ArcelorMittal LU1598757687

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1. voda 14 januari 2016 17:08

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   Indian government may set up funding agency for steel sector
   
   Financial Express reported that with banks reluctant to lend additionally to the highly leveraged steel sector, the Indian government is evaluating the setting up of a funding agency exclusively for the sector much on the lines of Power Finance Corporation and the Rural Electrification Corporation for the electricity sector. The proposed entity could have an initial capital of INR 2,500 crore and entail participation from all major domestic producers
   
   A committee has already been formed by the steel ministry headed by the chairman and managing director of state-run steel firm Rashtriya Ispat Nigam, Mr P Madhusudan, in this regard and it met for the third time on December 31. The committee is likely to submit its recommendations in a month.
   
   A senior steel ministry official told FE “The Parliamentary Standing Committee on Steel and Coal had recommended us earlier to look into the possibility of setting up a funding agency for the steel sector on the same lines as PFC or REC for the power sector. We have set up the committee, but no concrete decision on the formation of the agency has taken up yet/”
   
   The agency, if formed, would mainly fund capacity expansion projects of the domestic steel firms. The corpus of the agency would proposed to be gradually enhanced keeping in pace with the fund requirement of the steel firms. Paucity of funds is partly coming in the way for raising capacity of the domestic firms.
   
   Source : Financial Express
   
2. voda 14 januari 2016 17:09

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   Evraz may idle Siberian steelworkers and cut hours
   
   Bloomberg reported that Evraz, Russia’s second-largest steelmaker, is considering suspending operational workers and cutting hours for administrative staff and management at its largest Siberian unit as a rout in prices deepens.
   
   The company and a labour union agreed to take the measures at the Evraz ZSMK division if the steel industry further worsens, Evraz’s press service said by e-mail. It didn’t elaborate on whether it may take similar measure at other units.
   
   The Vedomosti newspaper earlier reported that Evraz may reduce worker hours.
   
   Mr Kirill Chuyko, chief of equity research at BCS Financial Group, said by phone “I can’t remember the last time when Russian steelmakers were sending personnel to part time jobs or were idling capacities. This wasn’t the case even in 2008 and 2009 crisis. While a further decline in the ruble would be beneficial, the support won’t be as significant as it was a year ago, Evraz mostly producers long steel deep in Siberia and its exports are less competitive than products sold by companies like Novolipetsk Steel and Severstal, which are located closer to borders.”
   
   The country’s largest mills had in early 2015 been the most profitable in about seven years thanks to a slumping ruble, as they pay wages and other production costs in the currency while earning dollars or euros for exported material. Support from the ruble’s rout has weakened because steel prices extended declines to the lowest in more than a decade as China’s slowing economy fueled record exports of the commodity.
   
   Source : Bloomberg
   
3. voda 14 januari 2016 17:10

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   Rigorous assessment of risks needed as China Market Economy Status debate heats up - EUROFER
   
   On the day of an important conference on Market Economy Status for China in the European Parliament, the European Steel Association called for policy makers to more rigorously, transparently and comprehensively assess what granting this designation to China would do to the EU’s jobs, growth and investment prospects. EP conference is being organised by three S&D party Members of Parliament, and will focus on the potential effects of MES on European industry. This EP conference is being held a day before a scheduled ‘orientation debate’ in the College of Commissioners on how to proceed on MES for China.
   
   Source : Strategic Research Institute
4. voda 14 januari 2016 17:19

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   KIOCL and WBMDTC join hands to explore iron ore in West Bengal
   
   Economic Times reported that KIOCL, the iron ore mining company that was forced to shut down operations in Karnataka on environmental grounds, is all set to re-enter the business in fresh territory across the country in West Bengal. KIOCL has joined hands with the West Bengal Mineral Development & Trading Corporation to form a INR 850 crore joint venture for exploration, extraction and beneficiation of iron ore for the first time in the state.
   
   Mr Malay Chatterjee, chairman of state-run KIOCL, said “KIOCL will pick up a 49% stake in the new joint venture, while WBMDTC will have 51% shareholding. The new company will utilise KIOCL's expertise in mining and WBMDTC's assets to look for iron ore.”
   
   WBMDTC chairman Amlan Basu, who spearheaded the initiative, said: "Geological findings indicate areas adjoining Jharkhand such as Purulia, Bankura and Belpahari in West Bengal hold significant potential for iron ore reserves.Bengal already has big coal reserves. If we can establish presence of iron ore, the state's economy will receive a big boost."
   
