ArcelorMittal LU1598757687

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1. voda 14 juni 2022 07:42

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   LIBERTY Reaches Standstill Agreement with Greensill Bank
   
   Strategic Research Institute
   Published on :
   14 Jun, 2022, 7:31 am
   
   LIBERTY Steel Group has entered into a Standstill Agreement with its largest creditor Greensill Bank on the debt facilities relating to its European steel businesses. Under the agreement all enforcement actions are paused between the parties over the Greensill Bank debt facilities provided to LIBERTY in 2019. The agreement shall enable LIBERTY to develop a longer term sustainable financing structure. The agreement is valid until 31st October 2022 and may be extended until the end of 2022. Detailed due diligence and information exchange continues between the two parties.
   
   A LIBERTY Steel Group spokesperson said "Today's standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders. We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds."
   
   Greensill helped to fund Gupta’s acquisition in 2019 of European steel plants from ArcelorMittal, whose prize assets comprised two steelworks in the Czech Republic and Romania. Greensill bank was shut down by German financial watchdog BaFin in March 2021 after an audit discovered potential balance sheet manipulations. The regulator subsequently filed a criminal complaint against the bank’s management as the bank was unable to provide evidence of the existence of receivables in its balance sheet that it had purchased from the GFG Alliance Group.
   
   The agreement comes just days after Mr Sanjeev Gupta failed to have a legal attempt to wind up three of his UK steel businesses thrown out on the grounds that their problems were caused by the coronavirus pandemic.
2. voda 14 juni 2022 07:43

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   ArcelorMittal’s XCarb Steel Becoming Increasingly Vital to Clients
   
   Strategic Research Institute
   Published on :
   14 Jun, 2022, 7:34 am
   
   Global steel giant ArcelorMittal last month said that whether steel beams in the construction sector or screws for sustainable furniture or bed springs for innerspring mattresses made from XCarb recycled and renewably manufactured steel is finding more and more interested parties. ArcelorMittal Europe Long Products Chief Operating Officer Mr Lutz Bandusch said “Sustainably manufactured products are not only good for the environment & companies also expect them to give them a clear competitive advantage over conventionally manufactured products. We are already anticipating increasing demand and are integrating our low-emission steelmaking technologies into our two technological paths for our Net Zero steel offering: Innovative DRI and Smart Carbon, both revolutionary paths of Steelmaking that have the potential to provide carbon neutral steel.”
   
   One of the most demanding industry segments in terms of decarbonization is the construction industry. Steel is used as a reinforcement element in concrete or cables. These product families are mainly wire rod, rebar in bars or rebar in coils and high carbon prestressed steels. The regulations in Scandinavia are more demanding, but all countries follow the same trends. The most demanding customers are the state institutions. At the time of inquiry for new buildings and infrastructure, the requirements now also include carbon footprint thresholds. New projects are approved if the carbon footprint meets the requirements.
   
   ArcelorMittal WireSolutions will offer a range of low-emission steel products through its full vertical integration, from raw material to end product, mainly with ArcelorMittal Hamburg's steel mill under the XCarb brand.
   
   Other industries, including the energy, transport and automotive industry, are following the same trend towards decarbonization as the construction & wire industries. Over the past few decades, reducing tailpipe emissions has been the primary goal of many Original Equipment Manufacturers & Tier 1 automotive suppliers. The first step in achieving their goals is the electrification of vehicles. To complete this approach, OEMs are also aiming to reduce their own Scope 3 emissions. ArcelorMittal can help reduce its customers' Scope 3 emissions by supplying steel with XCarb Green Steel certificates,
   
   Environmental data is calculated for the most important product groups and published in Environmental Product Declaration. These are standardized and third-party verified documents that use the Life Cycle Assessment methodology to indicate the environmental impact of a product. This also includes the Global Warming Potential, which gives a simple way of indicating the carbon footprint of a product and makes it comparable. In addition to the already very good sustainability data of these products, it certifies XCarb recycled and renewably manufactured rebar a GWP of 300 kg CO2-equivalent per tonne of finished steel, which is well below the market average.
3. voda 14 juni 2022 07:44

