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voda 16 september 2022 07:15

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Ovako Appoints Mr Jasson as President for Smedjebacken & Boxholm

Strategic Research Institute
Published on :
16 Sep, 2022, 6:34 am

Swedish steel maker Ovako recently announced that Mr Nicholas Källsäter is appointed as new Business Unit President for Smedjebacken and Boxholm, replacing current president Mr Göran Jansson, who is stepping down due to private reasons. Mr Nicholas Källsäter, current CFO and a member of the group management, has been employed at Ovako since 2012.

The recruitment of a new CFO has been initiated. During the recruitment period Ms Disa Wolff, current Head of Group Business Control, will assume the role of acting CFO. She has been employed in her current role at Ovako since 2019.

Ovako, a subsidiary of Sanyo Special Steel & Nippon Steel, develops clean, high quality engineering steel for customers in the bearing, transport, and manufacturing industries.

voda 16 september 2022 07:15

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Supreme Court Dismisses Essar’s Appeals against HC Order

Strategic Research Institute
Published on :
16 Sep, 2022, 6:36 am

Financial Express reported that Supreme Court has dismissed Essar House & Essar Services appeals against HC order on INR 82 crore dues to AMNS India. A bench led by Justice Indira Banerjee said that “We find no infirmity in the well-reasoned judgment and order of the division bench. The appeals are, accordingly, dismissed.”

In April 2016, Essar House had entered into a rental agreement with Essar Steel to rent out a property in Mumbai’s Mahalaxmi area for which Essar Steel had paid INR25.80 crore as interest-free refundable security deposit. Essar Services and Essar Steel mutually reconciled their accounts in March 2018, acknowledging thatINR 47.41 crore was paid to Essar Services as security deposit and INR 23.21 crore was payable by Essar Steel to Essar Services for providing accounting and other services.

Essar House had in November 2019 asked AMNS India to vacate its premises pursuant to the takeover of Essar Steel. After handing over the possession of the premises AMNS India had called upon Essar House to refund the interest-free security deposit of around INR 35.52 crore. However, Essar House had refused, saying no security deposit was left to be refunded to AMNS India as it had taken over loan of INR 26 crore due from Essar Steel to Marvel Mines and had adjusted the same against the security deposit kept by Essar Steel. When the Essar Group entities failed to return the deposit, ArcelorMittal decided to invoke arbitration and had approached the HC to secure the amount till the tribunal decided the dispute.

Bombay High Court’s order had asked Essar House and Essar Services to collectively deposit over INR 82 crore, INR 47.41 crore & INR 35.5 crore respectively, towards security deposit that they allegedly owed to ArcelorMittal Nippon Steel India. The security amount was to be refunded to ArcelorMittal after it had vacated and handed over peacefully the premises in Mumbai’s Mahalaxmi area which was occupied by Essar Steel prior to its takeover by the former.

voda 16 september 2022 07:16

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Youli's New Magnesium-Alloy Sheet Plant Operational

Strategic Research Institute
Published on :
16 Sep, 2022, 6:38 am

Danieli announced that Chinese magnesium alloy strip producer Youli is operating its new strip casting line in Shandong in China, which can produce hot rolled strip from 4 to 7 mm thick (mechanical capacity up to 10 mm) and in widths from 900 to 1425 mm. The package selected by Youli to produce its quality magnesium-alloy strip is Danieli Fata Hunter Twin-Roll Casting technology.

In particular, the SuperCaster Plus with 15 degree inclination guarantees superb geometrical and mechanical properties of the final magnesium-alloy AZ31B, a typical product for the automotive industry, which is a target product for Youli. The line is completed with pinch-roll, travelling shear and coiler.

A Danieli Fata Hunter Optiflow ceramic-fiber nozzle is used to deliver the molten magnesium into the nip between the caster rolls. Any area where liquid metal may potentially be exposed to the atmosphere is protected by a cover gas.

The successful startup was ensured by the Danieli Automation process control for the line, supplied along with online instrumentation and motors.

