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| JANUARY 2005 | |
| From the CEO's Desk | |
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Last few months, I extensively travelled to states like Orissa, Chattisgarh and Jharkhand. The major objective was to find out more about the growth of iron & steel industry in that part of the country. What I saw was not what I expected. It was much more than that. Most of the mineral resources of the country are situated in this part. Incidentally, Jharkhand has around 38 % of the country’s mineral resources. Further, organisations like MECON, RDCIS, HEC comprise of the rich knowledge base required for a vibrant iron & steel industry. I also felt that the newly formed states like Chattisgarh and Jharkhand have a young and progressive team of beurocrats who are willing to co-operate with the industry. As such, these states have quite an investor friendly atmosphere and have clearly emerged as new icons of the industry. Have a look at some interesting facts - Orissa signs MoU’s to set up steel plants to produce more than 40 MT per annum. Jharkhand cleared 57 new sponge iron plants and 4 mega steel projects. Chattisgarh is already overflooded with lot of sponge iron and steel projects. Really, all this has completely changed the face and also the pace of Indian iron & steel sector. Few years back our country had undergone a ‘Green Revolution’. What we all are witnessing now may be called as ‘Sponge Revolution’. The production of sponge using non-coking coal is becoming more and more popular. A lot of such small units have mushroomed in the states of Chattisgarh, Orissa, Karnataka, Andhra Pradesh, Jharkhand etc. and many more are in pipeline. This process of reduction of iron ore is an exothermic reaction and produces lot of heat. Thus, instead of letting go the hot flue gases in the atmosphere, they can be employed to heat the boiler and eventually to produce power. This also takes care of the emission of waste gases and the atmospheric pollution. Thus, producing of power, or ‘co-generation’ as is called, favourably affects the bottomline of the project and also takes care of pollution control norms. Many states have adopted a policy of clearance of sponge iron project only if it is supported by ‘co-generation’. Further, not many companies are aware that pollution control equipments not only satisfy the concerned government authorities, but can also enhance the productivity of the plant. The ‘Iron-Steel & Power Summit’ being organized at Bangalore, will address itself to the issues related to Sponge Iron project viability, Co-generation and also financing of such projects. D.A.Chandekar |
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| Headlines
Tata Steel to acquire mines abroad Ispat Industries shows surge in Q3 net RINL may achieve Rs 7500 cr turnover Vizag Profiles plans to set up Rs 350cr sponge iron plant Essar Steel Q3 net rises at Rs 197.54 cr Usha Martin Q3 profit vaults 207% to Rs 9 crore Uttam Galva Q3 net surges 728 pc BHP Billiton’s iron ore and coal production up China Steel Dec pretax profit up ThyssenKrupp to close down electrical steel ops Steel shortage to peak Jan-March - Nikkei Mittal Steel announces US$3.2 billion credit facility AK Steel’s 4Q loss narrows, sales improve Sojitz hands steel bar ops to Nippon Steel Trading-Nikkei Universal Stainless raises steel plate price |
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Jindal Steel & Power Company Ltd has announced a 54.66 per cent increase in net profit, which grew to Rs 1240.20 million for the quarter ended December 31, 2004 as compared to Rs 801.90 million for the quarter ended December 31, 2003. Total income (net of excise) has also risen 81.18 per cent from Rs 3528.90 million in Q3-03 to Rs 6499.70 million for the quarter ended December 31, 2004. |
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Tata Steel to acquire mines abroad Tata Steel, the private sector steel behemoth, is scouting for coal mines in Australia and New Zealand (NZ). The company has set a target of reaching 15 million tonnes per annum capacity by 2010. Keeping this expansion plan in mind, its requirement of coal will go up substantially and its current captive resources will not be enough to meet the demand. Therefore, the company is in lookout for coal in Australia and New Zealand. The company has recently entered into a joint venture agreement with the West Bengal Industrial Development Corporation to set up a coke oven plant at Haldia with a capacity of 0.8 mt of coke annually at the completion of phase one. The company requires additional coal resources for this plant. It is likely that a part of the coke produced will be exported. However, primarily the output will be for captive consumption. Tata Steel is currently undergoing a capacity expansion of one mt, which will take its total installed capacity at Jamshedpur to five mt per annum. The company has outlined another expansion project of 2.4 mt with an estimated cost of Rs 8000 crore. This project is expected to be commissioned by 2007-08. The company has also signed a memorandum of understanding with the Orissa government to set up a six mt steel plant at Kalinganagar in Jajpur district in Orissa. Tata Steel will be investing around Rs 12,000 crore for this project. |
