voda 17 november 2015 16:44 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 India needs different tariffs to combat steel imports – Mr Seshagiri Rao Mr Seshagiri Rao, Joint Managing Director and Group CFO, JSW Steel of JSW Steel speaking about the outlook for the steel market going forward said even after the imposition of state guard duty, imports haven’t fallen, adding that in fact imports grew by around 42 percent this fiscal. He said “In order to avoid the safe guard duty, the Chinese are under pricing the products, so there has been no relief for the domestic steel producers as such. There is need to introduce different tariffs across the supply chain to combat the problem of imports into India.”. Below is the verbatim transcript of Seshagiri Rao's interview with Anuj Singhal and Ekta Batra on CNBC-TV18. Ekta: Tell us how the situation is post the safeguard duty that came in, what is the situation with regards to imports right now in the country and any respite felt in the past couple of months? A: In this financial year, if you see inputs have grown by 42 percent. Even after safeguard duty imports continue to come in. They are increasing, they are coming at any predatory pricing. So that is a cause of concern. After the safeguard duty has increased, in fact internationally the Chinese have reduced the prices further. So they are exporting it at any price to India. So the industry is very much concerned about it. Not only hot rolled coil, it is very essential that even in other products like cold roll, galvanising, colour coated these are the products that are coming in. Also the HR coil where the duty is applicable, they are finding different ways of bringing the same product into India to avoid the safeguard duty. For instance, HR Coil -- they are saying it is a structural application but bringing an alloy steel where the safeguard duty is not applicable. Similarly, the cold rolled full hard material, that is also coming into the market. Also what is astonishing is that some of the Indian players are bringing in at significantly lower prices in order to avoid the safeguard duty. So these are different ways which we are seeing in the market place. We are not seeing big relief for the steel sector even after imposition of the safeguard duties. Anuj: What is the solution then because if we keep raising duties and if they keep finding the way to dump the product as you are saying then what is the solution according to you? A: Across the supply chain they have to introduce a different tariff measures like either safeguard or countervailing or anti-dumping or non-tariff barriers like quality restrictions. This has been across the world, it is not specific to India because China is very structurally surplus, they are not reducing the production, their consumption, their demand in fact has fallen over by 8 percent in the month of October. So there is a huge amount of fall in the demand. When the production is not falling, they have to look at new markets. So they are exporting to every place. That is why there is a need for Indian government to look at the structural issue and the way it is coming at a very low prices and it is very uneconomical and unfair and also the predatory pricing, which is being done for the steel sector. Source : moneycontrol.com Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:44 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Malaysian steel sector in the doldrums on Chinese assult The Star reported that Malaysian steel players bracing for tough times due to the dumping of products from China. The aggressive dumping of China steel products at below-cost price in the global market is affecting the survival of steel millers in the Asean, region and Malaysia is not spared. Steel millers are now uncompetitive and suffering from widening losses as their operations are almost at a standstill. Going into 2016, China will continue to churn out more steel despite its economic slowdown, exacerbating the current dire situation faced by regional steel millers. This will result in the closure of more steel mills in Malaysia The China Iron and Steel Association recently announced that its members – who are mostly state-owned large and medium-sized steel companies producing at least 80% of China’s total steel production – have incurred losses amounting to US$4.42bil in the first nine months of 2015. Given such a situation, many industry players say that China steel millers are expected to compete among themselves and will be more aggressive in their export drive. Malaysan steel industry players are bracing for tough times, as they struggle with the increased dumping of cheaper imported steel from China. The cheap steel imports are also squeezing domestic steel prices, resulting in many steel mills cutting down crude steel and flat-finished steel production. This is compounded by low plant utilisation for producing goods such as steel bars and wire rods, sections, steel plates and flat rolled products. At the same time, the recent hike in the electricity tariff and gas prices, the goods and services tax as well as the imposition of the minimum wage policy will undermine growth in the bearish local steel sector. A Lion Group spokesperson tells StarBizWeek that the margin for local steel millers has worsened this year compared with 