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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
22,260   -0,200   (-0,89%) Dagrange 21,930 - 22,300 4.404.827   Gem. (3M) 2,3M

Nieuws en info hier plaatsen (deel 4)

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35.173 Posts
Pagina: «« 1 ... 271 272 273 274 275 ... 1759 »» | Laatste | Omlaag ↓
  2. forum rang 10 voda 5 augustus 2015 16:39
    Hyundai Steel’s second quarter results support credit rating – Moody’s

    International credit rating agency Moody's has announced that South Korea-based Hyundai Steel’s robust operating results for the second quarter this year support the steelmaker's Baa3 ratings and positive rating outlook.

    In the second quarter, Hyundai Steel reported an 18 percent growth in its operating income to KRW 424 billion ($367 million), year on year, mainly driven by increased demand for long steel products, supported by the recovery in the local housing industry.
    Moody's expects the company's operating income to grow by high single digits year on year in 2015, as a 29 percent year-on-year growth in operating income in the first half and incremental earnings contribution from its newly acquired companies, Hyundai Hysco and Dongbu Special Steel, should more than offset an expected softening in steel margins in the second half.

    Source : SteelOrbis
  3. forum rang 10 voda 5 augustus 2015 16:41
    Chinese steel plates poised to flood Korean steel market

    Business Korea recently reported that it is expected that an increasing amount of thick plates made in China will be supplied to the Korean steel market, as multiple Chinese steel manufacturers are poised to penetrate the market one after another.

    For example, TangshanIron and Steel recently signed a business agreement with an export agency to export 100,000 tons of thick plates to Korea per year. The agreement is due to the sluggish demand in the domestic market of China. Tangshan Iron and Steel’s annual crude steel production capacity reached 20 million tons last year, and 3.07 million tons of it was exported during the same period. The company is planning to increase its exports to Korea and some other countries this year.

    An industry source said “Tangshan Iron and Steel signed the contract with an exporter running branches in Beijing and Hong Kong. It seems that things will be harder for Korean steelmakers down the road with a lot of other Chinese steelmakers, not just Tangshan, rushing into the Korean market.”

    Korea recorded a trade deficit of US$2.07908 billion against China in the steel industry during the first five months of this year. The amount was US$3.10973 billion last year. In addition, the thick plate import volume surged by 29 percent from a year earlier to 517,632 tons in the first quarter of 2014.

    At present, Korean construction companies depend heavily on Chinese thick plates for the sake of cost reductions. Some Korean shipbuilders are using the products for the same purpose, too. Under the circumstances, Korean steelmakers’ profitability is expected to keep deteriorating, as they are in no position to mark up the prices of their products. POSCO has recently cut the prices of its products earlier this year in this vein.

    Source : Business Korea
    Bijlage:
  4. forum rang 10 voda 5 augustus 2015 16:47
    US Steel Košice violated the Labour Code - Report

    Sme Daily reported that the employees of the US Steel Košice company were allegedly working without enough break time and they were even not permitted to go on holiday. These are just some of the findings of the National Labour Inspectorate (NIP) which carried out an inspection of the steelmaker in May. The company received a fine of €100,000. The steelmaker claims they have already fixed most of the problems, the Sme daily reported.

    The inspectors consider the high number of working hours a severe violation of the Labour Code. Mr Jozef Rau?ina of the NIP branch in Nitra said “The working hours of employees exceeded 12 hours within 24 hours.”

    There were also some flaws when it comes to holiday, as the employer allegedly did not allow then to take at least four weeks off to which they were entitled

    In addition, dismissed employees received their wages late, while the inspectors also revealed several violations of health protection and safety at work, Sme wrote.

    US Steel Košice’s spokesperson Ján Ba?a confirmed the visit of inspectors. He said “We discuss the outcome of the inspection and further steps with the respective labour inspectorate.They already removed several defects during the inspection.”

    Source : Sme.sk
    Bijlage:
  5. forum rang 10 voda 5 augustus 2015 17:00
    South Africa government seeks remedies for steel sector

    I Africa reported that the South African government is seeking remedies to help the embattled local steel industry. Economic Development Minister Mr Ebrahim Patel while speaking ahead of a briefing to Parliament's economic development committee said that the local steel industry is suffering along with global producers due to a supply glut and a drop in demand from China.