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Ispat Industries shows surge in Q3 net Ispat Industries Ltd has reported a 1659.90 per cent jump in its net profit for the quarter ended December 31, 2004 at Rs 4977.00 million as compared to Rs 282.80 million for the quarter ended December 31, 2003. Total Income (Net of Excise) has increased 54.74 per cent from Rs 10619.10 million in Q3-03 to Rs 16431.80 million for the quarter ended December 31, 2004. |
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RINL may achieve Rs 7500 cr turnover Rashtriya Ispat Nigam Ltd is set to achieve a record turnover of Rs 7,500 crore during the current fiscal, Y. Siva Sagara Rao, the Chairman and Managing Director said. At a function in Ukkunagaram on the occasion of the Republic Day, he said the capacity of the plant would be expanded to 7 million tonnes by 2007 from the present 3.2 mt. The board had approved the expansion plan and it had been submitted to the Ministry of Steel. The plant is currently operating at 115-120 per cent of rated capacities. He stressed the need to achieve cost reduction, energy efficiency, waste recycling and process improvement. He said the expansion would have to be funded through internal resources and therefore the costs would have to be reduced further. The immediate priority was the upgradation of the automation systems and introduction of new technologies for improving productivity. The R&D wing had been constituted to provide thrust to the area, he added. |
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Vizag Profiles plans to set up Rs 350cr sponge iron plant Vizag Profiles Group is planning to set up a Rs 350-crore sponge iron plant to meet the raw material needs of its steel mills, sources said. The company is into steel trading, steel manufacturing, civil construction, real estate, power generation and software business. Vizag Profiles currently operates four steel mills at Vizag, Ongole and Ravulapalem with a combined capacity of 1.55 lakh tonnes. The company needs about 200-250 tonnes of raw material per day to run some of its existing steel mills. Though it is currently depending on Visakhapatnam Steel Plant (VSP) for raw material, it is facing scarcity at times. Besides, the company has been paying high prices for the raw materials supplied by VSP. To overcome these problems, the company is planning to set up a sponge iron plant on its own. The Rs 500-crore company may start the construction work of the plant next fiscal. Vizag Profiles is contemplating setting up a 500-tonne per day capacity sponge iron plant, which would cost it anywhere between Rs 300 crore and Rs 350 crore. The company is in the process of going in for tie-ups for iron ore and natural gas supply. Part of the Rs 300-350 crore outlay would be funded through debt and internal accruals. The group recently amalgamated its steel trading and software divisions, Simhadri Re-Rolling Mills, and power and ingot units to form a new company – Steel Exchange India Ltd, which is currently operating under Vizag Profiles Group. Its Ravulapalem unit is generating 6 mw of power and is producing 60,000 tonnes of steel ingots per year. The group is planning to increase the ingots production capacity by another 20,000 tonnes with an outlay of Rs 10 crore. It also has plans to increase the Simhadri Re-Rolling Mills’ capacity by 20 per cent. |
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Continuing with record-breaking spree, the public sector steel major, Steel Authority of India Limited (Sail) has put up yet another grand show in the first nine months of the current financial year. The Profit Before Tax (PBT) for the Q3 of 2004-05 increased by more than 250 per cent to touch a record Rs 2711 crore as against Rs 767 crore for the corresponding quarter of previous year. The net profit for the quarter recorded at Rs 1514 crore was more than 105 per cent of the net profit of Rs 738 crore earned by the company for the corresponding period of the previous financial year. During the current FY the company achieved progressive improvement in performance with the saleable steel production increasing steadily by 17 per cent in Q2 over Q1 and further by 8 per cent in Q3 over Q2. Along with the increased production there was consistent improvement in production through energy efficient continuous casting route, increase in share of value added products, improvement in techno-economic factors contributing substantially to the bottom-line. This was reflected in progressive improvement in PBT, which increased from Rs 1205 crore in Q1 to Rs 1823 in Q2 and further to Rs 2711 crore in Q3 although the price of steel remained stable during this period. The steel giant has increased its net profit by 176 per cent taking the figure to Rs. 4139 crore during the first three quarters of 2004-05 as against Rs 1498 crore achieved in the corresponding period last year. The company’s sales turnover reached a new high of Rs 21,558 crore, in the first three quarters, recording a growth of 27 per cent over Rs 16934 crore achieved during corresponding period of the previous year. |