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   Voestalpine Delivers First Greentec Steel Coils to Customer
   
   Strategic Research Institute
   Published on :
   14 Jun, 2022, 7:39 am
   
   Demand is growing for high-quality CO2 reduced steel from Voestalpine & the first Greentec Steel coils have left Austrian steel maker Voestalpine’s plant in Linz in Austria. Starting at the end of the last calendar year, the steel and technology group now offers all Steel Division flat steel products with a reduced carbon footprint. Examples include electrical steel which is used in wind turbines, and high-tensile steels for lightweight automotive construction.
   
   Carbon emissions are reduced through adjustments to the manufacturing process such as partially replacing coke with a hydrogen-based reducing agent. The CO2 savings are calculated according to the international standard ISO 14064-2. A balance model is applied to distribute the actual CO2 savings across a specific quantity of product. LQRA, a leading global assurance provider, examines and certifies both the CO2 reduction and the status of the balancing account.
   
   Greentec Steel is Voestalpine’s clear plan for decarbonizing steel production. An important first step is the incremental shift from the blast furnace route to a hybrid-electric steel pathway from 2027. Once an electric arc furnace goes into operation at each of the Linz and Donawitz sites in early 2027, CO2 emissions can be significantly reduced, by up to 30%. This represents almost 5% of Austria’s annual carbon emissions. The steel and technology Group’s long-term mission is carbon-neutral steel production using green hydrogen, for which it is already undertaking intensive research into promising breakthrough technologies.
4. voda 14 juni 2022 08:03

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   BHP’s Autonomous Drillers at WA Iron Ore Create Record
   
   Strategic Research Institute
   Published on :
   14 Jun, 2022, 6:30 am
   
   Australian mining giant BHP’s Western Australia Iron Ore has reached a significant milestone, with its drills operating autonomously for more than 479,607 hours, drilling more than 25 million meters, equivalent to drilling the distance from Perth to Newman almost 21 times. WAIO’s remotely operated drilling program commenced at Yandi in late 2016 and has since expanded to a total of 26 rigs across 5 Pilbara mine sites.
   
   November 2016: Yandi completes a successful 18-month trial of three autonomous drill rigs, paving the way for a staged approach across other WAIO mine sites
   
   January 2017: Mining Area C introduces autonomous drilling
   
   October 2017: Newman’s Eastern Ridge mine implements autonomous drill rigs
   
   December 2017: Jimblebar introduces autonomous drilling
   
   March 2018: Newman’s Whaleback mine implements autonomous drill rigs
   
   2020: South Flank rolls out autonomous drill rigs, making WAIO’s drill rig program fully autonomous.
   
   WAIO now has one of the biggest autonomous drill fleets in the world, which is managed by 32 crew members and one engineer all based at IROC. The rigs are all controlled remotely from the Integrated Remote Operations Centre in Perth.
5. voda 14 juni 2022 08:06

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   Process Minerals International Issues Lamb Creek Iron Ore Proposal
   
   Strategic Research Institute
   Published on :
   14 Jun, 2022, 6:30 am
   
   Australian mining company Mineral Resources wholly-owned subsidiary Process Minerals International has published a proposal to develop an open pit iron ore mine, called the Lamb Creek project 130 kilometers northwest of Newman in the East Pilbara region of Western Australia. Process Minerals International is constructing a multi-stage crushing and screening processing plant and related mine base infrastructure, including offices, water pipes, storage and equipment areas, power generation equipment, and accommodation areas.
   
   The proposed deposit has a life of around 3 to 5 years and is expected to produce up to 10 million tonnes of crushed and screened iron ore per year.
6. voda 14 juni 2022 08:14

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   German rebar prices keep defying international slide
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   German rebar mills are the undisputed world champions in keeping prices up, currently at some 20% above those in the US, more than 30% above those in nearby Italy, and nearly double those in Turkey.
   
