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voda 15 maart 2023 08:52

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Hoa Sen Chairman Mr. Vu to Donate His Fortune

During Hoa Sen's Annual General Meeting on March 10th, the company's Chairman, Mr. Le Phuoc Vu, announced his decision to donate his fortune of $68 million in shares of Hoa Sen to a nonprofit organization. According to VN Express, Mr. Vu plans to leave the company in 2026 to become a Buddhist monk. During the meeting, Mr. Vu also noted that he plans to step away from business activities once he becomes a Buddhist monk in 2026, but expressed a desire to remain a spiritual leader to Hoa Sen even after his departure from the company.

Mr. Vu has been open about his aspiration to become a monk since the age of 30, and it remains his unwavering goal. In fact, he has already taken steps to make his dream a reality by building a temple in the central highlands province of Lam Dong. This latest announcement of his decision to donate his fortune to a non-profit organization is yet another example of his commitment to a spiritual path.

As the largest shareholder of Hoa Sen, Mr. Vu holds nearly 102 million shares, which represent 17.02% of the company's capital.

Hoa Sen Group is a leading Vietnamese steelmaker that was founded in 2001. The company produces a wide range of steel products, including hot-rolled steel coils, cold-rolled steel coils, galvanized steel coils, color-coated steel coils, steel pipes, and steel sheets. Hoa Sen's products are used in a variety of industries, including construction, manufacturing, and automotive. The company has a strong focus on innovation and sustainability, and it has received numerous awards for its achievements in these areas. Hoa Sen has a significant presence in both domestic and international markets, with exports to over 75 countries worldwide.

voda 15 maart 2023 08:52

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US ITC Opens AD Duty & CVD Probe on Tinplate from 8 Countries

After conducting a thorough investigation, the United States International Trade Commission has concluded that imports of tin mill products from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom are being sold in the United States at prices lower than fair value and are subsidized by the Chinese government. Based on the evidence presented, the commission has determined that these imports have caused material injury to the tin mill products industry in the United States.

On January 18, 2023, Cleveland-Cliffs and the United Steel, Paper & Forestry, Rubber, Manufacturing, Energy, Allied Industrial & Service Workers International Union filed petitions with the United States International Trade Commission and the US Department of Commerce, alleging that subsidized imports of tin mill products from China and less-than-fair-value imports of tin mill products from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom were causing material injury or the threat of material injury to the tin mill products industry in the United States. As a result, on the same day, the US ITC initiated an investigation into countervailing duties and antidumping duties.

The products being reviewed are classified under subheadings 7210.11.00, 7210.12.00, 7210.50.00, 7212.10.00, 7212.50.00, 7225.99.00, and 7226.99.01 of the Harmonized Tariff Schedule of the United States.

voda 15 maart 2023 08:52

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ArcelorMittal Temirtau Deputy GD Mr. Shahab Included in Investors Council

With over 25 years of experience in commercial and business transformation across various markets in Europe, the CIS, Southeast Asia, the Middle East, and China, Mr. Shahab Hussein has been appointed as a member of the Executive Committee of the Association Kazakhstan Investors Council. As the First Deputy General Director of ArcelorMittal Temirtau, his inclusion aims to provide organizational, coordinating, information and technical support to foreign members of the Council in fulfilling their role as advisers and consultants to the President and the Government of the Republic of Kazakhstan on investment policy. Mr. Shahab's expertise includes market processing, strategy execution, asset restructuring, and the development of customer-oriented strategies.

Mr. Shahab's career began in international sales at INDALCO, where he worked for several years before joining ArcelorMittal in 2002 as a marketing director for Macedonia. He continued to advance in the company, eventually becoming the Managing Director for the sale of long sections to the Czech Republic at ArcelorMittal Ostrava in 2009. Over the years, he held various senior commercial positions, including serving on the regional boards of directors of ArcelorMittal Europe. Before joining the CIS leadership group in 2020, he briefly worked for the Private Equity Group GFG as the director of marketing and a member of the Board of Directors of Ostrava-based Company of Free Steel, as well as a member of the Board of Directors for operations in the Czech Republic and Germany. Throughout his career, Mr. Shahab has accumulated over 25 years of experience in commercial and business transformation, including market processing, strategy execution, asset restructuring, and developing customer-oriented strategies in numerous markets across Europe, the CIS, Southeast Asia, the Middle East, and China.

