ArcelorMittal LU1598757687

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1. voda 8 oktober 2015 19:26

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   Saudi Arabian steel producers feel the heat as stockpiles rise
   
   AME Info reported London-based Al-Sharq al-Awsat said that
   weak demand at home, lower prices abroad and higher stockpiles continue to pressure Saudi steel producers, whose move to cut prices has yielded nothing so far.
   
   The country’s steel inventory continued its surge since the start of this year to a total of 1.6 million tonnes as the local construction market remains in the doldrums, leading to an additional 400,000 tonnes being sent to storage.
   
   The local committee of steel companies urged concerned authorities to intervene and allow producers to export their surplus production. The committee said local steel is coming under strong competition from the cheaper Turkish and Ukrainian steel.
   
   However, industry sources said local steel producers reaped the fruits of mega ventures the Saudi government carried out in the past few years.
   
   They also said current housing projects and individuals seeking to build private homes would benefit from the current level of prices.
   
   Source : AME Info
   
2. voda 8 oktober 2015 19:28

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   UAE steel production hits 2.9 million tonnes in 9 months
   
   AME Info reported that the United Arab Emirates’ local steel production amounted to 2.9 million tonnes in the first nine months of the current year, according to an industry source.
   
   According to the statistics released by Emirates Steel Company, in 2014, local steel consumption reached 3.96 million tonnes, 2.8 million tonnes of which are rebar,
   
   There are 24 steel manufacturers in the country with a combined production capacity of 6 million tonnes in 2014. The gross production capacity is set to increase to 7.3 million tonnes this year.
   
   The data, published by Al-Ittihad newspaper, reveals that the inactive production capacity of the country’s local steel producers stood at 2.4 million tonnes in 2014 and will rise to 3.6 million tonnes in 2015.
   
   Real production amounted to 3.8 million tonnes by the end of 2014 compared with 3.5 million tonnes in 2013. Of this amount, 2.5 million tonnes were reinforcing steel.
   
   The country imports steel from three main countries: China, Turkey and South Korea, the data shows.
   
   Source : AME Info
   
3. voda 8 oktober 2015 19:29

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   Moody's changes Gerdau's outlook to negative but affirms all ratings
   
   Moody's changes Gerdau's outlook to negative but affirms all ratings
   
   Moody's Investors Service changed the rating outlook for Gerdau SA and related ratings to negative from stable. At the same time, Moody's affirmed Gerdau's Baa3 issuer rating, and the Baa3 ratings on the foreign currency debt issues of Gerdau Trade Inc (guaranteed by Gerdau SA and its operating subsidiaries in Brazil) and on the local currency debt issues of GTL Trade Finance Inc (guaranteed by Gerdau SA and its operating subsidiaries in Brazil), as well as the industrial revenue bonds issued by Jacksonville Economic Development Commission (guaranteed by Gerdau SA) and the solid waste disposal bonds issued by St Paul (City of) MN, Port Authority (guaranteed by Gerdau SA).
   
   Outlook Actions
   Issuer: Gerdau SA - Outlook, Changed To Negative From Stable
   Issuer: Gerdau Trade Inc - Outlook, Changed To Negative From Stable
   Issuer: GTL Trade Finance Inc - Outlook, Changed To Negative From Stable
   
   Ratings Affirmed
   Issuer: Gerdau SA - LT Issuer Rating: Affirmed Baa3
   Issuer: Gerdau Trade Inc - USD 750 million senior unsecured notes due 2023: Affirmed Baa3
   Issuer: GTL Trade Finance Inc - USD 1,250 million senior unsecured notes due 2024: Affirmed Baa3 and USD 500 million senior unsecured notes due 2044: Affirmed Baa3
   Issuer: Jacksonville Economic Development Comm., FL - USD 23 million industrial revenue bonds due 2037: Affirmed Baa3
   Issuer: St Paul (City of) MN, Port Authority - USD 51 million solid waste disposal revenue bonds due 2037: Affirmed Baa3
   
   RATINGS RATIONALE
   The affirmation of Gerdau's Baa3 ratings and change in outlook to negative from stable reflect Moody's view that the company's credit profile and operations remain solid, but incorporate the deterioration in market fundamentals for the steel industry in Brazil, and the continued challenges for the global steel industry. Brazil's recession and continued struggling industrial activity, especially in steel consuming segments such as construction and capital goods, will continue to challenge the steel industry throughout 2015-16. While Gerdau's geographic diversity helps support less volatility in margins, cash flow generation remains skewed towards its domestic operations, which account for about 50% of its total EBITDA. It is therefore highly susceptible to macroeconomic conditions in Brazil. In the US, the strong dollar will continue to attract imports, and steel-consuming industries have mixed trends, with automotive and commercial construction improving, but mining and oil & gas hit by the lower level of investments. Therefore, we should see volatility in this market as well.
   
