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Prestar gets shareholders nod to list Tahsin Steel

The Star reported that Prestar Holdings Bhd has received shareholders’ approval to list one of its subsidiary Tashin Steel Sdn Bhd. Prestar group MD Mr Datuk YP Toh told reporters after its EGM “The listing of Tashin on the ACE Market is targeted to be this year. We will use proceeds from Tashin initial public offering to pare down some of Prestar borrowings.”

Tashin plans to raise RM 38 million from the listing exercise.

Tashin plans to use proceeds from the IPO to acquire land, build a factory and for working capital.

Source : The Star
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Hoover’s Industrial Development Board issues USD 275 million in bonds for US Steel’s EAF project in Fairfield

Al.com reported that Hoover’s Industrial Development Board has committed to issuing USD 275 million in bonds to support US Steel’s electric arc furnace project in Fairfield. City officials said it was a chance to support an area industrial development project, but will not entail any liability on the city’s part.

Last month, US Steel Corp announced it is resuming a USD 215 million construction project on the technologically advanced furnace, which is expected to add 150 jobs. The furnace is projected to begin producing steel rounds in the second half of next year.

The project was originally shut down in December 2015 due to unfavorable market conditions.

Source : Al.com
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Aperam wil obligatie aflossen

Gepubliceerd op 25 mrt 2019 om 08:50 | Views: 648

LUXEMBURG (AFN) - Roestvrijstaalbedrijf Aperam wil een uitstaande obligatie vervroegd aflossen. Het gaat om een zogeheten converteerbare of inwisselbare obligatie van 300 miljoen dollar met een coupon van 0,625 procent. Houders van de obligatie worden aangemoedigd om hun schuldpapier aan te bieden.

Het bedrijf heeft al voor 63 miljoen dollar van de obligatie teruggekocht. Voor 72,4 miljoen dollar is daarnaast door obligatiehouders aan putopties uitgeoefend. Dat betekent dat er van de betreffende obligatie nog een bedrag van 164,6 miljoen dollar uitstaat in de markt.
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ArcelorMittal holds investor event in Italy

ArcelorMittal hosted an investor event at the ArcelorMittal Italia facility in Taranto Italy on 19 and 20 March. The event focused on the strategic initiatives the Company is undertaking to transform ArcelorMittal Italia into a modern, best-in-class, integrated steel producer, capable of producing high-quality products, satisfying its natural customer base and re-establishing a trusted and transparent relationship with the local community and other key stakeholders.

Presentations by members of the Company’s senior management, highlighted:

The change from Ilva to ArcelorMittal Italia and plans and priorities to transform the plant into a high-performing, low cost, top-tier steelmaking asset, with a comprehensive product offering

The progress made at ArcelorMittal Italia since ArcelorMittal assumed ownership of Ilva on 1 November 2018, and the strategies to improve in four key areas: health and safety; environment; industrial plan to turn around the plant; plans to fully integrate ArcelorMittal Italia into the ArcelorMittal Europe Flat Products business

An overview of ArcelorMittal Italia’s key business philosophy – ‘buy-make-sell’. ArcelorMittal Italia will look to leverage ArcelorMittal’s size and expertise in improving the efficiency of underperforming assets and ensuring business continuity in raw materials, maintenance and repair; and utilise Italy’s position as Europe’s second largest steel consuming market and ArcelorMittal Italia’s role as a relevant local producer

ArcelorMittal Italia’s performance to date: on track to reach a 6 million tonne annual run-rate in 2019, with crude steel production to increase to 8 million tonnes per annum once the Company’s environmental investment programme has been completed; continue to expect ArcelorMittal Italia to be Ebitda positive in year one and free cash flow positive in year 3

ArcelorMittal Italia’s EUR 2.4 billion investment plan, EUR 1.15 billion of which allocated to the environmental projects, including raw material yards, water treatment, sinter plants filters, and coke plants revamping;

An overview of ArcelorMittal’s European flat products business highlighting: leadership position in the European flat market; ongoing efforts to drive further productivity gains; its ongoing investment programme; progress in improving product capabilities and developing its range of higher added value products

