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1. voda 16 september 2015 16:41

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   Tokyo Steel cuts prices of H Beams and HRC for October sales
   
   Bloomberg reported that Tokyo Steel Manufacturing Co, Japan’s biggest steel maker from scrap, cut all of its monthly contract prices for the first time in almost a year as China’s overcapacity hurt its exports.
   
   The October price of H-beams used in building was cut to JPY 70,000 per tonne 9 percent lower than September. Hot-rolled coil was trimmed to JPY 53,000 a tonne from JPY 63,000 a ton. It was the first reduction since November last year.
   
   Managing Director Mr Kiyoshi Imamura said “The environment of steel export markets is tougher than last month. Conditions made it more difficult to get export contracts. Overseas markets continued to slump as China keeps production levels high and drives exports.”
   
   Source : Japan Times
   

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2. voda 16 september 2015 16:42

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   Thousands of jobs at risk at SSI Redcar plant in UK – Report
   
   Telegraph reported that the One of the UK’s biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks as Thai owners of the historic Redcar plant on Teesside failed to pay back several loans totaling around GBP 80 million to lenders in June and were given a short-term stay of execution until the end of September to find the money.
   
   Failure to stump up the cash could result in the 160 year old site, which employs more than 2,000 workers and 1,000 contractors being put into administration after a long battle with huge losses. It is understood PwC is on stand-by to handle any insolvency.
   
   Redcar owns the second-largest blast furnace in Europe, which at full capacity is capable of turning out up to 400 slabs of steel a day and 3.5 million tonnes a year.
   
   A total of four loans were scheduled to be settled at the end of June but Sahaviriya Steel Industries, which rescued Redcar in 2011, failed to meet any of them. The majority of SSI’s 11 banks agreed to extend the repayment for three months and SSI then immediately entered into a fresh set of negotiations to try to get another stay of execution until the end of the year. The company’s perilous financial situation was laid bare in its most recent quarterly financial statement, which covered the period to the end of June and was filed with the Thai stock exchange on August 15. As of that date, the company had only managed to obtain a letter of intent from its lenders, rather than any firm agreement for a second extension. Debt negotiations of this nature are always complicated but the number of lenders SSI has and the failure to get all of them to agree to the first extension is likely to make discussions particularly difficult. The stock exchange document also reveals SSI had to borrow around £30m in the form of an interest-free loan from an unnamed company director.
   
   Redcar has struggled consistently with big losses since being mothballed by previous owners Tata Steel in 2010. A year later, faced with imminent closure, SSI rescued the operations in a GBP 290 million deal and relit the furnace in April 2012. However, the plant has been reliant on continued financial backing from its parent and the support of a handful of senior banks ever since. It racked up losses of GBP 194 million in 2013, had bank loans totaling USD 792 million and the Thai owners pumped in USD 121 million, the latest in a series of cash injections. It is thought SSI has ploughed as much as GBP 1 billion into the company.
   
   Chief operating officer Mr Cornelius Louwrens has warned on several occasions recently that Redcar’s future is in doubt. In August, he said: “You cannot make this size of losses continuously, without, at some point, saying: 'This cannot work any longer’. What I cannot say is how long we have for the market to turn around. But my message to everyone is to focus on their jobs, do them as good as possible, because this is what we can control.”
   
   Source : The Telegraph
   

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3. voda 16 september 2015 16:44

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   Stemcor to split in Moorgate Industries and Stemcor Global Holdings
   
   Reuters reported that London based debt laden steel trading giant Stemcor plans to split its holding company and its core trading business into two separate entities as part of a USD 2 billion debt restructuring. Stemcor secured an 'agreement in principle' earlier this year with its creditors under which US distressed investment fund Apollo swapped its debt for equity in Stemcor, making it the company's largest shareholder. The split and debt restructuring is pending court approval, expected in October, but has the formal support of Stemcor's lenders.
   
   Further to that agreement, Stemcor's former holding company will now be split off into an entity called Moorgate Industries Ltd which will hold a troubled Indian ore asset. That will be separate from its core trading business, which will be known as Stemcor Global Holdings Ltd. Stemcor has appointed Scott MacDonald as executive chairman.
   
   CEO Mr Julian Verden in a statement said “I am grateful for the unwavering support of our lenders, customers and suppliers during the restructuring process. Without the constraints of an onerous capital structure, Stemcor will be able to pursue exciting growth initiatives.”
   
