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1. voda 2 oktober 2015 21:20

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   Rescue plan for steel firm unveiled - The Northern Echo
   
   The Northern Echo reported that a rescue plan for Teesside steelworks will be put before the government today in a last ditch bid to save the troubled SSI plant and hundreds of jobs
   
   A North-East company has stepped forward with a bold proposal that would keep the fires burning at the Redcar site until a buyer can be found to restart iron and steelmaking when market conditions pick-up.
   
   It comes amid rising fears that cash-strapped SSI will enter administration in the coming days, triggering 2,200 job losses on Teesside and leaving staff and suppliers owed millions of pounds.
   
   Source : The Northern Echo
   
2. voda 2 oktober 2015 21:21

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   Schnitzer Steel complets Auto and Metals Recycling Integration
   
   Schnitzer Steel Industries Inc announced the completion, during the fourth quarter of fiscal 2015, of the integration of its Auto Parts Business and Metals Recycling Business into a single Auto and Metals Recycling Business. In accordance with the revised operating structure, the Company plans to report financial segment and operating information for the combined AMR business for the fourth quarter and fiscal 2015, including comparable historical periods in its earnings release.
   
   Source : Strategic Research Institute
3. voda 2 oktober 2015 21:23

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   ThyssenKrupp Steel Europe and PSI Conclude Strategic Partnership
   
   The ThyssenKrupp Steel Europe AG and PSI Metals have concluded an agreement on the development of PSI to become the standard software provider for all the companies within the Business Area Steel Europe.
   
   Source : Strategic Research Institute

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4. voda 2 oktober 2015 21:29

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   Redcar steel plant for sale on eBay by worker
   
   Mirror reported that a desperate steel worker has put the giant Redcar blast furnace on eBay with a poignant message to future owners about its 1,700 sacked workers. Mr Mike Gilbert worked at the South Bank coke works for 31 years and stood alongside tearful colleagues in a midnight vigil as the final shift came to an end.
   
   At the same time as putting the blast furnace online for 99p, Mr Mike is preparing to sell the home he and his wife ploughed their savings into as they can no longer afford the mortgage.
   
   His message to would-be buyers reads “Founded by Dorman Long in 1917, the steel produced was used to build structures including the Sydney Harbour Bridge, Tyne Bridge and the Auckland Harbour Bridge. Under the socialist plans of the post-Second World War Labour Party, in 1967 Dorman Long was absorbed into the newly created nationalised company, British Steel. Please make your offers to Sahaviriya Steel Industries (SSI) to help save 1700 employees over 1000 contractors and up to 8000 sub contractors and suppliers. You will be buying a extremely loyal, hard working workforce who only wish to make a living and keep steel alive on Teesside for generations to come.”
   
   He was flooded with good luck messages and a highest bid of more than GBP 63,000.
   
   Mr Mike, 51, of Middleton St George, Co Durham, explained: “We need a buyer and I wanted to help - the Government aren’t prepared to so we have to do it ourselves.”
   
   He began working at the site in 1984 when it was then privatised under British Steel and was a deputy shift supervisor at the South Bank coke ovens, which were shut down two weeks ago in the first part of the closure process.
   
   Source : Mirror
   

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5. voda 2 oktober 2015 21:31

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   GMS update on shipbreaking in Turkey in Week 39 - EID CALM!
   
   The Turkish market remained quiet for a majority of the week, with no significant fluctuations in prices reported. Eid holidays of September were the primary reason local re-rolling mills were not offering for new purchases.
   
   Consequently, most of the recycling yards remained cautious, offering marginally lower levels (by about USD 5/MT) for the handful of candidates being negotiated.
   
   Despite the prevailing (albeit weakened) demand, it remains to be seen what local appetite will be after this quiet week.
   