Action 2020 progress across ArcelorMittal Europe Flat Products, with a focus on the Transformation plan, digitalisation and cost efficiency, all of which enables the company to outperform the competition

The equally impactful next phase in the Transformation plan, driven by digitalisation, positioning the company to increase the performance gap compared to competitors

The investments being made in breakthrough technologies to tackle the carbon challenge and maintain industry leadership through innovation

Speakers included Aditya Mittal, Group President and CFO, and CEO of ArcelorMittal Europe, Geert Van Poelvoorde, CEO of ArcelorMittal Europe Flat Products, and Matthieu Jehl, CEO ArcelorMittal Italia.

Source : Strategic Research Institute
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JSW to enter steel furniture business

ET reported that JSW Group is entering the steel furniture business under the brand JSW Living, a venture that marks the induction of Tarini Jindal Handa into the group as the new entity’s managing director. Jayant Acharya, director of commercial and marketing at JSW Steel, will helm the board as the company’s chairman while Bedraj Tripathy, a former senior executive of Godrej Interio, has been appointed as the chief executive. Mr Acharya told ET “The steel furniture foray is part of JSW Group’s diversification into consumer space. Through this and other upcoming initiatives, we are evaluating forays into the consumer space.”

JSW did not specify the quantum of investment in the new venture, which is slated to be launched in the first quarter of 2019-20.

JSW Living will focus largely on the home furniture segment, which accounts for almost 65% of the total furniture sales in the country. It is expected to follow a three-tier selling and distribution strategy to target top 100 towns in India.

Source : ET
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JSPL re-starts 1.8 MTPA Direct Reduced Iron plant at Angul

Jindal Steel and Power Limited has re-started its 1.8 MTPA Direct Reduced Iron plant at the 6 MTPA Integrated Steel Complex at Angul in Odisha. Through DRI route, the company is targeting production run-rate of 1 Million Tonnes of crude steel in FY 20, through existing coal linkages, and aims to procure the balance requirements for optimum capacity utilization through e-auctions. The company is aiming to produce 6.5 Mt in of Steel in India in FY 20. JSPL's DRI Plant at Angul - the first and largest of its kind in the u>orld - is powered by India's largest Coal Gasification Plant that converts high-ash coal to synthetic gas.

Mr NA Ansari, Joint MD JSPL, said "The turnaround of JSPL, powered by commitment and dedication of its 50,000 strong workforce for last 4 years, has been evident in all operational and financial indicators during the course of this fiscal. Going forward with the production of both the Blast Furnace and DRI plants at Angul, we look forward to further accelerate our Debt Reduction roadmap under which we have successful reduced our consolidated net debt by over Rs. 6000 Crore from peak levels.”

With the further ramp-up of its 4554 M* Blast Furnace along with the DRI plant going on-stream again, JSPL is optimistic of scaling up its capacity utilization significantly.

Source : Strategic Research Institute
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Trump Trade War - CIT rebuffs AIIS' Section 232 constitutionality challenge

US Court of International Trade in a ruling on March 25 denied a motion to undo United States President Donald Trump’s blanket tariffs on imports of steel and aluminium. Relying largely on a 1976 Supreme Court decision - Federal Energy Administration versus Algonquin SNG Inc - the CIT ruled that Section 232 of the Trade Expansion Act of 1962, under which Trump imposed import duties of 25% on steel and 10% on aluminum in late March, does not violate the US Constitution’s separation of powers. Judges Claire R. Kelly and Jennifer Choe-Groves wrote in the decision “Admittedly, the broad guideposts of subsections (c) and (d) of Section 232 bestow flexibility on the president and seem to invite the president to regulate commerce by way of means reserved for Congress, leaving very few tools beyond his reach.”

They wrote “To be sure, Section 232 regulation plainly unrelated to national security would be, in theory, reviewable as action in excess of the president’s Section 232 authority. But identifying the line between regulation of trade in furtherance of national security and an impermissible encroachment into the role of Congress could be elusive in some cases because judicial review would allow neither an inquiry into the president’s motives nor a review of his fact-finding.”

