ArcelorMittal was eligible to bid for Essar Steel

Press Trust of India reported that ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KSS Petron, and had already offloaded its shares before submission of the bids.


 Arguing before the National Company Law Appellate Tribunal (NCLAT) on behalf of ArcelorMittal, senior advocate Harish Salve submitted that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel. He said “ArcelorMittal is not a shareholder in Uttam Galva as on February 7 and on February 9 it was not a shareholder of KSS Petron...

We have (ArcelorMittal) submitted bid on February 12.” He added that ArcelorMittal never had any management control in Uttam Galva. He said "ArcelorMittal never exercised any of the rights under the shareholders agreement, never appointed any directors to the board of Uttam Galva and never involved itself in the management and policy decisions of Uttam Galva.”

 Source : steelguru

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First ever Indian Steel Sector Map 2018

First ever Indian Steel Sector Map 2018, which depicts capacities of various steel makers at various locations as well as provides them in tabular form, is to help user visualize the entire steel sector in effective way.

It was launched by Hon’ble Minister of State for Steel on May 17th at Indian Steel Makret 2018. Map size is 49”x23” and is printed on high quality vinayal The capacities are categorized as under Hot Band - Other Producers (Sponge Iron; Steel-IF/EAF; Rolling) Hot End - Main Producers (DRI; COREX; BF; Steel) Hot Band - Main Producers (WRM; B&R; Section; SBM; RSM/USM; Plates; HSM) Cold Band – All (CR; HDG, PPGI; PPGL) While the secondary sector data is based on JPC report for 2016-17, capacities of primary steel mills has been arrived as per information received from them. Data of cold band, ie CR, HDG & PPGI etc is based on market information. Indian steel sector is undergoing restructuring under IBC Act but as no acquistions happened before the launch date ie May 17, stressed assests are depicted in original names.

However, they will be changed when further copies are printed as we will be updating the changes on regular basis The map is available for a limited period at a special launch price of Rs 7500, which includes courier charges for delivery within India. For overseas delivery, the charge are USD 150 per copy. Please send a mail to steelprices@steelguru.com or call 0124 4048993 for further processing

Source :steelguru

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Nikkei India Manufacturing PMI at 51.3 - Production growth eases as new orders rise at weaker rate

Brief :- The health of the Indian manufacturing economy improved further in June, but output growth eased on the back of a weaker rise in new business inflows. Workforce numbers were, once again, unchanged during the month, reflecting firms efforts to keep expenses stable. Encouragingly, inflation rates softened, with both input costs and output charges rising at below-trend rates.

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Tata Steel service centre in UK

Tata Steel opens UK's largest plate service centre

TATA Steel has today opened the UK’s largest profiling centre for steel plate in the West Midlands, increasing its plate processing capacity in the region by up to 50 per cent.

The new Profiling Centre, at Steelpark in Wednesfield, transforms steel plate into a multitude of shaped and machined components, from high-volume production runs for off-road vehicle wheels and booms for earth-moving equipment, to large one-off components for construction projects and specialist engineering applications.

The £3.1 million facility provides a step change in Tata Steel’s capability to supply plate that has been cut and finished to exact size, shape and quality specifications. Steelpark’s profiling capacity will be increased to 47,000 tonnes per annum.

Paul Steele, Managing Director at Tata Steel Distribution UK and Ireland, said: “This investment is one of a series of developments that is strengthening Steelpark’s position as one of the key foundations for UK manufacturing. We are transforming the UK’s largest steel service centre into an operation that is entirely focused on meeting customer requirements and supporting their success.”

The development amalgamates Tata Steel’s plate cutting and machining capability into a single facility able to offer a comprehensive suite of tailored processing services to meet customers’ specific requirements.

The investment will shorten order and delivery times, enabling Tata Steel to offer a range of benefits to customers in the lifting & excavating and construction sectors, including greater consistency of quality and a single point of contact for the purchasing process.

(www.steelguru.com)

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Spot iron ore prices

Spot iron ore holds near 5 month low

Reuters reported that spot iron ore prices stayed near their weakest level in more than five months, reflecting slow demand from top importer China where steel mills are in no rush to snap up cargoes amid a soft market.

Chinese iron ore futures bounced back slightly after plumbing a fresh contract low and Shanghai steel edged up but not far above a record trough reached last week.

According to data compiled by Steel Index, ore with 62% iron content for immediate delivery to China .IO62-CNI=SI was little changed at USD 130.90 a tonne on Monday versus Friday's USD 130.70, its weakest level since August 5.

High stockpiles of iron ore at Chinese ports after recent brisk shipments show there is limited appetite for the raw material among mills. Inventories of imported iron ore at major Chinese ports stood at 91.4 million tonnes last week, up more than 2 million tonnes from the previous week, based on data from industry consultancy Mysteel.

Chinese mills have in past years restocked heavily on iron ore ahead of the week long Lunar New Year break, sending spot prices to near USD 160 in January last year ahead of the holiday that fell in February. But traders say the appetite is more limited this year ahead of the holiday that begins on January 31st 2014.

An iron ore trader in Shanghai said that there is still some restocking going on, but people are buying in small volumes of 5,000 tonnes to 10,000 tonnes. Persistently high borrowing costs, lower winter construction demand, nervousness over property market changes and the upcoming Chinese holidays are reducing demand for steel and iron ore in China, the world's biggest consumer of the commodities.

China's interbank rates have eased from recent highs although banks remain uneasy with the approaching Lunar New Year holiday which puts massive pressure on cash supply.

The most-traded rebar contract for May delivery on the Shanghai Futures Exchange was up 0.5% at CNY 3,487 per tonne by midday. It touched a record low of CNY 3,441 on Friday amid weak demand for the construction steel product.

(www.steelguru.com)

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