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1. voda 14 december 2015 16:44

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   PPMAI urges government to stop protecting Indian steel sector at the cost of users
   
   Process Plant and Machinery Association of India, apex body representing the Process Plant Manufacturers in the country, has written to Prime Minister Mr Narendra Modi and Steel Minister Mr Narnedra Singh Tomar and Union Finance Minister Mr Arun Jaitley against excessive protectionism being given to the steel sector in the country. PPMAI has strongly objected and expressed serious concern at perpetual protectionist environment being created excessively in favour of steel sector in the country without consulting the capital goods and industry sector.
   
   Mr VP Ramachandran secretary of PPMAI wrote that “India is in the process of globalizing its manufacturing base through establishment of Capital Equipment and downstream industries in MSME to generate employment as well as boost Make in India vision through competitiveness of Indian products. However, government must also be understood that this goal is endangered if our industrial and trade policies are based on narrow perspectives of PROTECTIONISM FOR ONE individual industry. India should not be seen as a protectionist nation with unpredictable policies.”
   
   He wrote “If steel industry including stainless steel is favoured with so much of excessive protectionism including curb on imports with anti dumping duties and additional safe guard duties in this competitive world, it will end up as a burden on the economy and scare away investors in other productive Capital Equipment as well as downstream MSME areas which have the potential to run efficiently and grow without support and develop export markets and most importantly generate employment for the youth in our nation.”
   
   Mr Ramachandran said “Government has already provided enough protection to steel industry through high imports duties, Rupee devaluation by over 40% and trade barriers such as anti-dumping or safeguard duties. In a deregulated environment government is taking away capital goods industries right to access the required quality of raw materials and intermediates at competitive prices.”
   
   He aid “Why only steel sector alone which is about 80 -90 per cent family owned business in the country is being taken care of and that too at the prospect of killing the downstream capital goods & MSME sector who are the backbone to make in India theme. The recent proposal by Government to impose Minimum Import Price for steel products without discussing with all the stake holders will further create confusion if arbitrary price is fixed and will hit domestic industry if asked to follow prices.”
   
   He added “The current high import duties are also inverted. this basically protects the steel industry but hurts the business operations of downstream value added producers. thus, the steel industry can face lack of domestic demand if the closure of downstream sector happens in near future. Government must therefore look at the big picture and not sacrifice the Capital Goods and MSME sectors to protect the business interests of steel producers alone.”
   
   He said “PPMAI urges the government to make the duty structure logical and bring down the import duties on semis and intermediates like Hot and Cold rolled carbon steel and stainless steel to the original rate of 5%. if China , Korea & Japan are dumping at low price , start anti dumping investigations instead of further protection through import curbs as Indian Economy is not only steel sector alone ”
   
   Source : Strategic Research Institute
2. voda 14 december 2015 16:47

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   JSW Steel crude steel output in November dives by 24% YoY on shut downs
   
   JSW Steel has said its crude steel production was down 24 per cent in November at 0.845 million tonne against 1.107 million tonnes in the same period last year due to planned shut down at three of its plants.
   
   Source : Strategic Research Institute
3. voda 14 december 2015 16:51

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   Continuous slab caster modernized by Primetals Technologies goes into operation at ArcelorMittal Bremen
   
   The second strand of the continuous slab caster modernized by Primetals Technologies for German steel producer ArcelorMittal Bremen GmbH has now been brought into operation. The modernization included equipping the machine head of the twin strand casting plant with new molds as well as the DynaWidth and DynaFlex technology packages. The aim of the project was to increase the availability and reliability of the plant, and to further improve product quality. Modernization of the first strand was completed in October 2014. Operational experience shows that an annual total of almost 600 megawatt hours of electrical energy can be saved for the two strands.
   
   ArcelorMittal Bremen GmbH is a flat steel producer. It employs an integrated blast furnace/converter route to produce high-quality steel grades, primarily for the automotive and construction industries. The company runs a twin-strand continuous slab caster which can produce almost four million metric tons of slabs in widths of up 2,670 millimeters each year. Originally, the caster was supplied by VOEST-ALPINE Industrieanlagenbau in 1973, renovated in 1991, and modernized in 2005 by third-party companies.
   