Preliminary acceptance tests have been achieved right after the startup and the line is currently in ramp-up aiming to reach the final performance certificate in the coming months.

voda 16 september 2022 07:16

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IG Metall Reach Pact with Vallourec for Plants Closure in Germany

Strategic Research Institute
Published on :
16 Sep, 2022, 6:40 am

IG Metall and Vallourec have agreed on key points for the social wage agreement. The key issues paper stipulates, among other things, what severance pay the employees will receive. The paper is comprehensive and regulates the conditions and framework for the difficult step that must be taken now. IG Metall Düsseldorf-Neuss Managing Director Mr Karsten Kaus said “We have now got the best possible result with the paper. IG Metall negotiated a factor of 1.25 for the basic severance pay, this is multiplied by this factor and the years of service Gross monthly salary to calculate severance pay. A factor of 1.25 is comparatively high.”

There are also other additional amounts, for example for children, for severe disabilities, for caring for relatives and in cases of hardship. In addition members receive a decent bonus. Anyone who was a member on a key date in May will receive 10,000 euros. And should Vallourec earn more than originally planned from the sale of the properties in Rath and Mülheim, there will be something on top - a dynamic additional amount, depending on the amount of the proceeds.

Age transition is now also fundamentally regulated. Older employees can choose between a severance payment or a model for the transition into old age and then receive appropriate top-ups. In addition, a transfer company helps the younger employees on their way into the labor market.

voda 16 september 2022 07:17

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EUROFR Seeks Swifter & More Effective Measures for Energy Crisis

Strategic Research Institute
Published on :
16 Sep, 2022, 6:42 am

The European Steel Association has warned that the emergency measures presented on 14 September by the European Commission are not ambitious not swift enough to bring down energy prices and to preserve millions of jobs in industrial sectors such as steel that are exposed to fierce global competition and emergency situations require emergency measures also for industry., EUROFER Director General Mr Axel Eggert said “The Commission proposals show limited ambition and scope, as they will not reduce energy prices and costs for the steel industry towards a sustainable level which would keep the sector competitive. The European market is currently being flooded by cheaper imports from third countries that are subject to only a fraction of the energy costs EU steel producers have to bear.”

He added “Reduction of demand, a temporary revenue cap on ‘inframarginal' electricity producers as well as a temporary solidarity contribution on excess profits generated from activities in the oil and gas sectors, and the expansion of the Energy Prices Toolbox covering SMEs only, fall short of securing affordable energy supplies to energy intensive industries without delay, thus supporting their viability.”

Mr Eggert said “Unfortunately, these measures are unlikely to stop the current trend of production curtailments and temporary lay-offs. Without swift actions, these could become permanent and the EU would jeopardize the resilience of its domestic steel sector, which is a strategic asset for the EU’s own autonomy on which key downstream sectors such as automotive, construction, mechanical engineering, defence, health, sanitary and renewable energy equipment, depend.”

The European steel sector asks for immediate, more ambitious and more industry-targeted measures to bring down energy prices and costs for industries exposed to fierce global competition. Mr Eggert concluded “Emergency situations require emergency measures also for industry to preserve millions of jobs in Europe. We stand ready to discuss with EU policymakers with utmost urgency.”

voda 16 september 2022 07:18

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Tapmaster Launches Stainless-Steel 3D Printing Division in Calgary

Strategic Research Institute
Published on :
16 Sep, 2022, 6:42 am

Calgary Alberta based Canadian Tapmaster has recently launched a new division under SumMetal Printing to provide rapid prototyping and short-run production to Albertan businesses and entrepreneurs. Tapmaster owns the only Desktop Metal Shop System printing in 316L stainless steel for direct contract use in Canada. Combined with state-of-the-art HAAS CNC Milling and Lathe capability, SumMetal can help get nearly any prototype off the ground. Being local to Alberta allows for shop visits and tours as well as quick turnaround for Canadian customers that have traditionally relied on cross-border services.

The Desktop Metal Shop System is a binder jet style 3D printer. This unique technology allows for hundreds of different parts to be printed simultaneously with a much finer surface finish than DMLS technology. This allows for loads with multiple different parts, or short run production of final end-use parts. When complete, the parts produced are 99% dense and contain no impurities making them ideal for use in any environment where MIM (Metal Injection Moulding) or casting would be used. The high resolution of the printer also allows for parts to be made that would otherwise need to be machined. Fine pitch threads and small orifices are all able to be printed without post-processing in many cases.

