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Semis Propel Chinese Steel Imports to Record High in 2020

Mysteel reported that new data from China’s General Administration of Customs showed that China imported 18.3 million tonnes of semi finished steel items in 2020, five times higher than in 2019 and hitting a record high. Semi-finished steel imports reached record levels last year as domestic prices were much higher than international prices. As a result, China’s total import of steel in 2020, ie semis & finished steel, surged to 38.53 million tonnes up by

As reported earlier, strong steel demand in China lifted its 2020 steel imports to the highest level since 2005, even as the country maintained its status as the world's biggest steel exporter. China's finished steel imports rose by 64.4% YoY to 20.23 million tonnes in 2020, with exports falling by 16.5% YoY to 53.68 million tonnes.

Source - Strategic Research Institute
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Mr Forrest Unveils Plans for Green Steel Pilot Plant in Australia

Fortescue Metals Group chairman Mr Andrew Forrest has last week revealed his ambitions to build green steel pilot plant in Australia in 2021. Mr Forrest at the ABC Boyer Lecture for 2021 entitled “Oil vs Water: Confessions of a Carbon Emitter” disclosed the company’s plans to take on hydrogen power to lower emissions. He told “The iron ore company I founded 18 years ago, Fortescue, generates just over two million tonnes of greenhouse gas every year. It’s also just 0.004% of the greenhouse gases that enter the atmosphere every year around. The answer isn’t to stop mining iron ore, which is critical to the production of steel and to humanity. The answer is iron ore and steel made using, zero-emissions energy.

Mr Forrest said “Steel is fundamental to everything you see around you, from your home, to your car, the roads you drive on, to your ability to watch this Boyer lecture. But right now, Australia makes barely any of that steel. We just dig up the iron ore, process and export it. In some ways, that’s a blessing: blast furnaces, where most steel is made, generate 8% of global emissions because coal is used in the process. But our neighbours and customers want to phase out carbon pollution by 2050 and the most carbon-intensive of the fossil fuels, coal will be phased out too. That’s just a fact. Now imagine if we could find a way to make steel without coal, zero-carbon steel, in Australia. There are two ways.”

He said “In one, you replace coal in the furnace with our old friend, green hydrogen. You get steel but instead of emitting vast clouds of CO2, you produce nothing more than water vapour. To strengthen the steel, you simply add the carbon separately. It bonds into the metal rather than dispersing into the atmosphere. The other way to make green steel, the radical approach, is to scrap the blast furnace altogether and just zap the ore with renewable electricity. Fortescue is trialling both methods. We aim to start building Australia’s first green steel pilot plant this year, with a commercial plant in the Pilbara, powered entirely by wind and solar, in the next few years. Australia is in an absolutely unique position to scale green steel.”

Mr Forrest added “We could look at losing our coal industry as a national disaster, yet I've always believed out of every setback, is the seed of equal or greater opportunity. We produce over 40% of the world’s iron ore. And our potential green energy and hydrogen resources are immeasurable. If Australia were to capture just 10% of the world’s steel market, we could generate well over 40,000 jobs, more than what’s required to replace every job in the coal industry. Not any old jobs, but similar jobs construction workers, mechanics, electricians, engineers, all of the sectors that’ll be hit when coal is phased out. The timing is right. And we would also produce a product that is so much more valuable than either coal or iron ore green steel.”

Source - Strategic Research Institute
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JSW Steel Reports Stellar Performance in Oct-Dec 2020 Quarter

JSW Steel has reported strong performance for October-December 2020 quarter.

