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1. voda 31 maart 2017 10:22

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   SAIL to to leverage manpower for turning around
   
   Economic Times reported that Steel Authority of India Limted has cut production cost 10% despite a 12% hike in coal prices earlier in the year though high manpower cost and low productivity still remain for India's largest state-owned steel company as it tries to jack up INR 70,000 crore production after its modernisation.
   
   At 21% of expenditure, SAIL's manpower cost is one of the highest in the industry. The issue, among other topics, figured at a workshop organised for senior management as part of a soul searching exercise to identify problems hampering and “Priorities for Action” plan for turnaround of the company was chalked out. SAIL is seized of the urgency to leverage manpower through rightsizing and investment in capabilities and reduce its total cost of manpower. The aim is to slash manpower costs by as much as 5% in three years through restructuring, merger of departments and redeployment of excess manpower.
   
   SAIL chairman Mr PK Singh told ET in an exclusive interview "We are trying to gear up for the future. Leveraging human capital will be one of the key drivers for enhancing the company's performance.
   
   To achieve it, Mr Singh is relying on direct communication with SAIL's 85,000-strong employee base. He has already spoken to some 25,000 of them.
   
   He said "We have a large base of employees and they are geographically staggered. Add to it our mines and sales personnel who are located countrywide. All of them are poised to become the change agents for improvement.”
   
   Skill gaps have affected productivity, especially in key technology areas and SAIL wants to strengthen technical training and will look to tie-ups with third party domain experts. A top heavy model has seen dilution of roles among senior personnel while it fends off higher attrition rates among qualified employees particularly MTs and diploma holding non-executives in modernised units and high tech areas. Hence, the company is reviewing the training period of diploma holders and fast track promotions.
   
   SAIL will also look to deploy resources across the organisation to remove pockets of underutilisation in critical areas.lt hopes outsource operations of some non-core areas. To tackle inadequate succession planning, particularly in identifying relevant competent personnel in key positions for which SAIL will focus on identification of high performers from E6 level.
   
   Source : Economic Times
2. voda 31 maart 2017 10:22

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   POSCO sees Q1 operating profit up 82% YoY
   
   Reuters reported that South Korean steelmaker POSCO said on Thursday it estimated its first-quarter operating profit likely jumped more than four-fifths, topping analysts' expectations, underpinned by solid steel demand in China amid rising prices. Disclosing preliminary earnings guidance for the first time, the company said operating profit for January-March was about 1.2 trillion won (USD1.07 billion), climbing 82% from 659.8 billion won a year ago
   
   POSCO, which estimated revenue climbed 17% to 14.6 trillion won in the period while net profit more than doubled to 800 billion won, expects to report final first-quarter numbers next month.
   
   For 2019, the world's fourth-biggest steelmaker said it expects to nearly double its annual operating profit to 5 trillion won compared with last year, fuelled by higher-margin premium products and improvements in non-steel businesses.
   
   Source : Reuters
3. voda 31 maart 2017 10:24

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   Senate approves Big River Steel second phase bill
   
   KAIT reported that a bill that was approved by the Arkansas State Senate Wednesday will allow Mississippi County to compete for a USD 900 million economic development project that supporters say will make the county the "21st Century version of Pittsburgh."
   
   The state Senate voted 29-1 to approve Senate Bill 688, sponsored by Sen. Dave Wallace, R-Leachville and Rep. Monte Hodges, D-Blytheville.
   
   The bill, which now heads to the House, will help the county vie for the second phase of the Big River Steel project. Wallace told senators that Arkansas is competing against Florida and Texas for the project, which is expected to create at least 150 jobs with an average salary of USD 75,000.
   
   According to the bill, the bill would amend the state's income tax credit for waste reduction, reuse or recycling equipment to provide up to an USD 11 million tax credit for the project.
   
   The bill noted that "(It) is issued to the taxpayer making the purchase of waste reduction, reuse or recycling equipment under subdivision (c) (1) of this section may be claimed each tax year if the tax credits are allowed with respect to a qualified expansion project.”
   
   There were several senators who questioned the tax credit issue during the debate.
   