   Primetals Technologies supplied rugged cassette-type SmartMolds with quick-change copper plates and narrow faces to increase the availability and reliability of the caster to the levels required by ArcelorMittal Bremen. The DynaWidth technology package ensures that the slab width is set dynamically and precisely at maximum casting speed. The hydraulic DynaFlex mold oscillator flexibly adjusts the oscillation parameters to match the particular operating conditions. The new equipment was designed to fit in the existing steel structures without any modification of the two strands. As a result, construction costs were reduced and the downtime required for the installation was shortened.
   
   Source : Strategic Research Institute
4. voda 14 december 2015 16:53

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   Import accounts for 26% US steel market Share in November - AISI
   
   Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of November total 2,647,000 net tons. This was a 24% decrease from the 3,473,000 permit tons recorded in October and a 13% decrease from the October final imports total of 3,041,000 NT.
   
   Source : Strategic Research Institute
5. voda 14 december 2015 17:00

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   Iron ore pellet makers in Odisha in a soup as miners hike prices for fines
   
   Business Standard reported that the decision of some Odisha miners to hike prices of iron ore fines has threatened to throw out of gear the operations of the ailing pellet makers in Odisha. While some pellet makers have already shut their units, many others were on the edge of closure.
   
   Prices of iron ore lumps have corrected in the range of Rs 300-700 a tonne. Fines prices, on the contrary, were hiked by Rs 200 per tonne, impacting the pellet manufacturers. Pellet, an intermediate product in steel making competed with lumps.
   
   But with the crash in lumps prices, buyers were cautious on pellet purchases. Iron ore pellets, is a value-added manufactured product, whose cost of production is around Rs 4500-5800 per tonne (excluding taxes), is presently competing with mined iron ore lumps & calibrated lumpy ore (CLO), whose cost of production is below Rs 500 per tonne (excluding taxes).
   
   In the current scenario, the minimum landed cost of fines 62-65 per cent Fe) is Rs 2207 per tonne for freight distance of up to 25 km and Rs 2347 a tonne for 50 km.
   
   Deepak Bhatnagar, secretary general, Pellet Manufacturers' Association of India (PMAI), said, "Globally, there is a sharp drop in prices of iron ore and steel, but in India, the price of iron ores are still significantly high making it unviable for pellets & steel industries. International iron ore price is reduced from US$140 in August 2014 to $38 per tonne at present with a drop of 73 per cent, which is expected to go further low. Whereas, Indian iron ore price is reduced from Rs 3000 in August 2014 to Rs 1600 per tonne at present with a drop of only 47 per cent."
   
   Presently, the capacity utilisation of pellet plants in the state stands at 45 per cent. Full capacity utilisation of all pellet facility promises a royalty gain of Rs 843 crore for the state.
   
   Source : Business Standard
   
6. voda 14 december 2015 17:01

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   Allegheny Technologies to idle operations at 2 locked out steel plants
   
   TribLive reported that Allegheny Technologies Inc. is idling two plants in Western Pennsylvania where nearly 600 workers have been locked out for almost four months in a labor dispute as the steelworkers union balked at concessions demanded by the company.
   
   The Pittsburgh-based specialty steel producer said it will temporarily shut down the plants in Armstrong and Beaver counties next year in an effort to cut costs and return to profitability. The temporary plant shutdowns will affect stainless-steel melting and finishing operations at ATI's Midland plant and grain-oriented electrical steel operations at its Bagdad plant in Gilpin.
   
   ATI employs 220 United Steelworkers members in Midland and 360 in Gilpin. The idling is expected in January at Midland, and by April at Bagdad.
   
   The two plants that will be idled are part of ATI's Flat-Rolled Products division, where more than 2,000 workers have been locked out since Aug. 15 when the union rejected what the company called its “last, best and final offer.”
   
