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EU to Unveil Fit for 55 Plans for Emissions Reduction

The European Commission is set to unveil a vast package of draft green legislation designed to govern a faster transition to a low carbon economy on 14 July 2021. A dozen legal texts already under attack from political interests, industry lobbies and environmentalists-will seek to ensure emissions are cut by 55% over 1990 levels by 2030. The Fit for 55 package includes: the revision of the EU Emissions Trading System, a Carbon Border Adjustment Mechanism, revision of the Energy Tax Directive, amendments to the Renewable Energy and Energy Efficiency Directives to implement the ambition of the new 2030 climate target, as well as others on reduction of methane emissions from the power sector, emissions from land use and rules on passenger cars and alternative fuels.

European Steel Association EUROFER Director General Mr Axel Eggert said “EU institutions have agreed to more ambitious cuts to greenhouse emissions over a fairly short time frame. This package of new laws to be proposed by the Commission is intended to legislatively implement the political ambition. The European steel industry has long established plans to reduce emissions by 55% compared to 1990 levels, and has over a hundred highly-advanced low-carbon projects spread across Europe. However, the success of these projects its contingent on being able to direct the appropriate resources and find markets for the resulting ‘green’ steels, which will come at a higher cost than conventional steel. For Fit for 55 and the associated Green Deal to become successful growth strategies, they must provide three things: effective carbon leakage protection, affordable low-carbon energy, and firm support for the development and roll-out of breakthrough technologies”.

But environmentalists will denounce the laws as not going far enough, even as industry and some EU member states more dependent on coal-fired power push back against the effort. The ETS cap and trade system covers power generation, steel plants, cement, chemicals and commercial aviation-between them representing around 40% of European greenhouse emissions. Wednesday’s package would extend this with a parallel market for shipping, road transport and construction. To placate them, pollution quotas that are currently distributed freely to EU-based producers to help them compete with cheaper less-regulated imports would be phased out.

Source - Strategic Research Institute
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Ukrainian Steel Mills Seek Ban on Steel Scrap Exports

Reuters reported that Ukraine's steel makers, after scrap exports surged amid a sharp price rise that has threatened to leave producers short of raw materials, have called for a ban on scrap exports until 2023 to help local steel producers. The steel makers' union said that prices for scrap metal had almost doubled over the past year to USD 468 a tonne and an export duty of EUR 58 per tonne was not enough to put a brake on exports. The union said the volume of scrap exports could exceed 1.5 million tonnes in 2021. It gave no scrap export data for 2020. Producers procured about 750,000 tonnes of scrap for the whole of 2020. They said surging exports could lead to a 500,000-tonne shortage of scrap for local producers this year, which would lead to a 9.5% fall in Ukrainian steel production.

Ukraine's scrap export duty was a point of contention when the country was working towards joining the World Trade Organisation, which it finally did at the beginning of 2008. The EU refused to endorse Ukraine's WTO membership unless the country agreed to reduce or remove its scrap export duty, which was at EUR 35 per tonne at the time. Ukraine subsequently agreed to cut the duty to EUR 10 per tonne for six years from the date of accession. Ukraine increased its ferrous scrap export duty to EUR 30 per tonne in September 2016 and gradually increased it to the current level of EUR 58 per tonne in September 2019. An extension of the duty for another five years to September 2026 at the current price was submitted in early March, following discussions at the beginning of this year and a request from Ukrainian steelmakers in mid-February. The parliament's committee on environmental policy and management endorsed the extension proposal in early April but President Mr Vladimir Zelensky has not yet accepted or rejected the bill.

Besides Ukraine, Russia has also made plans to implement stricter export restrictions for scrap while Kazakhstan reinstated a ban on exports by truck. Both countries' restrictions were introduced after intensive lobbying by steelmakers despite protests from the scrap recycling industry. Russia's Prime Minister Mr Mikhail Mishustin signed a resolution on 23 June to increase export duties on ferrous scrap to 5#, but no less than EUR 70 per tonne, up from the current duty of 5%, but no less than EUR 45 per tonne, for 180 days.

