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Public Inquiry into West Cumbria Coking Coal Mine Begins

Strategic Research Institute
Published on :
14 Sep, 2021, 6:30 am

A public inquiry into the proposed West Cumbria coking coal mine in Copeland begun last week. The inquiry is expected to last 4 weeks. Some 80 organisations, including Greenpeace and The Wildlife Trusts, signed the letter to the Prime Minister, calling for the inquiry, in which they described the mystifying' disbelief that the Government had not intervened over the approval of plans for the mine in Whitehaven. In a letter coordinated by Greenpeace and countryside charity CPRE, the environmental groups said the UK is due to play host to the international Cop26 climate summit in Glasgow in November.

Local MP's Trudy Harrison (Copeland) and Mark Jenkinson (Workington) have both been outspoken in their support of the mine which is sad to create hundreds of badly needed jobs. They say the coking coal that would be produced is the only fuel that can be used to create steel, which we need to meet our targets of Net Zero by 2050.

The mine will supply the British and European steel industry with locally produced metallurgical coal. Amounting to two million tonnes each year, British steelmakers currently import all of their metallurgical coal requirements to supply the UK’s two primary steel manufacturers at Scunthorpe and Port Talbot. Europe also relies on metallurgical coal imports of more than fifty million tonnes each year. As a result, metallurgical coal is being railed and shipped thousands of added miles from overseas mines to customers in the UK and EU. Additional emissions connected with this long-distance production, handling and transportation are thus being ‘offshored. Woodhouse Colliery will be net carbon zero for all aspects of the mining process and delivery of the product to UK customers or port for onward shipping to European customers. This has been achieved by combining a series of proven & emerging technologies, including renewable electricity, methane gas capture and elimination, microgrid power generation, green bio-fuel and gold standard carbon offsetting.

This development was first proposed in 2014 and has been given planning approval by Cumbria County Council three times.
US scrap market eyes October trading following losses

The US scrap market, which settled right after the Labor Day holiday last week, is now focused on October trading, with expectations diverging.

During September trading, obsolete scrap prices have settled $20-25/gross ton down from August trading, while prime grades decreased by up to $50/gt, depending on the region.

While some market players think prices have bottomed and will recover, specifically for obsolete grades, others doubt this as support from export markets is still lacking. Turkish mills continue to exert pressure on prices on the US East Coast, while on the West Coast high container rates are hampering business.

A US scrap supplier tells Kallanish: “Despite the firm market in the US, we have seen a sharp decrease in prices during September trading. This was mostly the result of weak export markets. Amid the continuation of this, further price decreases are inevitable.”

On the West Coast, containerised HMS 1&2 80:20 scrap prices are continuing to rise, while the number of offers remains limited due to ongoing shipment issues and higher container rates. In order to secure sufficient material at reasonable prices, Taiwanese buyers are seen to have redirected their attention to closer origins, which has caused Japanese prices to rise.

While the latest US-origin HMS 1&2 80:20 bookings appeared at $453-454/tonne cfr Taiwan towards the end of last week, fresh offers are seen to have increased to $460/t cfr levels.

On the East Coast, however, US-origin HMS 1&2 80:20 prices have followed EU-origin scrap down, falling sharply in a fresh booking. A long steel mill in Marmara has bought a cargo that consists of HMS 1&2 80:20 at $436.5/t and shredded at $451.5/t cfr Turkey. This compares to US 80:20 booked the previous week at $445-447/t cfr. The slight decrease in freight rates has supported the price drop.

Burcak Alpman Turkey
Chinese billet import market takes breather

Chinese buying interest for billet has diminished suddenly following the downward correction in the Chinese domestic market, Kallanish notes.

The Chinese billet import market rose for two weeks, reaching transaction levels for 150mm 3sp billet at $710-715/tonne cfr China last weekend. These included deals for Vietnamese billet at $710/t cfr and Indonesian blast furnace billet at $710-715/t cfr. Around 160,000 tonnes of billet from the Middle East also recently concluded at around this level to China (see Kallanish passim).

A leading Vietnamese mill was able to conclude blast furnace billet at $675/t fob, Vietnamese trading sources say. Freight is around $35/t from Vietnam to China, depending on destination port. The previous booking prices for Vietnamese billet were concluded at $670/t fob Vietnam, but bid prices are now at $650/t fob, a Vietnamese mill source says. “Current offers for November shipments are still at $680/t fob. The price drop is too sudden,” he notes.

