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CIS coil export prices seen rising further

Export prices for Russian and Ukrainian hot and cold rolled coil have increased in the past week, mainly on the back of strong China-origin prices. It is anticipated that CIS mills will attempt to raise prices again this week, market participants tell Kallanish.

Russian mills have raised asking prices by $10-20/tonne on-week at the beginning of last week and later have reduced their offers by some $10/t. HRC offers were heard at $480-495/t fob for the Middle East and $490-505/t fob for the Far East. CRC export offers were at $550-560/t fob, depending on the region.

A booking for Russia-origin HRC was heard in the UAE at around $480/t fob and another deal was heard in Turkey at $490/t cfr ($470/t fob). Also, high Chinese prices have helped Russian producers improve their positions in some East Asian markets, sources say.

A Russian mill has almost sold out its April-delivery HRC, while CRC is still unsold. The situation at another Russian mill is the opposite - its order book for CRC is almost filled and HRC is unsold, a trader informs.

Ukraine-origin export offers were at around $470-480/t fob for HRC and $540-560/t fob for CRC in the past week. The tendency is for the prices to increase, a producer-side source informs. Large deals from Ukraine were not heard. "Business is limited, mills have problems with delivery," a trader comments.

Metinvest's raw material procurement and finished steel shipments are disrupted since early last week. The company suspended production at Yenakiieve Steel and coking coal producing subsidiary Krasnodon Coal on account of the railway blockade in eastern Ukraine (see Kallanish 22 February). Another source expects this situation in Ukraine to be resolved in the short term, and thus foresees either a limited or no impact on coil exports.

The on-week increase in CIS-origin HRC and CRC export prices, especially to the Far East, was rather driven by rising export offers of Chinese mills than by raw material prices, according to sources. Also, there was some improvement in demand in some parts of the Middle East.

The interviewed sources expect CIS mills to raise their export offer prices for HRC and CRC from this week. The move will be supported by strong Chinese coil and raw material prices, and the expected increase in demand and domestic prices in some regions.

Source: Kallanish.com
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Ross weg bij ArcelorMittal

Gepubliceerd op 1 mrt 2017 om 10:28
LONDEN (AFN) - Miljardair Wilbur Ross vertrekt als bestuurder bij ArcelorMittal. Dat maakte de staalgigant woensdag bekend. Ross wordt de nieuwe handelsminister van de VS.

Ross had bij ArcelorMittal een rol als onafhankelijk lid van het bestuur, in Nederland vergelijkbaar met een commissariaat. Het bedrijf van Ross, International Steel Group, werd in 2004 overgenomen door ArcelorMittal.

ArcelorMittal zal voor de aandeelhoudersvergadering geen interim-bestuurder benoemen
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PSM land ineligibly allocated for industrial park under CPEC

Nation reported that privatisation policy had another impact on Pakistan Steel Mills which continues to lose its land this time to an industrial park to be set up under the China-Pakistan Economic Corridor.

According to PM's decree, the approved allocation of 1,500 acres of PSM land for the industrial park. According to officials who gave interview to local media sources: The prime minister has “desired that it (matter) may be taken up with the Privatisation Commission and Board of Directors of PSM,” said an order issued by the industries and production ministry. The PSM board has been incomplete and without a chairman since the PML-N came to power in 2013.

Due to incompletion, neither the PSM board nor its parent industries and production ministry has so far proposed privatisation of the country’s largest industrial unit, where after 2007 the situation worsened, with massive fall it from a profit of Rs10.4 billion on June 30, 2008, to a loss of Rs26bn on June 30, 2009.

In a bid to restructure the body constitutents, the PML-N dissolved the PSM board and endeavored to reconfigure and revive the mill for total privatisation. Despite Finance Minister Ishaq Dar's undertaking to the International Monetary Fund on Aug 19, 2013 on the premise that the government would appoint a professional board immediately with inductions from the private sector; it never was implemented and the total losses and liabilities stood at PKR 415 billion by December in the previous year.

Another 157 acres of land initially to be used for handling imported coal for the Sahiwal power project, was recently leased out to the Port Qasim Authority for PKR 9.3 million per acre, even though the Privatisation Commission had estimated the rate at PKR 30 million per acre.