    He told "This has placed steel makers across the world under enormous pressure and the local industry is no different. Urgent solutions had to be found.”

    The minister said that “The government was considering two options. One would be a trade remedy and the other would be linked to the state's policy of localization. This would involve using local steel for the production of certain local steel products.”

    He added "We have to be prudent. We have to find a remedy that will not have significant negative effects on the downstream. We certainly want to deal with the matter expeditiously.”

    Source : IAfrica.com
  6. forum rang 10 voda 5 augustus 2015 17:01
    Power shortages shut production at Libyan Iron and Steel Company

    Reuters reported that Libya's biggest steel firm, Lisco, has shut production for at least a month due to power shortages, its chairman said on Tuesday, closing down the country's biggest industrial company outside the energy sector. Libya has been hit hard by power outages as fighting between rival factions has damaged plants, interrupted the grid and made the import of spare parts more difficult.

    Mohamed Abdelmalik al-Faqih told Reuters "We, Lisco, have closed the plant today for August in cooperation with the government in Tripoli to help overcome difficulties of the public electricity grid.”

    He said the closure of the Misrata-based plant would continue beyond August unless the power supply improved.

    In May, the Libyan Iron and Steel Company (Lisco) said it planned to produce between 500,000 tonnes and 600,000 tonnes of liquid steel, its main base product, in 2015.

    Source : Reuters
  7. forum rang 10 voda 5 augustus 2015 17:02
    Klesch Group confirms that it wont buy the Tata Steel works in Scunthorpe

    Scunthorpe Telegraph reported that a statement has been issued by the Klesch Group confirming it will not buy Scunthorpe's Tata Steelworks. The Swiss-based Klesch group has blamed rising energy costs in the UK and Chinese imports for the change of heart.

    A spokesman for the Klesch Group said: "The Klesch Group confirms that it is no longer in talks with Tata Steel to purchase its Long Products Europe business and associated distribution activities."

    Tata Steel is yet to issue a statement.

    Source : Scunthorpe Telegraph
  8. forum rang 10 voda 5 augustus 2015 17:04
    EPA power plant rules will raise cost of electricity in US

    The White House has announced final Environmental Protection Agency regulations requiring existing electricity generating utilities to reduce carbon dioxide (CO2) emissions by 32 percent in the next 15 years, and effectively mandate that new coal-burning power plants use unviable carbon capture and storage (CCS) technology to reduce greenhouse gas emissions. The American Iron and Steel Institute (AISI) expressed strong concerns about the regulations, saying they will raise electricity costs for domestic steel companies and threaten the industry’s ability to remain internationally competitive.

    Mr Thomas J Gibson president and CEO of AISI said “This rule puts the affordability and reliability of electricity for steel producers at serious risk. The leading steel producing states in the U.S. are heavily dependent on coal for electricity production. This rule will have a disproportionate impact on coal-fired utilities and, in turn, impede economic growth for steelmakers.”

    Mr Gibson added that the steel industry competes with steel producers in countries where energy costs are often subsidized. He said, therefore, “Limitations on CO2 emissions instituted in the US must also apply at the same level of stringency to other major steel producing nations, such as China. Otherwise, steel production and manufacturing jobs will shift to other nations with higher rates of greenhouse gas (GHG) emissions.”

    AISI and sixteen other pro-manufacturing groups submitted joint comments to the EPA in December stating that these regulations could severely harm the international competitiveness of critical U.S. industries.

    Source : Strategic Research Institute
  9. forum rang 10 voda 5 augustus 2015 17:11
    Goa’s 7th iron ore E auction response casts shadow on mining restart in October

    It is reported that out of about one million tonne in 16 lots, only two lots of iron ore totaling 55453 tonnes received bids in Goa government’s 7th E-auction held on August 4th as participants found high base prices against the prevailing market conditions and casting shadows on Goa government plans to restart mining in October as SC directive spells liquidation of stocks before commencing new mining

    Source : Strategic Research Institute
  11. forum rang 7 mvliex 1 6 augustus 2015 12:40
    ArcelorMittal SA Sees Large Growth in Short Interest (MT)

    August 6th, 2015- by Samantha Reynolds

    ArcelorMittal SA logoArcelorMittal SA (NYSE:MT) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 39,250,694 shares, an increase of 10.4% from the June 30th total of 35,568,945 shares, MarketBeat reports. Based on an average daily volume of 10,377,503 shares, the days-to-cover ratio is currently 3.8 days.