   However, both Wallace and Sen. Jake Files, R-Fort Smith, said there would be protections in place including having a 1:1 ratio for jobs created versus the amount of the money claimed under the credit as well as requiring the jobs and salaries to be created within a certain period of time.
   
   Wallace said the Arkansas Economic Development Commission and the Department of Finance and Administration have been working with Big River Steel officials on the bill.
   
   Company officials earlier this month hosted a grand opening in Osceola for the first phase of the project.
   
   At the time, officials said the mill would recycle two million tons of scrap metal and create 1.6 million tons of finished steel.
   
   Wallace said the first phase has helped bring other businesses to Blytheville and Osceola.
   
   Source : KAIT

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4. voda 31 maart 2017 10:25

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   Automation isn't the biggest threat to the steel industry – Ms Kaptur
   
   CNBC quoted Rep. Marcy Kaptur, D-Ohio as saying that steel industry has been "battered" thanks to Chinese and Korean imports. While a lot of focus has recently been on the rise of automation and its role in killing jobs in the US, she believes that isn't the real danger for the industry right now. Ms Kaptur in an interview with Power Lunch said that "We have a lot of automation. We have a lot of artificial intelligence and it's very important to what we do."
   
   She said that however, while the industry has modernized its production and workers have skilled up, the market is vastly oversupplied thanks to unfair trade practices.
   
   Ms Kaptur argued that "When you see Chinese and Korean steel dumped into your market and the government doesn't respond and use the powers that it has, and you are told you're pink slipped by next June, that is not a good picture. It's unfair.”
   
   She said that's why President Donald Trump won the state of Ohio, and now she wants him to follow up on his promises of ending unfair trade practices.
   
   She further said that "He can … self-initiate a dumping case. He can actually put a quota on the amount of this steel that can come into the country right now and give our industries a chance to recover. We don't have to accept this as our fate.”
   
   On Tuesday, BlackRock put the spotlight back on automation and its role in displacing workers when it announced it was overhauling its actively managed equities business, cutting jobs and having machines do more stock picking.
   
   Source : CNBC.com
5. voda 31 maart 2017 10:27

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   Tata Steel wins award for best risk management practice
   
   DNA India reported that TATA Steel has bagged a prestigious award for best risk management practice in the category of metals and mining. The award was presented to Tata Steel at the third India Risk Management Awards, 2017 held on March 27 in Mumbai for its sincere efforts and constant endeavour towards becoming a risk-intelligent organization.
   
   Mr Koushik Chatterjee GED (Finance, Corporate and Europe) of Tata Steel and Ms Samita Shah, Group Head, Corporate Finance and Risk Management, Tata Steel received the award on behalf of the organisation from Nassim Nicholas Taleb, author of The Black Swan and an expert risk analyst.
   
   This marks an important landmark in the journey of Tata Steel's Enterprise Risk Management and its continuous endeavour towards becoming a risk-intelligent organization.
   
   India Risk Management Awards recognises companies that have significantly added to the understanding and practice of Risk Management and have created best-in-class risk management practices and capabilities across business categories.
   
   Source : DNA India

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6. voda 31 maart 2017 10:28

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   JSW Steel hires intermediaries for investor meetings
   
   DNA India reported that JSW Steel has appointed intermediaries for organising investor meeting with regard to raising up to USD 750 million (around INR 4,871 crore) via bonds.
   
   JSW Steel said in a BSE filing that "The company has appointed intermediaries for organising investor meetings for the probable foreign currency denominated bonds. The bond offering may follow, subject to market conditions.”
   
   Sajjan Jindal-led company had last year said it was looking to raise up to USD 750 million from international markets.
   
   In this regard, a meeting of the Board of Directors was convened on July 27, 2016.
   
   JSW Steel said that "The board...had approved to raise long term funds through the issuance of non-convertible foreign currency/rupee denominated senior unsecured fixed rate bonds up to USD 750 million in one or more tranches in the international market either by the company or by any of its overseas subsidiaries backed by corporate guarantee of the company.”
   
   The finance committee in March approved the preliminary offering circulation in relation to the notes issuance of the company.
   
   In separate filing, the company said that senior management of JSW Steel with the joint lead managers appointed for the proposed issue of foreign currency denominated bonds shall engage in meetings and presentations with institutional investors, analysts among others, outside of India in relation to the proposed issuance.
   
