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Home  /   Forum   /   Arcelor Mittal   /   Nieuws en info hier plaatsen (deel 4)

Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

Laatste koers (eur) Verschil Volume
22,270   +0,140   (+0,63%) Dagrange 22,160 - 22,270 308.639   Gem. (3M) 2,2M

Nieuws en info hier plaatsen (deel 4)

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35.173 Posts
Pagina: «« 1 ... 1324 1325 1326 1327 1328 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 24 mei 2021 08:16
    Choo Bee Metal Q1 Net Profit Soars on Surging Steel Prices

    Malaysian steel pipe maker Choo Bee Metal Industries net profit in January-March 2021 quarter swelled due to high steel prices. The company posted a net profit of MYR 27.3 million in January-March 2021 as compared with MYR 3.6million I January-March 2020 quarter. Revenue was up by 80% YoY to MYR 136 million. Choo Bee said further impetus driving steel prices were attributed to stronger demand led by China, yet steel supply remains inadequate due to logistics delays and mill capacity issues attributed to the Covid-19 pandemic.

    The company expects local steel prices to remain high. It said "Despite lower construction activities impacting demand, profit margins have expanded in tandem with the heightened prices by all manufacturers. The revival of the construction sector and governmental infrastructure spending in Mass Rapid Transit Line 3, Klang Valley First Phase Double Tracking Project, etc remains crucial to drive demand growth for the local steel industry.”

    The Choo Bee Group started as a scrap metal trader operating from a shared shop lot in the mid 1940s and has expanded to become one of the leading steel tube and pipe manufacturer and distributor of steel products in Malaysia. The flagship company of the group, Choo Bee Metal Industries Bhd, which is listed on the main board of the Kuala Lumpur Stock Exchange, is manufacturing ERW pipes. Choo Bee Metal Industries Berhad owns a manufacturing plant in Ipoh, situated in Pengkalan Industrial Estates with a total production of 200,000 tonnes per annum.

    Source - Strategic Research Institute
  2. forum rang 10 voda 24 mei 2021 08:16
    RVNL Gets Green Light to Import Rails for Kolkata Metro

    India’s Ministry of Steel has permitted Rail Vikas Nigam Ltd to import 5,000 tonnes of steel products for Kolkata Metro rail project. In a meeting of the Standing Committee under DMI&SP Policy on 14 May 2021 decided to recommend the grant of one-time exemption for procurement of 5000 tonnes of 1080 HH rails as there is no approved domestic manufacturer available for this item at present nor is expected to be there till the delivery of these rails .

    Rail Vikas Nigam Limited, which is implementing 64 kilometer of Metro Corridors in Kolkata, had initiated a proposal for the procurement of 11800 tonnes of 60 Kg 110 UTS HH rails in December 2018. Ministry of Steel had granted exemption to Rail Vikas Nigam Limited L for the procurement of 6700 tonnes of 1080 grade HH rails for Kolkata Metro Rail project on 1 October 2019. Rail Vikas Nigam Limited now requested for grant of exemption for procurement of remaining 5000 tonnes of 1080 grade HH rails since the this quantity cannot be met by domestic suppliers as SAIL is not producing these rails and other domestic manufacturer JSPL has already been given development order. The material will be utilized within the next 1.5-2 years from the date of arrival at Kolkata.

    As per the GFR amendment in rule 161, no global tender enquiry shall be invited for tenders upto INR 200 crore without prior approval from the competent authority. Now, for 5000 tonnes rails, no tender is required to be floated, no process approval is required, only the order is required to be placed for rolling.

    Source - Strategic Research Institute
  3. forum rang 10 voda 24 mei 2021 08:20
    Usiminas Postpones Blast Furnace Revamp to 2023

    Brazilian steelmaker Usinas Siderurgicas de Minas Gerais has delayed work to renovate its Ipatinga blast furnace for 10 months due to the COVID-19 pandemic as well as because of the stable operational performance. USIMINAS said “The furnace will continue operating as normal until the work begins in mid-2023. The decision to delay the work does not affect this year's planned investments.”