   Source : GMS Weekly

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6. voda 2 oktober 2015 21:34

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   LME to appoint at least 5 market makers for new steel contracts
   
   Reuters reported that the London Metal Exchange, the world's biggest marketplace for base metals trade, expects to appoint at least five market makers to provide liquidity for its steel rebar and scrap contracts due to be launched in November.
   
   LME senior consultant Christian Schirmeister said on Wednesday"I am confident we will have a minimum of five market makers for each of the two contracts. We have enough applications. Some market makers may be involved in both contracts.”
   
   The contracts for rebar, bars used for reinforcing concrete, and steel scrap, are on schedule for launch on November 23 pending final British regulatory approval.
   
   Steel derivatives have failed to make a major impact in recent years, including the LME's own billet future, with large numbers of products hardly traded because of thin liquidity, partly because steelmakers outside China turned their back on them. The LME is taking the unusual step of appointing market makers for the new contracts to provide an early liquidity stimulus.
   
   Source : Reuters
   
   
7. voda 2 oktober 2015 21:36

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   Steel units shutting down in Punjab in the wake of high power tariff
   
   Business Standard reported that Mr JP Sharma of RK Steel and Alloys, Mandi Gobindgarh, Punjab, is unable to find buyers for his steel mill. Mr Sharma, a second generation entrepreneur, wants to sell his loss making unit in Punjab and consolidate his business in Chattisgarh, where he set up a steel factory few years back. There are many like Sharma in Mandi Gobidgarh, ‘The steel City of Punjab’ who are scouting for buyers as business is unviable and there is no hope of revival.
   
   While the small factory owners have been scaling down their volumes, those who have financial strength, have expanded in Eastern states due to cheap power and proximity to the mines. Mandi Gobindgarh based Fortune Metals Limited has set up a steel mill in Raigarh that is four times the capacity of its Punjab mill.
   
   Some medium scale units, according to sources in banks are under debt restructuring.
   
   The Industry Minister of Punjab, Madan Mohan Mittal also admitted that out of 200 units those closed down in last eight years, 193 were in Mandi Gobindgarh.
   
   The exorbitant power tariff and a high cross subsidy on the open access of power jeopardized the health of steel industry in the last few years.
   
   ‘Few years back, labour shortage was a big issue. We were not able to meet our labour demand due to MNREGA as migrant labour was not available as per the need of industry. Now the situation has reversed. The labour is going back due to dearth of work”, said J P Goel of Bhawani steel Private Limited.
   
   Goel’s factory is operating at 35 per cent capacity utilization and the sales turnover at Rs 250 cr, half of what it was four years back. The composite plant, spread in 50 acre is under acute stress due to burgeoning cost of bank repayments.
   
   “A recent announcement by the Deputy Chief Minister of Punjab, Sukhbir Singh Badal that the new industry would be offered power at a cheap rate of Rs 5 per unit has pulled the rug under our feet. The existing industry is paying Rs 8.25 (approximately) per unit and is in a dismal condition due to unviable power cost. The government is keen on inviting new investors and paying no heed to the problems of existing industry”, said Vinod Vashisht, President of All India Steel Re-rollers Association, who has his factories in Mandi Gobindgarh. “We sent a representation to the Deputy Chief Minister after the announcement and waiting for a call from his office for a meeting”. Since power is one of the raw material for steel industry, even a small hike goes a long way for the industry.
   
   The slowdown in Punjab industry is not a part of global recession but it is the policies of the state government. The high surcharge on wheeling of power, flip flop in policies (e trip was introduced for sales tax collection and withdrawn), high collectors rate on land put together have made the state unattractive for the business.
   
   Source : Business Standard
   

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8. voda 2 oktober 2015 21:38

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   Loan to save SSI steel plant would be illegal – Mr James Wharton
   
   Bournemouth Echo reported that The Northern Powerhouse minister has explained why banks got a bailout but the mothballed Redcar steel plant could not.
   
   Thai owners SSI announced 1,700 jobs will go at the site amid falling global steel prices, causing a huge blow to the Teesside economy. Prior to the devastating announcement, there were calls for the Government to step in to help the struggling industry.
   
