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7/29/2014 - Rautaruukki's shareholders

SSAB has announced final result of SSAB's share exchange offer

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According to the final result of the share exchange offer by SSAB AB to the shareholders of Rautaruukki Corporation, the shares tendered in the share exchange offer represent approximately 95.1 % of all the shares and votes in Rautaruukki. The offer period in the share exchange offer expired on July 22, 2014. On July 23, 2014, SSAB announced that it will complete the share exchange offer, subject to the conditions to the completion of the share exchange offer remaining fulfilled at the time of completion. As all the conditions to the completion of the share exchange offer have been, and remain, fulfilled, SSAB will complete the share exchange offer in accordance with its terms and conditions preliminarily today, July 29, 2014.

Source: SSAB AG, Helsinki
7/29/2014 - Rating action

Moody's puts Tata Steel and Tata Steel UK on review for upgrade

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Moody's Investors Service has put Tata Steel Limited (TSL)'s corporate family rating of Ba3 and Tata Steel UK Holdings Limited (TSUKH)'s corporate family rating of B3 on review for upgrade. The other ratings under review for upgrade are TSUKH's probability of default rating of B3-PD, and the B3/LGD 3(49%) rating of TSUKH's term loan facility.

Source: Moody's Investors Service, Singapore
7/29/2014 - Acquisition of the business of Kalogeo Anlagenbau GmbH

Outotec strengthens its energy business

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Outotec has purchased the assets of Kalogeo Anlagenbau GmbH in Leobersdorf, Austria after the company became insolvent. Kalogeo has provided solutions for biomass, sludge and waste water treatment and designed, built and operated several mid-size thermal sludge treatment plants based on fluidized bed technology. The transaction will not impact Outotec's financial guidance for 2014.

Source: Outotec, Helsinki
JSPL, the flagship company of the O.P. Jindal Group, is the largest integrated stainless steel manufacturing company in India. Photo: JSPL
JSPL, the flagship company of the O.P. Jindal Group, is the largest integrated stainless steel manufacturing company in India. Photo: JSPL
7/28/2014 - Steel Plants in India to meet growing domestic demand

Jindal Steel & Power chooses GE Power Conversion to triple output

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GE’s Power Conversion business announced that Jindal Steel & Power Limited (JSPL) has chosen GE Power Conversion’s AC motors and drives to upgrade the steckel mill at its Raigarh Steel Plant, Chhattisgarh, India. The upgrade will boost production at the facility in line with JSPL’s plans to more than triple the steel-making capacity at its Raigarh plant from three million tonnes per annum (mpta) to 10mpta by 2020. The increase in production will help meet the anticipated 4.5 % rise in domestic demand for steel in India between now and 2015, even as new Prime Minister Narendra Modi makes plans for a series of ambitious, large scale infrastructure projects that will push India’s industrial base to new heights.

Source: GE, Chhattisgarh, India
7/25/2014 - Eurofer: Innovative steel products need higher energy consumption in the production phase

Enhanced energy efficiency is part of business optimization

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The European steel industry welcomes the Commission communication on energy efficiency as a contribution to climate protection, energy security and innovation in sectors which have a significant potential to further improve, such as the buildings sector which covers about 40 % of EU energy consumption. Industry has to be energy-efficient, the very fact that high energy prices in the EU are already damaging the competitiveness of globally competing sectors such as steel.

