ArcelorMittal LU1598757687

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1. voda 15 december 2020 11:49

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   Metinvest Upgrading Hot Strip Mill Coiler at Ilyich Steel
   
   Another phase of mill reconstruction is ending in the 1700 Hot Strip Mill at Ilyich Iron and Steel Works of Metinvest Group. The installation of a new hydraulic down coiler for coiling 32 tonne hot rolled coils was completed. The investments in the project amounted to over USD 30 million. The new hydraulic down coiler differs from the existing ones in the shop in a number of important technical characteristics, such as the operation with strips up to 16 mm thick, up to 1,600 mm wide and maximum yield strength of 400 MPa at a coiling temperature. Also, the design provides an order of magnitude higher tightness of coils, an increase in their outer diameter up to 2,060 mm and in their weight up to 32 tonnes. The assembled unit can demonstrate a coiling speed of up to 20 meters per second and its capacity is up to 2.5 million tonens of coils per year.
   
   It was originally planned to invest USD 18 million in the project. Metinvest Group made a decision on additional funding to make the industrial complex as modern and practical as possible from the perspective of the staff working at it. All customers' requirements in relation to the product quality were also taken into account.
   
   Besides the installation of the down coiler itself, a control room, a hydraulic pump station room, an oil cellar room and a booster pump station room were additionally built to provide the unit with the water of required pressure, and where all auxiliary systems of hydraulics, lubrication and power supply were placed. The electrical equipment was installed in the overhauled room of the motor room No. 2. Fire alarms and safety guards were installed, as well as new networks and structures for water supply, sewerage, heat and gas supply. Additionally, electric power and auxiliary equipment was installed, as well as equipment for plate finishing. The company's total investment amounted to $ 30 million.
   
   Source - Strategic Research Institute
   
2. voda 15 december 2020 11:49

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   JSW Steel Update on Fund Raising Plans
   
   JSW Steel raised USD 250 million by selling bonds overseas. The bond sale is an extension to its earlier issuance in October, when the steel maker raised USD 500 million. The bonds, which opened for subscriptions Monday likely obtained an order book, three times higher than the actual size. Standard Chartered, Deutsche Bank, Credit Suisse helped the company mopping up the funds.
   
   JSW Steel also announced that its wholly owned indirect subsidiary, Periama Holdings LLC, had earlier raised USD 500 million by allotment of fixed rate senior unsecured notes which guaranteed by the company. The issuer now considering conducting an international offering of US dollar denominated senior notes, subject to receipt of regulatory approvals. The additional notes will be fungible with the notes and would be guaranteed by the company. The proceeds of the issue will be used for repayment of part of the existing indebtedness owned to the company including interest thereon.
   
   Moody's Investors Service says that JSW Steel Limited's (JSW, Ba2 negative) credit profile will remain unaffected by the tap offering on the existing USD 500 million senior unsecured notes issued in October 2020 by Periama Holdings LLC, a wholly owned indirect subsidiary of JSW.
   
   Source - Strategic Research Institute
   
3. voda 15 december 2020 11:50

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   Vietnam Probing 14 for Thai Nguyen Iron & Steel Expansion Projectx
   
   VNA reported that Vietnam’s Ministry of Public Security has taken legal action against 14 persons involved in legal violations in Phase 2 of the production expansion project at the Thai Nguyen Iron and Steel Joint Stock Corporation. The move had been made during a probe into violations of construction investment regulations that caused serious consequences and infringements of rules on state asset management and use that caused losses and wastefulness in Phase 2 of the company’s production expansion project. The Ministry of Public Security is working to soon finalise the investigation in line with regulations of the Central Steering Committee for Anti-Corruption.
   
   Those under investigation consist of former Standing Deputy Director of the project management board at TISCO Mr Dang Van Tap, former Deputy Director and project secretary Mr Dong Quang Duong, former Chief Accountant at TISCO Mr Do Xuan Hoa, former deputy heads of the statistical accounting and finance division at TISCO Le Thi Tuyet Lan and Uong Sy Binh, former member of the control board at the Vietnam Steel Corporation (Nguyen Van Trang, and former member of the Board of Directors and head of the control board at VNS Dang Thuc Khang. They were charged with violating regulations on the management and use of State assets that caused losses and wastefulness under Article 219 of the 2015 Penal Code.
   