   CEO Mr Richard Harshman said “Market conditions for our commodity stainless-steel products have been challenging for an extended period and have continued to deteriorate throughout 2015, with further deterioration during the fourth quarter.”
   
   Mr Alan Braden, head trustee at United Steelworkers Local 1138, which represents workers at the Bagdad plant, said company management had told workers that the plant would be improved to make it more competitive. He said “All they did was throw us B.S. and ride it out until this lockout came. Everything that has gone down with this lockout is a shame. It's just not hurting the steelworkers; it's hurting the community.”
   
   ATI spokesman Dan Greenfield could not be reached for comment.
   
   Source : TribLive
   
7. voda 14 december 2015 17:04

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   Chinese steel sector woes to continue – Analysts
   
   South China Morning Post reported that analysts say that the outlook for China’s overcrowded steel industry will remain negative in the near term, as the sector is struggling with sluggish demand and excess inventory on the back of a sharp economic slowdown in China. In addition, potential anti-dumping investigations against China’s steel exports could also pose a key risk to the sector.
   
   According to China’s Iron & Steel Association earlier this week, China’s daily crude steel output from 97 large and medium sized mills fell to 617 million tonnes per annum as of mid-November, down 2.1 per cent from early November levels. Nationwide, CISA estimates that the daily production rate fell 1.6 per cent from early November level. Analysts from JP Morgan in a recent research report said “At this run rate, we estimate steel demand fell 5.5 per cent for the first eleven months of this year.”
   
   UBS analsysts say that “China’s steel export growth could mildly revive in the short term. However, the gap between supply and demand may still not get better. We would expect supply-demand dynamics in China to worsen over the long term. There is no significant capacity shutdown either through administrative measures or stricter environmental regulations.Key risks included a hard landing of China’s economy and potential anti dumping investigations against Chinese steel exports. We remain negative on the sector.”
   
   Meanwhile, China’s steel Purchasing Managers’ Index (PMI), another indicator of steel manufacturing activity, dropped to a seven-year low of 37 per cent in November, according to the China Steel Logistics Professional Committee. The steel PMI has been running below 50 per cent for 19 consecutive months. A print above 50 indicates an expansion in the sector, while a reading below 50 points to a contraction.
   
   However, on the supply side, the inventories saw no sign of a significant cutback. In late November, steel mill inventories rose 1.1 per cent to 15.2 million tonnes, compared with 15 million tonnes in late October, while steel stockpiles with traders dropped 2.4 per cent to 9 million tonnes versus 9.2 million tonnes in early November. Taken together, the estimated inventory level is 13.5 days in late November, still slightly up from 13.4 days in early November, according to JP Morgan.
   
   On the raw materials front, iron ore stocks at Chinese ports climbed 4 per cent to 89.5 million tonnes, up from 86.1 million tonnes in early November. Iron ore stocks at steel mills were broadly flat at 19.7 days in early November.
   
   The sluggish demand at home and large excess capacity have already prompted Chinese steel mills to dump steel abroad at low prices. China’s total steel exports jumped 22 per cent in the first 11 months of the year to 101.7 million tonnes
   
   Source : South China Morning Post
   
   

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8. voda 14 december 2015 17:17

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   Historical decision on steel import policy likely any time
   
   Hope of survival of Indian steel mills is gaining ground in last 7-10 days as the market is abuzz with the news of imposition of Minimum Import Price. Although, the clarity on modalities as well as MIP levels for various steel items would emerge only after the official notification, if any, Indian steel mills are expecting MIP as paramount solution to their woes changing the rules of the game as the earlier measures have failed to protect sliding domestic price line in India hurting their bottom line. On the other hand, steel users are in a confused state as they expect a substantial jump in domestic prices, if MIP becomes reality and also foresee loss of their competitiveness in domestic and global markets. It is learnt that the discussions are in advanced stages and notification can be issued any time. However, another view is that other than safeguard duty on sheets and plates nothing else is likely to happen
   
   Source : Strategic Research Institute
9. voda 14 december 2015 17:23

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   Deutsche Bank sess iron ore rock bottom at USD 36
   
   The Age reported that for those wondering where the iron ore carnage is going to come to an end, Deutsche Bank has a few suggestions. The bank's Australian chief economist Adam Boyton said USD 36 a tonne is a likely floor for Australian producers and USD 26 is an absolute floor.
   