A regional trader relates hearing bids at $705-710/t cfr China early Tuesday, but those bids were “no more” when the market became quiet in the afternoon. “It is very quiet today,” a regional trader said on Tuesday. Bids for billet are at only $690/t cfr but the supplying mills are looking to sell at $720/t cfr. “The gap is too big,” he adds.

In China's Tangshan, spot billet fell on Tuesday by CNY 30/t ($5/t) to CNY 5,220/t. This is the first price fall since 2 September. Prices have gained by CNY 100/t in the past week and by $200/t since 2 September.

Anna Low Singapore
Industry Tracker Assess Steel Company Transition in Europe

Strategic Research Institute
Published on :
15 Sep, 2021, 5:33 am

Understanding and assessing transition plans for steel companies is important because, while the market capitalisation of steel companies is relatively small, 1% of MSCI ACWI, their contribution to the real economy through material services is unmatched. As governments and companies commit to net-zero targets by 2050 to align with Paris climate goals, sectors such as steel will be an integral part of the transition. Steel production contributes 7-9% of global C02 emissions2, with European emissions from steel accounting for 6%. While steel demand is expected to grow in the coming decades, reduction in emissions intensity from primary steel has plateaued. European steel companies face increasing regulation with a more effective carbon pricing signal as allowances are phased out of the Emissions Trading Scheme and a potential Carbon Border Adjustment Mechanism is introduced. There is also an opportunity for de-commoditisation of steel and end markets to develop for zero carbon steel products.

Industry Tracker has published its first report on the steel sector. With focus on 10 of the largest primary steel producing companies in Europe, the aim is to provide an in-depth assessment of how these companies are positioned to action transition plans to net-zero. Companies are scored on an 'absolute' basis over 13 metrics covering three elements of the TCFD framework: Transition Risks, Transition Opportunities, and Governance and Strategy. These form a final ranking which serves to indicate exposure to the financial impacts of transition.

Summary Score

SSAB - 73

ArcelorMittal - 66

Voestalpine - 60

Salzgitter - 59

Tata - 59

ThyssenKrupp - 54

Evraz - 43

Severstal - 36

Metinvest - 35

Erdemir - 30

In analysis Industry Tracker has looked at the solutions available for steel companies to transition by evaluating how locked-in they are to existing carbon intensive assets, the timing of the shift needed to invest in new technologies, and the economics of transitioning to a near zero steelmaking route.

Transition Readiness for Net Zero

- There is very little room to extend the life of primary steel production through blast furnace technology within the European steel sector - of the ten companies analysed only a quarter of sector emissions budget remains.

- Most investment windows have already begun and most end before 2030. This reflects a serious urgency for European steel companies to develop and deploy alternative approaches to blast furnace based steelmaking.

- There is growing evidence that leading companies in this space are developing technologies that are transformative and could realise near zero carbon transition routes for primary steel production.

- Six companies are developing low carbon process innovations considered to be transformative - SSAB ranks first with its fossil free hydrogen technology HYBRIT with ArcelorMittal second with a portfolio of low carbon solutions.

- Five companies are investing in hydrogen based direct reduction, the most favoured near zero emissions innovation , and seven companies are investing in projects to secure hydrogen supply.

- Current balance sheets and free cash flow yields cannot support the cost of the transition to green hydrogen steelmaking, which is estimated at USD 4-34 billon depending on asset base size. Companies will need subsidies, direct public funding and partnerships.

- Target setting to align with net zero pathways shows a similar pattern across the group with ambitious emissions reductions post 2030. Detailed transition planning remains at an early stage at SSAB and ArcelorMittal

Transition risks

- There is very little room to extend the life of blast furnaces. Over the ten companies analysed, only a quarter of emissions budget remains. This assumes an average blast furnace life extension of 17.5 years. Remaining budget ranges between 12% and 36% assuming 20 and 15 years respectively.

- Of the companies with the largest share of their 2050 emissions budget remaining, only two, ArcelorMittal and Evraz, have more than the global average for blast furnace-based steel production.

- Most investment windows have already begun and most end before 2030. This reflects a serious urgency for European steel companies to develop and deploy alternative approaches to blast furnace based steelmaking.

- Just two companies, ArcelorMittal and Metinvest, have room to reline more than 1 blast furnace. This is largely a function of them owning more blast furnaces, which reduces the influence that one furnace has on their total emissions budget.