Mr. Shahab received his bachelor's degree in Mathematics & English Translation from The University of Lakhnau, and his master's degree in International Business from The Delhi University of Economics. He also completed the executive management program at the London Business School and the INSEAD diploma program on the best strategy of industrial marketing.

voda 15 maart 2023 08:53

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US Announces AD Duty on Carbon Steel Flanges from India

The US Department of Commerce has concluded that certain producers and exporters of carbon steel flanges sold their products at less than normal value during the period from August 1, 2020, through July 31, 2021, as part of an administrative review. Following a review of the record and analysis of comments received, Commerce made some changes to the Preliminary Results. In these final results, the following weighted-average dumping margins have been determined: R.N. Gupta & Co - 0.73%, Norma, USK Export, Uma Shanker Khandelwal Bansidhar Chiranjilal - 1.00%, and Non-Selected Companies - 0.84%.

On August 24, 2017, the US Department of Commerce published an antidumping duty order on finished carbon steel flanges from India in the Federal Register. On September 8, 2022, Commerce published the Preliminary Results of the administrative review in the Federal Register and invited interested parties to comment. Between October 11 and 18, 2022, interested parties submitted case and rebuttal briefs.

On December 21, 2022, the deadline for the final results was extended until March 7, 2022. The administrative review covers 41 producers and exporters of the subject merchandise, out of which RN Gupta & Co and Norma Group were selected for individual examination by Commerce. After a review of the record and analysis of the comments received, Commerce made certain changes to the Preliminary Results and determined that producers and exporters subject to the review made sales of carbon steel flanges at less than normal value during the period of review from August 1, 2020, through July 31, 2021. As a result, certain weighted-average dumping margins were established for the final results.

voda 15 maart 2023 08:53

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Schnitzer Named as One of the 2023 World's Most Ethical Companies

Schnitzer Steel Industries, a renowned name in metals recycling worldwide, has once again been acknowledged by Ethisphere as one of the 2023 World's Most Ethical Companies. This marks the ninth consecutive year that Schnitzer has secured its position among the distinguished group of honorees recognized by Ethisphere. The companies selected for this honor have demonstrated their commitment to supporting communities, empowering their workforce, and promoting corporate cultures centered on ethics and purpose.

Schnitzer is among this year's 135 honorees spanning 22 countries and 47 industries."

Schnitzer Steel Industries is a prominent player in the North American market, with a strong presence in the recycling of metal products. Its operations span across 25 states in the US, Western Canada, Puerto Rico, and Hawaii. Schnitzer operates seven deep water export facilities on both the East and West coasts, as well as in Hawaii and Puerto Rico. Additionally, the company owns 50 stores, which offer used auto parts from salvaged vehicles and receive over 4.1 million retail visits annually. The company also has a steel manufacturing division that produces finished steel products such as rebar, wire rod, and other specialty products. The company has a long history, starting operations in Portland, Oregon, in 1906.

voda 15 maart 2023 08:54

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US Fixes 0% AD Duty on HR from Habas of Turkey

The US Department of Commerce has concluded that Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi did not engage in sales of certain hot-rolled steel flat products from Turkey at prices below normal value during the period of review from October 1, 2020, through September 30, 2021. As a result, the Department has assigned a weighted-average dumping margin of 0% for Habas.

The US Department of Commerce published the Preliminary Results on November 4, 2022, and invited interested parties to comment. However, no interested party submitted comments on the Preliminary Results. As a result, the final results remain unchanged from the Preliminary Results.

voda 15 maart 2023 08:54

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Steel Keg Association Launches Keg Champion Awards in US

Introducing a new awards program that recognizes sustainability-minded hospitality businesses, the Steel Keg Association has launched its inaugural "Keg Champion Awards" and is currently accepting nominations. The awards will celebrate US breweries, bars, and restaurants of all sizes that embrace the exceptional benefits of reusable steel kegs in their draft beverage programs.

Eligible to win are any bar, brewery, or restaurant that serves draft beer. From the nominated companies, the Steel Keg Association will select Keg Champion Award winners across 7 categories, including National Restaurant (locations in 30+ states), Regional Restaurant (locations in 2 – 29 states), Local Restaurant (located in a single state), Large Brewery (500,000+ bbls of production per year)), Mid-Sized Brewery (10,000 – 500,000 bbls), Small Brewery (less than 10,000 bbls), and Draft Innovation.