   As these gaps are getting increasingly implausible, local buyers are suspending their purchasing activity, waiting for the facade to crumble. A correction has of course occurred from the all-time peak of €1,200/tonne ($1,253) base registered in April, but in recent weeks prices have not followed the further falls seen in Italy, for example.
   
   Since May, €1,100/t has been the nominal value given by mills, and not seriously disputed by observers. There will be deals below that, but new orders are too sparse to pin down a different figure.
   
   “It’s much cheaper in all neighbouring countries. The difference is extreme, and meanwhile I’d say it’s very extreme,” an experienced German manager tells Kallanish. “I’ve lost my sense for what’s real,” he adds, not without irony.
   
   The apparent insular position of Germany can only partly be explained by its healthy construction economy. The other part is the peculiar ownership structure of rebar mills in Western Europe. Most of them are owned by Italian parents – in Germany, the Benelux, and even more so in France. Hence, they can control prices along borderlines. “I get my material from Charleroi, but I get charged the price named by their German units,” one Ruhr-based buyer explains.
   
   With two Italian groups represented at mills in Germany, and one in Switzerland, only one Italian rebar producer is left as a possible exporter from Italy to the north, the buyer explains. “But they prefer their regular customers in the Alpine region to have their capacities utilised,” he adds.
   
   Christian Koehl Germany
7. voda 14 juni 2022 08:40

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   Aquafin to Build Sewage Sludge Plant at ArcelorMittal Ghent
   
   Strategic Research Institute
   Published on :
   14 Jun, 2022, 6:30 am
   
   Water treatment company Aquafin is to build a sewage sludge processing installation on the ArcelorMittal site in the port of Ghent, to be operational by 2026. Both companies will apply the green energy produced there to further reduce their CO2impact. Aquafin is also planning the large-scale recovery of phosphorus, used among other things in fertiliser. The contract for the design, construction and financing of the installation and its maintenance until 2046 has been awarded to the BESIX & Indaver consortium.
   
   The installation is intended to process the biomass that remains after the purification of domestic waste water. This biomass, created by the growth of the micro-organisms that do the purifying work, contains a wealth of energy and raw materials. Aquafin already produces fully green energy on this basis, in the form of biogas, and right now at one Antwerp location also biomethane, for injection into the natural gas network. The new installation, which should be operational in 2026, will be able to make even more use of the biomass delivered to it. As this is a mono-processor, the sludge will not be diluted with other substances, enabling maximum recovery of energy and raw materials.
   
   Using a European tender procedure with competition-oriented dialogue, Aquafin went in search of a partner for the design, construction, financing and maintenance of the mono-processor. The DBFMO contract was recently awarded to the BESIX-Indaver consortium, which is setting up a Special Purpose Vehicle for this purpose.
   
   In a follow-up phase, Aquafin is planning to start up full-scale phosphorus recovery, representing some 2,000 tonnes of pure phosporus a year. By opting for mono-processing, phosphorus can be recovered more efficiently from biomass. Phosphorus is an essential building block for life, being among other things an important component of our DNA, our cell walls and our bones. We ingest it via our food, and it is also a basic component in mineral fertilisers for agriculture and horticulture. Phosphate ores are, however, a finite resource, and with only limited supplies naturally present in Europe. Via our food, phosphorus finds its way into domestic waste water, from where Aquafin will recover it with this new sludge processor.
   
   The sludge mono-processor will carry out the end treatment of two-thirds of all Flemish sludge from domestic waste water. Aquafin is leading this extensive DBFMO project with tight reins to ensure that the far-reaching ecological objectives can be achieved.
   
   The project is fully in line with Aquafin's ambition to cease using fossil fuels by 2030 and to evolve towards climate-neutral business operations in the long term.

