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voda 28 oktober 2021 15:16

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KIOCL to Supply Iron Ore Pellets to Glencore

State owned KIOCL and Glencore International AG has signed a non-binding Memorandum of Understanding on 25th October, 2021, whereby KIOCL Limited will supply iron ore pellets to GIAG for further sale by GIAG in South Korean, European and Non-Chinese market.

The MoU shall be valid for a period of one year.

voda 28 oktober 2021 15:17

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NJCS Finally Agrees to Workers Wage Revision in SAIL

According to media reports, an agreement was reached between the Public Sector steel unit’s management and the workers' unions in the core group meeting of the National Joint Committee for Steel last week. Representatives of various recognized labor unions AITUC, INTUC, HMS, CITU and BMS along with top management officials of SAIL attended the meeting. After the agreement, representatives of SAIL management and three labor unions AITUC, INTUC, HMS signed the MoU, while two unions CITU and BMS have disagreed on less than 28 per cent allowance.

According to, Hind Mazdoor Sabha leader Mr Rajendra Singh said that it has been agreed to give 26.05 percent perks, salary-allowance, to all SAIL employees. With this agreement, more than 70 thousand workers working in various plants and units of SAIL across the country can get a monthly benefit of six to ten thousand rupees. The management has also agreed to pay arrears to all the workers as per the new agreement from January 2020.

However, CITU national vice-president Mr Bishnu Mohanty said the objective of NJCS is to go for a consensus among all members but for the first time the management succeeded to make a division among the workers side and get it signed from three trade unions out of five which is not only illegal but also anti-workers.

The salary revision of SAIL workers was pending since January 1, 2017. 30 percent allowance was being demanded by the unions, but after a long debate and deliberation between the two sides, the management agreed to pay 26.05 percent allowance.

voda 28 oktober 2021 15:17

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Jindal Stainless Reports Strong Performance in July-September Quarter

Indian stainless steel giant Jindal Stainless Limited announced that an overall healthy demand environment post the second wave of COVID in Q1 of FY22 pulled up sales volume by 8% over Q1FY22, to 256,664 tonnes in Q2of FY22. The upward rally in prices of input materials continued unabated throughout the second quarter. The average LME prices of Nickel and Ferro-chrome in Q2FY22 climbed by 10% and 21% respectively over Q1FY22, which had a positive impact on inventory valuation. This, along with an improved volume mix, led to a 23% increase in EBITDA in Q2 of FY22 over the sequential quarter. On a standalone basis, JSL’s EBITDA and profit after tax stood at INR 711 crore and INR 363 crore respectively.

All major end-use segments like process industry, Pipe & Tube, Railways & Wagons, and Metro Rail grew during the quarter keeping the stainless steel demand firm. As general manufacturing picked-up pace during the quarter, demand for special grades like duplex and super austenitic, where JSL is an established supplier, also gained momentum. Auto segment sales remained weak on account of the long waiting period necessitated by semiconductor shortage. Despite prevailing logistical challenges due to container scarcity, JSL maintained strong operational performance through advance planning and strategic sourcing of raw materials.

Company increased its exports percentage from 20% in Q1 of FY22 to 23% during Q2 of FY22 to counter the continual surge in imports of stainless steel from China and Chinese-funded investments in Indonesia.

voda 29 oktober 2021 08:29

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Russian steelmakers fear additional steel taxes to stay
1253 Views

The Russian Steel Association fears that the increased severance tax and excise duty on steel, which were initially considered as a temporary measure, will become permanent, it confirmed to Kallanish.

Russian authorities and steelmakers have reached an agreement to set the excise tax rate on liquid steel from 2022 at 2.7% and the mineral extraction tax on iron ore at 4.8% and on coking coal at 1.5% (see Kallanish passim).

This will replace export duties on steel and metals of 15% valid from 1 August to 31 December, 2021, for a minimum rate of $54/tonne for HBI and $115/t for most steel products. They are valid only for supplies outside the EAEU. Russian authorities also hiked the ferrous scrap export duty from €45/t ($52.26/t) to €70/t until the end of the year.

