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MARKET TALK: Aperam zwak derde kwartaal - Nomura

Gepubliceerd: 08:13

AMSTERDAM (Dow Jones)--Nomura stelt dat Aperam (APEMY) een zwak derde kwartaal heeft doorgemaakt, hoewel grotendeels in lijn met de verwachtingen. De voorzichtige verwachtingen voor het vierde kwartaal, op een vergelijkbare Ebitda aan de sterk gedaalde Ebitda over het derde kwartaal, lijken wat Nomura betreft niet te conservatief. Naar verwachting van Nomura kunnen hogere importheffingen in Brazilie de Ebitda in 2013 een impuls geven van ongeveer $45 miljoen. Aperam blijft Nomura's favoriete aandeel binnen de roestvast staal sector, hoewel Nomura op staalgebied de voorkeur geeft aan carbon staal. Dinsdag sloot het aandeel op EUR11,86. (EVG)

Dow Jones Newswires
Global stainless steel output to fall short in 2012 - BIR

Heading up his final meeting as chairman of the BIR Stainless Steel & Special Alloys Committee, Mr Michael Wright of ELG Haniel GmbH was not at all confident that global stainless steel production in 2012 would achieve the mark predicted earlier this year.

He told the Round Table gathering in Barcelona that it is very doubtful that production will rise the projected 4% to 33.3 million tonnes; indeed, there is a strong possibility the total will fail to match that of last year owing to third and fourth quarters which have been much weaker than anticipated. In the end, he added, 2012 has turned out to be an extremely difficult year for stainless steel scrap processors and traders, with arising actually falling slightly more than demand.

Looking to the longer term, Mr Wright said stainless steel scrap growth will average 4% to 5% per annum, although nickel pig iron will remain China's preferred option domestically while nickel prices continue above USD 15,000 per tonne. He also maintained that the new stainless steel production facility in Alabama could affect the dynamics of scrap flow in the USA, although he emphasized that it is likely to be three or four years before the plant's production targets are reached. The market report submitted to the latest Stainless Steel & Special Alloys World Mirror by Barry Hunter of US based Hunter Alloys LLC suggested the aforementioned flow shift could extend to: reduced exports of stainless scrap from America to the Asian market and imports of stainless scrap from Europe to the US Gulf region.

The report on the European market was delivered by Frank Waeckerle of Cronimet Germany, who had been elected to succeed Mr Wright as Chairman of the BIR Stainless Steel & Special Alloys Committee. He noted that the Outokumpu Inoxum merger is still on hold and that the most recent indication suggests AST will not be part of the package, thus creating a state of uncertainty among traders in Italy. Mr Wright expressed the hope that the deal will be concluded soon because there has to be consolidation in a European stainless steel industry recording operating rates of 60%.

According to Mr Anand Gupta of Ambica Steels, in India, meanwhile, stainless mills are operating at around 70% to 75% capacity utilization. New factory scrap generation has dropped typically 30% to 40% below the optimum in South East Asia because of a lack of orders, it was also noted in Barcelona by Bharat Mandloi of Singapore based Abcom.

Exporting stainless steel scrap from Russia remains a great headache, with a mere 56,000 tonnes having been shipped out in this year's January to September 2012 period. A further 15,000 to 20,000 tonnes could follow before the end of the year.

The superalloys report prepared by Phil Rosenberg of Keywell LLC in the USA confirmed that no increase in titanium scrap demand is envisaged before the second half of 2013. The high speed steel market also retreated during the third quarter and projections for the fourth quarter are at 50% of the previous three months.

Source - Recycling Portal
EC approves Outokumpu acquisition of ThyssenKrupp Inoxum

Following an in depth review, the European Commission has cleared under the EU Merger Regulation the proposed acquisition of Inoxum, the stainless steel division of ThyssenKrupp of Germany, by the Finnish stainless steel company Outokumpu.

