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1. voda 30 maart 2017 16:25

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   Trump claims pipelines will be built with US steel even though Keystone XL won’t
   
   Washington Times reported that US President Mr Trump on Tuesday again claimed that all pipelines will now be built with US steel even though the Keystone XL project, perhaps the highest profile pipeline in American history, will rely heavily on foreign materials. Mr Trump made the comments during brief remarks at Environmental Protection Agency headquarters in Washington. He referenced an executive order signed earlier this year requiring that any new pipeline project use US steel.
   
   Mr Trump, recalling a past conversation, said that “Who makes these beautiful pipes?. They said that “They’re made outside this country.’ I said no more … If you want to build pipelines in this country you’re going to buy your steel here and you’re going to have it fabricated here.”
   
   But the administration already has established a massive loophole in that directive. Keystone XL, a Canada-to-Texas pipeline blocked by the Obama administration and green-lighted by Mr Trump last week, will not use all American steel.
   
   TransCanada, the company that will build the pipeline, has said that US materials will be used for roughly half of the American portion of the project.
   
   The rest will be made in Canada, Italy and India.
   
   Source : Washington Times

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2. voda 30 maart 2017 16:26

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   JSW Steel plans to raise USD 500 million through bond issue - Report
   
   Economic Times reported that JSW Steel is raising about USD 500 million through a bond issue from overseas investors as the Sajjan Jindal Group's flagship company plans to refinance its existing debt and seek fresh funds for its routine capital expenditure. Multiple sources familiar with the matter told ET that the bond sale may open for subscription within the next 10-15 days and could be of five to seven-year maturities.
   
   As per report, JSW has hired investment bankers, including Deutsche Bank, Citigroup. JP Morgan. Credit Suisse, to help in the proposed fund raising and marketing roadshows have also started.
   
   JSW has embarked on an aggressive expansion plan, aiming to double its steel production capacity to 40 million tonnes by 2025. The company is considering organic expansion as well as acquisitions in India and overseas to increase its capacity.
   
   The steelmaker is expected to spend Rs 4,300 crore towards capital expenditure in FY18.
   
   Source : Economic Times
3. voda 30 maart 2017 16:28

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   US mills allege antidumping and countervailing duty claims on wire rod impots from 10 countyries
   
   US ITC has received a complaint on imports of wire rod from Belarus, Italy, Korea, Russia, South Africa, Spain, Turkey, Ukraine, United Arab Emirates, and the United Kingdom on March 27th.
   
   Source : Strategic Research Institute

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4. voda 30 maart 2017 16:29

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   Severfield on track to meet target of doubling profits by 2020
   
   Norther Echo reported that a steel contractor has reiterated plans to double profits after a healthy order book paved the way for growth. Severfield said that a strong second half of the year has driven annual performance ahead of bosses’ expectations. The company added the successes mean it remains on target to double profits by 2020.
   
   Severfield’s previous yearly profits, after tax, came in at GBP 8.6 million.
   
   The business has been helped by a deal to supply steelwork for Tottenham Hotspur’s new 61,000-seat stadium and a roof for Wimbledon’s No 1 Court.
   
   Based at Dalton Airfield Industrial Estate, near Thirsk, North Yorkshire, from where it carries out the majority of its work, Severfield is also known for past high-profile contracts on Wimbledon’s Centre Court roof, as well as Heathrow Airport.
   
   Revealing a trading update for the year to March 31, Alan Dunsmore, interim chief executive, said the company’s UK order book was solid at £267m, with its Indian venture, JSW Severfield Structures, delivering a stable £40m order book in spite of a contract cancellation.
   
   He said that “The group’s performance for the year is now expected to be ahead of expectations. The UK order book remains solid and the pipeline of potential projects remains steady. JSW Severfield Structures is also stable, despite a commercial project in Kerala, originally awarded in December, which was cancelled following a change in prime contractor. With a good order book, continued strong operational performance and our ability to work across a wide range of sectors, the UK business is well-placed to deliver further growth towards our objective of doubling profits by 2020.”
   
   Late last year, Severfield revealed its Indian odyssey had secured deals worth GBP 29 million, which included the delivery of a technology centre, near Delhi, and two industrial projects in the state of Maharashtra, which includes the capital Mumbai.
   
   The company’s UK division previously supplied steelwork for London’s 2012 Olympic Games Stadium and The Shard skyscraper.
   