Standalone Performance Oct-Dec 2020 quarter

Crude Steel production: 4.02 million tonnes, down 5% YoY

Saleable Steel sales: 4.03 million tonnes, up 10% YoY

Flat Products sales: 2.98 million tonnes, up 14% YoY

Long Product sales: 0.88 million tonnes, down 2% YoY

Semis sales: 0.18 million tonnes, up 2% YoY

Domestic shipments: Up by 25% QoQ

Revenue from operations: INR 15,767 crores

Operating EBITDA: INR 2,667 crores

PAT: INR 691 crores

Consolidated Performance Oct-Dec 2020 quarter

Saleable Steel sales: 4.03 million tonnes

Revenue from operations: INR 18,055 crores

Operating EBITDA: INR 2,451 crores

PAT: INR 187 crores

Subsidiaries' Performance:

JSW Steel Coated Products: During the quarter, JSW Steel Coated Products registered a production volume of 0.47 million tons and sales volume of 0.52 million tonnes. Revenue from operations and operating EBITDA for the quarter stood at INR 2,982 crores and INR 134 crores respectively. Net Profit after Tax stood at INR 50 crores for the quarter.

US Plate and Pipe Mill: The US based Plate and Pipe Mill facility produced 70,479 net tonnes of Plates and 14,669 net tonnes of Pipes, operating at a capacity utilization of 29% and 11%, respectively, during the quarter. Sales volumes stood at 52,749 net tonnes of Plates and 11,328 net tonnes of Pipes. It reported EBITDA loss of USD 12.6 million for the quarter, mainly due to lower realization and inventory write down of USD1.77 million.

JSW Steel USA Ohio (Acero): The US based HR coil manufacturing facility produced 74,272 net tonnes of HRC during the quarter. Sales volumes for the quarter stood at 58,611 net tonnes. It reported EBITDA loss of USD 25.19 million for the quarter, which includes an inventory write down of USD 2.02 million.

JSW Steel Italy (Aferpi): The Italy based Rolled long products manufacturing facility produced 174,523 tonnes and Sold 156,677 tonnes during the quarter. It reported EBITDA loss of 9.95 million Euros for the quarter.

Projects update: Key capex projects viz augmenting the crude steel capacity at Dolvi works from 5 to 10 million tonnes per annum, 12 to 13 million tonnes per annum expansion (except BF-3 enhancement) at Vijayanagar works, capacity expansion of CRM-1 complex at Vijayanagar works and certain other downstream projects are under advanced stages of implementation. The commissioning of certain projects is likely to be completed up to 3-6 months behind original scheduled timelines. The new 5 million tonnes per annum capacity at Dolvi Works is now expected to be commissioned during the first half of FY2021 from March 2020 earlier.

Mining update: Production from the four operating captive iron ore mines in Karnataka stood at 1.22 million tonnes in the quarter and 3.26 million tonnes in 9 months of 2020-21. Subsequently, Rama mine in Karnataka has already commenced operations in January 2020, and the Ubbalagundi mine is expected to commence operations soon.

M&A update: The company completed the acquisition of Vardhman Industries Limited in December 2019 for a total consideration of INR 63.50 crores. Accordingly, VIL has become a wholly owned subsidiary of the Company. Consequently, the shareholding of the Group in the joint venture, JSW Vallabh Tin Plate Limited has increased from 50% to 73.55%. VIL is mainly engaged in the manufacturing and marketing of Colour Coated Coils & Sheets and has a production capacity of 36,000 tonnes per annum with manufacturing facility located at Rajpura in Patiala in Punjab.

Outlook: Global steel spreads remained under pressure during the beginning of the quarter and hit lows during the month of October. A modest recovery in the month of November was followed by a strong momentum into December and January. The recovery is being driven by supply side adjustments and a modest pickup in steel demand. In India, the IIP and Manufacturing PMI prints have improved from the recent lows, signalling an improvement in business confidence and slight improvement in credit availability. The economy is still not completely out of woods as consumer sentiment remains subdued given weaker growth in the automotive and consumer durable volumes. The Indian steel sector is expected to grow significantly on the back of various initiatives of the Government pertaining to the domestic infrastructure and supportive monetary policies.

