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voda 17 september 2021 07:41

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Tenova’s Pomini Digital Texturing Obtains LCA Certification

Strategic Research Institute
Published on :
17 Sep, 2021, 5:24 am

Leading developer and provider of sustainable solutions to metals industry Tenova has attained a remarkable achievement. Leader in the production of roll grinders Pomini Tenova has successfully concluded the Life Cycle Assessment analysis of Pomini Digital Texturing, a breakthrough technology for surface texturing of rolling mill work rolls. The study is the first one of this kind in the sector of metal surface finishing machines, enabling the PDT technology to receive the certification in compliance with the ISO 14025:2006 standard and the General Programme Instruction 4.0.

As positive result of the auditing undertaken in March 2021, the LCA analysis was registered on the EPD Portal, the platform of the International EPD System, the world’s leading global LCA program operating in accordance with the ISO 14025, TS/14027, 14040, a.o. standards and is now accessible to all users.

voda 17 september 2021 07:42

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US Steel Expects USD 2 Billion EBIDTA in Q3 of 2021

Strategic Research Institute
Published on :
17 Sep, 2021, 5:29 am

United States Steel Corporation has provided third quarter 2021 guidance. Third quarter 2021 adjusted EBITDA is expected to be approximately USD 2.0 billion. This compares to second quarter 2021 adjusted EBITDA of approximately USD 1.3 billion. US Steel President & Chief Executive Officer Mr David B Burritt said “We expect the third quarter to be a quarter of records for US Steel. Supported by strong reliability and quality performance, sustained customer demand, and continued increases in steel selling prices, we expect our Best for All? business model to generate record quarterly adjusted EBITDA and EBITDA margins, demonstrating the power of our strategy. We remain bullish that market fundamentals will support a stronger for longer steel market and we’ve accelerated the pace of deleveraging to clear the path to transitioning to our Best for All future faster. Our best days are ahead.”

The Flat-rolled segment is expected to deliver record EBITDA and EBITDA margin in the third quarter driven by the increased flow-through of higher steel selling prices into our adjusted contracts and spot selling prices and continued strong customer demand. The segment’s assets continue to perform exceptionally well, creating efficiencies across the segment and increasing segment profitability.

The Mini Mill segment continues to set records as well. Third quarter EBITDA and EBITDA margin are expected to surpass last quarter’s records reflecting higher steel selling prices and continued operating efficiencies.

The European segment also is expected to deliver record EBITDA and EBITDA margin. Steel demand remains strong. Higher steel prices continue to flow-through the segment’s average selling prices. This benefit is only partially offset by higher raw material costs, particularly for iron ore.

The Tubular segment is expected to continue its upward trajectory. The benefit of higher prices and increased volumes are partially offset by higher scrap input costs.

voda 17 september 2021 07:43

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Chinese, Russian & Korean Firms Join Road Show for Sale of PSM

Strategic Research Institute
Published on :
17 Sep, 2021, 5:32 am

The News reported that Pakistan’s Privatisation Ministry held meetings with international and local investors in a road show before a potential management and stake sale in loss making Pakistan Steel Mills. The Ministry said "Road show with investors continues for the third consecutive day, the renowned national and international investors have shown interest in the revival of Pakistan's mega industrial corporation. These companies showed keen interest in investing in Pakistan Steel Mills due to its sheer potential and importance in the economy of the country. On the third consecutive day of the road show; a leading Chinese consortium was briefed about the future prospect of this venture and other relevant details regarding the sale of shares in the newly formed subsidiary of PSM through Scheme of Arrangement.”

Privatisation Ministry started conducting road shows from September 13 with international investment companies, which are from China, Russia and Korea. The road show will last till the 21st of the current month, and the participation of investment companies from other countries is also expected in coming days.

Pakistan government is offering at least 51% or up to 74 percent shares capital of Steel Corporation, a company owned and managed by Pakistan Steel Mills, together with management control through a bidding process. The Privatization Commission had appointed two Chinese firms including Pak-China Investment Company and Bank of China International Co Ltd as joint advisor for the transaction.

