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voda 18 mei 2011 16:20

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Is dit de boosdoener? Altijd weer die GS!

ArcelorMittal koersdoel omlaag naar EUR34 - GS

AMSTERDAM (Dow Jones)--Goldman Sachs verlaagt het koersdoel voor ArcelorMittal (MT.AE) naar EUR34,00 van EUR35,00, in het verlengde van bijgestelde verwachtingen voor de winst per aandeel en EBITDA voor de periode tot en met 2013. De analist ziet dat de prijzen enigszins onder druk staan, maar dat de vraag in de eindmarkten 'robuust' blijft om voorraden op peil te brengen. Hij ziet ook een opwaarts potentieel in het aandeel en handhaaft een buy-advies. Het aandeel ArcelorMittal is dinsdag gesloten op EUR23,30. (BTK)

Dow Jones Nieuwsdienst: +31-20-5715200; amsterdam@dowjones.com

voda 18 mei 2011 17:22

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Stemcor Holdings Limited, the world's largest independent steel trader, said that global steel consumption in 2011 is expected to be higher than 2010 levels, reflecting a normal recovery from a deep recession.

Mr Ralph Oppenheimer executive chairman of Stemcor said that "Demand is slowly growing. Urbanization in the developing world is an ongoing process and it requires an enormous amount of steel, resulting in many orders in the capital goods industries in the developed world. Just as 2011 has been stronger than 2010, we expect to see further growth in 2012, 2013."

Mr Oppenheimer said that "There was a brief interlude of say 300 years when the West took over, but China and India are now resuming their historical position in the world economy."

Mr Oppenheimer said that "People who are really cashing in on the steel boom are the raw material producers, who are very well consolidated, who consequently are earning enormous amounts of money and the steelmakers, converters are stuck in the middle and the return on capital is very much lower. I do see it continuing because the demand for raw materials is rising and the supply for raw materials is very highly consolidated."

According to the World Steel Association, global steel consumption will rise 5.9% in 2011 and 6% in 2012. It said that Chinese steel use will climb 5% in 2011 and 2012, while India's demand will increase 13.3% in 2011 and 14.3% in 201.

(Sourced from www.gulfnews.com)

voda 18 mei 2011 17:23

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Reuters reported that Germany's second biggest steelmaker Salzgitter is not interested in the businesses put up for sale by rival ThyssenKrupp AG.

Mr Heinz Joerg Fuhrmann CEO of Salzgitter said at a presentation at Muelheim near Duesseldorf that “Our priority is to reap a good harvest from what we have already sown.”

He said while acquisitions were not a priority, any buys would centre on its pipes, trade and technology activities and the company could spend up to EUR 500 million for acquisitions in these fields.

He also said Salzgitter had no plans of its own to sell any of its activities.

Mr Fuhrmann added that Salzgitter would look to increase prices for rolled steel in the third quarter.

(Sourced from Reuters)

voda 18 mei 2011 17:28

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It is reported that Brazil exported 48,000 tonnes of wire products in April 2011, up by 48% MoM.

In addition, the average export prices of wire products were at USD 736 per tonne FOB, rose by 11%.

Meanwhile, the major exporters were Gerdau and ArcelorMittal and the wire products were mainly exported to Africa, the US and South America.

In the background, Brazil's monthly exports of wire products ever reached 96,000 tonnes in 2006.

(Sourced from YIEH.corp)

voda 20 mei 2011 14:51

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Géén goed teken!

Tata Steel schrapt 1500 banen in VK
Gepubliceerd op 20 mei 2011 om 13:19 | Views: 158

LONDEN (AFN) - Tata Steel gaat 1500 banen schrappen in het Verenigd Koninkrijk. Dit maakte het Indiase staalconcern dat ook de eigenaar is van de voormalige Hoogovens in IJmuiden vrijdag bekend.

Het banenverlies is een gevolg van een herstructurering van de divisie die lange staalproducten maakt. Dit zijn bijvoorbeeld stalen balken.

De fabriek in IJmuiden produceert volgens een woordvoerder andersoortige staalproducten. Daarom zullen hier bij deze herstructurering ook geen banen verloren gaan.

voda 20 mei 2011 17:59

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According to the report of German Steel Federation, Germany's steel market has shown an elevated movement since the opening of this year.

It is known that Germany is the largest crude steel producer in the EU and also is ranked 7th position worldwide.

The report showed that Germany's rolled steel orders hiked by 4% YoY with production output of 10.98 million tonnes in the Q1 2011.

At the same time, the country's rolled steel shipments surged seemingly to 9.94 million tonnes in the Q1 2011 from 8.89 million tonnes in Q4 2010.

