ArcelorMittal LU1598757687

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1. voda 21 maart 2018 17:07

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   GMS update on Shipbreaking in India in Week 11 - NO CHANCE!
   
   Indian buyers really had no chance at securing any market tonnage this week, given that their prices have by far been the lowest across the various sub-continent locations. Moreover, after some shaky weeks of volatile local steel plate prices, local sentiments have once again turned tentative (at best).
   
   Nevertheless, there was one sale to report as the SCI controlled passenger vessel HARSHA VARDHANA (5,909 LDT) was sold via auction at an impressive USD 388.50/LT LDT basis an ‘as is’ Colombo delivery.
   
   This unit is certainly headed for Indian shores as that there really is no other option for this ship, given the prevailing import restrictions for passenger vessels into Bangladesh and Pakistan Recyclers unwillingness to negotiate such units, primarily due to their unfamiliarity with recycling passenger vessels, in addition to their heavy drafts that leave serious beaching concerns for Gadani Buyers.
   
   As stated above, once again this week (as it has been the case for a healthy part of 2018 so far), local steel plate prices endured another turbulent week and end Buyers turn increasingly nervy and non-committal at some of the higher prices being demanded by various Cash Buyers on their concluded units.
   
   Adding to the local stress has been the ongoing scandal with Punjab National Bank (reportedly, one of the largest scandals to hit the Indian banking sector valued at nearly USD 2 Billion) that has caused the Reserve Bank of India to modify how Letter of Credit (L/Cs) are discounted, reportedly resulting in delays on a few of the local deliveries.
   
   The only silver-lining has been the Indian Rupee that has been trading at an encouraging level in the high Rs. 64s against the U.S. Dollar, having spent the previous weeks above Rs. 65.
   
   Source : GMS Weekly

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2. voda 21 maart 2018 17:11

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   CSC’s net profit jumps 12pct in first two months
   
   Taiwanese steel giant China Steel Corp has posted a 12% YoY increase in pre-tax net profit on a consolidated basis for the first two months of this year, buoyed by higher product prices. Pre-tax profit amounted to NT$3.74 billion, compared with NT$3.34 billion in the first two months of last year. On an annual basis, sales for the first two months jumped 17 percent, from NT$51.03 billion to NT$59.49 billion, but operating income dropped 3 percent, from NT$4.23 million to NT$4.12 billion. Shipments rose from 1.69 million tonnes to 1.74 million tonnes, company statistics showed.
   
   The company said it is relatively conservative about its near-term business outlook, given the “black swan effect” in the global steel industry because of the US’ punitive tariffs on steel imports.
   
   Voor cijfers, zie bijlage
   
   Source : Strategic Research Institute

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3. voda 21 maart 2018 17:16

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   Zimbabwe steel industry importing 90pct of raw materials
   
   Chronicle reported that the Engineering Iron and Steel Association of Zimbabwe its sector is importing 90% of its key raw materials, a development which has resulted in the country being less competitive on the export market. Following the closure of Ziscosteel, companies that relied on the giant have been forced to import raw materials such as steel billets, which were being manufactured at the Red cliff-based firm. Apart from steel billets local foundries are also importing ferrosilicon and ferromanganese from other countries.
   
   With scarce foreign currency resources some of the companies have been forced to scale down operations.
   
   Steelmakers, Midlands Metal and Haggie Rand are some of the steel companies, which are still operating but below capacity while Lancashire Steel shut down as a result of a plethora of challenges in the sector.
   
   EISAZ president, Mr Austin Tigere, said the re-opening of Ziscosteel is the only way the sector can come out of its current quagmire.
   
   Presenting evidence before the Parliamentary Portfolio Committee on Mines and Energy recently, Ziscosteel chief executive officer, Mr Alouis Gowo, said at least USD 1 billion is needed for it to start operations. He said urgent refurbishment was critical to ensure the iron and steel giant once the largest integrated steelworks in Sub-Saharan Africa outside South Africa, comes on board. This would need 18 to 24 months to restructure and reconstruct the blast furnaces before production starts. Chinese investor, R &F Properties has expressed interest to invest at least USD 1 billion to revive Ziscosteel.
   
