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1. voda 26 januari 2021 10:14

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   US President Mr Biden to Strengthen Buy American Provisions
   
   US President Mr Joe Biden is to sign an executive order creating a central review of agency waivers to Buy America requirements. The executive order will require government agencies to close loopholes in the way domestic content is measured and boost domestic content requirements. It also will increase the price preference for domestic goods, the price difference that the government can pay over that for material from a non US producer. Mr Biden aims to bolster oversight of potential waivers to domestic preference laws.
   
   American Iron and Steel Institute president and CEO Mr Kevin Dempsey has welcomed the order by saying “Strong domestic procurement preferences for federally funded infrastructure projects, known as Buy America, are essential to ensure that taxpayer dollars are used to procure American steel and other made-in-America products and have helped create manufacturing jobs. Recent studies have also shown that the American steel industry is the cleanest and most energy efficient of the leading steel industries in the world. We strongly support President Biden’s action today.”
   
   Steel Manufacturers Association president Mr Philip K Bell said “We are pleased by the President’s action today. Executive orders, rulemaking and Congressional legislation should continue to focus on enhancing 'Buy America' in ways that benefit American workers and companies.”
   
   Source - Strategic Research Institute
2. voda 26 januari 2021 10:14

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   Indian Government Likely to Approve Sale of Stake in RINL
   
   According to media reports, Indian government may soon take up the proposal for approval of strategic disinvestment of Vizag based steel public sector unit Rashtriya Ispat Nigam Limited. Indian government had been making efforts to go for a strategic sale of the steel plant for 2-3 years but the efforts did not make much headway. With steel prices improving and demand expected to pick up, there is a view that this is a right time to go for a strategic sale and expectations are that there is a strong interest for the plant.
   
   Indian government currently holds 100% stake in 6.3 million tonnes per annum steel capacity Rashtriya Ispat Nigam Limited that mainly produces long products used in construction sector. It has embarked on an expansion plan to enhance capacity to 7.3 million tonnes per annum. RINL has over 17,000 permanent employees. RINL recorded INR 16,618 crore revenues in 2017-18, INR 20,844 crore in 2018-19 and INR 15,920 crore in 2019-20. RINL suffered a loss of INR 1,369 crore in 2017-18 but was able to recover briefly with a net profit of INR 97 crore in 2018-19. However, again in 2019-20, it suffered INR 3,910-crore loss in 2019-20.
   
   Source - Strategic Research Institute
3. voda 26 januari 2021 10:15

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   Malaysia Revises AD Duties on CR Steel Import from Vietnam
   
   Vietnamese media reported that Malaysia has revised duties on imports of cold rolled coils of alloy and non alloy steel from Vietnam to 7.42-33.7% for the period between January 24 and May 23 of 2021 after Malaysian Ministry of International Trade and Industry concluded that there is a substantial change in the dumping margin under its Countervailing and Anti-Dumping Duties Act. Malaysia will impose a 7.42% duty on cold rolled steel manufacturer POSCO Vietnam’s products and 33.7% on the products of other steelmakers.
   
   Malaysia initiated the anti-dumping investigation in July 2020 based on a petition by Mycron Steel CRC Sdn Bhd, a leading producer of cold-rolled coils.
   
   Source - Strategic Research Institute
4. voda 26 januari 2021 10:15

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   SMS Concast to Modernize Jiangsu Shagang Billet Caster
   
   Zhangjiagang China based Jiangsu Shagang Group’s subsidiary Huaigang Special Steel has awarded SMS Concast an order for the modernization of their existing six strand billet caster. The main motivation for this project is the move towards special bar quality steel grades serving the automotive and mechanical engineering industries. In cooperation with Huaigang, SMS Concast developed an innovative solution, which will allow the production of high end products on only five strands but with the same annual production capacity. In order to achieve the required SBQ steel qualities, the technology of Dynamic Mechanical Soft Reduction, which enables the reduction of the strand thickness as early as in the final solidification stage, will be applied. Huaigang is the first customer in China to use this process specifically for billets.
   
   In order to be able to install the required seven DMSR modules per strand, additional space is needed between the individual strands. To achieve this, the innovative concept foresees a new section size of 210 millimetres square and the creation of additional space by converting the caster from six to five strands, whilst keeping the caster’s current productivity.
   
