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1. voda 17 september 2020 14:40

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   MMK Improves Energy Efficiency H1 of 2020
   
   Magnitogorsk Iron and Steel Works analysed the functioning of its energy management system for H1 2020. The analysis showed that the new version of MMK's energy policy, approved in March 2020, meets the Company's mission and strategic goals as well as the requirements of the international standard ISO 50001. The Company's production activities for H1 2020 were carried out in accordance with the requirements of Russian legislation in the field of energy conservation and improving the energy efficiency of production, as well as in accordance with the international standard ISO 50001:2018. Among the key areas for improving energy efficiency are improving the system of control over the use of energy resources, increasing the efficiency of their use at each workstation, and making the most complete and efficient use of secondary energy resources.
   
   An important component of improving MMK's energy efficiency is to involve Company personnel in energy-saving activities. In H1 2020, MMK Group submitted 356 energy-efficient ideas proposed by employees on the Company’s energy management platform (an application for collecting ideas in the field of energy efficiency and other categories), 68 of which have been implemented and are expected to have a total economic effect of more than RUB 60 million. Another 146 energy-efficient ideas are currently in the works.
   
   Among MMK Group’s best energy-saving practices in H1 2020, was, in particular, the optimisation of process water supply modes to the spray cooling circuit at mill 5000. The project has a short payback period, and this small capital investment will save the Company around 700 thousand KW of electricity and about RUB 2 million.
   
   Another project involves providing accurate metering of chemically treated water through the KF-2 cationite filter by replacing the mechanical flow meter with an electronic one. This will save up to 1,800 tonnes of water per year on annual basis.
   
   Source : STRATEGIC RESEARCH INSTITUTE
2. voda 17 september 2020 14:41

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   Egyptian Iron & Steel Reports 42% Decline in Loss
   
   Egyptian Iron and Steel Company reported a 42% Year on Year decline in its net loss in the fiscal year (2019-2020. Net loss stood at EGP 887.370 million in the FY 2019-2020, compared to EGP 1,526.885 million incurred in FY 2018/2019.
   
   Earlier, the company stated that the Holding Company for Metallurgical Industries signed an agreement with Ukraine-based Vazhmashimpex to raise the concentration of iron ore in Egyptian oases by using the dry magnetic separation technology. Under the agreement, Egyptian Iron and Steel will establish two plants in partnership with Vazhmashimpex.
   
   Source : STRATEGIC RESEARCH INSTITUTE
3. voda 17 september 2020 16:12

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   Nucor ziet kwartaalwinst opveren
   
   FONDS KOERS VERSCHIL VERSCHIL % BEURS
   Nucor
   $ 47,53 -0,03 -0,06 % NYSE
   
   (ABM FN-Dow Jones) Nucor verwacht dat de winst in het derde kwartaal fors hoger zal zijn dan in het voorgaande kwartaal, maar nog wel aanzienlijk lager dan een jaar eerder. Dat maakte het Amerikaanse staalbedrijf donderdag bekend.
   
   Nucor rekent op een winst van 0,50 tot 0,55 dollar per aandeel, vergeleken met 0,36 dollar in het tweede kwartaal en 0,90 dollar in het derde kwartaal van 2019.
   
   Het gaat goed met de verkoop van stalen balken die niet voor de woningbouw bestemd zijn. De plaatstaalmarkt blijft nog uitdagend en hier zal het resultaat naar verwachting gelijk blijven aan een kwartaal eerder, stelde Nucor.
   
   Het grondstoffensegment zal een minder goed resultaat boeken dan een kwartaal eerder, verwacht Nucor, door lagere prijzen.
   
   Vooruitblikkend zegt Nucor voorzichtig optimistisch te zijn voor het vierde kwartaal, gezien de ontwikkelingen op de markt voor grondstoffen en plaatstaal, waar het bedrijf de vraag en prijzen licht zag stijgen in de loop van het derde kwartaal.
   
