No increase in steel price for next three months: SAIL

16th May 2008, 11:26 am

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From correspondents in Delhi, India, 05:31 PM IST

Public sector major Steel Authority Of India Ltd (SAIL) has ruled out any increase in the prices of its products in the next three months, its chairman said Friday.

“We will hold the price line of steel for at least three months despite the cost pressure which is steepest for the steel industry. This is our commitment to the government,” SAIL Chairman S.K. Roongta told the media here after the release of the company’s financial results for the 2007-08 fiscal.

Speaking on the export duties levied on the steel industry, Roongta said: “I feel that this is just a temporary measure by the government. If the government is not going to roll back the export duty and the inputs costs remain as high, we might consider revising our decision after three months.”

Finance Minister P. Chidambaram said later Friday the government was waiting for the impact of steel price reduction on inflation, which soared to 7.83 percent for the week ended May 3.

SAIL’s profit after tax in Q4 of 2007-08 was Rs.23.77 billion, a rise of 24.97 percent from the corresponding quarter in the previous fiscal. The company announced that its net profit in the entire fiscal 2007-08 also rose 21.53 percent from the 2006-07 to Rs.75.37 billion.


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Chinese Steel Mills Donated for Disaster

16th May 2008, 11:18 am

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On May 12, 2008, a 7.8 degree earthquake accrued in Sichuan Wenchuan county. After that, all Chinese joined hands together either donating money or blood or daily life materials to the quake-hit area. In order to help victims in disaster areas out, steel manufacturers in China also donated money spontaneously. Please find more details about China steel mills’ donation from the following table:

Steel Mills Donated Value in RMB
Rizhao Steel 100,000,000
Shagang 81,000,000
China Steel Cooperation 25,000,000
Hangzhou Steel 3,657,000
Shanxi Changye Steel 1,000,000
Jinan Steel 3,000,000
Shuicheng Steel 260,000
BHP Billiton 3,500,000
Pingxiang Steel 2,200,000
Hangzhou Steel 3,650,000
Valin 5,000,000
Sichuan Dazhou Steel 3,000,000
Anyang Steel 4,000,000
Guangxi Liuzhou Steel 3,687,000
Baosteel 10,000,000
Shougang 12,000,000
Lianyuan Steel 3,500,000
Magang 6,000,000
Xinxing Casting Pipes 1,500,000
Tangshan Steel 3,500,000
Xinyu Steel 500,000
Zenith Steel 1,000,000
Jiangsu Yonggang Group 2,260,000
China Minmetals 8,000,000
Sinosteel 5,000,000
Wuyang Steel 2,000,000
Panzhihua Steel 10,000,000
Rockcheck Steel 10,000,000
Ansteel 10,000,000
Baotou Steel 2,000,000
Wuhan Steel 10,000,000
Jiuquan Steel 5,000,000
Shanghai Futuers Exchange 6,000,000
Qingdao Steel 1,470,000
Taiyuan Steel 6,500,000
China Special Steel Association 200,000


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Steelmakers ArcelorMittal, ThyssenKrupp profits rise

15th May 2008, 10:12 am

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BRUSSELS, Belgium (AP) - Europe’s largest steelmakers, ArcelorMittal SA and ThyssenKrupp AG, on Wednesday reported higher profits in the first three months of the year and saw bright prospects ahead as strong global demand allows them hike prices to cover climbing costs.

But ArcelorMittal’s chief financial officer, Aditya Mittal, warned that higher steel prices will eventually hit customer demand and hurt the steel industry.

“We will see some of these cost increases occurring at base levels in the cars we buy, the houses we build the appliances we want to purchase,” he said. “It’s also driven by the fact that the world is industrializing and there is a shortage of these needs.”

The “very tight supply situation” has seen steelmakers charge higher prices to cover surging raw material costs -even though their biggest markets in the United States and Europe are slowing down.

Iron ore prices have increased by nearly 70 percent, prices for coking coal used to heat furnaces have tripled and scrap iron prices have doubled in recent months.

ArcelorMittal, the world’s largest steelmaker with 10 percent of global output, posted a 5 percent increase in profit in the first three months of the year to $2.37 billion on strong demand from emerging economies in Asia and the former Soviet states.

Sales rose 22 percent to $29.8 billion in the period ending March 31 from $24.47 billion a year ago as shipments rose 8 percent.

The company said strong demand from fast-growing nations like China -one of several rapidly growing regions where it has pushed into recently -were helping it overcome weaker sales from the U.S. and Europe.

ThyssenKrupp doubled profit for the first three months to 502 million euros ($778.1 million) from a year ago as it bounced back from a European Union cartel fine of 479 million euros ($630 million) levied in February 2007.

Duesseldorf-based ThyssenKrupp said sales increased to 13.2 billion euros ($20.46 billion) compared with 13.1 billion euros a year ago. Orders were up to 14.1 billion euros ($21.86 billion) from 14 billion euros a year ago.


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Metso to supply iron ore induration machine to Essar Steel Ltd in India

15th May 2008, 10:09 am

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HELSINKI, FINLAND–(MARKET WIRE)–May 14, 2008 –
Metso Corporation: Press release on May 14, 2008 at 2.00 p.m. local time

Metso Minerals will supply an iron ore induration machine to Global Supplies Ltd., a member of the Essar Group. The machine will be delivered to Essar Steel Holdings Ltd. for its Paradeep Pellet Plant located in Paradeep, India. The delivery will be completed during the second quarter of 2010. The value of the order is approximately EUR 17 million.

 

The order comprises a 744 square meter induration machine with 270 pellet cars with a feed rate of 700 tonnes per hour of iron ore pellets, as well as auxiliary equipment, start-up, commissioning and training services.

Global Supplies specializes in global procurement and project execution. The end customer Essar Steel Holdings Limited, is a global producer of steel with a footprint covering India, Canada, USA and the Middle East. It is India’s largest exporter of flat steel products.

Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its almost 27,000 employees in approximately 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.


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