   Source : Norhern Echo

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5. voda 30 maart 2017 16:30

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   Latin American consumption of finished steel grew 1% in January
   
   Latin American association Alacero announced that the figures from the first month of 2017 shows an increase in consumption of steel (finished + derivatives) of 1%, while the regional production of crude and finished steel increase 13% and 4%, respectively, vs January 2016, following the upward trend of the end of the year. Meanwhile, regional steel imports represents 36% of Latin-American consumption, 3 points higher than 2016 (33%).
   
   Source : Strategic Research Institute

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6. voda 30 maart 2017 16:35

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   PAO Severstal boosts production of tandem cold mill by 200,000 tons per year through revamp by SMS group
   
   An investment that has paid off: PAO Severstal’s extensively renewed tandem cold mill “2100” impresses with both higher productivity and efficiency.
   
   Source : Strategic Research Institute

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7. voda 30 maart 2017 16:35

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   Limited pressure on steel prices in next 12-18 months - Moody
   
   Moody's Investors Service said that it expects limited pressure on steel prices in the next 12-18 months as there are adequate protectionist measures in place in the form of safeguards and anti-dumping duties.
   
   The global rating agency said in a statement that "Nevertheless, with domestic steel prices lower than international prices and adequate protections in place in the form of safeguards and anti-dumping duties, Moody's anticipates limited pressure on steel prices over the next 12-18 months.”
   
   At the same time, Moody's expects India's steel consumption to trail GDP growth of 7.5% and 7.6% in 2017 and 2018, respectively.
   
   The agency also assigned Ba3 rating to JSW Steel's proposed senior unsecured notes and said the proceeds from the issue will be used towards retiring some of the debt of the company among others.
   
   It said that "The proposed notes rank pari passu and are therefore rated at the same level as the company's existing USD 500 million senior unsecured notes, maturing in 2019 and its corporate family rating (CFR) of Ba3, adding that the ratings outlook is stable.
   
   Furthermore, an addition to JSW's crude steel capacity of four million tonnes during financial year 2016-17, an increasing proportion of high-margin value-added products and continuing cost rationalisation initiatives will drive an improvement in the company's profitability, despite sporadic raw material cost pressures.
   
   It said that "Moody's does not expect recent rise in iron ore and coking coal prices to be passed on entirely, as such, JSW's EBITDA/tonne should average less than INR 7,900 for FY2017, and remain flat or fall modestly in 2017-2018.”
   
   Fitch Ratings has also assigned today a 'BB(EXP)' expected rating to JSW Steel's proposed US dollar senior unsecured notes.
   
   Source : Money Control
8. voda 30 maart 2017 16:36

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   Restricting Chinese steel imports will hit Indian railways – Global Times
   
   Times Of India reported that an opinion piece in a Chinese state-run media outlet panned India's "protectionist stance" towards Chinese investment in revamping the country's railways, including the development of a high-speed rail network. The Global Times op-ed cites a Reuters report which revealed that the Indian government has given companies in India's private sector access to purchases rails because the state-owned Steel Authority of India failed to meet rail-track production targets.
   
   While the article says this move toward the private sector is laudable, what is short-sighted is New Delhi's protectionist policy against Chinese steel imports and would prove to be a hindrance in the long term
   
   It said that "It would also be sensible for the Indian government to consider giving up on its protectionist mentality that is often seen in the use of trade remedies on steel imports from China for there to be a sufficient and reliable supply of rails for the modernization.”
   
   Raising the issue of India imposing anti-dumping duties on certain Chinese steel products for six months, China called it another trade barrier which would inhibit the country's rail network from developing efficiently.
   
   The article said that "India has stayed vigilant against China and has chosen Japan as a partner for the country's first high-speed railway project which is expected to commence in 2018. However this doesn't mean that it is in India's best interest to bar China from entering into partnerships on other bullet train projects. It needs to be pointed out that India actually needs China more than China needs India in the arena of steel rail manufacturing and train technology.”
   
   Source : Times of India
9. voda 30 maart 2017 16:38

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   Steel capacity reduction plan in China facing hurdels
   
   Shanghai Daily reported that the task of cutting excessive steel capacity in China remains arduous as a short-lived price rally could result in steel mills upping production in pursuit of profits and exacerbate the supply glut. According to a statement released after a meeting held by the National Development and Reform Commission and other relevant departments “Steel overcapacity has not been reversed fundamentally and the recent price rally could result in vulnerabilities.”
   
   China’s steel mills have reported good profits recently as speculators have splurged on higher prices after government pledged to increase spending on infrastructure construction. Market watchers, however, have warned that the price surge was unlikely to be sustainable.
   