    USIMINAS board also reviewed the amount of money it would spend to reform the equipment. The company said it reduced the investment to BRL 2.09 billion (USD 380 million) due to the appreciated USD over the BRL, and the increased cost of materials and services. Usiminas said it will complete the investment by 2023. The revised investment doesn’t affect the company’s existing Capex spending forecast for 2021.

    Source - Strategic Research Institute
  4. forum rang 10 voda 24 mei 2021 08:23
    BHP Delivers First Iron Ore Production from South Flank

    BHP has achieved first ore at its USD 3.6 billion South Flank mine in the central Pilbara in Western Australia last week. South Flank is an 80 million tonne per annum sustaining mine, and will be the most technically advanced high quality iron ore mine in Western Australia. Together with the existing Mining Area C, it will form the largest operating iron ore hub in the world, producing 145 million tonnes of iron ore each year.

    The South Flank project has expanded the existing infrastructure at Mining Area C, and involved construction of an 80 Mtpa crushing and screening plant, an overland conveyor system, stockyard and train loading facilities, procurement of a new mining fleet and substantial mine development and pre-strip work.

    Source - Strategic Research Institute
    Bijlage:
  5. forum rang 10 voda 25 mei 2021 08:03
    Crackdown over Steel Price Speculation Continues in China

    Chinese regulators warned the country's major commodity companies and industry associations against excessive speculation and the spread of disinformation. According to a notice released by China’s National Development and Reform Commission, state regulators summoned major commodity companies and industry associations in the iron ore, steel, copper and aluminium sectors on supply and price stability and warned against excessive speculation and the spread of disinformation. They vowed to keep a close eye on commodity price movements, and step up inspections on the commodity futures and spot markets. They also pledged to implement zero tolerance on illegal activities, enforce monopoly agreements, and crack down on spreading disinformation and hoarding in the industry.

    Multiple factors have fuelled a price rally among commodities in China since the beginning of the year. While acknowledging the transmission of global price rises, regulators pointed to excessive speculation in the industry. China Iron & Steel Association said that steel prices, driven by robust domestic demand, rising raw material costs and a global easing of liquidity, surged in April & May but now demand will weaken over the coming period as construction activities slow during the rainy season while the autos and home appliances sectors are also entering their off-peak season. CISA on its official WeChat account said “From the domestic situation, the supply and demand sides of steel products did not show overall or trending changes, steel prices do not have the basis for sustained and substantial increases.”

    Source - Strategic Research Institute
  6. forum rang 10 voda 25 mei 2021 08:04
    Mercedes-Benz to Use Green Steel in Vehicles in 2025

    Mercedes-Benz AG has taken an equity stake in Swedish start up H2 Green Steel to introduce CO2 free steel into series production. Together with its steel suppliers, the company is retooling its supply chain to focus on the prevention and reduction of CO2 emissions rather than compensation. The partnership with HSGS is another step towards CO2 neutrality, which Mercedes-Benz is pursuing as part of Ambition 2039, its goal to achieve a fully connected and CO2 neutral vehicle fleet in 2039, eleven years earlier than the EU legislation requires. A Mercedes-Benz sedan is for example made from about 50% steel, which accounts for about 30% of CO2 emissions in production. With the partnership, Mercedes-Benz is actively and consistently tackling one of the biggest challenges in the automotive industry on the road to CO2 neutrality.

    By using a new innovate manufacturing process, the production of steel at the supplier level is CO2 free. By contrast, steel produced using a classic blast furnace, emits an average of more than two tons of CO2 per ton. In the new process, the supplier uses hydrogen and electricity from 100 % renewable energy sources instead of coking coal in steel production. The hydrogen serves as a reduction gas, which releases and binds the oxygen from the iron ore. Unlike the use of coking coal, this does not produce CO2, but water. The supplier uses electricity from 100% renewable sources for the energy requirements generated in the manufacturing process.