   Mr Boyton told Fairfax Media “Different producers sit at different parts of the cost curve. At USD36, that's the point where if you were sustained under there for a while you'd start to lose the first chunk of Australian production. At USD 26, most Australian production is uneconomic".
   
   He said "Australia is 'the' low cost iron ore producer, so if we're uneconomic at those levels, why is anyone else producing?"
   
   To sustain those levels would be "highly surprising", said Mr Boyton, as it would require non-traditional uneconomic producers of iron ore to be still producing at significant volume. He said "The prospect that that's where you end up, and it's ultimately Australian production that comes out of the market, is very small."
   
   He said "The biggest impact on an iron ore price in the high USD 30s remains the implications for federal government finances. Much of the impact of lower commodity prices has been absorbed by the federal government via larger deficits and a higher level of net debt."
   
   Mr Boyton put the cumulative cost of lower iron ore prices between 2012-13 and 2015-16 at $175 billion, almost $7300 per Australian.
   
   Source : The Age
   
10. voda 14 december 2015 19:45

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    Historical decision on steel import policy likely any time
    
    Brief
    
    Hope of survival of Indian steel mills is gaining ground in last 7-10 days as the market is abuzz with the news of imposition of Minimum Import Price. Although, the clarity on modalities as well as MIP levels for various steel items would emerge only after the official notification, if any, Indian steel mills are expecting MIP as paramount solution to their woes changing the rules of the game as the earlier measures have failed to protect sliding domestic price line in India hurting their bottom line. On the other hand, steel users are in a confused state as they expect a substantial jump in domestic prices, if MIP becomes reality and also foresee loss of their competitiveness in domestic and global markets. It is learnt that the discussions are in advanced stages and notification can be issued any time. However, another view is that other than safeguard duty on sheets and plates nothing else is likely to happen.
    
    It is learnt that based on representations from Indian steel giants, India’s steel ministry has prepared a list of 30-40 items with recommended MIP and is currently tweaking it to overcome objections from commerce ministry. It is heard that finance ministry, citing huge exposure of banks to Indian steel mills and prospects of them becoming NPAs, is also pushing for quick imposition. Meetings on the matter are being held frequently with these ministries and industry representatives. However, the final outcome would be known only when the notification is published by the government, if any
    
    It is learnt that MIP is being proposed for the entire spectrum of steel products including pipes as well as stainless and alloy steels meaning a blanket ban on steel import in any form except for imports against export commitments. According to a report in Business Standard recently, following MIP levels have been proposed. It is understood that the final proposal is quite close to the numbers mentioned below
    
    Category Base Grade Special Grade
    
    Metallics 250 NA
    
    Semi Finished Products 400 460
    
    Hot Rolled Products 450 510
    
    Hot Rolled Universal / Quatro Plates 505 565
    
    Cold Rolled 555 615
    
    Coated Flat Steel 660 720
    
    Color Coated - Pre Painted 760 NA
    
    Cold Rolled Non Grain Oriented 915 NA
    
    Steel Pipes & Tubes 515 580
    
    Seamless Tubes & Pipes 775 925
    
    Stainless Steel Tubes & pipes 2417 3404
    
    Stainless Steel Ingots, Oth Semi Finished 2117 3104
    
    Stainless Steel Flat Rolled Products 1772-2217 3204-3435
    
    Stainless Steel Bars, Rods & Sections 1871 2759
    
    
    In USD per tonne
    CFR Landed
    Source – Business Standard
    
    Normally, floor prices are used for collection of government levies but it is understood that to curtail transfer pricing, a proposal to link MIP to a global index is being made for ascertaining the real difference between the global levels and MIP and collection of the same from importer to ensure that imports actually do not happen below MIP
    