   Besides, police also took legal action against five others for lacking responsibility that caused serious consequences under Article 360 of the 2015 Penal Code: Le Phu Hung and Nguyen Minh Xuan former members of the VNS Board of Directors, along with Nguyen Chi Dung, Hoang Ngoc Diep, and Doan Thu Trang former members of the TISCO Board of Directors.
   
   Source - Strategic Research Institute
   
4. voda 15 december 2020 11:51

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   NMDC Submits Buyback Offer Letter to BSE
   
   IDBI Capital Markets & Securities Ltd, which is handling the share buyback offer as the Manager for the state owned iron ore mining giant NMDC, has submitted a copy of the Letter of Offer to BSE for eligible shareholders. Letter of Offer has been submitted to the Securities and Exchange Board of India. IDBI Capital Markets has certified that the disclosures made in this Letter of Offer are generally adequate and are in conformity with the provisions of the Companies Act, 2013 and the Buyback Regulations. This is to facilitate eligible shareholders to take an informed decision for tendering their Equity Shares in the Buyback.
   
   The cash offer for buyback of shares not exceeding 131,243,809 fully paid up equity shares of face value of INR 1 each, representing 4.29 per cent of the total number of equity shares issued, subscribed and paid up equity share capital of the company from all the existing shareholders of the company as on November 23, 2020, the record date, on a proportionate basis. The tender offer is at INR 105 per share for an aggregate amount not exceeding INR 1378 crore.
   
   Source - Strategic Research Institute
   
5. voda 15 december 2020 11:52

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   Closed CC Metals Ferroalloy Plant Mining Bitcoins in Kentucky
   
   RadioSvoboda.org reported that Kentucky based steel plant CC Metals & Alloys, owned by Ukrainian oligarch Mr Ihor Kolomoisky and his business partner Mr Hennadiy Bogolyubov, is mining cryptocurrencies in the premises of the now closed plant. The 70 year old steel plant closed its core operations in July and laid off workers. However, it is now mining cryptocurrencies to generate alternate revenue. CC Metals & Alloys’s move towards cryptocurrencies was signaled in July when the plant invited a third-party to install computer centers, thus diversifying its profits by jumping into artificial intelligence and blockchain technology. A worker of the steel plant said that an entire warehouse of the steel plant was converted into a data center with the installation of computers. Another employee confirmed that computers were brought there in trucks to set up the data center. The warehouse is estimated to have hundreds of computers that are mining digital currencies day and night.
   
   Many believe that the factory may not open again as a metal producer due to legislative pressure from US authorities on the Ukrainian tycoons. Mr Ihor Kolomoyskiy, a Cypriot Ukrainian billionaire business oligarch and former governor of one of Ukraine’s provinces, and Mr Bogolyubov are facing a civil lawsuit in the US for funneling billions of dollars into the country after acquiring a falsified loan from Ukraine’s PrivatBank and laundering it through shell companies, before purchasing US assets like iron and steel plants and real estate.
   
   Amherst New York based CC Metals and Alloys LLC, a major producer and supplier of specialty ferroalloys to the global iron & steel industry from facilities in Calvert City in Kentucky, was acquired by Optima Group LLC in 2011. Founded in the 1940s as Pittsburgh Metallurgical, CC Metals and Alloys began as a large volume commodity ferroalloy producer for the steel industry. In the 1980s, the company converted its product line to higher value added specialty ferrosilicons and magnesium ferrosilicon products. Now as CC Metals and Alloys, the company ships over 100,000 tonnes of products per year.
   
   According to the announcement, certain owners of Optima Group are also partial owners of several other metals-based companies, including Felman Production Inc producer of ferrosiliconmanganese, Michigan Seamless Tube LLC, Warren Steel Holdings LLC for continuously cast rounds of carbon and alloy steel, Steel Rolling Holdings Inc for cold rolling and Felman Trading Inc a ferroalloys trading company.
   