    A number of equities research analysts have weighed in on MT shares. ABN Amro raised ArcelorMittal SA from an “add” rating to a “buy” rating in a research report on Wednesday. Zacks upgraded ArcelorMittal SA from a “sell” rating to a “hold” rating and set a $10.00 target price on the stock in a research note on Monday. Jefferies Group dropped their price target on ArcelorMittal SA to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, July 21st. Credit Suisse reissued an “outperform” rating and issued a $15.00 price objective (up previously from $11.50) on shares of ArcelorMittal SA in a report on Wednesday, June 3rd. Finally, Bank of America raised ArcelorMittal SA from a “neutral” rating to a “buy” rating and set a $13.75 price target for the company in a report on Friday, May 15th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $12.61.

    www.dakotafinancialnews.com/arcelormi...
  12. forum rang 10 voda 6 augustus 2015 16:39
    Forse winstdaling voor Rio Tinto

    Gepubliceerd op 6 aug 2015 om 09:30 | Views: 1.650

    LONDEN (AFN) - Mijnbouwconcern Rio Tinto heeft in de eerste helft van dit jaar de winst met 43 procent zien dalen door de sterke daling van de ijzerertsprijs. Dat blijkt uit cijfers die het bedrijf donderdag publiceerde.

    De onderliggende winst bedroeg 2,9 miljard dollar (ruim 2,6 miljard euro), tegen 5,1 miljard dollar een jaar eerder. De ijzerertsprijs staat onder druk door een wereldwijd overaanbod en een zwakkere vraag vanuit de Chinese staalindustrie.

    Rio Tinto gaf aan extra in de kosten te gaan snijden en minder te investeren.
  13. forum rang 10 voda 6 augustus 2015 16:51
    ArcelorMittal: Mean Reversion And Growth Opportunities Are Real

    Aug. 5, 2015 4:44 AM ET | 1 comment | About: ArcelorMittal (MT)

    Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in MT over the next 72 hours. (More...)

    Summary
    •The largest steel producer in the world will weather a downturn in steel and iron ore prices.
    •Market conditions will not persist, making the company’s earnings growth in the next several years extremely likely.
    •With a very low EV/EBITDA ratio, this company is undervalued.

    Looking Past Earnings

    ArcelorMittal's (NYSE:MT) sales figures are down so far this year, but shipments are up. The company's earnings are being hurt by lower steel and iron ore prices, and a lower euro and Brazilian real versus the US dollar.

    The company's main source of revenue is from steel production, but it also has its own iron ore mining sites which provide raw materials to its steel factories, as well as, provides materials for sales abroad. If iron ore prices were high, being vertically integrated would be a huge benefit to the company. However, that is not what we see. Lower iron ore and steel prices are hurting the company's revenues badly.

    Taken from arcelormittal.com, "Sales for 1H 2015 decreased by 16% to $34.0 billion as compared with $40.5 billion for 1H 2014, primarily due to lower average steel selling prices (-18.1%) and lower seaborne iron ore prices (-46%), offset in part by higher steel shipments (+3.2%) and marketable iron ore shipments (+1.5%)."

    However, the situation is not all bad. While revenues overall are down, the steel giant has been increasing shipments year over year. "Total steel shipments for 1H 2015 were 3.2% higher at 43.8 million metric tons as compared with 42.4 million metric tons for 1H 2014." In addition, it has continued to increase its iron ore shipments, for which it ranks fourth in the world as an iron ore company.

    The ever-changing foreign exchange environment also impacts MT's earnings. For the first half of 2015, the company lost $829 million in foreign exchange and net financing, a large part of which was due to the appreciation of the US dollar against the euro (7.8%) and the Brazilian real (14.4%).

    To give you a better gist of the situation, earnings before interest & taxes in 1Q were -$510M, mostly due to foreign exchange losses ($756M). If you compare this to EBIT of +$306M in 2Q and an FX loss of only $73M, you can see that foreign exchange played a huge role in the loss the company had in 1Q.

