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1. voda 13 november 2018 20:03

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   Nippon Steel and Sumitomo Metal refuses to meet South Korean lawyers on forced labor case
   
   UPI reported that Japanese steel firm, ordered by a South Korean court to compensate South Korean workers for forced labor, refused to meet South Korea lawyers. Two lawyers and civic activists visited the headquarters of Nippon Steel and Sumitomo Metal Corp in Tokyo to deliver a letter that requests the company to pay for forced labor and unpaid wages to four South Korean plaintiffs. However, the company refused to meet them and didn't allow them to enter beyond the reception.
   
   A security official greeted them instead and read a note from Nippon Steel. He said that "We can't accept the South Korean court order. We regret to see the ruling. We will deal with it according to diplomatic situations (between Japan and South Korea).”
   
   Lawyer Lim Jae-seong said he came to deliver voices of four South Korean plaintiffs. He told reporters that "The hard labor and sacrifice by four plaintiffs must have contributed to the company to build the headquarters like this. They should at least come down and receive the letter.”
   
   Source : UPI
2. voda 13 november 2018 20:05

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   Tata Steel breaks ground for Phase-II expansion of Kalinganagar plant
   
   Orissa Diary reported that the groundbreaking ceremony for the expansion to 8 million tonnes per annum capacity of Tata Steel’s Kalinganagar plant was held by the Hon’ble Chief Minister of Odisha Shri Naveen Patnaik. The ceremony was performed in the presence of Mr Natarajan Chandrasekaran Chairman Tata Group and Mr TV Narendran CEO & Managing Director Tata Steel via video conferencing from Bhubaneswar, where the Make In Odisha Conclave 2018 is in progress.
   
   The project will cost the company INR 23,500 crore and will be completed within 48 months. The project configuration and costs includes investments in raw material capacity expansion, upstream and mid-stream facilities, infrastructure and downstream facilities including a cold rolling mill complex.
   
   Mr N Chandrasekaran, Chairman, Tata Group said “Tata Group’s association with the State of Odisha is very deep. It has over 100 years of relationship. Tata Steel has a very large capacity state-of-the-art plant in the State. With the phase-II expansion of Tata Steel Kalinganagar, Tata Group’s investment in the State will cross INR 100,000 crore.”
   
   Following the successful implementation of the Phase I of the Kalinganagar Project in Odisha, the Company decided to go ahead with the next phase of expansion of capacity in Kalinganagar by 5 million tonnes per annum from 3 MTPA to 8 MTPA. The expansion will meet the requirements of automotive, general engineering and other value added segments.
   
   The total capacity of Tata Steel India operations following this expansion will be 23.6 million tonnes, that includes existing capacity of 10 million tonnes at Jamshedpur, 3 million tonnes at Kalinganagar and 5.6 million tonnes of Tata Steel BSL.
   
   Source : Orissa Diary
3. voda 13 november 2018 20:08

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   Thyssenkrupp plans to install Daimler CFO Mr Bodo Uebber as chairman - Report
   
   Reuters, citing two sources familiar with the matter, reported that Thyssenkrupp will propose Daimler’s outgoing Chief Financial Officer Bodo Uebber as a candidate for its supervisory board, with the aim of installing him as chairman. Aber sources said “Uebber could be proposed as a supervisory board candidate when the board meets on Novem 20, a day ahead of the release of the company’s annual results. The board could then elect him as chairman, though his appointment would have to be endorsed by shareholders, probably at Thyssenkrupp’s next annual general meeting on February 1 next year.”
   
   Uebber has a lot of restructuring experience, having been a core part of Daimler’s management team that nursed Mercedes-Benz back to health following a messy divorce from Chrysler. In 1998, Daimler-Benz bought Chrysler Corp for USD 36 billion in a deal promising at least a billion in synergies within the first year, hyping the combination as the birth of a child with extraordinary genes and extraordinary potential. The level of synergies between volume carmakers and premium brands proved less successful than the companies had hoped. In 2007, Daimler sold an 80 percent stake in Chrysler to private equity for EUR 5.5 billion, arguing that unwinding the merger was the best way to create the greatest overall value – both for Daimler and Chrysler. More recently Uebber has been the architect of a new corporate structure for Daimler which allows the carmaker greater flexibility to list individual divisions, like Daimler Trucks.
   