Compared to traditional manufacturing methods, binder jet printing has several key advantages:

No tooling costs

No setup time

Little to no post-processing

96 hour turnaround times are possible

Founded in 1994 as Integra Dynamics, Tapmaster has created a leading line of hands-free faucet systems based entirely on water pressure. All Tapmaster products are manufactured entirely in Calgary. With the addition of new prototyping machines, Tapmaster created SumMetal Printing to make leading-edge technology available at a more affordable price to other Canadian businesses.

Bijlage:

voda 16 september 2022 07:20

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Decarbonizing Steel Industry by 2050 Necessitates Urgent Action

Strategic Research Institute
Published on :
16 Sep, 2022, 6:42 am

Wood Mackenzie’s latest Horizons research report, Pedal to the metal: Iron and steel’s USD 1.4 trillion shot at Decarbonisation, highlights that decarbonizing the steel and iron ore industry by 2050, in line with the Paris Climate Agreement, will require USD 1.4 trillion of investment and revolution across every stage of the value chain and presents an urgent challenge and enormous opportunity. The analysis by Wood Mackenzie points to the industrialized world’s reliance on steel, with 2.2 billion tonnes of production required to meet global steel demand by 2050, a 15% increase from 2021.

Wood Mackenzie Research Director & lead author of the report Malan Wu said “Decarbonizing the steel industry is a staggeringly big task. To meet Wood Mackenzie’s 1.5 degree Celsius accelerated energy transition scenario by 2050, steel emissions must reduce by 90% from current levels. There is an urgent need to act now to decarbonize the iron and steel sectors. Business as usual is no longer sustainable.”

Wu said “Mining companies will need to play an active role in cutting their operational emissions as well as invest in new high-grade mines and green pellet capacities to feed green steel. In turn, this will require five times the current supply of high-grade pellet feed, an equivalent to 750 million tonnes, translating into an investment of USD 250-300 billion.”

Wu said “To achieve net zero by 2050, three-quarters of steel production will have to use low-carbon technologies, requiring the commercialization and uptake of new technologies such as DRI and molten oxide electrolysis running on renewable energy. Switching to clean energy will also require around 2,000 gigawatt of dedicated renewable generation capacity, equivalent to two-thirds of current global renewable generation capacity.”

Wu added “A hydrogen ecosystem will also need to be developed for green steel, as Decarbonisation will require around 50 million tonnes per annum of competitively priced green hydrogen, with commercial viability versus conventional steelmaking routes requiring green hydrogen supply at USD 2 per kg.”

Wood Mackenzie’s analysis sets out the revolution required at every stage of the industrial value chain, from mining to consumption, which presents an investment opportunity for operators as the industry works towards net zero by 2050.

Wood Mackenzie’s analysis shows USD 800-900 billion will be essential to abate carbon from existing steelmaking infrastructure, such as setting up new hydrogen-based direct reduced iron and electric arc furnaces.

From iron ore mining to steel manufacturing, the industry is highly carbon intensive. Iron and steel production emit a combined 3.4 billion tonnes of carbon annually, equal to 7% of global emissions.

voda 16 september 2022 07:20

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ArcelorMittal Expects 17% Dip in Output in Europe in Oct-Dec’22

Strategic Research Institute
Published on :
16 Sep, 2022, 6:43 am

Reuters reported that world’s second largest steel maker ArcelorMittal expects its steel production in Europe to fall by around 1.5 million tonnes in October-December quarter of 2022 as it is idling capacities due to weakening demand and soaring energy prices in Germany, Poland and Spain. ArcelorMittal spokesperson for Europe said in email “Steelmaking is among energy-intensive industries grappling with mounting costs as reduced Russian gas supply upends the European market. European steel producers are also facing ailing demand, particularly in the automotive sector, as the economic climate deteriorates, as well as rising imports from outside Europe. Overall, customer sentiment today is at a lower level than during the Covid crisis in 2020.”

