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1. voda 14 november 2018 16:51

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   FPG steel mill in Vietnam to mull investment in 3rd furnace
   
   Focus Taiwan reported that a steel mill operated by Taiwanese conglomerate Formosa Plastics Group in Vietnam will study the feasibility of expanding production by building a third furnace. Mr Chen Yuan-cheng chairman of the Formosa Ha Tinh Steel Corp., told CNA that demand for steel from the Southeast Asian market has been strong, prompting the company to mull the possibility of expansion. However, Mr Chen said that the idea of production expansion will depend on a decision by shareholders and whether the Vietnamese government will support the expansion.
   
   The second furnace of Formosa Ha Tinh Steel, located in the Vung Ang Economic Zone in Vietnam's Ha Tinh Province, started operations May 18, 2018 after the first furnace became operational on May 29, 2017.
   
   Mr Chen said the first furnace rolled out about 1.6 million metric tonnes of molten iron in 2017, while 95 percent of the second furnace has entered operations, with production expected to hit 5 million metric tons in 2018, generating USD 2.5 billion in sales.
   
   Due to production at the second furnace beginning, the Ha Tinh steel mill is expected to boost Vietnam's economic growth by 1.27 percentage points in 2018, up from 0.45 percentage points in 2017, according to an FPG estimate.
   
   FPG is the largest shareholder of Ha Tinh Steel joint venture with a 70 percent stake. China Steel Corp. and Japan's JFE Steel Corp. have a 25 percent and a 5 percent stake, respectively.
   
   These shareholders have invested more than USD 10 billion in the joint venture, making the project the largest foreign investment in Vietnam.
   
   Mr Chen said the feasibility plan of the third furnace will start next year at the earliest. He said the joint venture will also take into account the continued concerns over trade tension between the United States and China, which is expected to create uncertainty over the global steel markets, including Vietnam.
   
   The Ha Tinh steel mill was slapped with a fine of more than USD 500 million after it was accused by the Vietnamese government of releasing toxic substances into the nearby sea in April 2016.
   
   Source : Focus Taiwan
2. voda 14 november 2018 16:51

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   Adhunik Metaliks faces liquidation - Report
   
   Telegraph India reported that Adhunik Metaliks, the Calcutta-based beleaguered steel maker, may face liquidation after Liberty House of the UK failed to make an upfront payment to the creditors within the stipulated time. The National Company Law Tribunal suggested that the committee of creditors (CoC) may consider moving an application seeking the liquidation of Adhunik. Liberty has sought more time to make the payment. Shardul Amarchand Mangaldas & Co, the solicitor firm representing the CoC, on Monday informed the tribunal about the application and prayed to the NCLT to issue a notice to Liberty House to make the payment.
   
   However, judicial member KR Jinan expressed his inability to do this. “He observed he has no power to issue any notice to Liberty House asking them to make payment and the only recourse left for the CoC is to take steps for liquidation as there has been failure to make payment in terms of the plan,” Sidhartha Sharma, the advocate appearing on behalf of resolution professional Sumit Binani in the tribunal, said.
   
   Sources close to the CoC, however, said it might weigh options other than liquidation and move an application before NCLT Calcutta soon.
   
   The next hearing has been listed for January 3, 2019.
   
   Sanjeev Gupta’s Liberty had to make an upfront cash payment of INR 410 crore to the secured financial creditors, who collectively have a INR 5,371.23-crore claim on Adhunik, by September 12. However, the UK-based company had filed an application on October 10 seeking extension of the deadline to make the payment.
   
   Source : Telegraph India
3. voda 14 november 2018 16:52

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   ArcelorMittal Gnet invests EUR 65 million euros in a heat treatment furnace
   
   Nieuwsblad reported that ArcelorMittal Gnet has invested EUR 65 million in a new furnace. The new furnace can produce modern ultra-high-strength steel. But to be able to coat that steel, the steel company has to follow a specific temperature curve. The company said that "That was not possible with the existing ovens. That is why 65 million euros was invested in a new oven. It was equipped with a Quenching & Partitioning cycle to accelerate and cool the steel. The new Sidgal 3 Q & P Furnace is the final part of the Fortiform® investment chain.
   