Each winner will be awarded bragging rights and a coveted Keg Champion Award, while the Steel Keg Association will donate $1,000 to the charity of each winner’s choice. Winners will be announced during Earth Week (April 15 – 22).

Stainless steel kegs are an ideal choice for breweries, bars, and restaurants because of their reusability and 30+ year lifespan, making them the perfect circular choice for these establishments. The Steel Keg Association, a marketing-focused non-profit organization, aims to increase the volume of beer and other beverages served from stainless steel kegs. The Keg Champion Awards were created to recognize hospitality leaders and highlight the positive impacts of steel kegs on the beverage industry.

voda 15 maart 2023 09:14

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OECD foresees 1% demand growth, growing overcapacity concerns
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Following last year’s 2.3% slump, growth in global steel demand is expected to be limited to only 1% in 2023, the OECD Steel Committee concluded this week. There is growing concern over the disconnect between the rapid build-up of new steelmaking capacity in some economies and market expectations of steel demand, Kallanish notes.

Rising interest rates and the tightening of monetary policy, sustained high inflation, weak consumer spending and elevated energy prices are likely to keep steel demand subdued going forward, the committee reports following its 93rd session. Capacity investments should be driven by market considerations to not further exacerbate deteriorating market conditions, it adds.

“The committee expressed its deep concern about Russia’s aggression against Ukraine and its impact on global steel markets, contributing to a continued stagnation in world steel trade, disruptions in raw material markets, and increased market uncertainty,” it says. It adds that it stands ready to support Ukraine – a long-standing member of the Committee – in the reconstruction and decarbonisation of its steel industry.

Concerns continue, meanwhile, regarding Chinese steelmaking capacity, accounting for 47% of the world’s total in 2022, “particularly given the current market slowdown from an ailing real estate sector and possible steel demand declines in the coming years”, it adds.

Global crude steelmaking capacity rose to 2.463 billion tonnes in 2022, with significant capacity expansions particularly in Southeast Asia and the Middle East. This contributed to the growing gap between global crude steelmaking capacity and production that reached 632 million tonnes in 2022 from 516.9mt in 2021. The modest longer-term outlook for steel demand growth risks exacerbating these challenges, the committee points out.

As a result, the average capacity utilisation rate has fallen to 74.3%, “a level that is not in line with a healthy and financially viable steel industry that needs to invest in a low-carbon future and remain competitive vis-à-vis alternative materials”, it adds.

Looking ahead, OECD analysis shows a potential of 166.1mt of new steelmaking capacity coming on stream in 2023-25, more than half of which is carbon intensive as it involves investments into traditional blast furnace/basic oxygen furnace plants.

Responding to these challenges, the committee has launched a Global Steel Supply Chain Observatory, aimed at assisting members and industries with real-time monitoring of raw material markets and related policy measures, providing a platform for finding solutions and reducing risks and vulnerabilities.

Adam Smith Poland

voda 16 maart 2023 09:04

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ODDO BHF verhoogt koersdoel Arcelor Mittal

Gepubliceerd door Trivano.com op 16 maart 2023 om 08:13

De analisten van ODDO BHF hebben zich donderdag opnieuw positief uitgelaten over Arcelor Mittal. ODDO BHF herhaalde het advies market outperform voor de aandelen van Arcelor Mittal.

Het koersdoel werd verhoogd van 35,00 naar 36,00 EUR. Dat betekent dat de analisten verwachten dat de aandelen van Arcelor Mittal met 44% kunnen stijgen vanaf de huidige koers van 25,06 EUR. Daarmee is ODDO BHF heel wat positiever dan de gemiddelde analist, die de koers van Arcelor Mittal met 30% ziet stijgen tot 32,54 EUR.

voda 16 maart 2023 09:04

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Chinese Steel Mills Produce Crude Steel in February in Top Gear

In the first two months of 2023, China's pig iron, crude steel, and finished steel outputs reached 144.26 million metric tons, 168.70 million metric tons, and 206.23 million metric tons, respectively. This represents a YoY increase of 7.3%, 5.6%, and 3.6%, respectively. Average daily crude steel output was 2.86 million metric tons, up 13.8% from the daily average in December 2022. The main increase occurred in February, as mills anticipated stronger demand in March and April. Additionally, the Chinese New Year holiday took place in late January this year, leading producers to ramp up production afterwards.

