ArcelorMittal LU1598757687

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1. voda 19 maart 2019 13:58

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   IG Metall inks wage deal with northwest German steel industry
   
   German labor union IG Metall has confirmed that a final new contract was signed Sunday night with representatives of the northwest German steel industry ending months of strike action. Jörg Hofmann, First Chairman of IG Metall, said "According to this, the employees receive a significant increase in their real incomes. In addition, the possibility of being able to convert the additional tariff compensation of 1,000 euros into days off, more self-determination in working hours and a relief in the burdensome shift work. Thus, after the collective agreement in the metal and electrical industry, we have also taken an important step in the steel industry for more working time sovereignty.
   
   After the negotiated result achieved in the night to Sunday, the fees for the approximately 72,000 employees will increase by 3.7 percent from March 2019, and for the months of January and February there will be a total of 100 euros in a one-time payment. Depending on the year of apprenticeship, apprentices receive an increase in trainee remuneration from 88 euros to 188 euros in two stages. From 2020, all employees will receive an additional tariff compensation of EUR 1 000, which will be paid on 31 July. This is permanent and tariff-dynamic. Employees can convert this allowance into days off. There are up to 5 days off.
   
   The collective agreements on partial retirement, job security and the use of contracts for work are being extended. In addition, a negotiation obligation for a collective agreement for dual students was achieved. The collective agreement runs until 28 February 2021.
   
   Source : Strategic Research Institute
2. voda 19 maart 2019 14:46

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   POSCO Daewoo becomes POSCO International
   
   POSCO Daewoo has changed its name to POSCO International as part of efforts to enhance its connectedness as a unit of POSCO Group effective March 18th 2019. At its shareholders meeting in Incheon, POSCO Daewoo shareholders approved the name change and other issues including dividend policy and reappointing CEO Kim Young-sang as an inside director. It said “The name change will enhance its connectedness as a unit of POSCO Group and promote the company's identity as a global trader.”
   
   POSCO Daewoo, founded as Daewoo Industrial in 1967, became a member of POSCO Group in 2010 and grew to be one of the group's cash cows, shattering earnings records in 2017 and 2018. It changed its name to POSCO Daewoo in 2016.
   
   Source : Strategic Research Institute
3. voda 19 maart 2019 14:47

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   Hoa Sen opens new galvanizing plant
   
   Viet Nam News reported that steelmaker Hoa Sen Group opened new hot-dip galvanized steel pipe plant in the province. Developed by its member company, Hoa Sen Phú M? Joint Stock Company, the plant was built on an area of 5.3ha in Phú M? 1 Industrial Zone in the province with total capital of over VN? 500 billion (USD 22 million). The plant has eight production lines equipped with the most advanced technology in the world, with a total capacity of 85,000 tonnes per year.
   
   Hoa Sen said the opening of the new plant will help the company carry out its plan to diversify its products and meet increased domestic and foreign demand.
   
   Source : Viet Nam News
4. voda 19 maart 2019 14:48

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   Vallourec is selected by Thai PTTEP to deliver OCTG for offshore project in Myanmar
   
   PTTEP, Thailand's national oil exploration & production company, awarded Vallourec the contract to deliver over 3,000 tonnes of OCTG for its Myanmar M9 West exploration well. The project will be essentially served through Vallourec's subsidiary in Indonesia, supported by competitive supplies from Vallourec pipe mills in Brazil, in China and in Germany. In addition, VAM® Field Services (VFS) will be present on the rig to supervise the smooth running of the well. By ensuring that running procedures are followed correctly, VFS can reduce risk, improve efficiency and contribute to the safety of operations on the rig.
   
   Mr Alexandre Valdelievre, Vallourec Commercial Director South East Asia, said "We are absolutely delighted to be entrusted with this contract, which truly reflects the benefits of our new regional organization. Since 2017, we have been working closely with PTTEP, building relations of confidence and proximity and supporting them for their offshore exploration projects."
   