   It was unclear when Uebber would be expected to take over as chairman. Current chair Bernhard Pellens, a board member since 2005, took over the role at the end of September but can only stay on until 2020 under German corporate governance rules.
   
   Source : Reuters
4. voda 13 november 2018 20:08

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   JSW Steel charts three phase turnaround plan for Monnet Ispat
   
   Money Control reported that JSW Steel has made an elaborate, three-phase turnaround plan for Monnet Ispat, the distressed steelmaker that was referred to insolvency courts last year for defaulting on loan repayments. The plan includes restarting many of the units at Monnet's facility in Raigarh, Chhattisgarh; utilise its capacity of 1.5 million tonnes, and eventually look at expanding the facility. The plan thus is to revive the unit and generate cash. At present, only the DRI plant is functional. DRI, or direct reduced iron, is a steelmaking process where iron ore pellets or fines are processed using gas to make steel.
   
   Mr Seshagiri Rao, Joint Managing Director and Group CFO of JSW Steel, said “JSW Steel plans to commission the closed units by December. If you see the strategy of JSW Steel right from beginning in acquiring the stressed assets, is that to keep the stressed asset in an SPV until turnaround happens, after that only we would like to bring it into the fold of JSW Steel. So in the case of Monnet Ispat, we followed same policy.”
   
   Mr Rao said that "We would like to commission billet plant, sinter plant, blast furnace, caster and TMT, bar mill. These are units we would like to commission. That is phase 1.”
   
   JSW Steel, along with Aion Investments, had acquired Monnet Ispat in September after the end of the insolvency proceedings. The combine was the only bidder for Monnet and paid INR 2,875 crore. Monnet owed banks INR 11,000 crore.
   
   Source : Money Control
5. voda 13 november 2018 20:12

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   JSPL, JSW, Tata Steel and SAIL commit huge steel investments in Make in Odisha
   
   Odisha has secured investment commitments of approximately INR 142,000 crore till end of Day 2 of its biennial Make in Odisha Conclave 2018. The total plans for steel CAPEX, without taking JSW plan, totals about 25 million tonnes (JSPL 14 million tonnes, Tata Steel 5 million tonnes and SAIL 5.5 million tonnes)
   
   JSPL - Mr Naveen Jindal promised to invest INR 55,000 crore in ramping up the company’s steelmaking capacity at Angul from the existing 6 million tonnes to 20 million tonnes by 2030. The company’s current investment in Odisha stands at INR 45,000 crore.
   
   Tata Steel - Tata Group Chairman N Chandrasekaran said the group’s aggregate investments in the State will soon cross INR 100,000 crore. The group is working on INR 25,000-crore phase-II expansion of the Kalinganagar steel unit.
   
   SAIL - SAIL committed INR 40,000 crore investments to ramp up capacity of the Rourkela Steel Plant to 10 million tonnes per annum. SAIL is currently expanding RSP capacity to 4.5 million tonne.
   
   JSW –Mr Sajjan Jindal promised a steel plant once ore linkages were sorted out by the State government. He said “We started setting up the cement plant and invested in port. We are commissioning new berths in Paradip Port. We are making plans to invest for a large greenfield steel plant in Odisha.”
   
   Source : Strategic Research Institute
6. voda 13 november 2018 20:14

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   Iranian Steel Mar to Oct steel export decline by 3pct
   
   Financial Tribune reported that major Iranian steelmakers exported a total of 3.88 million tonnes of semi-finished and finished steel products during the first seven months of the current fiscal year (March 21-Oct. 22) to register a year-on-year contraction of 3%, latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
   
   The mills shipped out 364,215 tonnes of steel during the seventh month of the year (September 22 to October 22), which signified a downturn of 17% compared with the same month of the year before.
   
   Source : Financial Tribune
7. voda 13 november 2018 20:15

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   CBSA concern on Corrosion-Resistant Steel Sheet
   
   Concerning the preliminary determination with respect to the dumping of certain corrosion-resistant steel sheet from China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei), India and South Korea. Pursuant to subsection 38(1) of the Special Import Measures Act, the Canada Border Services Agency made a preliminary determination on October 24, 2018 respecting the dumping of certain corrosion-resistant steel sheet from China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei), India and South Korea.
   