Source - Strategic Research Institute
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ArcelorMittal, JSW Steel, Tata Steel & MEIL Shortlisted for NINL

Mint, citing people aware of the development, reported that the Department of Investment & Public Asset Management has shortlisted ArcelorMittal, JSW Steel, Tata Steel and Megha Engineering & Infrastructure Ltd for the proposed 100% strategic disinvestment of Neelachal lspat Nigam Ltd. As per report “The data room has been opened up for these qualified interested parties who were shortlisted after submitting expressions of interest and are now participating in the request for proposal stage. The draft share transfer agreement has been issued and site visits have been scheduled. Post this, the financial bids will be submitted.”

SBI Capital Markets Ltd is the transaction adviser

Neelachal 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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Hyundai Steel & POSCO Seek USD 1000 Price for SBQ Plates in H2

Econo Times reported that South Korean steelmakers POSCO and Hyundai Steel are demanding that the ship building quality steel plate prices be increased to KWR 1.15 million per tonne (USD 1004) in the second half of 2021, up by 64% from KWR 700,000 per tonne(USD 611) in the first half of 2021. The two steelmakers are currently negotiating with Korea Shipbuilding & Offshore Engineering Co, Samsung Heavy Industries Co and Daewoo Shipbuilding & Marine Engineering Co.

Steelmakers and shipbuilders negotiate ship steel plate prices twice a year.

A steel industry official believes it would take some time before they reach an agreement due to the huge price gap between the two sides.

Source - Strategic Research Institute
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Voestalpine Progressing on Auto Light Weighting with phs Steel

Austrian steel maker voestalpine, which invented LD process of steel making in 1949, has set new standards in automotive lightweight construction in recent decades. When the idea of developing an ultra light, corrosion-resistant, yet high strength super steel was first raised almost 20 years ago, it was considered to have little chance of success yet not long ago, the 300 millionth phs component rolled off the production line. And most recently, the voestalpine invention that is now standard in modern car bodies was approved for series production by the world’s largest car manufacturer. Voestalpine AG CEO Mr Herbert Eibensteiner said “The only way to maintain a technological and competitive edge in this environment is to constantly push the limits of what is possible. Voestalpine succeeded in doing just two decades ago with steel innovations such as phs ultraform, a hot dip galvanized, ultra high strength steel for lightweight body parts that still holds a worldwide patent. Ground breaking developments like phs-ultraform have made a significant contribution in recent years. Voestalpine now generates more than 30 percent of its sales in the automotive sector and is considered an innovation leader among suppliers.”

The idea for phs ultraform, press hardening steel, was born in 2002. In 2003, the voestalpine research and development team started the first series of tests. The breakthrough came five years later, and the first major orders from the automotive industry were received in 2008. In 2016, voestalpine became the first manufacturer in the world to set up a plant for a direct production process to supplement the previous indirect process. This made it possible to manufacture in just one process step, which is ideal for simpler components in smaller quantities. Research and development play a central role in this context. To date, around EUR 30 million has been invested in the development of phs-ultraform alone. In the current business year, the Group has budgeted EUR 185 million for R&D.

Today, there is a bit of voestalpine in most vehicles, from small cars to SUVs to luxury cars, both electric and fuel-based. For years, the automotive industry has been demanding materials that are stronger, lighter, more corrosion-resistant and economic to produce. Today, phs-ultraform is a standard material in car bodies. Depending on the type and manufacturer of the car, voestalpine steel makes up ten percent (standard car) to 30 percent (premium car) of the car body. Voestalpine supplies all renowned European automobile manufacturers and their suppliers. The recent approval from the world’s largest car manufacturer for series production marked another milestone in the company’s success story. The voestalpine Group not only supplies the basic material special steel strip from the Steel Division in Linz, the Metal Forming Division’s automotive companies process it into finished automotive parts. With phs plants in China, the USA, and Germany, voestalpine is excellently positioned in the most important markets. The 15th plant worldwide will soon go into operation in China.

Source - Strategic Research Institute
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New Steel Minister Reviews Performance of SAIL, NMDC & MECON

India’s newly appointed Steel Minister Mr Ram Chandra Prasad Singh held Video Conference with SAIL Chairman Ms Soma Mondal, NMDC CMD Mr Sumit Deb and MECON CMD Mr Atul Bhatt to review the activities and performance of these units. Steel Minister requested SAIL to expedite the wage revision as per DPE guidelines, resolve the land encroachment & reconciliation issues and work towards providing the rails of global standards and specifications at competitive rates to Indian railways. The Minister further directed these units to align their business activities to remain competitive in the market. Steel Minister noted with happiness the work of MECON in diversified portfolios.