Dissatisfied with the FIA inves­tigation in this matter, the SC transferred the case to the National Accountability Bureau in May 2012 with a deadline to complete the probe in three months, but its progress is still unclear and incomplete

Source : Nation.com.pk
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China aggressively pursues goal of hitting its steel and coal capacity reduction targets

China aims to hit its steel and coal capacity reduction targets for this year, as the country aims to sustain the momentum of the structural reforms it initiated last year.According to China Daily, to recall, the Chinese government cut its steel production by 45 million metric tonnes, while slashing its coal production by 250 metric tonnes

According to Xin Renzhou, deputy director of industrial policy for the Ministry of Industry and Information Technology, the Central Government's capacity reduction targets for 2017 are contained in the Government Work Report which will be unveiled very soon.

To be presented by Premier Li Keqiang on Sunday, the Government Work Report is expected to contain a review of the Xi administration's efforts to bring down the excess production capacity of two of the country's top industries.

Mr Xin pointed out that Supply-side structural reforms in China, particularly its steel and coal reduction targets, will continue to be a major priority of the Chinese Government for the steel sector.

Such measures are expected to be extensively discussed during this year's National People's Congress and the Chinese People's Political Consultative Conference.

However, Mr Xin admitted that achieving China's steel and coal capacity reduction targets remains a challenge.

But such obstacles must be overcome, he said, as China seeks to bring down its steel production by 150 million tons and coal production by 800 million tonnes by 2020.

Based on information from China's state-owned Assets Supervision and Administration Commission, the agency has set its steel and coal capacity production to 5.95 million tons and 24.73 million tonnes respectively this year.

The provincial governments of Hebei, Shandong and Shanxi provinces and the Inner Mongolia autonomous region have likewise announced their capacity reduction targets.

For instance, Hebei has pledged to slash its steel capacity by 31.86 million tonnes and coal capacity by 7.42 million tonnes, as well as shutter four "zombie" enterprises.

In the meantime, Yu Yong, chairman of Hesteel Group, the largest steel firm in Hebei, noted that "properly cutting capacity will make room for restructuring and upgrading of the steel sector," reported China.org.

To recall, the company had cut its iron and steel production capacity last year by 3.2 million tonnes.

The firm plans to further lower its production capacity by 4.4 million tons this year.

Source : Chinatopix.com
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Chinese steel dumping awakens a snoozing NTC in Pakistan

The Tribune reported that although the National Tariff Commission remained dormant for a couple of years, it came to action with the imposition of import duty on Chinese steel. The import duty has been imposed on the insistence of the domestic steel industry since it is unable to compete with Chinese steel.

Pakistan Steel Mills used to contribute heavily towards domestic demand since 1974 and played a pivotal role in developing the downstream steel industry.

Here downstream means that the steel firms further processed the output of Pakistan Steel billets and made steel sheets. With the halt in operations of PSM, domestic producers have had to import raw material and process them accordingly.

In the absence of PSM, domestic downstream industry pondered over to expansion in 2014 since construction sector started to revive.

With the boom in construction activities along with the resolve of the government to allocate a decent amount for infrastructure projects and hype of the China-Pakistan Economic Corridor-related activities, it compels domestic steel producers to expand their production capacities.

When they are ready to invest, it becomes necessary for the government to facilitate and protect their investments. As a consequence, they lobbied and called for protectionism through import duties.

The protectionist policy should demand certain actions on part of the domestic steel industry to improve their efficiency in due course since a policy can neither always be protected nor stagnant.

The international steel prices started to rebound in 2016 and are the reflection of slight recovery in steel demand. When international steel demand increased with prices, dumping by large Chinese producers would decrease. Under those set of conditions, the degree of protectionism may decrease.

This requires agility on the part of NTC. Unfortunately, there is a lack of policy flexibility and policy measures are usually static.

Protectionism is necessary from the perspective of job creation. When domestic steel industry expands, jobs would be created. The policy of protectionism has been followed by many developed economies in the past and the emergence of Brexit and Trumponomics also show that they intend to follow protectionist policies. This also shows that such policy actions are politically and socially desirable.

The free market ideologue would argue that protectionism misallocates the resources and promotes a rent-seeking economy. They further argue that liberalisation of economy would increase economic growth which in turn creates jobs. We have to be sympathetic with this kind of argument, but this is a traditional argument which has been tried and tested in Pakistan with deleterious consequences.

The protection of steel industry would increase the cost of construction to some extent and there are chances that cars may get slightly expensive. But we have to remember that the auto industry reaches this level due to a protectionist policy followed by the previous governments.

In short, the threat of premature de-industrialisation has created lots of difficulties for the policymakers since they have to appease the growing aspirations of youth. We have to devise policies to guard against de-industrialisation and promote jobs to create a healthy society.