Source - Strategic Research Institute
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Court Accepts Liberty Steel Bid for Huta Czestochowa

Polish Business Insider reported that Huta Czestochowa, after a year and a half of searching, has found a buyer Liberty Steel who has agreed to pay the minimum price expected by the trustee. Czestochowa District Court spokesman informed "On January 22, 2021, a meeting was held to select a bidder in the tender for the sale of Huta Czestochowa. The deadline for submitting bids expired on January 21, 2021 at 15.00 and one offer was submitted by Corween Investments sp Zoo in Warsaw and an appropriate vadium was paid. The offer meets all formal conditions. The purchase amount was PLN 190 million, which is the minimum price specified in the terms of the tender. The decision is not legally binding, the parties have the right to lodge a complaint with the District Court in Czestochowa.”

This is the result of the third tender for the sale of Huta Czestochowa. Its conditions were approved by the Czestochowa court at the end of November last year. In early December, the receiver terminated the contract with earlier lessee Sunningwell International Polska after production at the plant was stopped.

In December, the receiver of Huta Czestochowa started negotiations with Corween Investments, in the process of changing the name to Liberty Czestochowa, with which he signed a lease agreement on December 23, 2020. The lessee took over the company and all employees. As of January 1, it was 1,148 people. The plate rolling mill was the first to start work on January 10. The first melts in the steel plant as part of the technological start-up began on January 14

ArcelorMittal controls about 70%steel production potential in Poland. It has branches in Sosnowiec former Huta Cedler, Swietochlowice former Huta Florian, Chorzow Huta Krolewska, Zdzieszowice, Dabrowa Górnicza former Huta Katowice and Krakow former Huta T Sendzimir. The collapsing Polskie Huty Stali took over in March 2004 for a symbolic zloty, restoring their profitability. In October, it permanently closed the blast furnace in the Krakow steelworks.

Source - Strategic Research Institute
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SSAB Shareholders Sceptical over Tata Steel Netherland Deal

Swedish business daily Dagens Industri reported that Swedish steel maker SSAB AB has run into a hurdle with two large SSAB shareholders mining company LKAB and asset manager Industrivarden owning 20.9% of SSAB expressing reservations about the deal with Tata Steel Netherland. The report cited sources as saying that “There are several issues that could potentially stall the deal. This includes concerns around higher carbon footprint for the Swedish steelmaker which will come with the acquisition, and this is something a section of SSAB’s shareholders are not comfortable with as things stand."

The report added that “SSAB has told Tata Steel that it may not be able to close the deal within the six-month internal deadline agreed to in November. But the deal is not off the table yet.”

A potential merger between SSAB and Thyssenkrupp also did not go ahead for similar reasons.

Swedish steelmaker SSAB confirmed on November 15, 2020, that it is in discussions with Tata Steel Group concerning a potential acquisition of Tata Steel Europe’s IJmuiden steel mill and related downstream assets. It said “SSAB has participated in several different discussions concerning consolidations in the European steel industry. The discussions with Tata are on-going but no decisions have been made. There can be no certainty that any transaction will materialize, nor as to the terms of any such potential transaction. Further announcement will be made in due course.”

Tata Steel while announcing Q2 results said that “The company has initiated the process to separate Tata Steel Netherlands and Tata Steel UK and will pursue separate strategic paths for the Netherlands and UK business in the future. Tata Steel continues its dialogue with the UK Government on potential measures to safeguard the long-term future of Tata Steel UK and is also reviewing all options to make the business self-sustaining without the need for

Source - Strategic Research Institute
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AD Duty Extension on Stainless CR Steel from China & Korea

Following the conclusion of dumping investigations, India's Directorate General for Trade Remedies has recommended the continuation of antidumping duties on imports of cold rolled flat products of stainless steel of width ranging 600 mm to 1,250 mm and above from China and South Korea as there is likelihood of dumping and injury if the existing antidumping duties are allowed to cease. Directorate General for Trade Remedies said that AD rate of 57.39% will be applicable for China, 5.39% for Posco and 13.44% for other South Korean exporters for a period of five years from the date of notification to be issued by the department of revenue under the Ministry of Finance to implement the DGTR recommendations.