Built by the Soviet Union in the 1970s, the state owned facility has become a huge drain on government resources and has not produced steel at its 19,000-acre facility since June 2015.

voda 17 september 2021 07:43

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MMK & SMS Sign MoU to Reduce Steel Carbon Footprint

Strategic Research Institute
Published on :
17 Sep, 2021, 5:35 am

A Memorandum of Understanding was signed between Russian steel giant Magnitogorsk Iron and Steel Works and SMS group of Germany. This MoU states the intention of both companies to cooperate in the development and use of decarbonization technologies in order to reduce, potentially to zero, CO2 emissions. The Memorandum is valid for five years from the date of signing. In the Memorandum, the parties recognize climate protection as one of the most important goals and express interest in studying the possibility of using decarbonization technologies to reduce carbon dioxide emissions in metallurgical production. The MoU strongly emphasizes the need to further develop technologies for direct iron reduction and highly efficient hydrogen production by electrolysis.

The document states that the parties are interested in identifying potential technical solutions, conducting studies and implementing decarbonization technologies at MMK that can maintain or increase economic performance and improve the environmental situation by reducing or eliminating CO2 emissions.

The result of joint work within the framework of the Memorandum should be a list of projects and initiatives on decarbonization for their possible implementation at MMK.

voda 17 september 2021 07:44

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POSCO & Hyundai Steel Develop Seashells Sinter Feed Technology

Strategic Research Institute
Published on :
17 Sep, 2021, 5:39 am

POSCO announced that it has jointly developed a new technology with Hyundai Steel to draw out a substance from the shells of oysters, clams and other shellfish as a replacement for limestone. Yeosu South Jeolla Province based Yeosu Bio has carried out research to use shells as an alternative for limestone. POSCO said "After a long period of research, Yeosu Bio came up with the technology on our behalf. The technology is approved by the National Institute of Environmental Research for commercial purposes.”

Adding quicklime in the process of sintering iron ore for furnace injection can improve productivity and reduce fuel costs. POSCO and Hyundai Steel, affiliated with South Korea's Hyundai auto group, would replace raw lime with shell pieces that can reduce the discharge of air pollutants from steel mills.

The question of whether the substance that forms a hard, protective outer layer for shellfish could be utilized instead of limestone to break down iron ore into fine pieces before placing the ore into furnaces has been under consideration for years. However, no relevant technology was developed before that of POSCO and Hyundai Steel.

Shellfish and oyster shells have been an environmental issue due to a huge accumulation of waste mainly along the southern coast as South Korea is one of Asia's biggest oyster farming countries. Discarded seashells, amounting to between 300,000 to 350,000 tonnes in Korea ever year, are big source of pollution.

voda 17 september 2021 07:46

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Primetals to Supply Steel Plate Finishing Mill to Kobe Steel

Strategic Research Institute
Published on :
17 Sep, 2021, 5:43 am

In June, Primetals Technologies received an order from Kobe Steel Ltd for a steel plate finishing rolling mill for its Kakogawa Works located in Kakogawa City in Hyogo Prefecture of Japan. Implementation is scheduled for the late 2023 to early 2024. This project aims to counter the aging of the existing mill, which came online in 1972, and to strengthen the product supply system with stable quality and delivery time. Primetals Technologies will supply the steel plate finishing rolling mill, auxiliary and ancillary equipment, as well as on-site supervision for erection and commissioning.

The finishing rolling mill of Primetals Technologies for this project meets Kobe Steel's needs to strengthen its development and manufacturing technologies for high-performance steel plates. This mill designed with Primetals Technologies' state-of-the-art technologies and proven by extensive records in Japan and other countries will show significantly improved rigidity compared to the existing mill. It will produce steel plates of thickness from 4.5 mm to 360 mm and width from 1,000 mm to 4,500 mm. With the mill, Kobe Steel will strengthen its product supply system with stable quality and delivery time and its development and manufacturing technologies for high-performance steel plates.

voda 17 september 2021 07:47

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US Steel Starts Site Selection Process EAF Based Flat Steel Plant