Source : The Express Tribune
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Major Chinese steelmaker achieves cost, quality and environmental performance improvements with SKF ConRo roll line units

China Baowu Steel Group Corporation, the country’s largest steelmaker, formerly known as Baosteel, is driving up the performance and reliability of its continuous casting machines using SKF ConRo roll line units.

CCM4 is a two-strand continuous casting machine first installed at the company’s Shanghai plant in 2006. The machine produces 2.8 million tonnes of carbon steel slab every year, but was suffering quality and productivity issues due to the early failure of the bearings in the horizontal segment of its 1750mm wide roll line. A combination of overload and the ingress of cooling water into the bearings meant the average service life of a roller on the line was only 3.4 months. Blocked rollers were a source of quality issues in production and the need to regularly replace the units was a significant cause of production downtime.

To address the issue, Baowu Steel Group replaced two roller units on the line with SKF ConRo technology. SKF ConRo is a robust, self-contained, modular roll line that includes bearings, seals, housings, grease, roll bodies and water connections. The design uses a patented sealing system that protects bearings from ingress of water and contaminants.

The installation of the new ConRo units on the CCM4 machine has more than tripled the service life of the rollers, to an average of 14 months. Thanks to their greater longevity and reliability, the company recouped its investment in ConRo technology in less than six months.

Now the original ConRo units are enjoying a second life, thanks to SKF’s tightly controlled remanufacturing program. At the end of their first period in service, the units are returned to SKF in Shanghai, where they are remanufactured to stringent specifications. The process includes replacement of bearings and seals and requalification of the body, roll mantle, hosing and sleeves. The remanufacturing program also provides an opportunity to upgrade some components, based on analysis of their performance in production.

The first remanufactured units were returned to Baowu Steel Group in October 2015 and have now completed more than a year in service delivering the same level of performance as new units, at only 30 percent of the cost.

Remanufacturing offers important environmental benefits too, with a significant reduction in energy and raw material consumption, compared to the production of new equipment.

Mr Jianqing Yao director of equipment at Baowu Steel Group Corporation’s Shanghai steelmaking plant said that “The SKF ConRo units have helped us to cut unplanned down-time and reduce production costs. The availability of the remanufacturing program has extended those benefits, allowing us further reduce the overall operating cost of our machine.”

Baowu Steel Group has worked closely with SKF since the early 1990s, and the two companies have extended their collaboration with a series of strategic partnership agreements since 2005. Thanks to SKF’s continuing investment in its production and service capabilities in the country, Baowu Steel Group’s most recent order for an additional eight units were the first ConRo units to be manufactured in China.

Source : Automotive World
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PGNiG inks pact to deliver natural gas to ArcelorMittal Poland
Published on Wed, 01 Mar 2017

Polish Oil and Gas Company (PGNiG) has signed a long-term agreement for natural gas supplies for ArcelorMittal works in Poland.

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Source : Strategic Research Institute
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Mughal Steel announces PKR 1 billion investment

Pakistan Today reported that Mughal Iron and Steel Industries Limited has announced to invest PKR 1 billion to improve and expand steel re-rolling process, billets and in-house power generation capacity, subject to board and banks’ approvals. Company secretary Muhammad Fahad Hafeez informed that the board of directors has resolved to conduct BMR (Balancing, Modernization and Replacement) of its existing bar re-rolling mill.

In order to improve the efficiency of the re-rolling process, the company will invest in new re-rolling stands, finishing lines and other improvements to the existing mill in order to enable it to adhere to high and faster re-rolling process with state of art PLC control system.

The board has also resolved to increase the current power generation capacity of its existing 9.3-megawatt gas captive power plant by adding six additional engines of 3.1 megawatts each. As a result of the enhanced power generation capacity, the total gross installed power generation capacity of the captive power plant will reach 27.9 megawatts. This is expected to play a fundamental role in meeting increased demand of billet to support the existing re-rolling activities. The total cost of the projects is expected to be Rs1b.

The initiation and completion of these projects will be subject to the final decision of board of directors relating to source of finance to be used, which in case of debt financing will further depend upon approval of financing arrangements from bank(s) and/or financial institutions and in case of equity financing upon decision of the board of directors.

Source : Pakistan Today
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Tata Steel Gopalpur plant starts ferro chrome production

Tata Steel announced that it has commenced ferro chrome production at its recently commissioned unit at Gopalpur, in south Odisha. The ferro chrome production is in compliance with all the technical parameters.