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8. voda 15 juni 2022 07:15

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   Algoma Steel Reports Incredible Results for 2022 Financial Year
   
   Strategic Research Institute
   Published on :
   15 Jun, 2022, 6:26 am
   
   Sault Ste Marie Ontario based leading Canadian steel maker Algoma Steel announced consolidated revenue of CAD 3.806 billion for financial year ended 31 March 2022, up 112% YoY with net income of CAD 858 million as compared to a net loss of CAD 76 million the prior financial year. Algoma Steel has reported adjusted EBITDA of CAD 1.503 billion & adjusted EBITDA margin of 39.5%. Algoma Steel’s CEO Mr Michael Garcia said “Our strong results for the fiscal fourth quarter capped off an incredible year at Algoma, one that produced record revenues, profitability and cash flows. Relentless execution by the entire team delivered these strong results across what was truly a tumultuous year for both steel and raw material markets. It is through this hard work and dedication that we have positioned ourselves to drive additional value creation for our shareholders on two fronts simultaneously. Our transformational electric arc furnace project is advancing as planned towards a 2024 startup, and today we are announcing the next phase of our capital allocation program with a USD 400 million substantial issuer bid which would represent roughly a third of today’s market capitalization.”
   
   Full Year Fiscal 2022 Results
   
   Shipments - 2,297 million ton, up9% YoY
   
   Revenue – CAD 3.806 billion, up 112% YoY
   
   Adjusted EBITDA – CAD 1.503.2 billion, compared with CAD 199 million
   
   Net income – CAD 858 million, compared to a net loss of CAD 76.1 million
   
   Revenue per ton of steel sold – CAD 1,657, up 94% YoY
   
   Cost per ton of steel products sold - CAD 857, up 33% YoY
   
   Per tonne profit – CAD 800 (USD 618)
   
   In November 2021, the Board of Directors authorized the Company to construct two new state-of-the-art electric arc furnaces to replace its existing blast furnace and basic oxygen steelmaking operations. The CAD 700 million projects is expected to take two years to complete and is advancing as expected. Following the transformation to EAF steelmaking, Algoma’s facility is anticipated to have an annual raw steel production capacity of approximately 3.7 million tons, which would match its downstream finishing capacity, and would be expected to reduce the Company’s annual carbon emissions by approximately 70%.
   
   Algoma Steel intends to commence USD 400 million substantial issuer bid, as part of its overall capital allocation strategy, under which the Company plans to offer to purchase for cancellation from shareholders up to USD 400 million of the Company’s outstanding common shares by way of a modified Dutch auction which will permit shareholders to choose, within the pricing range determined by the Company, the number of shares and the price at which they wish to tender such shares, with the purchase price for all tendering shareholders being the lowest purchase price per share that will enable the Company to purchase the maximum number of shares properly tendered to the offer, up to USD 400 million.
   
   Outlook – “Based on our current information regarding our operations and end markets, we currently expect Adjusted EBITDA CAD 335-355 million for the first quarter of fiscal 2023
9. voda 15 juni 2022 07:16

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   Ms Munday & Mr Pummell Join Materials Processing Institute
   
   Strategic Research Institute
   Published on :
   15 Jun, 2022, 6:33 am
   
   UK’s Materials Processing Institute has appointed two industry experts as non-executive directors to further strengthen its position as a national centre for research and innovation. Ms Janice Munday CBE, an authority in innovation planning, and Mr David Pummell, a business leader in technology development and commercialization, have joined the board of the Middlesbrough-based Institute to support the implementation of its new commercial growth strategy.
   
   Ms Munday previously served as Director of Advanced Manufacturing for the Department of Business, Innovation and Skills and was responsible for working with a range of companies across multiple sectors and with local areas to encourage growth and productivity. Working in partnership with business, she participated in the creation and implementation of strategies on skills development, including the See Inside Manufacturing campaign, and championed the appointment of more female executives to senior positions in business. She has been non-executive director of Inogesis, formerly VTC, for six years, working to bring disruptive technology into businesses, and a non-executive director of Sheffield Forgemasters since October 2016. She was previously Principal Fellow at the Warwick Manufacturing Group, helping teams working on research on technologies to support manufacturing growth.
   