   Source : Chronicle
4. voda 21 maart 2018 17:17

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   GMS update on Shipbreaking in Bangladesh in Week 11 - MOMENTUM MAINTAINED!
   
   After the four VLCC sales from last week, which included the Polembros controlled NEW FRIENDSHIP (38,698 LDT) & the NEW KASSOS (38,531), the HMM controlled HYUNDAI SUN (41,820 LDT) and the Navios owned SHINYO KANNIKA (38,141 LDT), this week, an additional 3 market VLCC fixtures at similar levels were reported.
   
   These include the Dr. Peters VLCC the DS VADA (42,972 LDT) at USD 442/LT LDT basis an ‘as is’ Khor Fakkan delivery, Eastern Pacific’s MARITIME JEWEL (41,732 LDT) that fetched a rather impressive USD 460/LT LDT basis a full sub-continent delivery, ‘gas free for hot works’ clean and subsequently, the Tsakos controlled MILLENNIUM (41,827 LDT), which was committed at an equally impressive USD 447/LT LDT, basis an ‘as is’ Singapore delivery but ‘gas free for man entry’ clean only, and with about 500 Tons of bunkers included the sale.
   
   As such, on the back of a plethora of VLCC fixtures over the last 2 weeks, we can certainly expect further VLCC sales in the next / coming week(s), given the number of units still on offer.
   
   The final sale of the week was that of the aframax tanker AMBA BHAKTI (15,988 LDT), which was sold via court auction at a decent USD 384/LT LDT basis an ‘as is’ ‘under tow’ Shanghai delivery.
   
   Notwithstanding the recent glut of (wet unit) sales at some seriously impressive numbers, Owners and end Buyers need to be extremely cautious in the weeks ahead as plenty of unsold inventory remains suspended in various Cash Buyer hands and Pakistan has yet to officially open its doors for tankers. Moreover, with many Cash Buyers rumored to be running out of cash due to all of these hefty acquisitions and units still entering the markets by the week, we may well see the excess supply dithering prices in the near future.
   
   Source : GMS Weekly

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5. voda 21 maart 2018 17:18

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   Steel sector must support recent manufacturing growth – Mr Sushim Banerjee
   
   Mr Sushim Banerjee DG of Institute of Steel Growth and Development in his personal capacity wrote for Financial Express that there has been a burst of industrial activities in the last two months which is much welcome as it provides a sound base for the growth of various sub segments of the industry. In December 2017, IIP rose by 7.1% with manufacturing growing at 8.4%. It was followed by an another7.5% jump in IIP and an 8.7% growth in manufacturing in January 2018. Assuming that the rise in manufacturing sector has a lagged impact on steel consumption in capturing the corresponding rise in other processing and ancillary units serving the manufacturing sector, the consumption of steel went up by 7.2% in January 2018 and a rise of 7.4% in the following month. Specifically the capital goods segment rose by 14.6% and the consumer durable segment by 8%, and more importantly, the infrastructure and construction goods segment rose by 6.8% in January. It is possible that the low base of these sectors in the previous months has made this growth look rosier, but it needs to be acknowledged that the industry sector is turning around towards machinery- and equipment-based manufacturing and construction activities. The manufacture of machinery and equipment has observed a growth of 10.1% in December 2017 followed by a rise of 14.9% in January 2018.
   
   The manufacture of motor vehicles, trailers and semi-trailers went up by 25.9% in December 2017 and clocked a 26.6% rise in January 2018. Among other steel-intensive manufacturing sub-segments, the manufacture of other transport equipment and furniture observed a growth of 11.8% and 33.1%, respectively, in Jan 2018. The production of bodies of trucks, lorries and trailers went up by a staggering 267.5% in January 2018. Accordingly, the automobile sales in the latest April-February 2018 have achieved a growth of 3.7%. The sales of two-wheelers and commercial vehicles went up by 12% and19.3% in the corresponding period. The consumption of plates, CR coils/sheets and structurals is growing at a faster rate in the recent months while consumption of railway materials grew by nearly 20% in April-January 2018. It is to be noted that while electricity generation has gone up by 7.6% in January 2018, the indigenous manufacture of electrical equipment has gone down by a whooping 13.8% in the first 10 months of the current fiscal, thereby, leading to a rise in imports of electrical sheets by as high as 108% during April-February 2018.
   