   Source - Strategic Research Institute
   
6. voda 15 december 2020 11:52

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   Olympic Steel Acquires Action Stainless & Alloys
   
   Leading US metals service center Olympic Steel Inc has acquired the assets of Action Stainless & Alloys Inc, the Company's fourth acquisition in the past three years. The all cash purchase is immediately accretive. Terms were not disclosed. Action Stainless & Alloys, based outside of Dallas, Texas, is a full-line distributor of stainless steel and aluminum plate, sheet, angles, rounds, flat bar, tubing and pipe and offers a range of processing, including plasma, laser and waterjet cutting and CNC machining. In 2019, the Company generated more than USD 40 million in sales. The business will be incorporated into Olympic Steel's specialty metals business segment, led by Mr Andy Markowitz President Specialty Metals.
   
   Action Stainless & Alloys, which opened in 1982, operates approximately 145,000 square feet of warehouse space across five facilities in Dallas and Houston Texas; Springdale Arkansas; Rock Hill South Carolina and Kansas Cit, Missouri. Action Stainless & Alloys will continue to operate under its established brand as an Olympic Steel Company, led by the existing management team, including Mr Lee Martinson, President of Action Stainless & Alloys.
   
   Source - Strategic Research Institute
   
7. voda 15 december 2020 11:53

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   Bluescope Steel for Hunter Class Frigates for Australian Navy
   
   BAE Systems Australia subsidiary ASC Shipbuilding has begun taking delivery of the first Australian steel to be used in the construction of Australia’s new Hunter class frigates. Having just taken over the new all digital shipyard from government-owned Australian Naval Infrastructure, ASC Shipbuilding will receive more than 1,500 tonnes of steel plate from BlueScope Steel AIS. The $2.6 million contract is one of the first delivered to the shipbuilding site at Osborne south on the Port River in Adelaide.
   
   With the frigate prototyping phase on track to commence this month, the steel will be used to build five representative ship blocks. During this phase, the processes, systems, tools, facilities and workforce competencies will be extensively tested and refined before construction commences on the first frigate in 2022.
   
   ASC Shipbuilding will design and build nine Hunter class ships, which will be among the world’s most advanced anti-submarine warfare frigates, for the Royal Australian Navy.
   
   Source - Strategic Research Institute
   
8. voda 16 december 2020 07:27

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   ArcelorMittal wil obligaties omzetten naar aandelen
   
   FONDS KOERS VERSCHIL VERSCHIL % BEURS
   ArcelorMittal
   18,652 0,00 0,00 % Euronext Amsterdam
   
   (ABM FN-Dow Jones) ArcelorMittal is in gesprek met enkele obligatiehouders om hun obligaties om te zetten in aandelen. Dit maakte de staalreus woensdagochtend bekend.
   
   Het betreft "een beperkt aantal" houders van obligaties die in 2023 aflopen en een coupon hebben van 5,5 procent.
   
   ArcelorMittal wil zo 246,8 miljoen dollar aan obligaties omzetten naar circa 22,7 miljoen bestaande aandelen met een bijbetaling van in totaal 25,4 miljoen dollar. De conversie levert geen opbrengsten op voor de staalreus.
   
   Op 22 december moet de conversie plaatsvinden. Daarna staat onder de betreffende obligatielening nog circa 1 miljard dollar uit.
   
   Door: ABM Financial News.
   info@abmfn.nl
   Redactie: +31(0)20 26 28 999
   
   © Copyright ABM Financial News B.V. All rights reserved
9. voda 16 december 2020 11:46

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   China Crude Steel Output to Touch 1.05 Billion Tonnes in 2020
   