2 August - ArcelorMittal Eisenhüttenstadt has applied for short-time work for August and September 2022 and has reduced activities in certain area from 1 August in Germany

1 September - ArcelorMittal announced temporary shutdown of its Blast Furnace A in Asturias in Spain, which will take place by the end of September.

1 September - ArcelorMittal has delayed the startup of EAF steel plant in Sestao r in Spain after the summer break for maintenance work until further notice

2 September - ArcelorMittal announced that it will shut down one blast furnace at the Bremen plat in Germany & the direct reduction plant will also be shut down from the fourth quarter

2 September - ArcelorMittal announced that the Hamburg plant in Germany has already reduced operations by around 80%

3 September - ArcelorMittal is taking down 1.8 million tonne per annum Blast Furnace 3 at its Dunkirk site in France for relining from the end of September

8 September - The management of ArcelorMittal Poland has made a decision about reducing production. The company will stop blast furnace No 3 in the Dabrowa steelworks in Poland. Stopping one blast furnace from two working blast furnaces will mean a slowdown in production in the processing part due to the changing conditions.

ArcelorMittal produced 8.6 million tonnes of steel in Europe in the October-December quarter of 2021.

voda 16 september 2022 07:21

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JSPL Aims to Become Carbon Neutral by 2035

Strategic Research Institute
Published on :
16 Sep, 2022, 6:43 am

Jindal Steel & Power Limited’s Chairman Mr Naveen Jindal in an address to shareholders has said “We have aligned with the global Decarbonisation drive, setting up an ambitious target of ensuring carbon emissions remain below 2.0 t/tcs by 2030 and becoming net carbon zero by 2035. Embedding sustainability practices in all areas of our operations help us contribute to a greener and cleaner future and create a better world for generations to come.”

He also said that Environmental, Social and Governance is key in driving the alignment of core business strategy with vision of sustainability of a company. He said “. Towards this end, we are focused on improving our performance. Our ESG focus is defining the way we are managing our resource consumption, waste, emissions profile, carbon footprint, corporate behavior, people practices and social responsibility.”

voda 16 september 2022 07:22

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Ukraine Self Sufficient Roofing Materials toRestore Infrastructure

Strategic Research Institute
Published on :
16 Sep, 2022, 6:43 am

Inetrafax Ukraine reported that the capacities of Ukrainian enterprises are sufficient to satisfy the need for roofing materials for the restoration of housing, social and critical infrastructure facilities affected by Russian aggression. Ukrainian Steel Construction Center acting director Ms Anna Hontarenko said “Based on the results of work of the operational headquarters for the provision of construction materials in the Ministry of Regional Development, the needs of each region for roofing materials necessary for the restoration of housing, social and critical infrastructure have been determined. The internal potential of enterprises producing roofing materials in Ukraine allows us to meet these needs as soon as possible.”

She added “The destruction and occupation of the capacities of the largest metallurgical plants Azovstal and Illich Iron and Steel Works, a reduction in demand in the domestic market, an increase in the exchange rate and the cost of logistics, all these factors led to an increase in the cost of rolled metal. Since the beginning of the year, the price for certain assortment items have increased by more than 30%.”

According to her, due to the aforementioned factors, steel structures manufacturers work with a low level of loading, however, due to stocks in warehouses and the work of metallurgical enterprises in Zaporizhia, Dnipro, Kryvy Rih, there is no shortage of rolled metal. She said “But the situation will change when stocks are exhausted for certain assortment items that cannot be manufactured in Ukraine, and then demand will have to be met through imports.”

As for the issue of steel roofing, the raw materials for it, namely rolled products, are produced by Zaporizhstal. Galvanizing & painting is carried out at the facilities of Unisteel with designed capacity of 100,000 tonnes per year or Modul-Ukraine with designed capacity is 200,000 tonnes per year.

voda 16 september 2022 07:22

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NLMK Dansteel to be integrated into NBH Group

Strategic Research Institute
Published on :
16 Sep, 2022, 6:44 am

Russian steel giant NLMK has reached an agreement with NLMK Belgium Holdings, a joint venture with the Belgian investment fund SOGEPA owned by the Wallonia region, to integrate Danish NLMK Dansteel into NBH. NLMK said “Consolidation will optimize the management of European assets and provide flexibility in decision-making. The expansion of the NBH holding will strengthen its position in the European market with a unique competitive product portfolio to meet the demand of customers in industries such as shipbuilding, civil engineering, automotive, mining, wind energy and others. The consolidation of assets and strengthening of the portfolio will help reduce operating costs and optimize NLMK Group's operations on foreign markets in the current economic environment.”