2014 due to the erosion in the domestic steel prices and increase in the quantity of imported steel. He points out that the import of wire rods and steel bars continues to dominate the local market. Source : The Star Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:45 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Arrium to cut 250 jobs at Whyalla steelworks WA Today reported that Australian Arrium's troubled Whyalla steelworks will shed up to 250 jobs, as part of a AUD 100 million cost-cutting drive in the midst of a global steel glut. On Monday the company announced big job cuts, with up to 200 employees and up to 50 contractors to lose their positions at Whyalla, about 270km north-west of Adelaide. The job cuts are expected to take place over the next six to eight months. Fairfax Media understands that Arrium will ask for expressions of interest from the Whyalla plant's workers to take voluntary redundancies. Arrium said labour was the largest cost at Whyalla. The company has promised to pay full entitlements and provide outplacement services and counselling to affected workers. Alongside the reduction in employment, Arrium will change its shift rosters and operating hours to reduce costs further. The combination of these measures would secure $60 million of the $100 million cost-reduction target Mr Steve Hamer, chief executive of Arrium's steel arm, said “It was crucial that we achieve another $40 million of annualised savings and implement the already identified savings. We remain committed to delivering a viable and competitive Whyalla business which benefits our stakeholders, including our local community and the state.”The South Australian plant, owned and operated by Arrium subsidiary OneSteel, is one of Australia's only two operating blast furnaces and has the capacity to make 1.2 million tonnes of raw steel a year. About 1650 people, including contractors, work at the steelworks. In October, Arrium said it would slash $100 million in costs from the Whyalla plant, on top of $60 million previously announced cost savings across Arrium's steel, mining, and mining consumables businesses. Source : WA Today Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:46 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 GMS update on shipbreaking in India in Week 45 - ALL ENVELOPING GLOOM!The depression presently enveloping the Indian market showed few signs of abating last week, with further falls reported on local steel plate prices, resulting in an overall reluctance to offer on any available units, in the fears of further losses in the future. As a result, there have been no sales reported to Indian end buyers and whilst Pakistan and Bangladesh continue to perform better, it is likely to be a much quieter period on the shores of Alang. Indeed, fresh arrivals at the waterfront have been limited over the last few weeks as only 20 - 25 yards remain operational locally, out of the 150 or so that have been acquiring vessels over the peak of the last few years. Banks remain incredibly reluctant to sanction new LCs due to the severity of the falls this year (almost 50% of market value has been lost) and a number of yards have been forced into closure as a result. The Indian Rupee spent much of the week trading at levels around Rs. 65 against the U.S. Dollar as the currency gives little respite to under pressure and beleaguered end- buyers. As such, it remains worth steering clear of the Indian market in the current form.Source : GMS Weekly Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:48 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Tata Steel gets green nod for ferroalloy expansion project in OdishaPTI reported that Tata Steel has received green nod for expansion as well as setting up of two units at its Joda plant in Keonjhar district, Odisha, entailing an investment of over NR 185 crore. Based on the recommendation of the Expert Appraisal Committee, the Environment Ministry has decided to grant environmental clearance to Tata Steel for expansion of Ferro Manganese plant from 0.0504 million tonnes per annum to 0.06 MTPA at Joda. Besides, it has got go-ahead for addition of 0.06 MTPA silico-manganese plant and 0.05 MTPA manganese sinter plant in existing ferro alloy plant at Joda, Koenjhar district in Odisha The total project cost will be about INR 185.58 crore, providing employment to about 1,500-2,000 people during the construction and for about 156 persons during operations. The approval has been given with some specific conditions including developing green belt in 33% of plant area and maintaining of gaseous emissions within permissible limits among others, the official said. Ferro alloy plant at Joda was commissioned in 1957 to cater to the manganese alloy requirements of Tata Steel works at Jamshedpur. Initially, the plant produced both, Fe-Mn and Silico Manganese (Si-Mn). Subsequently, it was decided to produce only Fe-Mn at Joda in 2000.Source : PTI Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:50 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 GMS update on shipbreaking in Bangladesh in Week 45 - TO THE FORE!A number of high LDT vessels were concluded at decent rates into Chittagong this week as the Bangladeshi market maintained its top-placed status once again. At current levels, demand and sentiments remain