Company chiefs made the presentations to inform about the organisation, on going activities, projects, financial performance and the way forward.

While reviewing the performance, Steel Minister appreciated the role and contribution of the public undertakings in the Indian steel sector and shared his insights on the way forward for public undertakings.

Source - Strategic Research Institute
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Hot Trials Start at MMK Metalurji EAF in Turkey

Russian steel maker Magnitogorsk Iron & Steel Works announced that MMK Metalurji in Turkey has started hot tests at its electric arc furnace facility with a casting and rolling module. MMK has begun the first phase of hot testing of technological equipment at its electric arc furnace facility in Turkey, which was halted in 2012 due to unfavourable economic conditions in the Turkish market. Upon completion of tests, the complex, intended for the production of hot-rolled coils, will resume its work in full. MMK has invested about USD 40 million to restart this production facility. After restarting the hot section and reaching its full capacity, MMK plans to produce about two million tonnes of hot-rolled coils per year

The phased launch of the electric arc furnace facility with a casting and rolling module at MMK Metalurji’s industrial site in Iskenderun implies a gradual increase in production. In total, it is planned that the site will produce 200-260 thousand tonnes of hot-rolled steel in 2021, with the unit reaching full capacity in 2022.

MMK Metalurji, a modern steelmaking complex in Turkey, operates an electric arc furnace facility with a casting and rolling module, a cold-rolling mill, galvanizing and color coating lines, as well as two service centres in Iskenderun and Istanbul. The Iskenderun production site also features a sea port that can accommodate ships of up to 100,000 deadweight tonnage and is used to supply raw and input materials to the plant as well as ship products to customers.

Source - Strategic Research Institute
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AIC to upgrade Gerdau Longs Rolling Mill in Uruguay

Latin American steel maker Gerdau has awarded automation equipment supplier Automazioni industrial! Capitanio upgrade of Laisa plant in Uruguay. The upgrade at Gerdau’s Laisa site in Uruguay will be completed by AIC team in order to guarantee the highest production requirements set by the customer. The automation and DC Drives revamping will focus on improving obsolete reliance drives for the rolling mill to ABB DCS880. Moreover, the new cabinets will replace the existing ones using the same current connection.

For this project, AIC will supply

1. ABB DCS880 DC Drives;

2. PLC software development based on Rockwell Control Logix 5580;

3. Engineering and electrical drawings;

4. HMI control system modifications;

5. Equipment tests, supervision to erection, commissioning, training and production assistance

Exploiting the DCS-NET (Automax) network already installed, the digital signals and analogues between the current drives and the PLC Logix will be managed by a remote control. This flexible solution will be designed to keep connected to operations, improve productivity and ultimately deliver a cost-effective solution.

Gerdau Laisa has a production capacity of 70,000 tonnes of crude steel and 60,000 tonnes of rolled steel. It produces continuous casting billets, rebars, round bars, square bars, flat bars, equal sided angles and wire rod.

Source - Strategic Research Institute
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SEIFSA Tables 3 Year Wage Offer for South African Industry

Negotiations on the 12th July held between Steel and Engineering Industries Federation of Southern Africa representing the 19 affiliated Employer Organisations, NUMSA, Solidarity, UASA, MEWUSA and the SAEWA at the MEIBC, facilitated by a Senior CCMA Commissioner, continued with SEIFSA tabling a conditional offer aimed at clinching an agreement for the industry. The overall package that Seifsa tabled is for July 1, this year to June 30, 2024, and includes a 4.4% increase in year one, and increases of either 3% or Consumer Price Index, whichever is highest, in years two and three. The conditionality of the offer rest on the trade unions being able to recommend acceptance of the offer to their respective membership and the affiliated associations likewise being able to endorse the package

The unions, including Solidarity, Uasa, the National Union of Metalworkers of South Africa, the Metal and Electrical Workers Union of South Africa and the South African Equity Workers Association, have until July 28 to report back with their final positions on the matter.