The approval is conditional upon the divestiture of Inoxum's stainless steel production facility in Terni, Italy.

The Commission had concerns that the combination of the two largest suppliers of cold rolled steel products would have given the merged entity the power to raise prices. The commitments offered address these concerns.

Joaquín Almunia, Commission Vice President in charge of competition policy, said “Stainless steel is a key material for a wide range of products, from household goods to industrial equipment, and an essential input for many European industries. The divestment of the Italian Terni plant ensures that the creation of a new European market leader will not be detrimental for consumers and businesses in Europe.”

The Commission's in-depth investigation focused on the production of cold rolled stainless steel products in the European Economic Area (EEA). In this market, the merger will combine the first and the second largest supplier. The transaction, as initially notified, would have created a player three times as big as Aperam of Luxembourg and five times as big as Acerinox of Spain, the closest competitors and respectively the third and fourth player in the market.

The Commission's investigation found that while imports account for an appreciable part of the EEA market, they are insufficient to constrain price increases, because they are generally not considered fully substitutable by final customers. Moreover, despite their level of spare capacity, it is likely that the two main European competitors of the parties, Aperam and Acerinox, would have found it more profitable to follow price increases by the merged entity rather than competing sufficiently aggressively to prevent them. Price increases resulting from the transaction, as initially notified, would have likely been much higher than any potential synergies.

In order to address these concerns, the parties offered to divest Inoxum's stainless steel plant in Terni and a number of distribution centres in Europe. The divestment will provide the purchaser with a fully integrated, stand-alone production and distribution business, having access to all major EEA countries. At the option of the purchaser, the divestment will include Terni's forge (Societa' delle Fucine) and the large bright annealing line LBA2. The Commission will make sure that this business is sold to a suitable purchaser, as provided in the EU Merger Regulation, and will check that Terni's viability and competitiveness is ensured.

The proposed commitments ensure that the merged entity will continue to face a sufficient competitive constraint in the market for the production of cold rolled stainless steel products in the EEA. The Commission therefore concluded that the proposed transaction, as modified by these commitments, would not raise competition concerns. The decision is conditional upon full compliance with the commitments.

The proposed transaction was notified to the Commission for regulatory approval on 10 April 2012. On 21 May 2011, the Commission opened an in-depth investigation (see IP/12/495). The parties were advised in a statement of objections adopted on 9 August 2012 that the merger, as initially notified, raised serious competition concerns in the markets for the production of cold rolled stainless steel products.

The Commission's investigation found that the proposed transaction would raise no competition concerns for the production of slabs, hot rolled stainless steel products, precision strip and ferrochrome. The Commission also concluded that transaction would not raise concerns with regard to the distribution of stainless steel products.

Source - ec.europa.eu
Japanese stainless steel scrap imports down by 17.9pct MoM in September

According to statistics released by Japan's Ministry of Finance, Japan imported 8,268 tonnes of stainless steel scraps in September 2012, falling by 17.9% MoM.

In September 2012, South Korea was the largest stainless steel exporter to Japan with 2,964 tonnes, rising by 1.2% MoM; the US was the second largest one with 2,641 tonnes, decreasing by 17.8% MoM and Taiwan was the third largest one with 1,036 tonnes, decreasing by 49.2% MoM.

In the first nine months of 2012, Japan's imports stainless steel scraps amounted to 101,000 tonnes.

Among them, 34,736 tonnes were from South Korea; 31,167 tonnes were from the US and 16,577 tonnes were from Taiwan.

Source -www.yieh.com
AK Steel to increase base prices effective December 30 2012

AK Steel has announced that it will increase base prices for all 200, 300 and 400 series flat rolled stainless steel products, effective with shipments on December 30th 2012.

AK Steel said this increase will be achieved through a reduction in the functional discount of four percentage points for cold rolled and hot rolled products. Base prices of automotive exhaust grades will increase by USD 0.04 per pound.