   PTTEP drilling engineering team said "Safety, quality and value for money are the key success factors for our operations which is why we selected Vallourec for our project. Thanks to their proximity, their technical know-how and field services, Vallourec will be able to support us from the start of the project through to installation."
   
   With its Vallourec Tianda plants located in China, the group has a new, fully integrated production system, which enables it to offer a complete product portfolio at a highly competitive price to target local and export markets (Asia, the Middle East).
   
   Source : Strategic Research Institute
5. voda 19 maart 2019 14:50

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   Difficult to gauge impact of falling IIP on steel demand - Mr Sushim Banerjee
   
   Mr Sushim Banerjee DG of INSDAG in his personal capacity wrote in Financial Express that “Growth in industrial production boosts steel consumption as some of the critical segments of industry are steel intensive. Hence, the fall in the index causes concern for steel industry. However, it is difficult to predict precisely by how much the impact is translated into lowering the demand for steel on a monthly basis, as the lagged effect of demand contraction may get reflected in subsequent months as well. On the same logic, the net impact over a period of, say, six months gets neutralized by the monthly ups and downs of IIP and a trend analysis becomes appropriate.”
   
   The IIP for January 2019 shows that manufacturing (weight: 77.6%) goes down to 1.3% from 2.7% and (-) 0.6% growths in previous two months, leading to drop in IIP to 1.7% from 2.4% 0.3% growth rates observed in last two months. The mining sector favored by MM&DR policy guidelines has clocked 3.9% growth in the month. The cumulative growths of both manufacturing and IIP during the first 10 months of the current fiscal stand at 4.4%. Under manufacturing, some of the steel-intensive segments have performed relatively weak during the month. Manufacturing of fabricated metal products has gone down to grow at (-) 9.0% in January while machinery and equipment manufacturing dropped to (-) 2.2%.
   
   Manufacturing of motor vehicles and trailers has performed in the reverse by achieving (-) 1.4% growth in the month. The same is reflected in a somewhat sombre growth of 8.8% in production of automobiles in April-February’19. While commercial vehicles achieved sales growth of 19.7% during the period (contributed by both medium, heavy and light commercial vehicles), sales of passenger vehicles and two-wheelers have gone up by 3.3% and 6.9%, respectively, during the first 11 months of the current fiscal.
   
   The automobile sector has been maintaining an average growth between 12-14% during the previous months. Apart from fresh production, sales growths have been dependent on sales from inventory as well as by 15.5% rise in automobile exports (primarily by exports of 2/3 wheelers). The furniture manufacturing has gone down by 12% in January.
   
   From the perspective of use-based classification, the capital goods segment after exhibiting respectable growth in months of October’18 and December’18 has clocked a (-)3.2% growth in January, closely followed by the consumer durable segment with a monthly growth of 1.8% only. The consumption growth during April-January’19 period in plates and HR and CR sheets/coils has been restricted to 1.3%, (-) 1.6% and 3.8%, respectively.
   
   On the positive side, manufacturing of electrical equipment has clocked a growth of 7.8% in January and making the cumulative growth to reach 3.8%. This gets reflected in electricity generation index to grow at the 0.8% rate in January and 5.9% cumulatively. Also, consumption of electrical sheets has gone up by 26.3% in January, with imports rising 16.4% during the period.
   
   In addition, the shipbuilding and parts, agricultural tractors and roller and ball bearings segments have achieved monthly growth rates of 132.8%, 35% and 30%, respectively, in January. This is good news for rising demand for plates, sheets, structural and alloy and special and steel product categories. The production growth of bars and rods of alloy and SS has also contributed to the IIP rise. Manufacturing of other transport dominated by rails and shipbuilding has achieved a monthly growth rate of 13% in January following a massive 18% rise in December’18.
   