The association recalls in a letter to the Russian government that at its meeting on 23 September with steelmakers, when discussing the parameters of the new MET and excise duty on steel, the new mechanism was discussed for the three-year period 2022-2024.

However, draft law No. 1258307-7 "On Amending Part Two of the Tax Code of the Russian Federation" was introduced to the lower house of the parliament, which does not take into account this need, says Russian Steel.

"This version of the bill assumes that the term of the new mechanism is not limited and is assumed to be indefinite," says a letter signed by the president of the association and Severstal’s owner Alexei Mordashov.

Svetoslav Abrossimov Bulgaria

voda 30 oktober 2021 12:29

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Beursblik: winst ArcelorMittal blijft maar stijgen

Door ABM Financial News op zaterdag 30 oktober 2021

(ABM FN-Dow Jones) ArcelorMittal heeft de winst in het derde kwartaal vermoedelijk verder weten op te voeren. Dit verwachten analisten die bijdroegen aan de bedrijfsconsensus van de staalreus.

De analisten rekenen gemiddeld op een EBITDA in het derde kwartaal van 6.151 miljoen dollar. Dat zou flink meer zijn dan de 5.052 miljoen dollar in het tweede kwartaal van dit jaar, of de slechts 901 miljoen dollar in het derde kwartaal van 2020.

ArcelorMittal gaf aanvankelijk zelf aan te verwachten dat de wereldwijde vraag naar staal dit jaar met 4,5 tot 5,5 procent zou groeien. Bij de halfjaarcijfers stelde de staalreus dat de groei vermoedelijk tussen de 7,5 en 8,5 procent zal uitkomen.

Bron: ABM Financial News

voda 31 oktober 2021 08:42

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VS en EU akkoord over terugbrengen importheffingen staal

Door ABM Financial News op zaterdag 30 oktober 2021
Views: 1.217

(ABM FN-Dow Jones) De Verenigde Staten en de Europese Unie hebben een akkoord bereikt over de heffingen op de import van staal en aluminium door de VS.

Gina Raimondo, de Amerikaanse minister voor Handel, zei dat de importheffingen van kracht blijven, maar dat een bepaalde hoeveelheid aluminium en staal heffingsvrij zal mogen worden geïmporteerd.

In ruil zal de EU bepaalde importheffingen verlagen. Dat zou goed nieuws zijn voor onder meer Harley Davidson.

Raimondo hoopt zo de druk op de wereldwijde aanvoerketen wat weg te nemen.

Op 1 december dreigde de EU zijn importheffingen te verdubbelen als er geen akkoord zou worden bereikt.

Bron: ABM Financial News

voda 2 november 2021 06:52

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Robust Gains in New Work Boost Production Growth October

Manufacturing sector growth in India gained steam in October as companies scaled up production in line with a substantial upturn in new work intakes. Firms stepped up input purchasing amid stock-building efforts and in anticipation of further improvements in demand, while business optimism hit a six-month high. Panellists continued to report rising prices for several materials and transportation, with overall input costs increasing at the sharpest rate since February 2014. Subsequently, selling charges were lifted again. At 55.9 in October, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Indexwas in expansion territory for the fourth month in a row. Moreover, rising from 53.7 in September, the latest figure pointed to the strongest improvement in overall operating conditions since February. With companies gearing up for further improvements in demand by building up their stocks, it looks like manufacturing activity will continue to expand throughout the third quarter of fiscal year 2021/22 should the pandemic remain under control. Upbeat business confidence and projects in the pipeline should also support production in the coming months.

Amid reports of improved market confidence, rising requirements among clients and successful marketing, new orders continued to expand in October. The upturn was sharp and the fastest in seven months. Similarly, factory output increased at a sharp pace that was the strongest since March.

While strong growth of both sales and production were noted in each of the three broad areas of the manufacturing sector, it was in intermediate goods that the sharpest rates of expansion were recorded.

