Nieuws en info hier plaatsen (deel 4)

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Tata Steel IJmuiden Accused of Graphite Rains

CCEIT reported that Netherland’s Public Prosecutors Office is going to prosecute Tata Steel from IJmuiden for violation of the environmental permit. Prosecution said “According to the permit, the dust released in the production of steel should not be more than 2 metres from the source. But residents of the steelworks still suffer from dust that precipitates in their neighbourhood. The company is suspected of having failed to keep the source moist and clean in order to prevent the spread of dust. Especially the so-called graphite rains have led to a lot of unrest in the neighbouring Wijk aan Zee. This substance contains unhealthy amounts of lead, manganese and vanadium for children.

According to Tata Steel, no graphite has been released since April last year. To prevent the spread of the graphite, a special factory hall was built with the company Harsco.

RIVM conducts research on pollution in the vicinity of the steel mill. The institute takes samples in Wijk aan Zee, IJmuiden, Velsen and Beverwijk. It expects to publish the results next year.

Source : CCEIT
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Tenaris Expands Automotive Component Center in Argentina

Tenaris has completed a 1,000 square- meter expansion of its automotive component center in Argentina, equipping the center with the advanced technologies to strengthen its service offer to the market. The USD 3.5 million USD investment includes new cutting and beveling machinery to increase cutting capacity as well as the integration of automation to enhance the efficiency of the line. Both the component center and the cold-drawn line at Tenaris’s seamless mill in Campana have received important certifications such as the International Standard for Automotive Quality Management Systems IATF 16949, positioning Tenaris as a reliable partner to supply high added-value components for the demanding South American automotive market.

Since 2004, Tenaris has built a network of automotive component centers in Argentina, Mexico, Italy, Romania and China, offering a wide range of reliable, high-quality products and services to customers around the world. The centers’ operations are supported by Tenaris's work in R&D and technologically-advanced machinery to improve performance and reliability.

Source : STRATEGIC RESEARCH INSTITUTE
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Severstal Reports Results for Q3 & 9M of 2020

Russian steel giant PAO Severstal announced its financial results for the third quarter and nine months of 2020. Severstal Management JSC General Director Mr Alexander Shevelev said “The recovery in global markets had a positive impact on the dynamics of steel prices. The revenue growth in the third quarter allowed us to earn USD 656 million in EBITDA. Profitability increased from 31.5% to 35.0%, which is the highest indicator for a metallurgical company worldwide. As for the market situation, the favorable dynamics of prices for our products in the domestic market allowed us to redirect part of our volumes to the Russian market in Q3 of 2020. The weighted average sales price of steel products increased by 2% due to the realization of the accumulated demand for products with high added value. Their share was 49% in the third quarter. We increased sales of steel products by 18% qoq, while sales of iron ore concentrate and pellets increased by 3%. As a result, the Group's revenue increased by 18% QoQ.”

FORECAST - In 3rd quarter of 2020, the demand for steel products began to gradually recover due to the relaxation of quarantine restrictions. Steel demand in China increased 6% year-over-year, while the rest of the world declined 14% year-over-year. Global steel production hit a low in April 2020, down 13% year-on-year, and then began a gradual recovery, showing a 1% year-on-year increase in August. Iron ore prices remained in Q3 of 2020 high due to strong demand in China and limited supply from key manufacturers. The reopening of blast furnace facilities outside of China contributed to the rise in coking coal prices. The demand for steel products in the domestic market was gradually recovering in Q3 of 2020. Therefore, we are revising our forecast for the full year of 2020. Although steel consumption in Russia will decline by the end of this year, the decline in 2020 will not exceed 6% compared to last year. We also expect prices to remain at a comfortable level in the fourth quarter. Despite a number of potential uncertainties in both export and domestic markets, including the second wave of COVID-19 spread, our low cost of production ensures market competitiveness. The Board of Directors of the Company remains confident that Severstal will maintain a strong financial position compared to its peers in both the Russian and global markets.”