Strategic Research Institute
Published on :
17 Sep, 2021, 5:47 am

United States Steel Corporation announced, as part of the continued transition to its Best for All strategy, an exploratory site selection process to build a new state of the art mini mill in the United States. The US Steel Board of Directors has authorized an exploratory site selection process to build capability with a new 3 million ton mini mill flat rolled facility to be constructed in the United States. The planned mini mill will combine two electric arc furnaces with differentiated steelmaking and finishing technology, including purchased equipment already owned by the Company. The continued adoption of mini mill technology will expand the Company’s ability to produce the next generation of highly profitable proprietary sustainable steel solutions, including Advanced High Strength Steels. Potential locations include both states in which the Company has existing EAF operations as well as Greenfield sites.

The current estimated investment is approximately USD 3.0 billion and is currently expected to be funded primarily from existing cash and expected free cash flow. The final investment requirement is subject to ultimate site selection and scope of value-added downstream finishing assets.

Final site selection and other construction terms are subject to a number of factors, including state and local support and final approval by the US Steel Board of Directors. Upon receipt of required environmental and operating permits, the Company would expect to begin construction of the mini mill in the first half of 2022 with production currently expected to begin in 2024. The Company plans to share more details regarding its strategic progress on its third quarter earnings call.

voda 17 september 2021 07:47

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Appliance Maker BSH Hausgeräte Opts for Salzgitter’s Green Steel

Strategic Research Institute
Published on :
17 Sep, 2021, 5:51 am

One of Europe’s largest domestic appliance manufacturers BSH Hausgeräte GmbH is forging ahead with decarbonizing its value chain. BSH first sourced green steel from Salzgitter Flachstahl GmbH in September 2021, thereby reducing its CO2 footprint by more than 66%. Low CO2 steel is to be initially used for mounting brackets in washing machine production at BSH’s Lodz plant in Poland. This is another step on the way to achieving BSH’s ambitious sustainability goals.

For Salzgitter AG, the production and market launch of green strip steel is an integral component of its decarbonization strategy. Low CO2 steel is produced in the mini mill by melting steel scrap, in combination with the rolling mills and steelworks galvanizing plants. . Expanding the product portfolio is a key component of Salzgitter’s short-term decarbonization strategy. Salzgitter AG has obtained conformity statements for its new green steel products in accordance with the VERIsteel standard of TÜV SÜD. The process provides proof of product-specific CO2 emissions in steel production, thereby accompanying the decarbonization process. The conformity statements confirm that switching the steel production process from the conventional blast furnace route to the electro-steel route achieves CO2 savings of 66%. Furthermore, Salzgitter is rigorously pursuing course towards low CO2 steel production. Salzgitter ambition is to produce around two million tons of green steel within the context of SALCOS, Salzgitter Low CO2-Steelmaking by 2025.

The recycling of raw materials and products is major lever for BSH in its endeavours to minimize waste and conserve resources. Consequently, the company is increasingly offering circular business models as well, which enable consumers to rent household appliances or share them. After utilization, the appliances are returned, recycled for reuse and, at the end of the product life cycle, recycled in an environmentally compatible manner. Steel, for example, is subsequently melted down in Salzgitter AG’s electric arc furnaces at its Peine location.

BSH’s development and manufacturing processes at its locations all over the world have been CO2 neutral since the end of 2020. With regard to benchmark year 2030, the company has set itself another ambitious goal, however in comparison with 2018, BSH want to shave 15% off Scope 3 CO2 footprint generated by procuring raw materials and parts, as well as through household appliance usage.

voda 17 september 2021 07:48

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Thyssenkrupp Sells AST Stainless Steel Mill to Italian Arvedi

Strategic Research Institute
Published on :
17 Sep, 2021, 5:54 am

German steel maker Thyssenkrupp announced the sale of Acciai Speciali Terni, including the associated sales organization in Germany, Italy and Turkey, to the Italian company Arvedi. The parties have agreed not to disclose the purchase price. The transaction is subject to approval by the Supervisory Board of thyssenkrupp AG and merger control clearance. The closing of the transaction is expected in the first half of 2022. Thyssenkrupp is also examining a possible minority shareholding in the AST group. Details of this will be negotiated up to the closing.