In addition to reporting a substantial increase in total new orders, Indian companies observed a notable pick-up in international demand for their goods. New export work rose at a solid pace that was the quickest in three months.

With the aim to proceed with production schedules as planned, manufacturers bought additional inputs in October. Quantities of purchases rose at a robust rate that was the fastest since April.

At the same time, companies noted a further increase in supplier prices. The overall rate of input cost inflation surged to a 92-month high. Anecdotal evidence highlighted higher chemical, fabric, metal, electronic component, oil, plastic and transportation costs.

Some firms opted to pass part of the additional cost burden on to their clients by lifting output charges. However, with the vast majority of manufacturers leaving their fees unchanged, the overall rate of inflation was moderate.

Despite the notable upturn in new orders, Indian manufacturers were able to keep on top of their workloads, as signalled by another reduction in backlogs. The pace of depletion was only fractional, however.

This lack of pressure on capacity, besides government guidelines surrounding shift work, meant that employment continued to decline. That said, the rate of job shedding was marginal.

Worst Core Sector Growth in September in 7 Months

Output from eight core sectors rose 4.4% in September, the lowest pace of growth in seven months which breaks a three-month streak of accelerating production that peaked with an 11.5% uptick in August. Eight Core IndustriesThe combined Index of Eight Core Industries stood at 126.7 in September 2021, which increased by4.4% as compared to the Index of September 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity industries increased in September 2021 over the corresponding period of last year. On a sequential basis, this is the second successive month of decline in the index of core industries. The index, which stood at 134.7 in July, declined by almost 1% MoM in August and fell a further 5% in September.

Coal –Coal production (weight: 10.33 per cent) increased by 8.1 per cent in September 2021 over September 2020. Its cumulative index increased by 11.7 per cent from April to September,2021-22 over the corresponding period of the previous year.

Crude Oil–Crude Oil production (weight: 8.98 per cent) declined by 1.7 per cent in September 2021 over September 2020. Its cumulative index declined by 2.9 per cent from April to September, 2021-22over the corresponding period of the previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 27.5 per cent in September, 2021over September 2020. Its cumulative index increased by 22.1 per cent from April to September 2021-22 over the corresponding period of the previous year.

Petroleum Refinery Products–Petroleum Refinery production (weight: 28.04 per cent) increased by 6.0 per cent in September 2021 over September 2020. Its cumulative index increased by 11.2 per cent from April to September, 2021-22over the corresponding period of the previous year.

Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 0.02 per cent in September 2021 over September 2020. Its cumulative index decreased by 1.3 per cent from April to September 2021-22 over the corresponding period of the previous year.

Steel –Steel production (weight: 17.92 per cent) increased by 3.0 per cent in September 2021 over September 2020. Its cumulative index increased by 35.0 per cent from April to September 2021-22 over the corresponding period of the previous year.

Cement –Cement production (weight: 5.37 per cent) increased by 10.8 per cent in September 2021 over September 2020. Its cumulative index increased by 37.7 per cent from April to September 2021-22 over the corresponding period of the previous year.

Electricity –Electricity generation (weight: 19.85 per cent) increased by 0.3per cent in September, 2021 over September,2020. Its cumulative index increased by 12.7 per cent from April to September 2021-22 over the corresponding period of the previous year.

Source: Steelguru

Bijlage:

voda 2 november 2021 06:53

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TimkenSteel & USW Ratify Four Year Contract

US steel maker TimkenSteel Corp announced that its employees who are members of the United Steelworkers Local 1123 have voted in favor of a new four-year contract. The contract, which is in effect until Sept. 27, 2025, offers TimkenSteel's Canton-based bargaining employees increases to base wages every year, competitive healthcare and retirement benefits for all members, and a continued focus on employee wellbeing as well as safe and sustainable operations.

The agreement covers approximately 1,180 bargaining employees at the company's Canton, Ohio operations.

TimkenSteel manufactures high-performance carbon and alloy steel products from recycled scrap metal in Canton, OH, serving demanding applications in mobile, energy and a variety of industrial end markets. The company is a premier U.S. producer of alloy steel bars (up to 16 inches in diameter), seamless mechanical tubing and manufactured components.

