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voda 14 februari 2023 06:49

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SAIL RSP Starts Using Drone for Premises Security

Strategic Research Institute
Published on :
14 Feb, 2023, 5:35 am

Steel Authority of India Limited’s Rourkela Steel Plant has handed over a drone to the CISF to strengthen the security and surveillance. The drone is equipped with high resolution day & night camera having high end communication and safety features compliant with Unmanned Aerial vehicle.

DGCA compliant and DGCA certified drone will enhance the aerial surveillance of Rourkela Steel Plant’s vast premises.

voda 14 februari 2023 06:50

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Imperial Manufacturing Group Acquires Norbel Metal Service

Strategic Research Institute
Published on :
14 Feb, 2023, 5:36 am

Imperial Manufacturing Group of Richibucto New Brunswick Canada, owner of Pointe-Claire Steel, has purchased Norbel Metal Service, which will now become part of Pointe-Claire Steel. Family owned Norbel Metal Service has been in business since 1967 with over 140,000 square feet of warehouse space at Etobicoke, has 3 slitters, 4 cut-to length lines and 12 shears. The Norbel Metal management team, led by Mr Michael and Mr Matthew Guglielmin, will continue to manage and represent the operations of Norbel Metal. All customers will continue to be served from Norbel Metal’s Etobicoke Ontario location.

Pointe-Claire Steel is a leading processor and distributor of flat steel products with facilities strategically located in Bolton in Ontario and Pointe-Claire in Quebec. The company processes mainly Low and High Carbon, Hot and Cold Rolled, Galvanized, Galvannealed, and Aluminized Steels in various thicknesses and grades in accordance with ISO 9001 quality assurance standards. The addition of Norbel Metal expands its slitting and blanking capabilities and adds an additional 125,000 square feet of manufacturing and warehouse space.

Founded in 1979, Imperial Manufacturing Group is a privately held organization which primarily deals in the air distribution and building products industry for the residential and light commercial markets.

voda 14 februari 2023 06:50

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US Steel Production Capacity Utilization Climbs Further in Week 6

Strategic Research Institute
Published on :
14 Feb, 2023, 5:36 am

American Iron & Steel Institute reported that in week ending on 11 February 2023, US’s domestic raw steel production was 1.664 million net tons while the capability utilization rate was 74.4%. Production was 1.755 million net tons in the week ending 11 February 2022 while the capability utilization then was 80.8%. The current week production represents a 5.2% decrease from the same period in the previous year. Production for the week ending 11 February 2023 is up 0.5% from the previous week ending 4 February 2023 when production was 1.656 million net tons and the rate of capability utilization was 74.1%

Southern: 718,000 net ton

Great Lakes: 524 net ton

Midwest: 203 net ton

North East: 156 net ton

Western: 63 net ton

Adjusted year-to-date production through 11 February 2023 was 9.772 million net tons, at a capability utilization rate of 72.8%. That is down 6.4% from the 10.443 million net tons during the same period last year, when the capability utilization rate was 80.3%.

voda 14 februari 2023 06:51

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Indonesia Opens Sunset Review of AD Duty on HR from 7 Countries

Strategic Research Institute
Published on :
14 Feb, 2023, 5:37 am

The Indonesian Anti-Dumping Committee KADI has opened sunset review investigation on anti dumping duty on hot-rolled steel coils originating in China, India, Russia, Belarus, Kazakhstan, Taiwan and Thailand, following a request submitted by the Indonesian domestic enterprise Krakatau Steel.

KADI made an affirmative final ruling for the first time in 2008, and included Russia and Belarus in the scope of anti-dumping duties after the first sunset review in 2013. In 2019, the AD duties were extended again with rates up to 20%.