   One significant contributor for steel demand in the country is infrastructure and construction segment that has grown by a respectable 7.9% in the month and cumulatively at 8.4% during the period. It may be mentioned that this segment grew by 10.1% in last December and 8.9% in October’18.
   
   As around 62% steel is accounted for by this industrial segment, a high growth in the segment leads to rise in steel consumption of 7.4% during the first 11 months of FY19.
   
   It is therefore apparent that IIP figures for January are provisional and would undergo revision twice in coming months with changes in November and December indices.
   
   A conclusive evidence of impact of monthly IIP on steel consumption must await the impending revisions of the recent months’ indices as non-receipt of monthly data on specific segments and receipt of cumulative data for the segment in the subsequent month may make significant changes in the perceived role of the segment in influencing steel consumption. Only in October’18 the manufacturing sector and total IIP had observed growth rates ranging 8.2-8.4%.
   
   From this point of view, the annual IIP data is a much better indicator to display its influence on steel consumption unless a prolonged growth or stagnancy covering a period exceeding 6 months indicates a definite trend.
   
   Source : Financial Express
6. voda 19 maart 2019 14:53

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   GMS Market Commentary in India in Week 11 - CLOSING OUT FINANCIAL YEAR!
   
   As the Indian financial year draws nearer to a close and volatile domestic fundamentals + local offerings continue to sabotage any chance that Alang Recyclers may have at successfully competing with a far stronger Bangladeshi market, local buyers continue to seemingly struggle with getting their vessels delivered or are entirely abstaining from buying new units at today’s firmer levels, whilst they get their affairs and accounts in order. Domestically, the election, which was previously considered to be Mr. Modi’s to lose only, has since turned into a far tighter affair (despite proclamations of success in easing recent tensions with Pakistan) and it will be worth keeping a close eye on proceedings as events unfold.
   
   Fundamentally, even though steel prices have endured an overall negative week (when compared to the highs from recent weeks), there were (again) some encouraging gains with a minor improvement registering this week. The INR too continues to firm against the US Dollar, as it gradually approaches the INR 69.30 mark. Although both fundamentals reported improvements in unison, the increases were not enough to firm up local offerings on vessels and certainly not at the impressive levels that a healthy majority of sales over the last 10 working days have registered.
   
   On the sales front, Costamare of Greece concluded a couple of their containers over the last couple of weeks, both basis an ‘as is’ Singapore delivery and for strictly green recycling. The PIRAEUS (19,838 LDT) was sold at a firm USD 448.50/LT with 280 Tons of bunkers included in the sale, followed by MSC PYLOS (11,316 LDT), that was concluded for an even firmer USD 452/LT albeit with about 460 Tons of bunkers included in the sale. Additionally, MSC concluded their MSC RONIT (7,540 LDT) at a decent USD 446/LT basis an ‘as is’ Fujairah delivery and finally, reefer ZENIT was concluded at a temperamentally sound USD 414/LT basis an Alang delivery.
   
   Given these firmer fixing levels, only time will tell how these resales eventually fare.
   
   Source : Strategic Research Institute
7. voda 19 maart 2019 14:54

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   GMS Market Commentary in Pakistan in Week 11 - NO COMPETING!
   
   After a large delegation of Pakistani Recyclers attended the recent ship recycling conference in Hong Kong last week (where several large LDT ships were committed at numbers well above their guidance), Gadani Buyers are starting to grasp onto the gravity of the challenges they face in securing competitive, decent LDT tonnage. Prices in Gadani are presently stranded about USD 50/LDT below their Bangladeshi counterparts, so there is (unfortunately) no competing with the market leaders at present – on vessels big OR small (where they are hoping to fix units below the USD 400/LDT mark).
   
   Therefore, it remains no surprise to see Gadani’s port report relatively barren (despite just a couple of small LDT units reportedly at anchorage) and as Pakistan plots stand empty and starved of tonnage, so drastic has been the fall from grace in this sector over the last 6 months or so.
   