Source: Steelguru

voda 2 november 2021 06:54

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US Steel Capacity Utilization Remains Below 85% in Week 43

AISI announced that in the week ending on October 30, 2021, domestic raw steel production was 1,860,000 net tons while the capability utilization rate was 84.3 percent. Production was 1,549,000 net tons in the week ending October 30, 2020 while the capability utilization then was 70.1 percent. The current week production represents a 20.1 percent increase from the same period in the previous year. Production for the week ending October 30, 2021 is down 0.5 percent from the previous week ending October 23, 2021 when production was 1,870,000 net tons and the rate of capability utilization was 84.7 percent.

Adjusted year-to-date production through October 30, 2021 was 78,879,000 net tons, at a capability utilization rate of 81.4 percent. That is up 20.3 percent from the 65,579,000 net tons during the same period last year, when the capability utilization rate was 67.1 percent.

Broken down by districts, here’s production for the week ending October 30, 2021 in thousands of net tons
North East: 178
Great Lakes: 618
Midwest: 204
Southern: 781
Western: 79

Source: Steelguru

voda 2 november 2021 06:55

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Tenaris Completes Sale of Structural Pipe Business to MKK USA

Tenaris announced that it has completed the sale of its subsidiary Geneva Structural Tubes LLC to MKK USA, a wholly owned subsidiary of Maruichi Steel Tube Ltd of Japan, on November 1, 2021. The business manufactures and sells square and rectangular welded steel pipe for structural applications from its plant located in Geneva, NE.

The sale transfers 100% ownership of Tenaris’s US structural pipe business for US$ 24.1 million on a cash free, debt free basis, pending final adjustments for working capital variation.

Source: Steelguru

voda 2 november 2021 06:55

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SS Steel to Acquire Saleh Steel in Bangladesh

Bangladeshi steel maker SS Steel plans to acquire Saleh Steel Industries. SS Steel will invest a total BDT 158.75 crore in Saleh Steel. Of the sum, BDT 24.75 crore would be equity investment for its 99% stake. Another BDT 134 crore would be invested for the smooth operation of the company. The invested amount would be financed by the company and partly from taking share money deposit from directors. Established in 1995, the capacity of the Saleh Steel Industries is about 84,000 tonne per year of rebar.

Located in Tongi on the outskirts of Dhaka, SS Steel manufactures MS deformed bar of various grades, MS billet and ingot. It also produces MS Billets from scrap.

Source: Steelguru

voda 2 november 2021 06:56

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GMS Market Commentary on Ship Breaking in Week 43

World's leading cash buyer of ships for recycling GMS said that “It has been another impressive week in the Indian sub-continent ship recycling markets as prices pushed on past USD 600/LDT (especially on certain decent spec vessels) and as the cobwebs from the September sub-continent lull seem to have been well and truly blown away at this time, prices seem likely to push on to their highest levels of the year thus far. On the Western end, the Turkish market had a bit of a counter re-adjustment this week, as import steel dropped by about USD 10/MT, whilst demand still remains strong, especially for deliveries in Q1 of 2022. It therefore looks increasingly set to be a frantic finale to the year as (particularly wet) owners look to cash in at the best levels seen in the recycling markets since the heady days of 2008.”

GMS said “Overall, steel prices continue to impress across the board and currencies seem to have stabilized for the moment (despite some wobbles in Pakistan and some extreme ones in Turkey of late) and this has somehow led to some of the greater aggression and confidence to buy, as demand for ships ramp up in the fourth quarter of the year. There has, thus far, been a rather manageable supply of vessels for recyclers to digest and this has also contributed to some of the impressive numbers on show, especially with an increasingly fertile demand for available units.”

GMS added “With the recent uptick in deliveries now calmer over the last few weeks (see local port reports on Page 7), we are witnessing a gradually increasing availability of space at local yards to take in more vessels and despite the recent uptick in the supply of FSUs, Suezmaxes, Aframaxes, MRs, and stainless-steel chemical tankers, it is something of a surprise that not more tonnage has been delivered for recycling at these incredible levels.”