The products involved are classified under HS codes 7208.10.00, 7208.25.00, 7208.26.00, 7208.27.11, 7208.27.19, 7208.27.91, 7208.27.99, 7208.36.00, 7208.37.00, 7208.38.00, 7208.39.10, 7208.39.20, 7208.39.30, 7208.39.40, 7208.39.90, 7208.90.10, 7208.90.20, and 7208.90.90.

voda 14 februari 2023 06:52

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Cleveland-Cliffs Reports 53% Decline in Net Income in 2023

Strategic Research Institute
Published on :
14 Feb, 2023, 5:37 am

US’s leading steelmaker Cleveland-Cliffs has reported all time high consolidated revenues of USD 23.0 billion in 2022 up 13% YoY and net income of USD 1.4 billion down 53% YoY with total adjusted EBITDA of USD 3.2 billion impacted by 41% decline in steelmaking adjusted EBITDA of 3.1 billion. Cliffs' Chairman, President & CEO Mr Lourenco Goncalves said “In what was just our second year with our current configuration, 2022 is the year in which we consolidated Cleveland-Cliffs’ position as the leader in flat-rolled steel in the United States. Through the synergies we envisioned back in 2020 when we executed the acquisitions of two steel companies. Also, even in the face of falling steel prices in the broad market, we achieved substantially higher selling prices.”

Steel Products Sales -14.751 million net tone, down 7% YoY

Average net selling price – USD 1,360 per net ton, up 15% YoY

Full-year 2022 steel product volume of 14.8 million net tons consisted of 32% coated, 29% hot-rolled, 16% cold-rolled, 6% plate, 5% stainless and electrical, and 12% other, including slabs and rail.

Outlook “On 22 December 2022, Cliffs announced that it had successfully renewed a large portion of its fixed price contracts, and expected a USD 100 per ton selling price increase for its direct automotive business in 2023 compared to 2022. After additional successfully completed negotiations, the Company now expects USD 115 per ton increase on these contracts. This end market represents normalized demand of approximately 5 million net tons per year. The Company expects an approximately USD 2 billion reduction in Steelmaking COGS in 2023 compared to 2022. The primary drivers of this significant reduction in costs are normalized repair and maintenance expenses, higher production volume and lower input costs. Additionally, the company expects steel shipment volumes of approximately 16 million net tons in 2023, compared to 14.8 million net tons in 2022.”

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.

voda 14 februari 2023 06:52

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EUROFER Expects Bleak Steel Tube Industry in 2023

Strategic Research Institute
Published on :
14 Feb, 2023, 5:38 am

European Steel Association EUROFER in latest Economic & Steel Market Outlook 2023-24 has outlined that Steel Tube Industry activity, after a 10.9% rebound in 2021, output in the tube sector is expected to grow only moderately in 2022 by 1.9% and to drop in 2023 by 1.9% and moderate growth of 1.5% is foreseen again in 2024.

EUROFER said “It would face the disruptions linked to Russia's war in Ukraine have further delayed ongoing projects and impacted the availability of materials and in the longer term, demand for large welded tubes from the oil and gas sector should not improve substantially. The recent recovery of global oil demand is not expected to boost the launch or the implementation of new pipelines in the short-term, due to high geopolitical uncertainty. Oil demand is likely to ease over 2023 and 2024 in the EU also as a consequence of low economic growth. On the other hand, demand from the construction sector is set to continue contributing to a moderate growth in output, whereas tube demand from the automotive and engineering sectors is forecast to remain relatively weak.”

EUROFER highlighted “Due to war-related disruptions and supply chain issues, the third quarter of 2022recorded the abrupt end of the positive trend of the tube sector. After six consecutive quarters of growth, output dropped by 0.57% after an increase of 3.8% in the preceding quarter.

voda 14 februari 2023 06:53

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MSTC Invests in Mahindra MSTC Private Limited

Strategic Research Institute
Published on :
14 Feb, 2023, 5:38 am

State owned MSTC Limited announced that its board of directors has approved proposal to participate in the right issue by way of equity share capital contribution of INR 1.40 crores in its 50:50 Joint Venture Company Mahindra MSTC Private Limited for expansion of recycling and vehicle scrapping business. MSTC said “The percentage of shareholding & control in Mahindra MSTC Private Limited after acquisition of such equity shares will remain 50% since Mahindra MSTC Private Limited is a 50:50 Joint Venture with Mahindra Inter Trade Limited. The equity shares of the Joint Venture Company would tentatively be subscribed within 23 March 2023.”