Source - Strategic Research Institute
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GMS Market Commentary on Ship Breaking in Week 27

World's leading cash buyer of ships for recycling GMS said that “Sub-continent markets continue to fire on during the summer & monsoon months, as firmer steel plate prices and an increasing lack of available tonnage has invariably pushed sub-continent offerings on to previously unthinkable levels. Not since the boom year of 2008 have we seen levels quite so high, and as the mythical USD 600/LDT draws ever closer, we will certainly see some fresh sales records being set from over the past decade. Notwithstanding, what comes up must eventually come down and many in the industry are now starting to fear that the markets may have peaked already and are now adjusting their levels in anticipation of some kind of an adjustment in the immediate future. To see levels DOUBLE over the course of just the last year alone, is quite an impressive and unexpected feat. The supply of tonnage has been increasingly cantered around offshore units and tankers of late viz. smaller bunkering tankers, MRs, Aframax tankers, and even FSUs, along with a variety of offshore vessels, including MOPUs and drill ships.”

GMS said “Due to the ongoing global Covid-19 restrictions, the expected summer slowdown has yet to really occur and most yards across the sub-continent recycling markets remain open and ready to accept vessels, as opposed to the slowdowns experienced during the seasonal retreat of yard laborers back to their hometowns over the summer & monsoon months. Similarly, shipowners and shipbrokers continue to do business at these fantastic numbers whenever they can, especially as freight markets also remain strong across the dry bulk and container sectors.”

GMS added “Finally, global vaccine rates need to pick up, in order to combat the concerning spread of the Delta variant of the virus as well. And it will certainly be interesting to see how countries like the UK, Israel, and the USA fare, now that restrictions are easing as vaccine rates hit the magic number in excess of 70% for herd immunity to take hold.

GMS Pricing

India/Bangladesh/Pakistan – Week 27, Improving

Dry Bulk – USD 530-570 per LDT

Tankers - USD 540-580 per LDT

Containers - USD 550-590 per LDT

Source - Strategic Research Institute
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Romania to Sell Stake in Krivoi Rog Iron Ore Pellet Plant

Romania Insider reported that according to a decision drafted by the government, Romania will auction its stake in the ailing Ukrainian steel complex Krivoi Rog or Kryvyi Rih, developed during the communist regime but currently under bankruptcy after remaining for a long period in conservation. Romania invested USD 800 million in the project and received a 27% stake. The largest investor was the USSR and Ukraine received 56.8% of the project Slovakia also received 18.2% in the project.

On May 15, 2019, a meeting took place at the headquarters of the Romanian Ministry of Economy between the representatives of Hares Engineering GmbH of Austria, potential investor for CIM Krivoi Rog, at their request, and representatives of the Ministry of Economy, Ministry of Foreign Affairs and Ministry for Business, Commerce and Entrepreneurship. Potential investors have expressed interest in the pellet factory built by the Romanian side on the Krivoi Rog platform.

The complex was supposed to produce iron ore pellets for the steel furnaces in the same location, owned by ArcelorMittal since 2005.

Source - Strategic Research Institute
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JSW Steel Crude Steel Production Crosses 5 Million Tonne Mark in Q1

It is reported that JSW Steel group combined crude steel production was at 5.07 million tonnes for Q1 of 2021-22 registering a growth of 16% QoQ and 65% YoY, including the production at jointly controlled entities Bhushan Power & Steel Ltd and JSW Ispat Special Products Ltd.

1. JSW Steel Standalone: 4.10 million tonnes, down 2% & up 39% YoY

2. Bhushan Power & Steel Ltd. 0.69 million tonnes

3. JSW Ispat Special Products Ltd: 0.14 million tonnes , down 6% & up 76% YoY

4. JSW Steel Indian Operations: 4.93 million tonnes, up 13% & up 62% YoY

5. JSW steel USA Ohio: 0.14 million tonnes

6. Total Combined Volumes: 5.07 million tonnes, p16% & up 65% YoY

JSW Steel said “The capacity utilization at standalone level was at 91% in Q1'22 due to shortage of oxygen vis-a-vis 93% in Q4 of 2021, as the Company supplied over 65,000 tonnes of Liquid Oxygen during Q1 of 2021-22 for medical purposes from the Steel Complexes of the Company across India. JSW USA Ohio restarted Electric Arc Furnace in March 2021 after refurbishing and the capacity is being ramped up.”