Source : STRATEGIC RESEARCH INSTITUTE
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China Continues to Drive Crude Steel Production in September 2020

MinerWorld crude steel production for the 64 countries reporting to the World Steel Association was 156.4 million tonnes in September 2020, a 2.9% increase compared to September 2019. China produced 92.6 million tonnes of crude steel in September 2020, an increase of 10.9% compared to September 2019. India produced 8.5 million tonnes of crude steel in September 2020, down 2.9% on September 2019. Japan produced 6.5 million tonnes of crude steel in September 2020, down 19.3% on September 2019. South Korea’s crude steel production for September 2020 was 5.8 million tonnes, up by 2.1% on September 2019. The United States produced 5.7 million tonnes of crude steel in September 2020, a decrease of 18.5% compared to September 2019.

World crude steel production was 1,347.4 million tonnes in the first nine months of 2020, down by 3.2% compared to the same period in 2019. Asia produced 1,001.7 million tonnes of crude steel in the first nine months of 2020, an increase of 0.2% over the same period of 2019. The EU produced 99.4 million tonnes of crude steel in the first nine months of 2020, down by 17.9% compared to the same period in 2019. Crude steel production in the CIS was 74.3 million tonnes in the first nine months of 2020, down 2.5% compared to the same period in 2019. North America’s crude steel production in the first nine months of 2020 was 74.0 million tonnes, a decrease of 18.2% compared to the same period in 2019.

Top 25 Crude Steel Producing Nations

Zie pdf (Nederland op de 25e plaats)

Source : STRATEGIC RESEARCH INSTITUTE
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SSAB in Talks with Tata Steel for European Assets - Report

Bloomberg, citing people familiar with the matter, reported that Swedish steelmaker SSAB AB is exploring a combination with Tata Steel Ltd’s European business as a back up plan to a deal with Thyssenkrupp AG amid industry consolidation. Sorces told Bloomberg “SSAB is holding preliminary talks with Tata Steel of India as it seeks merger options. SSAB would gain control of Tata Steel’s European business if they pursued such a deal.”

Tata Steel Europe, which operates the iconic blast furnace at Port Talbot in the UK and another big plant in the Netherlands, has been trying to find a solution for its European business since being hit by the 2016 commodity crisis, though many of its troubles stem from before then. SSAB has reportedly said it would be interested in combining with Tata Steel Europe. Tata Steel's Ijmuiden plant is the lowest-cost slab plant in Western Europe, sitting below all of its competitors in the first quartile of the cost curve. But its Port Talbot site, in south Wales, is much higher-cost and has been consistently loss-making in recent years.

SSAB has a market value of around 28 billion Swedish kronor (USD 3.2 billion)

Source : BLOOMBERG
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POSCO Reports Results for Q3 of 2020

South Korean steelmaker Posco and its affiliates posted an operating profit of KWR 666.7 billion (USD 589 million) in the third quarter, down 35.9 percent from the same time a year earlier. The total revenue reached KWR 14.26 trillion n the same period, down 10.8 percent on-year, and the net profit stood at KWR 514 billion, up 3.5 percent. While the quarterly performance stands short of the year before, the operating profit still jumped 297.5 percent on-quarter.

Posco independently posted KWR 6.57 trillion won in revenue, with an operating profit of KWR 261.9 billion won and a net profit of KWR 180.8 billion won in the third quarter. When compared to the same quarter last year, revenue decreased by 15 percent, operating profit decreased by 60.5 percent and net profit dropped by 63.8 percent.

For the improved profitability in the third quarter, Posco explained that its production volume and sales recovered to the time before the COVID-19 pandemic, and it was able to reduce fixed costs. The company also said that while the price of iron ore rose, coal prices dropped, and the company made efforts to reduce other costs.