   Gerdau's Baa3 rating are supported by the company's historically solid cash generation, which reflects its strong market position in the several markets where it operates, its good operational and geographic diversity, its cost-driven management, as well as its conservative financial policies. While Gerdau's variable cost structure, high integration level and large scale provide good operating flexibility, reducing downside risk and translating into historically solid EBITDA margins through the industry's cycles, the economic slowdown in Brazil should keep volumes and margins in the country under pressure over the medium term (but with margins still comparing positively to most steel markets globally). Gerdau's liquidity position remains healthy based on a robust cash position (BRL 5.7 billion at the end of June 2015).
   
   Gerdau's exposure to the cyclicality of the steel industry, which is subject to global and regional supply-demand imbalances and sharp price changes, and a product mix that includes a major proportion of long steel, giving the group a relatively high exposure to the construction industry, are constraining factors for its rating. Also constraining the ratings is the negative perspective for Brazil's economic growth and industrial activity, which should continue to impact Gerdau's domestic sales. Imports remain a threat for the Brazilian operations, but the devaluation of the local currency (BRL) should continue to help hinder imported steel and steel products. The challenges in the global steel industry and the deterioration in Brazil's domestic market will pressure Gerdau's metrics and its cash flow generation ability, leading to an increase in leverage and weakening interest coverage to levels above what is expected to a Baa3 company, thus pressuring the ratings.
   
   Although the likelihood of an upgrade is limited in the next 12 to 18 months, given the challenges faced by Gerdau and its main markets, a stabilization of the outlook could be considered if there is solid demand recovery in Brazil's domestic market, supporting price increases and adjusted EBIT margins returning to levels above 9%. An upward rating movement would require that Gerdau maintains a strong liquidity position and reduces debt levels, with total adjusted debt to Ebitda consistently below 2.5x. An upgrade could also be considered if cash flow from operation less dividends to adjusted debt trends above 30% on a sustained basis.
   
   Negative pressure on the rating could result from weaker liquidity or from persistently high leverage, with total debt to Ebitda not evidencing a trend back to 3x on a sustainable basis over the long-term. Further deterioration in volumes and margins in Gerdau's main markets (namely Brazil and the US), affecting Gerdau's ability to generate positive free cash flow or limited flexibility for capex reduction could trigger a downgrade. A sharp deterioration in the controlling shareholders' (Metalúrgica Gerdau) financial position and an increase in dividends at levels such that the cash flow from operations less dividends to debt ratio remains below 25% for a prolonged period could also precipitate a downgrade.
   
   Source : Strategic Research Institute
4. voda 8 oktober 2015 19:31

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   AISI update on raw steel production in US in Week 40
   
   In the week ending October 3, 2015, domestic raw steel production was 1,727,000 net tons while the capability utilization rate was 72.2 percent. Production was 1,862,000 net tons in the week ending October 3, 2014 while the capability utilization then was 77.4 percent.
   
   The current week production represents a 7.3 percent decrease from the same period in the previous year. Production for the week ending October 3, 2015 is down 0.5 percent from the previous week ending September 26, 2015 when production was 1,735,000 net tons and the rate of capability utilization was 72.6 percent.
   
   Adjusted year-to-date production through October 3, 2015 was 67,819,000 net tons, at a capability utilization rate of 72.5 percent. That is down 8.0 percent from the 73,727,000 net tons during the same period last year, when the capability utilization rate was 78.0 percent.
   
   Broken down by districts, here's production for the week ending October 3, 2015 in thousands of net tons: North East: 195; Great Lakes: 659; Midwest: 221; Southern: 563 and Western: 89 for a total of 1727.
   
   The Raw Steel production tonnage provided in this report is estimated. The figures are compiled from weekly production tonnage provided from 50 percent of the domestic producers combined with monthly production data for the remainder. Therefore, this report should be used primarily to assess production trends. The AISI production report “AIS 7,” published monthly and available by subscription, provides a more detailed summary of steel production based on data supplied by companies representing over three quarters of U.S. production capacity.
   