    H2 Green Steel H2GS was founded in 2020, aiming to build a large-scale fossil-free steel production facility in northern Sweden. H2GS will produce 5 million tons of fossil-free steel by 2030. By doing this, the company will contribute to the decarbonizing of the European steel industry, one of the largest carbondioxide emitters. H2GS will establish operations in Boden and Luleå. The founder and largest shareholder is Vargas, which is also co-founder and one of the largest shareholders in Northvolt.

    Source - Strategic Research Institute
  7. forum rang 10 voda 25 mei 2021 08:06
    Liberty Steel Advances Australia & UK Refinancing & Restructuring

    Liberty Steel Group announced that following very constructive and productive meetings at the weekend in Dubai, Mr Sanjeev Gupta and his newly-formed Restructuring and Transformation Committee are in advanced discussions with Credit Suisse Asset Management to reach a formal standstill agreement on its LIBERTY Primary Metals Australia business while refinancing is completed that will repay Credit Suisse out in full. Both parties also made significant progress in agreeing a framework to resolve GFG Alliance’s remaining exposure with Credit Suisse. This work includes identifying a positive solution which will allow LIBERTY to complete the restructuring and refinancing of its UK operations, protecting thousands of jobs and supporting the fulfilment of its vision to be a leader in the decarbonisation of the UK steel industry.

    As part of this restructuring LIBERTY will look to sell its aerospace and special alloys steel business in Stocksbridge, which while being a unique, high quality business servicing marquee customers in aerospace, auto and other highly engineered applications, is not core to the GREENSTEEL vision of LIBERTY. This sale will allow LIBERTY to focus on developing its Rotherham plant including its electric arc furnaces into a competitive 2 million tonnes recycled GREENSTEEL plant.

    LIBERTY has also already commenced the formal sale process of LIBERTY Aluminium Technologies and LIBERTY Pressing Solutions, working collaboratively with the main customers of these plants to find a sustainable home for these quality businesses, which are also non-core to LIBERTY’s vision of decarbonised GREENSTEEL.

    A formal sale process for Stocksbridge and its downstream plants, the narrow strip mill at Brinsworth and Performance Steels at West Bromwich will be launched shortly. GFG’s advisers Alvarez & Marsal will run both processes.

    Source - Strategic Research Institute
  8. forum rang 10 voda 25 mei 2021 08:06
    Indian Pipe Manufacturers Seek Ban on Steel Exports

    The Indian Pipe Manufacturers Association has sought government intervention to regulate the prices of steel. The industry body, in a 20 May letter to Steel Minister Mr Dharmendra Pradhan has sought a temporary ban on steel export in an effort to prevent steel players from diverting their produce to the international markets. It said “Pipe manufacturers and MSMEs are struggling for a long time due to increased prices and shortage of steel in the domestic market. We had approached the Steel Ministry, requesting your kind intervention for regulating prices and imposing a temporary ban on steel export.”

    The IPMA said “Steel prices have increased more than 60% in the past 10 months and are expected to increase further by INR 4,000 per tonne in coming days. This has made existence for down-stream industries impossible who are totally dependent on integrated steel mills for their raw material requirement. As such, several down-stream industries have closed and many more are on the brink of closure.”

    IPMA added “In some cases like API grades, oil and gas lines, prices have gone up by over 100-125% than what it was a few months ago. Commercial grade itself was has moved from being around INR 37500 per tonne to current levels close to INR 70,000 per tonne and still on the rise. This has severely impacted our project based business which needs certain validity. The primary steel manufacturers don’t give any validity more than a few days as they want to encash on the rising price trends thereby causing huge gaps and the resultant losses on account of steel volatility. This has put most of the pipe laying and construction business on a slow burner thereby negating the government’s push for faster infrastructure development.”

    Source - Strategic Research Institute
  9. forum rang 10 voda 25 mei 2021 08:07
    Liberty Steel’s Magona Mill to Stop Production - Reports

    According to reports in Italian media, Liberty Steel's Magona rolling mill in Piombino in Italy will halt output from mid-June as it lacks hot rolled coil supply. Reports quoted some market sources as saying that “Regular suppliers to the plant have withdrawn, given the company's financial issues. Magona has been unable to source material elsewhere as the market is tight and some sellers are unwilling to risk selling to the company. Stopping of operations will begin on May 28 with the pickling and rolling lines, with the galvanizing lines to be halted within the first ten days of June. Pre-painting operations will continue as long as stocks last.”