The company said it has resumed operation of the Gwangyang steel mill, the No 3 blast furnace, and the level of orders placed recovered to increase by about 1.7 million tonnes and 1.05 million tonnes compared to the first and second quarters, respectively. Sales volume in the third quarter was 8.89 million tonnes, up 1.13 million tonnes from the previous quarter, as demand for steel grew largely in the automobile industry

In the global infrastructure sector, affiliates Posco Engineering and Construction, Posco Energy and Posco Chemical showed good performances.

Source : STRATEGIC RESEARCH INSTITUTE
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JSW Steel Reports Results for July-September Quarter

JSW Steel Limited has reported its results for the Second Quarter ended 30th September 2020. Following the 66% capacity utilisation in the first quarter of Fiscal year 2021 marked by nationwide lockdown, disrupted supply chains and steep drop in demand, second quarter witnessed a sharp rebound in business sentiments and a significant improvement in the domestic economic activities spurred by slew of monetary and fiscal initiatives. The company achieved an average capacity utilisation level of-86% for the quarter. This is in line with that of pre-Covid levels of 85% achieved in the second quarter of the previous year. Crude Steel Production during the period stood at 3.85 Million tonnes. Saleable Steel sales for the quarter was 4.12 Million tonnes, that grew by 47% QoQ triggered by revival in domestic demand. The volume of value added & special steel sales was at 51% of the total sales propelled by an increase in sales to auto and coated products segments by 392% and 83% respectively. The retail sales increased by -177% QoQ supported by the branded sales increase of 153% QoQ.

Key highlights for 2Q FY2021:

Standalone Performance:
Crude Steel production: 3.85 million tonnes, 30% QoQ growth
Saleable Steel sales: 4.12 million tonnes, 47% QoQ growth
Revenue from operations: INR 16,797 crores
Operating EBITDA: INR 4,176 crores, 24.9% of Revenue
Net profit aftertax: INR 1,692 crores

Consolidated Performance:
Saleable Steel sales: 4.15 million tonnes, 49% QoQ growth
Inventory dilution 0.48 million tonnes
Revenue from operations: INR 19,264 crores
Operating EBITDA: INR 4,414 crores
Net profit after tax: INR 1,595 crores

JSW Steel Coated Products:
During the quarter, JSW Steel Coated Products registered a production volume of 0.51 million tons and sales volume of 0.61 million tonnes. Revenue from operations and Operating EBITDA for the quarter stood at ?3,782 crores and ?288 crores respectively. It reported a Net profit after Tax of ?172 crores for the quarter.

US Plate and Pipe Mill:
The US based Plate and Pipe Mill facility produced 54,137 net tonnes of Plates with a capacity utilization of 22%, during the quarter. Pipe Mill is under care and maintenance. Sales volumes for the quarter stood at 51,719 net tonnes of Plates and 447 net tonnes of Pipes. It reported an EBITDA of US$ 17.24 million (including one off credits) for the quarter

JSW Steel USA Ohio Inc. (Acero):
The US based HR coil manufacturing facility produced 4,501 net tonnes of HRC during the quarter. Sales volumes for the quarter stood at 20,837 net tonnes. EBITDA loss for the quarter was US $10.52 million. As previously announced, the company has idled the operations to undertake a furnace upgrade project. The upgrades are underway which should improve reliability of equipment and lower conversion costs. The US operating EBITDA includes an amount of US $ 30.4 million income recognised from one time disputed claims settlement and Government Grant received.

JSW Steel (Italy) S.r.l. (Aferpi):
The Italy based Rolled long products manufacturing facility produced 72,632 tonnes and Sold 58,136 tonnes of various steel products during the quarter. It reported an EBITDA loss of Euro 12.59 million for the quarter.