While the National Bureau of Statistics of China reports the data for January and February together, the World Steel Association provides monthly data separately. According to worldsteel, China's crude steel production increased by 2.3% YoY to 79.5 million metric tons in January. This means that February's output was 89.2 million metric tons, a significant 12% MoM increase. The average daily crude steel production in February stood at 3.186 million metric tons, up from the daily average in December 2022.

In addition to the production figures, the National Bureau of Statistics of China reported that the value-added industrial output of the ferrous metal smelting and rolling sector in China saw a YoY increase of 5.9% in the January-February 2023 period. The overall value-added industrial output in China also increased by 2.4% YoY during this period, while outputs in the mining and manufacturing sectors increased by 4.7% YoY and 2.1% YoY, respectively.

voda 16 maart 2023 09:05

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New Green Steel Start up Hydnum Steel Selects Puertollano for Plant

Hydnum Steel, a newly established company, has announced Puertollano in Ciudad Real, Spain as the location for its first plant. The initial phase of the project is set to receive an investment of €600 million, which could potentially surpass a total of €1 billion. The plant is planned to operate using non-fossil fuels throughout the production process, with green hydrogen gradually introduced as production increases. The integration of green hydrogen will result in a substantial reduction of carbon dioxide emissions from the plant.

Hydnum Steel's choice of a 1.3 million square meter site in Puertollano in Ciudad Real, Spain as the site for its first plant was influenced by several factors, including the availability of land and existing hydrogen production projects in the area. Additionally, the National Hydrogen Centre located in the same town provides the opportunity for potential research collaborations. The area's suitability for producing renewable energy, such as solar and wind power, also contributed to the decision. The location of Puertollano in central Spain was deemed strategically advantageous due to its proximity to logistics hubs in the center, south, and east of Spain, as well as Portugal, making it a priority option. This offers a set of benefits that make it the ideal ecosystem for setting up the plant, according to the company. Harnessing synergies from the surroundings will not only enable the company to reduce costs but also boost the local economy.

With Helvella Holding as its investment partner and Siemens, Abei Energy and Russula as technology partners, Hydnum Steel is open to bringing other participants into the project, given its size. It is already in contact with some of these, both financial and technology companies, and also with the Government of Spain, through the Castile La Mancha regional government, with the aim of taking advantage of the Strategic Project for Economic Recovery and Transformation and the Industrial Decarbonisation grants.

In addition to being a technology partner, Siemens will also be responsible for providing digital manufacturing solutions for the plant. These solutions, based on the digital twin concept, will include design and simulation software, industrial automation systems, control and monitoring systems, cyber security, sustainability, artificial intelligence, and predictive maintenance. Siemens will also implement a decentralized energy system to facilitate the integration of renewable technologies and the Decarbonisation of the industrial process.

Abei Energy is one of the technology partners of Hydnum Steel, and will contribute its expertise in green hydrogen production and renewable energy generation based on projects implemented in countries such as Spain, the United States, the United Kingdom, France, Italy and Poland.

Lastly, the Russula Corporation will continue to provide cutting-edge technology solutions to the world's leading steel manufacturers, a role it has fulfilled for several decades.

voda 16 maart 2023 09:05

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Unlocking the First Wave of Breakthrough Steel Investments in US

The United States steel industry is facing a critical juncture as it confronts the end of its aging, fossil-fueled assets and embraces new, green hydrogen-powered production technologies. According to a new report from clean energy nonprofit Rocky Mountain Institute for the Energy Transitions Commission, US steelmakers who take advantage of the historic incentives passed in the Inflation Reduction Act and the Infrastructure Investment and Jobs Act stand to gain a significant market share of a global market for green steel worth an estimated $15 trillion through 2050.

The report identifies several economically viable green steel project types, and predicts that the first domestic near-zero emissions steelmaking projects will be underway within the next five years. Based on input from US steel industry leaders participating in forums organized by RMI, the report also outlines key conditions necessary to secure the investment case for low-emissions steel production in the United States.