The American Institute for International Steel, a lobbying group representing steel traders, and two of its members - Sim-Tex LP and Kurt Orban Partners - disputed the constitutionality of Section 232 in a lawsuit filed in the CIT last June. The CIT accepted the request for a three-judge panel and heard oral arguments in mid-December. The AIIS case centered on two issues: Improper delegation of Congress’ constitutional power to the president to regulate international trade, and the absence of a provision for judicial review of presidential orders.

Source : Strategic Research Institute
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Mexico renews 15% steel tariff on countries without trade deals

Reuters reported that Mexico has renewed a 15% steel tariff on countries with which it does not currently have free trade agreements, after the measure lapsed in January. The tariffs apply to the same 186 products that had been covered before. The order cited a global supply glut and falling prices, as well as a lack of what it characterized as distortion-free competition.

The tariff was established in 2015 to protect Mexico’s domestic steel producers from growing Asian imports. Since then, Mexico has periodically renewed the measure.

Source : Reuters
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SMS Group to carry Big River Steel expansion plans

US steel producer Big River Steel has commissioned SMS group with the expansion of its steel plant in Osceola, Arkansas. Since commissioning of the new mill in 2017, Big River Steel has been producing high-quality steels, including tube grade sheet for pipeline construction, silicon steels for a wide variety of energy and electric motor applications, and advanced high-strength steels for the US automotive industry. SMS group will again supply BRS with mechanical equipment, electrical and automation systems, and digitalization. The expansion will increase the plant’s annual output to about 3 million tons of steel.

After completion of the next expansion, the steel plant will have two electric arc furnaces and two twin-ladle furnaces. Installation of an additional gas cleaning system will ensure compliance with the strict environmental legislation. A second strand, a second tunnel furnace and a further downcoiler will be added to the CSP® plant. Big River Steel’s CSP® plant produces up to 1,930 millimeters wide coils, making it one of the widest CSP® plants in the world. The hot coil produced in the CSP® plant is processed into high-grade cold strip in the downstream coupled pickling line/tandem cold mill. Also as part of this project, the continuous galvanizing line (CGL) will receive an additional coiler. For all the newly installed plants, SMS group is going to supply the mechanical equipment and the X-Pact® electrical and automation systems, including level 3.

Also in the second construction stage, the PQA® (Product Quality Analyzer) system developed by SMS group company MET/Con will be a central module of the process automation system. By capturing and evaluating all relevant production data on a continuous basis, PQA® monitors, documents and assures the product quality down to the finished cold strip along the complete production process. The system uses stored rules defined on the basis of expert knowledge to assess the coil quality in a semi-automatic procedure and, based on these assessments, takes “ship” or “block” decisions for the downstream processing of the strip or its dispatch. The system sends instructions for action to the operators while production continues in order to make them aware of any onset of irregularities within the production process and suggest countermeasures to be taken. This allows the operators to predictively intervene in the process before an incident becomes a problem, dramatically reducing the occurrence of failures along the production process which otherwise might have resulted in poor quality and downtimes. In the long run, the system provides higher yield while increasing the product quality.

The expansion project is rounded out by SMS group’s technical service which includes, among others, spare part management services.

Source : Strategic Research Institute
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Masteel announces 2018 results

China's ninth-largest steel producer state-controlled Maanshan Iron & Steel reported a 43.9% increase in net profit at CNY 5.94 billion. Revenue was CNY 81.95 billion, up by 11.9%. Iron and steel revenue was CNY 76.2 billion, accounting for 94% of operating revenue. Masteel plans a modest 1.4% increase in crude steel output in 2019, as it expects steel demand to be lower this year on the back of weaker economic and real estate sector growth and a complex global trading environment. It expects to produce 19.92 million tonnes crude steel this year compared with 19.64 million tonnes in 2018.

Anhui-based Maanshan's output of long products in 2018 increased by 1.66% at 9.08 million tonnes, while its flat products output fell by 0.75% at 9.4 million tonnes. Wheels and axle output increased by 11.92% at 216,000 tonnes.

