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8/31/2015 - Eurofer

Definitive anti-dumping duties on China and Taiwan stainless steel imports a crucial measure

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The European Commission published definitive anti-dumping duties on imports of stainless steel cold-rolled flat products (SSCR) originating in China and Taiwan (Regulation 2015/1429). Eurofer greeted the measure as an important move given the long term implications of the dumping of these products on the EU market.

Source: Eurofer, Brussels
8/28/2015 - worldsteel

2015 worldsteel map of China steel mills available now

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The World Steel Association (worldsteel) has published the 2015 edition of its map of Chinese mainland steel plants. It is available for purchase as a large format wall poster or a PDF file on The map shows the geographical and economic landscape of the country’s steel industry at a glance. It includes information such as:

  • Crude steel production and steel product type by company 2014
  • Production of crude steel, iron ore and coke by province 2014
  • Steel production by product type 2014
  • Crude steel production and apparent crude steel use since 2001
  • Apparent crude steel use per capita since 2001
  • Structure of iron ore supply since 2001

The map is available for purchase from the bookshop at . The colourful poster measures 120cm by 67.5cm.

Source: worldsteel, Brussels

BlueScope may shutter Australian steelmaking on China

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BlueScope Steel Ltd. warned it may shutter its Australian and New Zealand steelmaking operations after prices plunged amid increased exports from China.

The company, which has a century-long history of steelmaking in Australia, said it needs government support to keep operating its two remaining primary plants at Port Kembla and Glenbrook. This is even though it’s targeting more than A$200 million ($145 million) in cost savings as part of a review.

 “We are committed to the delivery of the targeted savings,” Chief Executive Officer Paul O’Malley said Monday in a statement. “If this target is not achievable, we will have no option but to move to external supply of quality hot-rolled coil and billet steel feed with mothballing or closure of steelmaking.”

China’s finished steel exports doubled to a “run-rate” of 100 million t/a since the three years ended 2013, O’Malley said. That’s equivalent to 20 times the annual output of BlueScope’s Port Kembla plant in New South Wales state. That makes it more economic to import than keep operating its blast furnaces, the company said.

BlueScope, which also said it’s reviewing iron sands exports from New Zealand, said underlying earnings before interest and tax this half will be similar to the A$131 million in the half ended June 30. The company reported full-year net profit after tax of A$136.3 million.

The company’s shares climbed 12 % to A$3.79 at 10:45 a.m. in Sydney, trimming the decline for the year to 32 %.

8/21/2015 - worldsteel

July 2015 crude steel production decreases

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World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 133 million t (Mt) in July 2015, a -3.8% decrease compared to July 2014. China’s crude steel production for July 2015 was 65.8 Mt, down by -4.6% compared to July 2014. Japan produced 8.8 Mt of crude steel in July 2015, a decrease of -4.9% compared to July 2014. India’s production was 7.7 Mt, up by 1.2% on July 2014.

Source: worldsteel, Brussels
Stainless and heat-resisting steel melt shop production [1 000 metric t]. Source: ISSF
Stainless and heat-resisting steel melt shop production [1 000 metric t]. Source: ISSF
8/19/2015 - First three months of 2015

Stainless Steel production turns out at 10.4 million metric tons

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The International Stainless Steel Forum (ISSF) has released figures for the first three months of 2015 showing that at 10.4 million metric t (mmt) stainless steel melt shop production was at the same level year–on–year. Production increased in the Americas and in Asia without China.

Source: ISSF, Brussels
James F. Palmer. Photo: Timken
James F. Palmer. Photo: Timken
8/17/2015 - Retired CFO of Northrop Grumman Corp.

Timken Board of Directors elects James F. Palmer

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The board of directors of The Timken Company elected James F. Palmer, retired CFO of Northrop Grumman Corp., on thursday a director of the company for a term that will expire at its May 2016 annual meeting. The election brings The Timken Company board to 12 directors

Source: The Timken Company, North Canton, Ohio
8/17/2015 - Complement the tailings management solutions

Outotec acquires Canadian company Kovit Engineering Limited

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Outotec has acquired the Canadian based Kovit Engineering Limited from its founders. Kovit Engineering is one of the leading technical consulting and engineering companies specializing in surface and underground mine tailings solutions. Tailings are the materials left over after the process of separating the valuable fractions from the ore. The acquisition complements Outotec's existing dewatering and tailings treatment solutions and services as well as strengthens Outotec's position as a global provider of sustainable tailings management solutions. The parties have agreed not to disclose the acquisition price. The acquisition will not impact Outotec's financial guidance for 2015.

Source: Outotec, Espoo
8/14/2015 - Finland

Outokumpu Group headquarters relocates from Espoo to Helsinki

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Headquarted in Finland, the Outokumpu Group has leased approximately 4000 m2 of business premises for its head office functions from Varma Mutual Pension Insurance. Outokumpu Group headquarters will relocate from Niittykumpu, Espoo to Salmisaari in Helsinki, street address Salmisaarenranta 11, during 2016. Outokumpu moves to the new premises following the expiration of the current lease agreement. The relocation will also contribute to the ongoing cost saving efforts in the company.

Source: Outokumpu Oyj, Espoo
8/10/2015 - Domestic demand, prices increased on restocking ahead of Victory Day parade in Beijing

Platts China Steel Sentiment Index rebounded strongly in August

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The outlook for new steel orders and steel prices in China rebounded strongly in August on the back of improved expectations for domestic demand over the next month, according to the latest Platts China Steel Sentiment Index (Platts CSSI), which showed a headline reading of 55.1 out of a possible 100 points in August.