   According to latest data from National Bureau of Statistics, China's crude steel output totalled 87.66 million tonnes in November 2020, down by 4.9% MoM but up 8.0% YoY. China’s crude steel output in January-November 2020 rose by 5.5% YoY to 961.16 million tonnes. Unprecedented steel demand in China pushed steel mills to increase daily crude steel output to a record high of 3.09 million tonnes a day in September 2020, which started tapering in in October 2020 to 2.97 million tonnes a day and 2.92 million tonnes a day in November 2020 as with the onset of winters in North China resulted in output restrictions forcing many steel mills to undertake maintenance. However, as the steel realization is very strong, daily crude steel output in December 2020 is likely to remain above 2.9 million tonnes a day, meaning we could witness China producing record 1.05 billion tonnes of crude steel in 2020, up by about 5% YoY, despite crude steel production shrinking to 79.9 million tonnes in January, 74.77 million tonnes in February and 78.97 million tonnes in March, when COVID19 spread had slowed down activities.
   
   China produced 72.01 million tonnes of pig iron in November 2020, down by 4.7% MoM to take pig iron production in January-November 2020 to 812.90 million tonnes, up 4.2% YoY
   
   China also produced 117.34 million tonnes of finished steel in November 2020, down by 1.0% MoM to take finished steel production in January-November 2020 to 1202.03 million tonnes, up 7.0% YoY.
   
   Source - Strategic Research Institute
10. voda 16 december 2020 11:47

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    LIBERTY Doubling Production at South Yorkshire GREENSTEEL Plant
    
    We regret to inform that there were factual errors in a news story published on December 15 “Aartee Group Acquires Acenta Steel from Liberty Steel” and the same has been deleted from our web site. The correct version, as shared by Liberty Steel, is being published and inconvenience caused is deeply regretted. GFG Alliance’s LIBERTY Steel has committed to a programme of new investments at its South Yorkshire GREENSTEEL production hub at Rotherham to supply the transport, defence, and construction sectors as part of the UK government’s Build Back Better plan. The investments, totalling more than GBP 60 million, will remove production bottlenecks at its electric arc furnace (N-Furnace) and small bloom caster in Rotherham, helping the business to double existing steel output to 1 million tonnes per annum. LIBERTY will launch a public tender to upgrade its N-Furnace for increased scrap steel melting, make upgrades to Thrybergh Bar Mill and install a new Rod Block to produce wire rod and de-bar in coil.
    
    The programme will boost supply of sustainably-produced reinforcing bar “GreBar” for schools, hospitals, houses, energy facilities and transport links as part of the UK government’s GBP 100 billion infrastructure spending plan. LIBERTY’s production increase will reduce the UK’s reliance on imported steel, helping to strengthen the UK supply chain and secure high-value jobs. The new initiatives follow hot on the heels of the first shipments of GreBar from Thrybergh targeted at UK infrastructure projects such as HS2. LIBERTY aims to partner with a rebar fabrication company onsite for GreBar production.
    
    At the same time, LIBERTY and Acenta Steel, part of the AARTEE Group, have agreed a deal to combine their engineering bar divisions to deliver a stronger, more efficient high precision steel business supplying industrial customers. The deal will create AARTEE Bright Bar, a UK market leader in bright bar steel used for high quality components in the automotive, general engineering, hydraulics and yellow goods industries. Julian Schoch, existing Managing Director of the LIBERTY Engineering Bar division, will be Chief Executive of the combined business which will have operations in South Yorkshire and the Midlands.
    
    Source - Strategic Research Institute
11. voda 16 december 2020 11:47

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    Blockchain Can Trace CarbonEmissions for Mining & Metals Companies
    
    The World Economic Forum’s Mining and Metals Blockchain Initiative has released a unique proof of concept to trace emissions across the value chain using distributed ledger technology. The initiative is collaboration between seven global companies and the World Economic Forum that aims to accelerate an industry solution for supply chain visibility and ESG requirements. The proof of concept was developed in collaboration with industry experts to test the technical feasibility of the idea.
    
    The World Economic Forum’s Mining and Metals Blockchain Initiative, released a proof of concept that uses distributed ledger technology to track embedded greenhouse gas emissions. Collaboration between seven leading industry players and the World Economic Forum, the initiative has hit an important stage of development following its launch in October 2019. The successful completion of the proof of concept, named the COT, a Carbon Tracing Platform will be critical in helping to ensure traceability of emissions from mine to the final product. With a focus on end to end traceability, the COT platform uses distributed ledger technology to track CO2 emissions.
    