GMS Pricing
India/Bangladesh/Pakistan – Week 43, Unchanged
Dry Bulk – USD 580-600 per LDT
Tankers - USD 590-610 per LDT
Containers - USD 600-620 per LDT

Source: Steelguru

voda 2 november 2021 06:56

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Alghanim’s Kirby Breaks Ground on PEB Plant in Gujarat

Kuwait headquartered Alghanim Industries Kirby Building Systems recently broke ground on a new pre engineered steel buildings manufacturing facility located in Gujarat in India. The new facility will increase the manufacturing capacity of Kirby Building Systems in India from 200,000 tonnes to 300,000 tonnes per year. The new plant is expected to be fully operational by late 2022, creating hundreds of jobs. It will be Kirby's third plant in India, joining a global network of five PEB facilities that serve more than 70 countries.

Kirby's portfolio in steel structures also includes factory halls, warehouses, and fulfilment centres dedicated to serve a growing e-commerce market, with a number of international clients like Amazon and Toshiba.

Alghanim Industries' Executive Chairman Sir Kutayba Y Alghanim acquired Kirby Building Systems and relocated the company from the US to Kuwait in 1976. At the time, it catered to a country witnessing economic and urban growth, immersing itself with Kuwait's transition towards a modern and developed nation. Kirby extended its operations beyond Kuwait's borders to both neighbouring countries and regions. In addition to its manufacturing facilities in India, Kirby Building Systems also operates facilities in the UAE and Vietnam, possessing a combined production capacity of more than 400,000 MT per year. Kirby is presently in the process of operating new manufacturing facilities in the Kingdom of Saudi Arabia.

Source: Steelguru

voda 2 november 2021 06:56

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AISI & Cleveland Cliffs Welcome US EU Steel Trade Agreement

American Iron and Steel Institute has welcomed the announcement that an agreement had been reached with the EU on steel tariffs and common approaches to address global excess capacity. American Iron and Steel Institute President & CEO Mr Kevin Dempsey said “We thank Secretary Raimondo and Ambassador Tai for their efforts to ensure that, as the United States works to develop a renewed partnership with the EU to address global steel excess capacity, a tariff-rate quota will be maintained under Section 232 to prevent another steel import surge that would undermine our industry and destroy good paying American jobs. We appreciate the Biden administration’s continued recognition that the American steel industry is critical to our national and economic security, as well as its commitment to addressing the global steel overcapacity crisis and to combatting unfair trade practices in the global steel sector. Proper implementation and enforcement of the TRQ will be crucial to ensuring that the new measures are effective in meeting these critical objectives.”

He added “We hope that with the conclusion of this agreement, the United States and the EU will now work on a common action plan for challenging non-market industrial policies and other government interventions that fuel overcapacity in steel. We urge the US and EU to take active steps to hold China and other countries that employ trade-distorting policies to account. We also believe U.S.-EU cooperation should focus on new trade approaches to address climate change, including through development of effective carbon border adjustment measures.”

Cleveland-Cliffs Inc’s Chairman, President & Chief Executive Officer Mr Lourenco Goncalves said, “Today’s announcement of an alternative Section 232 measure with the EU is evidence that President Biden and his Administration understand the critical role of the steel Section 232 program in providing a level playing field for American companies and workers. This tariff rate quota arrangement will guard against a harmful surge of steel imports from the EU. The agreement recognizes that the United States has the most environmentally friendly steel industry in the world. I wish to thank Secretary of Commerce, Gina Raimondo, and United States Trade Representative, Ambassador Katherine Tai, for negotiating a deal that respects the importance of maintaining strong Section 232 measures to the benefit of U.S. national and economic security.”