   Stemcor, formerly controlled by the Oppenheimer family, was hard hit by the 2008 financial crisis and accumulated a large debt pile when it bought an iron ore asset in India.
   
   Source : Reuters
   

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4. voda 16 september 2015 16:46

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   Safeguard duty on HRC import to change steel market dynamics in India
   
   The news of imposition of 20% ad valorem safeguard duty on import of HRC in widths above 600mm for 200 days has brought cheers among Indian steel mills and analysts are revising their EBITDA forecasts as steel shares are spiking, buyers are edgy about the impending price hike and importers are looking to find ways to keep their business viable and handle the cargoes in transit. Interestingly now imported CR will be cheaper than HR provoking end users to change their buying pattern.
   
   As per JPC’s MIS for FY 2014-15, HRC production for sale was 20.806 million tonne while import and export were 2.043 million tonnes & 1.104 million tonnes respectively. As per report, JSW had the largest market of 37.8%% followed by TATA Steel at 21.5%, SAIL at 17.7%, Essar at 5.7%, JSPL at 0.9% and others at 16.4%
   
   Buyers are anxiously awaiting the move by Indian steel mills for hiking domestic prices. It is understood that some producers had already reduced their rebate structure in month beginning to improve their realization by about INR 500 per tonne and could further go for similar hike.
   
   But, Indian importers are likely to find some quick solutions. The following scenarios could emerge for various HRC importing segments
   
   1. Standalone Cold Rollers and Coaters - They are primarily dependent on exports of coated items and are unlikely to get effected as they could continue to import HR at zero duty against advanced export commitments, as it is understood that the same is not covered under safe guard rules. And for their domestic exposure, they could jolly well switch to importing CRFH, which is currently priced at USD 320-325 CFR India. Considering their costs of USD 20-25 for HR to CR conversion, their implied HRC cost would still be around USD 300 which is not going to make a structural shift in pricing dynamics for downstream products. In other words, chances of surge in imports of CR is likely
   
   2. Tube Makers - As the safeguard duty is applicable on HRC with width above 600mm, tube making segments could resort to imports of slit coils to avoid safeguard duty. But it seems that VAT rebate in China is applicable for widths above 600mm and thus Chinese steel exporters need to find a way out. Indian tube mills could also resort to import of API 5L Gr B / X42, which is exempted from safeguard duty
   
   3. Trade Segment – As the majority of structural grade HR was feeding numerous CTL centers, traders could resort to importing cut sheets instead of coils or import of API 5L Gr B / X42 to keep their CTL units running. Traders in market will shift also towards CRCA imports for trading purpose. In many applications where HR and HRPO had replaced CRCA, customers will revert back to CRCA usage. Since most of capacity of CRCA is with integrated players, they will be worst affected on this account.
   
   4. Standalone CR Mills
   However, an investment in state of the art standalone CR mill in Western India by a global steel giant would be hit hard as far as its CR sales from own mill is concerned and they could resort to import CR and sell to their client. However while they could restart importing CRFH for feeding their galvanizing mill, they need to find a viable solution to run the CR mill in India
   
   The safeguard duty is applicable for all cargoes where the shipping bill has not been filed with Indian customs. Although the imposition of safeguard duty was in offing and market players were aware, the import deals where LC’s have been established and materials produced / shipped would become headache for both overseas steel mills as well importers. Indian importers could also attempt to replace their deals with CRFH etc wherever possible
   
   Clarity is yet to emerge on how the safeguard duty would be calculated by customs. While some opine that it will be on assessable value (CFR Rate + 1.125% Marine Insurance + 1% Landing Charges) some say that it will be calculated on CFR Rate plus import duty, a difference of about USD 10 per tonne
   
   Lastly, with Tata Steel Kalinganagar capacity of 3 million tonne likely to come on stream by this year end and also chances of struggling domestic HR producers increasing production levels, curbing of 1.5-2 million tonne HRC import may not be sufficient to take care of excess supplies.
   
   On the other hand on a long term perspective, HR exports from India will become extremely difficult since in all traditional markets for Indian manufacturers, we can expect a very severe competition from China as Chinese steel mills would need to push more volumes with exports to India getting blocked and CFR price levels dipping further
   
   Source : Strategic Research Institute
5. voda 17 september 2015 16:48

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   FTC rules in favour of change of working hours at Arrium
   
   The Age reported that Australia's Fair Work Commission has delivered Arrium an industrial relations victory as fellow steel maker BlueScope Steel and its unions enter a fourth day of mediation. Fair Work commissioner Julius Roe found on Tuesday that Arrium was within its rights to alter employee hours and abolish the rostered-day-off system at a Western Australian processing and distribution centre.
   