However, Directorate General for Trade Remedies has recommended removal of AD duties on imports of cold rolled flat products of stainless steel from the EU, Taiwan, US, Thailand and South Africa, as its investigations revealed insufficient evidence to show likelihood of continued dumping by cessation of existing AD rates.

DGTR had commenced a sunset review of existing AD duties on imports of the products from these seven countries following an application seeking continuation of the import protection by Jindal Stainless Steel Limited, Jindal Stainless Hisar Limited and Jindal Stainless Steelway Limited.

Product Under Review -Cold-rolled Flat products of stainless steel of width 600 mm to 1250 mm (width tolerance of+30 mm for Mill Edged and +4mm for Trimmed Edged) and of width above 1250 mm for non bonafide uses; of all series not further worked than Cold rolled; with a thickness of up to 4mm, excluding the following Grades AISI420 high carbon, 443, 441, EN 1.4835, 1.4547, 1.4539, 1.4438. 1.4318, 1.4833 and EN 1.4509

Further, the product under consideration excludes an importer who imports the subject goods for end use in the same form without slitting or slilted it into 2 or more subject goods, i.e., of sizes above 1250 mm (for example a 2600 mm piece slitted into two 1300 mm size pieces)

The product under consideration is classified under the category Base Metals and Articles of Base Metals in Chapter 72 of the Customs TariffAct, 1975 and further under 7219.31, 7219.32, 7219.33, 7219.34, 7219.35 and 7219.90.

Source - Strategic Research Institute
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Synthetic Fibre Bars could Replace Steel Rebars in Highway Bridges

Times of India reported that India’s Road Transport and Highways Minister Mr Nitin Gadkari, while addressing Foundation Day of an industry house in Mumbai, said that his ministry will allow use of synthetic fibre and composite fibre bars in place of steel products for building roads and bridges to reduce cost in the face of artificial hike in price of the key construction raw material. He told "Every steel producer has got its own iron ore mines. So, jacking up prices is a type of black marketing and the cement industry is also habitual of this. I am going to settle my issues with them. Now we are planning to allow synthetic fibre in place of steel. There have been a lot of inventions and now we will allow this for bridge and road construction.”

He warned “Nearly 40% of the steel and cement are used in highway construction. If they don't reduce prices, we will formulate alternative policies.”

Synthetic fibre and composite fibre bars are being used in different parts of the world and this can reduce the requirement of steel in construction projects. Being corrosion-proof and light, these are emerging as alternatives to steel, though these cannot replace steel completely. Top civil engineers in the government and private sectors said there have been several innovations and use of synthetic fibre, composite fibre bars and fibre-reinforced concrete is catching up. But there are some issues that need to be addressed. Most of the structures should have at least 100 years of life. So far, there is hardly any trial of the composite fibre or synthetic fibre for 20-30 years. There is a need to try the products and see their performance.

Source - Strategic Research Institute
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NLMK Group Sales in 2020 Increases by 3% YoY

Russian steel maker NLMK Group announced that its sales grew by 3% YoY to 17.5 million tonnes in 2020 as steel output increased by 1% YoY to 15.8 million tonnes. NLMK’s sales growth in 2020 was supported by a three-fold YoY increase in pig iron sales to 1.5 million tonnes, amid lower steel output during BOF overhauls at NLMK Lipetsk.

Sales of semi-finished products to third parties grew by 25% YoY to 4.9 million tonnes due to higher pig iron and billet exports. Slab sales to NBH totalled 2.1 million tonnes, flat YoY. Finished rolled steel sales declined by 5% YoY to 10.5 million tonnes amid weak demand in April-May 2020 and sales redistribution to semi-finished products.

Sales on home markets reduced by 6% YoY to 10.7 million tonnes, due mostly to lower shipment volumes on the US market and long product sales in Russia. Sales in Russia remained flat YoY at 6.7 million tonnes while sales on export markets increased by 17% YoY to 6.8 million tonnes, driven by higher exports of pig iron to the US, Chinese, and Turkish markets.