Source : STRATEGIC RESEARCH INSTITUTE
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Essar Group Planning 8 Million Tonne Steel Plant in Gujarat – ET

Economic Times reported that after exiting two of its most prized assets in Gujarat, the refinery and steel facilities, the Ruias-controlled Essar group is once again exploring the state for several big ticket projects. These include setting up a plans commercial port, new and emerging technologies, EV vehicles and lithium-ion manufacturing facility, renewable energy, petrochemicals and even a steel project. Senior executives of Essar Group met top Gujarat government officials recently to discuss various plans. Sources close to the development told ET “The company has drawn out plans to invest about USD 5 billion for a 8 million tonnes steel manufacturing project in Gujarat.”

A senior state government official told ET “The company is looking for land near coastal areas that have good port connectivity. For the proposed steel plant the company requires land of about 1,000 hectares, said sources in the know of the development. The USD 5 billion proposal does not include land and infrastructure cost of a captive port and captive power plant.”

Source : STRATEGIC RESEARCH INSTITUTE
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CISA Lowers China Finished Steel Demand Forecast to 5% for 2020

China Iron & Steel Association vice chairman Luo Tiejun said that China’s actual finished steel demand may grow 5% in 2020, lower than the expected 8% on-year growth in China’s finished steel demand for 2020 by the World Steel Association in its Short Range Outlook. He said “China’s steel demand declined by 30% on year in the first quarter of 2020 because of the pandemic, as activities in the construction and manufacturing slowed down substantially, but the demand from the downstream industries had recovered evidently in the second and third quarter.”

As for the country’s overall steel exports and imports, he predicted a 15% on-year decline in the former while a 60% on-year sharp growth in the latter, which will be equivalent to 54.7 million tonnes of steel exports and 19.7 million tonnes of imports for the whole 2020 Over January-September, China exported 40.4 million tonnes of finished steel and imported 15.7 million tonnes of finished steel.

Source : STRATEGIC RESEARCH INSTITUTE
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US Steel Starts New Electric Arc Furnace at Alabama Facility

US Steel announced the successful start-up of its newly constructed, technologically advanced electric arc furnace steelmaking facility at its Fairfield Alabama operations. The EAF will have an annual steelmaking capacity of 1.6 million tons. In the start-up process, Fairfield EAF 1 commenced its first arc, charged and melted steel scrap and on October 20, tapped its first heat of liquid steel.

The EAF method of steelmaking utilizes electrical energy to melt a heat of steel. This process charges recycled steel scrap into the furnace, which is then heated by electric arcs; melting the scrap into liquid steel.

Source : STRATEGIC RESEARCH INSTITUTE
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Stelco Hit by Cyber Attack

Canadian steel maker Stelco Holdings Inc announced that it was subject to a criminal attack on its information systems. In response, Stelco immediately implemented countermeasures in accordance with established cyber security procedures and policies that have been developed in collaboration with expert external advisors. The countermeasures taken were effective and limited the scope of the attack. Certain operations, including steel production, were temporarily suspended as a precautionary measure but have since resumed operations.

Stelco's team, in conjunction with industry-leading cyber security specialists and other advisors, continues to investigate the incident and extent of the impact on its systems. Stelco is implementing its back-up and recovery plans to fully re-establish its systems as quickly as possible and some business functions may be adversely affected during this recovery process.

Criminal cyber-attacks on businesses and other organizations around the world are increasingly prevalent in the 21st century, and Stelco will be cooperating with law enforcement authorities to investigate this crime.

In addition to the continued development of industry-leading cyber security practices, Stelco is committed to utilizing all available means to protect its operations and customer, employee and business information. Stelco will continue to invest in its information technology networks and security to detect and minimize the risk of unauthorized activity in this age of ever-increasing and highly sophisticated information security threats.

Source : STRATEGIC RESEARCH INSTITUTE
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Hyundai Steel Awards BF Repair Contract to Danieli Corus

Danieli Corus has received an order for the repair the bosh area of blast furnace 3 at the Dangjin in South Korea integrated steel plant operated by Hyundai Steel Company. The 4525 cubic meters inner volume blast furnace, which was originally commissioned in 2013, will be upgraded to the Hoogovens cooling and lining design based on high-conductivity graphite refractories and copper plate coolers in the critical bosh area. Process conditions in the bosh area are characterized by high thermal, mechanical and chemical loads.

