. It said this will reduce the number of transactions falling under surveillance and remove unnecessary constraints on importers who make relatively small transactions and often operate on a just-in-time system.
    
    The Commission added that it will encourage national authorities to operate the procedure on a paperless basis. It is also working on a draft interpretative notice to respond to requests for clarification and to ensure the uniform interpretation of existing surveillance rules.
    
    Under EU rules, an import surveillance system can be introduced when imports threaten to cause injury to EU producers. The aim is to collect data on the volumes and price level of certain steel imports before the goods are imported, to better monitor market developments.
    
    The changes will be effective from July 11.
    
    Source : Tax News