   The DMSR system consists mainly of the MSR modules and the COOL real-time solidification model developed by SMS Concast, which dynamically controls the MSR modules. By accurately calculating the liquid core of the billet at a specific position of the solidification and applying the suitable forces, the reduction ratios are optimized and the inner product quality improved.
   
   The existing 10.28-meter-radius caster at Huaigang currently operates without MSR modules on six strands. It is designed for billets of 150 to 200 millimetres square. After the modernization, the caster will produce billets of 210-millimeter square section on only five strands, but these will be fitted with DMSR. The additional steel grades to be cast will include bearing, gear and free-cutting steels, and alloy structural steels.
   
   Operation of Huaigang’s modernized billet caster complete with the DMSR system is scheduled to start by the end of 2021.
   
   Source - Strategic Research Institute
5. voda 26 januari 2021 10:16

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   South Korea Appeals WTO Ruling on Stainless Steel Bar
   
   Local media reported that the government of South Korea has appealed a World Trade Organization November 2020 ruling that South Korea's anti dumping duties on Japanese made stainless steel bars broke international trade rules and South Korea is to take corrective measures. A ruling on the appeal is unlikely to come anytime soon, now that the WTO's appellate court is not functioning due to a lack of judges. The anti dumping measures will likely remain in place until a final WTO ruling is delivered.
   
   This comes as Tokyo Steel filed complaints to the WTO in 2018, claiming the South Korean government was unreasonably imposing anti-dumping tariffs on Japanese products. South Korea has been charging additional tariffs of about 15 on stainless steel bars imports from Japan, India and Spain since 2004. The product is mainly used in automobiles and machine tools.
   
   Source - Strategic Research Institute
6. voda 26 januari 2021 10:17

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   Cancelled Keystone XL Pipeline May Yield 48,000 Tons of Scrap
   
   Bloomberg reported that the scrapping of Keystone XL would leave behind 48,000 tons of steel. About 150 kilometres of pipe had been installed and an additional 2.2 kilometres had been completed at the Canada US border as of the end of 2020. According to Bloomberg calculations based on industry criteria that would amount to nearly 48,000 tons of steel, assuming standard dimensions of line pipe
   
   US President Mr Joe Biden revoked permits for the oil pipeline on his first day in office, killing a cross-border project that had won a four year reprieve under his Republican predecessor, Donald Trump. The pipeline would have spanned almost 1,900 kilometres.
   
   Source - Strategic Research Institute
7. voda 26 januari 2021 10:17

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   Merrill Steel Hit by Ransomware Attack
   
   On November 22, 2020, Merrill Steel detected unauthorized activity on certain of its computer networks. That unauthorized activity was limited to one day, lasted only a few hours on that day and upon discovery steps were taken to limit its scope. Despite those steps, the unauthorized access did nonetheless result in a ransomware attack such that certain of Merrill Steel's files were encrypted with no available means to decrypt them. Merrill immediately engaged IT and cyber security experts to investigate the incident, determine its scope and assist in obtaining the tools necessary to decrypt the affected files while also restoring our systems. Although that investigation remains ongoing and could yield a different outcome, Merrill has not currently found evidence that information on our systems was subjected to anything more than the unauthorized encryption. The information subjected to unauthorized encryption was only that of employees and no personal or sensitive information of customers was affected but did include the following elements of personal information about those employees and certain of their spouses and dependents:
   
   Out of an abundance of caution, Merrill Steel notified the affected individuals so that they could take steps to further protect their personal information. To assist them in doing so, Merrill Steel procured, for all affected employees, spouses and/or dependents, credit monitoring and other identity protection services. As the affected information included data governed by the Health Insurance Portability and Accountability Act or HIPAA Merrill Steel have notified and are working with the relevant HIPAA authorities.
   
   Since the time of the event, the talented employees of Merrill Steel have been working hard to recreate and restore the impacted systems and to further strengthen security systems to protect against a similar event occurring in the future.
   
   Schofield Wisconsin based Merrill Steel was founded in 1962 and is engaged in fabrication of structural steel and heavy plate for the general construction industry.
   
   Source - Strategic Research Institute
8. voda 26 januari 2021 10:18

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   US Steel Production Capacity Utilization Slips in Week 03
   
   The American Iron and Steel Institute reported that for the week ending on January 23, 2021, US domestic raw steel production was 1,717,000 net tons while the capability utilization rate was 75.7%. Production was 1,906,000 net tons in the week ending January 23, 2020 while the capability utilization then was 82.4%. The current week production represents a 9.9% decrease from the same period in the previous year. Production for the week ending January 23, 2021 is down 1.2% from the previous week ending January 16, 2021 when production was 1,738,000 net tons and the rate of capability utilization was 76.7 percent.
   