Chromite briquettes used for making ferro-chrome have been produced by the briquetting plant at the ferro-chrome plant complex. The briquetting plant had earlier commenced production on January 23, 2017. For its first greenfield ferro chrome plant, the steel major is sourcing chrome ore from its chromite mine at Sukinda in Jajpur district.

Mr DB Sundara Ramam, executive-in-charge, ferro alloys & minerals division of Tata Steel said, "This marks the completion of the commissioning of the ferro-chrome plant. It also goes a long way in consolidating our footprint in Odisha and the long standing partnership with the state towards industrial progress of the region."

As part of the anchor investment in Tata Steel's Gopalpur industrial park, the INR 542 crore ferro-chrome plant has an installed capacity of 55,000 tonne per annum (tpa). The plant was inaugurated on November 30, 2016 by Chief Minister Naveen Patnaik.

It is a unique environment-friendly plant with state-of-the-art pollution control equipment and technology such as the ETP (Effluent Treatment Plant) and STP (Sewage Treatment Plant). The plant has 100 per cent water harvesting facility that caters to most of the water needs of the plant. It has an indigenously built semi-closed hybrid furnace, which is first of its kind in India and components procured from all over the world to maintain high standards of quality and safety. Also, it is the first plant in India to use briquetting method of chrome ore fines agglomeration.

Besides the plant at Gopalpur, Tata Steel has two other ferro-chrome plants in Odisha- a 65,000 tpa plant at Bamnipal in Keonjhar district and the other at Athagarh in Cuttack district of 55,000 tpa capacity under the management of its subsidiary T S Alloys.

Source : Business Standard
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Ukrain steelmakers may loose USD 3.5 billion due to trade blockade in Donbas

UNIAN reported that Head of Ukrmetalurhprom association Oleksandr Kalenkov at a special government meeting chaired by Ukraine's Prime Minister Volodymyr Groysman said that the blockade of coal supplies from the occupied areas of Donbas might result in at least a USD 3.5 billion loss of foreign exchange earnings at year-end.

Source : UNIAN
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Shandong Rizhao Iron & Steel chooses Danieli multi-cassette leveler technology

Shandong Rizhao Iron & Steel, a major producer of steel flat and long products in China’s Shandong province, contracted Danieli to supply two new hot and cold levelers to be installed along the “Steckel Plate 3500” line, in Rizhao. In order to maximize the production flexibility, multi-cassette configuration will be used for both machines.

Source : Strategic Research Institute
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US Steel appoints Mr David B Burritt as president & COO

United States Steel Corporation announced that Mr David B Burritt, who currently serves as executive vice president and chief financial officer.

Source : Strategic Research Institute
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China Steel Corp market stable in first half of the year

The China Post news staff reported that as predicted, leading steelmaker China Steel Corp. has announced a NTD 1396 increase for each ton of steel for its domestic sales in the second quarter. This marks a 6.9% increase, which fits with experts' forecast of a 5 to 8% increase.

According to experts, the first half of the year will be a relatively stable one for the steel market, while the situation in the latter half of the year will depend on price hikes in upstream raw materials. Furthermore, other factors include the demand of terminal markets and whether China can maintain its 2016 trend in reducing productivity.

China Steel Corp. has pointed to China's reiteration of a GDP goal of 6.5 to 7% growth in its 13th five-year plan. This was on one hand to maintain the public's trust and, on the other hand, to stimulate demand to reach the goal. In another area, although US President Trump has expressed a desire for American-made products, the US remains an importer of steel products. Given that American steel prices are relatively high, if Trump were to use trade barricades to stop steel imports, it would in reality affect only low-priced steel products. Not only would high quality steel products not be affected, the ban would actually give these products more opportunity in the market.

The corporation pointed to Trump's railway plans, China's silk road economic belt and Japan's 2020 Olympics in Tokyo to show that from a demand perspective, there is plenty to support the steel market. Furthermore, the global economy is rebounding (the International Monetary Fund has predicted global economic growth of 3.4% this year, which is 0.3% higher than last year) and posting higher growth rates than those expected of developed countries, and these factors are expected to be beneficial to demand in the market.

Source : The China Post
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PSUs under steel ministry must share resources - Steel minister

Governancenow.com reported that steel minister Chaudhary Birender Singh has directed a high-level coordination committee comprising CMDs and top ministry officials to be constituted for pooling and sharing of resources among PSUs.