   Source : Strategic Research Institute
8. voda 19 maart 2019 14:54

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   GMS Market Commentary in Turkey in Week 11 - PRECARIOUSLY POISED
   
   After a recent few shaky weeks of declining levels, local steel plate prices seem to have found some stable footing at the USD 325/MT mark over the last couple of weeks. Moreover, whilst we were expecting local offerings to decline as a result of this, prices for ships have (surprisingly) managed to stay stable during this time. Adding to the overall stability has been the TRY, which too has managed to firm up a little towards the end of the week, inching closer to the TRY 5.40 mark against the US Dollar, as opposed to the TRY 5.50 from last week.
   
   However, what has remained unchanged has been the cautious / precarious local sentiment of Aliaga Recyclers, who have not been eager to come forward with firm offers, fearing possible declines ahead.
   
   Overall though, today’s local offerings are a lot better than those from a few months ago, where prices were lingering around the lowly USD 230 - USD 240/MT mark and given Turkey’s current levels, there are still decent margin deals to be concluded with parties who have assets in the area and are looking for a quick deal.
   
   Source : Strategic Research Institute
9. voda 19 maart 2019 15:37

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   GMS Market Commentary in Bangladesh in Week 11 - DWINDLING ARRAY!
   
   As Bangladesh continues to absorb a majority of the market tonnage (unless being sold for green recycling or in the offshore sector), industry players have been dealing with the prospect of a dwindling array of aggressive and capable end Buyers, which now appears to be coming to fruition. Last week, as was mildly obvious, a few large LDT containers were sold on an ‘as is’ (even Singapore) basis. However, despite the closer proximity to Bangladesh, they will redeliver into India (See Indian Sales on Page 3), their ‘green recycling’ only option virtually mandating they bypass Chattogram shores.
   
   Despite that, Bangladesh continues to take in its share of units every week.
   
   Large LDT Bulker ORISSA (19,017 LDT) was sold via (Indian) auction on an ‘as is’ Goa basis, at a massive level well in excess of USD 420/LT LDT. Factoring in redelivery costs, this vessel appears to have all of the hallmarks of a Bangladesh resale. Additionally, SPIL of Indonesia concluded their container vessel ORIENTAL MUTIARA (7,591 LDT) at a surprisingly firm USD 468/LT LDT, basis a strictly Bangladesh delivery.
   
   With freight rates showing few glimmers of hope, the supply is expected to continue through the course of the year and this may see prices ease off in the weeks and months ahead, to fall more in line with India and Pakistan in the low USD 400s/LDT.
   
   For now, it seems Bangladeshi Buyers already have their hands full with an Indian market, which, despite its voracious volatility, seems to have bitten out a few choice units out of Bangladeshi hands over the last couple of week, even if it was for strictly green recycling.
   
   Source : Strategic Research Institute
10. voda 20 maart 2019 15:37

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    Beursblik: ArcelorMittal stelt gerust tijdens beleggersdag in Italie
    
    FONDS KOERS VERSCHIL VERSCHIL % BEURS
    ArcelorMittal
    19,586 -0,328 -1,65 % Euronext Amsterdam
    
    (ABM FN-Dow Jones) ArcelorMittal is gefocust op het verder afbouwen van de schulden en het intensiveren van de kapitaalteruggave aan aandeelhouders. Dit concludeerde UBS na een "geruststellende" beleggersdag van 's werelds grootste staalproducent.
    
    ArcelorMittal herhaalde tijdens het event in Italië dat men de nettoschuld van 10 miljard euro eind 2018 wil verlagen tot de doelstelling van 6 miljard euro. Daarnaast moet de vrije kasstroom verbeteren.
    
    Overnames als die van Ilva en Essar dragen op een betekenisvolle manier bij aan het verbeteren van de voetafdruk van ArcelorMittal maar de analisten van de Zwitserse bank rekenen er niet op dat verdere grote overnames in het verschiet liggen.
    