    Liberty has informed some of its clients that it is slowing down output. A company spokesperson said "Due to the situation with Greensill, Liberty Magona has faced significant issues with its main supplier of HRC which has impacted its ability to operate at full capacity, even though its market and demand from customers is strong."

    ArcelorMittal, from whom Liberty Steel acquired several European assets, including Magona, in order for the former to complete the purchase of Ilva in 2019, had committed supply to those assets under the divestment deal. But when Liberty ran into financial difficulties this year, ArcelorMittal reduced supply to those plants. Reportedly, payments from other Liberty assets to ArcelorMittal stopped, so it halted deliveries to the other sites, including Magona.

    Italian metalworking unions Fim, Fiom and Uilm have asked to open an urgent table at the Ministry of Economic Development and to meet the management of the plant in the presence of Mr Sanjeev Gupta

    Liberty Steel's Magona rolling mill has capacity for 800,000 tonnes per year of galvanised and pre-painted steel and has over 460 employees.

    Source - Strategic Research Institute
  10. forum rang 10 voda 25 mei 2021 08:08
    Tariff Commission on Safeguards on Angle Imports in Philippines

    Business World reported that according to the Tariff Commission, Philippine’s steel industry has adjusted to import competition after the end of a decade long imposition of safeguard duties on angle bars. It said “The actions that the steel angle bar industry undertook to improve production efficiencies and expand output were effective. The domestic industry has attained a level of efficiency that will allow it to compete successfully against imports after the termination of the safeguard measure.”

    The Tariff Commission said the local industry had kept a dominant market position and expanded production and sales, generating PHP 5.8 billion in average yearly sales from 2014 to 2019. It said “If no safeguard duty was imposed, the domestic industry would not have been able to easily invest in the implementation of efficiency measures, and they would have continued production at relatively higher prices. A narrower price gap between imported and locally produced steel angle bars showed a successful adjustment to competition.”

    Tariff Commission said “The local industry must continue to sustain competitiveness amid a coronavirus pandemic to avoid wasting gains made in the past decade. It is similarly imperative that the government do its part, by creating the conditions that will lead to a more stable and predictable business environment and promote ease of doing business in the new normal environment.”

    Safeguard measures on steel angle bars were extended up to 2019 after the local industry reported serious injury from import competition under Republic Act 8800 or the Safeguard Measures Act.

    Petitioners Cathay Metal Corp, Dragon Asia Rolling Mills Inc and Lunar Steel Corp, had said in February that the safeguards need not be extended after the sector posted financial growth.

    Source - Strategic Research Institute
  11. forum rang 10 voda 25 mei 2021 08:12
    Danieli’s Electrode Regulators for 7 Plants of Gerdau in Brazil

    Seven plants of Gerdau in Brazil will benefit from the installation of the innovative Danieli Automation Q-REG electrode regulator system to their electric arc furnaces. Q-REG provides not only the control of electrodes based on a dedicated HiPAC high-performance process controller, but also fast data acquisition and processing to analyze process parameters in real time, such as arc stability, arc coverage and radiation index per electrode.

    Furthermore, the Q-REG features advanced diagnostic tools enabling a deeper insight into every heat and on the behavior of main process parameters, including visualization of circular diagrams and variable trends, and the “Fast Fourier Transform” frequency analyzer.

    Part of the package chosen by Gerdau includes local assistance and maintenance services from Danieli do Brasil specialists.