   China aims to slash steel production capacity by around 50 million tons and coal by at least 150 million tons this year, a key part of the country’s supply-side reform.
   
   A ban on inferior steel products and the closure of “zombie enterprises,” firms with surplus capacity, are priorities in the excess capacity reduction drive, according to the statement.
   
   Source : Shanghai Daily
10. voda 30 maart 2017 16:47

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    Global prices correct but output so far indicates strong market
    
    Last week global prices have shown the first clear signs of correction, as iron ore prices fell below $85/t CFR Qingdao and Turkish import scrap levels lost some €30/t since the peak of the year at the beginning of March.
    
    This price correction came as the World Steel
    Association published the figures related to crude steel production for February, confirming that the year has started quite strongly for most of the main producing countries. Global output was up 4.1% y-o-y to 126.5 million tonnes in February, while the recovery for the aggregated Jan-Feb period is even stronger (+5.8% y-o-y).
    
    China led the recovery in February with a 4.6% y-o-y increase in crude steel output, but among the top fifteen global steelmakers, Mexico stood out, having increased its crude steel output by over 14% y-o-y during the first two months of the year.
    
    Capacity utilisation rate globally reached its highest level since June 2016 in February, at 70.3%. In February 2016 the capacity utilisation level stood at just 66.3%.
    
    A clear outlook on prices remains difficult, but the indications from raw material prices are that levels have reached their peak for the year and are not set to recover above these levels for the next few months.
    
    The pricing environment remains quite strong compared with the end of Q1 2016, but after a month of iron ore prices in China sliding, the sentiment has somewhat shifted in most of the markets.
    
    Looking at iron ore only, the first estimates indicate that March shipments to China reached a record level of over 97 million tonnes. This high volume is set to pile up in mills’ stocks and will be putting further pressure on iron ore prices in the next few months. In addition, Chinese steelmakers have seen a margin squeeze during the last few weeks and this is expected to force them to reduce their iron ore buying levels.
    
    Monthly crude steel production
    
    Feb 2016 Feb 2017 % Change ‘16/’17 European Union (28) 13357 13280 -0.6 Other Europe 2552 2955 +15.8 C.I.S. (6) 8067 8070 0.0 North America 8972 8969 0.0 South America 3162 3209 +1.5 Africa 922 1089 +18.2 Middle East 2224 2351 +5.7 Asia 81997 86212 +5.1 Oceania 355 442 +24.7 Total 67 countries (3) 121607 126579 +4.1 Source: World Steel Association
    
    Source: Kallanish.com
    
11. voda 30 maart 2017 16:51

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    Global Overview
    
    North America:
    Buyers unsure whether flats will hold or retreat
    Canada increasingly nervous about US trade rhetoric
    Domestic players optimistic about 2017 demand Mexico boosts crude production
    
    Europe:
    German scrap and rebar prices up in March
    EU production grows slower that rest of the world
    EU opposes Chinese WTO dispute
    
    Middle East/Africa:
    Turkish scrap prices slump to $261
    Emirates Steel bucks downtrend, hikes rebar for April
    Middle East crude steel output grows strongly again in Feb
    
    Latin America:
    Usiminas changes CEO again
    Gerdau close to start EAF in Argentina
    
    Asia:
    Chinese demand longs demand remains stronger than flats
    Prices in China down
    Chinese export offers down
    
    Source: Kallanish com
12. voda 30 maart 2017 16:54

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    Chinese steel prices slump
    
    Asian markets slumped last week as sentiment in China faded. Longs continued to see stronger demand than flats, but this was still not enough to sustain prices. This also pushed export traders to start short-selling HRC, with mills expected to lower their export offers shortly.
    
    At the heart of China’s weak sentiment were issues with demand fuelled by credit. A hike in interbank lending rates and signals that Beijing is hoping to control credit and restricting house buying helped to undermine expectations for construction steel demand. With China now entering its peak demand period, there was also less expectation that there would be a sequential improvement in demand in the coming weeks. Combined with high inventories and falling raw material prices, this was enough for speculators to start pushing down prices. Shanghai spot HRC dropped 5.3% on the week to CNY 3,410-3,440/t, while rebar dropped 2.4% to CNY 3,580-3,630/t. The Kallanish index for 62% Fe Australian fines meanwhile fell 5.3% over the week to $84.18/t.
    