   James Wharton, Conservative MP for nearby Stockton South and who has responsibility for the Northern Powerhouse, write an article in the Teesside-based Gazette newspaper to explain why that could not happen.
   
   He expressed his sympathy with workers and their families and said the Government has been working with SSI over the summer, before news of the crisis reached the media.
   
   Mr Wharton said that had to remain confidential for commercial reasons, but without help the end could have come sooner.
   
   And writing for the Gazette, he explained options to do more now were limited. He wrote "A loan or grant would be illegal under EU state aid rules. People sometimes point to the banking bailouts of the past and ask, if this is true, how they received help? "At that time a special exemption was made by the EU Commission because of the unique role banks have in the economy. "Whatever the rights or wrongs it was not against the law."
   
   Mr Wharton said the reality was SSI had lost hundreds of millions of pounds since it reopened in 2012. Any government aid would not solve the plant's underlying problems, he said.
   
   Nationalisation would mean the taxpayer would have to cover those losses, Mr Wharton argued.
   
   Source : Bournemouth Echo
   

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9. voda 2 oktober 2015 21:40

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   Arrium to slash costs from Whyalla steel plant and cut jobs
   
   Sydney Morning Herald reported that Australian steel Arrium will cut jobs and overhaul operating practices at its Whyalla steelworks in South Australia to save $100 million as the company rolls ahead with an auction for its prized mining consumables business.
   
   The embattled steel, mining, and materials group said on Thursday it is seeking an additional $100 million of cost savings in its steel arm, OneSteel, on top of $60 million of previously announced cost savings from the group.
   
   It said "In steel, global steel over-capacity means a step change in its cost base is required to maintain the competitiveness of the business. Arrium and its key stakeholders are aligned in the objective of improving the competitiveness and ongoing viability of the Wyalla business."
   
   No figure was given on the number of jobs losses at the plant.
   
   The company only said it was looking for "broad-based cost reductions and efficiency improvements" in areas such as "labour and overheads, sourcing and procurement, production conversion costs, site rationalisations, and corporate costs."
   
   The Whyalla steelworks produces about 1.2 million tonnes of raw steel every year, almost half of OneSteel's 2.5 million tonnes of annual production capacity, and is a key employer in the region. Arrium is struggling to cope with its $1.75 billion debt in the midst of depressed steel and iron ore markets.
   
   Source : Sydney Morning Herald
   

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10. voda 4 oktober 2015 15:16

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    Malaysian Southern Steel makes huge loss in sale of stake in wire unit BSWPL
    
    The Star reported that Malaysian steel-billet producer Southern Steel Bhd has booked a loss in the sale of the company’s 45% stake in Bekaert Southern Wire Pte Ltd. The company was sold to Bekaert Singapore Pte Ltd (BSPL) and NV Bekaert SA for USD 5.69 million (RM 25.04million) cash.
    
    The original cost of investment in the stake was RM 73.44 million in May 2012.
    
    However, the company said in a stock exchange filing that investment has been fully impaired as at June 30 due to the challenging environment surrounding the steel industry.
    
    The company said it disposed of 23.14 million ordinary shares of S$1 each in BSWPL on Sept 29.
    
    The disposal was also completed on the same day.
    
    The remaining 55% of the issued and paid-up share capital in BSWPL is owned by the purchaser.
    
    The company intends to use the proceeds from the disposal for working capital purposes and/or repayment of borrowings.
    
    Source : The Star
    

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11. voda 4 oktober 2015 15:16

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    POSCO gets USD 1 billion for sale of stake in E&C unit toSaudi fund PIF
    
    Korea Times reported that POSCO has received 1.24 trillion won ($1.05 billion) from the Saudi sovereign fund for a 38 percent stake in POSCO Engineering and Construction (E&C), securing much-needed cash to improve its financial health.
    