    Source - Strategic Research Institute
  12. forum rang 10 voda 25 mei 2021 08:12
    Metinvest Receives Permission toBid for Dnipro Metallurgical Plant

    Leading Ukrainian steel maker Metinvest has received permission from the Antimonopoly Committee of Ukraine to bid to purchase the assets of Dnipro Metallurgical Plant. The facility is currently in bankruptcy proceedings and a bankruptcy trustee has been appointed. Its assets will be sold at auction, via the ProZorro system, which is needed to prevent a production stoppage and liquidation. If successful, the Group is obligated to sell at least 12,000 tonnes of pig iron to third parties annually for three years. It has not yet decided to participate in the auction, as it considers the obligations imposed as unreasonable, the application review as protracted and its treatment as biased. Metinvest applied to participate in the auction back in 2020, yet the committee’s review took a long time, despite Dnipro Metallurgical Plant having a limited period in which to recover.

    The imposition of obligations on the Group reduces the investment attractiveness of the plant’s depreciated assets and creates unequal conditions compared with other potential bidders. Other market participants can meet the demand for commodity pig iron that is included in Metinvest’s liabilities, which places the Group in a deliberately adverse position when selling commodity pig iron.

    Source - Strategic Research Institute
  13. forum rang 10 voda 25 mei 2021 08:13
    Severstal Appoints Ms Natalya Maleeva as Human Resources Director

    Russian steel giant Severstal announced that Ms Natalya Maleeva has been appointed Director of Human Resources at Severstal since May 24. Ms Anna Lvova, HR Director of Severgroup, who was the interim HR Director of Severstal, will continue to work at Severgroup and will focus on managing the HR departments of the Group's companies.

    Ms Maleeva's professional experience is more than 20 years, she has worked in management positions in Russian and foreign companies. Ms Natalia began her career at Troika Dialog, one of the leading investment companies. Subsequently, she headed HR departments in a number of large Russian and international corporations, including Mary Kay, Karo-Film, Provident Financial PLC, IFH Kapital, Detsky Mir. Since 2010, Natalya has worked as HR Director of M. Video. Prior to joining Severstal, she headed the combined HR function of M. Video-Eldorado ".

    She graduated from Moscow State University with a degree in Psychology, PhD in Psychology and also has a higher education in the field of economics. She also received MBA degree from Thunderbird School of Global Management. In 2017, Ms Natalia completed training at the Skolkovo Moscow School of Management under the program Company Management in the Context of Digital Transformation. She is also certified by the INSEAD business school under the Leading Digital Transformation program.

    Source - Strategic Research Institute
  14. forum rang 10 voda 25 mei 2021 08:14
    JSPL Postpones EGM on Jindal Power Disinvestment

    IANS reported that Jindal Steel and Power Ltd, in face of a section of investors questioning and seeking examination of the disinvestment plan of company's subsidiary Jindal Power Ltd, postponed its Extraordinary General Meeting. JSPL said "A few investors have requested the company to examine and simplify certain terms around the JPL disinvestment, before requiring them to consider resolutions in relation to the same. As a responsible corporate group, JSPL has deferred the EGM and is working on simplifying certain terms according to the feedback received from investors. Details will be shared soon with all the stakeholders.”

    JSPL had called company's EGM to get shareholders’ approval for JPL disinvestment in favour of Worldone Pvt Ltd, a company owned by the Jindal family.

    While JSPL stands its ground that the JPL disinvestment was finalised following the due process and after evaluating reports of independent transaction advisories and values, a section of investors have questioned the valuation arrived at in the deal that would be detrimental to the interests of JSPL. According to Chennai-based shareholder advisory firm Ingovern, the enterprise value of JPL is in the range of INR 10,000-12,000 crore but the promoters want to take control of 96.42% of the company for just INR 3,015 crore.

    Source - Strategic Research Institute
  15. forum rang 10 voda 25 mei 2021 08:18
    OMK Claims of 35% Savings by High Strength Steel Structures

    Leading Russian supplier of pipes and steel structures for the construction industry United Metallurgical Company OMK has offered construction companies the opportunity to reduce costs on steel structures by an average of 35% by using rolled metal of higher strength classes. The proposal was sent to the address of all non-profit partnerships according to the NOSTROY register, self-regulatory organizations of Russia, whose members are more than 95 thousand construction companies. Now each of them has the opportunity to reduce the cost of metal structures by contacting their SRO and familiarizing themselves with OMK's offer.