   Source : Economic Times
   
5. voda 15 januari 2016 15:07

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   Kapitaalverhoging ArcelorMittal wellicht nodig in H2 volgens Barlcays - Market Talk
   
   AMSTERDAM (Dow Jones)--Barclays stelt dat de mogelijkheid bestaat dat staalconcern ArcelorMittal (MT.AE) in de tweede helft van het jaar $2-3 miljard aan kapitaal moet ophalen indien de staalprijzen onder druk blijven staan. De analisten denken echter niet dat een kapitaalverhoging een complete oplossing zal bieden, omdat dit niet het probleem van kasgeneratie van de staalfabrikant oplost. Het management zei overigens afgelopen november dat extra kapitaal niet nodig is. Ondanks dat de staalprijzen in de ontwikkelde markten iets lijken te herstellen, blijkt uit een analyse van Barclays dat ArcelorMittal problemen blijft houden met het binnenhalen van cash. De verhoogde gevoeligheid van lagere staalprijzen voor de operationele winst van Arcelor betekent dat het bedrijf moeite heeft om zich aan te passen aan de zwakke marktomstandigheden. Daarom zou het de analisten niet verbazen als de onderneming andere aanpassingen doorvoert; bijvoorbeeld in de Afrika en GOS regio en de mijnbouwactiviteiten waar geen geld wordt verdiend. Barclays verlaagt het koersdoel naar EUR4,00 van EUR5,50 en houdt het advies op equal weight. Omstreeks 11.15 uur noteert het aandeel 4,2% lager op EUR3,15, terwijl de AEX met 1,5% daalt. (levien.defeijter@wsj.com)
   
   
   Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com
   
   
6. voda 15 januari 2016 15:22

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   BHP Billiton schrijft $7,2 mrd af met lage grondstofprijzen
   
   AMSTERDAM (Dow Jones)--BHP Billiton Ltd. heeft vrijdag zijn grootste afschrijving ooit bekendgemaakt, een last voor belastingen van grofweg $7,2 miljard bij zijn onshore energiebezittingen, terwijl de kelderende wereldwijde grondstofprijzen de winst aantast.
   
   De vrije val van de olieprijzen zijn de laatste hoofdpijnkwesties voor de wereldwijde mijnbouwgigant, die al worstelt met een dam uitbarsting bij een Braziliaanse mijnbouwonderneming en een ineenstorting van de prijzen voor ijzererts, de focus van de grootste divisie. Aandelen van het concern zijn in de eerste weken van 2016 al met 16% in waarde verminderd.
   
   De afwaardering bij de energie-eenheid overtreft de $5,5 miljard aan kosten gerapporteerd in 2013, voorheen de grootste waardevermindering die het concern ooit deed. Eerder ging BHP Billiton al over tot een aantal afschrijvingen bij de energiedivisie, waaronder een last voor belastingen van $2,8 miljard vorig jaar, en nog e e n van vergelijkbare omvang in 2012.
   
   
   Door Rhiannon Hoyle in Sydney. Vertaald en bewerkt door Ellen Proper in Amsterdam; Dow Jones Nieuwsdienst: +31-20-5715200; ellen.proper@wsj.com
   
   
   (END) Dow Jones Newswires
   
   
7. voda 15 januari 2016 16:08

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   Issuance by ArcelorMittal of 137,967,116 new ordinary shares
   
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   13 januari 2016 22:15
   
   13 January 2016 - ArcelorMittal (the " Company ") announces the issue on 15 January 2016 of 137,967,116 new ordinary shares of the Company (the " New Shares ") upon conversion of the 88,182,131 outstanding 6% Mandatorily Convertible Subordinated Notes due 15 January 2016 (the " Notes "). Following this issuance, the share capital of the Company will amount to EUR 7,453,441,006.98 represented by 1,803,359,338 Shares.
   
   For the 1,817,869 Notes previously converted at the option of their holders, the Company has delivered a total of 2,275,026 treasury shares.
   
   The debt/equity ratio and earnings per share of the Company remain unchanged following such conversion since the Notes qualified as equity under IFRS.
   
   About ArcelorMittal
   
   ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
   
   Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.
   
   For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.
   
   We are one of the world's five largest producers of iron ore and metallurgical coal and our mining business is an essential part of our growth strategy. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.
   
   In 2014, ArcelorMittal had revenues of US$79.3 billion and crude steel production of 93.1 million tonnes, while own iron ore production reached 63.9 million tonnes.
   
   ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
   
   For more information about ArcelorMittal please visit: corporate.arcelormittal.com/
   
8. voda 15 januari 2016 16:40

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   JSPL puts on hold expansion plans and selling of non core assets
   
   PTI reported that Jindal Steel & Power Limited has put on hold its expansion plans and that the company is not in a tearing hurry to sell some its non core assets.
   