Source - Strategic Research Institute
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Aaron Industries to Produce Stainless Steel Press Plate for HPL

Aaron Industries Limited is planning to start manufacturing of Stainless Steel Press Plate for High Pressure Laminate at the company’s Kosamba plant in Surat. The company will start production of Stainless Steel Press Plate for High Pressure Laminate on a trial basis for the purpose of testing and quality improvement from March 2021. It expects to start its commercial production from the month of April 2021.

Aaron Industries has added a new machine for manufacturing of Stainless Steel Press Plate for HPL. The company will also use its existing machines which have been installed in previous years for the purpose of Polishing of Stainless Steel sheet.

Aaron Industries ltd was incorporated in 2013 as an separate entity for elevator industry. It is one of the group companies of Moti Group. Aaron Industries was founded by Mr. Amar Doshi with a vision to provide exceptional design in elevator cabins. Within short period, Aaron has changed the elevator industry from simple cabins to extra-ordinary designer cabins. It has created its place by setting benchmark and elevating that benchmark every moment.

From designing ultra modern, up-to-the-mark cabins for luxurious properties - Residentials as well as Commercials, we give our customers an artistic edge that enhances their property.

Source - Strategic Research Institute
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Salzgitter Preliminary Figures for 2020 Financial Year

German Salzgitter Group closed the 2020 financial year according to the preliminary figures that are now available with earnings before taxes of EUR minus 200 million as compared to EUR minus 253.3 million in 2019. The consistent crisis management, the upward business development in the fourth quarter, especially in the areas of flat steel, trading and technology, as well as the very positive contribution of the investment in Aurubis the pre-tax result exceeds both that of the previous year and the last forecast.

In view of the overall brightening sentiment, the recent sharp rise in rolled steel prices and the explicit reference to the still immanent, hardly quantifiable risk of the corona pandemic, Salzgitter Group expects YoY increase in sales to more than EUR 8.5 billion in the 2021 financial year as compared to EUR 7 million in FY 2020 and between EUR 150 million and EUR 200 million before tax profit in the 2021 financial year.

Source - Strategic Research Institute
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Egypt to Compensate Worker at Liquidated Iron and Steel Company

Egyptian media Ahram reported that Egypt’s Ministry of Public Business Sector will disburse a minimum of EGP 255,000 in reparations for each of the 2,500 workers at the recently liquidated Egyptian Iron and Steel Company. Egypt’s Minister Hisham Tawfik said “The liquidation of EISC is a final decision and the Public Business Sector Ministry’s priority is to compensate the workers within three months. Liquidating the establishment will be completed after the company’s workers are compensated.

On 12 January, citing chronic losses, the board of directors of the Egyptian Iron and Steel Company passed on a resolution liquidating the company and dividing it into two new companies. The company’s board said the decision was made as a result of the heavy losses that have been accumulating over the years, which hit EGP 9 billion, EGP 982.8 million of which were lost between July 2019 and June 2020.

The liquidation resolution triggered anger among workers, various MPs, as well as some in the business community in Egypt; all called on the government to reverse its decision. On 17 January, the industrial committee at the House of Representatives said that the government's resolution to liquidate the company should be subject to careful studies and reviews of causes for losses. Meanwhile, the Egyptian Trade Union Federation voiced last week its opposition to the resolution, calling on all concerned bodies to overturn it and form a national commission of experts to look into the step's ramifications.

The federation said it will address President Abdel-Fattah El-Sisi to intervene and salvage the company. The day after the resolution was passed, Egyptian Lawyer Samir Sabry initiated a court action to stop the liquidation decision.

The Egyptian Iron and Steel Company HADISOLB, an affiliate of the Metallurgical Industries Company, is the major iron and steel production company operating in the public sector, with total investments estimated at EGP 650.7 million. The company was founded in 1954 in the Helwan district in south Cairo, as per a decree issued by then-president Gamal Abdel-Nasser, and started operations in 1961. It was founded as a joint stock venture with majority equity from the state as the first-ever iron industry complex in the Arab region. The company specialises in the manufacturing of iron and steel products with the highest quality and lowest cost based on the needs of the local and global markets at a rate of up to 2.1 million tonnes.