    Traders are now fighting, so far unsuccessfully, to keep prices from falling. HRC traders especially are starting to lose money on cargos booked over the last month. While many of the larger traders are attempting to withhold supply to end users to support prices, many smaller traders are keen to reduce inventories as soon as possible. News that major steelmakers are increasing the discounts given to contract customers was further fuelling expectations that prices could fall lower.
    Weak domestic prices meant Chinese export offers were also falling. Chinese HRC prices were finally beginning to compete with offers from India and elsewhere into Southeast Asia. Short-sellers were signing deals as low as $480/t cfr Vietnam, or around $470/t fob.
    
    There was little sign of the outlook for prices improving, although firm construction steel demand over the coming weeks could prevent a sharper collapse in prices. There are increasing indicators that China is willing to tighten credit supply this year, with interbank lending rates increasing and the People’s Bank of China beginning to moderate its weekly credit injections. On top of this, data shows that funds available for fixed asset investment were down 8% y-o-y over January-February. That suggests that the 7.8% y-o-y growth in completed FAI over the same period cannot be sustained. With infrastructure investment in particular key to sustaining Chinese steel demand, any fall in investment would have a very direct impact on steel demand.
    
    In sum, China last week was sending out very negative signals to the steel market and prices look set for another sharp decline this week.
    
    Source: Kallanish.com
13. voda 30 maart 2017 16:55

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    Production recovery slows in Europe despite firm markets
    
    The production recovery during the first two months of the year in Europe has been slower that in most of the other parts of the world despite firm prices, according to the latest data published by the World Steel Association.
    
    Overall Europe saw crude steel production in Jan-Feb increasing 1.6% y-o-y, while globally the recovery stood at 5.8% y-o-y. Among the four top European producers, Germany and Italy increased their output during the first two months of the year (+1.8% y-o-y and +0.8% y-o-y respectively), while France and Spain saw strong declines (-2.9 y-o-y and -6.6 y-o-y).
    
    The low recovery in production happened while the market for both long and flat products showed signs of pricing recovery, supported by higher raw material prices as well as the effective introduction of duties. In Northern Europe rebar prices are currently at least €150/t above the levels of March 2016, while HRC prices are up by over €230/t on year.
    
    The relatively slow recovery of production is indicating therefore that demand during the first months of the current year has not boomed as expected. Sources in the market confirmed that in all markets demand has been lagging slightly, with the exception of some well-known cases such as the HDG market. Following the recent investigations, import orders have been slow and the expectation was for crude steel production from local mills to show a stronger recovery, gaining market share lost during the last two years.
    
    In recent data published by the French steelmakers federation, it became clear that India is currently the top gainer from the current existing duties and investigations in Europe (mainly concerning flat products). The country boosted on average its exports to Europe by over 70% y-o-y in 2016, to some 172,000 tonnes/month. While this is well behind the levels of Russia, the main importer into Europe with over 600,000 t/m in 2016, it is worth noticing that in December only India exported some 267,000t of products into Europe, a trend that is believed to be continuing during the first months of the year.
    
    Source: Kallanish.com
14. voda 30 maart 2017 16:56

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    US market rocks the boat in a calm sea
    
    US market players are predicting a fairly stable and relatively robust demand environment for 2017, but trade concerns and uncertainty about appropriate pricing levels are keeping them on edge.
    
    A slew of companies up and down the supply chain predicted that 2017 will be an overall improvement over 2016 in their preliminary first quarter earnings. The main complaint seems to be margin compression for producers due to higher scrap costs, largely offset by higher finished steel prices.
    
    Import numbers are depressed on-year as a result of the on-going rhetoric – backed up by protectionist government appointments and motions toward trade cases – of President Donald Trump.
    
    This is proving to a boon for US producers, who have carved out a safe space for their increases, and an annoyance to end-users, who now have little choice in the source of their supply.
    
    The rhetoric has become so over the top, however, that some of the US’ traditional trade partners have threatened retaliation. In the case of Canada, this could potentially wall off one of the US’ prime export markets, putting the onus for demand squarely on the domestic market.
    
    Mexico, needless to say, is also willing to step into the economic boxing ring with the US over trade, cancelled greenfield projects and the omnipresent border wall discussion.
    
    Adding to this confusion is the will-they, won’t-they relationship many buyers have with their mills, particularly in flats.
    
    After a year of dismal prices and virtually no traction for increases, mills are suddenly enjoying strong but comfortable raw material pressure and sure demand. As a result, they have been able to increases prices with impunity – until now. The first signs of a pushback are showing themselves.
    