He said, “This will lead to aggregation of demand and economies of scale among the Public Sector Undertakings (PSUs) under the administrative control of the ministry. Formation of such a mechanism and committee would minimise areas of overlap, duplication & communication gaps and help in harnessing the potential for financial savings. In today’s fast-paced business world, it is essential to work together to retain the competitive edge.”

The idea emerged from a comprehensive joint review meeting held recently, which was chaired by the steel minister.

Birender Singh issued instructions for immediate action to be taken to formalise a mechanism of coordination among PSUs, which include industry leaders like SAIL, NMDC, RINL, MOIL, MSTC and MECON.

Source : Governancenow.com
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China protests over new EU anti-dumping duties on steel plates
Published on Wed, 01 Mar 2017

China has expressed concerns over what it said was increasing protectionism after European Union regulators imposed new duties on steel imports from the world’s biggest producer. China’s Commerce Ministry reacted calling on Europe to treat Chinese companies “fairly and impartially”, adding it was ready to strengthen communication with the EU to tackle issues in the industry.

The European Commission is seeking to protect EU steelmakers while avoiding tensions with Beijing, which it sees as a possible ally against protectionism and climate change. It imposed definitive anti-dumping duties of between 65.1% and 73.7% on imports of heavy plate non-alloy or other alloy steel from China, confirming provisional tariffs set in October. The companies named in the Commission’s ruling included Nanjing Iron & Steel Co Ltd, Minmetals Yingkou Medium Plate Co Ltd, Wuyang Iron and Steel Co Ltd and Wuyang New Heavy & Wide Steel Plate Co Ltd.

Source : Euractive.com
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Lening loopt tot 1 juni 2019.
(ABM FN-Dow Jones) ArcelorMittal wil op 3 april van dit jaar een obligatie aflossen. Dit maakte het staalbedrijf woensdag bekend.
ArcelorMittal wil zijn kasreserves gebruiken om het uitstaande bedrag van de lening van ruim 850 miljoen dollar af te lossen. De lening heeft een coupon van 9,85 procent en loopt tot 1 juni 2019.
Het aandeel ArcelorMittal sloot woensdag op een groene beurs 5,2 procent hoger op 8,74 euro.
Door: ABM Financial News.
info@abmfn.nl
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Mr Wilbur L Ross Jr sworn in as Secretary of Commerce of US

Mr Wilbur L Ross Jr was sworn in by US Vice President Mr Mike Pence as 39th Secretary of Commerce.

Source : Strategic Research Institute
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It’s time to promote steel based construction – Mr Sushim Banerjee

Financial Express reported that only a few years back availability of steel in required sizes and grades at all locations in the country was an issue that prompted many builders, contractors and masons to recommend concrete-based designs and construct houses requiring minimum volume of steel. Things have appreciably changed for the better, thanks to the efforts made by major steel producers, that numerous local dealers, distributors, shop owners emerging in the vicinity of construction areas with limited steel inventories of rebars, light structurals for foundation and columns and coated sheets for the roofing.

Thus in the residential housing sector (G+3) use of steel has increased, but RCC construction still predominates as saving of space advantage (compared with concrete slabs) with steel is possible primarily for high rise buildings.
For one story low cost houses, innovative technologies like ferro-cement in place of bricks for cladding and wall with sandwich panels and light steel frame structures (including hollow tubular) have been implemented by INSDAG in tribal villages and other places.

The cost per square feet is well within the limit prescribed by the government under the Pradhan Mantri Awas Yojana. The casting of ferro cement panels is easy to make in the rural and semi-urban areas. The same technology can be applied in making anganwadi, primary health centre, school building, community/ panchayat halls, weekly market sheds, small warehouses where column free, long span space is ideally suited for steel based construction.
Steel based toilets both for individual houses and for the community, would reaffirm the spirits of the Swatch Bharat programme.

The concept of a model steel village would, therefore, fulfill our basic commitment to create a pollution free and environment-friendly atmosphere and would many ways improve the quality of life of rural population. The use of steel in making household items like tables, chairs, furniture, storage bins, fencing and trunks is getting increasingly popular.

Steel based small span (2M/3M/5M) culverts and bridges, steel poles for electricity transmission as part of Grameen Urja Yojana would provide a durable, strong and much faster solution. But the whole concept needs widespread awareness campaign. It is well established from structural engineering point of view that while steel is strong in tension, concrete is strong in compression. An ideal design must blend the strength of steel and cement in steel concrete composite design. In UK, US the steel concrete composite design for residential houses has become popular.