The Hoogovens design has the longest proven lifetime capability, as demonstrated at plants around the world where campaign lengths in excess of 20 or even 30 years have been achieved.

This is the 142nd Danieli Corus blast furnace project since 1977.

Source : STRATEGIC RESEARCH INSTITUTE
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Severstal Develops Reinforcing Bars of A800R Class

Russian steel maker Severstal has developed and mastered the technology for the production of reinforcing bars of the A800R class with requirements for stress relaxation. The fittings have successfully passed the certification according to GOST 34028-2016 at the Research Center Construction. Now, Severstal's product portfolio includes both standard reinforcing bars, A240, A400 and A500, and reinforcing bars with exceptional characteristics: A500SNU, reinforcement with increased ductility, enduring multiple cyclic loads; Armanorma, reinforcement of A600C class of increased strength, its properties up to minus 100 degrees as well as a new class A800P with requirements for stress relaxation.

A800R-class rolled steel is produced on mill 250 in the section rolling production of the Cherepovets Metallurgical Plant. Such reinforcement has high strength and bending resistance. Due to these characteristics, the product is suitable as a component of complex, including dimensional, structures that are subjected to heavy loads, as well as for the manufacture of prestressed reinforced concrete structures. The corrugated surface of reinforcing bars is made in the form of a sickle-shaped profile, which ensures excellent adhesion and connection with hardening concrete, and, consequently, high strength and solidity of structures.

Rebar A800P can be used for reinforcing prestressed reinforced concrete structures in industrial, special, hydraulic engineering and civil construction.

For example, in the construction of bridges with wide spans, pressure pipelines, dams, watertight containers.

Source : STRATEGIC RESEARCH INSTITUTE
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AP CM Expedites Kadapa Steel Plant Project

Local media reported that Andhra Pradesh Chief Minister Mr YS Jagan Mohan Reddy, in a review meeting, has asked the officials to expedite the implementation of the integrated steel plant project proposed in Kadapa district. Officials informed the Chief Minister that seven companies including some multinational companies had evinced interest in setting up the plant, and it would take at least seven weeks to select a qualified bidder. A target has been set to start the construction works in a month after that. AP Industries Minister Mekapati Goutham Reddy, Special Chief Secretary Mr R Karikal Valaven, Andhra Pradsh High Grade Steels Limited Managing Director Mr S Shan Mohan and others were present on the occasion.

Mr Reddy had laid the foundation stone for AP High Grade Steels Limited’s steel plant in Kadapa district's Jammalamadugu mandal in December 2019. The INR 15,000 crore plant is set to be established in 3,295 acres of land between Sunnapurallapally and Pedha Nandaluru villages in Jammalamadugu mandal of Kadapa district

AP High Grade Steels Limited, a special purpose vehicle, has invited global players for partnership in a proposed greenfield steel plant project. SPV is now seeking potential partners, collaborators interested in developing the steel plant by taking part in its equity, bringing in technology, operating the project, and marketing.

Source : STRATEGIC RESEARCH INSTITUTE
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US Congressmen Seek Section 232 Tariffs Exemption on Electrical Steel Imports

AJOT reported that Members of Congress Rep Denver Riggleman (R-VA), Benjamin Cline (R-VA), Morgan Griffith (R-VA), Bruce Westerman (R-AR) and Dan Bishop (R-NC) have urged Commerce Secretary Mr Wilbur Ross to refrain from imposing Section 232 tariffs on imports of electrical transformers and their components, including grain-oriented electrical steel. Hey wrote “We represent millions of Americans who stand to be negatively affected by the Section 232 investigation into imports of transformers, cores and laminations should this investigation result in tariffs or other restrictions on imports of transformers and their component. The prosperity of this country depends on the reliable supply of low-cost electricity to business and consumers throughout the United States. The outcome of this investigation threatens to undermine that supply.