    Recap

    Going forward, it would seem likely that the euro might depreciate further versus the dollar with another dose of QE by the ECB and the Fed getting ready to raise their interest rate target, but perhaps not to the extent that we saw in the first quarter of 2015. And in reality, with almost every major central bank cutting rates this year except for the Fed and the BOE, one could argue that this is a favorable environment for steel producers, and especially one like ArcelorMittal that has factories across four continents and twenty-two countries.

    Indeed, perhaps being so diversified is a plus for the company. Being the largest steel producer and fourth largest iron ore mining company can have many negatives, but also has some positives when prices fall. As smaller firms with higher cost structures make losses in this low price environment, they will have to shut down, restoring profit to larger producers like MT that can weather the downturn.

    However, having revenues so tied to steel prices will mean that Arcelor's chances of recovery fall more or less solely on the recovery in the price of steel.

    What is going on with steel prices and where are they going?

    Global steel prices have been dropping due to over-capacity and lower demand.

    A lot of the steel over-capacity is coming from China, who supplies almost half of the world's steel. Demand in the Asian powerhouse has cooled off, especially in real estate, leaving domestic steel producers no choice but to export their excess supply. This drives down the market price of the world and has hurt revenues of ArcelorMittal as seen above.

    Not only has excess supply driven down the price, but the global oil glut has hurt steel prices too. Because oil companies are building rigs and growing their businesses when oil prices are high, steel manufacturers lose a lot of demand (around 10%) when oil prices are low and oil companies are not expanding.

    (click to enlarge)

    Source: National Bureau of Statistics of China

    As shown here, China building sales saw a dramatic increase in 2013, followed by a decrease into 2014. Naturally, Chinese steel producers increased production to meet the growing demand, and now have supplied too much to a shrinking market.

    Mean Reversion

    In 2015 to date, 43% of Chinese steel producers are incurring losses (here), suggesting that these firms are more likely to exit the market. By 2016, this could mean less supply and eventually, higher steel prices across the globe.

    Even if these producers don't reduce supply, will steel prices return to higher levels? My thought is yes.

    While the real estate market in China might have cooled off temporarily, the "urban billion" is on its way, and with it, a huge demand for buildings, infrastructure, and steel. Even though MT only receives about 1% of its revenue from China, higher demand from the country will mean that Chinese steel producers will export less abroad because, as we have already seen, steel production in China has peaked.

    Shown here is the urbanization rates for the US (around 80%) and China (around 50%). China still has a lot of catching up to do.

    Source: newgeography.com

    While a speculative play, it does seem likely that with MT's growing production, it is in the perfect position to take-off if/when steel prices return to normal levels. It is likely that some Chinese producers will shut down in the near term, or that there will be sizeable growth of China's urban population over the next several years.

    Opportunities

    Another significant potential positive for ArcelorMittal is that it recently signed a deal with the Steel Authority of India Limited (SAIL) for a possible joint venture in India, providing steel products to India's automotive industry. (arcelormittal.com)

    This makes for a great setup for the end of 2015 and 2016. Steel and foreign exchange prices could both rebound or stabilize, and with growing shipments by the company and new projects, its earnings growth could rebound quite substantially.

    Something that should not be overlooked is that MT has begun a cost reduction program and is carrying it out in a way that won't hurt performance. An important piece from the recent Q2 conference call was CEO of Mining Simon Wandke's comments: "A wide-spread range of opportunities for us, contractor reductions, efficiency gains, right down to port improvements, rail haulage." Pair this with a lost time injury frequency rate of .68, the best rating MT has ever achieved. This suggests that the cost reductions that the company is taking on are not reducing its investment in their employees. In other words, they are not cutting corners by reducing training, etc., which will go a long way to maintaining the company's position in the future. And overall, if steel prices are stuck in the near term, these cost reductions will increase profit margins for the company.

  14. forum rang 10 voda 6 augustus 2015 16:51
    Deel 2:

    Risks

    Obviously, being so dependent on the price of steel makes MT very risky. However, a specific risk is that of the country's position in Brazil.

    In Brazil, where the company makes almost a quarter of its revenue, unemployment has gone from 4.8% in 2014 to 6.9% most recently. A weak global commodity market has hurt Brazil too, meaning less inflow of capital and lower growth. Arcelor benefits from a weaker real in its exports, but is considering idling its new steel mill in response to low domestic demand. Obviously, this is a huge risk going forward, considering Brazil makes up for so much of MT's revenues.