Source : Strategic Research Institute
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US DoC finds dumping and countervailable subsidization of imports of steel wheels from China

US Department of Commerce announced the affirmative final determinations in the antidumping duty (AD) and countervailing duty (CVD) investigations of imports of steel wheels from China, finding that exporters from China have sold steel wheels at less than fair value in the United States at a rate of 231.70 percent. Commerce also determined that exporters from China received countervailable subsidies at a rate of 457.10 percent. Upon publication of the final affirmative antidumping duty determination, Commerce will instruct US Customs and Border Protection (CBP) to collect AD cash deposits equal to the applicable final weighted-average dumping margins. Further, as a result of the affirmative final countervailing duty determination, if the U.S. International Trade Commission (ITC) makes an affirmative injury determination, Commerce will instruct CBP to resume collection of CVD cash deposits equal to the applicable subsidy rates.

In 2017, US imports of certain steel wheels from China were valued at an estimated $388 million.

The petitioners are Accuride Corporation (Evansville, IN) and Maxion Wheels Akron LLC (Akron, OH).

The ITC is currently scheduled to make its final injury determinations on or about May 6, 2019. If the ITC makes affirmative final injury determinations, Commerce will issue AD and CVD orders. If the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.

Source : Strategic Research Institute
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Air Liquide and Severstal strengthen their partnership with a new long-term contract

PAO Severstal and Air Liquide have signed a new long-term contract for the supply of oxygen, nitrogen and argon in Cherepovets. Air Liquide will invest around 50 million euros in the construction of a state-of-the-art Air Separation Unit (ASU) which will improve the energy efficiency and the overall environmental footprint of the Severstal production process. Air Liquide will design, construct and own a new ASU on the Severstal CherMK site in Cherepovets producing 2,000 tons of oxygen per day. This will bring the total production capacity of Air Liquide above 7,000 tons of oxygen per day on this site, making the Cherepovets one of the largest industrial gas production unit across the steel industry worldwide. The project will be operated by Air Liquide Severstal, a joint-venture established in 2005 between Air Liquide and Severstal.

The Air Liquide Engineering and Construction teams will bring their state-of-the-art technologies to build this large-scale ASU, which is planned to be operational by the end of 2020. The new ASU will enable improving significantly the energy efficiency and reducing CO2 emissions by 20.000 tons/year which corresponds to the yearly emissions of 7.500 cars. This performance will contribute to reach the Climate ambitions of the Air Liquide Group of reducing its carbon intensity by 30% between 2015 and 2025.

This new signature, with the third ASU installed and operated by Air Liquide in Cherepovets since 2007, as well as the recent renewal of our initial contract reflects the long-term partnership and mutual trust between Air Liquide and Severstal.

Source : Strategic Research Institute
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Trump Trade War - AISI lauds CIT ruling upholding Section 232

Mr Thomas J Gibson, president and CEO, American Iron and Steel Institute (AISI), issued the following statement in response to the Court of International Trade’s (CIT) decision today to uphold the legality of the Section 232 trade remedy in response to a lawsuit brought by foreign steel importers: “Today the CIT rightly affirmed our strong belief that the constitutional challenge to the Section 232 statute was and is without merit. This lawsuit was theatre by the importers, designed to divert from the real issue which is that unfairly traded foreign imports had a disastrous impact on the steel industry, creating a real threat to our national and economic security. The president’s bold trade actions have now helped the industry gain some momentum, and today’s CIT decision builds on that momentum.

“We have consistently maintained that Congress acted within its constitutional authority when it authorized the president to take action to adjust imports, when the Secretary of Commerce has determined that such imports threaten to impair the national security. We are pleased that the CIT has agreed,” Gibson said.

AISI, in conjunction with the Steel Manufacturers Association (SMA), in September submitted an amicus brief in the lawsuit.

Source : Strategic Research Institute
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AISI update on Raw Steel Production in US in Week 12

In the week ending on March 23, 2019, domestic raw steel production was 1,934,000 net tons while the capability utilization rate was 83.1 percent. Production was 1,826,000 net tons in the week ending March 23, 2018 while the capability utilization then was 78.3 percent. The current week production represents a 5.9 percent increase from the same period in the previous year. Production for the week ending March 23, 2019 is up 0.2 percent from the previous week ending March 16, 2019 when production was 1,930,000 net tons and the rate of capability utilization was 82.9 percent.