With an aim to recycle end-of-life vehicles in an environment-friendly way, Mahindra Accelo and MSTC formed a joint venture Mahindra MSTC Recycling Pvt Ltd. It operates under brand name Cero, which stands for zero in Spanish, and is an allusion to zero carbon. Cero was set up with the objective of Zero tolerance towards pollution, unsafe and unethical practices and untreated discharge while recycling vehicles. It is India’s first Government authorized scrapper of motor vehicles, as licensed by the Transport Department, Government of National Capital Territory of Delhi.

It has set up three world-class recycling facility in Greater Noida, Chennai and Pune. All the facilities are well equipped to handle two-wheelers, three-wheelers, four-wheelers as well as trucks and buses. Along with these centres, it has also established presence in major cities such as Bengaluru, Mumbai, Ahmedabad, Jaipur, Chandigarh, Hyderabad and Indore through our collection centres, taking the total presence to ten cities.

voda 14 februari 2023 06:53

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Chechen Warlord’s Supporter Gets 50% Stake in Ilyich Steel Plant

Strategic Research Institute
Published on :
14 Feb, 2023, 5:39 am

NV.UA, citing Russian service of the BBC, has reported that supporters of Chechen warlord Mr Ramzan Kadyrov's entourage who fought in Ukraine have begun to receive assets in the occupied Ukrainian cities. A BBC investigation found that in late January Chechen businessman Mr Valid Korchagin became a co owner of the Ilyich Iron & Steel Works, which is registered in the self-proclaimed DPR, the sham republic the Kremlin set up in Ukraine’s Donetsk Oblast in 2014. Mr Yuriy Muray, a resident of occupied Makiyivka, is listed as the head of the company

According to the BBC, Mr Korchagin is connected to the family of Senator Mr Suleiman Geremeyev, an ally of Mr Kadyrov.

The BBC believes that the company may start restoring the steel plant in war-torn Mariupol, which is legally owned by Ukrainian oligarch Mr Rinat Akhmetov's Metinvest group.

Founded in 1897, Ilyich Iron & Steel Works was the second largest metallurgical enterprise in Ukraine, after Kryvorizhstal and is located in Mariupol. It produces hot-rolled and cold-rolled steel, including for shipbuilding, oil pipeline, boring gas pipeline and water pipes. In March 2022, the plant was severely damaged during the Siege of Mariupol during the Russian invasion of Ukraine. Russian forces stormed the plant on 13 April 2022.

voda 14 februari 2023 06:54

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Government to Initiate Process for Closure of SAIL VISP

Strategic Research Institute
Published on :
14 Feb, 2023, 5:40 am

India’s Minister of State for Finance Mr Bhagwat Karad informed parliament that “The government had originally planned for privatizing Visveswaraya Iron & Steel Plant at Bhadravati in Karnataka and had invited Expression of Interest for selling SAIL’s 100% stake in the unit in July 2019. However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit.”

The Cabinet had in October 2016 cleared strategic disinvestment of SAIL’s 100% stake in Visveswaraya Iron & Steel Plant.

Congress leader Mr Jairam Ramesh said “Today in RS, govt admitted that the VISP of SAIL at Bhadravati in Karnataka is being closed. One reason given is the plant doesn’t have a captive iron ore source in Karnataka. It’s amazing that private steel companies have mines in the state but not SAIL. This is despite Bhadravati being less than 250 kms away from Ballari. In fact, a mining lease was allocated in October 2011 but the Modi Sarkar did nothing.”

voda 14 februari 2023 06:54

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JSW Steel Reports Highest Ever Crude Steel Production in Jan’23

Strategic Research Institute
Published on :
14 Feb, 2023, 5:40 am

India’s leading steelmaker JSW Steel has reported highest ever standalone crude s steel production for the month of January 2023 at 1.891 million tonnes, a growth of 15% YoY on standalone basis.