The deal is currently under review by the EU merger control authorities.

DanSteel, based in Frederiksvärk Denmark, manufactures premium hot rolled plate. For over 80 years, DanSteel has played an indispensable role in the Danish industry. NLMK Dansteel specializes in the production of thick plates. The production site of NLMK Clabecq in Belgium produces medium and thick sheets with a thickness of 3 to 120 mm. The NLMK Verona steel plant in Italy produces extra-thick and heavy ingots, plates & slabs and structural steels.

NBH is a joint venture between SOGEPA 49% and NLMK Group 49%. The joint venture includes a number of steel mills, service and distribution centers. The NLMK Europe Flat Products division includes NLMK La Louvière in Belgium, NLMK Strasbourg in France, NLMK Manage service center in Belgium. The NLMK Europe Thick Sheet consolidated division includes NLMK Clabecq in Belgium, NLMK DanSteel inDenmark and NLMK Verona in Italy.

NLMK Group is a vertically integrated steel company, Russia's largest and one of the world's most efficient producers of steel products. NLMK's production assets are located in Russia, Europe and the USA. The company's steel production capacity exceeds 18 million tonnes per year.

The Belgian investment fund SOGEPA was founded by the Walloon authorities in 1984 to support the economic development of the region. SOGEPA promotes the creation of sustainable businesses by investing in industrial projects and assets. The Fund operates on the principles of effective private investment, playing an active role in the strategic management of companies at the level of the board of directors.

voda 16 september 2022 07:23

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Salzgitter Secures Financing for Green Transformation

Strategic Research Institute
Published on :
16 Sep, 2022, 6:44 am

Lower Saxony Minister President Mr Stephan Weil and Secretary of State at the Federal Ministry for Economics & Climate Protection BMWK Mr Stefan Wenzel during a visit to German steelmaker Salzgitter signed an administrative agreement between the state of Lower Saxony and the German Federal Republic to share the cost of funding the project. Only the notification from the EU Commission is now still awaited before the first stage of the SALCOS transformation program can be implemented in full.

At the same time, eleven additional agreements between the federal and state governments were also signed covering the joint financing of hydrogen projects in Lower Saxony.

The goal of SALCOS is, in three stages between now and 2033, to switch steelmaking in Salzgitter entirely over to low-CO2 crude steel production. The first stage involving an annual capacity of 1.9 million tonnes of crude steel is scheduled to become operational by the end of 2025. As part of the transformation, two direct reduction plants and three electric arc furnaces will be built to incrementally replace the blast furnaces and converters. In this way, the previous process based on coking coal will be replaced by a new hydrogen-based route to steelmaking. Savings are expected in the order of 95 % of the current annual CO2 emissions of around 8 million tonnes. That means that around 1 % of Germany’s emissions of CO2 can be avoided.

voda 16 september 2022 07:23

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US Steel Provides Guidance for Jul-Sep’22 Quarter

Strategic Research Institute
Published on :
16 Sep, 2022, 6:45 am

United States Steel announced that adjusted EBITDA in July-September 2022is expected to be approximately USD 825 million and adjusted net earnings per diluted share is expected to be in the range of USD 1.90-1.95. US Steel President & Chief Executive Officer Mr David B Burritt said “The third quarter marks another important step towards our Best for All future. We expect to deliver a solid third quarter, even as the business continues to respond to the market headwinds that have accelerated over the quarter. We have quickly adjusted our integrated steelmaking operating footprint to better match our order book and expect our Tubular segment to deliver another quarter of earnings growth.”