   Door: ABM Financial News.
   info@abmfn.nl
   Redactie: +31(0)20 26 28 999
   
   © Copyright ABM Financial News B.V. All rights reserved.
4. voda 18 september 2020 15:08

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   INS Viraat Heading to Alang Beach Yard for Breaking
   
   Times of India reported that Indian Navy’s decommissioned aircraft carrier INS Viraat will begin its last journey on Friday from Mumbai to reach Alang in Gujarat’s Bhavnagar where it will be dismantled. Alang based Shree Ram Group had won the bid for breaking down the historic ship for INR 38.54 crore. The ship is currently anchored at the naval dockyard in Mumbai from where a tug boat will tow the ship to Alang. The Indian Navy ship, decommissioned after 30 years of service in 2017, is expected to reach Alang around Sunday midnight. This is the only warship to have served both the UK and India Navy.
   
   INS Viraat was originally a British ship and was commissioned in the Royal Navy in 1959. HMS Hermes was a conventional British aircraft carrier and the last of the Centaur class. The ship was laid down by Vickers-Armstrong at Barrow-in-Furness during World War II as HMS Elephant. Construction was suspended in 1945 but work was resumed in 1952 to clear the slipway and the hull was launched on 16 February 1953. The vessel remained unfinished until 1957, when she entered service on 18 November 1959 as HMS Hermes after extensive modifications which included installation of a massive Type 984 'searchlight' 3D radar, a fully angled deck with a deck-edge elevator, and steam catapults. With these changes she more resembled the reconstructed aircraft carrier Victorious than the other three ships in the class. Hermes initially operated Supermarine Scimitar, de Havilland Sea Vixen, and Fairey Gannet fixed-wing aircraft, together with Westland Whirlwind helicopters. The construction cost of Hermes was GBP 18 million with a further GBP 1 million for electronic equipment and a further GBP 10 million for aircraft in 1959. Hermes was in service with the Royal Navy from 1959 until 1984, and she served as the flagship of the British forces during the 1982 Falklands War.
   
   After being sold to India in 1986, the vessel was recommissioned and remained in service with the Indian Navy as INS Viraat until 2017. INS Viraat was the flagship of the Indian Navy before INS Vikramaditya was commissioned in 2013. On 23 July 2016, Viraat sailed for the last time under her own power from Mumbai to Kochi, where she was dry-docked and prepared for decommissioning. She was towed out of Kochi on 23 October, returning to Mumbai on 28 October, where she was laid up. Viraat was formally decommissioned on 6 March 2017. After the failure of plans to convert her into a hotel and museum, she was sold for scrap and scheduled to be broken up beginning in September 2020.
   
   Source : STRATEGIC RESEARCH INSTITUTE
5. voda 18 september 2020 15:09

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   SAIL RSP CEO Mr Dipak Chattaraj Tests Positive for COVID-19
   
   SAIL RSPSteel Authority of India Limited’s Rourkela Steel Plant Chief Executive Officer Mr Dipak Chattaraj has tested positive for COVID-19. Mr Chattaraj @ceorsp tweeted “Based on the contact tracing of my office personnel, I got myself tested for COVID-19 & found to be positive. Being asymptomatic, I have been advised home isolation. My close contacts are requested to get tested. Nothing to panic. I look forward to be back to the Plant soon.”
   
   Mr Chattaraj's Antigen test was conducted earlier and the report was negative. However, after a subordinate staffer of his office was detected as positive for the virus, Mr Chattaraj again underwent COVID-19 test three days ago and the report came out to be positive. Chattaraj is presently on a 14-day home quarantine, as advised by doctors. He has no symptoms of the virus infection and his health condition is stable.
   
   Source : STRATEGIC RESEARCH INSTITUTE
6. voda 18 september 2020 15:09

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   Mechel Beloretsk Metallurgical Plant Receives First Batch of Drawing Mills
   
   Mechel Group’s Beloretsk Metallurgical Plant received four new drawing mills with a total cost of 220 million rubles. The plant acquired this equipment as part of an upgrade of the plant’s wire and rope facility. The mills are due to be launched in the first quarter of 2021. The drawing mills produced by Italy’s Mario Frigerio SpA, one of Europe’s oldest producers of technological equipment for steelmaking and hardware plants, will be installed in one of Beloretsk Metallurgical Plant’s wire workshops. They will produce rods for rope and spring wire.
   
   The new mills are equipped with a mechanical system of descaling wire rods. This will enable the plant to abandon the chemical descaling technology. Every machine’s capacity is up to 13,000 tonnes.
   