Flat Products – 1.424 million tonne, up 14% YoY

Long Products – 0.425 million tonne, up 14% YoY

JSW Steel said “In view of significant improvement in capacity ramp up in the newly commissioned expansion project at Dolvi works. The overall capacity utilization in aggregate was higher at 99% in January 2023 from 96% in December 2022.”

voda 14 februari 2023 06:55

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TRA Expands Review of Steel Tariff Quotas for Developing Countries

Strategic Research Institute
Published on :
14 Feb, 2023, 5:41 am

UK’s Trade Remedies Authority is expanding the scope of its Tariff Rate Quota review on steel products which are imported into the UK from over 120 developing countries. TRA said “Following a request by British industry, the TRA will look at developing country exceptions on rebar, one of the categories of steel covered by the UK’s steel safeguard measure. To make the review more efficient, the TRA consulted industry on widening the scope. The TRA’s review will now consider the developing country exceptions that apply to all steel categories covered by the measure. This will bring forward the TRA’s planned annual review of developing country exceptions to ensure businesses can more quickly benefit from any changes which are needed to the tariffs. The existing quotas were set in July 2022.”

The TRA will assess whether the exceptions for imports from developing countries need to be amended based on updated import data. The TRA’s assessment will now consider imports of all steel categories covered by the steel safeguard measure and from all developing countries, including countries which are currently accepted from the measure and those which are not.

voda 14 februari 2023 06:55

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SAIL Reports 68% YoY Decline Profit in Oct-Dec’22 Quarter

Strategic Research Institute
Published on :
14 Feb, 2023, 5:41 am

India’s leading state owned steelmaker Steel Authority of India Limited has achieved the best ever quarterly crude steel production during October-December quarter of 2022 as the company has been steadily increasing the crude steel production in the recent months.

Crude Steel Production - 4.71 million tonne, up 4% YoY

Sales Volume - 4.15 million tonne, up 8% YoY

On the financial front SAIL has reported YoY decline. SAIL said “The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers.”

Revenue – INR 25042 crore, down 1% YoY

EBITDA – INR 2198 crore, down 40% YoY

Profit after Tax – INR 464 crore, down 68% YoY

voda 14 februari 2023 06:59

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Australia Rejects Central Queensland Coking Coal Project

Strategic Research Institute
Published on :
14 Feb, 2023, 4:36 am

Australia’s Federal Environment Minister Ms Tanya Plibersek, based on the risk of damage to the Great Barrier Reef, freshwater creeks and groundwater, has rejected Australian mining barone Mr Clive Palmer’s proposed 20 year open pit Central Queensland Coal Project, would have extracted up to 10 million tonnes of coking coal

Ms Plibersek said “Risks to the Great Barrier Reef, freshwater creeks and groundwater are too great. Freshwater creeks run into the Great Barrier Reef and onto seagrass meadows that feed dugongs and provide breeding grounds for fish. The mine poses unacceptable risks to the Great Barrier Reef.”

Australia’s federal environment law is known as the Environment Protection and Biodiversity Conservation Act. It came into force in 2000 to provide federal oversight of large projects. Under the law, proponents must refer a proposal to federal environment authorities if it’s likely to significantly impact so-called matters of national environmental significance. These matters include the Great Barrier Reef.

In November last year, Queensland’s Land Court recommended Mr Palmer’s proposed Waratah coal project in Queensland also be rejected due to its likely contribution to climate change and subsequent erosion of human rights.

voda 14 februari 2023 07:43

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Thyssenkrupp ziet winst teruglopen

Lagere prijzen en minder orders drukken op resultaten.

(ABM FN-Dow Jones) Thyssenkrupp heeft in het eerste kwartaal van het huidige gebroken boekjaar de winst zien teruglopen, waarbij lagere prijzen en een terugval in de orders op de resultaten drukten. Dit maakte het Duitse industriële conglomeraat dinsdagochtend bekend.

In het afgelopen kwartaal, dat eindigde op 31 december, boekte Thyssenkrupp een aangepaste EBIT van 254 miljoen euro tegen 378 miljoen euro een jaar eerder, op een omzet van 9,02 miljard euro.

