ArcelorMittal LU1598757687

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1. voda 7 juni 2022 06:57

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   Acerinox Board Quits Merger Talks with Aperam
   
   Strategic Research Institute
   Published on :
   07 Jun, 2022, 6:55 am
   
   The board of Spanish stainless steel maker Acerinox has announced that it is walking away from preliminary talks with Aperam for a potential tie-up that would have created a European stainless steel giant. Acerinox Board of Directors of Secretary Luis Gimeno Valledor informed the stock xchange “As a continuation of the inside information published on 3 June 2022, Acerinox informs that the Company’s Board of Directors meeting today has unanimously agreed not to continue with the preliminary conversations with Aperam SA to study a possible corporate operation.”
   
   Acerinox is a stainless steel manufacturing conglomerate group based in Spain. The company was founded in 1970, and initially received technical support from the Japanese firm Nisshin Steel. Nisshin continues to hold approximately 15% of Acerinox as of April 2010 according to Wikipedia. Acerinox has several facilities in Spain, Europe, South Africa, Malaysia, US, Argentina & Chile. Its revenue increased by more than 44% to EUR 6,706 million in 2021 with EBITDA totaling EUR 989 million. Acerinox’s melting shop production amounted to 2.6 million tonnes, exceeding that of 2020 by 19% and setting a new all-time record.
   
   Aperam is a company, listed on the Amsterdam, Brussels, Paris, Madrid and Luxembourg stock exchanges and with facilities in Brazil, Belgium and France, which concentrates on the production of stainless steel and speciality steel. It was spun out of ArcelorMittal at the start of 2011. The Brazilian facility uses charcoal from a series of eucalyptus forests owned and managed by the group rather than coking coal to reduce the material; the European facilities use electric-arc furnaces fed with scrap. The use of charcoal reduces the CO2 footprint of the facility. Its steel shipments totaled 1.819 million tonnes in 2021 with EBITDA of EUR 1,186 million.
2. voda 7 juni 2022 07:01

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   Acerinox stopt fusiegesprekken met Aperam
   
   Door ABM Financial News op maandag 6 juni 2022
   Views: 4.465
   
   (ABM FN-Dow Jones) Acerinox heeft besloten om de fusiegesprekken met Aperam te staken. Dit maakte Acerinox maandag bekend in een document ingediend bij de toezichthouder.
   
   Het bestuur staat unaniem achter dit besluit.
   
   Vorige week bevestigde Aperam dat het oriënterende gesprekken voerde met sectorgenoot Acerinox. Toen liet Aperam al weten dat het onzeker was of er een akkoord zou worden bereikt.
   
   Zakenbank Jefferies vond het een logische poging, maar wees ook op de toezichthouders, vooral die in Brussel.
   
   Als Acerinox en Aperam samengaan, dan wordt er in Europa een speler gecreëerd met een capaciteit van 2,3 miljoen ton. Dat is veel meer dan de 1,4 miljoen ton die de huidige marktleider Outokumpu heeft. "Dat zal de alarmbellen bij de Europese Commissie doen afgaan", waarschuwde Jefferies.
   
   Ook was goedkeuring door de familie Mittal, die circa 40 procent van Aperam in bezit heeft, en de Spaanse familie March, die via een investeringsvehikel een belang heeft van 18 procent in Acerinox, nodig voor groen licht voor een combinatie.
   
   Bron: ABM Financial News
3. voda 8 juni 2022 08:30

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   SSAB Americas Wins Environmental Excellence Steel Industry Award
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:05 am
   
   North American steelmaker SSAB Americas beat out steel industry competitors in US to win a 2022 Global Award for Steel Excellence for Environmental Responsibility & Stewardship from Fastmarkets AMM. SSAB Americas has won this award six out of the last eight years, first winning the award in 2015. SSAB Americas earned the Environmental Responsibility award for its achievements in operating as a good steward for the environment. The company’s nomination focused on key projects related to environmental responsibility, most notably, the company’s continued focus on producing planet-friendly steel products using a planet-friendly process. SSAB Americas launched EcoSmart in 2016 as a way to tout SSAB Americas’ sustainable steelmaking process – which results in more than 60 percent fewer CO2 emissions than the North American steel industry average. SSAB’s environmental initiatives also have resulted in reduced waste, greater energy efficiency and enhanced recycling efforts.
   