Source: Eurofer, Brussels
Using GE Power Conversion’s technology, Bokaro is well positioned to provide a strong raw material base for a variety of India’s modern engineering industries. Photo: SAIL
Using GE Power Conversion’s technology, Bokaro is well positioned to provide a strong raw material base for a variety of India’s modern engineering industries. Photo: SAIL
7/25/2014 - Bokaro Steel Plant

GE Power Conversion helps Steel Authority of India increase production capacity

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GE’s Power Conversion business announced that it will supply the Steel Authority of India Limited’s (SAIL) plant in Bokaro Steel City, India, with DC variable speed drives and automation for a cold rolling 4Hi tandem mill. The tandem mill will be used to help meet an anticipated increase of up to 4.5 % in 2015 in domestic demand for steel in India, supporting Prime Minister Narendra Modi’s ambitious plans for investment in infrastructure projects and manufacturing to help boost the Indian economy. SAIL selected GE’s Power Conversion business to provide an electrical and automation system that includes level 1 and level 2 automation, low-voltage equipment and instrumentation for the 4-stand tandem mill that is capable of rolling sheet gauges down to 0.4 mm to 2.5 mm and width from 700 mm to 1 850 mm.

Source: GE, Bokaro, India
7/25/2014 - Nucor

Results for Second Quarter and First Half of 2014 reported

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Nucor Corporation announced consolidated net earnings of $147.0 million, or $0.46 per diluted share, for the second quarter of 2014. By comparison, Nucor reported net earnings of $111.0 million, or $0.35 per diluted share, in the first quarter of 2014 and net earnings of $85.1 million, or $0.27 per diluted share, in the second quarter of 2013. Second quarter of 2014 diluted net earnings per share of $0.46 was above the guidance range of $0.35 to $0.40 per diluted share due to better than forecasted performance in the steel mills segment. In the first half of 2014, Nucor reported consolidated net earnings of $258.1 million, or $0.80 per diluted share, compared with consolidated net earnings of $169.9 million, or $0.53 per diluted share, in the first half of last year. 

Source: Nucor Corporation, Charlotte, N.C.
7/25/2014 - alacero

Latin American steel accumulates five months of minimum growth

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Between January and May 2014, the region registered a slight increase of its steel market. Crude and finished steel production grew 1 % and finished steel apparent use, 2 %, versus same period of 2013. Finished steel consumption in Latin America and the Caribbean reached 28.6 million tons during Jan/May 2014, 2 % more than the volume registered during the same period of 2013. The countries that contributed most to this moderate growth were: Mexico (which consumption grew 12 %), Colombia (+17 %) and Argentina (+7 %). Meanwhile, Venezuela, Ecuador and Chile continue to display strong drops in terms of tonnes and percentage variations.

Source: alacero, Santiago
7/24/2014 - Rautaruukki's shareholders

SSAB has announced the preliminary result of SSAB's share exchange offer

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The offer period for the share exchange offer by SSAB AB to the shareholders of Rautaruukki Corporation expired on July 22, 2014. According to the preliminary result of the share exchange offer, the shares tendered in the share exchange offer represent approximately 95.1 % of all the shares and votes in Rautaruukki. The Board of Directors of SSAB has resolved to issue a total of up to 67 000 000 new class A shares and up to 169 000 000 new class B shares as consideration in the share exchange offer to the shareholders in Rautaruukki. The final result of the share exchange offer will be confirmed and announced on or about July 29, 2014.

Source: SSAB AG, Stockholm
7/24/2014 - worldsteel

Reports on the Steel Safety Day and industry-wide safety audit

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The World Steel Association (worldsteel) announces the outcome of the industry-wide Steel Safety Day held on 28 April. worldsteel and its members commit to make the global steel safety day an annual event and to continue work together with all involved in the industry to create a safer work environment in the steel industry.

Source: worldsteel, Brussels
World crude steel production was 137 million t (Mt) in June 2014. Graph: worldsteel
World crude steel production was 137 million t (Mt) in June 2014. Graph: worldsteel
7/23/2014 - worldsteel

June 2014 crude steel production shows an increase of 3,1 %

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World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 137 million t (Mt) in June 2014, an increase of 3.1% compared to June 2013. World crude steel production in the first six months of 2014 was 821.3 Mt, an increase of 2.5% compared to the same period of 2013. The EU 28 showed an increase of 3.8% while Asia and North America reported growth of 2.9% and 1.7% respectively in the first half of 2014. South America and C.I.S. produced -1.0% and -2.6% less each.