These conditions include developing partnerships across the steel value chain, leveraging public and private funding opportunities, and securing off-take agreements for low-emissions steel to stimulate breakthrough low-emissions steel supply.

By leading the way in green steel production, the United States can increase the supply security of this vital commodity, which plays a critical role in the energy transition and reshoring of domestic supply lines. The US green steel market is projected to grow to a $30 billion market by 2050, driven by the steel needed for renewable energy build out and the anticipated growth of domestic auto manufacturing.

RMI, an independent nonprofit founded in 1982, works to transform global energy systems through market-driven solutions to align with a 1.5 degree Celsius future and secure a clean, prosperous, zero-carbon future for all. The Energy Transitions Commission is a global coalition committed to achieving net-zero emissions by mid-century.

voda 16 maart 2023 09:06

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China Baowu & SMS Group to Expand Green Steel Cooperation

Recently, a delegation from SMS Group, Germany's technology leader, visited China Baowu's Baowu Heavy Industry for on-site inspections and discussions. The two companies have agreed to collaborate strategically in exploring smart services, as well as promoting green and low-carbon transformation and development.

They aim to deepen their partnership in low-carbon metallurgical technology equipment and global metallurgical equipment market development. By clarifying factors such as product, market, price, technology, quality, and cost, they plan to establish a solid business model and overcome relevant strategic issues, contributing to the green development and progress of the global steel industry.

The SMS Group team praised Baowu Heavy Industry's achievements in various areas such as industrial layout, market development, talent equipment, manufacturing capacity, system qualification, and product service. They expressed their desire to further deepen cooperation in areas such as remanufacturing of key core components of metallurgical equipment, forgings, and weldments.

voda 16 maart 2023 09:06

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ETC Maps Path to Low Emissions Steelmaking in Southern Europe

The Energy Transitions Commission's new report, "Unlocking the First Wave of Breakthrough Steel Investments in Southern Europe," emphasizes the potential economic advantages that Spain, Portugal, and Italy could gain by investing in near-zero-emissions primary ore-based steelmaking projects that use breakthrough iron and steel production technology fueled by green hydrogen. The report highlights the benefits of adopting sustainable practices in the steel industry, including reducing greenhouse gas emissions and creating jobs in the renewable energy and steel manufacturing sectors. Overall, the report encourages these countries to embrace innovative technologies and explore the potential of green hydrogen to drive economic growth while contributing to the transition to a low-carbon economy.

The report highlights the economic benefits that Spain, Portugal, and Italy can achieve by pursuing near zero-emissions primary ore-based steelmaking projects using breakthrough iron and steel production technology powered by green hydrogen. The report specifically focuses on Spain to demonstrate the opportunities available in Southern Europe.
According to the report, Spain has favorable conditions such as world-class renewable energy potential and land availability that create a robust basis for investment in near zero-emissions steelmaking projects. The report suggests that carbon pricing on steel imports via the EU Carbon Border Adjustment Mechanism, combined with government funding or forward offtake agreements from buyers, would increase certainty for investors and financiers to make final investment decisions.
By taking strategic and targeted action, such as implementing carbon pricing and securing government funding, Spain and other countries in Southern Europe can close the gap to a viable investment case for near zero-emissions steelmaking projects. This would not only contribute to the net-zero transition but also provide significant economic benefits to the region.

The report highlights that breakthrough iron and steelmaking technologies based on green hydrogen are already available and generating interest in Southern Europe. One recent example is Hydnum Steel's proposed €1 billion green steel project in Puertollano, Spain. While there are already efforts to transition Southern Europe's two primary steel mills in Gijón, Spain and Taranto, Italy to low-emissions production, scaling up these technologies presents an opportunity to leverage the region's abundant renewable energy resources. This could lead to the development of new markets for low-emissions and high-value iron and steel, create high-value jobs, and future-proof the supply chains of existing steelmakers who currently rely on imported scrap. Overall, this transition to near-zero emissions primary ore-based steelmaking could help grow regional industry and bring significant economic benefits to Southern Europe.