   Adjusted year-to-date production through January 23, 2021 was 5,635,000 net tons, at a capability utilization rate of 75.8 percent. That is down 9.7 percent from the 6,243,000 net tons during the same period last year, when the capability utilization rate was 82.4 percent.
   
   Broken down by districts, here’s production for the week ending January 23, 2021 in thousands of net tons: North East: 153; Great Lakes: 614; Midwest: 189; Southern: 692 and Western: 69 for a total of 1717.
   
   Source - Strategic Research Institute
9. voda 26 januari 2021 10:21

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   NHSRCL 28 Bridges P4 Package for Bullet Train to Use 70KT Steel
   
   National High Speed Rail Corporation Limited has awarded Contract for Procurement and Fabrication of 28 steel bridges super structures for crossing over railway lines, rivers, highways, road and other structures under P-4 Package for Mumbai Ahmedabad High Speed Rail Corridor. The contract of award Value of INR 1390 crores has been awarded to Larson & Toubro & Japanese IHI Infrastructure Systems Consortium. It is estimated that about 70,000 tonnes of Steel will be used for the fabrication of these steel bridges.
   
   Out of the total length of 508 kilometres, a maximum stretch of the Mumbai Ahmedabad High-Speed Rail will be covered by the viaduct, which excludes the 21 kilometres long tunnel near Mumbai. The Mumbai Ahmedabad High-Speed Rail alignment over viaduct of 487 kilometres will span over National Highways, Dedicated Fright Corridor Tracks, Indian Railways Tracks and rivers at many locations. Most of the viaduct is being made of concrete PSC box & girders. However, where the span requirement will be more than 60 meters, steel superstructures have been planned, as beyond a point PSC structures become heavy and steel superstructures are considered to be more viable and efficient.
   
   In total, 28 steel bridges with individual spans varying from 60 meters to 130 meters will be constructed for the project. The length of all the steel bridges put together will be approximately 4.5 kilometres. For this purpose, at initial stages, the steel super structure work was assigned to Japan Lead Companies, as the job required construction of steel super structures bridges of high-quality Japanese standards for high speed railway.
   
   Source - Strategic Research Institute

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10. voda 26 januari 2021 10:22

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    Severstal Supplying Steel for Enel Wind Farm in Arctic Circle
    
    Severstal Russian Steel’s Severstal Distribution will supplies rolled steel for pouring foundations for the turbines of the Kola wind farm of Enel Russia in the Murmansk region with a capacity of 201 MW. 1.2 thousand tonnes of steel have already been delivered to the facility & another 1.5 thousand tonnes will be shipped. Severstal Distribution will supply A500C class valves. These products feature improved performance characteristics: low carbon content in steel and thermo mechanical processing during the production of rolled products provide ductility and improved weldability of the final product. Among the advantages of Severstal A500C fittings are increased strength and durability, and they can also be used at temperatures down to minus 55 degree Celsius
    
    The supplier of towers for wind turbines, 82 meters high & 4.3 meters in diameter, for this project was also the joint venture of PJSC Severstal, Windar Renovables SL and RUSNANO Management Company LLC VRS Bashny. VRS Towers LLC is the main supplier of towers for the Russian projects of Siemens Games Renewable Energy LLC. At the industrial site of the plant in Taganrog, 57 towers, 171 sections in total, were manufactured for wind power plants at the Kola wind farm. The products are already ready for shipment, the customer plans to start shipping in 2021.
    
    The wind farm construction project is being implemented within the framework of an agreement on cooperation in the development of renewable energy sources signed with the government of the Murmansk region in November 2018. The agreement is aimed at increasing the economic potential through the introduction of new methods of electricity production and the creation of energy infrastructure facilities. The coast of Murmansk, characterized by special climatic conditions, has become a suitable place for the construction of a wind farm: the average annual wind speed on the coast of the Barents Sea reaches 8.5 meters per second. Similar conditions exist only on the coast of Portugal.
    
    A total of 57 wind turbines will be located on the territory of the Kola wind farm, which will allow producing 750 GWh of electricity per year and reducing carbon dioxide emissions into the atmosphere. The completion of all stages of work and the commissioning of the wind farm into commercial operation are scheduled for December 2021.
    