The letter provides a list of negative consequences of import restrictions and said “Against the clear risk to national economic health (and our national defense), there is no justifications for the imposition of tariffs or other trade restrictions, especially on two of our closest allies and partners in the world. Section 232 import restrictions would not remedy the operations of the sole current manufacturer of grain oriented electrical steel in the United States and will certainly worsen the problems of downstream US industries that will be affected.”

Source : AJOT
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SMS Group Receives FAC for New Heavy-Beam Mill at Masteel

China-based Maanshan Iron&Steel Co Ltd has started production at its site in Ma'anshan on the new heavy-beam mill supplied by SMS group. With this mill, Masteel is now the only Chinese manufacturer capable of producing beams with a root face thickness of up to 1,100 millimeters and a flange width of 500 millimeters, in addition to beams with a flange thickness of up to 130 millimeters. The weight per meter of the heaviest beam produced on the mill is 1,377 kilograms.

The steel mill, which is located around 300 kilometers west of Shanghai, is designed for an annual production of 800,000 tons and has now added a range of larger steel sections to extend Masteel's production capacity. These include a newly developed special section, which up to now could not be manufactured in this way in a rolling process. As a result, previous downstream process stages are no longer required – leading to a higher production output and reduced costs. What's more, with this new mill the company is turning the spotlight on maximum product quality.

SMS group supplied the engineering and the core components for the plant as part of the contract. Among other things, these included the centerpiece of the plant, the Compact Cartridge Stand tandem rolling mill unit with hydraulic adjustment system and fully automatic quick program change function, as well as the Compact Roller Straightener straightening machine, which features a shifting platform for quick and simultaneous changing of all straightening rollers. Both the CCS stands and the CRS straightening machine are the largest of their kind in operation anywhere in the world. SMS group also supplied the CCS Tandem Millstand Control System, which enables the process to be controlled in real time while ensuring that the roll gap is automatically zeroed and adjusted after each program change.

Source : STRATEGIC RESEARCH INSTITUTE
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Acerinox Reports Profit in Q3 of 2020

Since the beginning of the crisis, Acerinox has been focused on generating cash flow, increasing liquidity and reducing costs. Adjusted EBITDA, EUR 267 million, was down by just 8% thanks to the incorporation of VDM and the cost reductions undertaken. In a year marked by the pandemic, Acerinox’s turnover totalled EUR 3,451 million between January and September, just 6% lower than that of 2019. In the first three quarters, melting shop production, 1,582,499 tonnes, decreased by 9% compared to the same period of 2019.

Acerinox obtained profit after tax and minority interests of EUR 31 million between January and September 2020, despite the impact of the crisis arising from the Covid pandemic and the impairment of assets of Bahru Stainless amounting to EUR 43 million, which occurred in the second semester.

The Consolidated Group’s melting shop production in these three quarters fell by 9% compared to the same period last year, from 1.7 million tonnes in 2019 to 1.5 million tonnes this year. During the third quarter, the Group’s factories produced 21% more tonnes than in the second quarter, to 538,467. Between July and September, the Group recognised a profit of EUR 28 million.

Between January and September turnover totalled EUR 3,451 million, a decrease of just 6% compared to 2019 in a year clearly marked by the social and economic effects of the pandemic.

In the first nine months, adjusted EBITDA, EUR 267 million, was down by just 8% thanks to the incorporation of VDM and to the cost reductions undertaken.

Forecast – “Visibility is limited. However the reactivation of a number of sectors and our order backlog, lead us to expect fourth quarter EBITDA to be in line with that of the third quarter, despite many uncertainties: evolution of the pandemic, the US elections, Brexit, etc.”