Adjusted year-to-date production through March 23, 2019 was 22,244,000 net tons, at a capability utilization rate of 81.6 percent. That is up 6.6 percent from the 20,860,000 net tons during the same period last year, when the capability utilization rate was 76.6 percent.

Broken down by districts, here's production for the week ending March 23, 2019 in thousands of net tons: North East: 214; Great Lakes: 716; Midwest: 189; Southern: 737 and Western: 78 for a total of 1934.

Source : Strategic Research Institute
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Chengdu keen to set up steel plant in Hambantota in Sri Lanka

Daily News reported that a delegation from Chengdu Association for Foreign Trade and Cooperation (CAFTEC) Chengdu, China was keen on setting up a steel project in Hambantota, when they met the Chairman, BOI Hemasiri Fernando in Colombo this week. The Chengdu Business Council was the first Chinese Chamber to open an office in Colombo and plans to set up seven more regional offices in other South Asian countries. The delegation consisted of Chen Xia, Secretary General (CAFTEC) who was accompanied by two members and by Kosala Wickramanayake, President – International Business Council. The purpose of the delegation was to promote Sri Lanka and particularly projects in Hambantota.

In addition, Chen briefed the BOI Chairman on the potential of the city of Chengdu. He said “Chengdu is in the south-western part of China and has a rich history. The city has emerged as a center for Chinese advanced manufacturing industry, clean energy and modern service industry including AI, big data, 5G technology. Of the cities in Western China, Chengdu has the highest economic volume. Our organization has had a close connection with Sri Lanka for about 11 years. Further, Colombo and Chengdu are benefiting for direct air connection for many years. Chengdu is also world renowned for the Giant Panda Research Center and the city was named the top ‘must-visit’ city in Mainland China in 2017. One project that is to be built in Chengdu is the South Asian pavilion, that will showcase South Asian specialty products.”

Chairman of the BOI Fernando welcomed this first move by the Chengdu Business Council starting, “This will mutually, benefit both the BOI and the Council.” He informed Chen that he would ensure Chengdu authorities of the fullest co-operation in all their activities in Sri Lanka.”

He also invited them to extend their study to other BOI Zones, not just to Hambantota.

Source : Daily News
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Uttam Value Steels & Galva Metallics get new bids – Report

ET, citing a person close to the lenders, reported that the twin distressed assets of Uttam Value Steels and Uttam Galva Metallics have received a fresh bid from a consortium led by CarVal Investors, even as SSG Capital Management sweetened its offer. As per ET report “CarVal Investors, the investment arm of US-based agri group Cargill, has bid for the assets along with Asset Reconstruction Company (India) Ltd (Arcil). The consortium has offered about INR 2,000 crore, including an upfront payment of INR 800 crore, for the two companies that together owe INR 5,500 to banks.”

ET quoted a source as saying that “SSG Capital Management, which had bid in the first round as well, has increased its offer from a total of INR 850 crore to INR 1,000 crore, out of which it is willing to pay 33% upfront.”

Lenders are going through the bids and will take a call next week

The assets, which are associate companies of Uttam Galva Steels, comprise 1-million tonne hot-rolled production capacity of Uttam Value Steels at Wardha in Maharashtra for which it purchases pig iron from Uttam Galva Metallics.

Source : ET
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Fire incident at Vedanta Electro Steel

Daily Pioneer reported that a massive fire broke out at Vedanta Electro Steel Plant at Siyaljori in Bokaro, early morning on Sunday. Following the incident, power generation from the unit has been stopped. No injuries or loss of life was reported in the incident. The fire was controlled after several hours of efforts of the fire brigade, which led to huge losses. Vedanta-Electrosteel official said that there was a minor fire incident in one of the generators of the Power Plant, which is situated inside the integrated steel plant. An official said “There have been no injuries or loss of human life. Prompt actions were taken by our fire safety team which helped control the fire quickly, causing the least effect to plant as well as machinery. All the other units are operational and the power plant has been normalized.”