    Source - Strategic Research Institute
11. voda 26 januari 2021 10:23

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    Tenaris to Supply Coated Risers & Flowlines for Bacalhau Field
    
    Tenaris and Subsea 7 have signed an agreement for the supply of pipes and coating services for Bacalhau project, operated by Equinor and located 185 kilometres off the coast of Sao Paulo in Brazil. Discovered in 2012, the Bacalhau oilfield is located in the pre salt area of the Santos Basin at a depth of approximately 2,050 meters. The agreement includes the provision of 75 kilometres of seamless pipes for risers and flow lines that will be manufactured at Dalmine, Tenaris’s seamless pipe mill in Italy. After production, tubes will be mechanically lined with CRA material, engineered to improve corrosion resistance.
    
    The agreement also includes anticorrosive and thermal insulation coating for 151 kilometres of pipes to be performed at Confab, Tenaris’s production facility in Pindamonhangaba in Brazil. A 3LPP anticorrosive coating will be applied to 81 km, while 5LPP Syntactic thermal insulation will be applied to 70 km.
    
    Source - Strategic Research Institute
12. voda 27 januari 2021 09:13

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    RINL Steel Exports Crosses 1 Million Tonne Mark
    
    Rahtriya Ispat Nigam Limited CMD Mr PK Rath while addressing the employees on Republic Day said “The year 2020 has provided us many learning experiences and the company has benefitted enormously emerging stronger to face such challenges in future. When domestic demand subdued we stepped up exports by 141% to a level of INR 3109 Crores during the year up to December 2020. We crossed an export volume of 1 million tonne for the first time in the company.”
    
    Mr Rath also said “There is a lot of progress made in operationalizing the mines of OMDC, our subsidiary. BSLC another subsidiary also started earning profits for the first time.”
    
    He added that the Forged Wheel Plant at Raebareli is under advanced stage of completion and expected to be commissioned by February 2021.
    
    Source - Strategic Research Institute
13. voda 27 januari 2021 09:15

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    Global Crude Steel Output in 2020 Slips by 0.9% YoY
    
    Worldsteel announced that global crude steel production reached 1,864.0 million tonnes for the year 2020, down by 0.9% YoY compared to 2019. Asia produced 1,374.9 million tonnes of of crude steel in 2020, an increase of 1.5% compared to 2019. China’s crude steel production in 2020 reached 1,053.0 million tonnes, up by 5.2% on 2019. China’s share of global crude steel production increased from 53.3% in 2019 to 56.5% in 2020. India’s crude steel production for 2020 was 99.6 million tonnes, down by 10.6% on 2019. Japan produced 83.2 million tonnes in 2020, down 16.2% on 2019. South Korea produced 67.1 million tonnes, down 6.0% on 2019.
    
    The EU produced 138.8 million tonnes of crude steel in 2020, a decrease of 11.8% compared to 2019. Germany produced 35.7 million tonnes of crude steel in 2020, down 10.0% on 2019. Turkey’s crude steel production for 2020 was 35.8 million tonnes, up by 6.0% on 2019.
    
    In the CIS, production was 102.0 million tonnes t in 2020, up by 1.5% on 2019. Russia is estimated to have produced 73.4 million tonnes in 2020, up 2.6% on 2019. Ukraine produced 20.6 million tonnes in 2020, down 1.1% on 2019.
    
    Crude steel production in North America was 101.1 million tonnes in 2020, down 15.5% on 2019. The United States produced 72.7 million tonnes in 2020, down 17.2% on 2019.
    
    The Middle East produced 45.4 million tonnes of crude steel in 2020, an increase of 2.5% on 2019. Iran is estimated to have produced 29.0 million tonnes in 2020, up 13.4% on 2019.
    
    Annual crude steel production for South America was 38.2 million tonnes in 2020, a decrease of 8.4% on 2019. Brazil produced 31.0 million tonnes in 2020, down by 4.9% compared to 2019.
    
    Africa produced 17.2 million tonnes of crude steel in 2020, the same as the 2019 production figure.
    
    Oceania produced 6.1 million tonnes of crude steel in 2020, down 1.4% on 2019.
    