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The growth in steel industry can be felt from the fact that Indian companies are continuously trying to expand their arms abroad. After acquiring a cold-rolling mill in Indonesia last year for $30 million, the Ratan Jindal-controlled Jindal Stainless Ltd is scouting for more cold-rolling capacity in Taiwan, Vietnam and Thailand. This acquisition may be much larger than the one we did in Indonesia, company sources said. Jindal Stainless produces 750,000 tonnes of hot-rolled stainless steel per annum at Hissar in Haryana. At the same time, its capacity to produce value added cold-rolled steel is only 100,000 tonnes per annum. The acquisition in Indonesia has given the company additional cold-rolling facility of 50,000 tonnes per annum. This leaves a gap of 600,000 tonnes. In the past, Jindal Stainless tried to cover the deficit by acquiring the Salem stainless steel plant of the public sector Steel Authority of India Ltd. But with the steel cycle improving, Sail has put the sale of the unit on the backburner. According to Goyal, Jindal Stainless has drawn up plans to double its cold-rolling capacity at Hissar to 200,000 tonnes per annum and raise the capacity of its Indonesian facility to 120,000 tonnes with an investment of $15-20 million. Still, the company’s cold-rolling capacity would fall 430,000 tonnes short of its hot-rolling capacity. To cover the gap, Jindal Stainless is looking at acquiring some existing facilities in East Asia. Jindal Stainless sends 70-80 per cent of its exports to East Asian countries including China. The company’s export in the third quarter of this financial year was Rs 335.37 crore, against Rs 245.92 crore in the comparable quarter of the previous financial year. Exports in the quarter represented 36.76 per cent of total sales of 912.25 crore. For the whole of 2003-04, the company exported steel worth Rs 1134.82 crore. |
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Essar Steel Q3 net rises at Rs 197.54 cr Essar Steel has posted a net profit of Rs 197.54 crore for the third quarter ended December 31, 2004, as against net loss of Rs 21.74 crore in Q3 of FY-04. The total income in the third quarter was up by 53 per cent at Rs 1,428.95 crore from Rs 931.58 crore in October-December 2003. The total sale of steel for the quarter ended December 2004 stood at 5.24 lakh tonnes (5.02 lakh tonnes in Q3 of 2003-04). The domestic sales stood at 3.60 lakh tonnes (3.56 lakh tonnes) while overseas shipments rose to 1.64 lakh tonnes for Q3 of current fiscal from 1.46 lakh tonnes in same period last year. The raw material prices and freight rates remained firm in the quarter under review. The domestic and international demand for steel also continues to remain firm, it added. |
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Usha Martin Q3 profit vaults 207% to Rs 9 crore Usha Martin reported a 207% rise in net profit to Rs 9.02 crore for the third-quarter ended December 31, ‘04, compared to a Rs 2.9 crore net in the earlier corresponding period. The higher Q3 net profit comes on the back of 51% growth in Usha Martin’s October-December quarter net sales revenue at Rs 303.12 crore (Rs 200.9 crore). While declaring October-December results, Usha Martin’s MD Rajeev Jhawar announced the company’s plan to acquire an overseas wire rope manufacturing facility in the next 18 months. The move is in sync with the company’s thrust on growth through the acquisition route as well as capital expenditure to enhance automotive grade steel capacity and global wire and wire rope manufacturing, distribution and marketing activities. Post-acquisition of an overseas steel wire rope product manufacturing facility, the company’s capacity of speciality steel and steel wire rope products collectively will stand enhanced to 2,10,000-2,20,000 tonnes per annum. Of the enhanced capacity, steel wire rope products will constitute some 90,000 tonnes per annum alone, making Usha Martin the world’s largest steel wire rope products manufactures. Currently, the company manufactures 1,40,000 tonnes per annum of steel wire and steel wire rope products. Of this, some 75,000-80,000 tonnes comprises steel wire rope products. The Kolkata-based Jhawars are in the process of enhancing capacity to 1,80,000-1,90,000 tonnes per annum at an estimated investment of about Rs 110 crore. While profit before tax was up by 305% to Rs 14.70 crore in the October-December quarter compared to Rs 3.63 crore in the earlier corresponding quarter, cash profit in the quarter under review stood at Rs 32.41 crore (Rs 20.11 crore). The company, as part of the debt restructuring embarked upon last year, restructured its high cost debt of Rs 30 crore by paying a pre-payment premium of Rs 2.75 crore. The same has been charged off in the Q3 results, company officials said. Incidentally, to increase the share of value added steel products, the company recently acquired JCT’s Steel Wire & Wire Rope division located at Hoshiarpur in Punjab. The new acquisition will help improve the company’s topline in the near future. |