Source - Strategic Research Institute
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ITOCHU & CSN to Decarbonize Casa de Pedra Iron Ore Mines in Brazil

Japan’s ITOCHU Corporation has signed a memorandum on SDGs collaboration with the Brazilian CSN Group as a model case for initiatives, along with the implementation of business partnerships with companies in Japan and abroad that possess excellent technologies, with the aim of promoting decarbonisation and digital transformation in the field of metals and mineral resources. ITOCHU owns Brazilian iron ore mining interests Casa de Pedra- CdP Mines together with the CSN Group and both have agreed on collaborating in decarbonisation and DX to increase operational efficiency at the CdP Mines and to contribute to decarbonisation at the Mines and CSN steel work. Moreover, ITOCHU also plans to conduct broader collaboration, including current ITOCHU decarbonisation initiatives in the field of metals and minerals, as a way to further contribute to decarbonisation of CSN Group operations, such as through low-carbon ironmaking technology, hydrogen and ammonia, and CCUS.”

CSN recently put funding in place for the expansion of CdP Mines which are located at Congonhas in southeastern Minas Gerais. The mines currently have a 33 million tonne per year capacity but this will rise to 108 million tonne per year capacity by 2033 with the introduction of dry stacked tailings a major part of the strategy. ITOCHU holds a stake in Congonhas Minérios SA which operates the CdP Mines.

To promote digital transformation to improve operational efficiency, cut costs, and increase safety in metal and mineral resources, ITOCHU has entered into business partnerships with companies (solution vendors) in Japan and abroad that possess excellent digital solutions, know-how, and track records with regard to improving all the relevant processes. These include Shell’s Oren B2B marketplace, mining software & digital twin major MineRP, now part of Epiroc, asset and process optimisation solutions provider GE Digital; drone technology company SensynRobotics & LiDAR cloud base system company Scan X.

Source - Strategic Research Institute
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ArcelorMittal signs MoU with the Spanish Government supporting €1 billion investment in decarbonisation technologies

New DRI and EAF installations in Gijón will reduce carbon emissions at the company’s Spanish operations by approximately 50%. The DRI installation in Gijón will also enable ArcelorMittal Sestao to be the world’s first full-scale zero carbon-emissions[1] steel plant.

ArcelorMittal has today signed a memorandum of understanding (MoU) with the Spanish Government that will see a €1 billion investment in decarbonisation technologies at ArcelorMittal Asturias’ plant in Gijón. The investments will reduce CO2 emissions at ArcelorMittal’s Spanish operations by up to 4.8 million tonnes, which represents approximately 50% of emissions, within the next five years[2].

The MoU states the commitment of ArcelorMittal and the Government of Spain to transition towards a decarbonised steel industry. ArcelorMittal will introduce new manufacturing processes that contribute to a considerable reduction of CO2 emissions. It will also further intensify its R&D capabilities in Spain to support the new project and innovation requirements. The Government of Spain will promote reforms and investments to support the development and growth of a strong, more competitive and sustainable industrial sector, as well as endeavouring to provide maximum financial support for the project, in line with Spanish legislation and European Union regulations.

Given the significant cost associated with the transition, in terms of both capex and opex, it is ArcelorMittal’s expectation this support will cover at least half of the additional cost to enable its operations to remain competitive as it accelerates its decarbonisation program.

The MoU was signed at an event in ArcelorMittal Asturias’ plant in Gijón, which was attended by ArcelorMittal Executive Chairman, Lakshmi Mittal, CEO Aditya Mittal and the President of Spain, Pedro Sánchez as well as Raül Blanco, the Secretary General for Industry, and Adrián Barbón, President of the Asturias regional government.

At the heart of the plan is a 2.3 million-tonne green hydrogen direct reduced iron (DRI) unit, complemented by a 1.1 million-tonne hybrid electric arc furnace (EAF). This starts the transition of the Gijón plant away from the blast furnace-basic oxygen furnace steelmaking production route to the DRI-EAF production route, which carries a significantly lower carbon footprint. The new DRI - which will be the first of its kind in Spain - and EAF will be in production before the end of 2025.

To maximize the emissions reduction potential, ultimately green hydrogen will be used to reduce the iron ore in the DRI, with the EAF powered by renewable electricity. The support of the national and regional governments in this project is crucial as it will enable ArcelorMittal to have access to green hydrogen supplied through a consortium of companies that will cooperate in the construction of the infrastructure required in order to produce hydrogen in the Iberian Peninsula using solar-powered electrolysis and to transport it directly through a network of pipelines. The initiative involves the construction of multiple large-scale solar farms, with hydrogen produced in situ and with the corresponding impact in terms of employment.