    Source - Strategic Research Institute
14. voda 27 januari 2021 09:17

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    Korea Fair Trade Commission Fines 7 Steel Makers
    
    South Korean media reported that South Korea's antitrust regulator the Korea Fair Trade Commission has decided to fine seven steelmakers including Hyundai Steel Co & Dongkuk Steel Mill Co a combined KRW 300 billion (USD 272 million) for colluding to fix the purchase price of steel scrap between 2010 and 2018. Korea Fair Trade Commission said “As supply in the local steel scrap market chronically falls short of demand, the steelmakers colluded to stably secure the material and stabilize the purchase price, hampering market competition.”
    
    Hyundai Steel - KWR 90.9 billion
    
    Dongkuk Steel – KWR 49.9 billion
    
    The affected steelmakers said they plan to lodge an administrative suit against the decision, saying that the amount of the fines appears excessive.
    
    Source - Strategic Research Institute
15. voda 27 januari 2021 09:18

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    Tosyali Algerie Sets Production Record for Single DRI Module
    
    Algeria’s DRI based integrated steel producer Tosyali Algerie produced more than 2.23 million tonnes of direct reduced iron in 2020, which is a world record for a single direct reduction module, utilizing MIDREX Technology supplied by US-based Midrex Technologies.
    
    The 2.5 million tonens per year DRI plant began using hot DRI at the electric arc furnace melt shop in February 2019. Hot DRI made up almost 72% of total production in 2020 of 1.6 million tonnes, with average metallization of about 94% and carbon averaging around 2.2%. Iron ore pellets feeding the DRI plant were supplied predominately by Tosyali Algérie’s own 4.0 million tonnes per year pellet plant on site.
    
    Algeria was a net importer of long steel products when Tosyali started production in 2013. The initial production capacity was 1.2 million tonnes per year of reinforcing bar and represented 28% of demand at the time. A 500,000 tonnes per year wire rod facility was added in 2015, which accounts for 60% of the national demand. In 2018, Tosyali added 2.2 million tonnes of liquid steel for the production of billets, two rolling mills, and a 4 million tonnes per year pelletizing plant. In addition, the first DR plant to Algeria, a 2.5 million tonnes per year MIDREX Direct Reduction Plant, was supplied by Midrex Technologies, Inc and its consortium partner Paul Wurth. Reinforcing bar exports began in 2018, with a target of increasing exports to 600,000 tonnes in the coming years following the opening of a new port and materials handling system. Hot DRI from the DRI plant is expected to help increase billet production and boost rebar output to more than 3 million tonnes per year. Tosyali intends to add 2 million tonnes per year of flat steel capacity in the future to meet Algeria’s rising demand.
    
    The Tosyali Algérie Iron and Steel complex is located in industrial zone of Bethioua, 40 km east of Oran, the second largest city in Algeria. It has a close access to the Mediterranean Sea and covers 4 million square meters.
    
    Source - Strategic Research Institute
16. voda 27 januari 2021 09:18

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    Tata Steel Thailand Sees Increase in Steel Consumption in Thailand
    
    Bangkok Post reported that Tata Steel Thailand’s total sales volume in April to December 2020 increased by 6.4% YoY to 937,000 tonnes, the highest record since 2017. Tata Steel Thailand's revenue in in April to December 2020 decreased by 0.6% YoY to THB 14.89 billion, but profit before tax increased to THB 271 million, compared a loss of THB 21 million in April to December 2019.
    
    Tata Steel Thailand expects steel consumption in its 2021 fiscal year April 2020-March 2021 will increase by 8% YoY to 1.29-1.30 million tonnes due to growing demand from state infrastructure investment projects. Tata Steel Thailand Chief Executive Mr Rajiv Mangal said "Thailand has market potential for steel products, especially high quality ones. The company is moving in the right way.”
    
    Tata Steel Thailand said that the second-phase development of the Thai-Chinese high-speed train project will benefit its business this year. The company expects to win the bid in order to be a supplier for the project. The company earlier won a contract to supply 16,000 tonnes of steel to the first phase of the same project. Tata Steel Thailand is also negotiating with a contractor to supply steel products for another high-speed train project connecting three domestic airports under infrastructure development in the Eastern Economic Corridor.
    
    The company expects infrastructure projects will boost steel consumption in Thailand, causing growth to 18-18.5 million tonnes in 2021.
    