    Specialists of the Belgorod enterprise OMK, which, in cooperation with the Vyksa plant of the company, manufactures metal structures of any complexity, performed detailed calculations using the example of typical projects in order to clearly show how, while observing the current standards and maintaining all the operational characteristics of future buildings, their metal consumption can be optimally reduced. According to OMK's calculations, the use of metal structures made of high-strength steel grades up to C590 will reduce the metal consumption of the project by an average of 30-50%. It will also reduce the total weight of structures and reduce the load on the foundation, save on their transportation, assembly and installation. Compared to traditionally used structures made of low strength steel, this will reduce the cost of metal structures for the project by an average of one third.

    Nowadays, rolled metal made of high-strength steel is used mainly in unique construction projects, however, the development of the regulatory framework and the expansion of the production capabilities of manufacturers makes it possible to use such rolled products in mass construction.

    Source - Strategic Research Institute
  16. forum rang 10 voda 25 mei 2021 08:19
    US Steel Production Capacity Utilization Slips in Week 20

    The American Iron and Steel Institute reported that in the week ending on May 22, 2021, US’s domestic raw steel production was 1,793,000 net tons while the capability utilization rate was 79.0 percent. Production was 1,223,000 net tons in the week ending May 22, 2020 while the capability utilization then was 54.6 percent. The current week production represents a 46.6 percent increase from the same period in the previous year. Production for the week ending May 22, 2021 is down 0.3 percent from the previous week ending May 15, 2021 when production was 1,799,000 net tons and the rate of capability utilization was 79.2 percent.

    Adjusted year-to-date production through May 22, 2021 was 35,681,000 net tons, at a capability utilization rate of 77.6 percent. That is up 8.7 percent from the 32,811,000 net tons during the same period last year, when the capability utilization rate was 69.9 percent.

    Broken down by districts, here’s production for the week ending May 22, 2021 in thousands of net tons: North East: 146; Great Lakes: 621; Midwest: 184; Southern: 762 and Western: 80 for a total of 1793.

    Source - Strategic Research Institute
  17. forum rang 10 voda 26 mei 2021 08:18
    NDRC Issues Action Plan to Control Bulk Commodities Prices

    While Chinese steel related companies are adjusting their businesses as prices return to normal, after a government crackdown on speculation in the market, China's top economic planner National Development and Reform Commission has announced the action plan for strengthening price mechanism reform during the 14th Five-Year Plan (2021-25), highlighting the need to well responding to the price fluctuations on iron ore, copper, corn and other bulk commodities, as part of the efforts to help to achieve the national strategic goal of carbon peak, carbon neutral. The first of its kind addressing bulk commodities market regulation for next five years, the plan places special emphasis on further strengthening price regulation and market expectation management concerning people's livelihood ranging from eggs and wheat to cotton and iron ore.

    The plan also cites the need for improvement in key commodity forecasting early warning and monitoring system, advancing the floor price policy for rice, wheat, and cotton.

    This came in line with the latest effort by Chinese officials to further crack down on what they call excessive speculation in the commodity markets, leading to the sharp losses. The historical rise in commodity prices, posed by combined factors, including international transmission factors and excessive speculation, has severely disrupted the normal production and sales cycle and led to prices spiking across a number of commodity areas.

    Source - Strategic Research Institute
    Bijlage:
  18. forum rang 10 voda 26 mei 2021 08:20
    Nationalisation is Least Likely Option for Liberty Steel

    Sky News reported that UK’s Business Secretary Mr Kwasi Kwarteng has told Business, Energy & Industrial Strategy committee’s MPs that nationalising UK steel plants owned by Mr Sanjeev Gupta is the least likely option for ensuring production continues. Mr Kwarteng said Liberty's plants are good assets with a viable future. He said “The issue that Liberty had was to do with financial engineering, the opaque bit, if you like, of GFG, the leverage, the finance, the debt they had incurred. Without that I think there is a healthy interest in the assets and I think they have a viable future. I don't rule anything in or out, but I think that nationalisation, of all the options, is the least likely."

