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Senegal wint arbitragezaak tegen ArcelorMittal

ACCRA, Ghana (Dow Jones)--Senegal heeft een langlopende rechtszaak tegen ArcelorMittal gewonnen. Een in Parijs gevestigd arbitragehof heeft bepaald dat het land een in 2007 overeengekomen deal ter waarde van $2,2 miljard mag opzeggen.

Dit is dinsdag door zowel een woordvoerder van de Senegalese regering als ArcelorMittal zelf bevestigd.

Senegal wilde de deal annuleren nadat de staalmaker in 2009 een project waarmee de Famere ijzerertsmijn in het oosten van Senegal werd ontwikkeld, stopzette vanwege dalende staalprijzen en temidden van de start van de wereldwijde financiele crisis.

Binnen de in 2007 gesloten deal zou ArcelorMittal als wederdienst 750 kilometer aan spoorlijnen herstellen.

Woordvoerder Latif Coulibaly van de Senegalese regering zei dinsdag in een reactie dat de schadevergoeding nog moet worden vastgesteld, maar dat Senegal zo'n $750 miljoen aan vergoedingen hoopt te ontvangen.

ArcelorMittal bevestigde dinsdag dat "het tribunaal heeft bepaald dat Senegal het recht heeft om de overeenkomst uit 2007 te beeindigen". Wel zal het bedrijf zich "krachtig verdedigen tegen schadeclaims die in de tweede fase van het arbitrageproces kunnen worden vastgesteld", aldus woordvoerder Tobin Postma.

Door Drew Hinshaw; vertaald en bewerkt door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 200;

ArcelorMittal verlies rechtszaak in Senegal

Gepubliceerd op 11 sep 2013 om 09:51 | Views: 2.224

DAKAR (AFN/BLOOMBERG) - Senegal heeft een rechtszaak tegen ArcelorMittal gewonnen over de ontbinding van een contract ter waarde van 2,2 miljard dollar. Dat zei een regeringswoordvoerder woensdag. Het staalconcern staakte werkzaamheden in een ijzerertsmijn en voldeed daarmee niet aan haar verplichtingen.

De Internationale Kamer van Koophandel in Parijs oordeelde daarom dat het Afrikaanse land in haar recht stond toen het in 2007 besloot het contract met ArcelorMittal op te zeggen. Het tribunaal heeft zich nog niet uitgesproken over de schadeclaim van 750 miljoen dollar die Senegal heeft ingediend.

ArcelorMittal zou onder de overeenkomst onder meer investeren in de aanleg van een nieuwe haven in de buurt van Dakar en een spoorlijn van 750 kilometer van de haven naar de mijn in het oosten van Senegal. De mijn bevat naar schatting 750 miljoen ton aan reserves. ArcelorMittal staakte de werkzaamheden bij het uitbreken van de wereldwijde economische crisis.


Het staalconcern stelde in een reactie dat bij de uitvoer van de opdracht om verschillende redenen, waaronder de economische crisis, werd afgeweken van de oorspronkelijke plannen. Onderzoek wees bovendien uit dat de reserves van een lagere kwaliteit zijn dan voorzien. Volgens ArcelorMittal probeerden beide partijen het geschil begin 2011 te slechten. Toen in mei van dat jaar bleek dat een oplossing uitbleef, stapte Senegal naar de Internationale Kamer van Koophandel.

Naast de uitspraak, in het voordeel van Senegal, heeft het tribunaal volgens ArcelorMittal ook bepaald dat er een nieuwe arbitrageprocedure moet komen. Daarin zal de Internationale Kamer van Koophandel bepalen of ArcelorMittal aansprakelijk is en hoe hoog de eventuele claim is die het concern aan Senegal moet betalen. ,,ArcelorMittal zal zich krachtig verzetten tegen eventuele claims.''
China import 69 million iron ore in August - China Customs

China imported 526.12 million tones of iron ore in the first months of the year, up 8.3% YoY average import price during the period stayed at USD 129.52 per MT.