   The Awards for Steel Excellence, now in their 13th year, honor world-class companies in the global steel industry, as well as those that support the industry. Winners in five categories were chosen by a prestigious panel of judges.
   
   SSAB produces steel plate and coil in the US at mills in Montpelier in Iowa and Mobile in Alabama, with offices and support facilities also located in Toronto, Houston and St. Paul. SSAB Americas steel is used to build heavy machinery, ships, bridges, wind towers, rail cars and more. SSAB Americas is a division of Nordic-based global steelmaker SSAB.
4. voda 8 juni 2022 08:31

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   Reibus International Acquires Stalgossen in Sweden
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:05 am
   
   Atlanta Georgia US based online marketplace & solutions provider for industrial metals Reibus International has announce its acquisition of Sweden based steel and metals trading company Stålgossen. The company will assume the Reibus name and will continue to operate under the leadership of Mr Thomas Andersson. Mr Andersson said “I am delighted to be working with John, Andreas, and the entire Reibus team. Our two companies shared a common vision for leveraging technology to solve ingrained problems in our industry. The Reibus platform and global footprint allow us to serve clients better, and the Reibus company culture is unparalleled.”
   
   Norrköping Sweden based Stålgossen AB works in the area of steel and other metals such as stainless steel, aluminium and special scrap. Stålgossen has a reputation for customer focus, and their team has deep industry knowledge.
   
   Reibus International Inc is a privately held technology and services provider in the Industrial Metals industry. Their marketplace is the leading independent digital platform for buying and selling steel and other metals.
   
   Recently, Reibus International announced the opening of a European Headquarters in Düsseldorf in Germany and the appointment of European Managing Director Mr Andreas du Plessis. Mr du Plessis previously led the logistics divisions of one of the world’s biggest e-Commerce companies Otto Group. Mr Gilles Mirol has been appointed General Manager of Sales for Europe. M Gilles joined Reibus from Liberty Liège Dudelange where he was CMO. His industry experience includes more than two decades with ArcelorMittal FCE. Ms Miriam Misselhorn, previously in various leadership positions for XOM, Klöckner, ArcelorMittal and Thyssen Schulte, has been appointed Director of Enterprise Sales and Customer Success for Europe. Mr Jean-Philippe Haye, formerly Liberty Steel and ArcelorMittal, will be leading France as Director of Sales.
5. voda 8 juni 2022 08:31

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   Tata Tiscon Appeals to People to Act Responsibly to Save Nature
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:06 am
   
   Leading first GreenPro certified rebar brand Tata Tiscon Steel on World Environment Day has appealed to the most natural instinct of every living creature, self-preservation, by saying that save the environment if you want to save yourself. It said “Enough and more has already been said about climate emergency and the need to adopt ways and means to reduce our impact on the environment. However, it’s not yet enough to trigger the world into action. The vast majority doesn’t yet see the need to adopt sustainable lifestyles. Therefore, despite all the climate talks by world leaders, rampant malpractices continue across the globe. The need of the hour is to get people to act.
   
   ‘#ItsOurNature’ is a digital film conceptualized by Wunderman Thompson Kolkata that was released on World Environment Day to get people to act responsibly towards their environment. The campaign has been rolled out under the Tata Tiscon Go Green, the sustainability initiative by the brand. The film is the centre piece of a larger campaign, #ItsOurNature, rolled out digitally to engage thousands of Tata Tiscon channels partners and customers across the country. A competition for architects and engineers is underway that aims to select the best of green designs that uses saves on steel and save the environment too.
   