   On Tuesday Arrium notched a win in the tough fight with the labour movement as Mr Roe dismissed the appeals of the National Union of Workers to defend the rostered day off and existing working hours. Mr Roe said in his decision “I determine, as the resolution of the dispute, that the agreement permits the changes to working hours arrangements [as] proposed by OneSteel.”
   
   The Fair Work Commission decision gives OneSteel the authority to abolish the RDO system and to reduce the overlap of workers shift as follows: day shift 6.30am to 2.36pm; afternoon shift 2.30pm to 10.36pm, and night shift 10.30pm to 6.36am.
   
   The ruling came as the embattled steel and mining group struggles to cope with its $1.75 billion debt burden following the collapse of iron ore and steel prices. Strict workplace regulations in the heavily unionised steel industry have been an added burden for Arrium's steel arm OneSteel.
   
   Since the 1980s workers at the site have worked a 38-hour week, with two hours of work a week accumulating towards an 8-hour rostered day off (RDO) every four weeks. Shifts at the centre have run as non-rotating shifts, with a day shift from 6.30am to 3pm, an afternoon shift from 2.30pm to 11pm, and a night shift from 10.30pm to 7am.
   
   Source : The Age
   
6. voda 17 september 2015 16:48

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   GMS update on shipbreaking in Turkey in Week 37 - PANIC!!!
   
   Prices from the Turkish market fell about USD 20/MT last week causing panic amongst local recyclers. News surfaced that local steel plate prices were on the verge of falling below the USD 200/MT mark, reportedly causing local steel mills to stop buying as the week ended.
   
   Source : GMS
   

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7. voda 17 september 2015 16:51

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   US raw steel production in Week 37 dips by 10% YoY
   
   In the week ending September 12, 2015, domestic raw steel production was 1,694,000 net tons while the capability utilization rate was 70.9 percent. Production was 1,878,000 net tons in the week ending September 12, 2014 while the capability utilization then was 78.1 percent. The current week production represents a 9.8 percent decrease from the same period in the previous year. Production for the week ending September 12, 2015 is down 2.7 percent from the previous week ending September 5, 2015 when production was 1,741,000 net tons and the rate of capability utilization was 72.8 percent.
   
   Source : Strategic Research Institute
   
8. voda 17 september 2015 16:52

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   GMS update on shipbreaking in China in Week 37 - CONUNDRUM!
   
   The announcement of plans in India and Pakistan for increased duties on cheap exported Chinese steel appears to have done little to boost domestic confidence in a sector that has seen significant downturn throughout this year.
   
   Source : GMS

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9. voda 17 september 2015 16:55

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   GMS update on shipbreaking in Pakistan in Week 37 - DETERRING DUMPING!
   
   This week in Pakistan, the National Tariff Commission (NTC) have been given the rights (having previously been denied) by the National Assembly and the President, to impose taxes on damaging imports directly. Melters and other concerned parties have approached the NTC and recommended a 70% anti-dumping duty on cheap Chinese steel.
   
   Source : GMS
   

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10. voda 17 september 2015 16:58

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    UK government rejects Redcar plea for GBP 100 million emergency loan
    
    The Telegraph reported that UK Government has turned down a request for a £100m emergency loan from Redcar steel plant, leaving it on the brink of insolvency.
    
    News of the rejection comes ahead of a three-hour parliamentary debate on Thursday to discuss the unfolding crisis in the UK steel industry, which has been hit hard by falling prices and cheap imports from China. Manufacturers including SSI have also complained about high energy costs and business rates.
    
    Anna Turley, Labour MP for Redcar, who pushed for the Commons session, told her website: “The Government must act now to save steelmaking on Teesside. Steel is important to our region and the UK economy as a whole and should be a key part of the Northern Powerhouse project.”
    
    Sahaviriya Steel Industries, the Thai company behind the historic works, is understood to have approached the Government for a bridging loan last week and offered to make 500 job cuts in return for immediate financial support. The desperate request came just months after SSI failed to repay a series of loans, and was forced to borrow £30m from one of its own directors. Sources have revealed that the company explained to the Government that its financial situation had become so precarious that without a cash lifeline it may be forced into administration. However, ministers rejected the request on the basis that it would be illegal under state aid rules and told SSI that it should be looking for additional financing from the capital markets instead.
    