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Uttam Galva Q3 net surges 728 pc Mid-cap steel major Uttam Galva Steels (UGSL) has reported a 728 per cent jump in its net profit in Q3 ´05 at Rs.25.01 crore, compared to Rs.3.02 crore in the corresponding quarter last year. The sales turnover during this quarter rose to Rs 539.58 crore, up by 98 per cent compared to Rs 272.08 crore of the corresponding quarter last year. The PAT for nine months ended December 2004 is up by 885 per cent to Rs.63.61 crore, compared to Rs.6.46 crore in the corresponding period last year. During this period, the sales turnover for the period stood at Rs. 1606.15 crore, up by 83 per cent compared to Rs.878.20 crore of the corresponding period of last year. Exports at Rs.1012.10 crore constituted 63 per cent of the total sales during the nine months ended December 2004, up by 88 per cent compared to Rs.539.52 crore in the corresponding period last year. In Q3, ’05, exports at Rs. 391.22 crore constituted 72 per cent of the total sales, up by 160 per cent compared to Rs.150.38 crore in the corresponding period last year. Commenting on the results, Rajinder Miglani, CMD, UGSL, said, ‘the third quarter has been exceptionally good for the company as we have had uninterrupted raw material supply when the industry was short for hot rolled coils'. |
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BHP Billiton’s iron ore and coal production up Asia’s steel boom continues to show few signs of letting up, as BHP Billiton Ltd. (BHP) reported record quarterly production across its key iron ore and coking coal units, sources said. The latest production figures come as the world’s biggest suppliers of the key steel-making ingredients, including BHP Billiton and Rio Tinto Ltd. (RTP), are forecast to extract sharp price rises as annual contract talks with major customers continue. Spurred on by strong demand, BHP Billiton’s production of iron ore for the fiscal second quarter ended Dec. 31 came in at a record 24.9 million metric tons, up 15% from a year earlier and 11% more than the preceding three months. BHP produced a record 9.6 million tons of coking coal for the quarter, up 14% from the same period a year earlier. “They are ramping up to record production in a record- high commodity market. It’s a win-win situation,” said Mark Pervan, a resources analyst with Daiwa Securities SMBC. Analysts expect the price of iron ore - the main ingredient used in steel-making - to rise by more than 30% for international contracts in 2005. Some are even predicting increases of up to 50%. Meanwhile, prices for coking coal could double to between US$120 and US$130 a metric ton from 2004, analysts say. Among base metals, BHP Billiton’s copper production was 265,800 metric tons, 17% higher then the December 2003-ended quarter and 5% higher than the preceding three months. Nickel production, at 19,700 tons, was 2% lower than the year-ago quarter due mostly to lower production at the Yabulu site in Australia after a planned shutdown in October. BHP’s production of aluminum for the quarter was 338,000 metric tons, 10% higher than the same quarter a year earlier. Alumina output was steady on year at 1.0 million tons. Elsewhere, optimism is also growing over the company’s fledgling Gulf of Mexico oil project offshore Texas, and BHP Billiton indicated it would boost planned output at the US$2 billion-plus Atlantis venture by a third. |
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US Steel’s net earnings for the three months ended Dec. 31 rose to $462 million, or $3.55 a share, compared with a loss of $22 million, or 26 cents a share in the final quarter of 2003. Revenue from the year’s final three months totaled $3.9 billion, up from $2.6 billion a year earlier. Construction and manufacturing behind a steadily expanding global economy has driven steel demand - and prices - sharply higher over the past year, a trend US Steel said it expects to continue into 2005. U.S. Steel said it expects flat-rolled steel prices to hold at current high levels through the first quarter of 2005, but warned steep raw materials and energy costs would likely to take a bite out of its profit margins. U.S. Steel’s output for the year also will be set back by a planned third-quarter overhaul of a blast furnace at its Gary, Ind., mill. For the year, U.S. Steel said it expects to sell about 15.4 mt of rolled steel. The company also gained a $1.45 billion net credit stemming from a year-end ruling that its defined pension plan no longer needs to carry an additional minimum liability. The credit has no effect on its income or cash flow. The company said its 2005 capital spending will likely hit $755 million, $475 million of which is earmarked for North American facilities and $280 million for European mills. |