- Five companies, Tata Steel, Metinvest, Evraz, Severstal, and ArcelorMittal, must decide within the next 5 years whether to lock themselves into European capital assets of high transition risk.

- SSAB has a clear cost advantage when it comes to the HDR route. This is due to the relatively low cost of onshore wind in Sweden.

- SSAB, Salzgitter and ThyssenKrupp have 100% of their primary steel capacity located in countries with fully available national hydrogen strategies

- All blast furnaces operated by Tata Steel, Salzgitter, and ThyssenKrupp reside in countries with potentially direct future access to carbon storage capacity. This is also the case for a small fraction of ArcelorMittal's capacity, while all remaining blast furnaces are located elsewhere.
Deel 2:

Transition opportunities

- European steel companies have begun to develop the low-carbon innovations required to significantly reduce the sector's emissions and align with net zero pathways. More innovative companies will begin commercialising these technologies in the next decade, but significant investment will be required.

- Six companies are developing low-carbon steelmaking technologies considered to be "transformative" within their European operations. 34% of companies' top 10 innovations are assessed as being transformative whilst 66% are radical.

- Five companies are developing hydrogen based DRI-EAF (HDR-EAF) production routes, potentially reducing emissions to near zero. SSAB's HBYRIT project will reduce emissions by 98% compared to the traditional BF-BOF route, whilst ArcelorMittal has announced multiple investments to transform BF-BOF plants to HDR-EAF.

- Five companies are investing in CCUS-related innovations, many of which produce fuel and chemicals sector inputs, such as ArcelorMittal's Carbalyst® technology and ThyssenKrupp's Carbon2Chem partnership.

- Six companies have secured public funding for projects to support developing and scaling early-stage technologies, covering on average 44% of project costs. Public sector support will be key to the deployment of alternative low-carbon steelmaking.

- Seven companies are involved in projects developing "blue" or "green" hydrogen production, indicating that companies are seeking to secure the volumes of hydrogen required to scale up hydrogen based steelmaking.

- At 0.5%, research and development spend as a percentage of net sales is relatively low for a sector that needs to invest in low-carbon innovation.

- Demand for low-carbon steel is set to be led by the automotive industry, with increasing demand from construction and renewable energy sectors. Voestalpine, Tata Steel, ThyssenKrupp and Severstal have the highest exposure to these markets.

Climate governance and strategy

- Most companies have strong enough ambitions with six, SSAB, ArcelorMittal, Salzgitter, ThyssenKrupp, Voestalpine, and Tata Steel, all aiming for net-zero or near-zero emissions by 2050.

- SSAB stands alone as the most ambitions company by steeply reducing emissions after 2032 and reaching net zero emissions in 2045.

- Eight companies have publicly disclosed emissions reduction targets - ArcelorMittal, Voestalpine, Tata Steel Europe and Salzgitter have all made commitments to become net zero, climate neutral, or carbon neutral by 2050.

- Companies have advanced in their scenario planning, with seven companies conducting scenario analysis to assess climate impacts on business models whilst more advanced companies use these to inform decarbonisation strategies and guide low-carbon investment.

- While six companies have been regulated for their Scope 1 emissions from European facilities within the ETS, free allowances have significantly diminished incentives to make deep emission reductions.

- Six companies use an internal carbon price as part of their decision making processes. ArcelorMittal, SSAB, Voestalpine and ThyssenKrupp all use carbon prices that are aligned with EU ETS allowances, which have doubled since 2019.

- Companies based in the CIS region such as Severstal and Evraz and Erdemir in Turkey lag behind their European counterparts in governance metrics such as scenario planning, target setting and climate related remuneration.

- Six companies disclose some form of climate related remuneration, but this is not well developed and no companies show any evidence of long term climate related remuneration incentives.