In August, China imported 69.01 million tonnes of iron ore up 10.5% from last year; daily imports fell 5.65% on monthly basis; average import price in the month was 118.84%, CIF, up USD 0.38 per MT from last month. All data above comes from China Customs.

Source -
China steel information centre and industry database
Corne van Zeijl is erg positief over Arcelor Mittal.
Corne is overwogen in dit fonds.
Het leuke is dan dit fonds is als het goed gaat, dan gaat het met dit aandeel ook goed.
China crude steel production for August up by 12%

According to the figures from National Bureau of Statistics, China has produced 521.84 million tonnes of crude steel in the first eight months of this year, up 7.8% year on year; 480.38 million tonnes of pig iron, up 6.6% from a year earlier; 701.64 million tonnes of steel products, a rise of 11.2% compared to the same period last year.

Daily crude steel production was 2.1381 million tonnes, up 1.2% month on month; daily steel products output hit 2.9658 million tonnes, a rise of 1.3% from a month earlier.

China's coke production amounted to 3.1595 million tonnes in Jan.-Aug. 2013, rising 7.7% year on year. It was 39.20 million tonnes in August, a rise of 10.9% compared to the same period last year.

Source -
China steel information centre and industry database
Chinese rebar prices falls from one week high as steel mills boost production

Bloomberg reported that steel reinforcement-bar futures in Shanghai retreated from a one-week high as Chinese steel mills increased production of the building material.

Rebar for delivery in January on the Shanghai Futures Exchange declined as much as 0.5% to CNY 3,735 (USD 610) a metric tonne before trading at CNY 3,736 at 10:43 AM local time. The contract closed at CNY 3,752 yesterday, the highest level since September 2.

Mr Wang Yongliang an analyst at Beijing Cifco Futures Co in Tianjin said that “Steel mills may continue to ramp up production because their profit margins have improved lately.”

Source - Bloomberg
Germany steel plant to shut this year

German steel plant to shut this year Thyssen Krupp is to close a steel sheet plant at Neuwied in Germany as part of a cost saving programme at its European steel division. Management and workers’ councils have agreed to the closure, which will affect about 320 employees. The company blamed the “difficult situation in the steel market” for the closure.

The company said that the production site, which is about 50km south east of Cologne, has been running below full capacity for some time. The “most important facilities” at the site will be shut down by the end of the year, and several production systems will be transported across the Rhine to the group’s Andernach site.

The company said that “As many employees as possible” from the Neuwied facility will be given jobs at Andernach.”

Thyssen Krupp plans to cut costs at its steel division by about 500 million euros by the 2014-15 financial year; this will involve cutting around 2,000 jobs.

Source -

Italian police seized EUR 1 billion assets seized from Riva companies

ANSA reported that Italian Police on Tuesday were seizing over one billion euros in assets from 13 companies controlled by the same holding company responsible for the troubled ILVA steel mill. The unnamed companies each have headquarters in Milan.

Their holding company Riva owns the ILVA, the biggest iron and steel producer in Italy, the fourth biggest in Europe and the 23rd-biggest in the world.

Last month prosecutors asked the courts to indict Emilio Riva, ILVA's former head, on charges of massive tax fraud.

Milan prosecutor Francesco Greco accused Riva, and two other former executives of the steelmaker, of evading EUR 52 million in taxes dating back to 2007.

ILVA has been at the centre of a political and legal battle since July 2012 when local magistrates ordered the partial closure of the Taranto plant due to serious health concerns.

A decree to save it while working to make sure it stops polluting passed in the Senate last month.

The decree, among other things, designates a group of experts to oversee clean-up of the Taranto steel plant.

Source - ANSA
Iron ore price will likely fall

Ninemsn reported that Whilst the price tag on iron ore has rallied 21.5% since June on the back of stronger than expected trading from China, the commodity has conceded 2.6% of its value since the beginning of September, hinting that the price fall may come after all.

Experts and investors alike have been speculating on which direction the commodity’s price will go as it enters the traditionally weak Q3 when Chinese production slows down as that country moves into winter. Many have argued that the price can only fall and that the levels around USD 140 per tonne were unsustainable, while others have suggested that the price could certainly remain steady as demand remained strong.