The Gijón DRI will also feed the company’s Sestao plant, situated approximately 250km from Gijón, where production is already entirely from the electric arc furnace route. This means that by 2025 ArcelorMittal Sestao will produce 1.6 million tonnes of steel and be the world’s first full-scale steel plant to achieve zero carbon-emissions.

Speaking at the signing of the MoU in Gijón, Aditya Mittal, CEO ArcelorMittal, said:

“It is widely understood that for the world to achieve net-zero by 2050, faster progress over the next decade is essential. The MoU we have signed today will play an important role in doing exactly that. The construction of the new green hydrogen DRI plant in Gijón will not only enable us to reduce emissions from our Spanish operations by half but will also result in the world’s first full-scale zero carbon-emissions steel plant in Sestao.

“Clearly, this is a project that will require the support of many different partners to succeed; our plan hinges on the supply of affordable, mass-scale hydrogen, access to sustainable finance and a supportive legal framework that allows us to be competitive globally. The Spanish government has clearly defined plans to transition the country to a decarbonised economy and I have been impressed by the progress made in creating the energy infrastructure that this green economy will require.

“As a large emitter, the steel industry can make a vital contribution to achieving net zero by 2050. This project demonstrates what is achievable.”


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Deel 2:

Expressing their support for the plan, Spain’s Minister of Industry María Reyes Maroto said:

“The Government of Spain and the ArcelorMittal Group fully agree that the transition towards a decarbonised economy is an essential objective for Spain, and they both recognise the industrial, technological and regulatory challenges that this transition poses for Spanish industry, as well as the opportunities it offers, in terms of innovation and improved competitiveness. The Government of Spain, through the Ministry of Industry, Trade and Tourism, will strongly support a new framework of institutional relations between the Government and the ArcelorMittal Group, because the Government of Spain recognises the importance of the steel industry for the development of the Spanish economy, while also recognising that the industry needs a stable and predictable legal framework as the best tool to enable it to be competitive and attain the targets set in terms of energy transition and digitalisation, both at national and at European Union level. In this regard, the Government of Spain is exploring regulatory instruments to support the industry in the transition process, such as the compensation programmes for electricity-intensive industries, tools to promote improved energy efficiency, public financing for digitalisation, instruments to promote industrial investments, training programmes and strategies to promote the use of clean fuels.”

ArcelorMittal Europe has a target to reduce CO2 emissions by 30% by 2030, and an ambition to be net-zero by 2050. The company is pursuing two pathways to achieve this: Innovative DRI and Smart Carbon.

ArcelorMittal Spain’s operations are already contributing to the reduction of CO2 emissions from the company’s steelmaking operations. Earlier this year, ArcelorMittal Asturias completed its project to capture hydrogen-rich coke oven gas and re-inject it into the blast furnace, replacing some of the coke used in the blast furnace. Deploying this innovative technology will result in a reduction in CO2 emissions of 125,000 tonnes a year, equivalent to the emissions generated by the annual consumption of 84,000 Spanish households with individual natural gas-based heating systems. These CO2 savings have already generated XCarb™ green steel certificates, which were launched by the company in March 2021, allowing ArcelorMittal customers to report a reduction in their Scope 3 CO2 emissions.

[1] On a Scope 1 and 2 basis.

[2] Should green hydrogen not be available at affordable rates by the end of 2025, natural gas would be used to power the DRI furnace. This would still result in a very significant reduction in CO2 emissions, of 4 million tonnes, approximately 45%.

About ArcelorMittal

corporate.arcelormittal.com/media/pre...
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08:18
*Jefferies verhoogt koersdoel Aperam van 46,00 naar 47,00 euro
08:18
*Jefferies handhaaft Houden advies op Aperam
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Beursblik: Jefferies verhoogt koersdoelen ArcelorMittal en Aperam
In aanloop naar cijfers.

(ABM FN-Dow Jones) Jefferies heeft in aanloop naar de halfjaarcijfers de koersdoelen voor ArcelorMittal en Aperam verhoogd.

Analist Alan Spence verhoogde het koersdoel voor ArcelorMittal van 38,00 naar 40,00 euro en voor Aperam van 46,00 naar 47,00 euro. De analist besloot zijn koopaanbeveling voor ArcelorMittal te handhaven en het Houden advies voor Aperam bleef ook ongemoeid.