   Source : DNA India
7. voda 31 maart 2017 10:29

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   Moody's assigns Ba3 to JSW Steel
   
   Moody's Investors Service has assigned a Ba3 rating to the proposed senior unsecured notes to be issued by JSW Steel Limited.
   
   Source : Strategic Research Institute
8. voda 31 maart 2017 10:30

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   Two units of SAIL in losses - Mr Vishnu Deo
   
   Economic Timess reported that two units of state-run SAIL, VISP and SSP, are running in losses for the last few years in spite of an investment of around Rs 2,600 crore.
   
   Minister of State for Steel Vishnu Deo Sai informed to Rajya Sabha that "Despite an investment of around INR 400 crore, VISP (Visveswaraya Iron and Steel
   Plant) is making losses for last 10 years.”
   
   He said that similarly, despite an investment of around INR 2,200 crore under modernisation and expansion, SSP (Salem Steel Plant) is making losses for last five years.
   
   The government had accorded 'in-principle' approval for strategic disinvestment of SSP, Tamil Nadu, VISP, Bhadravati and Alloy Steel Plant (ASP), Durgapur.
   
   Source : Economic Times
9. voda 31 maart 2017 10:31

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   US Steel CEO got big pay hike last year
   
   NWI Times reported that US Steel CEO Mario Longhi earned USD 10.9 million in total compensation last year, a 27% increase over 2015, according to a proxy statement the company filed with the US Securities and Exchange Commission.
   
   ArcelorMittal Chief Executive Officer Lakshmi Mittal, who heads up a much larger global company, made $1.55 million in salary and short-term performance bonuses in 2016, an 11 percent percent decline from the USD 1.76 million he made in 2015, according to ArcelorMittal's annual report.
   
   The Luxembourg-based steelmaker's board did, however, give Mittal 504,643 shares potentially worth at least USD 2.7 million as a long-term incentive at the end of 2016, up from 179,320 performance share units in 2015. He will be able to cash in on those performance share units (PSUs) in three years, if the company meets targets on performance measures such as return on capital employee and cost of employment for the steel business.
   
   If ArcelorMittal meets those targets, Mittal can cash in those performance share units at an estimated fair value of USD 5.45 per share in 2021. If it fails to meet any of the benchmarks, he won't receive the stock bonus.
   
   Source : NWI Times
10. voda 31 maart 2017 10:40

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    Philippine customs probing disposal of seized steel bars
    
    bworldonline reported that Philippine Bureau of Customs will investigate the disposal of substandard steel angle bars, after the Federation of Philippine Industries claimed possible irregularities in the process that may result in the seized bars leaking onto the market.
    
    a statement quoted lawyer Mandy Therese M. Anderson, Chief of Staff of the Office of the Commissioner and BoC Spokesperson, as saying that “The question on whether there had been irregularities on the destruction of the angle bars will be investigated. We assure the public that proper procedures will be followed. Should there be any irregularities found, those involved will be dealt with severely.”
    
    In a text message reply, Ms. Anderson said that the angle bars did not pass the Trade department’s product standards which led to the seizure of the goods. She said that “Department of Trade and Industry (DTI) found the Philippines Standards marks fake, and the angle bars substandard, hence the DTI recommended destruction.”
    
    Imported steel angle bars must pass the Philippine National Standards (PNS) 657:2008 under the DTI-Bureau of Product Standards Mandatory Product Certification, before they are released from the Customs zone.
    
    DTI poster listing the quality marks for angle bars.
    
    FPI Chairperson Jesus L. Arranza who raised the issue last Friday noted that some seized goods which were found to be substandard, leak out of Customs custody through public auctions, despite reports of their proper disposal.
    
    He said that the destruction process must be secured, to prohibit the substandard goods from entering the market, as it would make buildings using the said bars vulnerable to natural disasters.
    
    Mr Arranza in a phone interview said that “Our point is when it is substandard, it should be destroyed. Otherwise, it will find its way to the market. If you don’t destroy [it], then you’re putting [people] at risk.”
    