   Capability for the Second Quarter 2015 is approximately 30.7 million tons versus 31.3 million tons for the same period last year and 30.4 million tons for the First Quarter of 2015. +Includes revised data
   Source : Strategic Research Institute
5. voda 8 oktober 2015 19:35

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   ArcelorMittal Montreal invests CAD 27 million in the Longueuil bar mill
   
   To strengthen its position as a local producer of high-quality steel, ArcelorMittal Montreal has announced a CAD 27 million investment to update the finishing line at its Longueuil bar mill. The project, to be completed in 2017, will boost the mill’s production capacity to 500,000 metric tonnes per year and make new added-value products available to customers. The funding will come from ArcelorMittal’s global capital expenditure fund for strategic projects at its best-performing facilities.
   
   The Longueuil bar mill currently converts about 400,000 tonnes of steel billets per year. They are made into special quality and merchant quality bars, rebar and various other semi-finished products for customers in North America and Mexico. The bar mill is the world’s largest supplier of steel for leaf springs for the major automakers’ light and heavy trucks. The new finishing line will secure additional outlets for billets from the two ArcelorMittal Montreal steelworks in Contrecoeur and will increase the bar mill’s capacity by 100,000 tonnes per year.
   
   Design engineering is currently underway and work on the finishing line will begin in the second quarter of 2016. The new line should be operational by the end of the second quarter of 2017.
   
   Mr Sujit Sanyal, ArcelorMittal Montreal vice president, operations said “Approval of this investment is a mark of ArcelorMittal senior management’s confidence in our business unit,”
   
   Mr Luc Lacerte, Longueuil plant manager, added “This is a direct consequence of ongoing improvements in health and safety, quality, productivity and profitability, as well as our good labour relations. These factors have contributed to our past success and are more than ever necessary if we are to continue to stand out from the crowd.”
   
   The project constitutes an addition to the CAD220 million in capital expenditures at ArcelorMittal Montreal facilities in Quebec and Ontario since 2008. Despite the volatile economy, the company is maintaining its position as a world-class Canadian steel producer.
   
   The investment will consolidate the 200 jobs at the Longueuil plant, a strategic location for ArcelorMittal Montreal which has been in the municipality’s industrial park since 1974. In 2013, the bar mill underwent a CAD24m upgrade with the installation of a new reheat furnace. That project improved the mill’s performance while reducing its energy consumption and greenhouse gas emissions.
   
   Source : Strategic Research Institute
6. voda 8 oktober 2015 19:42

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   300 million tonne steel in India by 2025 to remain a pipe dream – NCAER study
   
   According to a new report by National Council of Applied Economic Research, “Make in India” cannot have its full impact without making steel in India. If the high, long term potential of the steel industry in India is to be realized, the government must introduce a comprehensive program of reforms for the industry. “The Indian Steel Industry: Key Reforms for a Brighter Future”, NCAER's new research study, sponsored and facilitated by TATA Steel, was launched at a function in New Delhi by Dr VK Saraswat Member of NITI Aayog. The NCAER Study emphasises that under a business-as-usual scenario, Indian steel is unlikely to meet either the goals of the 12th Five-Year Plan or the goal of some 300 million tonnes of production by 2025 as proposed in the Government’s Draft Steel Policy 2012.
   
   Source : Strategic Research Institute
   
   

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7. voda 8 oktober 2015 21:04

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   Vedanta to export 5.5 million tonnes of iron ore from Goa in 2015-16
   
   Live Mint reported that Vedanta Resources Plc said that it would export 5.5 million tonnes of iron ore from its mines in Goa by March as the company restarts operations with the permission of the country’s apex court.
   
   Mr R Kishore Kumar, chief executive officer of Vedanta’s iron ore business “Mines in Goa will export about 20 million tonnes of iron ore in the fiscal year ending March 2016. Out of this, Vedanta will export about 5.5 million tonnes.”
   
   He added “If we are given a larger production capacity, we are in a position to become competitive.”
   
   Mr Kishore said that Vedanta is targeting a production cost of USD 20 a tonne.
   
   The Supreme Court has allowed Vedanta to mine only 5.5 million tonnes of iron ore, but the company is seeking a relaxation on the limit to become competitive in a global market that has witnessed a meltdown in price of the commodity used to make steel.
   