    The mills, to their credit, seem to have taken the hint and are talking more about consolidating extant prices rather than further reaching. However, since prices never stay stable for long – and no mill wants to see prices retreat – once current prices seem solid, increases likely won’t be far behind.
    
    Market fundamentals dictate that 2017 should be a safe harbour after the storms and tempests of 2016. It’s up to the captains now to make their own smooth sailing.
    Flats
    
    Source: Kallanish.com
15. voda 30 maart 2017 16:59

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    Turkish scrap slumps as China wavers
    
    Turkish scrap import prices dropped around $15-20/tonne over the course of last week, as Chinese steel prices – regarded as one pillar propping up scrap – showed signs of weakening. Moreover, Turkish mills struggled to sell significant rebar export tonnages at higher prices following scrap’s surge earlier this month to over $300/t.
    
    One US merchant was heard selling over the weekend two cargoes to separate Turkish mills. One cargo was booked at $261/tonne cfr Turkey for HMS 1&2 80:20, $266/t for shredded and $271/t for bonus scrap. The second cargo had a similar composition but was booked by a separate mill at $2/t higher.
    
    Scrap merchants remain adamant that firm Chinese steel and iron ore prices, strong US scrap demand and recently also the disruption to pig iron supplies from Ukraine will prop up scrap prices. However, question marks remain over the sustainability of Chinese demand, in particular, while Turkey’s domestic steel market is at a standstill until at least after next month’s constitutional referendum.
    
    One bright spot for Turkish mills was Emirates Steel’s decision last week to increase its rebar price for April deliveries by $20/t on-month to $507/t ex-works. This has come at a time when international scrap and billet prices are heading in the opposite direction. ESI’s justification is that it purchased iron ore feedstock for second-quarter delivery at previous, higher prices. Moreover, local UAE mills concluded their most-recent round of billet bookings before the latest downtrend began. Lastly, UAE rebar demand is very strong.
    
    Crude steel production in the Middle East, meanwhile, continued its impressive start to 2017, recording a 9.7% on-year growth in January-February to 4.92 million tonnes, worldsteel data reveals. Although growth in largest producer Iran slowed in February, in the run up to the country’s New Year holiday, production at Saudi Arabia’s Sabic continued its resurgence.
    
    US-based CMC said during its February-quarter earnings conference call last week that US preliminary anti-dumping and countervailing duties on Turkishorigin rebar have not curtailed the flow of Turkish rebar into the US, but they have pushed up import offers. Turkey is expected to continue sales to the US at least until final determinations are made in May.
    
    Source: Kallanish.com
16. voda 30 maart 2017 17:10

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    ArcelorMittal Gijon starts replacing coke batteries
    
    ArcelorMittal started the demolition of the existing mothballed coke batteries at its plant in Gijon after the local authorities granted the necessary approval, Kallanish learns from the company.
    
    According to a spokesperson, the demolition of the 90 furnaces will last nearly three months and the reconstruction works will be carefully undertaken. The company is awaiting final approval of the environmental impact study by the Asturian local government in the first week of April.
    
    According to ArcelorMittal, the project implements a new system for reducing emissions levels, a new gas washing system and a new biological plant for the treatment of wastewater.
    
    The new coke batteries will supply coke to the entire integrated steelmaking operation of ArcelorMittal in Spain, located in both Gijon and Aviles. Currently coke is produced in Aviles by the company, but the batteries there are set to come to the end of their lifecycle in 2019.
    
    Source: Kallanish.com 
17. voda 30 maart 2017 17:12

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    LatAm steel consumption increases in January
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    Latin American finished steel consumption and both crude and finished steel production increased year-on-year in January 2017, Kallanish learns from trade association Alacero.
    
    Finished steel consumption was up slightly by 1% in comparison to the same period of 2016, while crude steel production and finished steel production grew by 13% and 4% y-o-y, respectively.
    
    During January finished steel consumption totalled 5.2 million tonnes. In Mexico consumption grew to 171,000t, a 9% y-o-y increase. Brazil totalled 114,000t (+9% y-o-y), while El Salvador consumption was 67,000t (+233% y-o-y).
    56% of total finished steel output in January were flat products with longs representing 43% and pipes a mere 1%.
    
    Total crude and finished steel production totalled 5.2mt and 4.3mt, respectively. Brazil remained the main producer with a production of 2.8mt of crude steel and 1.8mt of finished products, Alacero says. Alacero`s advanced data for February 2017 shows that crude steel production reached 4.9mt, -6% compared to January, but an increase of 6% y-o-y.
    