good but there are concerns that some of the more capable buyers are starting to dwindle and the market may inevitably cool off in the weeks ahead. Of the tonnage concluded, Swissmarine sold their capesize bulker CHOULEX (18,563 LDT) for a rather firm USD 330/LT LDT (although the vessel had 500 Ts of bunkers included in the sale). Two panamax containers were concluded ‘as is’ Singapore with the EVER RACER (22,144 LDT) sold for an impressive USD 322/LT LDT with extra payment for bunkers and lubes, whilst the Laeisz controlled PUSAN (18,851 LDT) was fixed for a more modest USD 315/LT LDT, in what seems to be the initial signs of a softening market. Finally, the panamax bulker SEA VENUS (9,937 LDT) was fixed from Korean owners for a good USD 315/LT LDT ‘as is’ Singapore with 400 Ts bunkers included in the sale. MARKET SALES REPORTEDVESSEL NAME TYPE LDT REPORTED PRICE CHOULEX Bulker 18,563 USD 330/LT LDT (with 500 Ts bunkers upon arrival) EVER RACER Container 22,144 USD 322/LT LDT (as is Singapore with extra payment for bunkers and lubes) PUSAN Container 18,851 USD 315/LT LDT (as is Singapore with extra payment for bunkers) SEA VENUS Bulker 9,937 USD 315/LT LDT (as is Singapore with 400 Ts bunkers included in sale) Source : GMS Weekly Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:51 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Jindal Saw Q2 net profit up 35% PTI reported that steel pipe maker Jindal Saw has reported 35 per cent growth in standalone net profit at INR 101 crore for the quarter ended September 30, 2015. The firm had clocked a net profit of INR 75 crore in the year-ago period Total standalone income, however, fell by 15.5 per cent to INR 1,345 crore in the July-September quarter this fiscal from INR 1,591 crore during the same quarter in 2014-15. Its total expenses were lower at INR 1,216 crore from INR 1,445 crore during the quarter under review. It said “In terms of production and sales, September quarter has performed marginally softer compared to April-June quarter and the September quarter in 2014-15.”During the quarter ended September 30, 2015, the company produced pipes & pig iron of around 220,000 tonnes against 230,000 tonnes in the year-ago period. Pellet production stood at around 263,000 tonnes as compared to 309,000 tonnes. India accounted for 89 per cent of total sales of Jindal Saw with remaining 11 per cent coming from overseas markets. The current order book for pipes and pellets of the firm stood at around USD 800 million, with Large Diameter Pipes accounting for a lions share followed by Ductile Iron Pipes, Seamless Pipes & others and Pellets. Current order book includes export of about 35 per cent. The major exports orders are from Middle East, Gulf region and South East Asia and Far East, it added. On projects and capital expenditure, Jindal Saw said it has has deferred its decision to implement Steel Plant at Bhilwara (Rajasthan) for the time being. It did not give any reasons for stopping work. On outlook, it said continued weakness in oil prices on account of oversupplied market conditions coupled with the geo political and war like situations in MENA region may impact on the new demand for the pipes in Oil & Gas. The weakness in the coal and iron ore prices along-with projections for the further weakness may keep a check on the sale prices of our products and thus profitability including pellets, it added. Source : PTI Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:52 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Karnataka steel mills may have to wait longer for smooth iron ore supply Financial Express reported that steel mills in Karnataka may have to wait longer to get a smooth supply of iron ore. The supply of iron ore is unlikely to improve in the state this year (2015-16) as a large number of mining leases are still awaiting final approval from the state government. Over 30 mining companies whose leases expired are waiting for deemed renewal under the provisions of the Mines and Minerals (Development and Regulation) Act, 2015. Mr Basant Poddar, senior VP of Federation of Indian Mineral Industries told FE “Around 35-40 mining companies shut their operations following the expiry of their leases. However, they qualify for deemed extension as per Section 8 (A) of MMDR Act, 2015 up to 2020. But the state department of mines and geology is not issuing the final approval without any valid reason. He said “The delay in issuing final approval under the provisions of the amended MMDR Act by the state government is causing hardship not only to miners, who have complied with all norms, but also the steel industry, which is forced to cut down their production capacities. Currently, only 24 mining companies are operational in the state, including two state-owned miners — NMDC and Mysore Minerals. The combined production from all these miners is estimated at 21 million tonnes in FY16. The steel industry in and around Karnataka requires an estimated 35 million tonnes per annum. These mining leases can add another 4 million tonne of iron ore per annum to the state’s production. Source : Financial Express Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:52 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Tata Steel likely to sell UK plant by April- Report Press Trust of India reported that Tata