Analisten die bijdroegen aan de consensus, mikten op een aangepaste EBIT van 175 miljoen euro op een omzet van 9,06 miljard euro.

Onder de streep restte een nettowinst van 75 miljoen euro, een flinke daling ten opzichte van de 106 miljoen euro een jaar eerder.

Thyssenkrupp wees op een normalisering van de prijzen, vooral bij de divisie Materials Services, terwijl ook de orderinstroom, omzet en aangepaste EBIT bij Multi Tracks terugliepen.

Outlook

Het Duitse conglomeraat bevestigde zijn doelstellingen voor het huidige boekjaar. Het aangepaste EBIT-resultaat zal naar verwachting uitkomen binnen een bandbreedte van 500 tot 1 miljard euro. Dit was afgelopen jaar nog 2,1 miljard euro.

Het nettoresultaat zal in het lopende boekjaar minstens breakeven zijn. Dit geldt ook voor de vrije kasstroom.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

voda 15 februari 2023 06:43

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POMINI Long Rolling Mills to Modernize Ovako Rolling Mill in Swden

Strategic Research Institute
Published on :
15 Feb, 2023, 5:29 am

POMINI Long Rolling Mills has been contracted by the Swedish producer Ovako for the modernization project of its rolling mill for special steels located in Hällefors in Örebro County. With an annual capacity of 400,000 tonnes of straight and coiled bars, the rolling mill processes high-value special steel bars whose final applications are mainly the automotive, mining and energy sectors, as well as other manufacturing industries. The investment aims to improve the flexibility and sustainability of mill operation. The commissioning of the equipment is scheduled for the second half of 2023.

Including both mechanical and electrical equipment, the main project scope consists in partially replacing the existing roughing train with four housing-less RedRing series 5 stands arranged in horizontal & vertical configuration, complete with gear reducing units. The new RedRing roughing stands allow for the billet temperature before rolling to be lowered, which will contribute to reduced carbon emissions and energy savings. New shearing equipment is also supplied.

Included in the project is PriSense, the POMINI Long Rolling Mills proprietary system for effective predictive maintenance, which comprises components and software. The scope is completed by operational change parts, spare parts, and fluid systems, main motors with drives, automation integration and additional engineering services. POMINI Long Rolling Mills will also provide advisory services for erection and commissioning.

voda 15 februari 2023 06:45

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Primetals LD Converter Boosts Productivity of Arcelormittal Zenica

Strategic Research Institute
Published on :
15 Feb, 2023, 5:29 am

Bosnian steel producer ArcelorMittal Zenica started up a new 125 tonne LD converter, supplied by Primetals Technologies, at its plant in Zenica in Bosnia Herzegovina in Autumn of 2022. As part of the project, engineers at Primetals Technologies have optimized the vessel shape, resulting in an increase in converter reaction volume by almost 30%. The new technology has also reduced the tap-to-tap time, which has led to a higher capacity for the production line. At the same time, ArcelorMittal Zenica is now able to produce a wider array of steel grades.

A converter vessel, a trunnion ring, and Vaicon Link 2.0, the maintenance-free suspension system, were the key equipment included in Primetals Technologies’ scope of supply. Primetals Technologies was responsible for engineering, project management, and quality assurance, and provided advisory services for construction work and implementation together with its consortium partner.

The new converter technology implemented at ArcelorMittal’s plant in Zenica has resulted in further benefits for the steel producer. Slopping, i.e. slag flowing over the converter, was a common issue with the old equipment. Thanks to the optimized shape of the new vessel, this problem sno longer exists. Therefore, a higher percentage of the yield is generated, which also contributes to greater productivity.

The ArcelorMittal Zenica plant, founded in 1892 and operated by ArcelorMittal since 2004, is located in the center of Bosnia and Herzegovina. 2,300 employees make it the largest producer of long steel products in the Balkans, with an annual production capacity of almost one million tons. The product range includes rebar, wire rod, mesh, and lattice girders.