    The founding members of the MMBI Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klockner & Co, Minsur and Tata Steel joined forces in October 2019 to design and explore blockchain solutions to accelerate responsible sourcing in the industry. By pooling resources and costs, the mining and metals companies aim to accelerate future adoption of a solution for supply chain visibility and ESG requirements.
    
    Developed in collaboration with industry experts, supported by the Dutch blockchain champion Kryha and Consortium Advisor Susan Joseph, it not only tests the technological feasibility of the solution, but also explores the complexities of the supply chain dynamics and sets requirements for future data utilization. In doing so, the proof of concept responds to demands from stakeholders to create mine to market visibility and accountability.
    
    This work lays the foundation for the next phase of the development and reinforces comprehensive feedback sessions with stakeholders. It also supports the MMBI vision to enable emissions traceability throughout complex supply chains and to create mine to market visibility and accountability.
    
    Source - Strategic Research Institute
12. voda 16 december 2020 11:48

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    Iranian Steel Capacity Close to 40 Million Tonnes
    
    According to new data released by the Iranian Mines and Mining Industries Development and Renovation Organization, the annual capacity of Iranian steel companies, 84, has reached 39.82 million tonnes. Mobarakeh Steel Company, accounts for 18% of total production capacity with 7.2 million tonnes per year. Khuzestan Steel Company comes next with 3.8 million tonnes, followed by Esfahan Steel Company with 3.6 million tonnes and South Kaveh Steel Company with 2.4 million tonnes.
    
    As per the goals set in the 20-Year National Vision Plan 2005-25, Iran seeks to become the world’s sixth largest steelmaker by 2025 with a crude steel output capacity of 55 million tonnes.
    
    Source - Strategic Research Institute
13. voda 16 december 2020 13:21

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    Plate Heat Treatment Line at Ilsenburger Grobblech Starts
    
    Salzgitter AG announced that the first sheet metal was successfully produced on the new multifunctional quette in Ilsenburg. This heat treatment of the first sheet is a decisive milestone for the large-scale plant. The management of Ilsenburger Grobblech was able to admire the high quality of the new plates with a mirror-smooth surface live. The new heat treatment line is the largest single investment in the history of Ilsenburger Grobblech Gmbh. It is the main component of the project with which Salzgitter AG is concentrating the heavy plate activities of ILG in Ilsenburg and positioning the company securely for future requirements. It comprises two roller hearth furnaces, a MultiFlex-Quench, a straightening machine, a blasting system, a preservation line and a water treatment system. Commissioning is planned for spring 2021.
    
    With the new plant, more than 200,000 tonnes of heavy plate can be annealed and then further processed annually. It is designed for sheets with thicknesses between 5 and 175 millimetres and widths between 600 and 3,500 millimetres. With lengths between 4 and 24 meters, the sheets have a maximum weight of 28 tonnes.
    
    Source - Strategic Research Institute
14. voda 16 december 2020 13:21

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    CSPA Welcomes Investigation into Reinforcing Bar Dumping
    
    The Canadian Steel Producers Association has welcomed the Canada Border Services Agency’s self initiated investigation of injurious dumping of concrete reinforcing bar from Oman and Russia. CSPA President Ms Catherine Cobden said “The Canadian Steel industry is feeling the impact of higher levels of unfairly traded foreign steel in our marketplace at a time when we have been deeply impacted by COVID-19. We cannot allow foreign producers to take advantage of the disruption of the pandemic and we expect our government to use all the tools at its disposal to address this situation. This new rebar investigation is therefore an important and welcomed effort to help ensure Canadian steel can compete on a fair basis.”
    
    This is the fourth investigation into dumping of reinforcing bar over the last 6 years and the second investigation undertaken in the last 3 months on unfairly traded reinforcing bar. Another investigation on this product was launched against 7 other countries in September 2020.
    