    FPI, together with the Steel Angles, Shapes and Sections Manufacturers of the Philippines, Inc. (SASSMAPI) earlier requested Commissioner Nicanor E. Faeldon to investigate public auctions, to ensure that the steel angle bars were cut into non-commercial lengths, before proceeding with their auction.
    
    Meanwhile according to Ms Anderson, despite initial reports finding no such irregularities, the Customs Intelligence and Investigation Service has been ordered to continue investigating.
    
    Source : bworldonline
11. voda 31 maart 2017 10:41

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    Canada presses US over 'Buy America' steel plan - Report
    
    BNN.ca reported that Canada's government, under pressure from domestic steel firms, is expressing concern to US officials about a proposed Buy America policy that could cause heavy Canadian job losses, people familiar with the discussions told Reuters.
    
    U.S. President Donald Trump, who wants firms to "Buy American and hire American," pledged in January to require new pipelines to use US made steel.
    
    Canadian steel firms fear Trump's plan could badly hurt a highly-integrated North American industry, and are pressing Ottawa to take action, the people added.
    
    Canadian Foreign Minister Chrystia Freeland raised the issue with US Commerce Secretary Wilbur Ross in their first conversation on March 9 and underscored worries about potential job losses, said a source familiar with the matter.
    
    A statement issued after the meeting merely said that Freeland had highlighted "the mutual benefits of the integrated Canada-U.S. steel industry" but made no mention of the conversation about job losses.
    
    In Washington, a Commerce Department official said Freeland had raised the Buy American issue during the call and that Ross noted her concerns. The official did not give further details.
    
    Freeland spokesman Alex Lawrence said the minister would "continue to defend our steel workers" but gave no details.
    
    Canadian diplomats and officials fanning out across the United States on a campaign to stress the benefits of the North American Free Trade Agreement (NAFTA) are also underscoring the importance of the steel sector and concerns about what could happen if the Buy American move went ahead, said a senior political source who was not authorized to speak about the matter publicly.
    
    Records held by Canada's lobbying commissioner show that Joseph Galimberti, president of the Canadian Steel Producers Association, held 16 meetings with a total of 28 top government officials between Trump's Nov. 8 election win and Feb 24.
    
    The CSPA says the industry, which has USD 14 billion in annual sales, directly employs 22,000 Canadians while supporting an additional 100,000 indirect jobs.
    
    Galimberti said Canada's steel industry was integrated to a high degree with its US counterpart and bought metallurgical coal, iron ore and steel scrap from its southern neighbor.
    
    The prospect of losing thousands of well-paid jobs would be particularly painful for the Liberal government of Prime Minister Justin Trudeau, which says it wants to focus on boosting the middle class.
    
    This is not the first time Canada and the United States have been at odds over steel. A stimulus bill introduced by the Obama administration in 2009 banned the use of foreign-made steel, upsetting Canada.
    
    The two sides eventually signed a deal in 2010 that gave Canadian steel firms an exemption while allowing U.S. companies greater access to government procurement contracts in Canada.
    
    Trump's proposed measure "completely obliterates years of work integrating steel production ... there are concerns, grave concerns," said one person familiar with the industry campaign.
    
    Source : BNN.ca
12. voda 31 maart 2017 14:42

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    Europa dumpt staal volgens Amerika
    
    Ook Japan, Zuid-Korea en Taiwan schuldig bevonden door Amerikanen.
    
    (ABM FN-Dow Jones) Vijf Europese landen, Japan, Zuid-Korea en Taiwan hebben staal gedumpt in de Verenigde Staten. Dit concludeerde het Amerikaanse ministerie van Economische Zaken donderdag na een onderzoek.
    
    Het gaat om de Europese landen Oostenrijk, België, Frankrijk, Duitsland en Italië. Volgens het onderzoek hebben de zeven landen staal gedumpt via marges op staalproducten variërend van 3,62 procent tot ruim 148 procent.
    
    "Na een diepgaand onderzoek, is het ministerie van Handel tot de conclusie gekomen dat exporteurs van plaatstaal overheidssubsidies hebben ontvangen en staal tegen oneerlijk lage prijzen hebben verkocht in de Verenigde Staten", zei de Amerikaanse minister van Handel Wilbur Ross.
    