The model takes into account factors such as the cost of green hydrogen production, the price of carbon, and the cost of steel production, among others, to evaluate the viability of different scenarios. According to the report, the financial model suggests that breakthrough steel investments in Southern Europe are financially viable with the right enabling policies and incentives in place. In particular, the application of carbon pricing to steel imports via the EU Carbon Border Adjustment Mechanism and the provision of government funding or forward offtake agreements from buyers would help to close the gap to a viable investment case and increase investor confidence.

voda 16 maart 2023 09:06

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UK Slipping Behind on Low Carbon Transition Investments, MP Ms. Creagh

Ms. Mary Creagh, Member of Parliament for Wakefield, has warned that the UK is falling behind in its investment towards a low-carbon economy. She believes that the British government needs to invest in new technologies, such as carbon capture and storage, as well as support the renewable energy sector, in order to avoid a climate crisis. Ms. Creagh also criticized the lack of investment in public transport, as it is essential for reducing carbon emissions from the transport sector.

Ms. Creagh's comments came after a report by the Committee on Climate Change, which highlighted that urgent action is required to reduce emissions from transport, housing, and industry. The report also called on the government to set more ambitious targets for reducing emissions and to increase investment in low-carbon technologies and infrastructure.

While the UK government has allocated £2.5 billion for low-carbon innovation and £5.8 billion for infrastructure projects, including renewable energy, critics argue that more investment is needed to achieve the net-zero target and ensure a sustainable future for the UK.

voda 16 maart 2023 09:07

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Shagang Offers to Buy Fosun Stake in Nangang Iron & Steel

Jiangsu Shagang Group has recently entered into an agreement to acquire 60% of Nanjing Nangang Iron & Steel for $1.97 billion from Fosun International. However, given that the price is significantly lower than the price agreed upon in October 2022, it is uncertain whether the deal will proceed as Nangang's other parent company, Nanjing Steel Group, may prefer a different buyer.

There is a possibility that other bidders, such as the state-owned Citic Pacific Special Steel Group and Jiangxi Fangda Steel Group, may submit competing offers for Nanjing Nangang Iron & Steel

Nanjing Iron & Steel Co was founded in March 1958 and the parent company, Nanjing Nangang Iron & Steel United, was established in August 2003 as a joint venture between Fosun International and Nanjing Iron & Steel Co. The company went public in September 2000 and has achieved significant growth over the years, reaching a milestone of producing 10 million metric tons in December 2013.

voda 16 maart 2023 09:07

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EMD Reforms No Solution for Electricity Prices, WV Stahl

Dr. Martin Theuringer, the Managing Director of the German steel association WV Stahl, has expressed his concerns about the EU Commission's plans for a reform of the electricity market design, stating that they do not address the issue of internationally competitive electricity prices. He emphasized that affordable electricity is crucial for the steel industry in Germany, which is a highly energy-intensive sector undergoing a transition. Dr. Theuringer called for the prioritization of efforts to address industrial electricity prices to ensure the industry's competitiveness.

The European Commission has proposed electricity market reforms to speed up the transition to renewables, phase out gas, and make consumer bills less dependent on volatile fossil fuel prices. The proposed changes aim to better protect consumers from price spikes and market manipulation and promote clean and competitive industries. The proposed reform includes revisions to key EU legislation, including the Electricity Regulation, Electricity Directive, and REMIT Regulation. The changes incentivize longer term contracts with non-fossil power production and introduce clean, flexible solutions like demand response and storage to compete with gas. This will decrease the impact of fossil fuels on consumer electricity bills and ensure lower renewable energy costs are reflected. Additionally, the proposed reform enhances market transparency and integrity, promoting open and fair competition in the European wholesale energy markets. The proposed reform will now have to be discussed and agreed by the European Parliament and the Council before entering into force.

voda 16 maart 2023 09:07

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Borusan Mannesmann Loses Appeal on Section 232 Tariffs

Turkish steel pipe producer, Borusan Mannesmann Boru Sanayi ve Ticaret and its subsidiary Borusan Mannesmann Pipe US suffered a legal setback on 15 March as they lost their challenge to the Commerce Department's interpretation of how tariffs imposed by the Trump administration impacted other US duties. This ruling is a blow to Borusan, as it means that the company will have to continue paying both the 25% tariff and the antidumping duties. It also has wider implications for other companies that may be subject to both tariffs and antidumping duties.

Borusan was already subject to antidumping duties for Turkish carbon steel pipe, which had been in place for decades, when Proclamation 9705 was issued in 2018. This proclamation imposed a 25% tariff on imported steel articles, including Borusan's pipe, citing national security concerns under Section 232 of the Trade Expansion Act of 1962.