   ArcelorMittal has invested 250 million euros over the past five years in developing what it calls the steel of the future. Among other things, car parts are made with that Fortiform steel. According to ArcelorMittal, these components are 10 to 20 percent lighter, more economical and better for the environment.
   
   Source : Nieuwsblad
4. voda 14 november 2018 16:52

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   Sandvik acquires US based Dura Mill
   
   Sandvik Coromant, a division within Sandvik Machining Solutions, has reached an agreement to acquire the privately owned US based company Dura-Mill Inc, a manufacturer of precision solid carbide end mills. The acquisition enhances an already strong position and product offering in North America and primarily within the Aerospace segment. Mr Klas Forsström, President of Sandvik Machining Solutions said that “The acquisition is aligned with Sandvik Machining Solutions’ focus on growing the round tools business. Dura-Mill will add even stronger capabilities for managing customized end mills.”
   
   Mr Nadine Crauwels, President of Sandvik Coromant said that “I am very pleased that we have reached an agreement to acquire Dura-Mill and make them part of Sandvik Coromant. Dura-Mill is a world class manufacturer of solid round tools for the metalworking industry, serving industries like Aerospace, Automotive, Power Generation and Medical. I am convinced that our combined knowledge in products and solutions will greatly benefit our customers.”
   
   In 2017 Dura-Mill had revenues of 7.2 million USD and 30 employees. The parties have agreed not to disclose the purchase price. The deal is accretive to earnings per share from the start.
   
   The transaction is expected to close before the end of 2018.
   
   Source : Strategic Research Institute
5. voda 14 november 2018 16:53

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   USW members vote to ratify 4-Year Contract with US Steel
   
   Thousands of members of the United Steelworkers union voted by an overwhelming margin to ratify a new contract with US Steel. The new four-year master agreement takes effect immediately. It includes a total of 14 percent in wage increases over the life of the contract, maintains the union’s high-quality, affordable health care coverage and strengthens retirement benefits for the USW’s 16,000 members at 14 US Steel locations. The contract also allows for much-needed investments in the company’s facilities. The new agreement will run through September 1, 2022. The contract covers members of 24 local unions who work at the following US Steel facilities: Clairton Works, East Chicago Tin, Fairfield, Fairfield Southern, Fairless Hills, Gary Works, Granite City Works, Great Lakes Works, Keetac, Lone Star Tubular, Lorain Tubular, Midwest Plant, Minntac and Mon Valley Works.
   
   USW International President Leo W. Gerard said “In 2015, workers recognized that the steel industry was struggling and agreed to make sacrifices so that U.S. Steel could get through some tough times. Now that the company has recovered and is projected to earn nearly USD 2 billion this year, workers rightly wanted a share of that success.”
   
   Bargaining on the new contract began in July. The previous agreement, which was negotiated in 2015 during a difficult period for the steel industry, contained a wage freeze and other concessions. That three-year agreement expired on September 1.
   
   Source : Strategic Research Institute
6. voda 14 november 2018 16:56

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   Liberty plans to increase output at Galati steel plant by 50pct
   
   British Indian investor Mr Sanjeev Gupta, whose group will take over the biggest steel plant in Romania – ArcelorMittal Galati, plans to increase the plant’s production by over 50% in the next period, to 3 million tons per year. Gupta said in an interview with local Ziarul Financiar “The group has an investment plan of EUR 330 million for the next 3-5 years. We have the clear intention of increasing the annual production from 2 million tonnes of steel to 3 million tonnes, restart a furnace and modernize the rolling mills. We are not only looking to increase production but we also want to modernize the plant so that we can produce higher value-added products that will be processed further by our downstream units in Europe, which means another significant change in our business.’
   
   He added that this is only the foundation on which the group plans to build its presence in Romania and that the production at the Galati steel plant can increase much over the 3 million tonnes level either by opening a third furnace or by installing an electric arc furnace for recycling scrap.
   