    De Amerikaanse handelscommissie komt rond 15 mei met een definitieve uitspraak. Als daaruit naar voren komt dat Amerikaanse bedrijven schade hebben opgelopen, zal Amerika importtarieven opleggen.
    
    Volgens verscheidene mediaberichten heeft de Duitse minister van Buitenlandse Zaken Sigmar Gabriel vrijdag in een verklaring gereageerd door de Europese Unie op te roepen om ook een onderzoek te beginnen naar oneerlijke handelspraktijken door Amerika.
    
    Door: ABM Financial News.
    
    info@abmfn.nl
    
    Redactie: +31(0)20 26 28 999
    
    Copyright ABM Financial News. All rights reserved
    
    (END) Dow Jones Newswires
13. voda 3 april 2017 16:26

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    Germany protests against US anti dumping duties on CTL steel plates
    
    Taipei Times reported that Berlin angrily protested after the US said it would slap punitive anti-dumping duties on steel plate products from companies in Germany and seven other nations. Germany said the EU should consider filing a complaint with the WTO in what threatened to turn into a major trade row under US President Donald Trump, who has promised protectionist measures to put “America First.”
    
    German Minister for Foreign Affairs Sigmar Gabriel said the step breached global trade rules and unfairly disadvantaged suppliers in Germany, as well as in Taiwan, Austria, Belgium, France, Italy, Japan and South Korea. He said that “Deliberately violating WTO rules is a dangerous step and that Europeans cannot accept this.”
    
    He said he had noted with utter incomprehension the decision by the US Department of Commerce on imports of carbon and alloy steel plate products that impacts German companies Salzgitter AG and Dillinger Huette.
    
    He added that “Despite our efforts and repeated interventions by the European Union, the US Commerce Department has applied calculation methods that contravene WTO rules with the aim of harming US competitors in the steel industry.”
    
    Mr Gabriel said that The US move is significant because it is the first anti-dumping procedure in the steel sector under the new administration. He added that “The US government is apparently prepared to provide American companies with unfair competitive advantages against European and other companies, even if this is contrary to international commercial law.”
    
    He said that “The EU must now examine whether it will file a complaint with the WTO. I strongly support this.”
    
    Source : Taipei Times

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14. voda 3 april 2017 16:26

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    Indian government to take up policy notes on steel this week - Report
    
    Financial Express, citing sources, reported that the two proposals are likely to be put up by the ministry for discussion in the Cabinet this week. The steel ministry will soon move two cabinet notes one seeking approval for its national steel policy that aims to build an additional 180 million tonne installed capacity by 2030-31, and another to ensure that the government and its agencies give preferential treatment to steel made in India.
    
    Sources said that the two proposals are likely to be put up by the ministry for discussion in the Cabinet within a week. Parliament’s approval is not required for both of them to come into effect.
    
    The draft national steel policy that proposes to raise country’s steel capacity to 300 million tonne per annum in the next 12-13 years, however, outlines that capital mobilisation will be a challenging task given the enormity of required fund (projected at INR 10 lakh crore) and the current industry situation.
    
    Industry sources have said that India’s installed steel capacity could realistically double during the period to 240 million tonnes and it is banking on the domestic steel industry to reach to the target. The foreign firms have burnt their fingers time and again and the steel ministry is not expecting any of them to invest in the country during the period. Meanwhile, the sector has a staggering INR 3 lakh crore outstanding to the banking system and is one of the largest contributors to the non-performing assets.
    
    The other cabinet note is to get the cabinet’s stamp of approval for a proposal to give the preferential treatment to India-made steel in government-funded and related projects. Sources in the ministry said that the proposal is to help consumption of domestically produced steel to grow faster and to rein in imports further.
    
    Source : Financial Express
15. voda 3 april 2017 16:27

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    Vietnam imposes anti dumping duties on galvanised steel imports from China & South Korea
    
    Viet Nam News reported that Vietnam’s Ministry of Industry and Trade on Thursday officially decided to levy anti-dumping duties on imported coated steel from mainland China (including Hong Kong) and South Korea.
    