The tie-up with Arvedi will create a strong European player in the steel business. Arvedi’s core business is primary steel production and processing. The company currently employs over 3,500 people. Arvedi has announced significant investments in connection with the acquisition of Acciai Speciali Terni.

Acciai Speciali Terni group currently employs around 2,700 people and generated sales of around EUR 1.7 billion in fiscal year 2019/2020. With the sale thyssenkrupp is disposing of the fourth portfolio company in the Multi Tracks segment.

voda 17 september 2021 07:48

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India to Extend AD Duty on Plates, HR & CR Steel Imports

Strategic Research Institute
Published on :
17 Sep, 2021, 5:57 am

India’s Commerce Ministry's Directorate General of Trade Remedies has recommended the extension of anti-dumping duty on imports of hot rolled flat products of steel from China, Japan, Korea, Russia, Brazil and Indonesia as well as on import of cold rolled flat steel products from China, Japan, Korea and Ukraine. In Sun Set Review, Directorate General of Trade Remedies concluded that that there is a likelihood of continuation and recurrence of injury to the domestic industry if the existing duty is removed and has recommended the continuation of anti-dumping duty on imports. The antidumping duty is recommended as the difference between the landed value of the subject goods with USD 489 for HR, USD 561 for plates & USD 576 for CR. But in today’s global price environment, this AD Duty has no relevance

? Hot rolled flat products of alloy or non-alloy steel in coils of a width upto2100 mm and thickness up to 25mm (7208, 7211, 7225, 7226)

? Hot rolled flat products of alloy or non-alloy steel in coils, commonly known as sheets and plates) of a width up to 4950 mm and thick ness up to 150 mm (7208, 7211, 7225, 7226)

? Cold rolled or cold reduced flat steel products of iron or non-alloy steel or other alloy steel, of all widths and thickness, not clad, plated or coated (7209, 7211, 7225, 7226)

Indian Steel Association, on behalf of Steel Authority of India Limited, JSW Steel Limited and ArcelorMittal Nippon Steel India Limited, has filed an application requesting initiation of sunset review of anti-dumping duty imposed earlier.

voda 17 september 2021 07:49

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Russia Contemplating Change in Steel Export Tax Structure

Strategic Research Institute
Published on :
17 Sep, 2021, 5:59 am

Reuters reported that Russian officials and representatives of Russian steel, metals and fertiliser producers met to discuss a Mineral Extraction Tax levied on the producers to the global price of their products but failed to reach consensus on how to implement the government plan to change taxes for them. Reuter quoted a source as saying that “The finance ministry still seems to tend towards raising the MET on a fair basis, a flexible rate that takes revenue and the global prices into account. The business proposed leaving the MET as it is and basing a fair tax system on profits or free cash flow.”

Russian steel maker Severstal said “It seems that the government representatives have listened to us carefully. Whether they have heard us will be revealed in the near future. But the fact that the dialogue has finally taken place is certainly a positive development.”

The final decision will be taken by Russian Prime Minister Mr Mikhail Mishustin after the finance ministry supplies its proposals to him

Russian Government has been searching for additional proceeds for the state budget and has been concerned about rising costs of defence and state construction projects amid high global inflation and increasing prices for metals. Russian Prime Minister Mr Mikhail Mishustin had signed a decree that will introduce export duties on ferrous and non ferrous metals starting 1 August 2021 for sales outside the Eurasian Economic Union. The duties on 340 products, ranging from USD 54 to USD 2,321, will be in effect through the end of December 2021. The taxes are said to compensate consumers for rapid rises in commodity prices of between 60% and 100% over the last 12 months.