Source - Strategic Research Institute
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Severstal Reports 4% YoY Dip in Steel Sales in 2020

Russian steel maker PAO Severstal reported that its pig iron production in 2020 increased by 1% YoY to 9.54 million tonnes while steel production and sales of steel products decreased by 4% YoY in 2020 to 11.314 million tonnes & 10.781 million tonnes respectively, mainly due to a decrease in electric steel production after the sale of the Balakovo long-range mill in 2019.

The share of products with high added value increased in 2020 by 2 p.p. up to 47%. Domestic sales accounted for 60%, which is lower than in 2019 (2019: 65%). This is due to the weakening of demand in the domestic market in 2020, as well as the sale of the Balakovo long range mill, which was mainly focused on sales to Russian customers.

The weighted average selling price of steel products decreased by 12% in 2020 due to the unfavorable pricing environment compared to 2019.

Iron ore pellet sales decreased by 1% YoY to 10.942 million tonnes in 2020. Iron ore concentrate sales increased 13% YoY to 7.07 million tonnes in 2020, driven by increased production at Karelsky Okatysh and Yakovlevsky mine.

Sales of coking coal concentrate at Vorkutaugol increased 1% YoY to 4.702 million tonnes in 2020.

Source - Strategic Research Institute
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High Court Rejects Mysore Minerals Counterclaim against JSW Steel

Economic Times reported that Karnataka High Court has rejected a Mysore Minerals plea to add a counterclaim of about INR 1,172.79 crore to a petition of JSW Steel, which is seeking a refund of about INR 272 crore from the state owned company. Court order said “The respondent’s MML contention that he has already laid the foundation for the filing of counterclaim in the original written statement itself, places into insignificance since what the law of limitation bars is the remedy and not the grounds on which it is founded. In other words even if the respondent had taken up all the grounds in his written statement as filed originally, a prayer for counter decree cannot be belatedly superadded once the same becomes time-barred.”

JSW Steel had originally filed a plea in 20212 to claim the refund of excess premium of about INR 272 crore paid by it in lieu for supply of iron ore. The company had entered into two lease-cum-sale deeds with the state government in 2006 for expansion of its integrated steel plants. However, when the Supreme Court banned mining operations in Karnataka in 2011, this memorandum of understanding MoU was kept on hold, leading to a dispute between JSW Steel and MML.

Subsequently, MML sought the court’s permission in 2016 to amend its response and file a counterclaim against JSW Steel for INR 1172.79 crore along with 18% interest.

Economic Times

Source - Strategic Research Institute
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Interpipe Reports Decline in Production & Sales in 2020

Ukrainian integrated pipe and wheel company Interpipe reduced steel output by 11.2% YoY to 758,700 tonnes in 2020 while production of pipes decreased by 20.9% YoY to 464,000 tonnes driven mostly by a 52.2% plunge for OCTG pipes to 83.2 KT and a 28.0% drop for welded pipes to 80.1 KT. The YoY decrease in pipe sales in 2020 was driven by a 1H20 drop in oil prices. A bright spot was an increase in the company’s pipe sales in the Middle East to customers in Turkey, the UAE and Qatar

The production of railway products decreased by 8.3% YoY to 190,600 tonnes in 2020 driven mostly by an 8.5% loss for wheels to 166.4 KT and partially offset by a 32.0% jump for wheel sets to 19.5 KT. Interpipe boosted its railway product sales to Europe by 29% YoY to 67 KT in 2020 by expanding sales of new products in the cargo segment and by entering the passenger segment, in particular, for the high-speed Deutsche Bahn trains

Ukraine's share of Interpipe’s pipe sales in 2020 dropped 3pp to 22% from 2019, and the share of sales in the Americas plunged 13pp to 11%. At the same time, Europe's share in pipe sales gained 5pp to 29%, and MENA's share rose 9pp to 24%. The share of CIS countries in 2020 climbed 1pp to 11%.