Source : STRATEGIC RESEARCH INSTITUTE
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Indian Secondary Steel Makers Face Declined Long Demand in 2020-21

CRISIL Ratings in a recent report said that India’s secondary long-steel producers may sustain their credit profiles this fiscal despite facing up to 100 basis points decline in profitability because of two supportive factors: central government spending on rural and urban housing, and infrastructure, including roads and deleveraged balance sheets stemming from low capital expenditure. A study of 125 CRISIL-rated secondary long-steel manufacturers shows that domestic long steel sales volume is seen declining 12-15% in the current fiscal following the Covid-19 pandemic

Long-steel consumption is prominently linked to housing projects being implemented through schemes such as Pradhan Mantri Awaas Yojana and construction of roads. While capital expenditure by central government will prop demand from these segments at healthy levels, declining spending by state governments and weak demand from the real estate sector will affect the overall offtake. Consequently, volume could de-grow 12-15% this fiscal.

On the other hand, average steel realisation is expected be steady at INR 40,000-41,000 per tonne on stable supply, given capacity expansion has been minimal over the past couple of years. But with sales volume also foreseen declining, revenue growth, too, will be curbed.

Nevertheless, lower revenue may not materially dent operating profit margin because of favourable cost structure. Variable cost, iron ore and coal, comprise three-fourths of the cost of production. As a result, operating margins tend to be somewhat protected in this business.

Source : STRATEGIC RESEARCH INSTITUTE
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JSW Steel Pays to Complete Asian Colour Coated Deal

JSW Steel announced that its wholly owned subsidiary JSW Steel Colour Products has infused INR 1,550 crore nto its subsidiary Hasaud Steel Ltd through a mix of equity and quasi-equity & debt instruments as per the resolution plan for acquisition of Asian Colour Coated Ispat on receipt of written order of NCLT on Tuesday. HSL, in turn, has paid INR 1,477 crore to certain financial creditors of Asian Colour Coated, towards assignment of its loans. Another INR 73 crore was extended as loan to Asian Colour Coated for onward payments to operational creditors, workmen & employees, and other financial creditors. With this JSW Colour Products has fully discharge its obligations under the resolution plan.

HSL has been issued equity shares of ACCIL by way of conversion of the above mentioned loan of INR 73.06 crores infused by it, in accordance with the Resolution Plan. Simultaneously, as provided in the Resolution Plan, the existing issued equity share capital of ACCIL comprising of 88,07,76,270 equity shares of face value INR 10 each held by the existing shareholders are cancelled and extinguished without any payment to the shareholders in accordance with the Resolution Plan.

Accordingly, immediately upon implementation of the Resolution Plan, HSL holds 100% of the equity interest in ACCIL.

Last Monday, NCLT had approved JSW Steel resolution plan with modification. The execution of the resolution plan was delayed due to uncertainty on the changes made by NCLT. The final written order of NCLT cleared the uncertainty on the modification made and paved the way for execution of the resolution plan.

Source : STRATEGIC RESEARCH INSTITUTE
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Liberty Steel to Increse Adhunik Metaliks Capacity to 1 Million Tonne

Financial Express reported that Liberty Steel has plans to double the capacity at Adhunik Metaliks, the Odisha-based bankrupt steelmaker it acquired through the insolvency route in March, to one million tonne per annum in the next three to four years. Adhunik Metaliks managing director Mr Uday Gupta said “During the pandemic, we refurbished the plant and machinery which was idle for close to three years. We are starting up the plant in phases to ramp up production and hope to reach full capacity in a year. True to its commitment towards greensteel, the company will use electric arc furnaces for steelmaking backed by renewables in future.”

Mr Gupta, however, did not disclose the amount that will be required to invest to double the capacity. He said it will depend on the product-mix and technology adopted to expand.

Located near Rourkela in Odisha, Adhunik has 0.5 million tonne per annum steel-making capacity and a 34 MW captive power plant among others. Adhunik Metaliks started the first phase of production after the takeover only last week. GFG Alliance acquired Adhunik Metaliks and its associate firm Zion Steel for around INR 425 crore through the insolvency route in March.

Source : FINANCIAL EXPRESS
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Vertraagd 20 jan 2021 15:04
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