All raw material surcharges for stainless steel products, including those for materials under 0.015 inch thickness, will remain in effect.

Source - AK Steel

Outokumpu stainless steel used in Miele washing machines

Outokumpu stainless steel is used to make crucial components in Miele's world leading washers and driers. Miele's washing machines have the longest product lives of all competing appliances according to independent German WfK Cleaning Technology Institute. Miele's machines tested by WfK were the only ones to operate faultlessly after 5 000 wash cycles. This equals about 20 years of normal use.

Since the founding of Miele over a hundred years ago, Miele has persistently pursued market leadership, which requires impeccable performance from every component and material. In washers and dryers, the best and most sustainable appliances use stainless steel in parts that come in touch with water and moisture. To maintain their market leadership, Miele relies on leading material suppliers and has accordingly turned to Outokumpu.

Miele said that "Only the best European quality is good enough for Miele. Outokumpu supplies that quality."

Outokumpu's stainless steel range meets the requirements of Miele with a full range of stainless steel used in washing machine and tumble dryer drums.

After product tests and trial runs in 2011, Miele and Outokumpu started regular deliveries in 2012, with the intention to increase the deliveries over the next few years to build Outokumpu a significant supplier for Miele.

Outokumpu supplies Miele with ferritic stainless steel for the drums of washing machines and tumble dryers as well as austenitic stainless steel for dryers. Ferritic stainless steel comprises non nickel stainless steel alloys with varying chromium content, which largely determines the alloy's corrosion resistance. Ferritic stainless steel is the optimal choice for a wide range of applications. Outokumpu's ferritic product range includes all commonly used grades and covers the main uses of the material.

Source - Outokumpu OYJ
S&P lower Aperam rating to B+

S&P released the following statement

We expect lower prices in the European stainless steel industry to push Luxembourg-based stainless steel producer Aperam's 2012 EBITDA well below our previous projections.

Even though we expect some EBITDA recovery in 2013, we still see the medium-term outlook for stainless steel markets as bleak, and project that Aperam's debt-to-EBITDA ratio is likely to remain high at 4.5x-5.0x in 2013-2014.

We are lowering our long-term rating on Aperam to 'B+' from 'BB-'.

The negative outlook reflects the lack of visibility on the stainless steel pricing environment and our forecast for sluggish demand in Europe in 2013, as well as what we see as Aperam's less than adequate liquidity.

Rating Action
On November 30, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Luxembourg based stainless steel producer Aperam to 'B+' from 'BB-'. The outlook is negative.

We also lowered our ratings on the USD 500 million senior notes due 2016 and 2018 issued by Aperam to 'B+'. The recovery rating on the notes is unchanged at '4', indicating our expectation of average (30%-50%) recovery for noteholders in the event of a payment default.

Source - Reuters
Iemand of iets is in grote hoeveelheden dit aandeel aan het opkopen. Waar zou dit vandaan komen?
ps: Ik klaag niet hoor :)
City celebrates 100 years of Sheffield steel

It’s nearly 100 years since the discovery that changed the city and the world forever. Next year marks the centenary of stainless steel and Sheffield is planning a year long party to celebrate.

Unveiling the plans at the Millennium Gallery this morning, Master Cutler Neil MacDonald said events would cover, not just Harry Brearley’s discovery in a Brown Firth laboratory, but also the entrepreneurial spirit which saw him realise its huge potential. He said that “It’s a chance to blow our own trumpet and tell everyone about it.”

‘Design To Shine’, an exhibition of stainless objects opens in the Millennium Gallery in February 2013. Kelham Island Museum will host ‘Rustless’ the Harry Brearley Story and the Cutlers Hall is having an open day on March 23.

There will also be a Women of Steel Concert, a David Mellor exhibition and a host of industry visits and tours. Meanwhile Sheffield Newspapers is producing a coffee table book.