   Source : Romania Insider
7. voda 14 november 2018 16:58

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   Tata Steel reports consolidated financial results for Q2 and H1 of 2018-19
   
   Mr TV Narendran, CEO & Managing Director, said “Tata Steel Group has delivered extremely strong results this quarter driven by robust operational performance and favorable business conditions in India. This quarter, despite a seasonally weaker period, we sold 4.32 million tons across Tata Steel Standalone and Bhushan Steel. This demonstrates our strong customer relationships and the strength of our marketing franchise. We continue to work on our strategy of increasing our Indian footprint as we ramp up operations at Bhushan Steel and implement our 5mtpa expansion at Tata Steel Kalinganagar. In line with this, we have also signed definitive agreements to acquire the 1mtpa steel business of Usha Martin which will strengthen our longs products capability. We are making good progress on the TSE ThyssenKrupp JV. We are in discussions with the European Commission for the phase II review which typically takes 90 days. While we are positive on steel demand outlook especially in India, the risk of trade wars and increasing imports remains a concern.”
   
   Highlights of the quarter:
   
   Health and Safety: Lost time injury frequency rate per million man hours worked (LTIFR) of Tata Steel group reduced to 0.44
   
   Consolidated deliveries grew by 13%QoQ and 15% YoY to 7.42 million tonnes
   
   Consolidated revenues increased to INR 43,544 crores as compared to INR 37,833 crores in 1QFY19 and INR 32,464 crores in 2QFY18
   
   Consolidated EBITDA increased to INR 9000 crores as compared to INR 6,515 crores in 1QFY19 and INR 4,664 crore in 2QFY18; consolidated EBITDA margin stood at 21% and EBITDA/t was INR 12,131
   
   Consolidated PAT improved to INR 3,116 crores as compared to INR 1,934 crores in 1QFY19 and INR 1,018 crore in 2QFY18
   
   Tata Steel India deliveries (Tata Steel standalone and Bhushan Steel) stood at 4.32 million tonnes; India deliveries now contributes 58% of total group deliveries
   
   Standalone EBITDA increased to INR 6,113 crores compared to INR 5,118 crores in 1QFY19 and INR 3,408 crores in 2QFY18; EBITDA margin was 34% and EBITDA/t was INR19,244/t
   
   Tata Steel Standalone operations:
   Total deliveries grew by 7%QoQ to 3.18 million tons in 2QFY19 which was stronger than the domestic steel market demand growth of 2.1%QoQ.
   Automotive segment sales increased by 21.6%YoY ; Industrial Products and Projects segment sales grew by 14%QoQ and 7%YoY with 74%YoY growth in engineering segment; Branded products, Retail & Solutions segment sales grew by 2.1%YoY with 20%YoY growth in ‘Astrum’ sales.
   Standalone revenues increased by 9%QoQ and 26%YoY to Rs. 17,902 crores driven by higher volumes and better realisations.
   Standalone EBITDA increased significantly to Rs.6,113 crores, up by 19%QoQ and 79%YoY.
   Standalone EBITDA margin for the quarter stood at 34%; EBITDA/t for the quarter stood at
   Rs.19,244/t
   Tata Steel remains focused on operational efficiencies and minimizing environmental impact. Tata
   Steel Jamshedpur continues to be the benchmark in India for Coke consumption rate &
   Pulverized Coal Injection usage. It has also been able to increase solid waste utilization to 95% in
   2QFY19.
   
   Tata Steel Europe operations:
   Liquid steel production was lower by 14%QoQ and 7%YoY at 2.43 million tons; production was impacted by two unplanned outages at IJmuiden; and by planned shutdowns for ongoing upgradation program and annual maintenance.
   Deliveries were down by 7%QoQ and 13%YoY to 2.27 million tons; primarily due to lower production and seasonality.
   EBITDA, for the quarter, decreased to Rs.1,111 crores compared to Rs.1,667 crores in 1QFY19, however, it was better than Rs.732 crores in 2Q FY18.
   Tata Steel Europe continues to strengthen sales mix. It launched five new products during the quarter; higher-value differentiated product sales exceeded 41%.
   