Besides, Germany's domestic market demand has boosted the increase, reaching 7.17 million tonnes in total; however, the export orders down by 6% YoY.

(Sourced from YIEH.corp)

voda 20 mei 2011 18:02

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ArcelorMittal launches CAN$2.1 billion dollar investment and the creation of 8,000 jobs
FERMONT (Quebec), 20 May 2011 - ArcelorMittal, today announces the expansion of its Mont-Wright mining complex and additional construction at Port-Cartier.

The investment will allow ArcelorMittal Mines Canada to increase its annual production of iron ore concentrate from 14 million tons to 24 million tons by 2013. AMMC is also evaluating increasing its production of iron ore pellets from 9.2 million tons to 18.5 million tons. The scheme represents a total investment of CAN$2.1 billion dollars that will create 8,000 jobs during construction and more than 900 permanent jobs once completed.

Commenting, Peter Kukielski, Member of the Group Management Board and Head of Mining for ArcelorMittal, said "ArcelorMittal Mines Canada is a flagship mining asset for the Group, which offers considerable opportunity for expansion. We have already announced our intention to grow our iron ore production to 100 million tonnes by 2015 and this expansion forms an important part of that."

This project is subject to environmental and other regulatory approvals.

Forward-Looking Statements

This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target" or similar expressions.
Although ArcelorMittal's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements.
These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets ( Commission de Surveillance du Secteur Financier ) and the United States Securities and Exchange Commission (the "SEC") made or to be made by ArcelorMittal, including ArcelorMittal's Annual Report on Form 20-F for the year ended December 31, 2010 filed with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

About ArcelorMittal

ArcelorMittal is the world's leading integrated steel and mining company, with presence in more than 60 countries.

ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.

Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and well-being of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment. It takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.

In 2010, ArcelorMittal had revenues of $78.0 billion and crude steel production of 90.6 million tonnes, representing approximately 6 per cent of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal visit: www.arcelormittal.com.

www.arcelormittal.com/index.php?lang=...

ArcelorMittal investeert C$2,1 mrd in uitbouw mijnen Canada

AMSTERDAM (Dow Jones)--ArcelorMittal (MT.AE) gaat C$2,1 miljard investeren in de uitbouw van mijnen in Canada, waarmee de staalgigant de productie van ijzererts per 2013 wil uitbreiden tot 24 miljoen ton per jaar, van 14 miljoen ton, meldt het staalconcern vrijdag.

Daarnaast meldt het concern te overwegen zijn productie van ijzererts pellets uit te breiden tot 18,5 miljoen ton van 9,2 miljoen ton.

De investering is volgens het concern goed voor 8.000 extra banen tijdens de uitbouw van de mijnen en ruim 900 permanente banen na voltooiing van de uitbouw, meldt het concern.

Door Patrick Buis; Dow Jones Nieuwsdienst; +31-20-5715200; patrick.buis@dowjones.com

voda 22 mei 2011 15:55

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Genoeg vraag....

Reuters reported that daily output of crude steel in China reached 1.9467 million tonnes in the first 10 days of May 2011, with production at record levels despite worries about power shortages and the impact of Beijing's monetary tightening policies.

Industry consultancy Mysteel, citing data from the China Iron & Steel Association, said that output was up 0.29% from May 1st 2011 to May 10th 2011 period as compared with the previous 10 days.

Earlier CISA figures put daily output from April 21st 2011 to April 30th 2011 period at 1.941 million tonnes, with average production for the whole of April standing at a record 1.931 million tonnes. Figures from the National Bureau of Statistics issued last week showed daily output in April at an even higher level of 1.968 million tonnes.

Daily output in April amounts to 718 million tonnes on an annualized basis, 15% higher than last year's total production.

Despite grumbling from the China Iron & Steel Association and the country's industry ministry, China's steel mills have been producing around 1.9 million tonnes a day since the end of February 2011 as compared with about 1.7 million tonnes over 2010.

Analysts predict output will stay near historical highs even in the face of power shortages and smelter closures as the quarter comes to an end.

Mr Cai Peipei, an analyst with Tebon Securities, said that "Steel production will very likely stay around 1.9 million tonnes on a daily basis over the course of this year, but especially in the second quarter."

Mr Zhang Changfu secretary general of CISA told a news briefing at the end of April 2011 that overcapacity was eating into profit and that much of the blame could be placed on private mills. He said that overcapacity meant that steel prices could not rise to match the increases in raw material costs.

(Sourced from www.reuters.com)

voda 22 mei 2011 15:59

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Vooral de laatse alinea is opmerkelijk...