   Tata Steel is also running a campaign on Tata Steel Aashiyana where it is planting a sapling on every purchase made by our consumers through online portal.
6. voda 8 juni 2022 08:32

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   Fountain Tire’s Worker Found Dead at Algoma Steel
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:07 am
   
   Soo Today has reported that a worker was found unresponsive with fatal injuries on the Algoma Steel in Canada on 3 June 2022. Ontario's Ministry of Labour, Training & Skills Development’s spokesperson Kalem McSween told "An MLTSD inspector attended the scene and one order was issued. The ministry’s investigation is ongoing. Due to the ongoing investigation, specific details regarding orders & requirements cannot be shared at this time. This limitation on disclosure is temporary to protect the investigation. Following the completion of our investigation and any potential prosecution, information related to any orders or requirements issued may be released.”
   
   Algoma Steel spokesperson Ms Brenda Stenta told CTV that the cause of death was non-occupational. She said "We can confirm an employee of a supplier passed away while performing work in the area of our structural bay storage facility on Friday. Results of the preliminary investigation showed the cause of death was non-occupational. The investigation remains ongoing."
   
   She also confirmed that the order issued by the Ministry of Labour was not issued to Algoma Steel.
   
   The worker was an employee of Fountain Tire, which is a Canadian tire dealer and automotive service provider in Central and Western Canada. The company also provides tires and tire-related services to commercial truck fleets and off-road vehicles used in agriculture, oil and gas, mining and construction.
7. voda 8 juni 2022 08:32

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   Steel Ministry Seeks Export Tax Relief for Contracts Baked by LC’s
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:24 am
   
   India’s Ministry of Steel has published on 6 June 2022 the findings with respect to request of domestic industry for clearance of pre contracted orders without imposition of export duty. The Office Memorandum to Secretary Commerce & Director General of Foreign Trade said “Customs Notification of Department of Revenue of 21 May 2022 regarding calibration of import & export duties on several steel & steel raw materials. In this regard, several representations have been received in Ministry of Steel from the domestic steel industry including Indian Steel Association, Jindal Stainless, Indian Stainless Steel Development Association & Material Recycling Association of India seeking exemption from export duty for the existing orders & contracts. Ministry is of the view that the concerns of the industry appear justified in such cases where the Irrevocable Commercial Letters of Credit have already been opened and may be considered favorably.”
   
   The memorandum added “It has been learnt from the industry that about 2 million tonnes of steel or iron ore pellet orders for export are in the pipeline where either Letter of Credits were established, or the Sales Contracts were executed prior to the date of notification mentioned above. The representations also mention that in the past, Transitional Arrangements’ for cushioning the business from shift in policy have been notified. On examination, it is seen that only 541,940 tonnes of steel and iron ore pellet orders are backed by Letters of Credit.”
8. voda 8 juni 2022 08:33

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   US Software Firms Halt Providing Services to Severstal
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:09 am
   
   American software providers has immediately responded to the United States government's decision to put Russian steel maker Severstal’s Mr Alexei Mordashov and companies linked to him on the Specially Designated Nationals and Blocked Persons List. Mr Mordashov said at the Digital Industry of Industrial Russia conference “For instance, Severstal was slapped with American sanctions yesterday, and as my colleagues from IT told me, our partners from respected and reputable American companies, software providers, called within 20 minutes to say that they would no longer service us. We have found ourselves cut off from the key providers of services.”
   
   The US Department of the Treasury's Office of Foreign Assets Control has published a statement on 2 June 2022 blocking sanctions against Mr Mordashov, his family members, and the companies Severstal, Nordgold and Severgroup on Thursday evening. Also on the sanctions list were the sons of Mr Mordashov, Nikita and Kirill, and the mother of his other children, Marina Mordashova. The license issued by OFAC to phase out all transactions with Severstal is valid until 31 August 2022.
9. voda 8 juni 2022 08:34

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   Jindal Stainless Steel is Highest Bidder for Mittal Corp - Report
   
   Strategic Research Institute
   Published on :
   08 Jun, 2022, 8:10 am
   
   Economic Times, citing two people aware of the development, has reported that Jindal Stainless Steel has emerged as the highest bidder for distressed steel company Indore based Mittal Corp that is undergoing insolvency proceedings. The sources are quoted as saying that “Jindal Stainless Steel made the highest offer of INR 250 crore as upfront cash payment among the six companies that submitted a firm bid. The five other companies Rimjhim Ispat Ltd, Shyam Steel & Power, Saarloha Advanced Material Pvt Ltd, Kalyan Toll Infrastructure and Trishakti Power Pvt Ltd had submitted firm bids, but the offers from the five firms were above INR 120 crore but below INR 200 crore.”
   