   Bhushan Steel operations:
   Bhushan Steel’s total deliveries jumped 34% QoQ to 1.14 million tons as improved marketing strategy helped in inventory reduction. Revenue increased to Rs.5,862 crores as compared to Rs.4,624 crores in 1QFY19. EBITDA for the quarter increased Rs.1,173 crores with EBITDA per ton at Rs.10,291/ton.
   The integration of Bhushan Steel is progressing well; our focus is on improving maintenance and safety practices at the plants which will improve plant reliability and help ramp up volumes.
   
   Tata Steel South-East Asian operations:
   Revenues improved by 14%QoQ and 22%YoY to Rs 2,963 crores, primarily on account of improved deliveries at Nat steel and better realizations at both Nat Steel and Tata Steel Thailand.
   EBITDA was steady Rs.112 crores in 2QFY19.
   
   Source : Strategic Research Institute
8. voda 14 november 2018 16:59

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   Voestalpine hit by industrial action - Report
   
   SP Global reported that Austrian steelmaker Voestalpine is expecting possible intermittent walkouts at various sites this week as Austrian trade unions escalated their campaign in current disputes over pay in the metals sector. Voestalpine said it was affected by a workers mass meeting at the Boehlerwerk precision strip site on Tuesday, but expects other sites to be affected by industrial action. A spokeswoman told Platts "There is the possibility at Voestalpine that further sites will be affected by token strikes related to collective agreement negotiations. We do not expect major implications for production or customers.”
   
   Unions Pro-Ge and GPA-djp have started brief walkouts, so called "token strikes", across metal companies in Austria on Monday and plan to continue the action during the next days. The negotiations between metal employers and unions for more pay for metal workers broke down on Thursday. A new date for talks has not been set yet.
   
   Source : SP Global
9. voda 14 november 2018 17:00

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   Operational creditors move NCLT against ArcelorMittal plan for Essar Steel
   
   Financial Express reported that around 29 operational creditors to Essar Steel have moved the Ahmedabad bench of the National Company Law Tribunal (NCLT) against the resolution plan submitted by ArcelorMittal and passed by the committee of creditors (CoC). It is further alleged that the financial creditors (banks) are receiving higher financial recovery when compared to the operational creditors.
   
   The claims of these 29 creditors together add up to around INR 607 crore. Of these, 27 creditors including major ones, Ideal Movers, Kamaljeet Ahluwalia, Arfin India, Sakar Industries and Apex Commodities, have made a claim of INR 360.39 crore on Essar Steel. As per FE report, one more application of RK Logistics with total dues of INR 226 crore will be filed separately.
   
   Orissa Stevedores has said operational creditors of Essar Steel have been neglected and overlooked in the entire resolution process. It further alleged that the financial creditors (banks) are receiving higher financial recovery when compared to the operational creditors. The petition filed by Orissa Stevedores said “From the records and information as available in public domain it appears that ArcelorMittal’s resolution plan does not indicate and/or seem to indicate substantial payments to the operational creditors.”
   
   Orissa Stevedores has made a claim of INR 20.4 crore on Essar Steel. The claim has been partially admitted, for INR 16 crore, by the resolution professional overseeing the Essar Steel auction.
   
   It is one of the 1,169 operational creditors who have made claims totalling over INR 27,000 crore. Of this, claims of over INR 5,000 crore have been admitted by the resolution professional.
   
   Source : Financial Express
10. voda 14 november 2018 17:00

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    New heat treatment line inaugurated at SAIL RSP plate mill
    
    Chairman, Steel Authority of India Ltd Mr Anil Kumar Chaudhary inaugurated the Additional Heat Treatment Line (AHTL) of the Special Plate Plant (SPP) of RSP. The Special Plate Plant has been catering to the needs of the Nation’s defence and research programmes and has supplied steel for India’s indigenous defence projects like INS Vikrant, INS Kamorta etc. Built at a cost of INR 155 Crore, this AHTL facility will augment the heat treatment capacity of Special Plate Plant and will help the Plant to meet the enhanced demand for defence grade special steel of various dimensions. Different grades of plates including Spade, Jackal, DMR-249 A & B, SAIL WR-400, ASTM -537 CL-II, DMR-301 will be heat treated in the AHTL. The special plate plant unit is a pioneer in the field of special steel plates; with a diverse product profile that ranges from various grades of heat treated plates.
    