    As the implementation of MIP would be challenging, it is heard that proposal is to designate few ports for steel imports with enhanced infrastructure and manpower to enforce MIP on steel imports
    
    Indian steel market which is facing subdued demand amid glut on supply side and cheap import levels is expected to gain substantially and the domestic prices of input, semis, longs and flats have already surge by about INR 1000 in last few days at few locations only on the news of likelihood of imposition of such a mechanism as buyers are low on inventory in current oversupplied market situation. If MIP really happens, steel is going to be costlier for users and improvement in the bottom line of Indian steel mills is inevitable. As Indian mills are fighting for their share of market amid plenty domestic supply, the increase in realization is expected to be much lesser
    
    However, higher steel prices would have drastic effect on steel users in India and actually the problem would get shifted to them. While the costs of implementation of projects would go up, Indian manufacturing would become even more uncompetitive scuttling Make in India initiative to some extent. Surge in imports of end product as well as product substitution could also happen, resulting in further reduction of steel demand growth.
    
    Many steel companies, which have taken huge loans for capacity expansion, are under severe stress with their EBITDA nose diving as cheap imports have depressed Indian domestic prices severely, are in line to move to NPA category for nationalized banks propelling finance ministry to step in to protect them. At the end of the day, costlier steel means increased revenue outflow from the government for projects and higher consumers spending meaning the common man will bear the brunt
    
    It would be interesting to see that what the guidelines spell for import contracts already signed, LCs opened and materials are under shipment MIP implementation could result in breach of contract and litigations thereafter.
    
    Another, aspect is that would the Indian steel mills be allowed to export steel at prices substantially lower than MIP? It is expected that steel mills would shift gear to domestic market due to higher realization and exports would reduce further except for coated items, where MIP would not be applicable as coaters, who depend on exports as domestic market size is limited, could import their feed stocks at global levels
    
    Lastly, such a move could bring complaints from steel supplying nations and it would be interesting to know if such guidelines meet WTO norms
    
    Also, the global prices could correct further if the Indian steel import market is taken off the grid as overseas steel mills have additional volumes to sell
    
    Disclaimer – The above article is based on information from reliable sources but is for information only and is not for making any decisions.
    
    Source: Strategic Research Institute
11. [verwijderd] 15 december 2015 10:41

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12. voda 15 december 2015 19:38

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    US raw steel production dips 14.4% YoY in Week 50
    
    AISI reported that in the week ending December 12, 2015, domestic raw steel production was 1,536,000 net tons while the capability utilization rate was 64.2 percent. Production was 1,795,000 net tons in the week ending December 12, 2014 while the capability utilization then was 74.6 percent.
    
    Source : Strategic Research Institute
13. voda 15 december 2015 19:38

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    Ukraine's January steel output seen at 2.0 mln tonnes -producers
    
    Ukrainian steel production in January is likely to stay at December's level of about 2.0 million tonnes, steelmakers said on Friday. Steel mills expect that production of pig iron to remain stable in January at about 2 million tonnes and output of rolled steel of 1.8 million tonnes.
    
    Steel output fell 17 percent in the first 11 months of 2015 to 21.0 million tonnes, mostly due to the military conflict in the east of the country where most of Ukraine's steel factories are based, the Metallurgprom producers' union said in a statement.
    
    Metallurgprom has said 2015's steel output could fall 13 percent to 23.5 million tonnes. It sees production of pig iron falling by 11 percent to 22 million tonnes and output of rolled steel down by 12 percent to 21 million tonnes.
    
    In 2014, Ukraine's steel output fell 17 percent to 27.16 million tonnes.
    
    Source : Economic Times
    
    
14. voda 15 december 2015 19:39

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    Tata Structura celebrates 10 years of resounding success
    
    Tata Structura, the brand of Steel Hollow Sections manufactured by the Tubes SBU of Tata Steel, celebrated 10 glorious years by organizing a commemorative gala event at the Taj Landsend hotel in Mumbai.
    