The share of Interpipe’s railway product sales in Ukraine in 2020 slid 8pp to 14% from 2019, while the share of sales to Europe gained 9pp to 35% and the share of sales to CIS countries slid 2pp to 43%.

Source - Strategic Research Institute
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OMK Nizhny Seamless Pipe Project on Track

Russian pipe producer United Metallurgical Company OMK is moving ahead with its seamless pipe project in the Nizhny Novgorod Region of Russia, having already received more than 75% of technological equipment. On the lines of control, finishing and thermal department, units began to be installed by two installation organizations under the supervision of specialists from the equipment supplier Danieli. It is planned to commission a shop for the production of casing, tubing and oil and gas seamless pipes with semi-premium and premium connections in 2022.

The builders completed the installation of wall and roof panels, as well as closed the heating circuit of the main shop building with an area of 130 thousand square meters, and launched the first gas heaters. The heat supply provided conditions for further work inside the workshop on the construction of foundations for the main technological equipment, its installation and laying of communications in the winter. 38 out of 40 overhead cranes were installed in the workshop. Eight of them have been put into operation. We started to equip infrastructure facilities and intra-site communications. We launched a gas distribution substation, energized the main step-down substation. The construction of an administrative complex, a laboratory, water treatment and water management facilities, a warehouse block,

1100 specialists from more than 30 contractors are involved in the work. OMK itself is the general contractor for the construction.

The construction of a pipe rolling shop is a greenfield-type project on a new site, one of the largest investment projects of OMK. Investment in the project is 50 billion rubles. The capacity of the new workshop is up to 500 thousand tons of seamless pipes per year. The production is being built with a focus on specific market segments: with its launch, OMK will be able to supply customers with seamless casing, tubing and oil and gas seamless pipes with diameters from 73 to 273 mm of increased strength groups with semi-premium and premium high-tight connections.

Source - Strategic Research Institute
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Petrobras Recognizes Tenaris with Supplier Award

State owned Brazilian petroleum giant Petrobras has recognized Tenaris among its best suppliers under the steel pipes, connection, installation and maintenance category for its collaboration in 2019. The award, announced in December 2020, distinguishes companies that have had a relevant participation in delivering products and services for Petrobras.

During 2019, Tenaris delivered conductor casing pipes with BlueDock connectors for pre-salt projects, along with Rig Direct services, including demand planning, rig returns and field services for offshore applications, and casings for onshore wells.

This is the second consecutive year that Tenaris has received the supplier recognition from Petrobras, which launched the awards program in 2018.

Source - Strategic Research Institute
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Beursblik: JPMorgan haalt Aperam van kooplijst

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Aperam
36,68 -0,11 -0,30 % Euronext Amsterdam

(ABM FN) JPMorgan Cazenove heeft maandag het advies voor Aperam verlaagd van Overwogen naar Neutraal, terwijl het koersdoel van 28,00 naar 30,70 euro werd verhoogd.

Sinds het dieptepunt in maart is het aandeel Aperam 130 procent gestegen, waarmee het 50 tot 70 procent beter dan sectorgenoten presteerde, aldus JPMorgan.

Aperam is een kwaliteitsbedrijf, maar het aandeel is inmiddels wel duur, menen de analisten.

Verder verwacht JPMorgan dat Aperam weer voor 50 miljoen euro aan eigen aandelen gaat inkopen. Dit zal bij de jaarcijfers aangekondigd worden, denken de analisten.