   Mr Pummell has extensive business leadership experience in renewable conversion technologies for the production of biofuels, and fuel cell technologies for the power and energy sectors. He spent 22 years working at BP, primarily as a commercial executive, after graduating as a chemical engineer, before becoming chief executive of four innovative technology companies where he drove forward the commercialization of products and services into various markets around the world. Mr Pummell has a wealth of experience of conducting business in Europe, the US, Middle East, China, and Asia Pacific, through his tenure at BP, ACAL Energy, Ceres Power, MAPS Technology and Velocys, where he gained extensive experience of working with the UK Government and US administration securing grant funding and with institutional, private equity and venture capital investors. He has an in depth understanding of the structures and trends in energy markets and is experienced in restructuring assets, monetizing technologies and the development and implementation of commercialization strategies.
   
   The Materials Processing Institute is a research centre serving organizations that work in advanced materials, low-carbon energy and the circular economy. The Institute is based in Tees Valley in the northeast of England.
10. voda 15 juni 2022 07:16

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    Sohar Steel Rolling to Set Up Plant at SOHAR Freezone in Oman
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:36 am
    
    SOHAR Port and Freezone has signed an agreement with Sohar Steel Rolling to lease approximately 40,000 square meters of land for the construction of a steel rod manufacturing unit at the Freezone. With an estimated total investment of OMR 7 million, the project includes the construction of facilities for melting & smelting in the first phase and steel rolling in the second phase. Anticipated to be in operation towards Q3 of 2023 the project is expected to create considerable opportunities for business collaborations, while adding to the growing number of leased areas in SOHAR Freezone flourishing metals cluster.
    
    Sohar Steel Rolling Chief Executive Officer Mr Nimer Elsamna said “With access to raw materials and reliable, affordable energy, SOHAR Freezone offers an ideal environment for us to enhance our competitive position and grow sustainably. We look forward to supporting the development of Oman’s metal manufacturers and production industries, while contributing to its wider economic diversification objectives.”
    
    More and more local and international investors are taking advantage of the opportunities for investments at SOHAR thriving, multi-billion dollar metals cluster currently centred on iron and steel production, and ferrochrome and aluminium smelting. Over 50% of SOHAR industrial tenants are primary and secondary metal projects or downstream activities, enticed by the mutual benefits that add value to their operations.
11. voda 15 juni 2022 07:17

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    Baosteel's Casing Deployed at Ultra-Deep Qishen 1 Well of Sinopec
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:39 am
    
    World’s largest steel maker Baowu announced that the high end sulfur-resistant gas sealing casing designed & developed by Baosteel were used in the Northwest Oilfield of Sinopec recently. In the key exploratory well Qieshen 1, the key parts of the 2 layer tapered casing string, with features such as high tensile resistance, high internal pressure resistance and high sulfur resistance, helped the 2nd layer casing enter the Qieshen 1 well smoothly, and played an important role for the well in breaking many domestic records.
    
    Qishen 1 is a key risk exploration well deployed by Sinopec in the hinterland of Tarim Basin. With a drilling depth expected to exceed 8,000 meters, the ultra-deep, ultra-high temperature, high-pressure and high-sulfur well is a typical ultra-deep complex well. It has set domestic records of similar casings in casing depth, hanging weight, and length of the open-hole section. The complex geological structure of the site placed even higher demands on the casing quality as well as on-site casing operation for making these records.
12. voda 15 juni 2022 07:17

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    Tata Steel Europe Ropes In Van Dam Shipping for Hydrogen Vessels
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:42 am
    
    Tata Steel Europe has teamed up with Dutch Van Dam Shipping to develop a hydrogen-powered vessel and reduce greenhouse gas emissions in the shipping of steel coils. The vessel to be developed and go on a long-term contract with Tata Steel will be a short-sea vessel with a loading capacity of around 5,000 tonnes and will reportedly be the first of this type. Hydrogen-powered shipping currently consists primarily of inland vessels and small ferries, both hybrid, partially powered by hydrogen, and entirely powered by hydrogen. Every year, Tata Steel ships 2 million tonnes of steel coils to different countries within Europe. The aim is that from 2024, the hydrogen-powered ship can sail 100% CO2 emission-free and save about 3,000 tonnes of CO2 per year compared to a ship that
    
    In August last year, Tata Steel joined forces with Japan’s Mitsui OSK Lines to develop and deploy an environmentally friendly carrier of raw materials for steel production. In September, the company also became the first steel producing signatory of the Sea Cargo Charter, a global framework for assessing and disclosing the climate alignment of chartering activities.
    