   The revival of industrial production and manufacturing for the last few months may be compared to the PMI movement. India had a manufacturing PMI of 54.7 in December 2017 which was followed by PMIs of 52.4 and 51.2 in January and February 2018.
   
   Increasing production and value addition in various components of industry like mining and quarrying (2.5% growth in April-January 2018), manufacturing, electricity, gas and water supply and construction signal a hitherto slow-contributing segment to consumption of steel. IIP and manufacturing indices grew by 3.3% and 2.8% in FY16 and by 4.6% and 4.4% in FY17 and 2.5% and 2.1% in April-October 2017. Steel consumption rose by 5.9%, 3.1% and 4.5% in 2015-16, 2016-17 and April-October 2017. It would be fair to perceive that it was primarily the push from the infrastructure and construction sectors that steel consumption owes its growth momentum, despite both these sectors suffering from slow growth in GFCF (proxy for investment) as a percentage of GDP. These two primary sectors account for nearly 62% of steel consumption in the country.
   
   In comparison to China where the machinery and equipment segment comprises around 22% of steel consumption, in India this share is only 15%. The current emphasis by the government in developing multi-modal logistics network would necessitate a more structured thrust towards developing a robust and the competitive manufacturing sector in the country. The series of industrial corridors network, some of which are already in different phases of development, would contribute to create manufacturing clusters with concept of shared infrastructure (common facility centres)for the growth of the MSME sector.
   
   Thus it is heartening to note that India is standing on the threshold of a high industrial growth era primarily supported by unleashing the potential of its manufacturing segment. A lot of challenges need to be squarely faced namely, productivity growth in manpower, technology infusion, quality prescription, improvement in logistic support and availability of funds for capacity augmentation. A great deal of work is awaited on improving the image of Indian manufacturing in the global market so that the share of engineering goods in the total export basket experiences a consistent growth in the coming years.
   
   Source : Financial Express
6. voda 21 maart 2018 20:06

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   Trump Trade War - Steel tariffs hurt consumers
   
   Financial Times reported that in the name of protectionism, the United States government is antagonizing American consumers by imposing tariffs and quotas on foreign steel and aluminum. This ultimately hurts consumers by leading to higher costs for goods. After increasing the costs of renewable energy by approving duties on foreign-made solar equipment, President Trump imposed tariffs and quotas on foreign steel and aluminum. This action was done in the name of national security after an investigation by the US Commerce Department, which concluded that importing steel could lead to less domestic production of steel. This could be critical in a war.
   
   However, while the underlying intentions may be good, the tariff's effect could unfortunately be greatly damaging.
   
   The announcement sparked a spate of tweets by the president, which weren’t only economically flawed but also illustrative of the president’s frail understanding of how global trade works.
   
   Trump tweeted that "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good and easy to win. Example when we are down $100 billion with a certain country and they get cute, don't trade anymore - we win big. It's easy!"
   
   By decreasing trade, it’s truly easy to win the trade war the war against American consumers. Even USD 100 billion of bilateral trade deficit stimulates billions of dollars of commercial activity supporting millions of domestic jobs in the US and this trade deficit will be what is affected by the tariffs.
   
   Mr Allan Golombek, senior director at White House Writer’s Group, for RealClearMarkets said that “There are only at most 150,000 Americans earning a living full time in the steel industry, but more than 6 million work in industries that depend on steel, industries likes autos and construction that would be hurt badly by steel tariffs.”
   
   Mr Golombek rightly notes that the number of jobs dependent on cheaply imported steel largely dwarfs the number of jobs in domestic steel manufacturing. Our economy’s biggest industries depend on the imported quantities of steel. Price surges of steel and aluminum will ripple throughout the economy.
   
   Mr Golombek further suggests job loss in the domestic steel manufacturing industry is due to development in technology rather than cheap imports. This is because fewer people are needed to do the same amount of work.
   
   Apart from the onslaught of criticism from economists, these tariffs have incited global backlash. These tariffs could lead to a potential retaliation from US trade allies and other global players.
   
   The European Union threatened to impose similar tariffs on imports of Kentucky Bourbon, Harley-Davidson products and blue jeans. In response, President Trump indicated he might slap tariffs on European cars. The most recent act from the EU puts hundreds more US products, including orange juice, peanut butter and yachts, at risk of potential counter-tariffs.
   