    He also congratulated RSP collective which is in its 60th year of production and said that in this milestone year the theme of celebration would be Safety, Health and Environment. During his address, he emphasized on early completion of the new 3 Million Tonnes per annum (MTPA) Hot Strip Mill (HSM). Shri Chaudhary said that the new HSM should be completed by the beginning of next financial year; which will augment the Plant’s hot rolled steel making capacity along with enabling RSP to produce advance grade HR coils. This will help RSP to cater to the high end HR Steel segment and facilitate for supplying to Cold Rolling Mills producing auto grade steel, as per requirement.
    
    Source : Strategic Research Institute
11. voda 14 november 2018 17:01

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    ArcelorMittal can’t do a Jio in Indian Steel Industry - Mr Seshagiri Rao
    
    Bloomberg Quint quoted JSW joint managing director and group chief financial officer Mr Seshagiri Rao as saying that Indian steel industry won’t have its “Jio” moment, despite the entry of ArcelorMittal. He told “The entry of ArcelorMittal won’t effect a change in the steel industry, which is unconsolidated and captive in nature. With huge incremental domestic demand of 63-64 million tonnes, one or two players can’t dictate and disrupt the industry trend. The only thing that differentiates us from the rest of the competition is the ability to produce high-quality steel products at lowest prices.”
    
    Mr Jayant Acharya, director in charge of commercial and marketing operations of JSW added “Any competition will be healthy for the company given the economy has enough room for growth.”
    
    JSW has an existing capacity of 18 million tonnes per annum, of which 5 million tonnes is in western India. This, in addition to its upcoming 5 million tonnes plant in Maharashtra, Flat steel products comprise over 70 percent of its product portfolio. The company plans to differentiate its product line as it transitions from a volume- to value-based player to maintain 14-15 percent of market share. Value-added products, the steelmaker said, comprise nearly half of its portfolio—a proportion the company intends to maintain as it gradually ramps up capacity from 18 MTPA to 25 MTPA and then 45 MTPA by 2030.
    
    Here’s how the company plans to use its total capex of Rs 45,000 crore for capacity expansion.
    INR 22,000 crore will be spent on ramping up capacity to 25 MTPA
    INR 5,000-6,000 crore towards expansion of downstream facilities
    INR 13,000-14,000 crore towards acquisition of iron ore mines
    
    Source : Bloomberg Quint
12. voda 14 november 2018 19:48

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    Korean wartime slaves demand Japan steel giant asset seizure
    
    The Jakarta Post reported that supporters of four South Koreans who served as wartime forced laborers for a Japanese firm visited its Tokyo headquarters to demand court-ordered compensation. Lawyers for the men accompanied by supporters went to the company's Tokyo headquarters to demand the money, but its representatives refused to meet them. Kim Se Un, one of the lawyers, said they will now "start procedures to seize" the assets of the firm's South Korean affiliates, local media reported.
    
    South Korea's highest court ruled last month that Nippon Steel & Sumitomo Metal pay the men 100 million won (USD 88,000) each for being forced to work at its steel mills between 1941 and 1943. Only one of the victims is still alive.
    
    The court ruling has triggered a new row between Japan and South Korea -- two US allies faced with an increasingly assertive neighbour in China and the long-running threat of nuclear-armed Pyongyang.
    
    Around 780,000 Koreans were conscripted into forced labour by Japan during its 35-year occupation of the peninsula, according to South Korean figures -- a figure that does not include the thousands of women forced to work in wartime brothels.
    
    Source : The Jakarta Post
13. voda 14 november 2018 19:54

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    Millcon to upgrade steel capacity to serve demand
    
    Bangkok Post reported that SET listed steel producer Millcon Steel Pic is planning to increase its production capacity to 800,000 tonnes per year combined at its two plants in Bangkok and Rayong provinces to serve both domestic and export demand. Combined capacity at Millcon's two facilities is 600,000 tonnes per year, with the Bangkok plant producing 250,000 tonnes and the Rayong plant 350,000 tonnes.
    