Emissions from Primary Steel in Europe (MtCO2)

ArcelorMittal - 88.5, 22 BFs

Evraz - 23.6, 5 BFs

Severstal - 22.3, 5 BFs

Tata Steel - 19.3, 4 BFs

Erdemir - 17.5, 6 BFs

Metinvest - 15.9, 11 BFs

ThyssenKrupp - 14.2, 6 BFs

Voestalpine - 11.2, 5 BFs

SSAB - 9.1, 5 BFs

Salzgitter - 10.4, 4 BFs

Industry Tracker was launched by the Investor Watch Group in 2021 whose founders created the Carbon Tracker and Planet Tracker Initiatives alongside Carole Ferguson who moved over from CDP where she led the award winning Investor Research Team. Industry Tracker was created to address a gap in the market for independent in-depth research and analysis on industrial sectors that are critical to economies and that will be a key component of the pathway to achieving net zero emissions. Industry Tracker is not an investment advisor and makes no representation regarding the advisability of investing in any particular company or investment fund or other vehicle.
Evraz Appoints Mr Sergey Sergienko as VP Technologies Development

Strategic Research Institute
Published on :
15 Sep, 2021, 5:36 am

Russian steel maker EVRAZ has announced the appointment of Mr Sergey Sergienko as Vice-President Technologies Development. Mr Sergey will be in charge of technologies development of the company’s assets to enhance their competitive advantage and facilitate implementation of EVRAZ Environmental Strategy 2030. He will continue overseeing development of employees’ technical skills, implementation of digital technologies, and advancement of EVRAZ Business System.

Mr Sergey has worked in EVRAZ for 12 years at the positions of Director for Development of Steel and Iron Ore Business, Director for Technologies Development, and Director for EBS Development.

Mr Sergey graduated from the Krasnoyarsk State Technical University, majoring in Casting Machines and Casting Technology. In 2011, he completed EVRAZ New Leaders programme. In 2017, Mr Sergey received company’s highest corporate award, EVRAZ Stela, in the nomination “EBS”, for the project on benchmarking the processing stages and creation of the Science and Engineering Board.
Corinth to Supply HFW Pipes for Aker BP’s KEG Offshore Project

Strategic Research Institute
Published on :
15 Sep, 2021, 5:39 am

Cenergy Holdings Greek steel pipe maker Corinth Pipeworks has signed an agreement with Subsea 7 in Norway to manufacture and supply High Frequency Welding steel pipes for the tie-back of Aker BP’s Kobra East & Gekko resources to the existing Alvheim FPSO in the Norwegian North Sea. The 9 kilometers of 16 inch HFW pipes for KEG will be manufactured and coated in ultra-long lengths at Thisvi facility, Greece and delivered directly to Subsea 7’s spoolbase in Vigra in Norway for fabrication and subsequent reel-lay installation.

This award to C Corinth Pipeworks is the latest coming from the subsea alliance of Aker BP, Aker Solutions and Subsea 7 and builds on the success of earlier pipeline developments such as Skogul, Aerfugl I & II and Hod projects.
Mechel Chelyabinsk to Supply Steel for Bridge across Volga River

Strategic Research Institute
Published on :
15 Sep, 2021, 5:42 am

Mechel Group’s Chelyabinsk Metallurgical Plant has produced over 2.6 thousand tonnes of rolled metal for the construction of a bridge across the Volga River in Tatarstan in Russia. A new 4 kilometer bridge across the Volga on the territory of the Republic of Tatarstan will become part of the M-12 highway. The bridge will remove the load from the northern bypass of Kazan, as well as unload the existing ferry crossings. Over 2.6 thousand tons of reinforcement, metalware, sheet and structural steel produced by Chelyabinsk Metallurgical Plant were supplied to the facility by Mechel Group's metal trading company Mechel-Service.

The new highway M-12 will connect the largest regional centers and agglomerations (Moscow, Vladimir and Nizhny Novgorod regions, the republics of Chuvashia and Tatarstan). With the commissioning of the M-12, the road from Moscow to Kazan will take only 6.5 hours. Now the travel time on this route is more than 12 hours due to the numerous intersections, traffic lights and the heavy congestion of the existing federal highway. On M-12 there will be no intersections with other roads, all of them will be solved by interchanges at different levels. The completion of the construction of the M-12 highway is scheduled for 2024. In the future, the route will become the main international transport corridor "Europe-Western China".
Shri Bajrang Power & Ispat to Set Up Mini HSM at Raipur

Strategic Research Institute
Published on :
15 Sep, 2021, 5:45 am

Financial Express reported that Raipur based Shri Bajrang Power & Ispat will put up INR 1,465 crore greenfield steel unit to manufacture 0.5 million tonne per annum of hot rolled coil to feed it newly commissioned pipe mill and may embark on raising capacity to 1 million tonne after the completion of the first phase in the next three years, depending upon the prevailing market condition. Shri Bajrang Power & Ispat’s Executive Director Mr Anand Goel said “ERW pipes are the fastest growing segment in carbon steel pipes space. At present, we buy HRC from others to feed the plant. Once we have our own HRC, it will give us a huge boost to our business and operations”

Shri Bajrang Power & Ispat has acquired the requisite land in Raipur for the proposed 0.5 million tonne unit, which will produce steel using blast furnace route but is awaiting other clearances to start construction of the unit.