    Source - Strategic Research Institute
15. voda 16 december 2020 13:22

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    Contractors Steel Acquires Borrmann Metal Center
    
    UPG Enterprises LLC portfolio company Midwest based Contractors Steel has acquired leading light structural and specialty metal service center Los Angeles based Borrmann Metal Center. The acquisition expands Contractors Steel's footprint in the Southwestern United States and Mexico and increases its breadth of product offerings in previously untapped markets, including aerospace. Founded in 1919, by George and Jane Borrmann, Borrmann Metal Center helped pioneer metal warehousing, sales, and distribution on the west coast. Over the years, Borrmann has grown into a leader in the market with two locations with over 200,000 square feet of warehouse space and 15 trucks that deliver a wide selection of metals.
    
    Contractors Steel Company is a leading steel service center, servicing steel users throughout the Midwest and Canada from its four current locations, as well as its newest Surprise AZ. Contractors Steel was acquired by UPG Enterprises LLC, then Union Partners I LLC, in May 2018.
    
    Source - Strategic Research Institute
16. voda 16 december 2020 13:22

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    ISRI Submits Comments on China’s Draft Recycled Steel Standards
    
    Institute of Scrap Recycling Industries has submitted comments to the Government of China on its draft GB/T standards for recycled steel raw materials. ISRI commends the Government of China for developing standards for imports of recycled steel raw materials. However, ISRI also suggests clarity on recycling operations as well as aligning the Chinese standards codes with ISRI specification codes to ensure proper compliance with the regulations set out in the draft standards.
    
    Excerpts from ISRI’s comments
    
    We commend the Government for the work undertaken to develop these draft standards, and we hope our comments will ensure appropriate compliance with the standards and the continued import of recycled raw materials for use by manufacturers in China.
    
    Crushing and shredding are very different operations. Crushing does not adequately explain shredding. A highly mechanized process of fragmentizing automobiles, appliances, scrap steel and other large recyclable materials into smaller, usable recycled commodities.
    
    For the processing methods, we are confused by the first stage being called wool. This is not a common term in the global steel industry and causes confusion as to what are acceptable starting points for “recycled steel raw materials. We recommend using the term steel scrap
    
    We recommend that an additional column be added to Table 1 referencing the ISRI Specification code for each product.
    
    Source - Strategic Research Institute
17. voda 16 december 2020 13:23

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    Majestic Steel USA Acquires P&S Metals & Supply Assets
    
    Leading US steel service center Majestic Steel USA Inc announced that it has completed the acquisition of the business assets of P&S Metals and Supply, a Las Vegas Nevada based steel service center and processor. By carrying a diverse and sizable inventory of prime, flat-rolled coated steel products, Majestic Steel USA offers what you need, when you need it, shipped on-time from a climate-controlled service center. Majestic is ISO 9001:2008 certified and provides a unique, value-driven experience. The addition of P&S enables Majestic to increase its presence and reach in the Western United States, particularly the growing Nevada market. It also extends our downstream capabilities and product lines with the benefits of volume growth and operational efficiencies.
    
    Majestic Steel USA, founded in 1979 and headquartered in Cleveland in Ohio, is a privately held and family owned distributor and processor of flat-rolled steel. Majestic serves its customers in manufacturing, construction and distribution from its network of locations throughout North America.
    
    Source - Strategic Research Institute
18. voda 16 december 2020 13:24

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    NLMK Europe & Lineas Continue Partnership of Two Decades
    
    Lineas announced the extension of its partnership with NLMK Europe. The rail freight operator will continue to drive the majority of train services for the Belgian and French operations of the global steel company for the coming years. Lineas will provide at least 38 regular trains per week between Ghent and the NLMK sites in Clabecq and La Louvière, as well as regular train transports to the NLMK site in Strasbourg, France and customers in various European countries.
    
    The partnership goes back at least twenty years, with Lineas transporting slabs and coils for NLMK Europe, previously Duferco, between its sites all over Europe.
    
    Lineas is the largest private rail freight operator in Europe offering premium rail products and total door-to-door logistics solutions.
    