   On October 24, 2018, pursuant to subsection 38(1) of SIMA, the CBSA made a preliminary determination of dumping respecting COR originating in or exported from China, the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei), India and South Korea.
   
   The CBSA will continue its investigation of the dumping and will make a final decision by January 22, 2019.
   
   If the margin of dumping of any exporter is found to be insignificant, the CBSA will terminate the investigation in respect of goods of that exporter and any provisional duty paid or security posted will be refunded to importers, as appropriate. If the CBSA is satisfied that the goods were dumped, a final determination will be made.
   
   The CITT has begun its inquiry into the question of injury to the Canadian industry. The CITT is expected to issue its finding by February 21, 2019.
   
   If the CITT finds that the dumping has not caused injury, retardation or is not threatening to cause injury, the proceedings will be terminated and all provisional anti-dumping duty collected or security posted will be refunded.
   
   Source : Strategic Research Institute
8. voda 13 november 2018 20:16

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   GMS Market Commentary on Shipbreaking in Turkey in Week 45 - COMPOUNDING INDIFFERENCE!!
   
   The Turkish market, like the Chinese, has started to seemingly fester in its current state. Regardless of the weakening or the strengthening of its fundamentals, the indifference of Turkish Recyclers towards making meaningful improvements in local offerings has compounded the state of Aliaga’s current affairs.
   
   To start with, local steel plate prices made minor (yet steady) improvements over a few weeks, gradually improving from a low of USD 250/MT to USD 330/MT last week. Additionally, the Turkish Lira, having declined from a 6-month high of TRY 4.26 to just over TRY 7 against the U.S. Dollar, finally bounced back to about TRY 5.5 as the week ended.
   
   In comparison however, levels for ships declined from just over USD 300/MT to a low of about USD 220/MT when the fundamentals crashed, but the overall improvement of late has been to about USD 270 / MT and USD 280 / MT for dry and wet units respectively.
   
   As such, the ongoing and massive USD 130/Ton price differential from the subcontinent markets seems to be compounding local problems as Turkish yards struggle to purchase any sort of ship tonnage, with most medium-to-large LDT units heading towards the subcontinent.
   
   Additionally, most local Recyclers remain reluctant to offer competitively on offshore tonnage, which seems to be most of what is being offered into the Turkish market of late, including this week, where a private semi-submersible was concluded to local Buyers.
   
   As such, Turkey’s seeming indifference to its changing fundamentals appears to be compounding its problems in concluding any meaningful tonnage.
   
   Source : GMS Weekly
9. voda 13 november 2018 20:17

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   Fujairah Terminals to handle United Steel shipments
   
   Trade Arabia reported that Fujairah Terminals, an operational arm wholly-owned by Abu Dhabi Ports, has signed a MoU with United Steel Industries, a premier manufacturer of rebars, rods and wire coils, thus reinforcing its commitment to the UAE business community. The agreement supports the handling of the company’s import and export shipments through Port of Fujairah and means that Fujairah Terminals will facilitate all required logistics support for the company. The MoU was signed by Ahmed Al Mutawa, chief executive officer of Fujairah Terminals, and Mamed Magomadov, partner at United Steel Industries.
   
   The partnership enables USI to benefit from the Fujairah Terminals’ strategic location and platform to efficiently access the region, it added.
   
   Mr Al Mutawa said that “Our continued collaboration with USI stems from our commitment to consistently play a vital role in supporting the economic and social development of the emirate’s business community.” He added that “The MoU portrays our organisation’s competitive advantage and will provide USI with increased time efficiencies and immense cost reductions. We look forward to continue solidifying our position within the UAE’s strategic expansion into markets in the Indian sub-continent and East Africa.”
   
   Mr Magomadov said that “It is privileged for us to be in relation with Fujairah Terminals for all our cargo import and export handling including logistic services. Our decision to invest in our relationship with Fujairah Terminals is motivated based on multiple business factors that will gain us a competitive advantage.” He added that “By choosing to utilise the Fujairah Terminals, we will be benefiting from increased time efficiency, cost reduction and a convenient location only few kilometres from our steel plant.”
   
   Through Fujairah Terminals, Abu Dhabi Ports is enhancing existing infra and super structure; in addition to managing all container, general cargo, roll-on-roll-off (RoRo) and cruise ships in the port.
   