    Valuation

    With an enterprise value to EBITDA of 4.69 (Yahoo), this company is extremely undervalued. Attached is a historical chart, showing historical EV/EBITDA and price. Notice that every temporary bottom in the EV/EBITDA value is followed by a rally in share price.

    This goes back to mean reversion. Companies that are undervalued because of recent bad earnings tend to have higher earnings in the following years, and companies that are overvalued and have had great earnings growth tend to have lower earnings in the following years, causing their share price to drop. This is due to the cyclical nature of business, from which most companies can't escape. Steel is no different.

    In terms of realistic value, one could look at the company's price to book value (about .44), which yields a price around $20. This is probably a bit high, and would require vastly changing market conditions, however, I have already described how this could come about. At the end of the day, the current share price around $9 offers investors low risk, because at least they know the company could be sold off for more than that.

    While it is difficult to predict the exact bottom in EV/EBITDA for Arcelor, a value below 5 is usually seen as significant value. Going forward, I see Arcelor's earnings outperforming market expectations and its share price reaching closer to $20 per share.

    seekingalpha.com/article/3399965-arce...
  15. forum rang 10 voda 6 augustus 2015 17:16
    Tata uses Mars technology to improve steel

    The Northern Echo reported that Tata Steel has worked with The Centre for Process Innovation (CPI) on ways to identify steel defects. Bosses say the project, which also involved UCL Mullard Space Science Laboratory and MPI Limited, deployed systems previously used to investigate the Red Planet to pick up cracks and issues in cast hot steel. They added it developed a laser-based technique able to detect faults in temperatures above 800C, with a pilot production unit now installed at Tata’s Scunthorpe casting plant.

    Professor Jan-Peter Muller, ICL head of imaging, said: “We are delighted; the project has taken technology previously used in the space sector and applied it to steel manufacturing. The technology developments achieved are significant for the UK and should benefit a number of high-value manufacturing sectors.”

    Neville Slack, CPI programme manager, added: “The project has been of great benefit. It has provided the opportunity to apply these novel techniques in a number of new projects and also across a range of industries.”

    The CPI is overseeing a number of revolutionary technological projects in the North-East, including the £38m National Biologics Manufacturing Centre, in Darlington. The site will open later this year to support companies’ research and development on potentially life-saving cures and vaccines, including cancer treatment, and help experts take concepts to the market place.

    Source : The Northern Echo
  16. forum rang 10 voda 6 augustus 2015 17:19
    EUROFER update on steel imports into Europe

    Customs data reveal that third country steel imports into the EU continued to rise in early 2015. Total imports rose 2% y-o-y in Q1-2015. Finished product imports grew 8%, with flat products 12% up and long products 8% down on the same period of last year.

    Source : Strategic Research Istitute
  17. forum rang 10 voda 6 augustus 2015 17:19
    Iran plans to more than double steel production by 2025

    Trade Arabia reported that Iran plans to more than double its steel production by 2025 and boost its exports once international sanctions are lifted

    Iran has planned projects ranging from steel to aluminium production, gold mining and copper, Mehdi Karbasian, deputy minister of Iran’s Ministry of Industries, Mines and Trade, was quoted as saying in a Times of Oman report.

    German, French and Dutch delegations visited Iran in the past few weeks, and a two-day seminar on steel opportunities is tentatively set for September on Kish Island in the Gulf, he said.

    The companies looking to invest don’t want to be identified until sanctions are removed, he added.

    Iran possesses 3,000 active mines, mostly privately owned, with 9 per cent of the world’s gypsum production and 2 per cent of molybdenum and nitrogen output, according to a 2010 report by the US Geological Survey.

    Oil producers such as BP and Royal Dutch Shell have expressed interest in developing Iran’s crude reserves, the world’s fourth-biggest, said the report.

    Karbasian said that the sanctions imposed on Iran did certainly hurt the Iranian people and also slowed development in steel and other fields, but the investment in Iran when sanctions are lifted will be a win-win situation.

    Source : Trade Arabia
  18. forum rang 10 voda 6 augustus 2015 17:20
    Mr Renzi wins vote to help banks, keep steel plant open

    Reuters reported that Italian Prime Minister Matteo Renzi won a confidence vote in the Senate on Wednesday on emergency measures to help banks offload bad loans and to keep open a major steel plant which prosecutors say is unsafe. The very different measures were contained in a single decree as the government races to push through legislation ahead of the parliamentary summer recess.