    During the event, Tata Steel launched two new innovative products, which are first of its kind in India. One is a high strength variant of steel hollow sections called Tata Structura 355, which has enhanced yield strength of 355 Mpa, and an additional variant with fire-resistance properties. Tata Structura diversified its portfolio by introducing factory-made “I” and “H” sections, thereby, offering a complete range of structural steel product to its vast customer base.
    
    The event witnessed thought-provoking talks by two distinguished experts from the construction industry, Dr. Bimal Patel, President, CEPT University – Ahmedabad, and Dr. Arul Jayachandran, Associate Professor of Structural Engineering , IIT Madras. They highlighted the role played by the steel construction fraternity in nation building citing global examples and proposed better industry-academia collaboration as one of the key means to replicate it in India.
    
    The Chief Guest of the evening program, Mr. Anand Sen, President – TQM & Steel Business, Tata Steel said, “"Tata Structura has been one of the most dynamic and innovative brands launched by Tata Steel in the past decade. It has been instrumental in inspiring architects to realize their creative potential, aided engineers in offering cost-effective solutions and supported fabricators in completing projects on time."
    
    Source : Strategic Research Institute
15. voda 15 december 2015 19:40

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    Japan steelmakers start pilot tests to cut carbon emissions technology
    
    Reuters reported that Japanese steelmakers will start testing in a pilot furnace next year a technique to reduce carbon dioxide emissions after laboratory experiments have showed promise for the method.
    
    Japan's top steelmaker Nippon Steel & Sumitomo Metal opened up its research center in Chiba prefecture near Tokyo to the media on Tuesday, and researchers there outlined the technology for cutting carbon dioxide emissions. The pilot furnace at the Kimitsu steelworks in Chiba, which is about 10 cubic meters or about 1/500th of the capacity of a standard unit, will start experimenting with the new technique early next year.
    
    Should the tests prove successful the technique will be key to reducing Japan's carbon emissions from steelmaking by 30 percent by 2050, a tall order for an industry that relies on carbon-emitting coking coal to make a product used in everything from cars to cutlery.
    
    While other fuels such as natural gas can be substituted at a cost for burning coal in power plants - which accounts for about 44 percent of global CO2 emissions - there is no replacement for coking coal in blast furnaces at steel mills. Coking coal and iron ore are the main ingredients for steelmaking and are used in roughly equal proportions. But a method which involves using higher concentrations of hydrogen in coke oven gases to reduce iron ore is being developed by Nippon Steel and other Japanese steelmakers using government funds.
    
    Japan's steel industry is one of the most efficient in the world but its carbon emissions remain high, although it is aiming to cut them by as much as 30 percent through suppression of emissions and capture of CO2 from blast furnaces by 2050.
    
    Source : Reuters
    

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16. voda 15 december 2015 19:42

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    ISSADA sees negligible impact of AD duty on cold rolled stainless steel
    
    Indian Stainless Steel Development Association announced that that impact of this Anti Dumping Duty on CR stainless steel will be negligible as the import trend has now shifted to higher widths and the same has been highlighted in the customs notification as well as the Final Findings of the Directorate General of Anti Dumping & Allied Duties
    
    Mr NC Mathur President ISSDA said “The real benefit of this duty will only be evident only when the government initiates Anti Circumvention petition by the industry on widths above 1250mm.”
    
    He said “ISSDA would urge the government to initiate the Anti Circumvention petition by the industry urgently. This will bring a slight reprieve to the domestic stainless steel industry which is under severe financial stress and is operating at nearly 60 % of its stalled capacity.”
    
    It is to be noted that the existing duty on Cold Rolled stainless steel flat products is being circumvented as the imports now have shifted to higher widths i.e. above 1250mm and also width below 600mm. It is pertinent to note that the Final finding of DGAD had brought out few relevant points. Final finding states that dumping of Cold Rolled Flat Products of Stainless Steel continues inspite of imposition of Anti Dumping Duty.
    
    The Anti dumping Duty on import of Cold Rolled Flat Products of Stainless Steel was effective till 21 April, 2015. Review of this Anti Dumping Duty could be done the same product only hence the industry was unable to include higher widths of imports under this duty protection.
    