   This investment project is implemented with the support of Russia’s Industrial Development Fund. Its cost totals 1.5 billion rubles, half of which is provided by the Fund through a concessional loan. The facilities’ upgrade is due to be completed by December 2023. It will enable the plant to set up high-performance jobs with the use of best available technologies, improve product quality, increase output and solve ecological issues facing Beloretsk Metallurgical Plant today.
   
   Source : STRATEGIC RESEARCH INSTITUTE
7. voda 18 september 2020 15:10

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   AFV Beltrame Modernizing Donalam Hot Rolling Mill in Romania
   
   European producer of merchant bars and special steels AFV Beltrame Group is investing over 11 million euros in the modernization of the hot rolling mill within the Donalam steel plant in Calarasi. The new technology will replace the old one, dating from the 70s and 80s, and will contribute both to reducing by up to 40% the carbon emissions associated with production and to increasing the competitiveness of steel bars made in Romania. The investment will be made from own funds and is expected to be completed by 2022.
   
   The new equipment will consist of a reheating furnace, electrical drivers and water treatment system with a production capacity of 120 tonnes per hour. This has high flexibility for round and square sections from continuous casting or ingot up to diameter 700 or side 500. The new technology allows increasing the competitiveness of steel products made in Calarasi, by importing raw materials from Germany and rolling and finishing in Romania. This allows the development of high quality products even for the industry sectors with the highest standards. Through commercial partnerships with leading companies from Germany (GMH) and Austria (Voestalpine), Donalam products are distributed throughout most of Europe.
   
   The technology available in the rolling mill will ensure a reduction of gas consumption by up to 40% (about 2,4 millions mc / year); thermic energy savings of over 27,300 Mwh / year; electricity savings of over 1,300 Mwh / year; reducing the amount of steel wasted in the production process by about 1,440 t / year. Improvements in energy performance and raw material consumption will support the reduction of the factory’s CO2 emissions by almost 5000 t / year.
   
   Recently, Donalam has completed an investment of 4 million euros in a equipment for special steel bar treatment. The company achieved a turnover of 78 million euros and a sales level of 110,000 tons in 2019.
   
   Source : STRATEGIC RESEARCH INSTITUTE
8. voda 18 september 2020 15:10

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   Nucor Expects Higher Earnings in Q3
   
   Nucor Corporation announced guidance for its third quarter ending October 3, 2020. Nucor said “Our downstream products segment is having another strong quarter due to the continued resiliency of nonresidential construction markets, and we expect third quarter of 2020 earnings to increase from the second quarter of 2020 for this segment. The results of the steel mills segment in the third quarter of 2020 are expected to be similar to the second quarter of 2020. Our bar and structural mills are benefitting from nonresidential construction markets while market conditions for our sheet and plate mills remain challenged. We expect the results of our raw materials segment in the third quarter of 2020 to decrease compared to the second quarter due to lower pricing for DRI.”
   
   Nucor added “We have seen an uptick in demand and pricing for raw materials and sheet steel late in the third quarter. Additionally, utilization rates for our sheet mills have improved throughout the third quarter. We are cautiously optimistic about the impact these developments will have on the final quarter of the year.”
   
   Source : STRATEGIC RESEARCH INSTITUTE
9. voda 18 september 2020 15:11

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   Gasum to Supply LNG to Celsa Armeringsstal AS
   
   Gasum has secured an agreement with Celsa Armeringsstal AS in Mo i Rana in Norway. The agreement includes both the delivery of LNG and a new customer terminal at Mo industrial park. Celsa Armeringsstal AS is the Nordic region's leading manufacturer of reinforcing steel. The company produces steel from scrap metal and thus recycles approx. 700,000 tonne of metal every year and has invested heavily in sustainability in recent years. The transition to LNG will help the company reach the goal of reducing CO2 emissions.
   
   Celsa Armeringsstal AS aims to reduce CO2 emissions by 50 percent by 2030, and by 2050 be completely CO2-neutral. Celsa Reinforcing Steel uses approx. 500 GWh of energy. A switch to LNG will reduce CO2 emissions by as much as 35%, which will be one of the most significant climate measures in the Mo i Rana area. The LNG from Gasum will be used in the steel production and rolling mill at Celsa Armeringsstal.
   
   The use of LNG as a fuel provides a significant reduction in both local air pollution and carbon emissions compared to various oil products and coal. A switch from oil to LNG completely removes SOx and particulate emissions and reduces NOx emissions by up to 85 percent.
   