   EY backed Resolution Professional Mr Shailendra Ajmera had earlier received nearly 30 Expressions of Interest for the steel company. These include Eol's from Vedanta, Welspun, Synergy Metal & Mining Fund and Ares SSG capital backed Assets Care & Reconstruction Company.
   
   Mittal Corp, which has two steel making units, is an established manufacturer of stainless steel rebars & has verified claims of INR 1,587 crore. The offer from the highest bidder translates to a recovery of 16% for lenders Punjab National Bank, State Bank of India. In 2016, lenders attempted to sell the company to a strategic buyer by converting its debt into 51% equity under the then prevailing Strategic Debt Restructuring scheme approved by the Reserve Bank of India. However, the account deteriorated, and lenders were unable to find any buyer. It was subsequently admitted to NCLT following a petition from PNB.
   
   If the deal is concluded, it would be the first acquisition by Jindal Stainless Steel under the Insolvency and Bankruptcy Code.
10. voda 8 juni 2022 08:34

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    Egypt Extends AD Duty on Rebar Imports for One Year
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:11 am
    
    The Egyptian Ministry of Trade & Industry has decided to continue protecting their domestic market from rebar imports and have extended the validity of the antidumping duties of 29% on China, 17.2-27% on Ukraine & 7%-22.8%, which were imposed back in 2017. As a result, the AD restrictions will be valid for another 12 months, effective from 6 June 2022.
    
    While protected from strong rebar imports, Egypt remains open to billet supplies. In November last year, Egypt decided to suspend the safeguard on square billet, aiming to decrease rebar production costs for local mills. During several months, Egypt was buying at least 100,000-150,000 tonnes of billet from Ukraine, Iran and Russia. However, with the beginning of the war in Ukraine, Egypt faced certain supply disruptions. Later, surviving the government decision to make LCs obligatory which was then cancelled, Egypt resumed buying billet from Russia despite the financial, operational and reputational risks.
11. voda 8 juni 2022 08:35

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    Trinecke Zelezárny Undertaking Green Transformation
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:12 am
    
    Trinec Czech Republic based Trinecké Zelezarny is going to start implementing of specific projects to reduce CO2 emissions into the air in 2022. According to calculations, their volume will decrease by more than a half by 2030. The integrated Green Werk Transformation Project will affect the energy sector, the product portfolio and primary production processes. The first to be started next year is the construction of a new emission-free briquetting line with a capacity of up to 500,000 tonnes of briquettes per year, which will replace steel plant sinter and partially blast furnace sinter. Its production is a very energy-intensive process with a high specific consumption of fossil fuels resulting in high CO2 emissions. The investment costs will reach CZK 950 million. Trinecké železárny wants to finance a part of the costs from a subsidy from the Modernization Fund in amount of CZK 405 million, of which TŽ has applied for and has been waiting for notification from the European authorities. The line will provide jobs for 12 new workers. The plant is going to be put it into operation in mid-2025.
    
    The new technology works on the principle of mixed powdered ores by pressure and binder. The essence of a production is a high-pressure press where the material is pressed under very high pressure and a vacuum pump. This is preceded by a material preparation line where the material is mixed, moistened and a binder is added. The final briquette reaches the mechanical strength required for charge after 48 hours. The bonding agent constitutes a maximum of 5% of the total volume. Technologists and researchers of Trinecké železárny are now working on creating of the most suitable bonding agent with the possibility of using their own secondary products of metallurgical production.
    
    The integrated Green Werk Transformation Project includes several projects aiming at further emissions reduction. For example, a partial switch to a modern electric arc furnace technology and mainly steel production from scrap.
    