Mr Melinda Moore commodities analyst of London based Standard Bank stated that iron ore shipments had struggled to keep up with the stronger than anticipated growth in demand throughout the year, when underlying iron ore demand in China grew by 6% to 8%. The fall in value this week has been driven by improved shipments which have better matched the demand levels.

However, it must be realised that China’s rate of growth is slowing and the level of global iron ore supply is increasing. In Australia alone, heavyweights such as BHP Billiton, Rio Tinto and Fortescue Metals Group have stated that they will ramp up their levels of production and continue aiming to cut costs. Meanwhile, strong production from other countries such as Brazil continues which will add further downwards pressure to commodity prices.

Source -
Iron ore inventory at Chinese ports indicates minor decline

As of September 9, inventory of iron ore at 25 major Chinese ports amounted to 74.268 million tonnes indicating an decrease of 490,000 MT or 0.66% WoW.

The Xinhua China Iron Ore Price Index for imported iron ore with 63.5% iron content was at 136 points down one point compared to one week earlier. Meanwhile, the Xinhua China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 126 points on the given date down two points week on week.

In the given week, activity in the Chinese iron ore import market has been moderate. Although domestic steel mills remain cautious as regards purchases, traders are unwilling to give ground on prices and this situation results in lower activity. Overall, an wait and see atmosphere prevails in the market.

The anticipated strengthening of demand for steel has not yet appeared in the Chinese market although the traditional peak season has arrived. Iron ore inventories at China's ports have remained at a low level for the time being. It is thought that the Chinese iron ore import market will maintain a slight downtrend in the coming week.

Source - Visit for more
ArcelorMittal statement regarding Senegal arbitration

In 2007, ArcelorMittal Holdings AG entered into an agreement with the State of Senegal relating to an integrated iron ore mining and related infrastructure project. The project implementation did not follow the originally anticipated schedule due to a combination of factors, including the economic environment, but also due to initial phase studies showing the asset to be less attractive/of a lower quality than originally envisaged.

In early 2011, the parties engaged in a conciliation procedure, as provided for under their agreement, in an attempt to reach a mutually acceptable outcome. Following the unsuccessful completion of this procedure, in May 2011 the State of Senegal commenced an arbitration before the Court of Arbitration of the International Chamber of Commerce.

The arbitral Tribunal has now issued its first award and decided that Senegal is entitled to terminate the 2007 agreements.

The Tribunal also indicated that a new arbitration phase will now be held, during which the Tribunal will decide upon the liability of ArcelorMittal as well as the amount of any damages which could be awarded to Senegal. ArcelorMittal will vigorously defend against any claims made for damages in the second phase of the arbitration.

Source - Strategic Research Institute
Steel leads surge in business activity in China

China’s business activity surged to a 17 month high in August, providing fresh evidence that the protracted economic slowdown in China may be bottoming out.

National Bureau of Statistics said that industrial production gained 10.4% from a year earlier, picking up from the pace of 9.7% in July and June’s 8.9%.

It was led by the steel sector, an indication that railway and property investment has warmed up.

Fixed-asset investment grew 20.3% to CNY 26.2 trillion (USD 4.2 trillion) in the first eight months, up 0.2 percentage points from that in the first seven months and slightly above market expectations, the bureau’s data showed.

Retail sales, an indication of consumer demand, edged up 13.4% to CNY 1.88 trillion in August, faster than the increase of 13.2% a month earlier.

Mr Zhou Hao an economist at Australia & New Zealand Banking Group Ltd said that “China’s August real activity data came in stronger than expected. They help to sustain the market rally due to improving market sentiment towards China’s economy.”

China’s economy expanded 7.5% from a year earlier in the second quarter of this year, extending the moderation for more than two years. But the economy has exhibited signs of stabilization in the past two months.

Analysts said the strengthened performance was in part due to supportive measures, including tax reduction for small companies, more investment in railway and other infrastructure construction as well as less red tape for exporters.