    Source - Strategic Research Institute
17. voda 27 januari 2021 09:20

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    DMK Launches New Casting Stand at CCM No 2
    
    Ukrainian Dneprovsky Integrated Iron and Steel Works has launched a new stand for the Continuous Casting Machine No 2 at its converter shop. The new lifting and turning stand was shipped to the DMK by the Novokramatorsk Machine-Building Plant. The dismantling of the old stand lasted for several months, followed by the assembly of a new structure. The loading capacity of the ladles of the new facility is 250-260 tonnes, comparable to the capacity of the melting shop per one melt. The capacity of ladles of the old stand was 230 tonnes. Currently, the first production operations are being successfully performed on the new equipment.
    
    Installation of large equipment was performed by contractors of Metinvest-Promservice LLC.
    
    Source - Strategic Research Institute
18. voda 27 januari 2021 09:21

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    Ansaldo Energia to Supply Gas Turbine to Arvedi Servola
    
    Ansaldo Energia has been awarded from Gruppo Arvedi a contract for the supply and refurbishment of the new combined cycle plant in Servola. Such plant includes an AE64.3A gas turbine, equipped with the latest generation technologies already validated to guarantee high efficiency, operational flexibility and low emissions. The supply includes the Ansaldo Energia Plant Optimizer management system. The plant, in combined-cycle configuration with a power of 120 MW, will be operational by the end of 2021
    
    With this investment, the Arvedi Group enters the Italian Capacity Market for electricity supply, whose implementation decree was approved by the Italian Ministry of Economic Development in June 2019. The Capacity Market, in line with the situation in other European countries, aims to ensure the adequacy and safety of the national electricity system in the presence of a strong renewable component, non dispatchable by its very nature, by encouraging investments in efficient, low-polluting and flexible plants.
    
    The solution proposed by Ansaldo Energia and chosen by the customer is able to ensure full compliance with the most stringent regulations on environmental impact.
    
    Source - Strategic Research Institute
19. voda 27 januari 2021 09:22

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    ArcelorMittal Luxembourg Signs Reorganisation Agreement
    
    The Management of ArcelorMittal Luxembourg, the Ministry of Labour, Employment and Social & Solidarity Economy, the Ministry of the Economy and the employees’ representatives have reached an agreement on the reorganization project for ArcelorMittal in Luxembourg. All parties involved have signed today a Tripartite Agreement on the reorganization project for ArcelorMittal in Luxembourg, which was announced by its management on September 10, 2020. After agreeing with ArcelorMittal’s initial definition of the issue, concerning the complex economic challenges that the European and Luxembourgish steel industry are facing, the different representatives have engaged in constructive discussions to align on the measures and investments necessary to restore the competitiveness of the activities of ArcelorMittal Luxembourg, but also on the different supporting social measures to help the people affected by this reorganization.
    
    ArcelorMittal Luxembourg has committed to make targeted investments in its industrial Luxembourgish activities and confirmed its intention to maintain its headquarters and global governance activities in Luxembourg. A minimum investment of 165 million euros is scheduled over the 2021-2025 period for the development of several projects on the sites of Belval, Differdange, Rodange and Bissen. Investment includes redeploying some of the Dommeldange workshop activities closer to the plants for which it currently works.
    
    The impact of this project is around 536 people. The agreement concluded today foresees the opening of a pre-retirement adjustment scheme, for which 237 are eligible; this scheme will be added to the pre-retirement schemes provided by law. Structural unemployment will be used for the approximately 280 people who will lose their job as a result of the reorganization. These social tools, already used in the past, have proved their efficiency to help with structural overstaffing situation.
    
    Source - Strategic Research Institute
20. voda 27 januari 2021 09:23

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    • voda

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    EVRAZ Announces Potential Demerger of Coal Assets
    
    The Board of EVRAZ has given approval for the Company to consider the strategic merits of and possible structures for a potential demerger of its coal business. The Potential Demerger may allow EVRAZ to focus on developing its steel business and establish the coal business, currently consolidated under PAO Raspadskaya, as an independent leading regional producer of high quality metallurgical coal. The Board continues to evaluate various strategic options for the Company and there can be no assurances that the Potential Demerger will be undertaken. If undertaken, the Potential Demerger would be subject to regulatory, shareholder and other third-party approvals. The Board will keep shareholders updated as appropriate with further announcements.
    
    The Board has engaged JP Morgan Securities plc, which conducts its UK investment banking activities as JP Morgan Cazenove and Citigroup Global Markets Limited as financial advisors and Linklaters LLP as a legal advisor to assist with the ongoing review of, and preparation for, the Potential Demerger.
    
    Source - Strategic Research Institute