    It is believed that SSI’s finances have dwindled to the point that the plant’s bosses are monitoring cash flow every few hours. As well as defaulting on a series of bank loans, it has been claimed that suppliers and creditors have not been paid, and staff only received a third of their wages last month. Employees were told payment of the remainder of their salaries was dependent on the arrival of a shipment of raw materials, which would enable the company to produce the steel to bring in more cash.
    
    It is thought SSI is reluctant to put up any additional funds, and as a result the plant could be shut down in the coming days with the loss of 2,000 direct jobs and a further 1,000 contractor positions. PwC is expected to handle any insolvency.
    
    Source : The Telegraph
    
11. voda 17 september 2015 17:00

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    Government steel intervention too little too late – Mr Vavi
    
    Fin24 reported that according to former Congress of SA Trade Union general secretary Mr Zwelinzima Vavi.South African government’s intervention in the steel sector comes too little and too late. He said “In my view, this is too little too late. The increase of tariffs by government is coming 22 years late.’
    
    Mr Vavi said the slump currently experienced in the sector was due to the actions of Trevor Manuel and Alec Erwin in the Department of Trade and Industry, who insisted that South Africa should open up to "the chilly winds of competition".
    
    He said “We are reaping now from what they stood for. When we were classified as a developing country under their leadership, they did nothing. When we were given 10-11 years to reduce tariffs, they rushed it and reduced it in six, seven years. We are paying the price for neo-liberal approaches to development as we speak today.”
    
    Mr Vavi added that the buck did not only stop with them. He said all minister since 1994 contributed to the current situation. He said "Every cabinet minister since 1994 is as guilty and they all have the blood of our people in their hands. Manufacturing was 22% of GDP in 1994, it’s down to 11-12% now.”
    
    Trade and Industry Minister Rob Davies in August approved a 10% ad valorem duty on certain imported steel products, which currently enter the country duty free. The approval was, however, accompanied by certain conditions. They included that steel producers refrain from increasing prices for the products subject to the duty and that they honour their commitments to reduce prices on some products.
    
    The approval also stated that ArcelorMittal SA would have to invest an additional R250m in its colour line and Safal Steel an additional R300m in its metal coating line in 2017. The two companies were then asked to make an undertaking not to retrench workers for the next three years.
    
    Source : Fin24
    
12. voda 17 september 2015 17:01

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    Indonesia government aiming to reduce steel imports next year
    
    ANTARA News reported that the Indonesian government will reduce its steel import for bridge construction in various regions in the country in an effort to boost the use of domestically produced steel. According to Industry Minister Mr Saleh Husin “Hopefully, next year the use of locally produced steel for bridge construction would already have reached 80 percent.”
    
    He said “His ministry accorded priority to the domestic industry in the construction of bridges in the country by using their steel products.”
    
    Mr Husin explained “The capacity of the national steel industry is enough to meet the need at home like PT Krakatau Steel which has a production capacity of up to 3.9 million tons per annum. We still have steel industries other than KS. Domestic industries are able to supply the need for products at home.”
    
    He added “By giving priority to the domestic industry, the government will obtain many other advantages such as enhancing employment and boosting the growth of local industries.”
    
    This year, imported steel still dominates the use of the commodity for the construction of bridges in various regions in Indonesia. Its composition is about 60 percent imported steel and 40 percent is domestically produced.
    
    Source : ANTARA News
    
13. voda 17 september 2015 17:02

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    Indian steel production falls by 3% YoY in August
    
    Financial Express reported that according to the data released by the Joint Plant Committee India’s production of steel fell an annual 3% to 7.3 million tonne in August, even as domestic consumption increased marginally by 0.8% fed also by a 17% rise in imports. During April-August this year, India produced 38.5 million tonnes of steel, just 0.6% higher than the same period a year ago.
    
    As per the JPC data, SAIL production of finished steel dropped by 30% and Tata Steel also reported a 0.9% drop in production during August. However, other integrated producers such as RINL, Essar, JSW and JSPL clocked positive growth. Mini steelmakers, which contributed 4.2 million tonnes steel to the total production kitty in the month, also reported a 4.3% drop in production.
    
    Overall production for sale for the April-August period remain near static at 38.52 million tonnes, imports surged by 50.8% at 4.52 million tonnes while exports fell by 28.1% and consumption saw a 4.6% rise to 33.02 million tonnes.
    