Source - www.thestar.co.uk
TISCO plans 10% increase in stainless steel by 2013

Shanxi Province based Chinese steelmaker Taiyuan Iron and Steel said that in the first 10 months of this year it produced 2.4 million tonne of stainless steel.

Mr Chai Zhiyong vice general manager of TISCO at the TISCO 2013 Steel Customer Forum said that TISCO also planned stainless steel output for the whole of 2012 is 3.1 million tonne.

At the forum, TISCO also stated its stainless steel output target for next year. Mr Chai indicated that TISCO plans to increase its stainless steel output in 2013 by 310,000 tonne compared to the planned output for the current year, constituting a rise of 10%

Source - SteelOrbis
ThyssenKrupp Stainless USA fires up melt shop

The future looked bright Monday at ThyssenKrupp Stainless USA as the company officially fired up its final production line. The Melt Shop is the last in a series of stainless steel manufacturing processes the company has brought online over the last three years to serve its customers in the North American Market.

The official startup of the Melt Shop occurred on the second anniversary of the Calvert production site's official grand opening in December 2010, fulfilling the site's capabilities as a fully integrated stainless steel manufacturing facility.

The company first launched its production at the new Calvert site in September 2009 serving customers by finishing products in varying stages of the production process and working backwards until the official completion of the Melt Shop today.

Mr Michael Wallis CEO said "Today we celebrate with our Team Members, customers, and community our most important milestone to date. The full operation of the world's most technologically advanced stainless steel manufacturing facility is what we have all worked toward since we first announced we would make Alabama our home in May 2007. Along the way, we have created some outstanding jobs, hired some extraordinary Team Members, and worked with a state and community second to none as a place to work, to live and to do business."

Source - wsfa.com
Taigang Stainless plans to raise stainless steel outputs and exports in 2013

Taigang Stainless, the largest stainless producer in China said that the firm realized 2.4 million tons of stainless steel production in the first 10 months of this year, according to the company’s announcement at the annual meeting with customers last Thursday.

In fact, Taigang Stainless targeted to produce 3.1 million tons this year but the firm might face difficulty to achieve the targets as it had forced to cut production during the mid-year because of poor stainless steel demand.

For the prospect, Taigang Stainless expected to increase its stainless steel outputs and exports by 310,000 tons and 420,000 tons respectively in 2013.

Source - YIEH.com
China Stainless Steel output to up 31000 tonnes in 2013

On December 5 to 8, 2012, Taiyuan Steel held steel customers symposium for 2013 in Sanya of Hainan province, more than 700 clients attend the conference.

It is noted Taigang Stainless Steel produced 2.4 million tonnes of stainless steel in all in the first ten months of this year.

As for the goal of 2013, it set to add stainless steel production by 310,000 tonnes, and increase exports by 420,000 tonnes.

Source - www.steelhome.cn/en
China steel information centre and industry database
European stainless steel output falls in Q3 from Q2 - Damstahl

According to the Stainless Steel Report December 2012 issued by Germany based service center Damstahl, European stainless steel crude steel production was around 1.6 million tonne in the third quarter of the year, falling from 2 million tonne recorded in the second quarter of the year. However, the production level is up two percent compared to the same quarter of the previous year. In the first nine months of 2012, European stainless crude steel production reached 5.7 million tonne.

According to Damstahl, the European stainless steel market does not show signs of an improvement, and demand from both end-users and stockholders has no any clear direction at the moment.

Damstahl estimates that there is not much dynamic present in the most important stainless steel end-use segments in Europe, including the process equipment, automotive and construction sectors. The outlook for the next months remains weak, but there are several indications that demand from end-users will improve as 2013 progresses. Damstahl noted that it is expected that the oil and gas industry will grow at double digit rates in Europe next year. Also according to the Damstahl report, the German Mechanical Engineering Federation expects a growth of at least two percent in production of process equipment in 2013.

Source - SteelOrbis
Benefits of stainless steel for biofuels sector shown in New Nickel Institute Publication

Stainless steel is the material of choice for many applications in the bioethanol, biodiesel and biogas sectors as it presents a cost-efficient and reliable material solution.