Shri Bajrang Power & Ispat, which produces TMT bars under Goel TMT brand name, has three manufacturing units in Raipur with a total saleable metal capacity of 1.76 million tonne. It also has around 100 MW captive power generation capacity and a captive iron ore mine with approval to mine 1.2 million tonne a year.
Linde Severstal Ships Third SVTO Heat Exchanger for Amur GPP

Strategic Research Institute
Published on :
15 Sep, 2021, 5:50 am

Russian steel maker Severstal and the German company Linde’s joint venture Linde Severstal has shipped the third spiral heat exchanger, SVTO, for the Amur Gas Processing Plant. The first two SVTOs were shipped in 2018 and 2019, respectively. Each SVTO is unique and is designed specifically for the technological needs of the customer plant, taking into account the thermal and hydraulic characteristics. Materials are also selected to suit the operating temperature range and corrosion resistance requirements. The weight of the third SVTO is 52.4 tonnes, the body diameter is 1.8 meters, the length is 15.77 meters, the thermal power is 8.5 MW, and the bundle consists of 480 tubes.

JV Linde Severstal was established in June 2017. In 2019, Severstal bought out a 26 percent stake in a joint venture with Germany's Linde, and in the summer of 2020 increased it to 50 percent. Linde Severstal manufactures spiral heat exchangers, which are key equipment in natural gas liquefaction and processing plants.

Heat exchangers for the Amur GPP were the first result of the localization of Linde production in Russia. All technological operations (pipe winding, assembly of SVTO and testing of finished products) were completed at the production site in St Petersburg with the involvement of domestic companies. In the process of manufacturing heat exchangers, the share of localization of Russian enterprises increased. So, for the production of the second and third SVTO in Russia, all the main components of the equipment (tubes, cores, housing) were manufactured.

Spiral heat exchangers are used in the technological process of helium production at the units for the extraction, liquefaction and filling of this valuable gas at the Amur GPP required for heat recovery from the nitrogen-helium mixture. The first of three such installations has already begun work. The capacity of each is 20 million tonnes of helium per year.
Swiss Steel Group Nominates New Members to the Board of Directors

Strategic Research Institute
Published on :
15 Sep, 2021, 5:53 am

Swiss Steel Holding AG Board of Directors have proposed appointment of three new members Mr Ralf Göttel, Mr Mario Rossi and Ms Emese Weissenbacher, to be approved in Extraordinary General Meeting on October 6. Three new members have proven experience in the areas of international management in an industrial environment, automotive supply, process optimization, efficiency improvement, strategic realignment and finance and accounting.

Mr Ralf Göttel (DE, 1966) is currently CEO of the globally active Benteler International AG based in Salzburg. Before joining Benteler in 2010, Mr Göttel held various global responsibilities at the American Dana Inc since 1993 and worked in development at Ford in Germany. Mr Göttel holds a degree in engineering from RWTH Aachen University with a specialization in the automotive industry.

Mr Mario Rossi (CH, 1960) was CFO of Swisscom AG from 2013 until February this year, where he held various senior finance positions from 1998. Mr Rossi is currently Chairman of the Board of Directors of Cablex AG and member of the Board of Directors of Pilatus Aircraft Ltd and Hasler Foundation as well as member of the Sanction Commission of the Swiss Stock Exchange. Mr Rossi is certified public accountant of the Swiss Academy for Audit.

Ms Emese Weissenbacher (DE, 1964) has been CFO at Mann + Hummel International AG in Germany since 2015. Since 1994, she has held management responsibilities at the company in the financial area of the holding as well as in the operational business. Ms Weissenbacher is currently a member of the Board of Directors at Kongsberg Automotive Holding ASA, Schmalz GmbH and Kreissparkasse Ludwigsburg. Ms Weissenbacher holds a Master's degree in Economics, Controlling & Business Development from the University of Stuttgart and a degree in Advanced Management from Harvard Business School, Boston.
Petrobras to Supply Natural Gas to Gerdau Ouro Branco Plant

Strategic Research Institute
Published on :
15 Sep, 2021, 6:00 am

Brazilian steelmaker Gerdau has signed a natural gas supply contract with state run oil and energy producer Petrobras. Petrobras will supply Gerdau's steel milling complex in Ouro Branco in Minas Gerais state of Brazil. The terms of the four-year contract, which begins on 1 January 2022, were not disclosed.