Source: Steelguru

voda 2 november 2021 06:57

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NLMK Starts Modernization of Blast Furnace 4

Russian steel maker Novolipetsk Metallurgical Combine has started the reconstruction of the air heaters of blast furnace No 4 with a capacity of 2.1 million tonnes of pig iron per year. The project will reduce carbon monoxide emissions by 98%. Environmental upgrades will be carried out without shutting down the blast furnace. Within the framework of the project in the period 2022-2024, three air heaters will be replaced one by one - this is equipment that allows reducing fuel consumption for pig iron production by heating and supplying oxygen-enriched air to the blast furnace. The design features of the new air heaters and an improved fuel gas afterburning system will ensure the environmental performance of production at the level of the best available technologies.

This project marks a new milestone in improving the sustainability of the furnace following the completion of a major overhaul earlier this year. Thanks to the modernization, the furnace is equipped with dust and gas collection systems with a purification degree of 99.9%. All the filtered dust is returned to production in the form of iron-containing raw materials for smelting pig iron, and the purified blast-furnace gas is used as a secondary energy resource.

Investments in the complex of projects for the reconstruction of air heaters will amount to more than 6 billion rubles.

Source: Steelguru

voda 2 november 2021 06:57

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ArcelorMittal Bosnia Warn of Job Losses on High Power Prices

Reuters reported that ArcelorMittal Bosnia warned that they will have to lay off workers and close some production plants in Zenica if the Bosnian government doesn’t intervene to curb soaring electricity prices. ArcelorMittal Bosnia’s General Manager Mr Nikhil Mehta said “125% hike in electricity prices, along with a 400% price rise for key input coking coal, would make production unprofitable. We really cannot survive with such kind of increases. Losses would be lower if the company halted production and laid off workers rather than continued trying to operate under such prices.”

ArcelorMittal Zenica uses around 500,000 megawatts of electricity annually. In its new contract proposal, power utility EPBiH has offered ArcelorMittal Zenica a price increase of 70 euros/MW, equating to an extra 35 million eurosa year

ArcelorMittal employs 2,300 people at its Zenica plant, with around 10,000 more jobs linked to it directly or indirectly.

Source: Steelguru

voda 2 november 2021 06:58

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Tata Power to Set Up Solar Projects at Tata Steel Jamshedpur & Kalinganagar

Tata Steel and Tata Power have come together to develop a grid-connected solar project in Jharkhand and Odisha. The two companies have signed a Power Purchase Agreement for duration of 25 years to set up 41MW solar project, which will be a combination of rooftop, floating and ground mounted solar panels. Under the project, Tata Power will develop Photo Voltaic capacities for Tata Steel at Jamshedpur (21.97MWp) and Kalinganagar (19.22MWp).

Under this PPA, at Jamshedpur, Tata Power will develop rooftops PV with 7.57 MWp capacity, while floating and ground mounted capacity would be 10.80 MWp and 3.6MWp, respectively. The ground mounted PV will be installed at Sonari Airport, Jamshedpur. Kalinganagar will have 9.12 MWp rooftop PV capacities, and floating PV will constitute 10.10 MWp.

The estimated energy generation through 41.19MWp solar project is 6, 02, 80,095 kWh for the first year. During its lifetime (i.e. for 25 years), the total energy generation would be 1,40,93,61,488 kWh. The project will help save 45210 tonnes of CO2 per year and 1057021 tonnes during its lifetime (25 years).

In March 2021, the two companies had announced to develop a 15MW solar project at Jamshedpur. This project would generate an average of 32 MUs of energy per year. It will help in offsetting approximately average 25.8 million Kgs of CO2 annually. Earlier in 2017, Tata Power Solar had commissioned a 3MW Solar PV Power Plant in Tata Steel’s Iron Ore Mine at Noamundi. This was the first solar power plant of its kind at any iron ore mine in the country.

Source: Steelguru

voda 2 november 2021 07:00

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Worthington Industries to Acquire Tempel Steel

Worthington Industries Inc announced that its Steel Processing segment has signed an agreement to acquire Tempel Steel Company, one of the world's leading manufacturers of precision motor and transformer laminations for the electrical steel market. Founded in 1945, Tempel is headquartered in Chicago with additional manufacturing facilities in Burlington, Canada, Changzhou, China, Chennai, India and Monterrey, Mexico, with 1,500 employees.