    While subdued domestic demand, which grew by just 0.8% in August this year compared to the same month a year ago, was one of the primary reasons for the fall in production, the plummeting price of the alloy could be the biggest block for the steelmakers to run their plants to full capacity, an industry source said.
    
    Source : Financial Express
    

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14. voda 17 september 2015 17:03

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    Accusations of dumping by Chinese steel mills baseless - MOC
    
    Xinhua reported that China’s Ministry of Commerce on Wednesday said accusations of dumping by Chinese steel producers on the global market are groundless. MOC spokesperson Mr Shen Danyang made the remarks at a press conference when asked to comment on recent anti-dumping measures by some countries against Chinese steel imports.
    
    He said “Imposing restrictions on Chinese steel products cannot fundamentally solve overcapacity, which is the common problem confronted by the global steel industry as it undergoes restructuring.”
    
    He said the continued price slump of iron ore imports has significantly reduced the cost of China's steel products.
    
    He said “China has always advocated solving steel trade disputes through dialogue and negotiations and encouraged cooperation among different countries to achieve win-win results, said the spokesperson.
    
    Mr Shen said China encourages domestic steel companies involved to actively participate in the litigation and defend their legitimate rights and interests in accordance with WTO rules.
    
    Source : Xinhua
    

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15. voda 17 september 2015 17:05

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    MMTC to help Goa mine operators sell iron ore in global market
    
    PTI reported that plagued by crisis due to the ongoing slowdown, Goa's mining industry has got a savior in the Minerals and Metals Trading Corporation, which has offered support to help sell iron ore in the international market.
    
    According to an official release “MMTC, being a pioneer in export of various minerals for the last five decades, has volunteered its service to assist the Goa government to dispose of the large chunk of iron ore lying along various operational areas of mines, jetties and the port.”
    
    It added “MMTC also assured the government to offer its service for facilitating marketing of Goan iron ore at best possible price in the international market in a very transparent and time bound manner.”
    
    MMTC CMD Ved Prakash, along with other officials, had met the Chief Minister in this connection.
    
    The company is a canalised agency of the central government for higher grade iron ore (+64% Fe).
    
    The industry, which is expected to start fresh extraction from next month, has been wary of its prospects due to low prices in the global market and subdued low grade ore demand.
    
    Source : PTI
    
    
16. voda 17 september 2015 17:06

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    Vedanta Sesa Goa opens its second iron ore mining lease at Bicholim
    
    Press Trust of India reported last week that Sesa Iron Ore, a subsidiary of Vedanta Resources Inc, opened its second mining lease in the state to utilise its full annual production allowance of 5.5 million tonne, as approved by Goa government.
    
    While Sesa had resumed work at its Codli mining site earlier, today it opened its Bicholim mining lease, both of which are the largest mining leases in the state.
    
    Sesa Iron Ore CEO Kishore Kumar said “Sesa Goa has made significant positive contributions to Goa and the community for more than 50 years and will continue to do so. Our long-term vision is to create a sustainable iron ore mining industry in India which contributes to economic growth of the state and the country.”
    
    He said “More than 85 per cent of Goa’s ore have iron ranging from 48 per cent to 58 per cent. This ore is not used by the domestic steel industry as evidenced by electronic auctions conducted by the monitoring committee of the Supreme Court. So exports are the only option for marketing of this ore.”
    
    He urged the Goa government to note the current market scenario, where prices have fallen as compared to April last year. He said “Also, the domestic iron ore industry is taxed at 40 per cent above the line as against the 0.7 per cent to 7 per cent taxation in other competing iron ore exporting countries like Brazil, South Africa and Australia.”
    
    Source : India.com
    
17. voda 17 september 2015 17:08

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    BHPB CEO Mr Andrew Mackenzie bullish on China
    
    Australian Financial Review reported that BHP Billiton chief executive Mr Andrew Mackenzie has signalled that China may have turned a corner, saying he had shifted from a slight "bear" on the world's second largest economy three months ago to once against siding with the China "bulls".
    
    Mr Mackenzie, speaking in Washington, said BHP's key commodities including iron ore, coal, copper and oil were "still flowing" through Chinese ports and there was no inventory build up. Stockpiles of commodities at the ports would indicate a sharper slowdown in commodity demand. He said “If we compare to three or four months ago, things are a little better, not worse.”
    