Steel wants to sell its plant in northern England to give it the best chance of survival as the UK industry has been struggling under a flood of cheap steel being pumped in from China, which has depressed prices. According to The Sunday Times, the Indian steel giant hopes the sale of its Scunthorpe plant in north Lincolnshire will take place by April next year. The firm said it is “assessing all strategic options” for the division and doing all it can to give it the “best chance of survival.”The firm is weighing up the closure of its long-products arm, of which Scunthorpe forms the core. A plan to sell it to US industrial tycoon Gary Klesch collapsed in the summer, the newspaper had earlier reported. Various bidders are believed to be interested and there is a possibility of a management buyout as well. The UK’s Department for Business is understood to be trying to attract buyers with a promise of long-term supply contracts, including a deal to feed Network Rail with steel for its multi-billion-pound overhaul of the railways. But the chances of a rescue that would keep open Scunthorpe's two blast furnaces — preserving the site as one of just two in Britain capable of turning iron ore into steel — are thought to be slim, the newspaper said. That could mean Scunthorpe is reduced to a finishing site for steel shipped in from abroad. Source : PTI Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:54 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 EUROFER update on steel imports into EU2016 imports seen moderating Customs data for 2015 show EU third country steel imports remaining on an upward trend. Following 3% y-o-y growth in Q1 - with growth driven by a 13% rise in flat product imports while semis’ and longs’ imports fell by respectively 11% and 6% - the rise in imports accelerated to 16% y-o-y in Q2. In addition to flat product imports increasing by 20%, now also semis and longs increased compared with the same period of 2014, registering 12% respectively 5% growth. Available data for the third quarter signal a further acceleration in the year-on-year growth rate of imports, to on average 31% y-o-y for total finished products: flat product imports rose 32%, longs’ imports by 29%. Over the first nine months of 2015, total finished product imports rose by 18% y-o-y, with flats’ import 21% up and longs’ 8%. Semis’ imports (eight months) were 4% were higher than a year ago. The three main countries of origin for steel imports to the EU are China, the Russian Federation and the Ukraine, together accounting for 60% of total imports. While Russia and the Ukraine dominate semis’ imports into the EU via a 75% share, and account for a significant share in flat product imports, China has overall the largest share in flat product imports. The volume of finished product imports from China arriving in the EU grew 40% y-o-y over the first nine months of 2015. EU imports from Serbia and Belarus continued to grow sharply. Serbian flat product exports to the EU grew 50% y- o-y over the first nine months of 2015. Meanwhile, Belarusian exports of long products were 65% y-o-y up. As long as surplus production in China is being pushed into the global export markets, traditional trade flows will continue to be distorted, fuelling the fight for tonnage, discounting while leading to margin erosion. Third country imports are forecast to rise by almost 10% in 2015. Following three consecutive years of relentless growth, imports are foreseen to moderate in 2016, in the assumption of a globally better adjusted steel demand and supply situation.Source : Strategic Research Institute Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:55 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Usiminas must downsize to weather Brazil recession - CEO Reuters reported that Brazilian steelmaker Usiminas Chief Executive Officer Mr Rômel de Souza said last week that it must downsize operations, sell assets and refinance outstanding bank loans to cope with a deep economic recession at home and falling prices for steel products abroad He told "We are losing competitiveness. It gets harder by the day. We have no option but to downsize." Mr Souza noted during a presentation to analysts in Sao Paulo that “Demand for flat steel products has plunged by more than 25 percent on an annual basis as Brazil slumped into its deepest recession in a quarter century. At the same time, export margins have been squeezed markedly as flat steel prices dropped faster than those for raw materials such as iron ore and coal.”Usinas Siderúrgicas de Minas Gerais SA, as Brazil's largest producer of flat steel is formally known, has halted operations in its Cubatao plant near Sao Paulo after realizing that reducing output to a minimum was not enough. Employees at the plant have gone on strike against Usiminas' plans but Souza said the company has no option but to lay off about 4,000 workers in Cubatao as of January. Usiminas is also seeking to raise cash by selling non-core assets such as Usiminas Mecanica SA, a manufacturer of structural steel products. Source : Reuters Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:55 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 JSPL to cut costs after Q2 loss The Hindu Business Line reported that Jindal Steel and Power Ltd said it plans to cut costs and divest some