The duty’s base rate will be 15%, with the following specific rates for each product

Iron ore concentrate – USD 54 per tonne

Flat hot-rolled steel and rebar – USD 115 per tonne

Cold-rolled mill products and wire – USD 133 per tonne

Stainless steel and ferroalloys –USD 150 per tonne

Aluminium – USD 254 per tonne

Copper – USD 1,226 per tonne

Nickel – USD 2,321 per tonne

The duties are not be applied to Russia’s aluminium exports to countries within the Eurasian Economic Union ie Armenia, Belarus, Kazakhstan and Kyrgyzstan. All Russian steel products for export outside of the EAEU with a bill of lading dated August 1 or later would be subject to the tax.

voda 17 september 2021 07:53

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Moody’s Expects Global Steel Supply Demand Imbalance to Return

Strategic Research Institute
Published on :
17 Sep, 2021, 6:01 am

International credit rating agency Moody's has stated that the outlook for the global metals and mining industry is changing to stable from positive with commodity price growth momentum fading out through 2022. In a new report covering iron-ore, steel, coal, aluminium, gold, silver, nickel, copper and zinc, Moody's, states that most prices will exceed historical marks as demand for metals and mining is expected to remain robust throughout 2022. According to Moody’s, prices will retreat from their peak this year as supply increases and demand growth slows. Moody’s Senior VP Barbara Mattos said "We expect industry's earnings before interest, taxes, depreciation and amortisation to increase by about 8% through mid-2022 based on economic recovery supporting demand for base metals, iron ore, steel and coal.”

According to Moody's, iron ore prices will move gradually toward their USD 70-80 per tonne average levels of 2016-19 beyond 2022. Tight iron ore supplies will keep prices above their historical norms through 2022, but prices have retreated sharply from their peaks earlier in 2021 as supplies have increased and demand growth decelerates.

Coal prices are expected to remain high despite easing supply problems as geopolitical disputes ease.

Meanwhile, the global steel supply-demand imbalance will return through 2022 with prices gradually declining toward their historical averages from the unusual highs of 2021. Demand will ebb as buyers replenish inventories, stimulus spending wanes and consumers return more widely to spending on experiences as vaccinations become more widespread. Steel supplies will continue to increase as well, with productivity improving and new capacity coming online in certain parts of the world.

Among the main base metals, aluminium prices will remain elevated through at least mid-2022, and copper prices will remain strong through at least late 2022 compared with historical averages.

voda 17 september 2021 09:52

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Indian imported scrap offers rise despite slow demand
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Indian scrap import offers have risen significantly despite weak demand from mills. Offers from suppliers are not matching the expectations of buyers, owing to which mills have adopted a wait-and-watch mode.

UK-origin shredded scrap quotes are up by $10-15/tonne to $525-530/t cfr Nhava Sheva. US-origin shredded scrap offers grew marginally to $520-525/t and European shredded scrap offers are assessed at $525-530/t cfr.

Shredded scrap offers in Pakistan are stable at $535-540/t cfr Port Qasim. Kallanish hears a deal took place for 1,500 tonnes of UK-origin shredded at $538/t cfr Port Qasim on Tuesday. Post-lockdown, Bangladesh has bounced back with aggressive purchasing of scrap, with offers quoted at $550-555/t cfr Chittagong.

United Arab Emirates-origin HMS 1 scrap offers rose to $500-505/t cfr Nhava Sheva, while UAE-origin HMS 1&2 80:20 grew $5/t to $490-495/t cfr. West Africa-origin HMS 1&2 assessed at $470-475/t cfr Mundra and Nhava Sheva, and at $475-480/t cfr Goa. EU-origin and UK-origin HMS 1&2 80:20 rose $5/t to $480-485/t cfr Nhava Sheva.

A deal for Middle East-origin HMS 1&2 80:20 was heard at $475-480/t cfr Nhava Sheva.

“Imported scrap offers are rising on the back of improved Turkish sentiment,” says a western India-based trader. “Sellers have increased their offers on a hit-and-trial basis on the back of upcoming steel demand in the nation. As per the government’s weather forecasting, monsoon and the rainy season will go away in 10-15 days and all the construction and infrastructure projects will resume gradually.”