    Source - Strategic Research Institute
19. voda 16 december 2020 13:25

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    Bekaert Addresses Structural Changes in New Market Environment
    
    In order to meet the changing customer and market requirements as well as ways of working impacted by Covid-19 pandemic, Bekaert has determined a number of actions to enable the Group to adapt to the new environment. By addressing these structural changes, the Group will also lay the foundations for new capabilities and sustainable value creation. Bekaert is enhancing the effectiveness of its operating model and process efficiencies across the business. The Group will develop stronger knowledge centers and invest further in shared services to consolidate expertise and activities in business areas that serve the global footprint. This may include decisions to relocate or outsource such activities. Bekaert also continually evaluates the set-up and usage of its footprint to drive value creation.
    
    As part of the global approach and measures, Bekaert announced the intention to reorganize the global engineering activities, several functional department areas serving the Group’s global or local business needs, and a number of support and technical roles in the production plants in Zwevegem.
    
    The implementation of the plan would have an impact on employment in Belgium. The management has today informed the Belgian and European works councils of the proposed measures and will organize information sessions to reach all employees in the respective sites. The restructuring plan would affect 160 jobs in Belgium and the intended implementation is scheduled as of 2021 onwards. The management regrets the personal consequences of this plan and will, together with the social partners, diligently evaluate the options to mitigate the social impact.
    
    Bekaert Engineering (Ingelmunster): the engineering organization in Belgium is to become a global knowledge center for the development of innovative equipment solutions. The design, service and project management teams will focus on the implementation of new and digital technologies and Equipment Lifecycle Management. The plan includes the discontinuation of the workshop activities in Belgium and the move of the expertise activities with a prototype lab from Ingelmunster to Deerlijk. The intention to restructure the Belgian engineering activities would affect 95 jobs (63 operators and 32 white collars and managers).
    
    Functional areas (Zwevegem): Bekaert is developing stronger centers of excellence across Group Services, accelerating the adoption of digital capabilities in the areas of operational, commercial and administrative process excellence to create new value for the business and the customers. This would lead to a reduction of 46 white collars and managers in Belgium.
    
    Plants (Zwevegem): the production plants in Zwevegem have the intention to realign and regroup a number of support and technical functions. The new set-up would affect 19 white collars and managers in the respective plants.
    
    The Belgian engineering organization and production sites currently have 50 vacancies for the replacement of organic personnel turnover and for specific capability building. The management will take into consideration the applications from employees in the abovementioned, affected roles.
    
    Source - Strategic Research Institute
20. voda 16 december 2020 13:25

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    • voda

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    Steel Makers in Pakistan Hit by Rising Input Costs
    
    Pakistan Today reported that the drastic increase the prices of raw material has created a crisis-like situation in the struggling steel sector of Pakistan, as major players have been declaring heavy losses for the last two years, absorbing the impact of input costs without passing it on to the end consumers. Pakistan Association of Large Steel Producers said “However, it is now becoming increasingly difficult for the steel sector to absorb the latest impact of growing prices of raw material internationally. Government should remove all duties on raw material to offset the impact of drastic increase in the cost of raw material, which is now crossing USD 400 per tonne.”
    
    PALSP said “Contrary to the misleading statement on part of a body of developers, domestic steel bar prices have dropped over the past two years by 8pc in dollar terms, from USD 806 in 2018 to USD 746 today. The reason steel prices have increased since 2018 in PKR terms is primarily due to a 45% depreciation of rupee against dollar, which resulted in increased prices of imported raw materials.”
    
    PALSP informed that since 2018, electricity costs have risen 56% while the cost of gas has gone up 116%. Between January 2018 and early 2020, interest rates had doubled from 6% to 13%, increasing financial costs of an industry that is highly leveraged by nature. Finally, the Covid-19 lockdowns exaggerated the losses made by the steel industry and led to a large increase in trade debts, resulting in higher borrowings and financial costs.
    
    Despite the above challenges, the steel industry refrained from passing on a large portion of these cost increases and reduced profit margins to continue supplying steel bars at a competitive price to the construction sector. This is evident from profit margins of steel bar manufacturers that shrunk from approximately 8% to 3% between 2018 and 2020.
    
    Source - Strategic Research Institute