    Mr Pravit Horungruang, acting chief executive and president, said Millcon is preparing a budget for the new capacity, expecting to spend from next year. He said that "The new capacity7 upgrades should be complete in the next couple of years.”
    
    At home, new megaprojects, particularly in the government’s flagship Eastern Economic Corridor scheme, are set to beef up steel demand. The EEC is expected to attract new investment flows to the construction sector.
    
    Millcon also plans to increase the production capacity for steel bar and premium steel products. Steel bar is to serve the construction sector, while premium steel products supply the country’s automotive sector.
    
    Thailand consumes roughly 3 million tonnes of steel bar per year.
    
    Mr Pravit said Millcon is in talks with the Myanmar government about new investment for a steel factor}7 in Myingyan, in Mandalay.
    
    In 2016, Millcon teamed up with two Myanmar companies to invest in a USS12-million (397 million baht) plant to produce steel products for construction to meet rising demand there.
    
    Source : Bangkok Post
14. voda 14 november 2018 19:54

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    Indian crude steel production up 5.2% at 61.1 million tonne this fiscal
    
    Mr Sushim Banerjee DG of INSDAG in his personal capacity wrote in Financial Express that India’s crude steel production in the first 7 months of the current fiscal at 61.1 million tonnes has grown by 5.2%. Steel imports at 5.3 million tonne has fallen by a lower rate (4.3%) as compared to exports at 5.0 million tonne (a decline of 33.6%) thereby making the country a net importer. Steel consumption in the country at 56.0 million tonnes during the period indicates growth of 7.9% which is one of the highest in the world.
    
    More indigenous capacity are needed to restrict imports of value added steel and to cater to the rising demand from the critical sectors like defence, railways, oil and gas sector and urban infrastructure. The resolution of NCLT referred cases (Essar steel, Bhusan Steel and Power, Eletro therm and a few others) must be finalised within the next 6 months to instil confidence among the buyers and institutional purchasers about the ability of Indian firms to make steel available indigenously.
    
    Source : Financial Express
15. voda 14 november 2018 19:56

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    US to impose anti-dumping duties on steel wheels from China
    
    Tire Business reported that the US Department of Commerce has determined preliminarily that exporters of steel truck wheels from China have been dumping the product in the US at a margin of 231.7%. As a result, Commerce has instructed US Customs and Border Protection to collect cash deposits from importers of certain steel wheels from China based on these preliminary rates.
    
    Meanwhile, the anti-dumping duties are in addition to countervailing duties ranging from 48.75 to 172.51% that Commerce announced in August.
    
    Source : Tire Business
16. voda 14 november 2018 19:56

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    US weekly raw steel production week 45 - AISI
    
    In the week ending on November 10, 2018, domestic raw steel production was 1,915,000 net tons while the capability utilization rate was 81.7 percent. Production was 1,708,000 net tons in the week ending November 10, 2017 while the capability utilization then was 73.3 percent. The current week production represents a 12.1 percent increase from the same period in the previous year. Production for the week ending November 10, 2018 is down 0.1 percent from the previous week ending November 3, 2018 when production was 1,917,000 net tons and the rate of capability utilization was 81.8 percent.
    
    Adjusted year to date production through November 10, 2018 was 81,809,000 net tons, at a capability utilization rate of 77.9 percent. That is up 5.3 percent from the 77,661,000 net tons during the same period last year, when the capability utilization rate was 74.2 percent.
    
    Broken down by districts, here's production for the week ending November 10, 2018 in thousands of net tons: North East: 213; Great Lakes: 692; Midwest: 209; Southern: 715 and Western: 86 for a total of 1915.
    