   This can go on and on with consumers becoming the real victims of this unwarranted trade war.
   
   As depicted in a chart by Mark Perry, a scholar at the American Enterprise Institute and a professor of economics and finance at the University of Michigan, government regulation usually drives up the prices of U.S. goods and services.
   
   The prices of goods and services under free-market forces have plummeted in the past couple of decades according to Perry's data. However, the prices of regulated counterparts have risen during the same time.
   
   With the rise in prices of steel and aluminum, the prices of goods and services that are subjects to market forces will also escalate. Given the ubiquity of steel and aluminum, manufacturing costs of everyday products from a can of beans to an iPhone will see price hikes, which will ultimately be paid for by us, the consumers.
   
   Source : Financial Times
7. voda 21 maart 2018 20:08

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   GMS update on Shipbreaking in Turkey in Week 11 - INEXPLICABLE MOVES!
   
   What should be an increasing cause for concern has resulted in a rather inexplicable turn of events for the Turkish market this week.
   
   On the one hand, the Turkish Lira has been rapidly declining over the last couple of weeks, strutting confidently towards the TRY 4.0 mark (presently at TRY 3.95 at the time of writing) against the U.S. Dollar. On the other hand, a puzzling and marginal increase in local steel plate prices has managed to keep vessel prices steady, subsequently keeping local sentiments stable.
   
   While this has not translated to gloom and doom as yet, the declining Lira and increasing price competitiveness from the Indian sub-continent markets could certainly have an effect on the local sentiment in the coming weeks.
   
   For now however, purchases and incoming deliveries of Aliaga specific tonnage continue at pace as the Turkish recycling sector remains as busy as it has been since levels jumped to the USD 300/MT mark a few months back.
   
   Source : GMS Weekly

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8. voda 21 maart 2018 20:09

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   AHMSA announces Q4 2017 results
   
   Altos Hornos de México, SAB de CV and Subsidiaries reported financial results for the fourth quarter and twelve months ended December 31, 2017. Financial and operating figures included in this report are unaudited and are based on AHMSA operating figures and financial statements; they are prepared in accordance with International Financial Reporting Standards and are expressed in US dollars and metric tonnes
   
   4Q 2017 Highlights
   
   1. Adjusted EBITDA reached USD 47 million a 96% increase versus 4Q 2016 Adjusted EBITDA of USD 24 million.
   
   2. Steel Segment Adjusted EBITDA was USD 62 million, a 104.1% increase versus USD 31 million in 4Q 2016.
   
   3. Steel volumes were 989k MT, a 1.6% decline from the same period in 2016.
   
   4. Average realized prices increased by 21% due to improved steel markets, while costs of sales increased by 17% mainly due to higher raw material costs and energy prices.
   
   5. Coal Segment adjusted EBITDA declined to a loss of USD 6 million compared to a loss of USD 1 million in 4Q 2016 as we continued facing challenges with the pricing mechanism on supply contracts with CFE.
   
   2017 Full-Year Highlights
   
   1. Adjusted EBITDA reached USD 180 million, a 23% decrease versus 2016 Adjusted EBITDA of USD 234 million.
   
   2. Steel Segment Adjusted EBITDA was USD 216 million, a 13% decline from USD 248 million in 2016.
   
   3. Steel volumes reached 3.7 million MT, 11% below 2016
   
   4. Average realized prices rose 24% due to an improved steel market, which was offset by the 12.4% increase in cost of sales driven by lower productivity at our iron ore and metallurgical coal mines.
   
   5. Coal Segment adjusted EBITDA registered a loss of USD 11 million for 2017 compared to a profit of USD 4 million in 2016.
   
   Corporate Update
   
   1. In preparation for its re-emergence as a publicly-traded company, AHMSA’s shareholders appointed three new independent directors. An additional director will be appointed at a later date.
   