non core assets, as it swung to a second quarter loss due to a drop in iron and steel sales and a one time charge linked to an overseas unit. Jindal Steel and Power registered a consolidated loss of INR 620 crore in the September quarter, compared with a profit of INR 440 crore in the year-ago period. Profit was also impacted by a one-off charge of INR 230 crore for an impairment loss of fixed assets in one of its overseas subsidiaries. Net sales fell 8 per cent to INR 4,880 crore. Jindal Steel said it was looking to cut production costs and bring down its debt by selling some of its non-essential assets in the current fiscal year ending in March. Source : The Hindu Business Line Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 16:57 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Mr Sajjan Jindal sees at least 250 million tonne steel capacity in India by 2025 Times of India reported that JSW Steel CMD Mr Sajjan Jindal predicts that Indian steel industry would grow three folds in the next 10 years ie from a capacity of 110 million tonnes this year to 300 million tonnes in 2025. Mr Jindal during the inauguration of the international conference on global challenges and opportunities in steel industry organized by the Steel Authority of India Limited, Indian Institute of Metals and PSG College of Technology in Coimbatore said that the rising number of infrastructure and developmental projects have kept the demand for steel in the country rising He said "If our gross domestic product continues to grow at 8-9% every year, then we will be able to increase our capacity to 300 million tonnes by 2025. If not 300, at least 250 million tonnes. He added "We do not want to see a day when we will have to buy steel from China in order to develop our country. We have, in a presentation to the Centre showed that the Indian industry has the potential to be competitive globally. He also said "Indian steel market is among the top five markets in the world. To help this growth, India has to increase the size of steel plants and blast furnaces. Steel industries should have a minimum production of 5 million tonnes. Source : Times of India Aanbevelingen 0 ” Quote Reageren Niet oké
mamaloe 17 november 2015 16:57 auteur info mamaloe Lid sinds: 05 feb 2008 Laatste bezoek: 27 nov 2023 Aanbevelingen Ontvangen: 509 Gegeven: 66 Aantal posts: 6.053 Voda: Zo is het wel even genoeg met je Engelse berichtgevingen. Hou het kort.Kan je er een aantal van verwijderen? Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 17:02 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Users, importers and overseas suppliers argue against safeguard duty logic on HRC at DGS public hearingDGS had imposed 20% provisional safeguard duty on import of HRC in widths of 600 or more on September 14th for 200 days on the basis of petition filed by JSW Steel, Essar Steel and SAIL. Subsequently a list of interested parties was published followed by October 12 notice for public hearing on November 16 at Delhi The public hearing began with opening salvo from Lakshmikumaran & Sridharan (L&S), an Indian Law firm specializing in the areas of International Trade, representing petitioners at about 10 AM. Thereafter the stage was taken over by Interested Parties representatives who vented their ire against the imposition of safeguard duty by DGS in extreme haste without giving chance to them to counter petitioner’s submissions and accuracy & relevance of data. It is estimated that about 30-40 representatives tried to find loopholes and at the end of the hearing at about 4 PM DGS summarized the day’s developments and asked the parties to give Final Submission by November 23rd and Rejoinder by December 4. Some of the prominent names to have spoken or made presentations at the public hearing include associations like CORSMA, BIMA, FAM, FII and overseas supplier countries like EU, Japan, Taiwan, Ukraine, Turkey, Russia, Brazil. Representatives or legal firms representing overseas steel mills like ArcelorMittal, CSC, NSSM, JFE, Kobe Steel, Hyundai steel also presented their views. Some of the pipe makers and cold rollers like POSCO Maharashtra also vented their frustrations during the hearing. Some of importers also presented their counter arguments As the process has just started, it will be premature to talk about the outcome of this public hearing but some of the interested party representatives do not see any positive outcome for them. On the other hand, as the effect of 20% safeguard duty has been eroded with weakening of global HRC prices, petitioners are making a case for further hike in safeguard duty rate It is also learnt that some of the Indian mills have filed a petition for safeguard duty on steel plates as well have submitted fresh application for PPGI although DGS is yet to initiate the probe. Similar action for wire rod import is also in the offing Source: Strategic Research Institute Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 17:04 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Moody's downgrades Vedanta's CFR to Ba2 and senior unsecured notes to B1; outlook negative Moody's Investors Service has downgraded Vedanta Resources plc's (Vedanta) corporate family rating (CFR) to Ba2 from Ba1. Concurrently, Moody's has downgraded the company's senior unsecured ratings to B1 from Ba3. The outlook on all ratings remains negative. Source : Strategic Research Institute, Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 17:05 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Vale CFO says Samarco costs already exceed insurance Reuters reported that the cost of a deadly dam burst at an iron ore mine in Brazil run by Samarco has already exceeded the insurance cap for civil damages, co owner Vale SA said on Monday. Vale's chief financial officer Mr Luciano Siani said on a conference call "In terms of civil damages, Samarco's insurance policy is well below even the initial values being discussed in terms of costs. 