Source: worldsteel, Brussels
7/23/2014 - Rautaruukki's shareholders

SSAB's share exchange offer has been accepted by more than 90 % of Rautaruukki's shares

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SSAB has announced that SSAB's share exchange offer to Rautaruukki's shareholders has been accepted by shareholders representing more than 90 % of Rautaruukki's shares. The offer period for the share exchange offer by SSAB AB to the shareholders of Rautaruukki Corporation expired at 3:00 p.m. CET on July 22, 2014. Based on the preliminary information SSAB has received from the arranger of the share exchange offer, the share exchange offer has been approved by Rautaruukki's shareholders representing approximately 94.8 % of Rautaruukki's shares. This preliminary information remains subject to confirmation by the arranger of the share exchange offer. This information is published by SSAB pursuant to the requirements of the Finnish Securities Market Act and the Swedish Securities Market Act.

Source: SSAB AB, Stockholm
7/21/2014 - Rising imports may absorb growth in steel demand, though

EU recovery taking hold

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Economic data confirm that the recovery in the EU is taking hold, although growth momentum remains rather modest. Relatively robust indicator levels suggest that the recovery may gain traction over the remainder of this year and into 2015 as economic growth steadily becomes more balanced across growth factors. Rising investment will provide the main thrust behind the improvement in domestic demand expected for this year and next. This will reduce EU’s dependence on exports as driver of economic growth and result in the economic recovery becoming broader and more self-sustained. There is also evidence that the recovery is broadening from a regional perspective, as the outlook for the more vulnerable countries in the Eurozone periphery is brightening, owing to reforms which strengthen particularly the export sector. In contrast, the recovery in France and Italy struggles to gain some strength.

Multi-hearth kiln. Courtesy: Magnesit Group
Multi-hearth kiln. Courtesy: Magnesit Group
7/18/2014 - Magnezit Group

Large-scale investment project amounting to more than 3 billion rubles

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Commissioning of the multi-hearth furnace for calcination of magnesite took place at the Satka production site of Magnezit Group (Satka, Chelyabinsk region, Russia) being the first on the territory of CIS. It marked completion of a large-scale investment project of the Group for the establishment of the Complex for the production of periclase clinkers – a new plant, construction of which can be without any exaggeration called a new stage in development of refractory industry in Russia.

The multi-hearth furnace with the annual production capacity of 100,000 t was developed specially for Magnezit Group by the German concern Polysius AG. The furnace has no analogues not only on the territory of Russia and CIS, but even on the world scale such kind of equipment is represented as single instances at the most technologically advanced plants. Innovation equipment corresponds to the most up-to-date international standards, including those of energy efficiency and environmental safety. Use of own raw materials, mined at the Magnezit Group deposit in Krasnoyarsk Area, allows to obtain the highest quality of products.

Source: Magnezit Group, Moscow, Russia
7/18/2014 - SSAB proceeds with the completion of the share exchange offer

The European Commission has approved the combination of SSAB and Rautaruukki

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SSAB has received the European Commission's approval for the combination with Rautaruukki. The approval is conditional on a commitment by SSAB to divest the following assets within its Nordic Steel Distribution system and Finnish construction business: one steel service center in Sweden and one in Finland, Tibnor Oy in Finland (a wholly owned subsidiary of Tibnor AB), the 50 % ownership interest in each of Norsk Stål AS (NS) and Norsk Stål Tynnplater AS (NST), and Plannja Oy in Finland (a wholly owned subsidiary to Plannja AB). SSAB will immediately start the divestiture process. These divestments will not affect the previously communicated synergy potential or the industrial logic behind the combination, since certain concessions were already expected. Regulatory competition approvals have previously been granted in Russia, Turkey and Ukraine. No further regulatory competition approvals are necessary for the completion of the share exchange offer.

Source: GlobeNewswire, Los Angeles, USA