   Source : Trade Arabia
10. voda 13 november 2018 20:17

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    GMS Market Commentary on Shipbreaking in China in Week 45 - OBLIVION!
    
    The Chinese ship recycling market is sliding into oblivion before the ultimate closure on international tonnage at the end of this year. From January 1st, 2019 only domestic flagged purchases will be permitted entry into the small minority (1-2 at best) of local ship recycling yards that choose to renew their licenses.
    
    For now though, prices remain stranded into the low USD 100s/LDT with little hope of securing any international or domestic tonnage any time soon.
    
    Source : GMS Weekly
11. voda 13 november 2018 20:25

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    GMS Market Commentary on Shipbreaking in Pakistan in Week 45 - DISREPUTE!
    
    News of renegotiations at the waterfront amidst declining prices have beset the Pakistani market once again this week. Just when cutting permissions on various tankers were issued, an accident and a spill has brought Gadani’s ship recycling industry into disrepute, leading to the arrest of key personnel and closure of culpable yards – something that has left many Gadani Buyers nervy to commit on fresh units (wet purchases in particular) for the time being.
    
    As a result, it was unsurprising to see Pakistan remain uncompetitive on market tonnage for another week, with no fresh purchases for the sales board.
    
    Meanwhile, even though the Pakistani Rupee has been relatively stable over the last couple of weeks (after the recent most collapse), a declining local steel plate price (by about USD 9/Ton) has further hampered local sentiments at being competitive on available tonnage. A spate of local arrivals (and beachings) further adding to the lack of local motivation.
    
    As such, we expect Pakistan to be out of the running for a bit.
    
    Source : GMS Weekly
12. voda 13 november 2018 20:31

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    Steel for home appliances may be influenced by US-China Trade Conflict - Report
    
    TEX Report reported that a phenomenon that may be a tangible impact of the ongoing US-China trade conflict is now arising. Not yet apparent in numerical figures, but household electrical appliances such as photocopier from China to the US are no longer selling due to customs duties, and negotiations on Japanese cold-rolled and coated products for high-end areas such as home appliances and automobile have run into troubles both in quantity and price.
    
    Japanese CR and coated products had not been influenced at all by falling prices of general-purpose CR and coated products. The arising phenomenon is a sign of a belated influence, and the focus is now on whether it may last long.
    
    The price of general-purpose CR now stands at $650 CFR, having been pulled down by the falling hot-rolled coil (HRC) price. An excessive number of CR steel mill operating in China and Vietnam are further intensifying competition and narrowing the price gap between CR products and HRC, which are agonizing the mills.
    
    Until now, the price of high-end CR products remained high even when general-purpose CR products were weak, as if they were living in a different world. However, the situation seems to have changed. A dark sign is now seen on the export to the US, which is exerting influence on high-end home appliances and has resulted in extra room in high-end CR rolling schedule.
    
    This naturally influences the price of high-end CR products. The price of CR for drums, which is said to be closest to general-purpose among high-end products, has already sunk below USD 700 CFR.
    
    Source : TEX Report
13. voda 13 november 2018 21:20

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    Baffinland Iron Mines announces conclusion of 2018 shipping program
    
    Baffinland Iron Mines Corporation announced the recent conclusion of its 2018 shipping program. From July 24 to October 17, Baffinland shipped approximately 5.1 million tonnes of iron ore from its Milne Inlet Port to markets in Europe, the United Kingdom, Taiwan, and Japan. Seventy-one voyages were executed, carrying an average of 71,750 tonnes of iron ore each over an 86-day period. This establishes the record for the largest shipping program by volume ever executed in the Canadian High Arctic, surpassing Baffinland’s previous record of 4.1 million tonnes shipped in 2017. Baffinland also carried out two Northern Sea Route transits to Asia, a first for iron ore bulk carriage.
    
    Mr Brian Penney, president and chief executive officer of Baffinland stated “As we focus on our expansion program, a successful, safe, and responsible shipping season remains a critical component of our growth. Along with our employees, I want to thank all of our partners involved in making this program a success. This includes our shipping partners and the continued support of the North Baffin communities and the Qikiqtani Inuit Association.”
    