Source: Platts, Beijing
8/5/2015 - Expanding the product portfolio

Timken to acquire Carlstar Belts Business

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The Timken Company announced that it has reached an agreement with American Industrial Partners to acquire the Carlstar Belts Business, a leading North American manufacturer of belts used in industrial, commercial and consumer applications under well-recognized brands including Carlisle, Ultimax and Panther, among others. The transaction is expected to be accretive over the balance of 2015. For the 12 months ending June 30, 2015, Carlstar Belts sales were approximately $140 million.

Source: Timken Company, North Canton, Ohio
8/3/2015 - Premium tubular solutions

Vallourec reports 2nd quarter and 1st half 2015 results

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Vallourec announces its results for the second quarter and first half of 2015. The consolidated financial statements were presented by Vallourec’s Management Board to its Supervisory Board on 30 July 2015. H1 2015 financial results continue to be affected by reduced demand: Revenues at €2,070 million, down 23.1% year-on-year (down 28.7% at constant exchange rates); Ebitda at €66 million, compared to €444 million in H1 2014; Positive free cash flow of €3 million in H1 2015 and €33 million in Q2 2015, better than anticipated. Valens and short-term measures on track: 2/3rd of the 450+ Valens initiatives started; Global staff reduction of 1 600 over the first half of 2015, including close to 1 000 permanent jobs; €112 million working capital reduction in Q2 2015; Capital expenditure revised down to around €300 million in 2015. Outlook: Further deterioration in H2 2015; Vallourec continues to target a positive free cash flow generation in 2015.

Source: Vallourec, Boulogne-Billancourt
7/31/2015 - Q2 2015

ArcelorMittal Europe reports operating profit of €352 million

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ArcelorMittal Europe today announced its results for the second quarter ended 30 June 2015. The segment recorded an operating profit of €352 million, compared with €245 million for Q2 2014. Second quarter 2015 Ebitda increased by 22.7 %, to €617 million as compared to €503 million in the corresponding quarter of 2014, reflecting improved steel shipment volumes as well as the benefits of cost optimisation efforts. Steel shipments in the second quarter increased by 6.9 % to 10.9 million t, compared with Q2 2014, demonstrating the ongoing trend of improving European steel demand.

Source: ArcelorMittal Europe, Luxembourg
7/31/2015 - Second quarter 2015 and half year 2015

ArcelorMittal reports results

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ArcelorMittal, the world’s leading integrated steel and mining company, today announced results for the three and six month periods ended June 30, 2015. Highlights are: Health and safety: LTIF rate of 0.68x in 2Q 2015, lower as compared to 0.88x in 1Q 2015 and 0.87x in 2Q 2014; Ebitda of $1.4 billion in 2Q 2015, stable as compared to 1Q 2015; Net income of $0.2 billion in 2Q 2015 as compared to a net loss of $0.7 billion in 1Q 2015; Steel shipments of 22.2Mt in 2Q 2015, an increase of 3.4% YoY; 16.4Mt own iron ore production as compared to 16.6Mt in 2Q 2014; 10.8Mt shipped and reported at market prices,  an increase of 2.7% as compared to 10.5Mt in 2Q 2014; Iron ore unit cash costs reduced by 14% YoY; FY 2015 cost reduction target at 15%; Net debt of $16.6 billion as of June 30, 2015, stable as compared to March 31, 2015 mainly due to positive free cash flow of $0.5 billion offset by negative forex ($0.2 billion) and dividends ($0.3 billion); Net debt lower by $0.9 billion YoY.

Source: ArcelorMittal, Luxembourg
7/30/2015 - worldsteel

The steel industry calls for a reinforced partnership with governments for a sustainable future

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The World Steel Association (worldsteel) has published its position paper on environmental change highlighting steel’s contribution to a low carbon society and the need for stronger partnership between governments and the steel industry. Edwin Basson, Director General of worldsteel said: “The steel industry is CO2 and energy intensive by nature but what needs to be clearly acknowledged is the central role it plays in enabling many other industry sectors to mitigate CO2 emissions in their applications and products and also in providing solutions to many of the challenges posed by a growing global population. Therefore, the role of the steel industry needs to be considered within the context of progressive industrial policy and governments need to engage with the steel industry when developing a carbon policy that could impact the industry.

Source: worldsteel, Brussels
7/30/2015 - Aperam

Second quarter 2015 results

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Aperam announced yesterday results for the three month period ended June 30, 2015. Highlights are: Health and Safety frequency rate of 0.8x in Q2 2015 compared to 1.3x in Q1 2015. Shipments of 486 thousand t in Q2 2015 compared to 469 thousand t in Q1 2015. EbitdA of USD 155 million in Q2 2015, compared to USD 133 million in Q1 2015. Net Income of USD 66 million in Q2 2015, compared to USD 42 million in Q1 2015. Basic earnings per share of USD 0.85 in Q2 2015 compared to USD 0.54 in Q1 2015. Cash flow from operations amounted to USD 78 million in Q2 2015 compared to USD 80 million in Q1 2015. Net debt of USD 454 million (with a gearing of 19%) as of June 30, 2015, compared to USD 508 million as of March 31, 2015. 

Source: Aperam, Luxembourg