   JSPL MD & CEO Mr Ravi Uppal told reporters in Tokyo that “At this moment we are not going for any expansion. The idea is to fully utilize assets we have built up. So no expansion at this moment and no capital expenditure for a while.”
   
   On the sale of non-core assets he said, "Whenever we will get a fair price then we will look at it. When we talk about disinvestment of assets or the assets which we wanted to monetise partly, certainly we will look at them. It is very difficult to say when. We are not in a tearing hurry. All depends on when we get a good party or value for the assets."
   
   In a bid to cut its debt burden, the firm had earlier said that it will sell some of its non-core assets. It had said "Sale of non-core assets as identified by the company - Aircraft sale, Bolivia settlement and Botswana stake sale - are proceeding as per plan and we expect these transactions to be completed in 2015-16 fiscal.”
   
   Source : PTI
   
9. voda 15 januari 2016 16:42

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   Algeria suspends import of steel bars
   
   Skuld reported that as of 6 January 2016 Algerian banks have been instructed to formally suspend imports of new vehicles, cement and steel rebar.
   
   This is an instruction that was provided by the Bank of Algeria to all Algerian and foreign banks in Algeria. This suspension is made in the wake of the established import licenses which should enter into force soon.
   
   Source : Skuld
   
10. voda 15 januari 2016 16:44

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    Magang auto steel sales in 2015 crosses 1.5 million tonne mark
    
    Hitting a historic high. Among the sales, the outer plate sales were 60,000, increasing 20% year-on-year; galvanized auto sheet sales were 0.25 million tons, rising 5% year-on-year and high strength steel sales 0.45 million tons, up 15% from a year before.
    
    Domestic car market competed fiercely in 2015 when auto production in the country reported negative growth for the first time. Meanwhile, increased capacity of national auto sheet arrived at 18 million tons.
    
    But Magang auto sheet performed well in such market via signing cooperation agreement with auto parts manufactures, developing new products and realizing the development/applications of the first 1000MPa generation of high strength steel and 1500MPa steel and parts. It also launched client authentication.
    
    Source : SteelHome
    

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11. voda 15 januari 2016 16:46

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    Masteel invests in auto special steel project
    
    The municipal authorities in Ma’anshan in China’s Anhui Province has announced that Anhui-based Chinese steelmaker Masteel, France-based company Escaut Industrial Group and Yushan Economic Development Zone in Ma’anshan, Anhui have inked an investment agreement regarding cooperation in a high-grade automotive special steel project.
    
    Accordingly, Masteel, Escaut Industrial Group and Yushan Economic Development Zone will jointly set up a company called Escaut Special Steel which will mainly specialize in high-grade automotive gear steel, spring steel and bearing steel. Total investment in the steel project will amount to €92 million, while the project will have an annual output capacity of 750,000 mt.
    
    Source : Steel Orbis
    
12. voda 15 januari 2016 16:47

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    China NDRC approves USD 27 billion projects in first 10 days of New Year
    
    China’s top economic planner has approved over 180 billion yuan ($27.38 billion) of investment projects during the first 10 days of January
    
    On Jan 6, the National Development and Reform Commission (NDRC) approved the feasibility research reports of two new rail lines, Tongliao-Xinmin North Station and Chifeng-Kazuo Station, with total investment of 17.57 billion yuan and 17.02 billion yuan respectively.
    
    Two days later, the NDRC approved 150 billion yuan of road projects.
    
    On Jan 11, the NDRC released a notice about private capital investing railway project. There were eight pilot projects in the notice, including three high-speed railway projects, four intercity railway projects and one local railway project.
    
    Meanwhile, the NDRC also improved capacity cooperation to maintain stable growth.
    
    The NDRC recently held a conference on improving international capacity cooperation. NDRC vice-chairman Ning Jizhe said that in the near term, the country will promote the development of a batch of key projects focusing on 12 industries, and speed up the construction of demonstration base of international capacity cooperation.
    
    The 12 industries are steel, nonferrous metals, construction materials, railways, electricity, chemical engineering, textile, automobile, communication, engineering machinery, aviation and aerospace, shipping and marine engineering.
    
    Source : China Daily
    

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13. voda 15 januari 2016 16:49

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    China saves USD 160 billion in commodity import in 2015
    
    Slumping prices saved China more than $160 billion on its imports of commodities like oil, iron ore, coal and copper last year. Slowing growth in the world’s second-largest economy has hammered global raw materials prices, sending shockwaves through resource-rich producer countries from Australia to Zambia. But the falls have proved a boon to China itself, which is reportedly taking advantage of low costs to stockpile oil.
    