    For the construction of two photovoltaic power plants Trinecké železárny projects costs exceeding CZK 40 million. Both are going to be built on the production halls of the detached plants in Kladno and Staré Mesto at Uherské Hradište region. Another photovoltaic plant with a cost of approximately CZK 10 million is going to be installed by the Energetika Trinec subsidiary on the premises of Trinecké železárny this year. The fundamental change in the energy sector will be a runaway from coal combustion.
12. voda 8 juni 2022 08:36

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    Emirates Steel Arkan & ADU to Set Up Metallurgical Laboratory
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:13 am
    
    UAE’s largest steel maker Emirates Steel Arkan Group has signed a Memorandum of Understanding with Abu Dhabi University to establish the UAE’s first metallurgical laboratory specialized in steelmaking. The laboratory will contribute to enriching the educational experience in this discipline and conducting advanced studies and research in metallurgy and the science of iron and steel. Emirates Steel Arkan Group will offer comprehensive scholarships to 20 undergraduate Emirati students covering the four-year study, in addition to providing ADU’s College of Engineering faculty, staff and students with access to the company’s machinery for advanced research and getting acquainted with the equipment and tools used during steel manufacturing operations.
    
    Emirates Steel Arkan Group signed a MoU last year with Halifax University to implement collaborative research projects, provide scientific and professional training and development programs, and offer technical consultations and student internships at Emirates Steel Arkan premises.
13. voda 8 juni 2022 08:36

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    Metinvest’s Azovstal & Illich File Criminal Cases for Steel Theft
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:14 am
    
    Interfax Ukraine reported that Ukrainian steel maker Metinvest’s Mariupol based metallurgical plants Illich Iron & Steel Works and Azovstal have applied to the Prosecutor General's Office of Ukraine with a request to open criminal proceedings on the fact of theft of metal products belonging to the plants by Russian invaders. They said “From open sources, the applicant learnt that representatives of the military groups of the Russian Federation and persons controlled by them and terrorist groups that occupied Mariupol are taking out the property of the plants in an unknown direction and using at their own discretion, without legal grounds. Such thefts have become systemic.”
    
    They said that “The facts of metal export are confirmed by the statements of the occupying authorities and collaborators themselves, in particular, about the resumption of the work of the Mariupol port for the export of metal products and grain, as well as the tracking data of the sea vessel RM3 registered in the Russian Federation, which delivered the stolen metal to the port of Rostov-on Don. The damage to the plants from the theft of products amounts to tens of millions of dollars.”
    
    They are asking law enforcement agencies to enter information about the commission of a criminal offense under Articles 185, 186 of the Criminal Code of Ukraine for theft, robbery by the military armed forces and other military groups of the Russian Federation to the unified register of pretrial investigations, and also to start an investigation and take procedural actions in accordance with Article 55 of the Code of Criminal Procedure of Ukraine.
14. voda 8 juni 2022 08:37

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    Nucor to Acquire Summit Utility Structures
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:17 am
    
    Charlotte North Carolina US based steel maker Nucor Corporation announced that it has entered into an agreement to acquire Summit Utility Structures LLC & related company Sovereign Steel Manufacturing LLC, producers of metal poles and other steel structures for utility infrastructure and highway signage. These companies will become part of a new business unit, Nucor Towers & Structures, serving the utility, transportation and telecommunication sectors. While the acquired companies are ideally suited to service the markets in the Northeast part of the US, Nucor's plan is to establish a nationwide footprint able to service all customers throughout North America.
    
    Nucor said “The market for utility infrastructure has been historically stable and is expected to enter a phase of accelerated growth due to the replacement of aging infrastructure, growth and migration of population, a focus on increasing electric grid reliability, and an increased penetration of renewable energy and energy storage. Additionally, the transition to 5G and the increased consumption of wireless data support strong market trends for telecommunication towers. The highway signage market is also continuing to see strength and is expected to benefit as departments of transportation begin to implement the recently signed federal infrastructure bill.”
15. voda 8 juni 2022 08:37

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    Krakatau Steel & Baowu to Build BF Based Long Products Plant
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:18 am
    
    Indonesian steel maker PT Krakatau Steel has signed a memorandum of understanding with Chinese steelmaker Baowu Group to build a new blast furnace for Krakatau’s plant. Krakatau Steel’s President Director Mr Silmy Karim said “With the experience, resources, technology and supply chain access owned by Baowu Group, the Krakatau Steel Blast Furnace plant can operate with good performance and at competitive costs.”
    