One constraining factor to popularise more use of steel based household items and in general construction, be it in the rural or urban localities, is the lack of fabrication facilities or surplus feast of bad fabricators in these areas who make a mess of steel based fabrication. An ugly welding makes fabricated structures look awkward and discourages the prospective users.

The masons and the small contractors are the real influencers for the individual households when they decide to build a house or any other structures for other purposes. It is essential that these masons are trained to learn the basics of steel based construction, bar bending, use of good quality TMT bar (BIS certified) in construction, earthquake resistant detailing, safety practices in storing, bending. It may be mentioned that although more than 3500 numbers of masons have been trained by INSDAG in association with SAIL, Tata, RINL, JSW, there is an enormous need to enhance the coverage. The training in fabrication, erection and Welding are the three corners of steel based construction and skilled hands in all these segments would fill up the triangle of good construction practices.

The skill development training in welding (Plasma cutting and Tungsten Gas Arc Welding) currently being implemented also need a much wider coverage to ensure availability of good fabrication and welding personnel to give practical shape to steel based construction. The department of MSME has a funded scheme of encouraging entrepreneurship and steel fabrication that combines the knowledge of preparation of project reports necessary to be submitted to the banks for loans. It can ideally prepare the unemployed youth to set up their own facilities each of which can employ 3-4 persons.

However, most of the banks apprehending inability of the trained persons to return the loans is unwilling to lend support. As a result the training efforts get neutralised, the limited availability of fabrication and welding facility continues and promotion of steel based construction suffers.

Source : Financial Express
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Bank consortium launches probe Uttam Galva Steels - Report

Economic Times, citing people directly familiar with the matter reported that a consortium of banks led by State Bank of India has launched a probe into suspected financial irregularities at Uttam Galva Steels. As per report “It was ordered after concerns were raised that the company may have violated end-use guidelines on loans and entered into suspicious transactions with related entities to which it sold goods.”

As per ET report “he banks are looking to probe transactions exceeding INR 3,000 crore between Uttam Galva Steels and its associates and the write-offs taken by the company on advances made to vendors.and Audit firm Grant Thornton has been mandated to conduct the investigation.

The group of lenders that ordered the probe includes also Punjab National Bank, IDBI Bank, Bank of Baroda and ICICI Bank. SBI is the lead bank in the consortium. The banks have collectively loaned around INR 6,000 crore to various group entities, including publicly traded Uttam Galva Steels and Uttam Value Steels, and privately held Uttam Galva Metallics.

ET report added that “The probe may impact discussions that the company's promoters, the Miglani family, are having with Aion Capital as well as China's Tidfore Heavy Equipment Group to sell various segments of their business.”

Source : Economic Times
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The soap serie continues. :-)

Another legal fight looms over billion dollar Wright family fortune

The West reported that billionaire recluse Angela Bennett is hoping for a swift finish to the latest court action to engulf her family, with plans to try and end the latest legal claim by her brother for a bigger share of the Wright Prospecting mining fortune before it has really begun.

Late on Friday, Julian Wright filed a writ in WA’s Supreme Court claiming a significant shareholding in Wright Prospecting, alleging that information was withheld from him when he originally agreed to sell his one-third stake in the company in 1987 for $6.8 million.

Its value is now put in the several billions.

In the writ, Mr Wright claims his sister Ms Bennett and his late brother Michael Wright, "fraudulently misrepresented" the future value of the company his father Peter founded alongside iron ore icon Lang Hancock.

But the notoriously media-shy Mrs Bennett hit back, saying the claims would be defended with “every available and necessary legal avenue”, and warned her lawyers would be seeking a summary judgment against the claim as quickly as possible.

If that bid is successful, the legal claim would end before it even got near to a potentially explosive trial. Those close to Mrs Bennett said she would not be negotiating.

In 2008, Julian’s children Tim and Natalie Wright were paid a settlement of around $68 million by the estranged uncle and aunt, with part of the agreement that Julian Wright drop any current and future claims.

But in the writ, Mr Wright claims he was not told of the true worth of the company’s Pilbara iron ore deposits at the time, and was excluded from crucial meetings.

Meanwhile, the Wright family’s other continuing legal battle the appeal against a AUD 25 million payout to Michael Wright’s secret daughter Olivia Mead will return to court in May.

A date for the airing of the appeal has finally been set, which will air arguments against the Australian-record payout to the teenaged PR student, who was the product of a short-lived relationship between Mr Wright and his lover Elizabeth Mead in the mid-1990s.

Source : The West
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