    The Senate passed the decree by 159 votes to 104. It had already been approved by the lower house Chamber of Deputies.

    The decree reduces lengthy bankruptcy proceedings and help banks recover collateral on bad loans more quickly. The government is hoping to foster a market for bad loans which is currently almost non-existent in Italy.

    The country is slowly emerging from a three-year recession that has left its lenders saddled with some 350 billion euros ($390 billion) of loans that have gone sour. That forces them to set aside capital to cover for potential losses and crimps their ability to lend to households and companies.

    The Ilva steelworks in the southern city of Taranto has Europe's largest output capacity at 11 million tonnes. It is producing much less than that after being put under special administration in 2013 and is losing tens of millions of euros a month.

    The government decree blocks an order by magistrates to shut down a furnace after a worker died there. That would have left the factory with only one functioning furnace out of five.

    Source : Reuters
  19. forum rang 10 voda 6 augustus 2015 17:21
    voestalpine gets a boost in earnings in the first quarter of 2015-16

    In the first three months of the business year 2015/16, the voestalpine Group continued its successful performance with regard to both revenue and earnings.

    Higher revenue and a significant rise in earnings due to positive operating results and non-recurring effects

    Revenue goes up from EUR 2.83 billion in the first quarter of 2014/15 to EUR 3.0 billion in the quarter under review, an increase of 6.2%

    Operating result (EBITDA) up by 45% from EUR 364 million to EUR 527 million (minus non-recurring effects to EUR 389 million, + 7%); adjusted EBITDA margin improved slightly from 12.9% to 13%

    Profit from operations (EBIT) up by 69% from EUR 218 million to EUR 369 million (minus non-recurring effects to EUR 237 million, +8.5%); at 7.9%, adjusted EBIT margin higher than the previous year’s figure of 7.7%

    At EUR 329 million profit before tax 71% above the previous year’s figure (minus non-recurring effects: EUR 197 million, + 2.3%); profit for the period up by 93% to EUR 289 million (minus non-recurring effects: EUR 152 million, +1.1%)

    Compared to the previous business year, the number of employees goes up by 2.5% to 48.700 (FTE)

    Construction of the direct reduction plant in Corpus Christi, Texas, on schedule

    Mr Wolfgang Eder, Chairman of the Management Board and CEO of voestalpine AG said “Our consistent specialization in technologically highly sophisticated, top-quality products and increased focus on growth markets outside of Europe again contributed to a substantial improvement in earnings in the first quarter of 2015/16.”

    Revenue generated by the voestalpine Group in the first quarter of 2015/16 (April 1, to June 30, 2015) rose by 6.2% compared to the previous year from EUR 2.83 billion to EUR 3.0 billion. This increase is due, on one hand, to the very good operational development of the Steel and Special Steel Divisions, and on the other, to the initial full consolidation of revenue generated by voestalpine Tubulars GmbH & Co KG Kindberg, Austria and CNTT Chinese New Turnout Technologies., Ltd., Quinhuangdao, China (both companies are part of the Metal Engineering Division) in the consolidated annual financial statements. Previously, the companies were consolidated at equity, i.e., their revenue was not included in the voestalpine annual financial statements at all and their earnings were included proportionately. The joint venture agreements executed with the respective partners were renegotiated so that both companies are now fully included in the voestalpine consolidated financial statements as of the beginning of the business year 2015/16. The resulting non-recurring effects impacted EBITDA with EUR 138 million and EBIT with EUR 132 million.

    In the first quarter of 2015/16, the voestalpine Group achieved an operating result (EBITDA) of EUR 527 million; compared to the previous year’s figure of EUR 364 million, this corresponds to an increase of 45%. Even adjusted for the non-recurring effects, there is a gain in EBITDA of 7% to EUR 389 million. The adjusted EBITDA margin in the first quarter of 2015/16 is therefore 13.0% compared to 12.9% in the previous year. All four divisions of the voestalpine Group contributed equally to the increase in EBITDA adjusted for non-recurring effects, with the Steel Division showing the largest boost in earnings at 17.6%. Profit from operations (EBIT) rose from EUR 218 million in the previous year to EUR 369 million EUR, a boost of 69% (adjusted for non-recurring effects: EUR 237 million, +8.5%). The resulting EBIT margin of 7.9% is also above the figure for the first quarter of 2014/15 (7.7%).