    Over het Italiaanse Ilva zei ArcelorMittal tijdens het beleggersevenement dat de integratie van het bedrijf naar wens verloopt. Het management verwacht dat dit één van de best lopende fabrieken in Europa wordt, volgens UBS.
    
    De Italiaanse beleggersdag verandert niets aan de beleggerscase van UBS. Op korte termijn voorzien de analisten nog tegenwind, bijvoorbeeld door de mondiale groeivertraging, maar de outlook op de middellange termijn is aantrekkelijk.
    
    UBS heeft een Neutraal advies op ArcelorMittal met een koersdoel van 23,00 euro.
    Het aandeel ArcelorMittal daalde woensdag 1,6 procent op 19,60 euro.
    
    Door: ABM Financial News.
    info@abmfn.nl
    Redactie: +31(0)20 26 28 999
    
    © Copyright ABM Financial News B.V. All rights reserved.
11. voda 20 maart 2019 16:32

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    Hoover’s Industrial Development Board issues USD 275 million in bonds for US Steel’s EAF project in Fairfield
    
    Al.com reported that Hoover’s Industrial Development Board has committed to issuing USD 275 million in bonds to support US Steel’s electric arc furnace project in Fairfield. City officials said it was a chance to support an area industrial development project, but will not entail any liability on the city’s part.
    
    Last month, US Steel Corp announced it is resuming a USD 215 million construction project on the technologically advanced furnace, which is expected to add 150 jobs. The furnace is projected to begin producing steel rounds in the second half of next year.
    
    The project was originally shut down in December 2015 due to unfavorable market conditions.
    
    Source : Al.com
12. voda 20 maart 2019 16:32

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    Scrap dealers urge to establish steel manufacturing company in North East Nigeria
    
    The Eagle Online reported that Scrap Dealers Association, Gombe State chapter, has called on the Nigeria’s Federal Government to establish a steel manufacturing company in the North East to save resources and create employment opportunities. The association’s chairman, Abdullahi Isa, made the call in an interview with the News Agency of Nigeria on Tuesday in Gombe.
    
    According to Isa, the association transports eight trailers of scrap items on a daily basis to other parts of the country where such scraps are used as raw materials for production. He said it would save the country many resources, including time, material and human, if there was a manufacturing company in the region that would process these scraps.
    
    Source : The Eagle Online
13. voda 20 maart 2019 16:33

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    TMK reports results of new strategy at Capital Market Day
    
    TMK, one of the world’s leading producers of tubular products for the oil and gas industry, hosted Capital Markets Day in Moscow. The event was attended by Alexander Shiryaev (Chief Executive Officer), Vladimir Shmatovich (Vice President for Strategy and Business Development), Sergey Alekseev (Marketing Director), Adrian Popescu (Head of the European Division), and finance and investment managers.
    
    TMK’s top management updated investors on the Company’s performance in 2018, reported on progress made on the Strategy presented in November 2017, and shared near-term development plans for TMK. The event speakers focused on the Company’s financial stability as well as measures to further reduce the net debt-to-EBITDA ratio.
    
    “2018 was the first year of implementing TMK’s new strategy. During the year, TMK maintained its position as one of the leading suppliers to the global OCTG market and a dominant supplier to the Russian oil and gas market. We continued to develop customer relationships by expanding our offering of high-tech products and services while deepening our strategic partnerships with major oil and gas companies to collaborate on developing breakthrough technology and services,” said Alexander Shiryaev.
    
    TMK performed strongly last year and achieved further business growth. The Group’s revenue and adjusted EBITDA were up by 16% in 2018, with a strong performance from all three divisions of the Company. Additionally, further progress was made on strengthening TMK’s financial position by reducing its leverage. TMK’s net debt-to-EBITDA ratio decreased to 3.48? in 2018, and the Group is committed to achieving its target of 3.00x by the end of this year.
    
