US Steel Prices Rebound in August

US flat product steelmakers are bucking the seasonal price trend, by pressing for a rise in local values, despite the summer lull in activity. Domestic suppliers, in an attempt to stave off the threat of further losses, introduced a series of list price hikes, during the July/August period. Local mills had little option but to…

Nippon Steel Aiming to Shore up Faltering Earnings

Reuters reported that Nippon Steel Corp aims to raise product prices and boost productivity by streamlining its manufacturing structure to help shore up faltering earnings. Nippon Steel EVP Mr Katsuhiro Miyamoto told Reuters in an interview “Steel demand is weakening this quarter, especially overseas and is expected to deteriorate later this year. Demand for flat…

Russia: PMH net profit up in H1 2019

In January-June the Industrial and Metallurgical Holding received 46.4 billion rubles of consolidated revenue, up by 8% YoY. Gross profit decreased by 11% mostly due to the growth of expenses on raw materials. Operational profit decreased by 39%. Net profit amounted to 4.5 billion rubles, up by 116% YoY. EBITDA LTM stood at 17.3 billion…

Russia: VSMPO-Avisma IFRS net profit up in H1 2019

The net profit of Russian titanium giant VSMPO-Avisma grew by 25.5% YoY, to $210.3 million in January–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a report August 29. Revenue increased by 3.6%, to $814 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 3.7%, to $305.9 million. Long-term…

Kyrgyzstan: business welcomes news of Kumtor agreement

“Business welcomed the news of the entry into force of the Strategic Agreement between the government of Kyrgyzstan and Centerra Gold on Kumtor,” Askar Sydykov, Executive Director of the International Business Council, declared. According to him, any uncertainties in relations between the government and Centerra Gold directly affect the investment climate in Kyrgyzstan. The business…