   2. Plans are underway for the re-instatement of AHMSA’s shares on the Mexican Stock Exchange (BMV).
   
   3. A number of strategic investments continue to progress:
   During the second quarter of 2018, the Company expects to launch its new vacuum degassing system as part of the strategy to migrate towards higher value-added products.
   we achieved 45% implementation of Proyecto Artemisa and anticipate that the SAG mill will be installed by mid-2018, which will help to enhance recovery of our iron mineral reserves and restore historical iron ore concentrate production.
   AHMSA continues to report advances in the repair of 35 coke ovens at our #1 Coking Battery. The project is expected to increase annual coke capacity by approximately 177 thousand MT.
   We are in the process of renegotiating both of our steam coal contracts with the CFE, in advance of the expiration of these contracts in 2018.
   
   Source : Strategic Research Institute
9. voda 21 maart 2018 20:10

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   Panel advice to expedite work on NMDC's Chhattisgarh steel plant project
   
   Business Standard reported that concerned that NMDC's maiden steel venture, a 3 million tonne plant in Chhattisgarh, could not be built even after three and a half years, a parliamentary panel has asked the PSU to"vigorously" expedite the project to ensure commissioning by October this year. The country's top iron ore producer had earlier announced to commission its about INR 18,000 crore integrated steel plant by May 2015.
   
   The Standing Committee on Coal and Steel said that "There has been a delay of approximately 41 months on the commissioning of 3 MTPA (million tonne per annum) iron and steel plant of NMDC at Nagaranar, Chhattisgarh, which was supposed to be commissioned in May, 2015 ... the committee desire that work on this project be expedited vigorously so that the project is commissioned by October, 2018.”
   
   The 29-member panel, chaired by Rakesh Singh in the report tabled in Parliament last week said it was informed that various constraints like pending statutory clearances, flood in Bastar, delay in making barrages, controversy on right use of water pipeline, lack of skilled manpower, delay in a package due to non-completion of other linked activities, law and order etc have been major reasons for delay.
   
   It said that the committee was assured that most of these hurdles have now been overcome and the project can be commissioned by October 2018.
   
   The panel also expressed displeasure that "no new project of NMDC has been commissioned during the last 2 years" after commissioning of 7 million tonne per annum Bailadilla Iron Ore Deposit project in Chhattisgarh, 7 million tonne per annum Kumaraswamy iron ore project in Karnataka and 1.2 million tonne per annum pellet plant at Donimalai in Karnataka in March 2015, August 2015 and June 2015 respectively.
   
   Earlier this month NMDC said it has achieved a critical milestone in the commissioning of its steel plant at Nagarnar by starting a INR 140 crore power sub-station at the upcoming facility, which is scheduled for completion in September.
   
   The company has said that "NMDC's upcoming steel plant at Nagarnar, Chhattisgarh took the first decisive step towards commissioning by starting the 220KV GIS (Gas Insulated Switch) Main Receiving Sub-station today.”
   
   Source : Business Standard
10. voda 21 maart 2018 20:10

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    GMS update on Shipbreaking in China in Week 11 - JOB FOR LIFE!
    
    This week, President Xi was elected for yet another term as President, with the usual two-year Presidential term restriction voted out of current legislation. This has in essence, granted him the ability to remain as President for as long as he so chooses.
    
    How this will affect domestic and / or international fundamentals moving forward remains to be seen. For now, Chinese steel plate prices suffered a worrying week of reversals on the back of President Trump’s unanticipated announcement of a 20% increase on tariffs on steel and aluminum products being imported into the United States.
    
    Overall, the Chinese ship recycling sector remains a non-entity (as it has for several months now) with sub-continent prices pushing significantly further over the last few weeks. As such, the industry overall can expect this to be the status quo, at least for the remainder of the year at least.
    
    Source : GMS Weekly

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11. voda 21 maart 2018 20:14

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    Liberty OneSteel’s Whyalla Steelworks exports slabs to Liberty Steel Newport in Wales
    
    Liberty OneSteel’s Whyalla Steelworks is realising global integration within the GFG Alliance, commencing steel exports to Liberty Steel Newport in Wales. The first parcel of nearly 25,000 tonnes of steel slabs has been successfully loaded at the Whyalla Port and will spend a month?and?a?half travelling to the Welsh plant. Upon completing the trek – which will see the vessel pass the Cape of Good Hope – the steel will be converted into hot?rolled coil to service a variety of industrial applications.
    