Although traders are bullish on offers, mills are in denial. Mills are asking for any-origin shredded at $505-510/t cfr, and UAE-origin HMS 1&2 80:20 at $460-470/t versus offers of $490-495/t.

“The market is down; no mill is interested in procuring imported scrap at such high levels. HMS 1&2, Africa-origin is comparatively viable than UK and EU material. Offers for UK-origin HMS 1&2 80:20 are rising and noted at around $490-495/t owing to high container costs of $70-80/t,” says a senior purchaser at a Gujrat-based mill.

“All the mills have stocked scrap for 20-25 days and are on wait and watch until prices come down,” he continues. “At present, it is not viable to purchase imported scrap as demand for finished steel is low. Prices might work out once the market picks up pace.”

EU-origin turning scrap rose to $430-435/t cfr Nhava Sheva. “Turning scrap offers are always low because of low purity [70%] as compared to shredded and HMS,” the purchaser concludes.

Domestic melting scrap offers in India are hovering at $495-500/t ex-North India, $495-500/t ex-Central India, $490-495/t ex-West India, and $480-485/t ex-East India.

This week in India, ship scrap from containers remained stable at $580/light displacement tonne (ldt). Scrap from dry bulkers and tankers is noted at $560/ldt and $570/ldt respectively.

“Shipbreakers are looking for the good tonnage and ready to pay the [high] price. Supply is limited in the market and big tonnages [of recycling] are happening without [adhering to] green recycling,” says an Alang-based trader.

Sayed Aameer India

voda 20 september 2021 07:34

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Olympic Steel to Sell Detroit Assets & Operations

Strategic Research Institute
Published on :
20 Sep, 2021, 5:23 am

Leading US’s metals service center Olympic Steel Inc announced the sale of substantially all of the Company’s Detroit assets and operations, primarily focused on processing and distributing flat-rolled metal to domestic automotive manufacturers and their suppliers, to Venture Steel Inc. The sale price, which exceeded the book value of the net assets sold, was USD 58.4 million in cash, subject to a future working capital adjustment, which is expected to increase the final sale price.

Olympic Steel Chief Executive Officer Mr Richard T Marabito said “We remain focused on our long-term strategy to further diversify our business, deliver consistent profitability and enhance shareholder value. The proceeds from the sale of the Detroit operations will be used to reduce debt, generating greater flexibility to pursue additional acquisitions and investments in organic growth initiatives and automation.”

Founded in 1954, Olympic Steel is a leading US metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 34 facilities in North America.

voda 20 september 2021 07:39

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Cipalam Plans Scrap Based Steel Plant to Feed Rolling Mills

Strategic Research Institute
Published on :
20 Sep, 2021, 5:24 am

Brazilian producer of bars, rolled profiles and steel tubes Companhia Ipatinguense de Lamination has an expansion project at the unit located in the Bom Sucesso in Santana do Paraiso in State of Minas Gerais in Brazil. It plan to set up a scrap based steel mill, as the company doesn't yet produce steel and buys slabs and billets from third party companies to roll them into bars and profiles. It is estimated that the investments would be in the order of BRL 300 million and would take place in the next three years

Cipalam started its operations in 1985 and started with a capacity of 500 tonnes per month of rolled products. From then on, the company has been expanding. In 1995, projects were started for the start of another unit, located in Santana do Paraiso and which is now fully operational. The rolling mill in the Iguagu district has a production capacity of 7.5 thousand tonnes per month of profiles and bars, while the one in Santana do Parafso has a capacity of 12 to 13 thousand tonnes per month. As a result, the company has an installed capacity of approximately 20 thousand tonnes of steel per month, in addition to four thousand tonsne of tubes and profiles.

voda 20 september 2021 07:40

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VTB Bank Uses Blockchain for Shipment of Steel Products

Strategic Research Institute
Published on :
20 Sep, 2021, 5:28 am

Russian VTB Bank and steel maker Severstal have developed a new scenario for the unified industry register of quality certificates for metal products. The initiative will make it possible to speed up the shipment of metal products, as well as to carry it out without reference to banking days, including weekends and holidays. Thanks to the new project, the vendor instantly receives invoice payment information and releases the order for shipment. The initiative will allow companies to ship products before they receive money without the risk that they will not be paid. The register itself is implemented on blockchain technologies of the SAP Business Technology Platform. The new software solution is a big step forward in the field of both blockchain technologies and the metallurgical industry as a whole. The main advantage of the solution is its ability to accelerate shipments of goods between Severstal and counterparties by quickly receiving information about payments from VTB Bank.