    Accordingly, Bazhou Sanqiang Metal Products will be taxed 26.36 per cent, BX Steel POSCO Cold Rolled Sheet 38.34 per cent, Bengang Steel Plates 27.36 per cent, Tianjin Haigang Steel Coil 26.32 per cent, Hebei Iron & Steel Co Ltd, Tangshan Branch 38.34 per cent, Wuhan Iron and Steel 33.49 per cent. Chinese Yeih Phui Technomaterial was axed at the lowest rate of 3.17 per cent.
    
    South Korean POSCO will be charged 7.02 per cent anti-dumping tax while other South Korean exporters will be taxed 19 per cent.
    
    The decision takes effect after 15 days after the signing and will be in place for five years.
    
    It follows a December 2015 appeal by four local steelmakers asking the Government for measures to prevent coated steel sheets shipped from mainland China and South Korea from being sold at cheap prices.
    
    The ministry issued a decision on March 3, 2016 on initiating an investigation of the claims by domestic steelmakers and on September 1, the ministry issued temporary anti-dumping duties on the products.
    
    Source : Viet Nam News
16. voda 3 april 2017 16:28

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    JSW Steel posts 26% rise in production in 2016-17
    
    JSW Steel announced that it has registered a 26 per cent increase in annual crude steel production at 15.80 million tonne, its highest ever, marginally surpassing its target of 15.75 million tonne set at the beginning of last fiscal.
    
    Source : Strategic Research Institute
17. voda 3 april 2017 16:28

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    SAIL records best ever annual sales in 2016-17
    
    Steel Authority of India Ltd recorded the best ever sales performance for any given year during 2016-17 with a growth of 8% over corresponding period last year.
    
    Source : Strategic Research Institute
18. voda 3 april 2017 16:29

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    Tata Steel sales surges by 15% YoY to 10.94 million tonnes in 2016-17
    
    Tata Steel achieved its highest ever annual sales volume of 10.94 million tonne in 2016-17, up by 15% over FY16 sales of 9.54 million tonnes.
    
    Source : Strategic Research Institute
19. voda 3 april 2017 16:29

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    AION offers to recast Uttam Galva Steels debt - Report
    
    Mint, citing two people directly aware of the development, reported that AION Capital, which has submitted a bid to acquire a majority stake in troubled Uttam Galva Steels Ltd, has proposed to recast the company’s outstanding debt of close to INT 5,500 crore into four parts. The India-focussed special situations fund has proposed that Rs1,200 crore remain as bank loans on the company’s books and outstanding loans of Rs4,300 crore be converted into equity, debenture and convertible debentures.
    
    While the lenders to Uttam Galva, a consortium of 18 banks led by State Bank of India, are yet to decide on AION’s bid, the people cited above said AION has offered to begin repayment of debt from day one if the lenders agree to the fund’s offer.
    
    As per report “For the loan repayment, AION has sought a repayment schedule that may vary between 7 and 15 years depending on the turnaround and cash flows of Uttam Galva.”
    
    Though distressed asset transactions like these typically involve banks taking a so-called haircut on the value of the assets on sale, the people cited above said AION’s offer does not involve banks taking a haircut and instead offers the possibility of a significant upside in the event of a successful turnaround of the company. A haircut is the term used for the sacrifice made by banks on the interest and principal loan amount they are owed.
    
    Source : Mint
20. voda 3 april 2017 16:30

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      Lid sinds: 02 dec 2005

      Laatste bezoek: 15 jun 2024

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    European Commission regrets artificially inflated US duties on CTL steelplates
    
    Reuters reported that the European Commission said on Friday it regretted a US decision to impose anti-dumping measures on steel plate exported from Europe, adding that the duties were “artificially inflated”.
    
    The U.S. Department of Commerce set duties of up to 148 percent on cut-to-length plate from seven producers from Austria, Belgium, France, Germany, Italy, Japan, South Korea and Taiwan, prompting Germany to urge the EU to file a WTO complaint.
    
    The Commission had been active during the procedure supporting the European exporters concerned, a spokesman said. “Unfortunately, our comments and notably those concerning the use by the US of methodologies which artificially inflate the preliminary dumping margins have not been given expected consideration,” the spokesman said.
    
    The final duties were in many cases higher than the preliminary duties set in November. “We will look now into the detail of the decision taken by the US and consider the appropriate steps,” he continued.
    
    Source : Reuters

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