    Source : Strategic Research Institute
    
17. voda 15 december 2015 19:44

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    No pain, no gain, for China steel sector wallowing in glut
    
    South China Morning Post reported that costly steel plants and iron ore mines closures are gathering pace on the mainland China as falling domestic steel demand and product prices hovering at 20 year lows are finally forcing a long awaited and painful restructuring to curtail excess capacity after a decade of failed attempts by Beijing to push for consolidation.
    
    But it is only the beginning of a long process to restore a demand-supply balance, and next year will be a testing time for local governments wary of social instability arising from plant shutdowns that may require bailouts to cushion the blow on tens of thousands of workers
    
    Although the mainland steel industry has so far this year seen the closure of 50 million tonnes, or 4.4 per cent of total annual production capacity of 1.14 billion tonnes, it is far from enough, according to HSBC’s analysts. They wrote in a report “Under our current forecast [for industry output] to rise 1 per cent next year, we calculate that China needs to cut another 120 million tonnes of capacity next year in order to reach an overall utilisation rate of 80 per cent – a relatively healthy level.If output were to drop by 3 per cent to 783 million tonnes – in line with China Iron and Steel Association’s forecast – an additional 160 million tonnes of capacity shutdowns would be required.”
    
    They noted the need to maintain social stability is the biggest barrier for a quick solution to the glut, since massive layoffs could spark social unrest.
    
    Privately owned Songting Iron and Steel in Tangshan city in Hebei province has shut its 5 million tonnes of capacity last month, after failing to pay its electricity bills. It was the mainland’s second steel mill with at least 5 million tonnes of capacity after Shanxi province’s Haixin Iron and Steel Group to shut down due to a liquidity crunch and a debt crisis since March last year, and came after a string of smaller private steel mill closures.
    
    Many steel mills have idled loss-making production lines temporarily to avoid incurring costs of permanent shutdowns, such as employees severance and plant dismantling costs.
    
    The mainland’s 101 medium and large-sized steel mills as a group made a loss of 72 billion yuan on their steel-related operation in the year’s first 10 months, and nearly half of them were loss-making, according to the China Iron and Steel Association.
    
    Beijing, which is poised to miss an industry consolidation target set in 2011 for the nation’s top 10 steel producers to occupy at least 60 per cent of the market by the end of this year, has extended the time frame for its achievement by a decade to 2025, after the industry got more fragmented due to rapid output growth by smaller privately-owned steel mills.
    
    Source : South China Morning Post
    
18. voda 15 december 2015 19:45

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    Mr Paul O’Flaherty resigns as ArcelorMittal South Africa CEO
    
    BD Live reported that ArcelorMittal South Africa has announced the resignation of its CEO Mr Paul O’Flaherty with effect from February 12 2016. The company said on Monday that Mr O’Flaherty would also be resigning as executive director due to "personal reasons".
    
    It said "The board has established a search committee for his successor, of which he will also be a member.”
    
    Chairman Mr Mpho Makwana thanked Mr O’Flaherty for his valuable contribution to the company as the CEO and looked forward to his further contribution as a nonexecutive director.
    
    Mr O’Flaherty’s resignation comes amid a difficult time for steel makers around the globe as they grapple with a global supply glut that has sent producers’ share prices to their lowest levels in more than a decade.
    
    Source : BD Live
    
    

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19. voda 15 december 2015 19:46

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    ArcelorMittal Point Lisas disagrees with union figure on workers dismissed
    
    Antigua Observer reported that ArcelorMittal Point Lisas is disagreeing with the figures provided by the Steel Workers Union of Trinidad and Tobago regarding the number of workers laid off last week. ArcelorMittal has said “It was completely untrue and misleading that it had sent home workers without any financial assistance during the holiday period and that more than have already signed up to receive vacation encashment.”
    
    ArcelorMittal said it wanted to clarify that it has laid off 480 workers of 533 bargaining unit workers and not the figures quoted by the union.
    