    Source: Kallanish.com
18. voda 31 maart 2017 10:19

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    China steel demand to fall to 660 million tonnes in 2017 – Mr Li Xinchuang of CISA
    
    Reuters reported that Mr Li Xinchuang, president of the China Metallurgical Industry Planning and Research Institute & vice chairman of the China Iron and Steel Association, told an industry conference in Perth that China’s steel demand is expected to fall 1.9% in 2017 to 660 million tonnes.
    
    He told “We think China’s steel consumption will decrease step by step by step, maybe increase some years, like last year. That’s our situation.”
    
    He said iron ore import demand in China had inched up 0.7 percent to 1.1 billion tonnes in 2016, with the country’s dependence on imports at 87 percent of total demand.
    
    The institute sees seaborne iron ore supply increasing by about 50 million tonnes this year, which is about 10 million tonnes more than forecast by world No 2 iron ore miner Rio Tinto
    
    As a result, the institute predicts iron ore prices will range between USD 55 and USD 90 a tonne in 2017, averaging around USD 65.
    
    Source : Reuters

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19. voda 31 maart 2017 10:20

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    Indian steel ministry sets up a panel with BCG to turn around SAIL & RINL
    
    Reuters reported that the Indian government has set up an expert panel to help revive its loss-making state steel maker after a government review found the company to be far less efficient than its rivals despite spending more than $10 billion in the past eight years. The panel, comprising top officials of various government ministries and SAIL, met for the first time this week and will be helped by Boston Consulting Group in coming up with a revival plan for the company.
    
    They will set quarterly, six-monthly and yearly targets for SAIL, according to the memo. Two government sources said minister Singh wants a plan for SAIL and smaller state steel company RINL in 15 days.
    
    Steel Minister Chaudhary Birender Singh, worried by what he called SAIL's unsatisfactory output performance, has asked the panel to recommend a timeline for ramping up capacity at a quick pace, to find ways to lower production costs and to improve branding and marketing. Mr Singh's office told the committee this week that "The terms of the reference of the committee will include chalking out a revival plan for turning around loss-making (companies) of the Ministry of Steel to profit-making companies in 2017/18.”
    
    A review document, containing previously undisclosed data and seen by Reuters, criticises Steel Authority of India for everything from the use of low-quality raw materials to outdated technology, suggesting that its problems were not simply the result of cheap Chinese steel imports.
    
    SAIL, which has been overtaken by JSW Steel as India's biggest producer, has posted seven straight quarterly losses, and Reuters reported last week that it was at risk of losing business from its biggest client.
    
    The Reuter report added that a SAIL spokesman did not respond to requests for comment. A steel ministry spokesman declined comment.
    
    Th Reuter report added “SAIL fares poorly when compared to international efficiency standards and those of private Indian companies such as JSW and Tata Steel in blast furnace productivity, raw material consumption and energy usage, according to the review document. For example, SAIL's average daily blast furnace productivity of 1.58 tonnes per cubic meter last fiscal year ended March was 40 percent lower than that of JSW. SAIL said the metric improved 7 percent between April and December last year.Its use of coke was also higher than private peers and global standards. April-December coke use came down 3 percent from a year ago. Its use of pulverized coal injection technology was the lowest compared to JSW and Tata in 2015/16.”
    
    Source : Reuters
20. voda 31 maart 2017 10:21

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    • voda

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    Mukand & Sumitomo Corp JV to set up special steel rolling mill at Hospet
    
    PTI reported that specialty steel maker Mukand Ltd and Sumitomo Corp of Japan have signed an agreement to form a joint venture that will set up a rolling mill in Karnataka. The JV, Mukand Alloy Steel Pvt Ltd (MASPL), will set up a steel rolling mill unit at Hospet in Karnataka with an initial capacity of 375,000 tonnes per annum.
    
    Mukand will hold 51 per cent stake in the JV and Sumitomo 49 per cent equity with an enterprise value of Rs 2,820 crore. MASPL will initially invest Rs 550 crore in the proposed plant at Hospet.
    
    The new company will be engaged in the rolling and finishing of Mukand's principal business of alloy steel long products. It will exclusively procure the required alloy steel billets and blooms from Mukand's steel making facility at Hospet, it said.
    
    The JV will combine Mukand's manufacturing and engineering capabilities and Sumitomo's marketing management skills and know-how to cater to a growing automobile market globally, the statement said.
    
    Source : PTI

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