    The world's fourth-largest steelmaker said Thursday that the Public Investment Fund (PIF) of Saudi Arabia made the payment, sealing the deal 13 months after both sides signed a sales agreement. POSCO now holds a 52.8 percent stake in one of Korea's largest construction firms, followed by PIF's 38 percent. The remaining 9.2 percent is held by other institutional investors.
    
    POSCO pushed for the sale of the stake in the construction unit as part of restructuring efforts under company CEO Kwon Oh-joon to improve its financial state. Saudi Arabia has also been seeking to acquire advanced construction know-how and expertise from POSCO E&C in preparation for the post-oil era.
    
    POSCO officials also say the stake sale will help improve the steelmaker's international credit ratings, and provide its building arm with more opportunities to take part in industrial and social infrastructure development projects in the Middle Eastern nation.
    
    A POSCO spokesman said "PIF will dispatch two members of board of directors to POSCO E&C, which will greatly boost the management transparency and governance structure of the unlisted builder. The builder will be in a better position to expand its foothold in the Middle East."
    
    POSCO E&C plans to establish a joint construction firm with the Saudi fund soon. "POSCO E&C Saudi Arabia" will play a key role in the development of hotel, railway and other social infrastructure in the country, according to the spokesman.
    
    Source : Korea Times
    
12. voda 4 oktober 2015 15:17

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    ThyssenKrupp closing Northern Elevator plant in Toronto
    
    The Canadian Press reported that the elevator division of ThyssenKrupp is closing its Toronto manufacturing operations, with the loss of about 165 jobs.
    
    ThyssenKrupp Elevator Americas said Thursday that the phased closure of the Northern Elevator plant in Toronto will be completed by the summer of 2016 as it consolidates manufacturing at its facility in Middleton, Tenn.
    
    The elevator company will continue to employ more than 1,600 people elsewhere in Canada, while 2,750 people work for other ThyssenKrupp companies in this country.
    
    Rich Hussey, president and CEO of ThyssenKrupp Elevator Americas, said in a release announcing the closure that “This was not an easy decision and comes after an extensive review of our business. By consolidating manufacturing operations, we can more efficiently provide high-quality products and customer service while expanding our engineering focus.”
    
    It said customers have asked us better technical support and field operations assistance in the region and that by restructuring “we can meet their needs.”
    
    Source : The Canadian Press
    

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13. voda 4 oktober 2015 15:19

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    Unite urges UK government to keep Redcar coke ovens alight
    
    Britain’s largest union, Unite urged ministers to intervene and keep the coke ovens at the Redcar steelworks warm so that production could be resumed in the future and warned that its support package for SSI steelworkers was a ‘drop in the ocean’.
    .
    
    Source : Strategic Research Institute
14. voda 4 oktober 2015 15:20

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    Delegation meets commerce minster on safeguard duty on HR steel
    
    Published on Sat, 03 Oct 2015 234 times viewed
    
    India Infoline News Service reported that India’s Commerce Minister, Ms Nirmala Seetharaman met a delegation led by Jaywantiben Mehta, ex Union Minister of state for Power and including representatives from Federation of Associations of Maharashtra (FAM), Bombay Iron Merchant’s Association (BIMA), Thane Small Scale Industries Association (TSSIA), Chamber of Small Industries Association (COSIA), representatives of Nippon Steel & Sumotomo Metal/Japan and Marubeni Itochu Steel/Japan on 29th September 2015.
    
    Jaywantiben on behalf of all and delegates of each association and company presented a detailed list of difficulties that imposition of safeguard duty on hot rolled coils has created and provided their reasoning as to why the same needs to be relooked in the interest of industrial growth.
    
    It was specifically highlighted that the SME & MSME would suffer tremendously as against the protection provided to large steel plants.
    
    The delegates had long discussion and the Minister informed them that the government of India will look into the issue.
    