   Source : Live Mint

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8. voda 8 oktober 2015 21:07

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   Roy Hill mine will ship its first iron ore cargo on 21 October - Report
   
   Business Insider Australia reported that Australia’s Roy Hill iron ore mine, majority owned by Ms Gina Rinehart’s Hancock Prospecting, looks set to deliver its maiden iron ore shipment before the end of the month according to one of the project’s key investors. Mr Matthew Hope, a research analyst at Credit Suisse, in a note to clients said “Roy Hill will ship its first iron ore cargo on 21 October, according to POSCO, a shareholder in the mine and recipient of the cargo at its south Korean mill.”
   
   He added “JV partners, POSCO, Marubeni and China Steel Corp will take 50% of the 55 million tonnes per annum output, the remainder is intended to be sold in China.”
   
   The project, commenced in mid-2011, has an initial mine life of 17 years according to the Roy Hill website.
   
   Contractor Samsung CT sent hundreds of workers to the Pilbara site earlier this year to help meet a deadline for making a first shipment in October.
   
   The transition from the construction to the production phase comes at a challenging time for the company. Iron ore prices have fallen heavily since construction began in 2011, tumbling 70% over the past four years.
   
   Last week analysts at Citibank described the addition of ore mined from Roy Hill as an “impending whale” for seaborne supply. The increase, coming at a time where “Chinese steel mills face some of their worst conditions ever,” could see iron ore prices slump below the $40 a tonne level in the first half of 2016, Citi said.
   
   Source : Business Insider Australia
   

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9. voda 8 oktober 2015 21:09

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   Iron ore inventory at Chinese ports likely to shoot up
   
   Iron ore stockpiles at ports in China will probably expand in the coming months as mills in the top supplier are forced to reduce steel output while supplies from mines increase further. According to Mr Colin Hamilton, head of commodities research at Macquarie Group Ltd, inventories may increase by about 10 million tonnes through to the year end
   
   According to the last weekly estimate from Steelhome, holdings at Chinese ports rose by 2.3% WoW to 82.4 million tonnes on September 25. A 10 million ton increase, as seen by Mr Hamilton, would lift the stockpiles to 92.4 million tons, the most since May 1
   
   The rising supply comes as steel output in China is contracting, with many mills losing money as steel prices slump and growth slows \, while iron ore supply remains quite robust. Global seaborne supplies are poised to expand this quarter with inaugural exports due from Gina Rinehart’s Roy Hill mine in Australia’s ore rich Pilbara.
   
   The absence of Chinese buyers due to week long holidays has taken toll on iron ore prices. After staying in USD 56-58 range for almost a fortnight, iron ore prices slid to USD 53 at the weekend, the lowest since late July. Markets in China were shut on last Thursday and would remain shut until Wednesday for national holidays in China. The buying is expected to resume on Wednesday and there could be a slight uptick in short term. However as the supplies are expected to increase further from Brazil (Vale) and Australia (Roy Hill), chances of iron ore sliding below 50 mark are quite high
   
   Source : Bloomberg
   
10. ToTheTop 8 oktober 2015 21:13

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    Fed geeft geen indicatie van rentestap
    20:28 8-10-2015
    
    WASHINGTON (AFN) - De Federal Reserve gaf in de donderdag gepubliceerde notulen van de vergadering op 16 en 17 september geen indicatie of de rente in de VS nog dit jaar wordt verhoogd. Het beleidsbepalende orgaan van de centrale bank vond de economische zwakte buiten de VS een te groot punt van zorg om de rente voor het eerst sinds 2006 op te krikken.
    www.beursgorilla.nl/nieuws-item.asp?t...
    
11. voda 9 oktober 2015 16:53

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    Advies ArcelorMittal naar overweight bij JP Morgan Cazenove - Market Talk
    
    AMSTERDAM (Dow Jones)--JPMorgan Cazenove verhoogt zijn advies op ArcelorMittal (MT.AE) naar overweight van neutral op basis van taxaties en de verwachte verbetering van de staalprijzen in het vierde kwartaal. Volgens de analisten is de waarde van het aandeel in de afgelopen maand met zo'n 11% gedaald ten opzichte van sectorgenoot ThyssenKrupp. "Hoewel het aandeel van zijn laagste punt af is, zien we de zwakte van het aandeel in de afgelopen maand als een overtuigend instapmoment", aldus JP Morgan Cazenove, dat zijn koersdoel handhaaft op EUR7,30. Omstreeks 13.30 uur noteert het aandeel 7,9% hoger op EUR6,06, terwijl de AEX met 0,4% stijgt. (peter.nurse@wsj.com)
    