The Nickel Institute has recently published the report ‘Stainless Steels: Cost-Efficient Materials for the Global Biofuels Industry’ to assist bioethanol, biodiesel and biogas producers and supporting industries like process technology providers, developers, plant designers and operators see the economic benefits from selecting the appropriate grade of stainless steel.

Stainless steel offers excellent corrosion resistance in the biofuels industry’s process conditions. It has good strength, ductility, toughness and ease of fabrication. The report shows that an increasing number of biofuels process engineering companies specify stainless steel for much of the production equipment.

For its future growth and long-term potential, the biofuels industry must develop efficient and costcompetitive process designs, based on sustainable, non-food feedstocks. Biorefineries which integrate biomass conversion processes and equipment to produce fuel, power and chemicals from biomass are seen as the most promising route to the creation of a bio based industry in many countries.”

Dr Kevin Bradley of Nickel Institute president said that “Biofuels plants are looking for cost-effectiveness, reliability, low maintenance costs and long-lasting production equipment. Stainless steel offers these attributes and more and can bring considerable value to the biofuels industry. Stainless steel is 100% recyclable which helps supports the biofuels industry's long-term sustainability concepts and goals.”

Source - The Nickel Institute
Nickel rises on spot demand

Economic Times reported that nickel prices rose by 0.40% to INR 980.40 per kg in futures trade on December 17h 2012 supported by rising demand at spot markets from alloy makers and a firming trend in base metals in the global markets.

At the Multi Commodity Exchange, January nickel up by INR 3.90, or 0.40%, to INR 980.40 per kg, with a business turnover of 152 lots.

The December delivery traded higher by INR 3.70, or 0.38%, to INR 974.10 per kg, with a turnover of 1,885 lots.

Marketmen said the rise in nickel prices at futures trade was mostly on the back of increased demand at spot markets from alloy makers and a firming trend in base metals at the London Metal Exchange on the back of positive Chinese economic data.

Source - Economic Times
Global stainless steel production in Q3 at all time-high

Preliminary figures released by the International Stainless Steel Forum show that worldwide stainless steel crude steel production has increased after the first nine months of 2012 by 2.9% compared to the same period of 2011.

Total production for the first three quarters was 26.1 million tonnes. This is 0.7 million tonnes more than in the same period of 2011. Total production for the quarter was 8.3 million tonnes, a new all time high for a third quarter. However, there were big differences in the performance of the individual regions.

In Asia (excluding China) stainless steel production decreased slightly by 0.2% to 6.6 million tonnes. However, the growth rates of the individual stainless producing countries in Asia showed variations ranging from plus 5% (India) to minus 4% (Taiwan, China).

China increased its stainless steel production in the first nine months of 2012 by 7.9% to 11.4 million tonnes. The country now accounts for about 44% of the world’s stainless steel production. At the same point in 2011, China’s market share was at about 42%. After the first nine months of 2012, Asia (including China) accounts for almost 70% of the world’s stainless steel production and this share is tending to increase.

Western Europe/Africa now ranks as the world’s third largest stainless producing areas. After nine months of 2012 this region showed a slight increase of 0.7% in stainless steel production. Total production was 6 million tonnes for the quarter. Within Europe, big production variations have been observed ranging from minus 11% (UK, Sweden, Germany) to plus 12% (Finland).

In The Americas region, stainless crude steel production decreased by 5.5% to 1.8 million tonnes in the first three quarters of the year. Production in the Eastern Europe region showed a drop of 10.6% to 0.3 million tonnes.

Source - ISSF
Market of stainless steel worse than expected - Acerinox

Acerinox said that market conditions of stainless steel are worse than expected.

It said “Consequently, we forecast results in the fourth quarter to be very similar than the third one, ending the year in slightly losses.”

Source - Acerinox
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