Bijlage:

voda 15 februari 2023 06:46

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thyssenkrupp Posts Strong Quarterly Results for Steel Business

Strategic Research Institute
Published on :
15 Feb, 2023, 5:30 am

In the 1st quarter of the 2022/2023 fiscal year, German steelmaker thyssenkrupp continued its transformation into a group of largely independent, high-performance technology companies and held its ground overall in a market environment that remained uncertain and challenging. Whereas sales matched the prior-year level at EUR 9 billion due to the positive development of the other segments, order intake of EUR 9.2 billion by the group of companies was down from EUR 10.4 billion in the prior-year period. At EUR 254 million, adjusted EBIT was also below the prior-year level of EUR 378 million largely due to price trends and the resulting decrease in margins at Materials Services. thyssenkrupp CFO Mr Klaus Keysberg said “Despite the continuing uncertain environment, the first-quarter results are robust. Thanks to our restructuring and performance measures, our businesses are now far more able to deal with challenges and adapt to diverse opportunities.”

thyssenkrupp said “Compared with the prior-year period, development of the key financials was characterized by two effects: The anticipated normalization of prices, especially at Materials Services, and the portfolio changes at Multi Tracks resulted in corresponding decreases in order intake, sales and adjusted EBIT.”

In the 1st quarter, the Steel Europe business continued to benefit from high revenues. Due to long-term contracts, the segment was impacted only slightly by declining spot market prices. Order intake rose by 22% to EUR 3 billion. Despite declining shipments, sales increased by 10% to EUR 2.9 billion. Despite strong increases in raw material and energy costs, adjusted EBIT rose by 42% to EUR 177 million, due especially to the noticeable upturn in average revenues. Supporting effects from ongoing restructuring and performance measures in connection with implementing the Steel Strategy 20-30 also contributed to the positive earnings trend.

Based on the figures for the 1st quarter, thyssenkrupp has confirmed its forecast for fiscal year 2022/2023.

Overall, thyssenkrupp posted net income of EUR 98 million in the 1st quarter of 2022/2023 as comparrd to EUR 122 million in prior year quarter. After deducting minority interest, net income in the 1st quarter was EUR 75 million as comparrd to EUR 106 million in prior year quarter.

thyssenkrupp has confirmed forecast for fiscal year 2022/2023 “Subject to the ongoing limited reliability of planning due to macroeconomic and geopolitical uncertainties, the company confirms its forecast for the 2022/2023 fiscal year. thyssenkrupp is assuming that adjusted EBIT will decrease to a value in the mid to high three-digit million euro range prior year. thyssenkrupp expects net income to at least break even.

voda 15 februari 2023 06:47

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Iskenderun Region Steel Mills Busy in Rescue Efforts

Strategic Research Institute
Published on :
15 Feb, 2023, 5:30 am

Media reports have revealed that few steel mills in the Iskenderun area of Turkey have declared temporary force majeure for an indefinite period of time, although no mill has declared significant damage to production facilities, but workforce shortages remain the main problem hindering production. On the other hand, almost all mills have opened their facilities as shelter for affected people, and sent some of their equipment, like cranes, to aid rescue efforts.

The damage caused by the devastating earthquakes in Turkey on 6 February, with the epicenter in Kahramanmaras, has caused natural gas and electricity supply cuts in the region.

The immediate impact of the earthquake will be a fall in Turkish steel production in February, as the region accounts for 25-30% of the country’s steel production. Iskenderun region hosts several steel producers including Isdemir, Koc, Bastug, Ekinciler, Toscelik, and Yazici. Flats and longs rolling mill are also in the region, including Tosyali Toyo, Atakas, MMK Metalurji, Corbus and Yolbulan being. The majority of these mills are long steel producers

However, in the longer run, an increase in domestic steel consumption is expected due to the reconstruction of the destroyed cities. More than 1,200 buildings were destroyed by the earthquake in Hatay province alone.