The Flat-rolled segment’s adjusted EBITDA is expected to be lower than the second quarter. Accelerating market headwinds in the third quarter negatively impacted demand across most end-markets, which is expected to result in lower shipment volumes. Supply chain issues in automotive and appliance end-markets continue, while containers and packaging has softened, and service center buyers remain on the sidelines. Fixed price contracts in our Flat-rolled segment are expected to limit the negative impact to the segment’s average selling price from the flow-through of lower steel selling prices in spot business and monthly contracts.

The Mini Mill segment’s adjusted EBITDA is expected to be significantly lower than the second quarter’s strong performance. Weaker demand and significantly reduced average selling prices from the segment’s exposure to spot selling prices are expected to negatively impact the segment’s EBITDA performance. In addition, high-cost raw materials procured at the onset of the war in Ukraine began to impact margins in the third quarter and are expected to impact results through year-end.

The European segment’s adjusted EBITDA is also expected to be significantly lower than the second quarter. Demand challenges have accelerated through the third quarter due to seasonal buying patterns and the increasing effects of the war in Ukraine which has fueled macroeconomic uncertainty and rising energy costs. Lower steel prices are increasingly being reflected in the segment’s majority spot mix exposure. Additionally, headwinds from high-cost raw materials procured at the onset of the war in Ukraine, an extended supply chain and surging energy costs are causing significant margin pressure. These challenges informed our decision to pull forward a planned blast furnace outage from October into September to better balance supply with softer demand.

The Tubular segment’s adjusted EBITDA is expected to improve on last quarter’s strong performance. Continued healthy demand and the trade case on oil country tubular goods imports is resulting in higher selling prices and higher expected EBITDA compared to the second quarter. The segment continues to be advantaged by its electric arc furnace supplying internally sourced rounds substrate and the margin expansion from the segment’s proprietary connections.

voda 16 september 2022 07:24

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ArcelorMittal Acindar & PCR to Hike Renewable Energy Investments

Strategic Research Institute
Published on :
16 Sep, 2022, 6:45 am

Argentina’s leading long steel maker ArcelorMittal Acindar & leading 100% renewable generation company Petroquimica Comodoro Rivadav have announced a USD 70 million increase in their renewable energy infrastructure investment agreement at the San José the Eolic Park San Luis Norte. ArcelorMittal Acindar CO Mr Everton Negresiolo said “The decarbonization of steel production is an objective of ArcelorMittal at a global level. In Argentina we aspire to achieve a significant reduction in carbon dioxide emissions by 2030 and this investment project in renewable energies that we are now expanding is a clear example of that commitment to sustainability. Additionally, we are very pleased to take a new step together with PCR in this new development between both companies.”

The expansion of the project plans to add a capacity of 36 MW of wind power on top of the 76.5 MW that are already underway , for which 8 turbines with Vestas technology will be added to the 17 already programmed. Additionally, it is planned to install solar generation with a capacity of 18 MW on the same property. In this way, the total investment will reach USD 210 million until 2023.

This development will provide a total capacity of 112.5 MW and will enable ArcelorMittal Acindar to reach, by the second half of 2023, a supply of more than 30% of its electricity demand through renewable sources.

ArcelorMittal Acindar plant in La Tablada, province of Buenos Aires, was the first in the steel sector in Argentina to be supplied 100% with renewable energy.

voda 16 september 2022 07:25

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Poland Unveils Plan to Cap Energy Prices

Strategic Research Institute
Published on :
16 Sep, 2022, 6:46 am

Amid European Commissions announcing energy measures to curb energy prices in Europe, Poland has announced plans to cap rises in energy prices. Polish Prime Minster Mr Mateusz Morawiecki said “We present the 'Solidarity Shield' to protect Poles from the sharp, 3-4-fold, increases in energy prices. I know there is high inflation, and we want to choke it. All households without exception will have a guaranteed electricity price for up to 2,000 kWh per year. This is a saving of EUR 32 per month. In the case of households with people with disabilities, it will be 2,600 kWh. Similarly, in the case of 3+ families there is also a limit up to 2,600 kWh.”

Mr Morawiecki also announced mandatory electricity savings in the state administration by 10% from 1 October. He also unveiled a new support scheme worth EUR 1.1–1.3 billion) covering the most energy-intensive companies. The aid system will cover steel mills, as well as producers of glass, ceramics, and nitrogen.