The Vedanta-Electrosteel unit at Siyaljori in Bokaro is 1.5 million tonne steel plant, designed and built by the Chinese steel major Laiwu Steel Group Limited based on Blast Furnace - Basic Oxygen Furnace - Billet Caster and Hot Rolling Route and will produce 1.2 million tonne of long steel products, comprising 0.5 million tonne of 5.5-12.0 mm diameter wire rods in coil form and 0.7 million tonne of reinforcement bars in straight lengths and bundled in the range of 8-32 mm and plain rounds up to 60 mm diameter.

Vedanta took complete control of debt-ridden Electro Steel Plant in June last year. Now, Vedanta is on move to increase the production capacity of the present ESL unit from 1.5 million tonne to 2.5 million tonne for which company will invest 300 million US dollars, an official source said.

Source : Daily Pioneer
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Duitse auto- en metaalindustrie somberder over export

(ABM FN-Dow Jones) Het sentiment onder Duitse exporteurs is in maart verslechterd. Dat meldde onderzoeksinstituut IFO dinsdag.

De index voor de exportverwachtingen van Duitse fabrikanten daalde van 7,2 punten in februari tot 1,4 punten in maart, wat het laagste cijfer is in ruim zes jaar tijd.

Zowel autofabrikanten als de metaalindustrie rekenen op een dalende export. In de machine-industrie is er groei noch krimp van de export voorzien terwijl de chemie rekent op extra orders, net als de elektrische industrie.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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TMK to sell IPSCO Tublar to Tenaris

PAO TMK announced last week that it has signed the Stock Purchase Agreement with Tenaris, a manufacturer of seamless and welded pipe, for the sale of 100% of the shares of IPSCO Tubulars Inc for an aggregate, cash free, debt-free price of USD 1,209 million, which includes USD 270 million of working capital. The completion of the transaction is subject to the fulfillment of the conditions precedent in accordance with the Stock Purchase Agreement including, inter alia, the obtaining of all necessary permissions and approvals.

Dmitry Pumpyanskiy, Chairman of TMK, said “TMK Board and management are pleased with this transaction. It is in line with our strategy, which underlines, among other things, monetization of our international assets. The terms of this transaction would represent a significant enhancement of the value for all TMK shareholders.”

TMK was advised on this transaction by BTIG LLC.

Source : Strategic Research Institute
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Daye Special Steel orders hydraulic open die forging press from SMS Group

Chinese steel and forging company Daye Special Steel Co Ltd, based in Huangshi City, Hubei, has awarded SMS group the contract for the engineering and delivery of a 50/60 MN, high-speed hydraulic open-die forging press. Once again, the customer is placing its confidence in forging press technology from SMS group: Daye has been using an SMX 800/16 MN radial forging machine, supplied by SMS group, since 2011. The open-die forging press operates with a forging force of up to 50 MN and an upsetting force of 60 MN. Daye opted for the stable, four-column push-down press with moving crosshead. The high forging frequency of the press not only enables sophisticated materials requiring a narrow temperature range to be forged, it also reduces machining times. During planishing, the new press is capable of reaching a frequency of 103 strokes per minute. Daye Special Steel plans to use the new open-die press to forge a variety of products of high-temperature alloys and special steel.

This open-die forging press to be provided by SMS group to Daye Special Steel can be operated in fully automatic, semi-automatic, or manual mode. Daye Special Steel will be able to forge materials extremely precisely and energy-efficiently in program mode, using pass schedules that are precalculated with the ForgeBase® forging program. In addition, the press will feature a press control and visualization system, which was developed by SMS group and will allow Daye Special Steel to attain maximum reproducible product quality with a forging tolerance of around ±1 millimeter. For fast die changes the machine will be equipped with a forging die changing device.

The open-die forging press is to be installed in the Huangshi plant. Commissioning is scheduled for May 2020.

Source : Strategic Research Institute
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Vertraagd 19 apr 2024 17:35
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