    Source : Strategic Research Institute
14. voda 20 maart 2019 16:34

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    ArcelorMittal in Saudi Arabia is technically in default - Report
    
    Talk Finance reported that the Saudi steel pipe factory Al Jubail, of which ArcelorMittal is joint owner, is struggling with problems. According to ArcelorMittal’s annual report, the joint venture has been ‘technically in default’ since the end of last year because other owners would refuse to provide the necessary financing.
    
    ArcelorMittal had USD 163 million in loans and receivables past due at Al Jubail at the end of last year. The group also guaranteed USD 397 million of the factory’s debts. ArcelorMittal, in its own words, works to resolve the situation with its partners. The steel concern therefore assumes that the shortcoming will be remedied in the short term.
    
    Source : Talk Finance
15. voda 20 maart 2019 16:35

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    Tata Steel BSL allots 11% shares to Tata Steel
    
    Tata Steel BSL announced that the Committee of Directors has approved allotment of 650,00,00,000 - 11.09% Non-Convertible Redeemable Preference Shares having face value of INR 10 each for cash aggregating to INR 6,500 crore to Tata Steel Limited (NCRPS Series I) on private placement basis, on terms and conditions as approved by Board/Committee of the Board.
    
    This has reference to our letters dated January 9, 2019, February 11, 2019 and March 11, 2019 with respect to issuance of Non-Convertible Redeemable Preference Shares on private placement basis.
    
    Source : Strategic Research Institute
16. voda 20 maart 2019 16:47

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    TMK considering listing its European division
    
    Reuters reported that Russian steel pipemaker TMK is considering an IPO of its European division, with a possible decision in the first half of 2019. TMK’s head of strategy Mr Vladimir Shmatovich said “The reason for a listing is to get cash and is not connected to the risk of sanctions. Though some investors, who don’t really understand the sanctions and judge them superficially would feel more comfortable if the asset has European or US minority shareholders.”
    
    TMK is also working on an IPO of its US division.
    
    Source : Reuters

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17. voda 20 maart 2019 16:48

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    BMZ steps up presence in Africa
    
    BelTA reported that the Belarusian steel mill BMZ intends to step up its presence in Africa in 2019. In January-February 2019 BMZ's shipments to African countries increased considerably in monetary terms and physical terms and exceeded 57,000 tonnes. The figure represents about 15% of the company's total export. Negotiations with a potential customer from Senegal took place at BMZ in early March for the sake of securing the achieved results. The meeting touched upon the timeframe and volumes of the first deliveries. Prospects of expanding export to Niger, Chad, Mali, and Mauritania were mentioned.
    
    In 2016-2018 BMZ considerably increased its presence in Africa. In 2016 the company shipped 89,000 tonnes of metal products to Africa. In 2017 the figure reached 209,000 tonnes. It went up to 256,000 tonnes in 2018. The list of customers grew larger to include Algeria, Mali, Sudan, Chad, and Ethiopia.
    
    The portfolio of orders to deliver BMZ products to Africa was first filled in 1998. Back then customers from Egypt, Cameroon, Morocco, and Tunisia were able to appreciate the quality of Belarusian metal products. Cast sections used to represent the bulk of BMZ's export to Africa. At present the company views Africa as an alternative market for selling reinforcing bars and low-carbon rolled steel.
    
    In January-February 2019 BMZ exported over 571,000 tonnes of metal products to 45 countries across the globe.
    
    Source : BelTA

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18. voda 20 maart 2019 16:48

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    Government or bureaucracy not serious about reviving Pakistan Steel Mills
    
    Dawn reported that the Senate Standing Committee on Industries and Production was informed on Monday that either the Pakistan government or the bureaucracy was not serious in resolving the issues faced by Pakistan Steel Mills. The Standing Committee, chaired by Senator Ahmed Khan, held its meeting at the Steel Mills to discuss issues with mid-level management and sought a viable solution. He said “Our target is to get PSM operational as soon as possible. Even if it has to be privatised a running unit can fetch better rates.”
    