250 million-real fine was already larger than the cap on the policy.”He said “Insurance to cover the suspension of production and cost of rebuilding elements of the mine, such as the dams, is higher.”Samarco, owned by Vale and BHP Billiton, has been fined 250 million reais ($65.5 million) and forced to pay for accommodations for the dispossessed, after a dam burst earlier this month, killing at least seven people, with 15 still missing. Brazilian state and federal prosecutors said on Monday that Samarco had agreed to pay a preliminary 1 billion reais ($262 million) to cover the cleanup costs and compensation. Samarco, Vale and BHP are scrambling to control the fallout from the disaster, which has polluted the Rio Doce river across two states. The accident, which also took out a conveyor belt at one of Vale's nearby mines, will affect Vale's production by about 19 million tonnes next year, including 9 million to 10 million tonnes of production that was usually sold to Samarco. Source : Reuters Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 17:06 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 BHP Billiton reviewing mining JVs in Peru and Colombia WA Today reported that BHP Billiton said it is reviewing two other mining joint ventures, in Peru and Colombia, following a dam disaster at an iron ore mine in Brazil, which it jointly owns with Vale. BHP told analysts and investors it was examining the structures of its Cerrejón coal joint venture in Colombia and its Antamina copper/zinc JV in Peru after the Brazil disaster. BHP chief executive Mr Andrew Mackenzie told a conference call that "We will look into, for our own benefit ... the arrangements that we have at Samarco which mirror similar arrangements we have at Antamina and Cerrejón.”BHP has two types of joint ventures where it does not operate the mines, he added, according to a transcript of his comments released by the company. Under some ventures, mostly in its petroleum business, another party is the operator, while in Samarco, Cerrejón and Antamina, there is a standalone company that is jointly owned. He said "That second type is the kind of arrangement we need to review and have been reviewing, to be honest, to decide ... whether a more petroleum-type model might be more appropriate in the future." Cerrejón in Colombia, one of the world's largest open pit coal mines, is owned equally by BHP, Anglo American and Glencore. Antamina is Peru's biggest copper and zinc mine. BHP and Glencore each have 33.75 per cent stakes, while Teck Resources holds 22.5 per cent and Mitsubishi Corp 10 per cent. Two dams collapsed on November 5 in southeast Brazil, killing nine people and coating a two-state area with mud and mine waste. The Brazilian mine is owned and operated by Samarco Mineração, a joint venture of Anglo-Australian BHP and Brazil's Vale. Source : WA Today Aanbevelingen 0 ” Quote Reageren Niet oké
voda 17 november 2015 17:07 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 Odisha miners see further crash in iron ore prices Business Standard reported that merchant miners in Odisha have gone for a marginal cut in iron ore lumps prices over the past week while keeping fines rates unchanged. Prices of lumps have corrected by INR 100-200 a tonne and are currently hovering at around INR 2,600 per tonne. The report quoted a senior official of a standalone mining company as saying that “There is clear lack of demand from steel firms which are operating at depleted capacities. Miners are forced to slash prices since there are not enough buyers. Mine owners are now finding it difficult to sustain operations and some of them are even operating at zero profitability. In the coming months, ore prices are likely to crash further as there is no near-term revival expected in the steel sector.”Miners are presently offering iron ore fines in the range of INR 1400-1500 a tonne. Fines prices are also expected to plunge in the near term as operations of pellet makers is at stake though some miners have recently raised it by up to INR 200 a tonne. Source : Business Standard Aanbevelingen 0 ” Quote Reageren Niet oké
voda 18 november 2015 16:47 auteur info voda Lid sinds: 02 dec 2005 Laatste bezoek: 06 mrt 2025 Aanbevelingen Ontvangen: 93454 Gegeven: 22910 Aantal posts: 384.441 quote:mamaloe schreef op 17 november 2015 16:57:Voda: Zo is het wel even genoeg met je Engelse berichtgevingen. Hou het kort.Kan je er een aantal van verwijderen?Zeg Mamaloe, ga jij eens je tanden poetsen!!!!Als je het niet wilt lezen, sla dan gewoon de draad over a.u.b., i.p.v. deze stompzinnige opmerkingen plaatsen! Aanbevelingen 0 ” Quote Reageren Niet oké
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