    
    Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com
    
    
12. voda 9 oktober 2015 17:04

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    Hoger advies ArcelorMittal bij JPMorgan
    
    Gepubliceerd op 9 okt 2015 om 09:30 | Views: 5.495
    
    AMSTERDAM (AFN) - De Amerikaanse zakenbank JPMorgan Chase heeft het advies voor het aandeel ArcelorMittal verhoogd van overweight naar neutral. JPMorgan neemt daarmee een voorschot op betere prestaties in het vierde kwartaal door sterkere staalprijzen.
    
    De bank noemt ArcelorMittal zijn 'preferred steel pick', ook omdat het meer kan profiteren van Amerikaanse beschermingsmaatregelingen voor zijn handel. JPMorgan verlaagde wel zijn prognoses voor de onderneming voor 2016, maar blijft optimistisch over de ruimte die het aandeel heeft vanaf de huidige niveaus.
    
    Het aandeel ArcelorMittal noteerde vrijdag omstreeks 09.30 uur 5,9 procent hoger op 5,95 euro.
    
13. voda 9 oktober 2015 17:07

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    Glencore verlaagt zinkproductie fors
    
    Gepubliceerd op 9 okt 2015 om 08:54 | Views: 2.157
    
    LONDEN (AFN/BLOOMBERG) - Grondstoffen- en mijnbouwbedrijf Glencore gaat zijn productie van zink met een derde verlagen, omdat de prijs sterk onder druk staat door de zwakkere Chinese vraag.
    
    Glencore gaat mijnen sluiten in Australië, Zuid-Amerika en Kazachstan waardoor de jaarlijkse zinkproductie met 500.000 ton per jaar wordt verlaagd. Ongeveer 1600 banen zullen verloren gaan door de maatregel. Glencore gaf vrijdag aan dat wanneer de zinkprijs weer herstelt de productie opgestart zal worden. Het bedrijf gaat verder ook de productie van lood met 100.000 ton per jaar verminderen.
    
    De zinkprijs is gezakt naar het laagste niveau in vijf jaar. China is goed voor ongeveer 40 procent van de wereldwijde behoefte aan zink. De grondstof wordt onder meer gebruikt in de bouw, industrie en de geneeskunde waaronder in zalven.
    
14. maurice 1971 9 oktober 2015 17:12

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    eindsprintje
15. [verwijderd] 9 oktober 2015 17:17

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    helaas geen sluit boven de 6. Wel een mooi bericht dat er verwacht wordt dat de staalprijzen verder zullen aantrekken de komende tijd. Dat zal dan zeker verwerkt worden in de koers. Alleen jmmr van GS
16. voda 11 oktober 2015 15:08

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    POSCO and Renault Samsung team up to develop improved steels for cars
    
    Korea Times reported that POSCO and Renault Samsung Motors signed an agreement for closer cooperation. Under the pact, POSCO will provide quality automotive steel for Renault Samsung's new cars to be manufactured, while Renault will cooperate with POSCO in high strength steel development and new materials for Renault cars.
    
    The Renault new cars will have POSCO's high-strength steel, where the TVB-HPF technology, which enables manufacturing lighter vehicles, is applied for the first time
    
    Mr Oh In-hwan, head of Steel Business Division at POSCO, during the signing ceremony said “When the two companies, both trying to tide over the global economic downturn with leading innovation, join hands, we can prosper together. Let us strengthen the partnership in production, technology and marketing to maximize the synergy.”
    
    Renault Samsung CEO Mr Francois Provost said the agreement will pave the way for a strategic partnership.
    
    POSCO and Renault Samsung have been in close technological cooperation, applying magnesium plates for cars for the first time in the world and developing a donut-shaped LPG tank jointly.
    
    POSCO is supplying its steel to all global top 10 carmakers including Volkswagen, Toyota and GM.
    
    Renault is currently producing SM series sedans and Nissan Rogue SUVs. Renault plans to manufacture mid-sized Talisman sedans from early next year.
    
    Source : Korea Times
    
17. voda 11 oktober 2015 15:09

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    US steel imports in September dip MoM – AISI
    
    Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of September total 2,891,000 net tons. This was an 8% decrease from the 3,130,000 permit tons recorded in August and a 6% decrease from the August Final imports total of 3,061,000 NT.
    