Gerdau's Ouro Branco mill, located in the city of same name in Minas Gerais state, is the steelmaker’s largest mill in Brazil. Gerdau is investing BRL 6 billion (USD 1.15 billion) to expand its Minas Gerais operations. At its Ouro Branco mill, it plans to increase output of hot rolled coil by 250,000 tonnes per year starting in 2024 and of structural beams by 500,000 tonne per year in 2025. Gerdau is also investing to reduce its carbon footprint by substituting wood-based charcoal for coking coal. In July, the company also signed a deal with Shell to build a 190MW solar project that will supply Gerdau's plants with renewable power.
Steel Minister Reviews CAPEX of Steel CPSEs

Strategic Research Institute
Published on :
15 Sep, 2021, 6:02 am

India’s Union Steel Minister Mr Ram Chandra Prasad Singh chaired a meeting to review the progress of capital expenditure by steel public sector undertakings. During the detailed review of projects under implementation, the minister emphasized the importance of capital expenditure in building steel infrastructure to spur high and sustainable growth in the post pandemic period. The Steel CPSEs are directed to step up the pace of their CAPEX and to also streamline the processes for timely completion of project

Minister of State Mr Faggan Singh Kulaste, Secretary Steel Mr Pradip Kumar Tripathi and the CMDs of Steel Authority of India Ltd, National Mineral Development Ltd, Rashtriya Ispat Nigam Ltd, Kudremukh Iron Ore Company Ltd and Manganese Ore (India) Ltd and senior officers of the Ministry of Steel attended the meeting.
NLMK Launches Laser Processing Plant for Electrical Steel

Strategic Research Institute
Published on :
15 Sep, 2021, 6:04 am

Russian steel maker Novolipetsk Metallurgical Plant has launched a new complex for laser processing of electrical transformer steel with a capacity of 54 thousand tonnes per year. This is the fourth line for the production of metal with improved magnetic properties at the sites of NLMK Group. Laser treatment of the metal surface at the final stage of production allows to reduce specific magnetic losses by 8-10%. For customers, this makes it possible to produce energy efficient transformers in accordance with the growing market requirements.

NLMK Group is the only transformer steel producer in the CIS and holds more than 10% of the world market. NLMK is currently building a new transformer steel plant in India with a capacity of 64,000 tonnes per year.
Supreme Court Upholds Surat Court Order in Essar BulkTerminal Case

Strategic Research Institute
Published on :
15 Sep, 2021, 6:07 am

India’s Supreme Court has allowed a commercial court to continue hearing in the ArcelorMittal Nippon Steel India's dispute regarding cargo handling and payment with Essar Bulk Terminal. The two-judge bench noted that Section 9(1) enables the parties to an arbitration agreement to approach the appropriate court for interim measures before the commencement of arbitral proceedings, during arbitral proceedings, or at any time after the making of an arbitral award but before it is enforced and in accordance with Section 36 of the Arbitration Act. The judgement said "The appeal is allowed only to the extent of clarifying that it shall not be necessary for the commercial court to consider the efficacy of relief under Section 17, since the application under Section 9 has already been entertained and considered by the commercial court. The judgment and order under appeal does not, otherwise, call for interference."

Supreme Court, however, upheld Surat trial court's order by allowing conduct of arbitration proceedings under Section 9 in a commercial court.

ArcelorMittal Nippon Steel India moved the top court against the Gujarat High Court order which had refused to interfere with a Surat court order. ArcelorMittal Nippon Steel India had opposed Essar Bulk Terminal's plea for arbitration, and had sought transfer of proceedings from the commercial court to an arbitration tribunal. The company argued that an arbitral tribunal having been constituted, the commercial court cannot proceed further with the application under Section 9 of the Arbitration Act.