After 9 days, Turkey earthquake toll is inchingcloser to 40,000. Meanwhile the Turkish Enterprise and Business Confederation TÜRKONFED has reported that workforce losses will cost the country's economy USD 2.9 billion. As a result, the estimated economic toll stands at USD 84 billion, including damage to residential buildings and the loss in national income.

voda 15 februari 2023 06:47

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Godawari Power & Ispat Starts Maintenance to Meet Output Limit

Strategic Research Institute
Published on :
15 Feb, 2023, 5:31 am

Raipur based steelmaker Godawari Power & Ispat has informed that since the company’s Sponge Iron Plant has reached capacity utilization level of 98.5% till date and it is required to keep the overall production volumes within the environmental approval limit and therefore the Company required shutting down the Sponge Iron Plantwith effect from 13 February 2023. Consequent upon shut down of Sponge Iron Plant, the waste head recovery power plant, steel billets rolling mill and wire drawing plants are also required to be shut down, as the facilities are dependent for input from sponge iron division. GPIL said “Proposed shut down will lead to loss of production and sales of sponge iron, steel billets, rolled products etc,, and therefore, shall impact the profitability of the Company negatively.However overall profitability in Q4 of 2022-23 is expected to be higher than Q3 of 2022-23 in view of increase in realisation.

In view of the above, Godawari Power & Ispat has strategically decided to take this opportunity to shut down all the power plants including 42 MW Waste Heat Recovery Plant and 20 MW Captive Bio Mass Power & 11MW Thermal Power Plants, Steel Melting Shop, Rolling Mill at Siltara in Raipur in Chhattisgarh and undertake routine annual maintenance and periodical inspections from 11 February 2023.Thc shutdown is expected to be for a period of 4 to 5 weeks and the resumption of operations are expected to be resumed in the last week of March 2023. During this shut down period, the company shall also make all necessary modifications in the Power Plant to replace the existing turbines with the proposed new efficient turbine.

However, the Pellet Plant and Ferro Alloys Division shall continue to be operational during this period.

voda 15 februari 2023 06:48

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EC Starts Expiry Review of AD Duty on HDG Imports from Chinese

Strategic Research Institute
Published on :
15 Feb, 2023, 5:31 am

The European Commission has started expiry review for the existing anti-dumping duties in place against certain corrosion resistant coils originating from China. The expiry review has been requested by European Steel Association EUROFER, explaining that the termination of the measures in place will result in a recurrence of dumping and injury to the European industry. The investigation will cover 1 January 2022 to31 December 2022 periodInterested parties have 37 days from today to comment on the request and initiation of the investigation, or within 15 days to request a hearing. The investigation will be concluded within 12 months and certainly no later than 15 months from the date of the initiation notice.

EUROFER has alleged that the likelihood of recurrence of injury from China and has provided evidence that, should measures be allowed to lapse, the current import level of the product under review from China to the Union is likely to increase due to the existence of unused capacity in China.

EUROFER has submitted “In addition, the surplus of supply due to low steel demand in China due to post COVID-19 developments, the measures imposed from other third countries against imports of certain corrosion resistant steels from the China, as well as the significant and continuous decrease of the freight costs from China to the Union is likely to lead to the redirection of the imports of the product concerned to the Union market, if measures expire.”

Eurofer also provided evidence that Chinese exporters are selling their products in other markets at prices much lower than the one seen in the EU market, confirming therefore that the latter remains an attractive market for Chinese exporters.

The original measures were first imposed in late 2017 with a provisional decision, made definitive in 2018. Currently duties range from 17.2-27.9% depending on the mill. The measures currently do not include automotive grade HDG and have last been reviewed in 2020.

The product under review currently falls under EU Customs Tariff Codes 7210410020, 7210490020, 7210610020, 7210690020, 7212300020, 7212506120, 7212506920, 7225920020, 7225990022, 7225990092, 7226993010 and 7226997094.

Vertraagd	30 apr 2024 10:05
Koers	23,850
Verschil	-0,200 (-0,83%)
Hoog	23,960
Laag	23,750
Volume	203.104
Volume gemiddeld	2.501.715
Volume gisteren	2.081.041

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