Reuters quoted Mr Wolfgang Eder CEO of voestalpine as saying that Europe's steel industry should avoid a repeat of the margin squeeze that struck in the second half of 2010 and high raw material costs should subside over the medium term.

Mr Eder said that the influence in Europe of the Chinese market was not as close as many people thought, imports were lower than before, inventories were not bloated and some customers, notably in the auto sector, were planning to run at full steam through much of the summer.

He added that "The Chinese steel industry has learned during the crisis that it does not make sense to do significant exports to Europe because they are destroying their margins."

He said that the cost of transporting steel to Europe from China was more than 10% of the price of the product in an industry with operating margins typically around 5%.

Mr Eder said that imports into Europe from China and India were roughly 50% of pre crisis levels and they had not surged when prices in the continent increased.

He added that "We have not gone beyond five weeks of stocks. We do not have any country in Europe where we see stocks above normal levels. They are at or in some countries below normal levels. This indicates that the danger of a structural price decline in the second half is very limited."

Mr Eder said that spot prices would probably come under pressure over the summer period, which was normal for the industry, but from September at the latest they should increase.

He added that "It's very likely the situation will be different from last year. Last year we had inventories that were too high going into the summer and we had a downturn lasting until November. I think the danger of this happening is very limited."

Mr Eder said too that customers in the auto, truck and machinery industries and some parts of the energy sector intended to keep typical summer plant shutdowns extremely short. However, the steel sector's largest market, construction, was still lagging. He added that "In all other areas we are back in terms of demand if not everywhere in terms of pricing."

The Voestalpine chief also said he was not overly concerned about the economic situation in Europe, with certain countries receiving bailouts, but the United States was worrying. He added that "If the US is not going to recover in the near future this will have a big effect on global economic development. This is something that is much more critical than the situation in Europe. In Europe 80% of the countries are in good shape."

Over the longer term, Mr Eder said that he did not believe current prices for raw materials and particularly for iron ore were sustainable given an expected reduction in the growth of steel production in China and more iron ore capacity due to come on stream.

He added that "Both are not like rare earths. 5% of the earth consists of iron so this will not run out. With more capacity in iron ore going on stream we will see sooner or later an oversupply in iron ore and to some extent coking coal. In the course of 2012 or the latest beginning of 2013, prices should go down."

Mr Eder said that the seaborne iron ore market, dominated by the big three miners BHP Billiton , Rio Tinto and Vale, had seen prices push to some USD 180 to USD 200 per tonne currently compared with around USD 45 a tonne six to seven years ago. He added that "Somewhere in between seems to be realistic. Even during the crisis the big three have shown EBIT margins of up to 50% in their iron ore business."

It may be noted that the steel industry in Europe and the United States has seen a rebound from a weak second half of 2010, with ArcelorMittal, the world's biggest steelmaker, earlier this month predicting a post crisis high for profits in the second quarter. However, there are concerns that a further rise in costs and a recent dip in steel prices since the end of March could spell a reversal, with lower Chinese steel prices starting to feed through to the developed world.

(Sourced from www.reuters.com)

voda 23 mei 2011 19:53

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China's 12th Five Year Plan was launched on March 14th 2011. The concept of the new plan is to move China away from an export and infrastructure driven economy to a balanced consumer demand driven economy. The new projects and new emerging industries in China will generate new demands for the steel industry in the country.

The construction sector (building construction and civil construction) is a core industry in China. It accounts for up to 56% of the total steel consumption in the country. China has launched several policies in order to promote demand for the construction sector. The merger of some districts in China, for example, has led to the expansion of the city and will eventually result in an increase of demand for steel for the construction of new houses and construction of infrastructure.

For instance, the construction goal of indemnificatory houses is expected to reach 10 million sets in 2011, nearly doubled in quantity when compared to 5.8 million sets built in 2009. All in all, the country of China can be divided into three different areas of development, each of which has its own per capita crude steel consumption.

According to CRU, crude steel consumption per capita in China's coastal area in 2009 was 610 kilogram per head, followed by 341 kilogram per head in central area and 258 kilogram per head in Western area. CRU has predicted that the per capita crude steel consumption in each area will approximately double in volume in 2020. Per capita crude steel consumption in the coastal area will be 1,000 kilograms, while that in the central area and western area will be 700 kilograms and 600 kilograms, respectively. As a result, by 2020, China's steel demand could be more than 1 billion tonnes.