    After a partial recovery in the price of iron ore in recent weeks, Mr Mackenzie admitted there was more "downside" to the iron ore price due to the volume of new production coming on stream. He said "The price risk is slightly to the downside.”
    
    Mr Mackenzie said BHP had been expecting a slowdown for several years and foresaw a big drop in the metal-intensity of China's economy. He said "Industrial production is coming down but services are holding up. It does seem they are finding a way to manage that transition. It's a tough transition to manage."
    
    The mining giant is forecasting steel demand in China to grow at 2 per cent a year, down from a peak of around 20 per cent annually.
    
    Chinese policymakers are trying to make their economy less dependent on investment and exports, and more reliant on domestic consumption and services.
    
    Source : Australian Financial Review
    

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18. voda 18 september 2015 13:49

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    Tata Steel RSM at Scunthorpe yielding bumper output
    
    Scunthorpe Telegraph reported that the rail and section mill on the Tata Steel works in Scunthorpe is a world-beater and that's official. Employees have been told the mill has a world-class delivered-on-time record of 98.5 per cent.
    
    At the same time, production in Scunthorpe and the sister plant in Hayange, France, has risen from 422,000 tonnes in 2012 to 575,000 tonnes last year.
    
    And the tonnage is expected to go even higher this year.
    
    The Scunthorpe mill produces six different rail profiles in lengths of up to 108 metres.
    
    Source : Scunthorpe Telegraph
    

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19. voda 18 september 2015 13:50

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    Dispute over US Steel Canada restructuring sent to mediation
    
    The Globe and Mail reported that the dispute between United States Steel Corp. and its stakeholders over the future of US Steel Canada Inc., has been sent to mediation by the Ontario Superior Court judge overseeing the Canadian unit’s restructuring.
    
    The issues in dispute between the United Steelworkers union, the Ontario government, salaried active and retired employees, and a former president of its predecessor company Stelco Inc. on one side and U.S. Steel on the other, will be examined by former Ontario Superior Court associate chief justice Douglas Cunningham in a three-day session scheduled to begin next week.
    
    The order said “The mediation shall address the feasibility of a comprehensive agreement among the parties.”
    
    The mediation will also address a business plan for the Canadian unit, its potential sale, the shift of production of high value-added steel to the United States and US Steel’s claim of more than $2-billion against the Canadian unit.
    
    US Steel Canada has been operating under the Companies’ Creditors Arrangement Act since last September, but the announcement by its parent company that it plans to shift production of about 180,000 tons of high-quality steel annually out of its Canadian operations has sparked an imminent crisis in the restructuring.
    
    Source : The Globe and Mail
    
20. voda 18 september 2015 13:51

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    • voda

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    Ukrainian steelmakers see losses rising in seven months of 2015
    
    Unian reported that Ukraine's steel industry saw a 15.3% rise in losses (negative pre-tax financial results) January through July 2015, or by UAH 1.9 billion year-over-year, to UAH 14.3 billion, according to steel industry association Metallurgprom.
    
    It said "Financial results from operational activity were estimated at UAH 8.7 billion against UAH 4.6 billion in the seven months of 2014, but loss from foreign exchange rate differences (re-assessment of loans in foreign currency and interest on them) translated into a negative financial result before tax.”
    
    According to Metallurgprom, net income (revenue) from sales of steel goods for the reported period increased by 15.1% year-over-year, or UAH 15.4 billion, to UAH 117.4 billion.
    
    There was a significant increase in prices (in the hryvnia equivalent) of main raw materials as compared to the same period last year: prices of iron ore were up by 46%, pellets by 16%, limestone by 72%, refractory materials by 59-108%. Prices of ferroalloys grew by 80-123%, coke by 119%, scrap metal by 48%, natural gas by 67%, and electricity by 37%.
    
    At the same time, export prices of steel staples made by Ukrainian producers decreased by an average of 23% in the dollar equivalent, but rose by an average of 58% in the hryvnia equivalent
    
    In the seven months, steelmakers were paid UAH 9.8 billion in delayed VAT refunds. At the same time, VAT refunds claimed as of August 1 totaled UAH 6.2 billion (VAT refunds arrears as of August 1, 2014, amounted to UAH 2.8 billion).
    
    As UNIAN reported earlier, the Ukrainian metallurgical industry's losses (negative financial results before tax) increased by 84.4%, or UAH 10.3 billion, in 2014 from 2013 to UAH 22.5 billion.
    
    Source : Unian