    Van Dam is a small, family-run business that has eight cargo vessels, operating in Northern Europe, including a specialization in Finland on the Saimaa canal. The company has a history as an innovator seeking environmental solutions including at the end of 2019 installing a wind propulsion system on their 3,600 DWT general cargo vessel Ankie.
13. voda 15 juni 2022 07:18

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    Algoma Steel Committed Clean OilSpill nearPurvis Marine facilities
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:48 am
    
    Sault Ste Marie Ontario based leading Canadian steel maker Algoma Steel has provided an update on oil spill from Pine Street Marina on 9 June 2022 & its efforts to clean up the oil spill. Algoma Steel spokesperson said “In response to a few requests for an updated statement regarding the spill mitigation efforts, I can advise that we continue to actively work with authorities, deploying equipment and resources, and conducting ongoing sampling and monitoring to mitigate any possible impact. Our technical assessment of this incident continues as we seek to determine appropriate controls to prevent it from ever happening again. We remain committed to doing what needs to be done to protect the environment and continue to focus our efforts in this manner.”
    
    The spill was reported around 8:30 AM on 9 June 2022. Emergency crews are on site of a reported chemical spill near Purvis Marine facilities. Control and remediation is currently underway by Algoma Steel with the Ministry of the Environment, Conservation & Parks overseeing regulation. The US Coast Guard said that more than 20,000 liters of oil has spilled. Algoma Public Health has issued public advisory warning residents downstream from Algoma Steel in Canada not to consume, swim or bathe in water drawn from the St Marys River on 10 June. Algoma Steel’s manager of communications and branding Ms Brenda Stenta had said “A quantity of oil left our site early this morning and entered the adjacent waterway. The source of the spill has been safely contained. Algoma Steel has hired cleanup contractors that have deployed absorbent booms on the river to contain the spill, Wheeler said. The steel plant is also using vacuum trucks to remove oil from inside the wastewater treatment plant.”
14. voda 15 juni 2022 07:18

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    US Steel Names Ms Jessica Graziano as SVP & CFO
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:44 am
    
    United States Steel Corporation has announced the appointment of Ms Jessica T Graziano as Senior Vice President and Chief Financial Officer, effective 8 August 2022. Ms Graziano will report directly to US Steel’s President & Chief Executive Officer Mr David B Burritt and have responsibility for all aspects of finance, including financial planning and analysis, corporate accounting, tax, treasury, pension investments and investor relations. She will also be instrumental in advancing the company’s Best for All strategy of providing profitable steel solutions for people and planet.
    
    Before joining US Steel, Ms Graziano spent eight years with United Rentals, the world’s largest equipment rental provider, culminating in her position as Executive Vice President and Chief Financial Officer from 2018 through July 2022. In this role, she was responsible for all finance functions and participated in making key operational, acquisition and global expansion decisions. Previously, Ms Graziano spent five years at Revlon where she advanced through positions of increasing responsibility before being named as Senior Vice President, Chief Accounting Officer and Corporate Controller. Prior to Revlon, she served in a variety of senior leadership roles in the areas of internal audit, financial reporting, and financial planning and analysis.
    