   The terminal in Mo Industrial Park will be ready for operation on 1 July 2021.
   
   The LNG is delivered to Mo i Rana by truck from Gasum's partly owned terminal in Tornio in northern Finland. The Tornio terminal is the largest LNG terminal in the Nordic region. It is located on the border with Sweden and is thus ideally located to serve customers in Finland, Sweden and Norway.
   
   Source : STRATEGIC RESEARCH INSTITUTE
10. voda 18 september 2020 15:12

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    Severstal & Zagorsk Pipe Plant to Deepen Cooperation
    
    A delegation of Severstal, headed by the General Director of the company Alexander Shevelev, visited the production site of the Zagorsk Pipe Plant in the city of Peresvet in Moscow Region. Mr Shevelev, together with his colleagues, got acquainted with the production of large-diameter pipes, and also discussed the prospects for further cooperation with the General Director of the Zagorsk Pipe Plant Denis Safin. During the visit, representatives of Severstal spoke about the measures taken to improve the quality of billets supplied to the client from mill 5000 (Kolpino) for the production of large diameter pipes.
    
    As a result of the meeting, the parties agreed to continue joint work to expand the product mix at mill 5000 for the production of oil and gas pipes for key industry customers, to conduct joint certification of large-diameter pipes made of K-65 strength class steel, and to organize technical advice on a monthly basis.
    
    Source : STRATEGIC RESEARCH INSTITUTE
11. voda 18 september 2020 15:13

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    Mechel Steel Used to Build Moscow Metro’s New Stations
    
    Mechel Group’s steel trading company Mechel Service has supplied Moscow Metro with over 4,000 tonnes of steel rolls since the beginning of this year. Most of those supplies, such as rebar, rolled flats and beams, were produced by Mechel Group’s Chelyabinsk Metallurgical Plant. Supplies to Moscow Metro also include hardware, sections and strips. Cold-formed rebar B500 is used to make tubings, part of circular tunnel lining. The steel products are supplied to Tonnel stroy komplekt AO, a major contractor in charge of constructing new lines of Moscow’s underground. Mechel’s steel is used in building six stations of the Bolshaya Koltsevaya (Big Circle) line’s northwestern section. Those include Elektro zavod skaya, Sokolniki, Rizhskaya, Maryina Roscha, 800th Anniversary of Moscow Street and Lianozovo.
    
    Over the past three years, Mechel Service has supplied some 20,000 tonnes of steel rolls for Moscow Metro’s construction.
    
    Source : STRATEGIC RESEARCH INSTITUTE
12. voda 18 september 2020 15:13

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    Steel Dynamics Sees Weaker Earning in Q3
    
    Steel Dynamics Inc has provided third quarter 2020 earnings guidance. SDI said “Third quarter 2020 earnings from the company's steel operations are expected to be lower than sequential second quarter results, due to metal spread compression more than offsetting increased shipments driven by improved automotive and strong construction demand. Average realized quarterly flat roll steel product pricing is expected to decrease during the quarter based in part on lagging price-indexed contracts, offsetting the benefit of lower average scrap costs. However, flat roll steel pricing has stabilized and improved during the second half of the third quarter, supported by customer demand and raw material pricing. As domestic steel production improved in the third quarter from the trough experienced in the sequential second quarter, ferrous scrap demand also strengthened. Based on significantly higher scrap shipments, third quarter earnings from the company's metals recycling operations are expected to be meaningfully better than sequential second quarter results.”
    
    SDI added “Construction continues to show its resiliency. The customer order backlog for the company's steel fabrication platform remains strong, and customers are optimistic concerning non-residential construction projects. Third quarter 2020 earnings from the company's steel fabrication operations are expected to be at, or near, record results, based on anticipated record shipments and margin expansion, as product pricing is expected to improve while steel input costs decrease.”
    
    Source : STRATEGIC RESEARCH INSTITUTE
13. voda 18 september 2020 15:14

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    EUROFER Seeks Tangible Framework for Implementation of New 2030 Climate Targets
    
    The European Commission has published its revised target to reduce emissions by 55% by 2030, compared to 1990 levels. While the European steel industry is already hard at work developing new ways to produce carbon-lean steels, the EU needs to implement a set of concrete measures, as soon as possible, to ensure that decarbonisation is achieved while actually ensuring growth and sustainability. European Steel Association EUROFER Director General Mr Axel Eggert said “The success of EU climate leadership does not rely on its level of ambition, already unrivalled by any other major global partner, but mainly on its ability to demonstrate that it is possible to combine environmental sustainability with economic growth and social acceptance. European steel has already highlighted its ambition to reduce CO2 emissions by 30% by 2030 from 2018 levels or 55% compared to 1990 and on to close to carbon neutrality by 2050. This will be achievable only under the right conditions and with the right framework in place.”
    