    The average price of China’s oil imports plummeted 45.3 per cent in 2015 on the previous year, Customs Spokesman Huang Songping said, with volumes rising 8.8 per cent to 335.5 million tonnes. Overall, China spent $134.5 billion on crude oil imports during the year. The quantity it bought was a record, Bloomberg News reported.
    
    Iron ore imports were up 2.2 per cent by volume and totalled $57.6 billion by value — but on average cost 39 per cent less than in 2014.
    
    Copper imports were flat by quantity but 17.1 per cent cheaper per tonne. Coal prices also dropped 21.8 per cent, with volumes of the fuel also slumping by 29.9 per cent.
    
    For the full year, China’s imports slumped 14.1 per cent by value on 2014 to $1.68 trillion, Customs said, while exports were down 2.8 per cent to $2.28 trillion.
    
    Source : The Himalayan Times
    
    
14. voda 15 januari 2016 16:52

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    Chinese domestic orders for steel to be subdued
    
    Shanghai Daily citing Platts reported that Chinese steel firms expect new domestic orders to remain subdued in January although prices may improve for both long and flat steel products
    
    Platts’ China Steel Sentiment Index for January edged up 1.62 points from December to 24.45 out of a possible 100 points. January’s reading was the fourth straight month it has stayed below the 50 level.
    
    A reading above 50 signals growth and one below 50 means a contraction.
    
    The outlook for new export orders in January improved by almost 10 points from December to 34.03, while expectations for new domestic orders were flat versus last month at 23.62.
    
    Mr Paul Bartholomew of Platts said “The index results indicate a disconnect between expectations for new steel orders and the outlook for price level. Market participants are more upbeat about prices since they began to improve from mid-December, but they are less confident about domestic and overseas demand.”
    
    Source : Shanghai Daily
    
15. voda 15 januari 2016 16:53

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    Final nail in the coffin for UK steel if China is granted MES – Ms Anna Turley
    
    Gazette Live reported that Redcar Labour MP Ms Anna Turley is calling on the government to oppose China being granted market economy status this year to protect UK steel. She said It’s a move that would make it very difficult for European countries to protect themselves against subsidized Chinese exports.”
    
    The European Commission are discussing the issue but the final decision will be made by the European Parliament and member states.
    
    Making an intervention in a speech by Bill Esterson, MP for Sefton Central, Ms Anna said “Will he join me in welcoming the fact that in the North-east, the balance of trade is positive and a large contributing factor to that was the steel industry on Teesside. Does he share my disappointment, anger and frustration that the government failed to do anything to step in to save steelmaking on Teesside?”
    
    She asked “But will he also, looking forward, help to commit and put pressure on the government to ensure that China will not get market economy status which could put the final nail in the national steel industry in this country?.”
    
    Source : Gazette Live
    
16. voda 15 januari 2016 16:53

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    Tata Steel slumps on S&P downgrade
    
    PTI reported that shares of Tata Steel slumped over 6 per cent in morning trade on the bourses after the global rating agency S&P downgraded the company on weak operating performance. Standard & Poor’s (S&P) had yesterday downgraded steel major Tata Steel to ‘BB—’, a low investment grade rating, over persistent subdued operating performance amid subdued demand and low steel prices.
    
    Following this, the shares of the company opened on a weak note at Rs. 235.60, then lost further ground and tanked 6.19 per cent to touch an early low of Rs. 231.70 on the BSE. On the NSE, the stock opened at Rs. 235.00, then declined 6.12 per cent to touch a low of Rs. 231.50. At 2.25 pm local time, the shares were trading down by 3.58 per cent at Rs. 238.15 on the BSE. On the NSE, the stock was down 3.41 per cent at Rs. 238.20.
    
    Marketmen said the fall in the counter was largely a knee jerk reaction to S&P’s downgrading of corporate credit rating.
    
    Moreover, the weakness in the broader market also dampened investor sentiment.
    
    Source : PTI
    
17. voda 15 januari 2016 16:55

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    Liberty House eying Tata Steel Scottish plants - Report
    
    PTI reported that Mr Sanjeev Gupta’s UK based Liberty House, which had recently acquired a number of units of another UK-based steel firm, Caparo Industries, is said to be a new potential buyer of two of Tata Steel’s Scottish plants, on the verge of closure due to the crisis in the industry.
    