The program would start later this year, although it still needs authorization from the European Commission.

voda 16 september 2022 07:25

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US Steel Idles Blast Furnace 8 at Gary Works in Indiana

Strategic Research Institute
Published on :
16 Sep, 2022, 6:46 am

US’s leading steel maker US Steel has announced that it has idled its 1.5 million short tons per year capacity No 8 blast furnace at its Gary Works steel mill in Indiana on 7 September for an indefinite period due to market conditions and continued high levels of imports.

US Steel had earlier preponed a planned 30-day outage on blast furnace No 3 at Mon Valley Works from October to September. Work on the blast furnace began on 3 September 3. Blast furnace No 3 has approximately 1.4 million net tons per year capacity.

US has also idled tin line 5 at Gary Works due to market conditions and elevated levels of tin product imports. Tin line 5 has approximately 140,000 net tons of annual capability.

US Steel also pulled forward a planned 60-day outage on blast furnace 2 at US Steel Kosice K from October to September. Work on the blast furnace began on 4 September. Blast furnace 2 has approximately 1.7 million net tons of annual capacity

voda 16 september 2022 07:26

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Auditor King & King and GFG Alliance Part Ways

Strategic Research Institute
Published on :
16 Sep, 2022, 6:46 am

The Guardian reported that London-based King & King has resigned as auditor of the companies in Gupta’s GFG Alliance, amid an investigation of its work by UK regulators. The companies that reported auditor resignations include

Liberty Speciality Steels

Speciality Steel UK

Liberty Steel Dalzell

Liberty Pressing Solutions (Coventry)

Liberty Steel Distribution

A GFG Alliance spokesperson said “We have parted company with King & King due to overall issues resulting from the collapse of Greensill Capital. We are in the process of appointing new auditors. There is no impact on the operations of any of our businesses.”

King & King is under investigation by the accounting regulator, the Financial Reporting Council, for its audits of four GFG companies.

Mr Sanjeev Gupta’s businesses have faced intense scrutiny for well over a year after his main financial backer, Greensill Capital, collapsed in March 2021. The UK’s Serious Fraud Office announced in May 2021 that it was investigating Gupta Family Group Alliance and Greensill for suspected fraud, fraudulent trading and money laundering. The SFO attended GFG offices in April 2022 to request documents, but GFG has denied any wrongdoing and has said it will work with investigators.

voda 16 september 2022 07:26

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SARRALLE Bags Order for Inspection Line in USA

Strategic Research Institute
Published on :
16 Sep, 2022, 6:48 am

Spain headquartered technology supplier SARRALLE Processing Lines has received a New Order from US Steel Producer to supply a turn-key Inspection Line. This Inspection Line will start to go into operation in Q1 of 2024 and the scope of supply includes a high-performance inspection line for galvanized steel, with line with speeds of up to 250 meters per minute. Besides complete SARRALLE in-house manufacturing and assembly of the mechanical, electrics and automation equipment, SARRALLE will also execute the installation, comissioning and start up of the line with its own team.

The New Inspection Line will achieve shortest handling times with a high degree of automation. The line is designed for uninterrupted inspection and will keep the impact on the strip surface to a minimum.

SARRALLE's Coil Processing Lines Business Line offers a wide range of products and services adapted to the needs of our customers all over the world including Cut to Length Lines, Slitting Lines, Combined CTL and SLL Lines, Coil to Coil Lines, Roll Forming Punching Lines, Bundle Packaging Lines & Slit Coil Packaging Lines etc.

voda 16 september 2022 08:49

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EU steelmakers’ output cuts need to continue: distributors
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Steel distributors and service centres in Europe hope domestic steelmakers will continue to limit output until the market returns to a level of balance between supply and demand, Kallanish heard from executives gathered at Eurometal’s Thursday meeting in Milan.

Cesare Viganò, head of ArcelorMittal CLN Distribuzione Italia, said European steelmakers started cutting output later than was expected. “We knew the challenges existing from May and action to reduce supply should have been taken a little earlier,” he noted.