    Source : Strategic Research Institute
18. voda 11 oktober 2015 15:10

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    Competition Council asks Pak govt to reduce duty on imported steel billets
    
    Pakistan Today reported that the Competition Commission of Pakistan has issued a policy note to the federal government recommending it to amend the Statutory Regulatory Order pertaining to15 percent regulatory duty on imported steel billets thus suitably reducing the regulatory duty on the steel billets to create a level playing field in the market for the end steel products, particularly high quality steel bars used in infrastructure development projects.
    
    The CCP noted that the existing regulatory duty structure raises the prices of imported steel billets which impacts only the non-integrated re-rolling mills and forces the latter to purchase billets from the integrated players. Being downstream competitors of the non-integrated re-rolling, integrated manufacturing units are unlikely to provide steel billets at competitive prices to the former, thereby placing them at a competitive disadvantage. It follows that the regulatory duty structure creates an unlevel playing field in the steel industry.
    
    As the disproportionate regulatory duty can have serious ramifications on competition in the steel industry and particularly in the market for high quality steel bars, the policy note recommends that the federal government may amend the subject SRO to suitably reduce the regulatory duty on the steel billets so that the previous cascading nature of tariff structure is maintained in the steel industry. Through the policy note, the federal government has been further advised not to raise the regulatory duty on imported steel billets any further as it would seriously distort competition in the relevant market.
    
    The imposition of the existing regulatory duty on the import of steel billets disturbed the cascading nature of tariff structure previously introduced by the federal government, effectually putting non-integrated re-rolling mills at a competitive disadvantage vis-a-vis the integrated steel manufacturing units. The disproportionate duty structure in the steel industry is creating barriers to expansion for the existing re-rolling mills and barriers to entry for potential aspirants in this growing market.
    
    Source : Pakistan Today
    
19. voda 11 oktober 2015 15:10

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    SSI Redcar coke ovens to keep operating this weekend
    
    Gazette Live reported that the Redcar coke ovens will remain in operation this weekend after extra coal was bought to keep them working. The Official Receiver confirmed this that extra coal has been bought, meaning the coke ovens, crucial to the Redcar steel site’s future, can stay open.
    
    A statement from The Insolvency Service confirmed: “The Official Receiver is continuing to talk with interested parties about the future use of the site. Additional coal has been purchased to keep the Redcar Coke Ovens operational over the weekend.”
    
    It said “Staff continue to be retained on site to maintain the Redcar Coke Ovens and manage the site in a safe manner.”
    
    It added “PwC continue to assist and support the Official Receiver as special managers.”
    
    The confirmation more coal has been bought comes on the day a ship thought to be loaded with coal bound for Redcar heads for Holland, having been anchored in Tees Bay for weeks.
    
    It was announced on Wednesday that enough coal had been secured to keep the ovens going until the weekend.
    
    Source : Gazette Live
    
20. voda 11 oktober 2015 15:11

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    Hebei Iron & Steel Group may invest in Serbian steel mill - PM
    
    Reuters reported that Serbian Prime Minister Aleksandar Vucic said on Friday that China's Hebei Iron & Steel Group is considering a strategic partnership in Serbia's only steel plant and an investment of at least EUR 300 million
    
    He said in a live TV broadcast from a ceremony in the central Serbian town of Smederevo to mark the resumption of production at the plant's second furnace that " Hebei Iron & Steel are interested, as they say, to give at least 300 million euros in investments, into a galvanization factory. People in Serbia should know this.”
    
    He said "I cannot conceal my joy, I've said before, there will be fireworks when we find a strategic partner for the Zelezara and it will happen.”
    
    The loss-making Zelezara Smederevo plant, which has two furnaces, has been swallowing $120 million a year in subsidies since 2012, when Serbia's government bought it back from U.S. Steel for $1 to avert its closure and save more than 5,000 jobs.
    
    The government is looking to sell the plant or find a strategic partner for it, and offload other heavily subsidised state-run firms, as a condition of its 1.2 billion euro precautionary three-year loan deal with the International Monetary Fund.
    
    After a sale to U.S. steel firm Esmark collapsed in March, Serbia appointed the Netherlands-registered HPK Engineering BV to run the plant and make it profitable until its privatisation.
    
    The plant on Friday restarted its second furnace, shut down since 2011, with a monthly capacity of 75,000 tonnes, to boost both output and prospects for a sale.
    
    Source : Reuters