    This framework consists of support for investment in innovation and roll-out, the creation of a market for green materials, the availability of the appropriate renewable energy sources, an international level playing field, and the application of the EU trade defence instruments without inhibition against third country trade distortions. This framework needs to be established as a matter of urgency.
    
    Source : STRATEGIC RESEARCH INSTITUTE
14. voda 21 september 2020 14:57

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    Steel Ministry Directs SAIL to Divest Non Core Assets
    
    Financial Express reported that the steel ministry has directed Steel Authority of India to identify its idle assets and chalk out detail plans for monetising of such assets. The state run company has also been asked to sell its investments in joint ventures and steel processing units. Steel ministry said in a recent note to the Cabinet “SAIL has been asked to expedite the process of identification of idle assets & decommissioned facilities, plant-wise, for monetisation.”
    
    SAIL had four subsidiaries, one associate company and 24 joint ventures in areas like power generation, rail wagon manufacturing, slag cement production and for securing coking coal supplies from overseas, with a cumulative investment of around INR 1,500 crore, as on March 31, 2019.
    
    The move aimed at letting the company focus on its core activity to become a pure-play steel and mining company.
    
    SAIL has reported INR 1,226-crore loss at the consolidated level in the first quarter of the current fiscal.
    
    Source : STRATEGIC RESEARCH INSTITUTE
15. voda 21 september 2020 14:58

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    CarVal to Complete Uttam Value & Uttam Galva Metallics Deal in October – Report
    
    Uttam Galva MetallicsBusiness Line reported that consortium led by US based fund CarVal Investors is expected to complete the acquisition of Uttam Value Steel and Uttam Galva Metallics for about INR 2,600 crore under the insolvency-driven process in October, despite economic uncertainity unleashed by Covid pandemic. Sources close to the development said that CarVal has now decided to go ahead with the bid and is expected to close the deal by the end of next month, in compliance with the 30-day deadline prescribed in the Insolvency and Bankruptcy Code for making the payment.
    
    Early this month, the National Company Law Appellate Tribunal cleared the last hurdle for execution of the deal by dismissing the appeal of the operational creditors against the bid.
    
    BusinessLine had earlier reported that CarVal Investors may renegotiate its bid to buy Uttam Value Steel Ltd and Uttam Galva Metallics due to the demand disruption in the steel sector amid the Covid-19 pandemic, which has affected the valuation significantly.
    
    Source : STRATEGIC RESEARCH INSTITUTE
16. voda 21 september 2020 15:01

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    Court Grants Bail to 23 Accused in Money Laundering Case of BPSL
    
    PTI reported that a Delhi court has granted bail to a former director and other senior officials of Bhushan Power and Steel Private Limited in a multi-crore money laundering case pertaining to an alleged bank loan fraud. Special Judge Arun Bhardwaj granted bail to the company's director Mr Ravi Prakash Goyal, its secretary Mr RK Gupta, its Chief Financial Officer Mr Arun Kumar Agarwal and 20 others. Court said "Considering the entirety of circumstances, this court is of the opinion that ends of justice require that all the accused be granted bail subject to their furnishing personal bonds and surety bonds for a sum of Rs one lakh each.”
    
    While granting bail the court imposed several conditions including that no accused shall leave the country without its prior permission and not try to influence any witness or tamper with evidence.
    
    The court had earlier granted bail to the company's former CMD in the case.
    
    The accused were not arrested and the charge sheet was filed without arresting them.
    
    According to the Enforcement Directorate, the company and its directors had deliberately defaulted in repayment of the loan amount to lender banks as per the time schedule and their accounts remained continuously irregular. ED said that these proceeds of crime were laundered by the way of infusion in the form of equity in BPSL, creation of assets in the name of self or family members directly or indirectly.
    