    Source : Strategic Research Institute
14. voda 13 november 2018 21:58

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    Iron ore price approaches record annual levels
    www.kallanish.com
    
    
    The global iron ore price has continued to perform strongly during the last several weeks, despite the weakness in Chinese finished steel prices. Last week the international benchmark for the market, the cfr China 62% Fe price, surpassed $76/ tonne cfr Qingdao according to Kallanish, reaching the highest level since beginning of March this year.
    
    The price stands at just $2/t below the peak registered this year at the end of February, indicating that the market remains very strong despite the recent downturn in Chinese finished steel prices.
    
    According to sources, the iron ore market is still being in part supported by the derailment of a BHP train in the Pilbara on Monday last week. The miner had initially said it was drawing on port stocks in order to maintain shipments and port operations. Now, however, it says port stocks may not be sufficient to make all of its shipments this week. The company says it is liaising with customers over its contractual commitments over the period.
    
    The wreckage of the derailment is now expected to be removed “... over the next few days,” says BHP, by a workforce of 130 that has been sent to restore the line. About 1.5km of track has been damaged on a key piece of rail infrastructure linking BHP’s mines to Port Hedland. The company says that its mines are operating at normal rates.
    
    In addition to the derailment in the Pilbara, the sentiment in the market is also strong thanks to the expectation that Chinese crude steel output will continue strong in the winter months, as limitations to output will be minor than those applied last year.
    
    According to Chen Derong, the chairman of China Baowu Iron & Steel Group, China's crude steel output will exceed 900 million tonnes in 2018. China's steel output reached a record high of 831.7mt last year. During the first nine months of 2018 the growth surpassed 6% y-o-y, but during recent months the country’s output has been exceeding 80 million tonnes/month. This makes it likely that the 900mt threshold will be surpassed this year.
    
    The strengthening of the iron ore price at a time when finished steel prices are clearly under pressure is set to directly impact the profitability of the mills.
    
    Currently the spread between iron ore and the HRC fob China price stands at somewhat above $450/t. In early March, when iron ore surpassed $78/t cfr China, the spread had reached almost $550/t.
    
    Rebar mills in China, on the other hand, have continued to see their profitability increasing during recent months, thanks to higher-than-expected rebar prices in the market. Currently domestic Chinese mills are selling rebar at a premium compared with iron ore of some $575/t. At the beginning of March this year the spread was slightly below $550/t. It is worth noticing nevertheless that rebar prices began to lose some ground last week and could well further correct in the coming weeks.
15. voda 14 november 2018 16:46

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    JSPL Overview and Outlook:
    
    The World Steel Association revised their global demand estimates upwards, on back of increasing China demand growth, to 2.1% from 1.8%. Despite an increase in raw material prices, the production in China has continued to grow with Finished Steel prices also softening over the past quarter. The winter cuts on the anvil need to be watched closely as the Chinese government tweaked its policy by allowing local authorities to set their own anti-smog measures instead of blanket cuts on all crude steel production across the nation. The continuing US-China trade tensions as well as initial signs of sluggishness in China’s economy could well pose a risk to the Global Steel outlook.
    
    India remains steadfast in its Steel demand growth, backed by Government spending in infrastructure, roads, rails, transmission and housing. The growth in housing demand is now more widespread with pick up in villages & tier-2/tier-3 cities & towns balancing out the listlessness in big cities.
    
    With continued measures by the government to protect the Steel industry, the outlook for the domestic steel demand remains robust with Steel demand growth expected to outstrip the capacity additions in the coming years. The recent happenings in the financial sector which have further drained out the liquidity in the markets though could pose a near term risk to the demand. On the back of the infrastructure spend by the government and possible fall in personal consumption due to liquidity concerns, outlook on the long products’ demand is expected to be better than flat products in the near term.
    
    Source : Strategic Research Institute
16. voda 14 november 2018 16:47

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    US DoC finds dumping and countervailable subsidization of imports of large diameter welded pipe from China and India
    
    US Department of Commerce announced the affirmative final determinations in the antidumping duty (AD) and countervailing duty (CVD) investigations of imports of large diameter welded pipe from China and India, finding that exporters from these countries have sold large diameter welded pipe at less than fair value in the United States at rates of 132.63 percent and 50.55 percent, respectively. Commerce also determined that exporters from China and India received countervailable subsidies at rates of 198.49 percent and 541.15 percent, respectively.
    
    In 2017, imports of large diameter welded pipe from China and India were valued at an estimated $29.2 million and $294.7 million, respectively.
    