With the emergence of such solutions, which are most typical for B2C, the B2B sector is becoming more convenient, which allows expanding the client base at the expense of potential customers, as well as strengthening business contacts with existing ones

The unified industry register of quality certificates for metal products was launched in 2020. The project is being implemented with the support of Severstal PJSC, TMK, OMK and the Foundation for Development of Tube Industry. A script for checking the validity of quality certificates for metal products has already been launched into productive operation, allowing consumers to verify the authenticity of certificates using the certificate number and manufacturer's code.

voda 20 september 2021 07:40

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High Manganese Steel Proposed for Cryogenic Tanks

Strategic Research Institute
Published on :
20 Sep, 2021, 5:32 am

Aju Business Daily reported that the South Korean government has proposed the revision of an international convention to allow the use of novel high manganese austenitic steel developed by South Korea's steel giant POSCO for use in liquefied natural gas carriers. If approved, the new steel product for cryogenic applications can be used in various industrial fields such as terminal storage tanks and vehicle tanks. The revision was proposed at a meeting of the International Maritime Organisation on September 6-10. If adopted in 2022, it would take effect around January 2028.

Mangalloy, also called manganese steel, is an alloy steel product known for its high impact strength and resistance to abrasion. . POSCO's high manganese steel, which contains 24 percent manganese, is not damaged even at minus 193 degrees Celsius. The steel company has developed an LNG storage tank using high manganese steel, which is cost-effective and showed superiority over existing cryogenic materials in terms of elongation and ultimate tensile strength.

In April, the state-run Korea Institute of Machinery & Materials teamed up with POSCO, Daewoo Shipbuilding & Marine Engineering and Korea Gas Safety Corp to use high manganese steel for liquid hydrogen storage tanks because it is easier to weld and has lower manufacturing costs than stainless steel. The liquefaction of hydrogen requires cooling to a temperature of minus 253 degrees Celsius and subsequent storage in cryogenic containers. Three months later, KIMM researchers and DSME agreed to develop a new laser-hybrid welding method that can drastically reduce time to manufacture high manganese steel fuel tanks for liquefied natural gas carriers. The new method combines laser light and an electrical arc into an amalgamated welding process.

High manganese steel is drawing attention as a next-generation storage tank material because it has strength and toughness similar to stainless steel. High manganese steel is considered to be more competitive due to its relatively cheaper price and better performance than conventional materials.

voda 20 september 2021 07:41

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SSAB Appoints Mr Lennart Evrell as Chairman as Mr Kjell Resign

Strategic Research Institute
Published on :
20 Sep, 2021, 5:36 am

In consequence of the ownership changes in SSAB during May and June this year, SSAB’s chairman Mr Bengt Kjell has informed the Board that he wishes to resign from the Board at the earliest convenience. SSAB’s Nomination Committee, having been informed of Mr Bengt Kjell’s intention, has prepared the matter and decided to propose Lennart Evrell, who is currently a Board member, as the new chairman and that the number of Board members be reduced to seven instead of eight as at present. For the reason above, the Board will convene an extraordinary general meeting of shareholders as soon as possible by a notice to be published in due course.

Mr Kjell was elected as a new director and as the new Chairman of the Board in April 2015.