    Labour MP Nick Smith has demanded assurances the UK Government is ready to step in. He said: “Across the country 5,000 families rely on the company. We now need the government to ensure that these plants remain open and crucially provide the finance to bridge a transition period should a new buyer or state purchase be necessary and of course work with the trade unions to test the commitment of any new buyers. If promises are broken, will the Secretary of State step in with the finance to support our steel communities?”

    The business secretary also defended COVID support loans provided last autumn to Mr Gupta's now defunct Wyelands Bank, following concerns raised by the Bank of England Governor Andrew Bailey. He said "When these loans were made there were not concerns about this particular bank. British Business Bank was under a lot of pressure to distribute loans, we had to keep liquidity going.”

    Liberty Steel employs around 3,000 workers in the UK, jobs that have been under threat as a result of GFG's reliance on Greensill, which is now the subject of a Serious Fraud Office inquiry. GFG Alliance group has put Liberty Steel plants in Stocksbridge, Brinsworth and West Bromwich up for sale following talks with Credit Suisse, which lost an estimated GBP 1 billion when GFG's main lender Greensill Capital went bust earlier this year.

    In 2019 when British Steel collapsed into administration, the government provided almost GBP 600 million to allow plants to be run by the Official Receiver and continue production for five months until a sale to Chinese firm Jingye was agreed.

    Source - Strategic Research Institute
  19. forum rang 10 voda 26 mei 2021 08:21
    Algoma Steel & Legato Merger Sign Merger Agreement

    The Canadian parent company of privately held Algoma Steel Inc and Legato Merger Corp have entered into a definitive merger agreement that will result in Algoma becoming a publicly listed company with its common shares traded on the Nasdaq Stock Market. Algoma also intends to apply to list its common shares on the Toronto Stock Exchange. As a publicly traded company, Algoma will continue to execute its growth strategies under the leadership of Algoma’s current management, with a Board of Directors that will include six directors designated by Algoma, three directors designated by Legato and one jointly nominated. Algoma CEO Mr Michael McQuade said “The proposed transaction will provide Algoma with investment capital and an enhanced capital structure to support further transformative investments that are expected to drive improved financial performance and sustainable returns through the steel pricing cycle. We continue to evaluate our strategic options, including the potential for a substantial investment in electric arc steel making”.

    In addition to the approximately $236 million held in Legato’s trust account, various investors have committed to participate in the transaction through a PIPE of $100 million at $10.00 per share. The PIPE includes significant investments from strategic steel industry participants, as well as investments from Legato’s Chairman, TD Wealth Management, Vantage Asset Management, JC Clark, Hite and Goodwood Fund.

    The company currently has a production capacity of about 2.8 million tonnes of steel a year, which makes it the second largest steel company in Canada, and employs roughly 2,700 people.

    Source - Strategic Research Institute
  20. forum rang 10 voda 26 mei 2021 08:22
    Tata Steel Pledges Faster Clean Up of IJmuiden Plant

    Dutch News reported that Tata Steel has pledged to speed up its clean-up operation at IJmuiden steel plant. Measures to reduce the smell, emissions and noise pollution from the plant will now be apparent from 2023, not 2025 as pledged earlier. The measures are not new, and were announced in 2019 and 2020, but Tata Steel now says it wants to complete the work more quickly. In total, the package of improvements will cost some EUR 300 million.

    The news comes just a week after a large group of locals living close to the plant launched legal action against the company for deliberately damaging their health. High profile lawyer Benedicte Ficq is representing the local residents and eight of foundations in the case, and says that the factory has been dumping dangerous chemicals into the air and soil of a densely populated area.

    Earlier this month: engineering union FNV Metaal said Tata should bring forward its long-term plans to cut pollution and boost energy efficiency. Union chief Roel Berghuis said “Our plan shows that you can go green while maintaining employment levels. ‘But our plan is conditional on the government changing its rules for reducing carbon emissions.”

    Source - Strategic Research Institute
    Bijlage:
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