    Source : India Infoline News Service
    
15. voda 4 oktober 2015 15:21

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    Essar Steel to join hands with NMDC for iron ore slurry pipeline project
    
    Business Standard reporttted that Essar Steel will join hands with the National Mineral Development Corporation or the 450-km underground 15 million tonnes per annum slurry pipeline from Bailadila in Chhattisgarh to Visakhapatnam in Andhra Pradesh
    
    The project that would entail an investment of about INR 10,000 crore would also include two iron ore pellet plants. NMDC and Rashtriya Ispat Nigam Ltd had inked agreement to form a joint venture with 26% equity each to make the project a win-win for both. The joint venture had offered 16% stake each to Essar Steel, Kudremukh Iron Ore Company and Jindal South West.
    
    Though the Essar officials denied comment on the issue, a top NMDC official associated with the project told Business Standard that Essar had given in-principle consent to be a part in the venture. The other modalities are being worked out
    
    Essar has been operating a 267-km slurry pipeline to transport iron-ore fines from its Bailadila plant to Vizag. The pipeline has been passing through the interior areas of Bastar region that is notorious for frequent strikes by Naxal militants. The rebels had damaged Essar's 267 km-long slurry pipeline in July 2010. The complex returned to full production after a long time. The proposed pipeline would be underground that would not be vulnerable for the militant attack. The project is important for the Essar, the global integrated steel maker. It would provide a stand-by arrangement for the company as the rebels had been frequently damaging its pipeline.
    
    The first phase of 135 km connecting Bailadila and Nagarnaar (Jagdalpur) will be completed by 2018 and the second phase of 310 km thereafter in a year or two. The pipeline would pass through three states that include Chhattisgarh, Odisha and Andhra Pradesh would be routed through the national highways to avoid insurgency problems.
    
    Source : Business Standard
    

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16. voda 4 oktober 2015 15:22

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    GBP 80 million government emergency fund for Redcar steelworkers
    
    British Government announced that it has set up an GBP 80 million emergency fund to help steelworkers who have lost their jobs. But Labour leader Jeremy Corbyn called on the Government to temporarily take over the loss-making plant.
    
    Gareth Stace, director of UK Steel, said: “It may be too late for SSI, but the situation in Redcar brings the problems facing the UK steel sector into sharp relief. The Government must now spearhead efforts to support the steel industry and the supply chains it feeds.
    
    He said “The steel site in Redcar remains a viable and efficient plant and the Government-led steel summit taking place in two weeks will be a make or break event for the entire industry.”
    
    A rescue package could see a British company which has not yet been identified take control of the coke ovens, the bulk terminal port and other assets at Redcar until a buyer can be found to restart operations when market conditions recover.
    
    Source : Scunthrope Telegraph
    
17. voda 4 oktober 2015 15:23

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    ANTARA News reported that PT Krakatau Steel Tbk has expressed its readiness to supply steel needed by the shipbuilding industry, especially those grouped in the Association of Indonesian Shipbuilding and Offshore Industries. PT KS president director Mr Dadang Danusiri and Iperindo Chairman Eddy Kurniawan Logam signed a cooperation agreement to realize the governments policy.
    
    Mr Danusiri said “We are ready to support the governments priority agenda and President Joko Widodos policy to make Indonesia a maritime axis through infrastructure development efforts. Products of PT Krakatau Steel Tbk and PT Krakatau Posco would be able to meet the specifications outlined by Iperindos members.”
    
    Mr Kurniawan remarked that the transport ministry had placed an order to Iperindo for 180 ships, which needs to be completed in 2016 out of the 500 ships needed in the medium term and four thousand ships in the long term. He said according to the governments demand, the ships must be built using domestic raw materials, and so, Iperindo would cooperate with Krakatau Steel and several strategic state-owned companies.
    