However, in the face of the increasing pressure for control of resources and environmental focus under the new 12th five year plan, China's steel demand per unit of GDP could, in fact, decrease. Steel using sectors, such as construction, automobile, household appliances, containers and engineering machinery have been urged to reduce their steel consumption. This will lead to a switch in steel demand towards high strength, corrosion resistance, light weight, long service life and recoverability of steel products.

(Sourced from SEAISI)

voda 23 mei 2011 19:59

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Mmmmm, more bad news for Aperam/Stainless Steel??

Sumitomo Metal Industries Limited has developed a new corrosion resistant steel with tin added that can be used in salt containing environments, such as at the seaside or in cold climates where anti freezing agents are sprayed. Bridges made of this new steel is expected to lengthen the intervals between repaints and reduce repainting workload.

1. Background for development
In general, steel bridges are painted for rust prevention. As rust tends to spread from a scratch in the coating or a tip of materials, regular repainting is required. Lengthening the intervals between repaints or lightening repainting workload will result in reduction in maintenance and management costs for bridges.

2. Details of newly developed steel
Sumitomo Metals has found out the nature of the corrosion mechanism of steel coating in high salt containing environments. We found out that in such environments, adding a trace of tin can significantly improves corrosion resistance, and that this effect can be produced even if rust cannot be removed sufficiently during the repainting work. We were then able to develop this new corrosion-resistant steel with tin added, which at the same time satisfies more than similar basic performance properties as conventional steel needed for bridges such as strength and weldability.

The use of this new steel enables to lengthen the intervals between periodic repaints, and to lighten repainting workload.

3. Future development
As the new corrosion resistant steel has high corrosion-resistant performance even with no coating, its application for bridges with no coating is also studied.

Sumitomo Metals will carry out further studies on the longer duration between repaints and maintenance and the simplification of repainting work. We will thus contribute to cost reduction over the lifetime of steel bridges and savings in public work investment.

[verwijderd] 23 mei 2011 20:02

[verwijderd]

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In US: am gewoon groen.

voda 23 mei 2011 20:32

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quote:
Formule1-Fan schreef op 23 mei 2011 20:02:
In US: am gewoon groen.

Ik weet niet waar jij kijkt??

ArcelorMittal (ADR) (Public, NYSE:MT)

32.11
-0.37 (-1.14%)

Range 31.60 - 32.20 52 week 26.28 - 38.88 Open 31.66 Vol / Avg. 3.28M/3.66M Mkt cap 50.12B P/E 16.94 Div/yield 0.19/2.34 EPS 1.90 Shares 1.56B Beta 2.00 Inst. own 3%

voda 24 mei 2011 16:57

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ThyssenKrupp Steel Europe AG is to invest around EUR 300 million in its hot strip mills in Bochum and Duisburg. The investments will help the steel producer strengthen its position as technology leader for premium flat rolled carbon steel products. The modernization will also secure sites and jobs in the Rhine Ruhr area.

Hot rolled strip is the basis for all ThyssenKrupp Steel Europe's flat steel products. The company operates four hot strip mills with a total annual capacity of around 15 million tonnes. Hot strip mills 1 and 2 are located at the Duisburg site, along with a casting rolling line that also produces hot rolled. Hot strip mill 3 is in Bochum. To produce hot strip, steel slabs are rolled into thin strip in a series of mill stands at temperatures of more than 1,000 degrees Celsius. The material is either used by customers directly or further processed at ThyssenKrupp Steel Europe.

Among other things, the hot strip mills now to be modernized produce lightweight steels for the automotive industry, starting material for tinplate, which is 100% recyclable and is used to make food and beverage cans, as well as steels for oil and gas pipelines. Other products include starting material for electrical steel, which is used for example in wind turbines, in hybrid engines for cars and transformers, where it ensures extremely efficient power transmission. For these steel grades, precision dimensions and consistent, carefully controlled properties along the entire length of the strip are of key importance.

One of the focuses of the investment program is hot strip mill 1, which has an annual capacity of around three million metric tons. The mill will be equipped with profile, contour and flatness control systems to ensure highly consistent and precise dimensions over the full length and width of the hot strip. The strip cooling system will also be replaced. The cooling process exerts a major influence on the properties of the steel, such as its strength and formability. The furnaces used to heat the steel slabs to rolling temperature will be fitted in part with new burners. These will reduce heating times and require less energy. The upgrade program also includes new roll drives and a new computer control system for the entire mill train.

A new accelerated cooling system is currently being installed on hot strip mill 2 at the Duisburg-Beeckerwerth plant. Among other things, this will permit ThyssenKrupp Steel Europe to expand its range of high-strength steels for oil and gas pipelines. Additional investments will go into a new computer control system for the roughing and finishing mills and into equipping further roll drives with new, large motors. The transportation and storage facilities for finished hot-rolled coils will also be replaced. At hot strip mill 3 in Bochum, a new cooling line is to be installed for more exact temperature control as well as new rolling equipment for enhanced dimensional accuracy.