    The petitioners are American Cast Iron Pipe Company (Birmingham, AL), Berg Steel Pipe Corp. (Panama City, FL), Berg Spiral Pipe Corp., Dura-Bond Industries (Steelton, PA), Skyline Steel (Parsippany, NJ), and Stupp Corporation (Baton Rouge, LA).
    
    The strict enforcement of US trade law is a primary focus of the Trump Administration. Since the beginning of the current Administration, Commerce has initiated 131 new antidumping and countervailing duty investigations this is a 245 percent increase from the comparable period in the previous administration.
    
    Antidumping and countervailing duty laws provide American businesses and workers with an internationally accepted mechanism to seek relief from the harmful effects of the unfair pricing of imports into the United States. Commerce currently maintains 460 antidumping and countervailing duty orders which provide relief to American companies and industries impacted by unfair trade.
    
    The US International Trade Commission is currently scheduled to make its final injury determinations on December 20, 2018. If the ITC makes affirmative final injury determinations, Commerce will issue AD and CVD orders. If the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.
    
    Source : Strategic Research Institute
17. voda 14 november 2018 16:47

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    Acciaieria Arvedi issues FAC for electric arc furnace from Primetals Technologies
    
    Acciaieria Arvedi SpA, an Italian steel producer, has issued Primetals Technologies the final acceptance certificate for a new electric arc furnace. The furnace was installed in the Cremona Steel Works. The production capacity is 1.4 million metric tons of crude steel per annum. The order also included a dedusting system for primary and auxiliary dedusting, and for supplementary extraction points. This is combined with a heat recovery system, which uses the thermal energy in the furnace offgases to generate steam, which is then used in the works' three pickling plants.
    
    The new 150-ton electric arc furnace from Primetals Technologies increases the production capacity of Acciaieria Arvedi, and reduces conversion costs. The tap-to-tap time is just 36 minutes and is supported by single bucket operation. This enables around 200 metric tons of crude steel to be produced each hour. The electricity requirement of the furnace lies between 340 and 350 kilowatt hours per metric ton. The necessary energy is provided via a transformer with a power of 155 MVA. The furnace is usually charged with a mixture of 65 percent scrap iron, 25 percent pig iron and 10 percent HBI (hot-briquetted iron). The scope of delivery also included five refining combined burner (RCB) systems, burners for post-combustion , a newly developed electrode control system (Melt Expert), the FluidGuard system - a comprehensive water leakage control system, and a new type of automatic tap hole filling. This increases safety as no personnel need to be near the furnace. Primetals Technologies also supplied a level 2 process optimization system, well prepared for Industry 4.0.
    
    An existing dedusting system was modified for the new electric arc furnace. The total extraction volume has been increased by installing an additional filter for both auxiliary and supplementary extraction points on the new electric arc furnace. The dedusting system meets the strictest European environmental requirements, as it achieves residual dust contents of less than five milligrams per standard cubic meter of air.
    
    To optimize the energy balance of the plant, the waste heat from the electric arc furnace is recovered and is used to generate steam. Some 17 tons of steam are generated per hour from the energy recovered from the waste heat. This steam is used for the three pickling lines in the steel works. The energy recovery system replaces the existing gas boiler in the steel works, thereby reducing gas consumption and thus energy costs.
    
    Source : Strategic Research Institute
18. voda 14 november 2018 16:48

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    Amreli Steels to invest PKR 6.5 billion in third phase expansion
    
    The Express Tribune reported that Amreli Steels Limited has planned to invest PKR 6.5 billion in the third phase of its expansion at Dhabeji to expand its rebar manufacturing facilities, which will help increase the company’s present production of 605,000 tonnes per annum to 1.1 million tonnes. This new investment plan, subject to the approval of technical feasibility and successful financial close, is set to almost double the production capacity. It is expected to be completed in three years after achieving financial close, according to the company.
    
    Amreli Steels CEO (Strategy) Hadi Akberali told The Express Tribune that “The company is expanding in anticipation and to cater to mostly domestic demand. We are currently the Pakistan’s largest rebar company and we will consolidate our position after the expansion.”
    
    The company will be financing the estimated cost of expansion PKR 6.5 billion through bank borrowing and internal cash resources.
    