SSAB is a Nordic and US-based steel company. SSAB has employees in over 50 countries. SSAB has production facilities in Sweden, Finland and the US.

voda 20 september 2021 07:41

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Committee Constituted for Coal Gasification for Steel Production
I
Strategic Research Institute
Published on :
20 Sep, 2021, 5:40 am

India’s Steel Minister Mr Ram Chandra Prasad Singh last week met stakeholders from the steel industry, consultancy providers and CSIR’s Central Institute of Mining and Fuel Research along with officials of Steel Ministry to deliberate on the prospects of using coal gasification in steel production through the Direct Reduced Iron route. The Steel Minister emphasised the need for development of indigenous coal gasification technology which is suited for the indigenously produced coal. Mr Singh urged the stakeholders to come together in development of the technology which can be gainfully utilised by the steel industry and help in reducing the dependence of imported coal.

Discussions were held on the present scenario and the way forward for promoting coal gasification in the steel sector. Various Coal Gasification Technologies commercially available, their pros & cons, and their suitability for Indian high-ash non coking coal were discussed. Development of Indigenous Technology for coal gasification along with technologies for recovery of the by-products for applications in the various sectors such as chemicals, fuels, fertilisers etc were also discussed. Cost analysis of coal gas vis-à-vis the natural gas and issues & constraints for adoption of Coal Gasification based DRI plants in the country were also deliberated. Government interventions required to address the issues & constrains and the way forward for adoption of Coal Gasification based DRI plants in the country was also discussed.

The Steel Minister directed that to facilitate creation of an ecosystem for coal gasification and development of indigenous technology a Committee with members of the concerned Ministries viz Ministry of Power, Ministry of Coal, Ministry of Mines, Ministry of Petroleum & Natural Gas along with the stakeholders from the steel industry, consultancy providers, research laboratories CSIR-CIMFR, technology providers etc be constituted.

voda 20 september 2021 07:43

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Nippon Steel to Issue Bonds to Fund New Management Plan

Strategic Research Institute
Published on :
20 Sep, 2021, 5:43 am

Nippon Steel Corporation announced that the Company has decided to issue Zero Coupon Convertible Bonds, bonds with stock acquisition rights, due 2024 and Zero Coupon Convertible Bonds due 2026 together with Bonds with Stock Acquisition Rights due 2024, pursuant to the decision of the Representative Director and President of the Company, upon a delegation by a resolution of its Board of Directors at a meeting held on September 14, 2021. Nippon Steel said “In order to realize the Company's growth strategies, it is expected that a large amount of funding will be required for the initiatives above in the future. The Company has decided to issue the Bonds with Stock Acquisition Rights based on the belief that it is necessary to strengthen its financial base in order to secure funds for investment in growth while curbing procurement costs and to flexibly and firmly implement its growth strategies over the medium to long term.”

Nippon Steel said “In order to continue growing with the aim of becoming the Best Steelmaker with World-Leading Capabilities, that contributes to Japan's industrial competitiveness from the present and into the future, in accordance with the our value to pursue the world's best technology and strength in manufacturing and contribute to the development of society by providing world class products and services, the Company published a new management plan developed with the following four pillars of our business strategies on March 5, 2021

- Rebuilding its domestic steel business and strengthening its group's management

- Promoting a global strategy to deepen and expand its overseas business

- Taking on the challenge of zero-carbon steel

- Promoting digital transformation strategies

Going forward, by steadily promoting the management plan, the Company plans to achieve 100 million tonnes of global crude steel capacity per annum through the combined efforts of its strong mother mills in Japan and local mills overseas, and to achieve business growth and reduce its impact on the environment, by taking on the challenge of the Nippon Steel Carbon Neutral Vision 2050 The Challenge of Zero-Carbon Steel.”

In connection with the promoting the pillars of its management plan, the Company plans to make 2,400 billion yen of capital expenditures, 600 billion yen of business investments and 100 billion yen or more of investments in digital transformation for FY 2021-25. In order to achieve 2050 zero-carbon steel, the Company estimates that it will require, in the best-case scenario, approximately 500 billion yen in R&D and approximately 4,000-5,000 billion yen in capital expenditure for the foreseeable future.

Vertraagd	8 mei 2024 17:37
Koers	23,610
Verschil	-0,360 (-1,50%)
Hoog	23,940
Laag	23,560
Volume	2.558.342
Volume gemiddeld	2.566.451
Volume gisteren	3.131.701

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