The case pertains to Essar Bulk Terminal's claim post Essar Steel's acquisition by ArcelorMittal under IBC, wherein Essar Bulk Terminal said that the Hazira port was not a part of the resolution process.
India Opens AD Probe on Stainless Steel Seamless Pipes from China

Strategic Research Institute
Published on :
15 Sep, 2021, 6:10 am

India's Directorate General for Trade Remedies has initiated antidumping investigations into imports of stainless steel seamless tubes and pipes originating from China. The DGTR said that, based on its assessment of information submitted by the complainants, there is prima facie evidence of dumping causing material injury to domestic manufacturers and justifying the antidumping investigations.

The application has been filed by Chandan Steel Limited, Tubacex Prakash India Private Limited and Welspun Specialty Solutions Limited. The application is supported by Ratnamani Metals & Tubes Limited. The applicants have claimed that they have neither imported the subject goods from the subject country during the period of investigation nor are they related to any exporter or the producer of the subject goods in the subject country or to an importer of the subject goods in India.

The product under consideration is stainless-steel seamless tubes and pipes with diameter up to and including 6 inches, whether manufactured using hot extrusion process or hot piercing process and whether sold as hot finished or cold finished pipes and tubes, including subject goods imported in the form of defectives, non-prime or secondary grades. Stainless-steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. The product under consideration is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators including nuclear and thermal power; and aerospace and defence applications. The product under consideration is classified under Chapter 73 under tariff headings 7304.

The subject country involved in the present anti-dumping investigation is China PR.

The applicant has proposed the period from 1st April, 2020 to 31st March, 2021. The injury investigation period has been considered as the period 2017-18, 2018-19, 2019-2020 and the POI.
Finnish Government Takes Direct Control of Shares in SSAB

Strategic Research Institute
Published on :
15 Sep, 2021, 6:12 am

The Finnish government would take over direct control of shares in Swedish steelmaker SSAB from the state investment firm Solidium. The wholly state-owned special assignment company Solidium Oy owns 6.3% of the shares and 8.0% of the voting rights of the steel company SSAB AB. At its meeting on 14 September 2021, the Ministerial Committee on Economic Policy supported the transfer of the SSAB shares from Solidium Oy to direct state ownership, as well as the definition of the State’s strategic interest related to SSAB ownership. Ownership will be transferred as return on capital to direct state ownership and ownership steering under the Prime Minister’s Office.

One of the key objectives of the Government Programme and the Government Resolution on Ownership Policy is to achieve carbon neutrality in Finland by 2035. Emission reductions in industry play a significant role in achieving this target. From the point of view of state ownership, it is important that the largest company that emits industrial carbon dioxide in Finland converts its operations into low-carbon operations. For this reason, the Ministry of Economic Affairs and Employment has now defined a strategic interest for the ownership, and the ownership will be transferred from Solidium to direct state ownership.

SSAB is the one of the world’s leading companies to develop the production of carbon-free steel. The transition of the Raahe steel plant to carbon-free production will enable Finland’s largest individual source of carbon dioxide emissions 4 million tonnes per year, to be replaced with a climate-neutral solution and promote the use of carbon-free steel also globally. The strategic interest serves to impact the rapid implementation of the company’s low-carbon strategy and, more broadly, the development of the sector’s competence base in Finland.

SSAB produces specialty steel. In 2020, the company’s turnover was EUR 6.5 billion and the number of personnel approximately 14,000. Solidium is the third largest shareholder of the company with a 6.3 per cent stake of the shares and 8.0 per cent of the voting rights. SSAB’s Finnish production plants are located in Raahe and Hämeenlinna. The company’s shares have been listed on the Stockholm and Helsinki stock exchanges.
Tata Steel Commissions CCU Plant at Jamshedpur Blast Furnace

Strategic Research Institute
Published on :
15 Sep, 2021, 6:15 am

Tata Steel has commissioned a 5 tonnes per day carbon capture plant at its Jamshedpur Works, making it the India’s first steel company to adopt such a carbon capture technology that extracts CO2 directly from the Blast Furnace gas. Tata Steel will reuse the captured CO2 on site to promote the circular carbon economy. This Carbon Capture and Utilisation facility uses amine-based technology and makes the captured carbon available for onsite reuse. The depleted CO2 gas is sent back to the gas network with increased calorific value. This project has been executed with the technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

Tata Steel CEO & MD Mr TV Narendran said “The operational experience gathered from this 5 tonnes per day CO2 capture plant will give us the required data and confidence to establish larger carbon capture plants in future. As the next step, we aim to establish scaled up facilities of CO2 capture integrated with utilisation avenues.”