    He said "This policy is expected to be able to revive the domestic shipbuilding industry, and in turn, boost economic growth.Governments policy was a breakthrough as ship procurement earlier relied on the imports of used ships due to an imbalanced tax policy as a result of which the shipbuilding industry did not grow well. Now, the government is offering tax benefits and financing facility to revive the shipbuilding industry.”
    
    Source : Antara News
    
18. voda 4 oktober 2015 15:24

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    cuts confirmed at New Zeland Steel of Bluescope
    
    Stuff reported that about 100 non-unionised New Zealand Steel workers will have lost their jobs by Christmas. The jobs to go are in office functions, such as its finance, procurement, legal and engineering divisions, and will mostly impact Waikato North Head mine and the Glenbrook Mill.
    
    The company was given an ultimatum over a month ago when its Australian parent company, BlueScope Steel, announced that the company needed to save $219 million from its businesses by 2017 to cope with falling steel prices. That included $50m in savings from its New Zealand operations, and workers were told if they did not accept changes to working conditions they would face job cuts.
    
    BlueScope general manager for NZ Steel Andrew Garey said the company's total workforce included 850 unionised members, and 400 non-unionised employees. Fifty jobs have been cut from the non-unionised workforce since August, and a further 50 job losses will be confirmed before the end of the year.
    
    Garey said a deal over bonuses and pay reached with the union on Thursday would also apply to non-unionised workers. Despite the newly locked-in deal, he said union members might still face job losses.
    
    He said unionised contract changes would save NZ Steel $15m over the next two years, with a further $10m trimmed off the budget by the changes to the non-unionised workforce.
    
    In total, job changes would save NZ Steel $25m over the next two years – half of the amount needed to secure operations here.
    
    Garey said the remainder of the savings would come from projects to increase productivity and re-negotiated contracts with suppliers, both of which were "progressing well".
    
    Source : Stuff
    
19. voda 4 oktober 2015 15:25

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    Essar Steel Algoma to lays off 100 at Soo plant
    
    Bay Today reported that roughly 100 people will be laid off at Essar Steel Algoma as the company cuts costs in the face of poor market conditions. Ms Brenda Stenta, Essar Steel Algoma's manager of corporate communications, said the company does not anticipate near-term market recovery and is curtailing costs and flexing production levels to match current demand."
    
    She told "Unfortunately, one of the cost constraining measures includes the need for temporary layoffs.”
    
    She said it is not clear how long the layoffs will last.
    
    She said the company continues to assess the situation. She added "We're well-positioned to weather this cycle, but we're taking steps to constrain our costs and ensure the long-term viability of the operation.”
    
    Mr Mike DaPrat, president of United Steelworkers Local 2251, said just shy of 100 members are expected to be affected, and he said there could indeed be more if steel prices don’t improve. He said “The number is what it is now, and if (the market) doesn’t get better by November it’s going up.”
    
    Mr DaPrat said the union had just recently received a list of members whose jobs will be affected and work is underway to determine who will be displaced.
    
    Mr DaPrat laid the blame for poor market conditions on federal mishandling of foreign steel dumping and a lack of stimulus funding to kick-start a stalled manufacturing sector. He said “I’m fed up with a federal government that makes decisions behind closed doors.”
    
    Source : Bay Today
    

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20. voda 4 oktober 2015 15:33

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    MMTC to sell 11 million tonnes of iron ore stocks of Goa
    
    Business Standard reported that the Goa government has roped in Central public sector unit MMTC Ltd to sell 11 million tonnes of iron ore lying with it since the Supreme Court clampdown on illegal mining in the state.
    
    MMTC chairman and managing director Ved Prakash told Business Standard "Recently, the Goa chief minister and other senior officials held discussion with us on the sale of 11 million tonne of iron ore stock lying in the state since the Supreme Court suspended mining operation there three years back. We have agreed to take up the responsibility and await the government order in this regard,"
    
    Mr Prakash said, they would consider similar requests from other states burdened with iron ore inventories if approached by respective state governments.
    
    Source : Business Standard
    

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