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China Steel Dec pretax profit up China Steel Corp., Taiwan’s largest steel maker, said that its pretax profit in December rose 73% on year to NT$6.69 billion. China Steel’s revenue in December rose 37% on year to NT$14.93 billion. For full-year 2004, China Steel’s pretax profit totaled NT$65.02 billion, up 44% from NT$45.11 billion in 2003. Revenue for 2004 was NT$168.27 billion, up 30% from NT$129.70 billion a year earlier. |
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ThyssenKrupp to close down electrical steel ops German steel maker ThyssenKrupp Steel, the flagship unit of industrial conglomerate ThyssenKrupp AG, said that it would close down its electrical steel production operations at the Acciai Speciali Terni SpA plant in Italy at the end of the year. The plant will continue to produce stainless steel, ThyssenKrupp said, and the company will even invest EUR90 million over the next two years for the expansion of stainless steel production. ThyssenKrupp said Terni was the least economic of its three electrical steel plants as power prices in Italy are the highest in Europe. Also, ThyssenKrupp said, the market for electrical steel has very low growth rates in Europe, while stainless steel sales have more upside. The company said there would be no job losses at the plant following the closure of electrical steel activities, which employs some 350 people. Most will be moved to stainless steel production operations. Last year ThyssenKrupp shelved plans to close down the electrical steel production at the plant after workers went on strike to protest against the restructuring. |
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Steel shortage to peak Jan-March - Nikkei The tight supply of steel in Japan is expected to reach a zenith during the January-March quarter, according to the Japan Iron and Steel Industry Federation. The supply shortage is likely to peak during the same quarter that production peaks in the auto industry, which is the main customer for sheet steel. Blast furnace operators can modify their steel-rolling procedures to boost capacity and ease the supply bottleneck. The situation will also be helped by a clear marketing strategy on the part of steelmakers to limit exports and concentrate on supplying domestic users. While blast furnace operators are running at full capacity, electric furnace operators are scaling back production. |
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Mittal Steel announces US$3.2 billion credit facility Mittal Steel Company N.V. announced that it had mandated ABN AMRO, Citigroup Global Markets Limited, Deutsche Bank AG London and HSBC Bank plc and CSFB and UBS Limited to arrange a US$3.2 billion unsecured revolving credit facility. The facility has been fully underwritten by the Mandated Lead Arrangers. The facility will be used to finance the cash portion of the consideration payable in connection with the proposed merger with International Steel Group Inc., to refinance certain existing indebtedness of Mittal Steel and its subsidiaries and for general corporate purposes. The facility will have a maturity of 5 years and the margin will be based on a rating grid. Mittal Steel is currently rated BBB (positive outlook) by S&P. Mittal Steel’s US$4.5 billion proposed merger with ISG is subject to approval by the shareholders of ISG and Mittal Steel. The transaction is expected to be completed by the end of the first quarter of 2005. Following completion of the proposed merger, the combined group, which will retain its listing on the NYSE and Euronext Amsterdam will be the largest steel company in the world by market capitalisation and steel shipments. The group has pro forma total steel shipments of 43 million tons and pro forma revenues of US$22.5 billion. Mittal Steel has operations in 14 countries on four continents; countries include Canada, The Czech Republic, France, Germany, Kazakhstan, Poland, South Africa and the USA. |