Leveraging the latest engineering technology, Tempel’s proprietary manufacturing techniques provide customers with highly engineered, precision-stamped, electrical steel laminations used for the core of electric motors, transformers and generators. With hybrids and EVs expected to continue growing at double-digit rates worldwide, Tempel will significantly enhance Worthington’s existing automotive offerings, including its lightweighting technology and laser welded solutions that deliver weight and cost reductions and increased fuel efficiency to the mobility market. Tempel also serves the important electricity infrastructure and distribution markets, which are expected to see significant investment and growth to support the transition to electric motors across multiple industries.

The transaction is expected to close in December 2021 with a purchase price of approximately USD 255 million plus the assumption of certain liabilities, funded primarily with existing cash. Tempel generated net revenue of approximately USD 377 million and EBITDA of USD 35 million.

Founded in 1955, Worthington is North America’s premier value-added steel processor and producer of laser welded solutions that provide lightweighting and safety critical components to the mobility market. Headquartered in Columbus, Ohio, Worthington operates 53 facilities in 15 states and seven countries, sells into over 90 countries and employs approximately 8,000 people.

Source: Steelguru

voda 2 november 2021 07:02

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JSW Steel USA Starts Phase II Upgrade of Plate Mill at Baytown

JSW Steel Ltd’s subsidiary JSW Steel (USA) Inc has commenced the second phase of the project to upgrade its Plate Mill facility located at Baytown in Texas in USA. The Phase II project has begun and is expected to be completed in the second half of 2023. This is a part of JSW USA's commitment to grow its steel manufacturing operations in Baytown. This project involves addition of a 4-Hi Finishing Mill, Pre-Leveler, Accelerated Cooling System & Direct Quench ACC/DQ, Cooling Beds & new Roll Shop.

JSW USA Director Mr Parth Jindal said “The beginning of Phase II project reiterates our commitment to stay invested and grow in Baytown in Texas. This project is part of the USD 260 million investment committed by JSW to enhance the quality of our products, improve productivity, yields and the overall cost-effectiveness of our Baytown Plate Mill."

JSW USA CEO Mr Mark Bush said "Once this project is completed, it will put JSW USA in a position to deliver higher quality products as well as enter new markets. We have already completed some of the planned upgrades at our facility at Mingo Junction in Ohio. These upgrades will help us to continue in delivering significant quality benefits to our customers who expect high quality HRC, plate and pipe products. The Phase II project at Baytown will support the requirement of on & offshore wind tower, agriculture, construction, storage tank and surface critical market segments."

Source: Steelguru

voda 2 november 2021 07:02

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South Korea Seeks to Revise Steel Tariff Agreement with US

Local media reported that South Korean government will push for swift consultations with the US on steel tariffs amid concerns over negative impacts of a recent transatlantic trade deal on its exports of steel products. South Korea's Ministry of Trade, Industry and Energy’s Director General for Industry Policy Mr Joo Young-joon said "The potential increase in the volume of EU steel imports would inevitably have adverse impacts on our exports. We will push for discussions at the earliest possible date with the US to review and revise Section 232 rules on our steel and aluminium products.”

He added “The Ministry will soon send director-level officials to Washington for meetings with officials of the US Trade Representative and the Department of Commerce on the issue. Seoul will continue to raise the issue during envisioned high-level meetings this year.”

Under a 2018 deal, US waives a 25% tariff on South Korean steel imports in return for a yearly import quota of 2.63 million tonnes for Korean steel products, or 70% of Seoul's average export volume over the past three years.

Source: Steelguru

Vertraagd	18 apr 2024 17:35
Koers	23,800
Verschil	+0,290 (+1,23%)
Hoog	23,960
Laag	23,560
Volume	2.676.573
Volume gemiddeld	2.411.545
Volume gisteren	3.430.788

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