Tata Steel continues to pursue its goal to be the industry leader in sustainability by reducing its CO2 emission intensity and specific freshwater consumption, developing sustainable supply chain, and contributing towards the future circular economy. The Company has undertaken a two-pronged approach of Carbon Direct Avoidance and CO2 Capture and Use in pursuit of the decarbonisation goal. Over the past few years, Tata Steel has invested in multiple initiatives in harnessing clean and renewable energy, generation and use of Green Hydrogen and adopting waste heat recovery technologies. Tata Steel is a member of ResponsibleSteel, the industry’s first global multi-stakeholder standard and certification initiative, to further its sustainability goals. Tata Steel has also made progress in its steel recycling business initiative, which is a definitive step towards sustainable steel production. The Company has set-up its first Steel Recycling plant at Rohtak in Haryana which will enable lower carbon emissions, resource consumption and energy utilisation.

Carbon Clean is a global leader in cost-effective CO2 capture technology and services. The company’s patented technology significantly reduces the costs and environmental impacts of CO2 separation when compared to existing techniques. The technology has been proven at scale in power, cement, refineries, CHP and heavy industry boilers in over 10 locations, including the UK, USA, Germany, India, Norway, and the Netherlands. It is currently in use at the world’s largest industrial-scale carbon capture and utilisation plant in Tuticorin, India for the chemicals sector. The UK government has supported the development of Carbon Clean’s technology through competitive grants.
China's Crude Steel Output Shrinks to 83 Million Tonnes in August

Strategic Research Institute
Published on :
15 Sep, 2021, 6:18 am

Latest data from the National Bureau of Statistics shows that China's crude steel production fell for a third straight month in August 2021, hitting the lowest monthly rate since March 2020, as governments maintained curbs on production to reduce carbon emissions. China produced 83.24 million tonnes of crude steel in August 2021, down 4.1% from July 2021 and well below 94.85 million tonnes in August 2020. However, China produced 733.02 million tonnes of crude steel in January-August 2021, up 5.3% YoY from the January-August period in 2020 down from about 10% YoY in first half of 2021

Therefore, if the Chinese government’s goal to cap crude steel output at 2020 level of 106 million tonne is to be achieved, monthly average rate of about 83 million tonne is required to be maintained in the balance four months of 2021. But if London based climate analytics firm TransitionZero’s recent assessment of 4-7% YoY increase in China’s crude steel production in 2021 is to be believed, China’s crude steel production in remaining 4 months would average pretty high figure of 94-102 million tonnes per month, which seems quite unlikely

China Crude Steel Production

2020 – 1065 million tonnes

TransitionZero’s 2021 Estimate – 1108-1140 million tonne

China’s Ministry of Industry and Information Technology has pledged in January 2021 that it would keep its steel production in 2021 to below 2020 levels.
Beursblik: Deutsche Bank verhoogt koersdoel ArcelorMittal
Naar 47,00 euro.

(ABM FN-Dow Jones) Deutsche Bank heeft woensdag het koersdoel voor ArcelorMittal verhoogd van 40,00 naar 47,00 euro, met een onveranderde koopaanbeveling. Dit bleek uit een lijvig sectorrapport van de Duitse bank.

Voor staalaandelen moet het beste nog komen, menen de analisten van Deutsche Bank.

Veel beleggers hebben de staalsector sinds mei genegeerd, meent de bank, omdat zij hun vingers niet wilden branden aan een cyclische piek. "Dit heeft ervoor gezorgd dat de staalsector enorm aantrekkelijk gewaardeerd is."

Deutsche Bank verwacht wel een daling van de staalprijzen, nu deze op recordniveaus staan, maar ziet ook verschillende aanjagers voor de marges van staalfabrikanten in de komende twee tot drie jaar.

Over ArcelorMittal merkten de analisten op dat dit staalbedrijf meermaals de outlook verhoogde en liet weten de aandeelhouder flink te zullen belonen. Toch bewoog het aandeel de afgelopen maanden zijwaarts.

De bank wees verder op herstellende staalprijzen in China, wat naar verwachting in de tweede jaarhelft doorzet. Het neerwaarts risico is volgens de analisten beperkt, mede ook dankzij exportheffingen op Chinees staal.

Het aandeel ArcelorMittal steeg woensdag 1,8 procent naar 28,01 euro.

Door: ABM Financial News.

Redactie: +31(0)20 26 28 999
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