    With the new blast furnace, Krakatau Steel will produce billets to make bars & sections and bars from billets, enabling it to substitute long steel products imports
16. voda 8 juni 2022 08:37

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    NMDC Shareholders Meetings Postponed to 28 June 2022
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:19 am
    
    Indian state owned iron ore giant NMDC announced that the 7 June meetings of shareholders and creditors of state-owned NMDC to expedite the process of demerging the company's under-construction Nagarnar Steel Plant has been postponed to June 28, 2022. NMDC said “Meetings scheduled to be held on 7 June 2022 through video conferencing & Other Audio Visual Means could not be held due to unforeseen circumstances including unavailability of the Chairperson appointed by the Ministry of Corporate Affairs of Government of India and due to unavailability of quorum of Equity Shareholders. The meetings of the equity shareholders and unsecured creditors of the Demerged Company, respectively, have been adjourned on the ground of unforeseen circumstances and want of quorum of Equity Shareholders, the same are to be held on 28 June 2022.”
    
    In October 2020, the Union Cabinet approved the demerger of the NSP from NMDC, and sale of the Centre's entire stake to a strategic buyer.
    
    Government of India under Ministry of Steel is setting up a 3 million tonne per annum capacity greenfield Integrated Steel Plant based on Hi-Smelt technology in Nagarnar, located 16 km from Jagdalpur in Chhattisgarh state with an estimated outlay of INR 21500 crore. MECON is providing Procurement Services, Basic Engineering Services, Detailed Engineering Services, Designer’s Supervision Services, Inspection Services, Assistance in Commissioning Services and other General Services. The entire plant is being installed in less than 1,800 acres of land and has the following major facilities
    
    Coke Oven & By Product Complex – 2 x 7 meter Tall Batteries
    
    Sinter Plant- 460 square meters
    
    Blast furnace complex - 4,506 cubic meters
    
    Steel Melting Shop - 2 x175 tonne BOF Converters
    
    Ladle furnace - 2 x 175 tonnes
    
    RH-OB - 2 x 175 tonnes
    
    Thin Slab caster - 2 Strand CC
    
    HSM
17. voda 8 juni 2022 08:38

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    Nippon Steel Postpones Restart of BF at Nagoya Works amid Slowdown
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:19 am
    
    Bloomberg reported that Japanese steel giant Nippon Steel has decided to postpone the restart of the blast furnace No 3 at its Nagoya Works amid a slowdown in demand due to supply-chain snarls and China’s virus lockdowns. Nippon Steel had earlier targeted a restart by the end of June after spending JPY 49 billion (USD 369 million) on renovation work but now the blast furnace will remain idle indefinitely.
    
    Nippon Steel’s Nagoya Works manufactures steel sheets for automobiles and is located near Toyota Motor Corp's production sites. The idled blast furnace represents 8.3% of the company's nationwide capacity.
18. voda 8 juni 2022 08:38

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    Tata Steel Terms NINL Acquisition as Crucial for Growth Plans
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:20 am
    
    PTI reported that Tata Steel has said that acquisition of Odisha based Neelachal Ispat Nigam Ltd was crucial for the company's growth trajectory as an enablers to go well beyond the 40 million tonne per annum target. Tata Steel official told PTI “We have acquired NINL as part of the government's disinvestment program which is of great strategic and operational value to Tata Steel. The acquisition of NINL provides a significant opportunity for Tata Steel to not only restart the 1 million tonnes per annum steel plant expeditiously but also begin work immediately to build a 4.5 million tonnes per annum state-of-the-art long products complex in the next few years. The company plans to further expand it to 10 million tonnes per annum by around 2030. We had earlier announced our ambition to achieve 40 million tonnes per annum in India, and NINL acquisition strengthens this growth plan over the next decade while providing the enablers to go well beyond the 40 million tonnes per annum target.”
    