Spence verhoogde zijn taxaties voor zowel ArcelorMittal als Aperam. Voor Mittal ging zijn raming voor de EBITDA met 13 procent omhoog naar ruim 4,8 miljard dollar in het tweede kwartaal. En voor heel 2021 verhoogde de analist zijn taxatie zelfs met 20 procent naar 17,7 miljard dollar. Daarmee zit Jefferies ruim boven de analistenconsensus van respectievelijk 4,6 en 15,5 miljard dollar.

Ook voor Aperam gingen de ramingen omhoog. Voor het tweede kwartaal mikt Spence niet langer op een EBITDA van 190 miljoen maar op 203 miljoen euro. En voor 2021 ging de verwachting van 647 miljoen naar 704 miljoen euro. Daarmee zit Jefferies wel iets lager dan de analistenconsensus. Die rekent op respectievelijk 215 en 706 miljoen euro.

Reden voor de hogere ramingen is dat de goede trend uit het eerste kwartaal ook doorzette in het tweede kwartaal, aldus Spence. Voorraden werden afgebouwd, de prijzen stegen, net als de doorlooptijden. De orderboeken vulden zich steeds beter, aldus de analist, en het tweede kwartaal zal volgens hem "een significante margeverbetering" laten zien.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999
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ArcelorMittal Sestao Steel Plant in Spain to Become Zero Emissions

ArcelorMittal announced that its Sestao plant in Spain will become the world’s first full scale zero carbon emissions steel plant. The development is the result of a memorandum of understanding signed with the Government of Spain that will see an investment of EUR 1 billion in the construction of a green hydrogen direct reduced iron plant at its plant in Gijón, as well as a new hybrid electric arc furnace. By 2025, the Sestao plant, which manufactures a range of flat steel products for the automotive and construction sectors, and general industry, will produce 1.6 million tonnes of zero carbon-emissions steel by

1. Changing the metallic input by increasing the proportion of circular, recycled scrap, and using green hydrogen-produced DRI from Gijón in its two existing EAFs

2. Powering all steelmaking assets EAFs, rolling mill, finishing lines with renewable electricity

3. Introducing several key emerging technologies that will replace the small, remaining use of fossil fuel in the steelmaking process with carbon-neutral energy inputs, such as sustainable biomass or green hydrogen

4. Construction of a 2.3 million-tonne green hydrogen DRI unit in Gijón

5. Transported around 1 million tonnes of DRI to Sestao to be used a feedstock for its two EAFs

The national and the Basque government’s support in this project is crucial, firstly from a funding perspective, given the significant cost associated with the transition to carbon-neutral steelmaking. Secondly, because it will enable ArcelorMittal to have access to green hydrogen supplied through a consortium of companies that will cooperate in the construction of the infrastructure required in order to produce hydrogen in the Iberian Peninsula using solar-powered electrolysis and to transport it directly through a network of pipelines. The initiative involves the construction of multiple large-scale solar farms, with hydrogen produced in situ and with the corresponding impact in terms of employment.

In addition to the investments in the DRI and EAF installations in Gijón, ArcelorMittal will invest EUR 50 million in Sestao. This will fund the introduction of key emerging technologies required to bring the plant to zero carbon-emissions, supporting 1.6 million tonnes of production.

Source - Strategic Research Institute
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McKinsey Sees DRI Challenge in Green Steel Transition

Global Consulting Firm McKinsey in a recent report highlighted that raw material shortages have the potential to disrupt the market for direct reduced iron, but industry participants are planning to implement new green technologies will increase the use of DRI. Mckinsey suggested that “To plan appropriately, market participants must base their business cases on the DRI of tomorrow, as opposed to the industry of today. In doing so, they will help ensure that the steel industry will be a leader, rather than a laggard, in the decarbonization of the heavy industry.”

Unlike in the production of blast-furnace pig iron, iron ore remains solid throughout the DRI-production process, which makes it difficult to remove impurities. As a result, the quality of the DRI is closely related to the quality of iron ore inputs. DRI is, therefore, mostly made from very high quality raw materials, which can be produced at only a limited number of mines. Significant expansion of the DRI industry will likely lead to a shortage of raw materials within the next decade. The MineSpans database, which provides a comprehensive supply-side view of the iron ore industry, makes it clear that supply will be insufficient even if steelmakers both fully utilize existing mines and open new mines capable of producing the necessary inputs.