    In a statement, ArcelorMittal said managers with accrued vacation leave and knowing the company’s position in the international steel market had taken up the offer to proceed on paid vacation leave while managers without accrued vacation leave have been engaged to do alternative work at the Point Lisas plant. The company said that over the last 10 years of its operations, it has suffered major financial losses for seven of those years and that with uncertainties in the international steel market it has not laid off or retrenched any of its permanent work force in recent times and only laid off workers in December as a last resort.
    
    The company said that challenges became critical at the start of this year when it initiated discussions with SWUTT on possible revisions to its footprint.
    
    Arcelor Mittal said the layoffs came only after the SWUTT was asked to present to workers a proposal from the company to proceed on accrued vacation days till mid-January with pay as they are entitled to in their industrial agreement and any worker without sufficient holidays would be employed in alternative duties.
    
    It said in spite of continuing decline in the production of steel products over the last year due to uncompetitive costs and a slow-down in production, ArcelorMittal said, it “never once laid off and retrenched its permanent workforce this year,” but engaged SWUTT in discussions every step of the way.
    
    The company said that labour costs per ton at the Point Lisas plant over the last five years have been in the highest percentile of companies within the ArcelorMittal Group.
    
    It said the figures “give a true picture of the operations of ArcelorMittal at Point Lisas and erase the false picture being painted by the Union that the Company has been making large amounts of profit and exploiting labour”.
    
    The company said the difficult financial situation at ArcelorMittal has been caused by oversupply of steel on the international market by China and the crash in prices for steel.
    
    It added that this is compounded by the soft prices and major reduction in the number of orders received for products at Point Lisas which have impacted severely on the financial and production operations of the company.
    
    Last Monday, the SWUTT said it denounced the decision of the ArcelorMittal Point Lisas, to lay off 600 employees with immediate effect. The SWUTT said that the company had sent letters to all it workers laying them off with immediate effect. The union said that only a few workers would remain on the pant for maintenance purposes from the period December 7 to January 15 next year.
    
    Source : Antigua Observer
    
20. voda 15 december 2015 19:54

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    Mr Forrest slams BHP Billiton Limited and Rio Tinto Limited
    
    The boss of Fortescue Metals Group Limited has given an interview to The Australian newspaper in which he takes the opportunity to slam BHP Billiton Limited and Rio Tinto Limited for overproduction of iron ore. Mr Forrest reportedly said “BHP and Rio are just expanding and cutting their own throats”, while claiming the two are continuing to push the iron ore price down through overproduction.
    
    Some may level hypocrisy charges at the Fortescue boss given that Fortescue Metals itself just lifted Q1 2016 ore mined by 7% over the prior quarter, or 5% over the prior corresponding quarter.
    
    Indeed, Mr Forrest has also reportedly been joined in the past by another billionaire mining magnate, Ms Gina Rinehart, in complaining to the media and government about “multinationals” over producing in Australia.
    
    This may surprise some given that both Mr Forrest and Ms Rinehart have built their fortunes thanks to free markets, with Fortescue Metals in particular a company built on debt provided by capital markets. Moreover, Fortescue remains a high-risk proposition given that BHP, Rio and others are unlikely to ever relent in the quest to win market share.
    
    Given the free falling iron ore price Fortescue’s cash production costs remain critical to ensure it can turn a profit with the company claiming it can maintain a C1 cash cost guidance of US$18 per wet metric tonne for the full financial year. C1 costs though only reflect operating costs, not other costs required in terms of capital and investment expenditure to build long-term sustainability in a capital-intensive industry.
    
    The production cost guidance in US dollars is also sensitive to any appreciation in the Australian dollar in the first half of 2016, although this would likely be the result of a rebound in commodity prices and therefore something of a double-edged sword for investors.
    
    Overall it seems that Fortescue remains a leveraged bet on the direction of iron ore prices with iron ore now sold for around US$38 per tonne. It seems unlikely that the major miners will be willing to surrender market share by cutting production and with China’s boom days gone it’s hard to see a sustainable return to higher iron ore prices through 2016 at least.
    
    Source : Fool.com.au