    Whyalla Steelworks Executive General Manager, Theuns Victor, said the trial was an exciting step as the plant worked towards increasing production to 1.2 million tonnes per annum (mtpa) and beyond. He said “This trial is the first element of our integration into the broader Liberty House supply chain, demonstrating we’re now an integral part of a truly global business. These exports will ultimately enable us to increase production, in?turn resulting in greater utilisation of the plant which helps reduce our overall running costs.”
    
    Mr Victor said the loading had proved a success, thanks to the hard work of the Liberty team in conjunction with SIMEC Mining and key contractors Harsco Metals, Ewings Contractors and Linx Stevedoring.
    
    He said the loading of export parcels would increase in frequency until the steelworks reached its increased production targets, at which point it would become a regular occurrence.
    
    Source : Strategic Research Institute
12. voda 21 maart 2018 20:21

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    China steel output cut may pressure TiO2 feedstock higher
    
    ICIS reported that China's environmental crackdown would lead to a decline in steel output, leading to drop in iron-ore mining and a subsequent fall in production of a feedstock for titanium dioxide. TiO2 would join a large number of chemicals whose production has been disrupted by the government's move to cut down on pollution. One of the feedstocks used to produce TiO2 is ilmenite, which is a by-product of magnetite.
    
    Mr Hassan Ahmed, an analyst for Alembic Global Advisors said that magnetite mining accounts for more than 90% of the ilmenite produced in China. He made his comments in a research note.
    
    Mr Ahmed said that for every 10-50 units of magnetitie that is mined, 1 unit of ilmenite is produced. He said that China relies on magnetite for the iron ore it used to make steel.
    
    As part of its 13th five-year plan, China plans to curb pollution by shutting down 500m tonnes of coal production and 100m-150m tonnes of steel production by 2020, Ahmed said.
    
    Mr Ahmed estimates that Chinese ilmenite production could fall by 40-60% if China reaches this goal, he said. In terms of global ilmenite production, output would fall by 6-10%.
    
    Source : ICIS
13. voda 22 maart 2018 16:03

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    ArcelorMittal overweegt bezittingen in Luik te verkopen - media
    Desinvestering mogelijk voorwaarde om overname Italiaanse Ilva te kunnen realiseren.
    
    (ABM FN-Dow Jones)De voorgenomen overname door ArcelorMittal van het Italiaanse staalbedrijf Ilva kan mogelijk tot desinvesteringen van de activiteiten van de staalreus in het Belgische Luik leiden. Dit meldde L'Echo, nadat ArcelorMittal de vakbonden in Luik over de kwestie informeerde.
    
    De maatregelen zouden noodzakelijk zijn om te kunnen voldoen aan de Europese voorwaarden. Brussel stelde vorige week de deadline voor het onderzoek naar de voorgenomen overname met nog eens een maand uit tot 25 mei.
    
    De details over de mogelijke desinvestering zijn nog niet bekend. Daarover zal het concern op 21 mei een besluit nemen. Momenteel werken er 1.230 werknemers in Luik bij ArcelorMittal.
    
    Er bestaan zorgen bij de Europese toezichthouder dat door de overname van Ilva er minder concurrentie over blijft voor bepaalde staalproducten, waardoor de prijzen mogelijk zullen stijgen. Brussel zei dat ArcelorMittal, één van de grootste staalbedrijven ter wereld, via de overname zijn marktaandeel flink zal uitbreiden, aangezien Ilva tot de grootste staalfabrieken in Europa behoort.
    
    Het aandeel ArcelorMittal noteerde donderdag op een rode Amsterdamse beurs 0,8 procent lager op 27,00 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
14. voda 22 maart 2018 16:46

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    EU vrijgesteld van Amerikaanse importtarieven op staal - media
    Eerder kregen Canada en Mexico ook al vrijstellingen.
    
    (ABM FN-Dow Jones)Na Canada en Mexico is nu ook de Europese Unie vrijgesteld van de Amerikaanse importtarieven op staal en aluminium. Dit heeft de Amerikaanse handelsgezant Robert Lighthizer donderdag gezegd tijdens een hoorzitting voor het Amerikaanse Congres volgens persbureau AFP.
    