Given the potential deficit of high-quality raw materials, growth in the DRI industry will have to be accompanied by a change in the manufacturing process. Increasingly, DRI will need to be made with lower-quality iron ore, which will then need to be upgraded, most likely using a smelting process, to make it more suitable for use in basic oxygen furnaces. This has important implications for steelmakers’ wider plant configurations. Mini mills with electric arc furnaces must have long-term supply contracts to produce DRI suitable for the process. Plants looking to use DRI in basic oxygen furnaces will have to choose between securing high-quality raw materials and adding a smelting process. As a result, any sharp rise in DRI growth will likely drive a bifurcation in the market.

Direct reduced iron accounts for 5% of the metallics used in the steelmaking process globally. It is currently used less commonly than pig iron or steel scrap. Traditionally, DRI is produced from the direct reduction of iron ore using natural gas, but emerging technology is enabling the production of DRI using hydrogen as well. Depending on the source of the hydrogen, this offers the potential for truly green steel. Hydrogen-based DRI is, therefore, expected to be a major decarbonization lever for steelmakers, particularly in Europe. A number of companies have already announced plans to introduce DRI, and strong growth is expected in the future. In fact, scenarios based on a carbon-neutral steel industry, a goal many major steelmakers have pledged, have DRI production tripling within the next 30 years.

Source - Strategic Research Institute
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Severstal Sets Medium Term Target to Cut Greenhouse Gases by 2030.

Russian steel maker PJSC Severstal has updated its medium-term environmental program target, which is expected to be implemented until 2030. This program aims to reduce greenhouse gas emissions by 10% per tonne of steel in accordance with the methodology of the World Steel Association by December 31, 2030, compared to December 31, 2020. Severstal is systematically implementing measures to reduce greenhouse gas emissions. One of the stages of this work was the definition of a medium-term goal to reduce the intensity of CO2 emissions by 10% by 2030 from the level of 2020. Reduction of greenhouse gas emissions will, among other things, be achieved through the technical re-equipment of production facilities and the introduction of the best available technologies at all the company's assets: the construction of a boiler house with a boiler unit No. 11 and the installation of a gas utilization compressorless turbine (GBT) No. 16 (this will allow the company to increase its generation of electricity up to 95%), a system for recirculation of sinter gases from sinter machines No. 10-11, replacement of coke for hydrocarbon fuel and a number of other measures. This package of measures will reduce the intensity of CO2 emissions from 2.063 tonnes / tonne of steel in 2020 to 1.857 tonnes / tonne of steel in 2030.

Severstal has an ambitious goal of reducing its environmental impact and contributing to global efforts to achieve the goals of the Paris Agreement. A year ago, we became one of the first steel companies in Russia to approve a public goal of reducing greenhouse gas emissions at the board level. Today we confirm that we are not only fulfilling the already declared obligations, but also taking on new, more ambitious ones. The updated goals of our environmental program until 2030 are supported by specific measures of the investment program, ”said Alexander Shevelev, CEO of Severstal.

Achieving the target level will allow the company to enter the top 15 best steelmakers with the lowest greenhouse gas emissions in the world. Today, Severstal is in the first quartile and has one of the lowest carbon intensity in the industry, according to the World Steel Association.

Specific greenhouse gas emissions at Severstal are established in accordance with the methodology of the World Steel Association (Worldsteel) and ISO 14404 standards. The limits for calculating the intensity indicator include CO2 emissions from coverage areas 1-3. In accordance with Severstal's audit and review policy, the company's greenhouse gas emissions were subject to external audit as of December 31, 2020, the results of which were published in the Sustainability Report for the last year. Carbon intensity will be reviewed by external auditors on 31 December 2021 and beyond.

Earlier it was reported that in July 2020 the Board of Directors of Severstal approved a short-term goal to reduce greenhouse gas emissions. She assumed that by 2023 the company's enterprises will reduce the intensity of greenhouse gas emissions by 3% compared to the level of 2020. This will reduce the intensity of CO2 emissions per tonne of steel from 2.063 tonnes / tonne of steel to 2.001 tonnes / tonne of steel by 2023.

Severstal is currently implementing a plan to achieve its short-term goal of reducing greenhouse gases.

Source - Strategic Research Institute
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