Het aandeel Aperam sloot vrijdag op 36,79 euro.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

© Copyright ABM Financial News B.V. All rights reserved.
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Liberty Steel Submits Bid for thyssenkrupp Europe – Report

According to media reports, UK based GFG Alliance’s Liberty Steel, after a comprehensive due diligence process including multiple site visits, has submitted a firmed up bid for Germany's largest steelmaker Thyssenkrupp Steel Europe. Media reports quoted a Liberty Steel spokesman as saying that "Due diligence and our discussions with thyssenkrupp have so far confirmed that a potential combination of thyssenkrupp Steel Europe and Liberty Steel is the right answer from an economic, social, and environmental perspective. We look forward to continuing to engage with thyssenkrupp, its employee representatives and its shareholders to conclude this process. This is an important step for Liberty demonstrating our binding commitment to the combination of the two businesses.”

Liberty Steel announced on 16 October 2020 that it had made a non-binding indicative offer as part of a thyssenkrupp led process to acquire the steel activities of thyssenkrupp. LIBERTY Steel’s current proposal was a non-binding indicative offer subject to certain assumptions about the business. The non-binding indicative offer was supported by a number of financial institutions.

Source - Strategic Research Institute
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JSW Steel JMD & CFO Sees Stability in Steel Prices in India

JSW Steels Joint Managing Director & Group CFO Mr Seshagiri Rao in an interview with The Telegraph said that “I am confident about demand sustainability. Seeing the month-on-month improvement from April, I don’t accept it is just pent -up demand. From 1 million tonnes in April, it went up to 10.28 million tonnes in December, which is 19% higher YoY and the highest in a single month. Large infrastructures that were held up started, auto remained robust, retail, packaging, pipe also showed growth. We believe it will pick up further. Cost pressure is high, demand is strong and supply is increasing. So, I am not seeing further upside in steel prices, nor apprehending any crash.”

While answering to “There is much noise around steel prices already high, do you apprehend budget taking steps?” Mr Rao said “The noise has no substance. It depends on business practices. Some companies take fixed price contracts while some work on spot prices. So, when prices crashed, they enjoyed it. Now if it is high, they should not complain. I also don’t see demand weakening, leading to price correction.”

India consumed 68 million tonne steel in the first nine months, including 28 million tonne in the third quarter alone. Assuming the fourth quarter to be the same, India will consume 93 million tonne, a fall of 7% over the last fiscal, much lower than 17-18% initially apprehended.

Source - Strategic Research Institute
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India Invites EoI for Strategic Sale of NINL

India’s Department of Investment & Public Asset Management has invited Global Invitation for Expression of Interest for strategic disinvestment of Neelachal Ispat Nigam Limited. The sale will include transfer of management control, mining rights and leasehold rights of land currently held by the public sector enterprise under the steel ministry which makes pig iron and billets.

The Cabinet Committee on Economic Affairs on 8th Jan 2020 had given 'in principle approval for strategic disinvestment of equity shareholding of Neelachal Ispat Nigam Limited to a strategic buyer, identified through a two-stage auction procedure. This Preliminary Information Memorandum and Request for Expression of Interest has been prepared for providing information about the Company and the Transaction to the Interested Bidders and inviting Expressions of Interest from Interested Bidders for the disinvestment of 100% shareholdingNeelachal Ispat Nigam Limited was incorporated in 1982 to set-up an Integrated Steel Plant to undertake manufacturing and sale of steel products. NINL's manufacturing unit is located at Kalinganagar Industrial Complex, Duburi in Odisha. The Company has built its manufacturing facility in two phases. In Phase I, the Company had set up the blast furnace of 1.1 million tonne per annum to produce pig iron which was commissioned in 2002. Subsequently, other supporting facilities like Sinter plant, Coke oven plant, Power plant were commissioned. The Company thereafter set up a Steel Melting Shop with installed capacity of 897,000 tonnes per annum for producing billets as Phase II capacity expansion plan along with Continuous Casting Shop, Ladle Furnace, Billet Caster and other auxiliary facilities which were commissioned during FY 2014. NINL has also been allotted a captive iron ore mine in Odisha having an estimated mineable reserve of around 90.91 million tonne. The major shareholders of NINL include MMTC 49.78%, NMDC 10.10%, MECON 0.68%, BHEL 0.68%, IPICOL 12.00% and OMC 20.47%.

Source - Strategic Research Institute
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