    The company announced in its notice to the Pakistan Stock Exchange that “Internationally reputed consultancy firms have been invited to submit bids for final selection to commence technical feasibility of the proposed project.”
    
    By installation of the new facility, the company aims to possess the largest capacity in Pakistan for producing rebars with economies of scale in terms of conversion cost.
    
    Meanwhile, during a meeting of the board of directors, it decided not to revamp its existing SITE rolling mill due to the planned expansion at Dhabeji. There would be no shutdown for 10 months, which was announced from June 2019 to March 2020, after the company decided against the revamp of its existing SITE rolling mill.
    
    Source : The Express Tribune
19. voda 14 november 2018 16:49

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    Czech PM wants Liberty investment plan for Ostrava steelworks
    
    Prime Minister Andrej Babiš said following a meeting with UK based steelmaker Liberty House’s owner that he wants the company to submit in writing its plans for the ArcelorMittal Ostrava steelworks. Czech unions claim the UK company’s plan for the Ostrava plant is unsustainable and inconsistent with EU requirements. Last week, Mr Babiš sent a letter to EU Competition Commissioner Margarethe Vestager calling on Brussels to review the sale.
    
    Liberty House has said it plans to invest over EUR 150 million in the next five years into ArcelorMittal Ostrava so as to improve the quality of the plant's hot rolled coil and produce higher-grade rod. ?TK news agency reported that Owner Sanjeev Gupta confirmed intentions to boost production and along with it eventually hire more workers.
    
    Source : Radio CZ
20. voda 14 november 2018 16:50

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    Trump Trade War - Turkish steel industry eying Latin American market
    
    Daily Sabah reported that the Turkish steel industry, which comes to the fore as the most affected sector by increasing protectionist tendencies, especially from the US, has turned its route toward Latin America, whose annual steel imports reach some USD 31 billion. The sector, which increased its exports despite the recent additional tariffs imposed by the US, has begun to increase its influence in new markets and has rolled up its sleeves to increase its market share from 4 percent to 12 percent in Latin American countries, ranging from Panama to Colombia and from Chile to Paraguay with the aim of doubling its exports to this market, according to a report in the Hürriyet newspaper.
    
    Representatives from the steel industry, which have put Latin American countries on their target, will take part in public and private sector projects in the coming period. Some 40 Turkish companies participated in the Latin American Steel Conference (Alacero) in Colombia, as the guests of the Steel Exporters Association and held over 150 bilateral business meetings for projects in these countries.
    
    Ç?B Chairman Adnan Aslan recalled that annual steel imports in Latin America exceeds USD 31 billion. Mr Asian said that "Turkish steel sector continues to be preferred worldwide with its high quality and competitive prices. Today, despite the high prices, we continue to export to the US Because we are ahead of many countries in terms of quality and service. Our goal is now Latin America. We achieve USD 590 million in annual exports. There is a very serious business volume in this market.”
    
    Commenting on the bilateral meetings involving 40 Turkish companies, Ç?B Board Member Gürkan Türkaslan said that as a result of these talks, they aim to double their exports to Latin American countries, meaning that they will export over USD 1.2 billion to these countries in the coming period.
    
    Mr Türkaslan continued that "Our companies came together with more than 150 companies in three days. Its returns are very important for us. More than 50 percent of the companies here came to the Latin American market for the first time. We aim to increase the number of such events." Pointing to the serious interest in Turkish steel in the region, Türkaslan stated that Turkish steel is used intensively in the housing projects in Panama, suggesting that it can also be used in road, subway and airport projects. "In construction opportunities, Colombia is the best in the region. They always say that they want to work with Turkish contractors. Panama purchases a significant portion of its construction steel from Turkey. Cuba is a thriving place. The Caribbean region and Latin America are densely populated and emerging regions. It is possible for crises in the region to create certain opportunities."
    
    Ç?B Board Member Mustafa Tecdelio?lu said that the Turkish steel sector sends products to 200 countries from Chile to Australia. Stressing that in addition to bilateral talks, participation in Alacero is also important as the said event is the meeting point for the steelmakers, bringing together delegations from 80 countries. Recalling that Turkey used to export 1.8 million tons of steel to the U.S. before the additional tariffs were imposed by the country, he pointed out that the sector expects positive steps to be taken in the coming days.
    
    Source : Daily Sabah