Source - Shanghai Daily

Riva closing EAF based steel units in Italy

Italian steelgiant Riva Steel announced that it has stopped production at different sites in Italy including Caronno Pertusella, Lesegno and Verona, where is producing de-bars, wire rod and profiles.

The move will determine a redundancy of about 1500 workers.

This move seems to be in response to the Prosecutor decision to confiscate almost EUR 1 billion from Riva family accounts.

Ilva Taranto production will not be affected by this decision.

All involved sites are producing from EAF and have an aggregate capacity of about 2.5 million tonnes per annum.

Source - Strategic Research Institute
South African iron and steel output in July up by 28%

According to the preliminary data released by Statistics South Africa, in July this year the country's manufacturing output rose by 5.4% compared to the same month of 2012, while the seasonally adjusted manufacturing production for the three months ended July 2013 is estimated to have increased by 2.2% compared to the previous three months.

The year on year increase in July this year was mainly due to the 7.9% increase in the production of basic iron and steel, non-ferrous metal products, metal products and machinery and the 9.9 percent increase in the production of motor vehicles, parts and accessories and ‘other' transport equipment. The production of basic iron and steel products in South Africa increased by 28.1 percent year on year in July, while the seasonally adjusted production index of basic iron and steel products saw an increase of 8.8 percent compared to June.

For basic iron and steel products, the estimated seasonally adjusted sales of manufactured products (at current prices) in July increased by 15.8% month on month, amounting to ZAR 9.4 billion (USD 947.1 million), while the actual sales value of basic iron and steel products rose 24.3% year on year.

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Iron ore near one month lows as spot supply overwhelms

Reuters reported that spot iron ore prices steadied near their lowest levels in about a month as supply of the steelmaking raw material outpaced demand from top buyer China in the spot market.

But Chinese appetite for iron ore may pick up as another price increase by leading steel producer Baoshan Iron and Steel reflects optimism about demand in the world's biggest steel consumer.

An iron ore trader in Shanghai said that there's plenty of supply from the major miners in the spot market. On the other hand, it seems mills who have bought some cargoes last month are not in a hurry to replenish stocks.

According to the latest available data from compiler Steel Index, Benchmark 62% grade iron ore .IO62-CNI=SI slipped 10 cents to USD 135.10 per tonne. That is not far off the September low of USD 134.10, touched last week and which was the weakest since August 7.

Iron ore shipments to China from top supplier Australia rose 9% to 22.3 million tonnes in August from July with miners on track to boost production this year to feed Chinese demand.

Rio Tinto is looking to lift output to 265 million tonnes from around 200 million tonnes in 2012 and is proceeding with expansion work in Australia to lift annual operating capacity to 290 million tonnes.

The Shanghai trader said that Ample supplies of iron ore may drag the benchmark price towards USD 130 but it is unlikely to slip below that level. Some Chinese buyers may return ahead of the long holiday next month but so far we haven't seen any signs of that yet.

Chinese markets are shut from October 1 to 7 for the National Day holiday. Before that they are also off on September 19 and 20 for the Mid Autumn Festival.

Baosteel's move on Wednesday to scrap a price discount on its key hot rolled coil products and to hike prices of cold rolled coils for October bookings reflects its positive outlook on demand, which should support prices for both iron ore and steel ahead. Baosteel had raised hot rolled coil and cold rolled coil prices for September.

Source - Reuters
ArcelorMittal SA to release its environmental records

The High Court in Johannesburg has ordered steel giant ArcelorMittal SA to hand over its environmental records to the Vaal Environmental Justice Alliance, The Star newspaper reported on Wednesday.

According to the publication, the community organisation Veja had been seeking the documents since 2011. The documents contained Amsa's environmental master plan, which had details about the pollution levels at its plants between 2000 and 2002.

They would also reveal where Amsa illegally dumped its hazardous waste. The environmental department took action against the company for this.

In its argument, Amsa said the documents Veja was seeking were irrelevant, outdated, and scientifically unfounded.

The company said it never adopted the plan and it never used it to form its current operating licences.

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