Author Archives: admin

Sales volumes for Brazilian distributors of flat-rolled steel rose year-on-year in July for the fifth month this year, with figures recovering from a weak performance in 2018 and companies continuing to destock, national steel distributors’ association Inda said on Wednesday August 21.

Sales volumes for Brazilian distributors of flat-rolled steel rose year-on-year in July for the fifth month this year, with figures recovering from a weak performance in 2018 and companies continuing to destock, national steel distributors’ association Inda said on Wednesday August 21. An error in Inda’s press release for June meant that a year-on-year fall…

Uncertainty and Price Volatility Dampens Steel Demand in Emerging Markets

Business sentiment is unsettled, in Brazil. Distributors and end-users are frustrated with the increased transaction values proposed by their domestic suppliers. The latest initiative, delayed until July, is viewed as excessive. The business climate is challenging, in the Russian Federation. Inventory levels are being controlled, throughout the supply chain. We note a reluctance on the…

MMK recognized for work with young people at industry competition

Magnitogorsk Iron and Steel Works (MMK) became the winner in the category "Work with Young People" at the 26th industry competition titled "Enterprise of the Mining and Metallurgical Complex with High Social Efficiency." The competition was based on materials submitted by 50 enterprises from 20 regions of Russia, which comprise 14 metallurgical companies and holdings…

MMK placed US$500 mm Eurobonds

Magnitogorsk Iron and Steel Works (“MMK”), one of the largest steel suppliers in Russia rated Baa2 (Moody’s) / BBB (Fitch) / BBB- (S&P), returned to the international market after more than 15 years with a successful placement of 5-year US$500mm Eurobonds with an annual coupon rate of 4.375% payable semi-annually. The proceeds of the issue…

Norilsk Nickel Board of Directors recommends interim dividend for the first half of 2018

The Board of Directors of MMC Norilsk Nickel, the world’s largest refined nickel and palladium producer, has set the Extraordinary General Meeting of shareholders (EGM) date on September 19, 2018 and the EGM record date (the list of shareholders eligible to vote) on August 27, 2018. The Board of Directors has recommended for the EGM…

NZ steel earnings fall on weaker prices, higher costs

BlueScope Steel’s New Zealand business reported a 28 percent drop full-year operating earnings due to higher input costs and a drop in prices for export steel and vanadium. Sales revenue for the business, which includes BlueScope’s Pacific Island operations, increased to A$888.1 million for the 12 months to June 30, up 7 percent from a…

BSR drags govt to court after NCLT removed the firm as IFIN’s auditor after it resigned

MUMBAI: BSR and Associates, an associate of KPMG India, has filed a case against the government after the bankruptcy court okayed its proposed removal as auditors of IL&FS Financial Services — a position BSR had already resigned — for alleged role in financial irregularities in the firm. With the “deemed removal” of BSR, along with…

Russian Steel Giants Plan to Go Online With European Sales

Bloomberg reported that as European steel demand comes under growing pressure, two big suppliers to the bloc are betting on online stores to help attract new clients. It may not sound like groundbreaking plan Internet shoppers around the world can already order anything from a prefabricated house to a human skull yet European steel buyers…