    While the company has refused to comment at this stage, Scotland’s business minister has indicated that a potential deal may be in the works for acquiring the Dalzell and Clydebridge plants in Scotland’s Lanarkshire region.
    
    Minister Mr Fergus Ewing said “I met Liberty management last week to outline the range of potential support that would be available from the Scottish Government and Scottish Enterprise should it succeed in a buyout. I also emphasised that the Scottish steel taskforce continues to work constructively to ensure a viable future for the plants, with action being taken forward on energy costs, business rates, procurement and on environmental issues,” added Ewing, who will be heading a meeting of the steel taskforce today to work out the details of a potential deal.
    
    The two plants were believed to be part of another potential deal being discussed between Indian steel giant Tata Steel and London-based private equity firm Greybull Capital. But steel unions have expressed concerns that the two Scottish plants may not necessarily be part of the final package, making Liberty’s interest a renewed hope for the 270 workers employed by the two plants.
    
    The news comes as media reports indicated that Tata Steel is edging closer to a deal with Greybull Capital to acquire its long products division, which mainly includes a plant at Scunthorpe in east England.
    
    Source : PTI
    
18. voda 15 januari 2016 16:57

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    Danieli to supply wire rod sizing technology to Xinxing Ductile Pipe Co in China
    
    Danieli announced that another TMB based sizing equipment and technology for an existing 600,000 tpy wire rod line will be installed at Xinxing Ductile Pipe Co Ltd in Wu’an City, Hebei Province.
    
    The existing wire rod production outlet will be equipped with the latest generation TMB-Twin Module Block for the production of 5.0 to 20 mm dia. smooth wire rod to produce 2 t coils at the rolling speed of up to 112 m/s, with strict end-product size tolerances of ±0.1mm. The product mix includes building steel, quality high-carbon grades, hard wire, welding wire, CHQ-Cold heading, spring steel and bearing steels.
    
    The supply also includes the latest generation high-tech Double Pipe OFB-Oil Film Bearing Loop laying head (patented) with associated auxiliaries and WCC-Wire Rod Controlled Cooling line suitable also for LTR-Low Temperature Rolling.
    
    The TMB-Twin Module Block technology is the ideal answer and the ultimate technological step in achieving ultra-high finishing speeds for a wire rod range extended to smaller sizes with higher plant efficiency and flexibility, to increase material yield, stricter product tolerances and lower production costs. The system has become the perfect solution to be used on new-design-rolling mills and on existing wire rod mill upgrading.
    Based on so many successful cases accomplished around the world, the Chinese wire rod producer selected Danieli for its modernisation stage.
    
    The project will be carried out directly from Danieli China® and the plant start-up is scheduled for middle 2016.
    
    Source : Strategic Research Institute

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19. voda 15 januari 2016 17:10

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    Vale's liquidity position is sufficient - Fitch
    
    Fitch Ratings says that Vale SA's (Vale, 'BBB'/Rating Watch Negative) liquidity position remains adequate following its recent draw-down of USD3 billion from its USD5 billion revolving credit facility (RCF). The drawn amount is intended to be used as a cash bridge until the company completes asset sales and receives the upstream of funds from project finance debt at its new coal joint venture. Fitch's base case assumption is that Vale will begin to repay the RCF shortly upon receipt of the coal Joint Venture (JV) funds.
    
    Source : Strategic Research Institute
20. voda 15 januari 2016 17:16

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    Rio Chinalco Simandou iron ore JV in Guinea looks ahead
    
    The West Australian reported that China Inc appears to be narrowing its iron ore investment focus, as a Rio Tinto-led consortium delivers feasibility studies on the giant Simandou project in Guinea, but a state-owned builder puts a hold on Sundance Resources’ African project.
    
    Butu there appears to be no corresponding pull-back of China’s commitment to its biggest external iron ore play, as Rio and joint venture partner Chinalco delivered overdue initial feasibility studies on Simandou’s infrastructure needs to the Guinean Government at the end of last month.
    
    The studies were based on costings given by Chinese state-owned infrastructure plays China Railway Construction Corporation and China Harbour Engineering Company, and pave the way for the delivery of a final bankable feasibility study by the end of May, according to a statement by the joint venture on Tuesday.
    
    Simandou is tipped to cost at least $20 billion, including a 100 million tonne a year mine and a 650km rail line to deliver the high-grade ore to the Guinean coast in west Africa.
    
    According to the statement, initial feasibility studies on the mine end of the project were delivered by Rio and Chinalco in mid-December, and the partners will sit down with the Guinean Government to discuss “state enabling activities”.
    
    Source : The West Australian