    Enkele weken geleden kondigde de Amerikaanse president Donald Trump aan de import van staal en aluminium aan banden te leggen via importtarieven. Dit leidde tot zorgen wereldwijd over vergeldingsacties en het gevaar van een handelsoorlog. Maar eerder werden Canada, Mexico en Australië al vrijgesteld van de tarieven, en nu dus ook de EU.
    
    Door: ABM Financial News.
    
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15. voda 22 maart 2018 18:11

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    Trump: heffingen op Chinese producten
    
    Gepubliceerd op 22 mrt 2018 om 18:06 | Views: 1
    
    WASHINGTON (AFN/RTR) - De Amerikaanse president Donald Trump heeft importheffingen ter waarde van 50 miljard dollar (ruim 40 miljard euro) aangekondigd op Chinese producten. Daarmee wil Trump de in zijn ogen oneerlijke handelspraktijken van China aanpakken.
    
    Op welke producten de tarieven worden geheven, is nog niet bekend. Het Amerikaanse handelsagentschap heeft twee weken de tijd gekregen om een lijst op te stellen van producten die daarvoor in aanmerking komen. Het zou met name om technologie- en telecomproducten gaan omdat Chinese bedrijven in die sectoren op volgens de VS oneerlijke wijze belangrijke patenten in handen hebben gekregen.
    
    Verder wil de Amerikaanse overheid aankopen van Chinese bedrijven in de VS beperken. Ook kondigden de Amerikanen een klacht tegen Chinese handelspraktijken aan bij de Wereldhandelsorganisatie (WTO).
16. voda 22 maart 2018 19:54

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    CoC rejects ArcelorMittal and NuMetal bid for Essar Steel – Report
    
    The Telegraph reported that a consortium of bankers, led by the State Bank of India (SBI), has rejected the bids submitted by both ArcelorMittal and Numetal for Essar Steel as they were found ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). Fresh bids were likely to be called soon. This decision was taken at a meeting of Essar Steel's committee of creditors (CoC) on Wednesday after the resolution professional found that the bids were ineligible under Section 29A of the IBC.
    
    Bankers, however, said if these companies delinked their connection with the promoters or standardized their loans they could bid again in the second round.
    
    The development comes on a day Numetal filed an application before the Ahmedabad bench of the NCLT, seeking a declaration that it was eligible to submit a resolution plan for Essar Steel. The Ahmedabad bench of NCLT, on hearing Numetal’s counsel, issued a notice to the Committee of Creditors through the Resolution Professional, stating thaEt any decision taken or resolution passed by the CoC in the meeting on March 21, 2018, would be subject to the outcome of the application. The next date of hearing is April 4, 2018.
    
    The amendments to the IBC had added a new clause to Section 29 which barred certain parties from bidding for NCLT assets. The clause states that a person shall not be eligible to submit a resolution plan, if he or any other entity acting jointly or in concert is an "un discharged insolvent" or a willful defaulter in line with the guidelines of the Reserve Bank of India (RBI). Promoters of the defaulting companies can submit a resolution plan, provided they pay all overdue amounts, including interest for the account that has become an NPA.
    
    Essar Steel owes close to INR 45,000 crore to the lenders and the 270-day time limit for a resolution under the IBC ends on April 29.
    
    Source : The Telegraph
17. voda 22 maart 2018 19:54

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    Trump Trade War – EU response must be broad, firm and decisive - EUROFER
    
    EU leaders are gathering in Brussels on 22-23 March for a European Council meeting. In light of President Trump’s Section 232 25% import tariffs on steel, the European Steel Association (EUROFER) calls on EU member states to stand united in backing a broad, firm and decisive response to safeguard the viability of the EU steel industry and its 320,000 jobs. Axel Eggert, Director General of EUROFER, said “The EU and the US have close economic, political, military and cultural ties. Supporting these links, European steel has always been a reliable supplier to US steel users. The Section 232 measures fly in the face of this close partnership.”
    
    He said “We are already seeing the effects of Trump’s announcement. In the first two months of this year imports surged by 12% over and above the historic highs of 2016-2017. This rise is on top of the 65% rise seen over the past five years. Steel imports into the EU have now reached 40-million tonnes, making the EU by far the largest steel import market in the world, even before the US tariffs came into being. For certain products, such as concrete reinforcing steel bars (rebar), the import surge has already been as much as 75% in the past two months on top of a 98% rise between 2013-2017.”
    