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AK Steel’s 4Q loss narrows, sales improve AK Steel Holding Corp. (AKS) Tuesday reported a narrower fourth-quarter net loss despite taking a charge for its pension and benefits plans. AK turned in a net loss of $102.8 million, or 95 cents a share, compared with a loss of $163.9 million, $1.51 a share, a year earlier. The latest results include a $330.8 million pretax, noncash benefit plan charge, and a $5.4 million charge for early debt retirement. Net sales rose 36% to $1.43 billion from $1.05 billion. The company said its average steel selling price was $878 a ton, 1.4% above the third quarter and 31% more than the year-earlier period. Steel producers are raising prices this year in anticipation of continued strong demand from Asia and rising costs for raw materials. AK expects substantially higher operating income in 2005 despite facing further price increases for raw materials. The higher costs are expected to be more than offset by a combination of higher selling prices, cost reductions, and operating efficiencies. For the year, AK had net income of $238.4 million, or $2.18 a share, compared with a net loss of $560.4 million, or $5.17 a share, in 2003. Sales rose 29% to $5.22 billion from $4.04 billion. |
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Sojitz hands steel bar ops to Nippon Steel Trading-Nikkei Sojitz Corp., which is a group company of Sojitz Holdings Corp., is all set to hand over its steel reinforcement bar business to Nippon Steel Trading Co. soon without compensation, sources said. The move is part of Sojitz’s ongoing effort to be selective and focused in its key operations. In January 2003, Sojitz’s parent operations in steel products were merged with those of Mitsubishi Corp. Sojitz was searching for a firm to transfer operations in reinforced steel bars, which it handled through Sojitz Metals Co. Nippon Steel Trading, decided to take the operations to improve sales capabilities in the greater Tokyo area. The reinforced steel bar operations generated sales in the fiscal year ended March 2004 of about Y3 billion. Four employees in charge of the operations will become employees of Nippon Steel Trading. Sojitz is considering dissolving Sojitz Metals once remaining credits and debts of the subsidiary are settled. Sojitz Metals also has operations in non-ferrous metals but these are to be transferred to Nissho Iwai Alconix Corp. on Feb. 1 for Y500 million. |
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Universal Stainless raises steel plate price Universal Stainless & Alloy Products, Inc. announced a 4% base price increase for all tool steel plate products manufactured at its Bridgeville, PA facility effective very soon. All surcharge mechanisms will remain in effect. Dudley J. Merchant, Vice President of Sales and Marketing, commented: “This action is necessary to offset the impact of higher energy and operating supply costs. We must maintain a sufficient level of profitability to operate effectively and to attain our goal of providing the marketplace with an increased supply of high quality product. We have proven our willingness to invest capital dollars to respond to our customers’ needs. We are also fully focused on improving customer service and deliveries to achieve a mutually successful year.” |
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Ispat Iscor may reduce S Africa steel prices Ispat Iscor Ltd, a subsidiary of steel conglomerate Mittal Steel Company NV, said that it would adjust domestic steel prices downwards on both its flat and long steel products range soon. The company said that price reductions for its flat product range comprise an 8% decrease on plate and a 4% decrease on choler coated steel. A general 5% price reduction will be applicable on the majority of the company’s long steel products. Davinder Chugh, Ispat Iscor’s chief executive, said while international steel prices have remained stable over recent months, the strong rand has made it possible for the company to adjust domestic steel prices downwards. He said the current price adjustments follow several flat steel product price decreases already applicable since January. Ispat Iscor announced price reductions of 6,4% on hot rolled coil, 2% on cold rolled coil, 9% on galvanized steel and 9% on choler coated steel effective from January. Referring to the global market, Chugh said that the international steel environment was still maintaining its strong growth from 2004. “Notwithstanding policies implemented by the Chinese government to bring supply and demand into equilibrium, global steel demand and supply remains adequately consistent to support current steel prices.” He said in the US, prices increased to an all-time high during September 2004, and have recently shown signs of stability and the near term outlook in that market is fairly positive, while in Asia, steel demand remains strong and that will maintain current steel prices in the near term. |
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China may ban small steel mills Hundreds of small steel mills could be shut in the next few years as China’s policymakers consider a ban on mills with an annual capacity below 800,000 metric tons. The proposed rules will apply to new mill projects as well as existing mills, the newspaper reports, without specifying when they will be implemented. There are about 1,000 steel makers in China, most of which produce less than half a million tons of steel each year, the report says. |
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