    Source : Strategic Research Institute
17. voda 15 november 2018 19:33

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    Metalloinvest announces assignment of the corporate social responsibility rating
    
    
    Metalloinvest a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces the assignment of the debut rating of corporate social responsibility (CSR) from the international agency EcoVadis. Following the assessment, the Company was awarded the "Silver" level of recognition of CSR practices. In particular, the agency’s analysts rated especially highly the Company's activities around environmental protection, human rights and the introduction of working and ethical standards at the enterprises. Metalloinvest continues to follow and adhere to global sustainable development trends. The Company is in the top 11% of producers rated by EcoVadis globally in the manufacture of basic iron and steel industry (over 900 companies).
    
    Mr Andrey Varichev CEO of Management Company Metalloinvest, commented that "Following the principles of sustainable development is one of the crucial factors for maintaining long-term sustainability and competitiveness. Metalloinvest aims to introduce international best practice and integrate principles of sustainable development to all business processes. Our philosophy is to remain a reliable partner to all stakeholders and follow high level standards around industrial and professional safety, protect the environment, invest in the development of industrial potential and improve the quality of life of employees and residents in the towns in which the Company operates.”
    
    The Company is aware of the growing interest in sustainable development among the investment community and business partners. The high level of debut rating from the international agency EcoVadis is confirmation of the significant amount of attention that Metalloinvest pays to corporate social responsibility.
    
    Source : Strategic Research Institute
18. voda 15 november 2018 19:35

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    Kamdhenu Steel Q2 net profit jumps by 66pct
    
    Leading TMT bar maker Kamdhenu Tuesday said its net profit jumped 66.13 per cent to INR 5.20 crore during the quarter ended September 30, 2018, helped by higher income. The company had clocked INR 3.13 crore net profit during the same period a year ago.
    
    Kamdhenu said in a BSE filing that during the quarter, the company's total income rose 22.44 per cent to INR 332.20 crore, compared with INR 271.30 crore in the year-ago period.
    
    Its expenses increased to INR 324.14 crore, against INR 266.45 crore in the July to September period of 2017-18.
    
    Source : Strategic Research Institute
19. voda 15 november 2018 19:47

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    Steel manufacturing company fined after child crushed to death in factory
    
    Toronto City News reported that a steel manufacturing company has been fined USD 150,000 after a child was killed at its Linwood, Ont., facility in July 2017. JM Lahman Manufacturing Inc., pleaded guilty to violating the Occupational Health and Safety Act when one of its supervisors brought two children into its factory northwest of Kitchener, allowing one of them to wander the premises without supervision.
    
    The OHSA prohibits people under the age of 15 from being in a factory without being accompanied by an adult.
    
    The child who was left to wander the factory was crushed to death when bundles of steel tubing that were being stacked by a worker collapsed. The total weight of the stack was estimated to be about 14 tonnes, and the child was instantly killed.
    
    The other child was not harmed.
    
    The Ministry of Labour said in a release that “A Ministry of Labour engineer determined during the investigation that the use of softwood spacers between the bundles and the use of insufficient numbers of bands to hold the tubes together contributed to the collapse. There may have been other factors as well.”
    
    The company was fined USD 100,000 for permitting a child inside the factory without supervision. An additional USD 50,000 was imposed for failing to properly secure the bundles of tubing.
    
    Source : Toronto City News
20. voda 15 november 2018 19:47

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    Dongkuk Steel shifts to Q3 net loss on equity shortfall
    
    Yonhap reported that Dongkuk Steel Mill Co, South Korea's leading thick steel plate maker, said it swung to a net loss in the third quarter from a year earlier on equity shortfalls from affiliates. For the three months that ended on Sept. 30, the company shifted to a net 8.3 billion won (USD 7.3 million) in the red from a net profit of 12.6 billion won a year earlier.
    
    A company spokesman said over the phone that "Equity losses from the company's affiliates, such as a steel mill in Brazil, cut into the quarterly bottom line. The won's weakness against the dollar further affected numbers.”
    
    The company said that its operating profit fell 27 percent to 52.6 billion won in the third quarter from 72.5 billion won a year ago. Sales were down 3.4 percent to 1.501 trillion won from 1.554 trillion won during the same period.
    
    Source : Yonhap