    Ms Graziano earned a Bachelor of Science in Accountancy from Villanova University and completed her Master of Business Administration in Finance from Fairfield University. She is a certified public accountant.
15. voda 15 juni 2022 07:19

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    Spanish PM Mr Sanchez Calls Deutsche Bank to Support Celsa Group
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:51 am
    
    Bloomberg, quoting people familiar with the matter, reported that a long running battle for the restructuring of Barcelona based steelmaker Celsa Group took an unexpected turn this week when the Spanish Prime Minister Mr Pedro Sanchez has called Deutsche Bank AG’s Chief Executive Officer Mr Christian Sewing to push for a haircut on the company’s debts. Sources said “The call took Deutsche Bank’s management by surprise, since it’s unusual for top executives to receive calls over decisions taken by their investment banking units. It’s unclear whether the conversation will move the needle in the negotiations.”
    
    Deutsche Bank is part of a group of creditors including also Cross Ocean Partners, Goldman Sachs Group Inc and SVPGlobal that have been in a dispute with Celsa & its owners Rubiralta family, since the onset of the COVID 19 pandemic.
    
    Celsa, which was under court protection for more than a year, has recovered thanks to a surge in the benchmark price of construction steel which has almost tripled since April 2020. The company, however, needs to agree on a restructuring plan with creditors before the end of the month to access new funds from a government-backed holding company. The company has asked its lenders to take a 52% haircut, arguing they bought the debt at a deep discount and so would still make a return on their investment. Creditors pushed back and proposed to cut the EUR 2.5 billion debt pile in exchange for taking over a 49% stake arguing that the company’s owners should share some of the financial pain in order to put the company on a more sustainable footing. The Rubiralta family is opposed to handing over its equity and has managed to mobilize the Catalan regional government in their support.
    
    Spain is also due to pass a new insolvency law next month to bring it into line with a European directive and that would tilt the legal situation more in favor of Celsa’s creditors.
16. voda 15 juni 2022 07:20

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    ArcelorMittal Kryvyi Rih Speeds Up Restart
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:53 am
    
    Russian new service Interfax reported that ArcelorMittal Kryvyi Rih’s steel plant in the Dnipropetrovsk region of Ukraine is gradually restarting production, which was interrupted in March. The report says “Chief of the Dnipropetrovsk region's military administration Valentyn Reznychenko, chairman of the Dnipropetrovsk region's council Mykola Lukashuk and head of Kryvyi Rih's military administration Oleksandr Vilkul discussed the re launch of the metallurgical production process during a visit to the enterprise.”
    
    In early March 2022, the company's management decided to stop all blast furnaces and the metallurgical production process at the enterprise. The plant's byproduct coke production process is currently hot-idle, a forced measure, which helps avert irreparable damage to equipment. The operations of the company's mining department have not been suspended, but the volume of ore mining was reduced due to disruptions in logistic routes and the temporary shutdown of the blast furnaces. Since April, ArcelorMittal Kryvyi Rih has gradually been resuming its production processes, restarting its blast furnace no. 6 on 9 April as the first such step. Now reports say that one blast furnace, two coke-oven batteries, three casting machines, a rolling mill, and one of the facility's three continuous casting machines are currently operating at ArcelorMittal Kryvyi Rih.
    
    ArcelorMittal Kryvyi Rih is the largest manufacturer of rolled steel in Ukraine, specializing in the production of long-sized rolled steel, including rebar and rolled wire.
17. voda 15 juni 2022 07:20

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    JSPL Posts 5% YoY Rise in Steel Sales in May 2022
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 6:55 am
    
    Jindal Steel & Power Limited has reported 5% YoY increase in steel sales in the month of May 22. Monthly steel production was also up by 1% YoY. Exports accounted for 21% of steel sales for the May month.
    
    In Apr-May 2022, JSPL has reported steel sales of 0.991 million tonnes and production of 1.376 million tonnes. Exports accounted for 18% of the sales in the first two months of 2022-23.
18. voda 15 juni 2022 07:22

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    Underground Hydrogen Gas Storage Facility in Lulea Open for HYBRIT
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 7:06 am
    
    Swedish steel maker SSAB, LKAB and Vattenfall are inaugurating HYBRIT’s pilot facility for fossil free hydrogen gas storage at Svartöberget in Lulea in Sweden. The rock cavern storage facility is the first of its kind in the world. The inauguration ceremony marks the start of the two-year test period, which will run until 2024. The hydrogen storage facility will play a very important role in the overall value chain for fossil-free iron and steel production. Producing fossil-free hydrogen gas when there is a lot of electricity, for example when it is very windy, and using stored hydrogen gas when the electricity system is under strain, will ensure a steady production of sponge iron, the raw material behind fossil-free steel.
    