    He said “The deflection of steel trade flows to Europe would badly hurt us and sectors related to us. Clear and immediate decisions need to be taken by EU leaders to prevent this injury. What we need now is comprehensive safeguard measures that limit imports of all steel covered by the US measures to the levels of the past few years.”
    
    He said “EUROFER advocates safeguards that cover the scope of the steel products covered by the US measure. All of these product categories will suffer trade deflection, up to an estimated total of 13 million tonnes, possibly straight onto the open EU market. A quota safeguard would ensure the EU market remains open but avoid the risks of inundation by deflected steel.”
    
    He stressed “In addition, the EU must continue to demand full exclusion from the US measures.”
    
    Mr Eggert concluded “When the European Council gathers on Thursday and Friday, we hope that they will take the need to counter the US move decisively and without delay seriously. However, EU leaders should also continue their dialogue with US by supporting the work already underway in the Global Forum on Steel Excess Capacity.”
    
    Source : Strategic Research Institute
18. voda 22 maart 2018 19:55

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    RINL to touch record 5 million tonnes steel production this FY – CMD
    
    The Hindu reported that Rashtriya Ispat Nigam Limited CMD Mr P Madhusudan said that Visakhapatnam Steel Plant, for the first time, is going to touch the five million tonnes production mark by the end of the current fiscal year. He told “After increasing the production capacity from 3 million tonnes to 6.3 million tonnes, the plant had almost reached 5 million tonnes.”
    
    He added “Also, the sales turnover was going to cross INR 6,000-crore mark for the first time registering a growth of 35%.”
    
    He aid “In the coming fiscal year, the plant’s capacity and production are going to increase by one million tonnes and about 1.3 million tonnes respectively and will reflect in the production of more than 7 million tonnes.”
    
    Source : The Hindu
19. voda 22 maart 2018 19:55

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    Trump Trade War – Talks underway for exemption for EU, Argentina & Australia
    
    Reuters reported that US Trade Representative Robert Lighthizer told the House Ways and Means Committee in a hearing on Wednesday that the United States is in talks with the European Union, Argentina and Australia on granting possible exemptions to steel and aluminum tariffs.
    
    Lighthizer said that talks with South Korea over any possible exemption would be carried out within the context of existing trade negotiation talks with Seoul.
    
    The US has already granted exemptions for Canada and Mexico from the tariffs which were imposed earlier this month by President Donald Trump.
    
    Reporting by David Chance
    
    Source : Reuters
20. voda 22 maart 2018 19:56

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    Japanese major steel firms dividends seen topping JPY 10 trillion
    
    Jiji Press reported that shareholder dividends at companies that are listed on the Tokyo Stock Exchange’s First Section and close their books in March are expected to top JPY 10 trillion for the first time in the current business year ending this month. Jiji Press survey showed that the survey covered 1,391 firms that release consolidated earnings results. Their combined dividends are seen growing 9 percent from the previous year to JPY 10.35 trillion, marking a record high for the fifth straight year.
    
    The final total may prove higher than the estimated level because the survey assumed that 62 companies, including Toyota Motor Corp., that have yet to release payout plans for the full year will pay the same amounts as in the previous year.
    
    Of the total, 591 firms, or more than 40 percent, plan to increase dividend payments.
    
    Nippon Steel & Sumitomo Metal Corp., which expects a marked improvement in its earnings thanks to the recovery of steel prices, plans to increase its dividends by JPY 15 year on year to JPY 60 per share.
    
    Rival steelmaking group JFE Holdings Inc. is considering boosting its dividends to JPY 80 from JPY 30.
    
    Mitsubishi Corp which projects a 22% surge in its consolidated net profit in the current business year due to higher resources prices, and four other major trading companies also plan to increase their dividends.
    
    The expected growth in dividend payments also reflects moves to encourage companies to boost their management transparency and corporate value through stepped-up dialogue with investors, such as a plan by the Japanese government to revise this year its corporate governance code for the first time since the code’s introduction in 2015.
    
    The total fiscal 2017 dividend payments by all TSE First-Section firms, including companies that close their books in months other than March, are expected to reach JPY 12.21 trillion.
    
    Source : JIJI Press