    He directed the PSM management to provide details of each of the 16 units separately so that the future course of action could be devised easily. He said “It is difficult to arrange a huge sum of money to resolve all issues in one go but we can suggest the government to start investments from certain point so that the PSM does not remain totally non-functional.”
    
    He also suggested that the committee should take up the case of PSM with various government departments and the provinces for arranging government-to-government contracts over public sector projects. He said “This could reduce the initial working capital to some extent and help PSM to operationalise some of its units.”
    
    However, briefing the committee, Chairman PSM Board Engineer M.A. Jabbar said the root cause of all troubles faced by the PSM was based in Islamabad. “Either the ministers or the bureaucracy are delaying all decision making process,” he said.
    
    Source : Dawn
19. voda 20 maart 2019 16:49

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    NLMK Group localizes Steeluniversity for Russia
    
    NLMK Group announced the launch of the Russian version of Steeluniversity, a famous educational website of the International Iron and Steel Institute. Steeluniversity is an educational project of the World Steel Association, an international association of steel producers. It is a collection of e-learning resources and interactive simulations covering major aspects of iron, steelmaking and rolling operations.
    
    The website localization for the Russian-speaking audience began two years ago on the initiative of NLMK Group's Corporate University. Experts of the company organized the translation of the website itself, its educational games and 3D-models. A number of training e-courses are being finalized and will be added to the website as soon as they become available.
    
    Valentina Satarova, Head of NLMK Corporate University, said “We are proud that it was NLMK who initiated the localization of this unique resource on steel technologies for the Russian-speaking audience. Today, most of the website has already been translated, but our work doesn’t end here. The website will be updated, new programmes and simulations will be added to its collection. Steeluniversity website is intended for use by steel companies and industry-specific educational institutions for training recent graduates, career guidance or as induction for new employees”.
    
    Source : Strategic Research Institute
20. voda 20 maart 2019 16:50

    auteur info

    • voda

      Lid sinds: 02 dec 2005

      Laatste bezoek: 26 apr 2024

    • Aanbevelingen

      Ontvangen: 82078

      Gegeven: 20908

    •    Aantal posts: 364.585

    Steel Dynamics provides first quarter 2019 earnings guidance
    
    Steel Dynamics Inc has provided first quarter 2019 earnings guidance in the range of $0.88 to $0.92 per diluted share. Comparatively, the company's sequential fourth quarter 2018 earnings were $1.17 per diluted share and prior year first quarter earnings were $0.96 per diluted share. Fourth quarter 2018 results included additional company-wide performance-based compensation of $0.04 per diluted share and lower earnings of $0.10 per diluted share, associated with planned maintenance outages at the company's liquid pig iron production facility and its two flat roll steel mills.
    
    First quarter 2019 earnings from the company's steel operations is expected to decrease in comparison to sequential fourth quarter results, primarily related to lower earnings from the company's sheet operations. However, recent increases in sheet steel prices are having a positive impact, resulting in increased order activity and reconstituted order backlogs.
    
    Overall steel shipments are expected to increase in the first quarter 2019, compared to fourth quarter 2018 results, and average quarterly steel product pricing is expected to decrease more than the cost of average scrap consumed. The company believes domestic steel consumption will continue to improve through the year.
    
    First quarter 2019 profitability for the company's metals recycling platform is expected to improve when compared to sequential fourth quarter results, based on improved nonferrous volume and metal spread expansion, despite slightly lower average price realization.
    
    First quarter 2019 earnings from the company's steel fabrication business are expected to improve from sequential fourth quarter results, due to higher selling values and lower steel input costs. The company's fabrication shipments are expected to be sequentially lower in the first quarter 2019 related to inclement weather conditions that occurred throughout the quarter. The order backlog is stronger than it was at this time last year, and customers remain optimistic concerning non-residential construction projects heading into the summer season.
    
    Source : Strategic Research Institute