    Source : STRATEGIC RESEARCH INSTITUTE
17. voda 21 september 2020 15:02

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    SAIL Crude Steel Capacity Utilization Slips to 61% in Q1 of 2020-21
    
    SAIL Capacity UtlizationIndia’s Steel Minister Mr Dharmendra Pradhan informed Lok Sabha about the status of modernization & expansion of Steel Authority of India Limited to enhance its crude steel capacity from 12.8 million tonne per annum to 21.4 million tonne per annum. He said that the modernization and expansion has been completed and various facilities are under operation, stabilization and ramp up. According to SAIL Performance Report for 2019-20, SAIL produced 16.155 million tonnes of crude steel in 2019-20 ie crude capacity utilization of 75%. Also the performance report for April-June 2020 quarter shows crude steel production of 2.474 million tonnes ie crude capacity utilization of 61%, reflecting the impact of COVID19.
    
    ource : STRATEGIC RESEARCH INSTITUTE
18. voda 21 september 2020 15:02

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    Molten Metal Spill Burns 5 Workers at Shahriar Steel Mills in Dhaka
    
    Bagladeshi media reported that 5 workers were burnt while they were melting iron at Shahriar Steel Mills Limited in Dhaka's Demra area. The incident happened at around 12:30 AM on Sunday when nine workers were melting iron in the factory at Konapara area. Suddenly an explosion took place inside its furnace and melting iron began to spurt
    
    The workers were rushed to Sheikh Hasina National Institute of Burn and Plastic Surgery, adjacent to Dhaka Medical College Hospital, where three of them were admitted to the ICU. They are in critical condition.
    
    Source : STRATEGIC RESEARCH INSTITUTE
19. voda 21 september 2020 15:03

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    India’s Vehicle Scrappage Policy Approval Moving Ahead
    
    New Indian Express reported that India’s Minister of State for Road Transport and Highways Mr VK Singh told Rajya Sabha “The Ministry of Road Transport and Highways has formulated a note for Cabinet on creation of an ecosystem for voluntary and environment friendly phasing out of unfit and old polluting vehicles.”
    
    The proposed policy, once approved, will be applicable on all vehicles. The policy had been sent for a fresh round of consultation with stakeholders on the direction of the PMO earlier.
    
    Road Transport and Highways Minister Nitin Gadakri had also said this year that once the policy was approved, India could emerge as a hub for automobile manufacturing since key raw material available from scrapping steel, aluminium and plastic are bound to be recycled, bringing down automobile prices by up to 20-30 per cent. The government had proposed amendments to motor vehicle rules on July 26, 2019.
    
    Source : STRATEGIC RESEARCH INSTITUTE
20. voda 21 september 2020 15:03

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    Pakistan's Domestic Steel Industry Opposes Import Tariff Cut
    
    The Express Tribune reported that voicing opposition to a proposal sent to the government for reducing the tariff on imported finished or semi-finished steel products, Pakistan’s domestic industry has emphasised that the move will destroy the industry and unleash a new wave of unemployment in the country. Pakistan Association of Large Steel Producers Secretary General Wajid Bukhari said “the import tariff reduction without providing a globally competitive business environment in Pakistan would surely spark de-industrialisation. Any reduction in tariff on imported finished or semi-finished steel products under the garb of tariff rationalisation will result in de-industrialisation in the country followed by the closure of steel industry. It will also trigger massive unemployment across the country.”
    
    Citing figures, he said Pakistan ranked dismally low at 110th position on the Global Competitiveness Index of the World Economic Forum, which showed that the local business environment was not competitive compared to other countries. He said “All major steel-exporting countries fare much better than Pakistan in the competitiveness index. The domestic steel industry had invested billions of rupees in recent years to add new capacity and introduce world-class technology in order to improve efficiency and competitiveness. However, the government also needs to play its part and work on the much-needed structural reforms to reduce the cost of doing business, enable fair competition, fix tariff anomalies and facilitate core industry issues before considering tariff rationalisation.”
    
    According to him, there was no evidence of any kind of export bias in the domestic steel industry and cut-throat competition existed while current margins were close to zero.
    
    Earlier this year, Pakistan’s National Tariff Commission suggested to the Tariff Policy Board to rationalise the tariff on imported finished or semi-finished steel products, but it was opposed by the local industry and faced delay.
    
    Source : STRATEGIC RESEARCH INSTITUTE