Other executives at the event agreed with Viganò’s position. The general consensus was that these production cuts should continue until at least the end of this year, when apparent steel demand could look slightly better.

Apparent steel demand is currently suffering in Europe, mainly due to overstocking in the distribution sector. According to Eurometal, at the end of June, the index of stock volumes for flat steel service centres in Europe reached 107, versus 71 in June 2021. Market observers believe that until destocking in the distribution sector is completed, the European steel market will not see sentiment increasing firmly; this goes also for prices.

Andrea Gabrielli, head of Gabrielli Group, confirmed that July was very slow for the flats distribution sector – slower in fact than July 2020. "Historically, July is a month of good activity for our sector, but now apparent demand is blocked," he noted.

As widely reported by Kallanish in recent months, European steelmakers announced a series of production curbs, including temporary stoppages of blast furnaces and electric arc furnaces. These stoppages are linked to record-high energy costs, but they are also justified by the need to limit supply in an overstocked market.

“During the next months, the challenge for prices of coil products, for example, will also come from imports. It is likely that when the market will be capable to see higher domestic prices accepted, we will have the arrival of lower-priced import offers,” a source at the event added.

According to Kallanish, domestic HRC in Italy is currently traded with a premium of some €70-80/t on imports offers.

Emanuele Norsa Italy

voda 19 september 2022 06:27

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US Finds Circumvention on Stainless Steel from Vietnam

Strategic Research Institute
Published on :
19 Sep, 2022, 6:14 am

The US Department of Commerce has preliminarily determined that certain Stainless Steel Sheet & Strip of Chinese-origin that has undergone further processing in Vietnam is merchandise covered by the scope of the antidumping duty and countervailing duty orders on Stainless Steel Sheet & Strip from China. Additionally, US DOC preliminarily determines that Stainless Steel Sheet & Strip that is completed in Vietnam using certain non-subject stainless steel flat-rolled inputs sourced from China is circumventing the AD/CVD orders on Stainless Steel Sheet & Strip from China. As a result, Stainless Steel Sheet & Strip of Chinese-origin that has undergone further processing or completion in Vietnam will be subject to suspension of liquidation effective 15 May 2020 and has invited interested parties to comment on these preliminary determinations.

Where a Vietnamese company subject to these inquiries reports that the finished Stainless Steel Sheet & Strip products that it has exported to the United States were produced by a specific Chinese supplier that has its own company-specific rate under the Orders, the cash deposit rate will be the Chinese supplier’s company-specific rate. Otherwise, Commerce will instruct CBP to require AD cash deposits equal to the current China wide rate of 58.04% and cash deposits equal to the current all-others rate of 75.60%. The suspension of liquidation instructions wall remain in effect until further notice.

In reaching these preliminary determinations, US DOC relied on information placed on the record by a petitioner in the original investigation, Outokumpu Stainless USA and information placed on the record by POSCO VST, POSCO Vietnam Processing Center Company Limited and Silverwood (Hong Kong) Ltd.

On 15 May 2020, US DOC published in the Federal Register initiation of country-wide circumvention and scope inquiries of the AD and CVD orders on Stainless Steel Sheet & Strip from China to determine if imports of Stainless Steel Sheet & Strip completed in Vietnam using certain non-subject stainless steel flat-rolled inputs manufactured in China are circumventing the Orders, and to determine whether Stainless Steel Sheet & Strip that is produced in China and undergoes further processing in Vietnam before being exported to the United States is subject to the Orders, respectively.

This scope inquiry covers Stainless Steel Sheet & Strip of Chinese-origin that has undergone further processing in Vietnam (including but not limited to cold-rolling, annealing, tempering, polishing, aluminizing, coating, painting, varnishing, trimming, cutting, punching, and/or slitting, or any other processing that would not otherwise remove the merchandise from the scope of the Orders) that is subsequently exported to the United States.

Vertraagd	7 jun 2024 16:01
Koers	23,400
Verschil	-0,150 (-0,64%)
Hoog	23,640
Laag	23,140
Volume	1.303.419
Volume gemiddeld	2.684.982
Volume gisteren	2.337.107

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