The companies had contested the Department of Commerce's position that the 25% tariff should be applied in addition to the existing antidumping duties, rather than being offset by them. The US Court of International Trade upheld the Department of Commerce's interpretation, stating that the proclamation and the antidumping duties were distinct and that the latter did not nullify the former.

voda 16 maart 2023 09:07

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Severfield to Acquire Dutch Voortman Steel Construction Holding

Severfield, a global leader in steel structures, has recently acquired Voortman Steel Construction, a highly regarded steel fabrication company based in the Netherlands. With a reputation for innovative practices and extensive in-house expertise, the acquisition is expected to significantly contribute to Severfield's European expansion goals, while diversifying the company's reach into new end-markets.

The acquisition is anticipated to be finalized on either April 3, 2023, or upon the satisfactory completion of the works council consultation process as mandated by Dutch law.

Voortman Steel Construction is a Dutch company that specializes in the engineering, production, and installation of steel structures for a variety of industries, including commercial and industrial buildings, sports complexes, and infrastructure projects. The company was founded in 1969 and is headquartered in Rijssen, Netherlands. Voortman Steel Construction has a reputation for using innovative technology and sustainable practices in their production processes, including robotics and energy-efficient systems. They also offer comprehensive services, including project management, logistics, and maintenance. The company has a global reach, with projects completed in countries such as the United States, United Arab Emirates, and Australia.

Severfield is a UK-based market-leading structural steel company that provides design, fabrication, and construction services for complex and iconic projects around the world. The company has been in operation for over 130 years and has worked on a wide range of projects, including commercial and residential buildings, stadiums, bridges, and airports. Severfield has a reputation for innovation and engineering excellence, and its expertise in the steel industry has earned it a place at the forefront of the global construction sector. The company is headquartered in Thirsk, North Yorkshire, and operates from multiple locations across the UK, Europe, India, and the Middle East.

voda 16 maart 2023 09:08

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Metinvest Supplies 55 Mobile Shelters to Defenders of Bakhmut

Metinvest, a Ukrainian steelmaker, recently supplied 55 protective structures to the defenders of Bakhmut and other settlements in the Donetsk region as part of the Steel Front military initiative led by Rinat Akhmetov. According to Mr. Oleksandr Myronenko, Metinvest's Operating Director, the company is not merely offering lip service to the soldiers, but is taking real action to support them. Mr. Myronenko further stated that the defenders of Bakhmut are displaying strength, courage, and professionalism in holding their ground, and that the mobile shelters from Metinvest will provide them with a safe haven to recover and protect themselves from shelling.

Bakhmut, situated in Ukraine's Donetsk region, has been a focal point of conflict between Ukrainian government forces and Russian-backed separatists since 2014. At present, intense fighting is ongoing for control of the city's centre. Russian forces, supported by the Wagner mercenary group, are attempting to advance in Bakhmut, but have so far been unable to encircle it. Despite this, they have succeeded in capturing the eastern portion of the city, making the situation for Ukrainian defenders all the more precarious.

The mobile shelters provided by Metinvest are impressive structures, prefabricated with a diameter of 2 meters and length of 6 meters. They are designed to withstand artillery shelling up to a caliber of 152mm when buried one and a half meters underground. The shelters, capable of accommodating six fighters at once, come equipped with a field oven for cooking and heating, as well as air ventilation and weapon racks. The capsule also has two exits for safety, ensuring that soldiers can escape in case of an emergency. The production of each shelter requires almost 2 metric tons of steel from Metinvest, and takes about 165 hours to complete.

Metinvest is providing mobile shelters to fighters at no cost, and in February 2023, they delivered 100 of these shelters. The company's steel capsules are currently protecting military personnel in several regions, including Avdiyivka, Bakhmut, Pokrovsk, Zaporizhia, and Zhytomyr.

Since the beginning of the full-scale war, Metinvest Group has played an active role in Ukraine's struggle against the aggressor. One of their most significant contributions has been providing aid to the defenders through the Steel Front military initiative, spearheaded by Mr. Rinat Akhmetov. Overall, the group has provided more than $44 million in support to the army since the start of the conflict.

Vertraagd	18 apr 2024 17:35
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Volume gisteren	3.430.788

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