    The pilot plant has a size of 100 cubic meters. At a later stage, a full-scale hydrogen gas storage facility measuring 100,000 to 120,000 cubic meters may be required, in which case it will be able to store up to 100 GWh of electricity converted to hydrogen gas, which is sufficient to supply a full-sized sponge iron factory for three to four days.
    
    The technology for storing gas in a lined rock cavern is well proven and has been used in southern Sweden for about 20 years for storing natural gas. Now the technology is taking a step forward by the development for storage of hydrogen gas, and the storage facility will also be used more dynamically, being filled and emptied at pace with the hydrogen production.
    
    HYBRIT initiative was launched in 2016 by the three owners; SSAB, LKAB and Vattenfall. Using HYBRIT technology, SSAB can reduce Sweden’s carbon dioxide emissions by 10 percent. SSAB, LKAB and Vattenfall invest a total of SEK 259 million in the hydrogen storage itself, divided into three equal parts, and the Swedish Energy Agency contributes with SEK 72 million.

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19. voda 15 juni 2022 07:23

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    Russian Steel Exports Could Shrink by 23% in 2022
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 7:08 am
    
    Russian new service Interfax reported that Russian steel giant NLMK spokesperson said that Russia could cut steel exports by 23% in 2022. He said "The substantial decrease for rolled products is due to the fact that this type of metal product is already subject to restrictions in Europe, where most of it has been supplied. Redirecting rolled products to other markets is more difficult than redirecting semis due to other restrictions: duties, quotas and others. The biggest drop of 40%-50% will be for rolled products. Slab exports might also decrease in H2 2022 due to a price correction in the iron ore and steel markets, which will lead to lower prices for slabs in China amid still-high logistics costs.”
    
    NLMK has also forecasting 15% decline in steel output in Russia in 2022 to 59.6 million tonnes, with 26% or more than 9 million tonnes drop in H2 of 2022. Russia is on course to drop 6% YoY in H1 of 2022 to 33.3 million tonnes, including 29% to 10.7 million tonnes of hot roll, 15% to 17.5 million tonnes of long products and 6% to 14.9 tonnes of semis.
20. voda 15 juni 2022 07:24

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    Truckers End 7 Days Strike in South Korea
    
    Strategic Research Institute
    Published on :
    15 Jun, 2022, 7:13 am
    
    VOA News reported that truckers in South Korea ended an eight-day strike that caused major disruptions to domestic production and cargo transport, their union and the government announced after negotiations on 14 June 2022. Cargo Truckers Solidarity said “During their fifth round of negotiations on Tuesday, representatives of the truckers and Transport Ministry officials reached a deal on ending the strike as the ministry agreed to seek to extend the current rules on minimum wage guarantees and consider increasing fuel subsidies for truckers. The union said drivers will immediately return to work.”
    
    Under the agreement, the transport ministry will provide subsidies to alleviate pressure on surging fuel costs. The union was demanding the extension of the freight rate system to help drivers cope with rising fuel prices. The Safe Trucking Freight Rates System was introduced in 2020 for a three-year run, aimed at preventing dangerous-driving practices, such as cargo overload, and guaranteeing minimum rates for truckers. The system was due to expire this year.
    
    The Ministry of Trade, Industry and Energy said that the first six days of the strike had caused an estimated KWR 1.6 trillion (USD 1.2 billion) in damages. The strike’s damage has been largely limited to domestic industries, though experts say a prolonged strike could have undermined global supply chains already hit by Russia’s invasion of Ukraine and China’s COVID-19 restrictions. There have been no reports of substantial disruptions of key South Korean export items such as semiconductors and automobiles.