    Indian Government’s Department of Disinvestment & Public Asset Management had auctioned Neelachal Ispat Nigam Limited through the two stage auction procedure involving a competitive bidding process &Tata Steel Long Products emerged as the highest bidder with INR 12,100 crore for the acquisition of the 93.71% equity stake of Neelachal Ispat Nigam Limited.
    
    Neelachal Ispat Nigam Limited was incorporated in 1982 to set-up an integrated steel plant to undertake manufacturing and sale of steel products. Neelachal Ispat Nigam Limited initially set up a 1.1 million tonne per annum blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc were commissioned. Neelachal Ispat Nigam Limited also has iron ore mines with a reserve of approximately 90 million tonnes. The major shareholders of Neelachal Ispat Nigam Limited include MMTC, IPICOL, NMDC Ltd, The Orissa Mining Company Ltd etc.
19. voda 8 juni 2022 08:39

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    Russian Ministries to Examine Rescinding Excise Duty on Steel
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:21 am
    
    Interfax Russia has reported that Russia's Industry & Trade Ministry, jointly with the Finance Ministry, is to analyze in detail by the end of June the level of financial stability of domestic metals companies in order to decide on additional support measures, including rescinding the excise tax on steel. Russia’s Industry & Trade Minister Mr Denis Manturov told “We have agreed that we would conduct detailed monitoring by the end of the month, including on the movement of the enterprises' own funds, in order to understand how urgent rescinding the excise tax is in order to take a prompt decision."
    
    Industry & Trade Ministry does not yet see the need to take an urgent decision on rescinding the excise tax on steel. Mr Manturov said “I can confirm that the financial results for metals enterprises were not bad in January-April 2022 compared to 2021; therefore, it is probably not urgently necessary to take hasty decisions [on rescinding the excise tax on steel]. However, as I confirm, we have already started discussions with the Finance Ministry, because we see that the trend has been negative for the past week-and-a-half, primarily because of the ruble exchange rate. Let us see how everything turns out, but the main factor once again today is the ruble exchange rate.”
    
    Incidentally, Russian President Mr Vladimir Putin has said that a number of industries, including ferrous metals, are signaling risks of a substantial drop in medium-term production. He said “We have already held a number of industry meetings, as you know, where, together with the representatives of business and the relevant agencies; we have outlined the priority tasks and our further actions, and have agreed on specific measures to support enterprises, companies, and employees in the current conditions.”
    
    Russia’s Industry Ministry does not expect demand for steel to drop more than 9% in 2022. Commenting on the forecast of the World Steel Association on the steel consumption decline in Russia by 20% to 35.1 million tonne in 2022, Russian Federation's Minister of Trade and Industry Mr Denis Manturov had said last month that the Ministry did not rule out revising the demand downward but the drop would not be a double-digit one. He told "I would elect not to confirm such expert estimates. We do not see it. Furthermore, the domestic demand remains, on the assumption of implementation of National Projects, development of industry sectors at large and the construction industry in particular. Probably some revision is possible, including downward. However, this is definitely not a double-digit figure.”
20. voda 8 juni 2022 08:39

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    JFE Steel to Hike Steel Prices Further for June Sales
    
    Strategic Research Institute
    Published on :
    08 Jun, 2022, 8:22 am
    
    Reuters reported that Japan's No 2 steelmaker JFE Steel will seek to raise product prices by additional JPY 10,000 (USD 75) a tonne from this month to pass on soaring costs of raw materials. The latest hike mainly reflects rising coking coal prices and would apply to all products, including exports. In some cases the outcomes of such rises depends on negotiations with customers, such as automakers and electronics manufacturers. The company did not disclose actual product prices after the rises.
    
    The rise is on top of one announced in May, when the company said it would lift prices by JPY 30,000 (USD 225) a tonne from those of the January-March quarter.
    
    JF Steel had said in May that the average steel product price a, had climbed to JPY 103,700 (USD 78035) a tonne in the financial year ended 31 March 2022 from JPY 74,800 (USD 560) a year earlier.