    At EUR 329 million, profit before tax was up by 71% in the first quarter of 2015/16 compared to the same period in the previous year (193 million EUR); this figure includes non-recurring effects amounting to EUR 132 million. Even reduced by these non-recurring effects, the figure is EUR 197 million, 2.3% above the previous year’s figure. Profit for the period climbed by 93% from EUR 150 million to EUR 289.4 million. Due to the specific way that non-recurring effects are taxed, profit for the period in the first quarter of 2015/16 includes extraordinary contributions amounting to EUR 137.7 million, resulting in an adjusted profit for the period of EUR 151.7 million (+1.1%, previous year: EUR 150 million).

    In a year-to-year comparison, equity increased by 2.6% to EUR 5.6 billion. In addition to the aforementioned changes in consolidation, the rise in equity was also due to the capital increase of 1.45% of share capital, which was undertaken in April 2015 for the purpose of expanding the employee shareholding program. Net financial debt increased in a year-to-year comparison by 23% to EUR 2.98 billion, due to the refinancing of hybrid bond 2007, however, it remained constant compared to the reporting date of March 31, 2015 (EUR 2.98 billion). The gearing ratio (net financial debt in percent of equity) fell during the first quarter of the business year from 58.4% to 53.6%. As of the reporting date of June 30, 2015, the voestalpine Group had 48.653 employees (FTE) (+2.5%).

    Source : Strategic Research Institute
    Stable and positive outlook for the current business year 2015/16
  20. forum rang 10 voda 6 augustus 2015 17:22
    ArcelorMittal South Africa calls for anti dumping against cheap steel imports

    biznews.com reported that ArcelorMittal South Africa has called for anti-dumping relief but it is hard to turn a dragon around. ArcelorMittal SA CEO Mr Paul O’Flaherty, in an interview with Alec Hogg, says government needs to decide if the steel industry is a weapon of choice for the country. He said “Do they industrialise through creating steel capacity or do they simply import. The first option creates jobs and opportunity, the second decimates an industry and in Arcelor’s case 13,500 jobs.”

    Mr Paul O’Flaherty iin an interview while answering “How bad is this Chinese dumping and have you’ve gone to the World Trade Organisation” said “We haven’t gone. The Word Trade Organisation has duties, which have been approved for South Africa, on steel. Those duties happen to be zero percent. We’re asking that those duties be put up to the bound rate, which is ten percent, as an initial emergency measure. Secondly, we believe there are four products, which are being dumped into this country and we want to have anti-dumping relief against those products.”

    Q - At what prices are they being dumped?
    A- Below their cost – way below their cost.

    Q- Below your cost?
    A - Below their own costs.

    Q - A figure of 25 percent was mentioned – 25 percent below your production costs.
    A - It’s also below their production cost. With anti-dumping, you need to have your evidence. We’ve seen many countries in the world, implement anti-dumping in the last nine months against China, specifically. There’s evidence out there in the world that this is happening for the very same products we’re talking about, so we also want to ask for relief for anti-dumping.

    Q - So it is from China, which is a member of BRICS, which brought South Africa into BRICS. Politically, it’s a hot potato for you.
    A - Alec, it comes down to the question we’ve been asking about the steel industry. Is the steel industry an important weapon for South Africa? Do we want to industrialise through having our own steel capacity as opposed to simply importing all your steel? That’s what this is about; this is protection for them. This isn’t just for ArcelorMittal. The entire industry’s at stake.

    Q - We’re seeing Evraz Highveld teetering at the moment. The bottom line: can you keep going if there’s no duty?
    A - No. I spoke this morning about the low road and the low road scenario is that we would have to restructure our organisation. We’d have to scale down. We’d have to cherry-pick the products we want and concentrate on where we make the most profit, to survive.

    Q - What would that mean to staff or to jobs?
    A - Unfortunately, in that scenario it’s job retrenchment.

    Q -How many, though?
    A - It’s difficult to state, Alec. At the moment, direct jobs – 13,500 and we have a capability of producing five million tons. If you scale down and say you’re only a two-million ton producer (that you can do profitably), then it’s almost 1:1 in terms of the people you need. You could halve it.

    Source : biznews.com
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