ThyssenKrupp Steel Europe has already invested EUR 180 million in expanding hot strip mills 2 and 3 since 2006, creating additional capacities to handle two million tons of slabs per year from ThyssenKrupp’s new steel mill in Brazil.

Dr Ulrich Jaroni executive board member of ThyssenKrupp Steel Europe AG said that "Our current hot strip program will enable us to improve our performance further still, also in terms of quality. We are also expanding our range of high end products, which help protect the environment and conserve resources. This is a further clear commitment to Germany as a production location, where we will only be successful if we provide first class quality."

voda 25 mei 2011 21:43

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ArcelorMittal announced some changes to both its Group Management Board and Management Committee.

Changes to the GMB are as follows:

1. Mr Aditya Mittal CFO with current responsibility for Flat Carbon Americas, Strategy, Investor Relations and Communications, remains CFO, but will now have responsibility for Flat Carbon Europe as well as Investor Relations and Communications.

2. Mr Michel Wurth, who previously was responsible for Flat Carbon Europe, will now be responsible for Long Carbon worldwide

3. Mr Gonzalo Urquijo, who previously was responsible for Long Carbon, will take up responsibility for AACIS (excluding China and India), AMDS, Tubular Products, Corporate responsibility and will also remain Chairman of the Investments Allocations Committee (IAC).

4, Mr Lou Schorsch, currently a member of the Management Committee and CEO of Flat Carbon Americas, will join the GMB with responsibility for Flat Carbon Americas, Strategy, Technology (CTO), Research & Development and member of IAC.

The other GMB responsibilities will remain unchanged, eg Mr Peter Kukielski will continue as Head of Mining, Mr Sudhir Maheshwari will continue to hold responsibility for Corporate Finance, M&A, Risk Management, China and India and Mr Davinder Chugh will continue with responsibility for Shared Services.

Mr Christophe Cornier has chosen to retire from the GMB and will assume the role of Advisor to CEO and GMB; he will also remain as Chairman of ArcelorMittal France.

Mr Lakshmi Mittal, CEO, will take direct charge of Health and Safety.

The Management Committee has also been extended from 12 to 25 members with the following new additions, all of whom are CEOs and leaders from around the Group
Mr Augusto Espeschit de Almeida
Mr Brian Aranha
Mr Benjamin Baptista
Mr Bill Chisholm
Mr Gregory Ludkovsky
Mr Jean-Luc Maurange
Mr Nku Nymebezi-Heita
Mr Jefferson de Paula (who will be replacing Gerson Menezes, EVP of Long Carbon Americas, who is retiring)
Mr Geert Van Poelvoorde
Mr Sanjay Samaddar
Mr Juergen Schachler
Mr Kleber Silva
Mr Rinat Starkov
Mr P S Venkat
Mr Marc Vereecke

Mr LN Mittal chairman & CEO said “When Christophe decided to retire from the GMB, we took the opportunity to review the current structure of the GMB and reassign some operating responsibilities. It is always useful to bring fresh thinking and new perspectives into the business and I am sure that these changes will be very positive for the organization. I would like to take this opportunity to thank Christophe for his excellent work and commitment over the years, as well as welcoming Lou Schorsch and the new members of the Management Committee on board. The new members of the MC are drawn from our main operations around the world and bringing them together in this way will help us in our drive of continuous improvement and operational excellence across the Group.”

voda 25 mei 2011 21:46

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AK Steel announces price increase for carbon steel products

AK Steel said that it will increase current spot market base prices for all carbon flat rolled steel products, effective immediately with new orders.

Base prices will increase by USD 50 per tonne for hot rolled and cold rolled carbon steel products and by USD 60 per tonne for coated carbon steel products.

AK Steel said that the price increase is needed to recover higher costs for steelmaking inputs and is supported by a recent increase in the order intake rate for carbon steel products.

voda 25 mei 2011 21:47

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Japan increases construction steel output in April

In April 2011, Japan registered the second consecutive year on year drop in its crude steel production, following the earthquake on March 11th 2011, after previously posting increases for 16 straight months. In the meantime, in terms of Japan's finished product steel output, the country's construction steel production increased in April 2011, while its flat steel production declined, both on YoY and on MoM basis.

In April 2011, Japanese pig iron production declined by 8.2% YoY totaling 6.14 million tonnes, also down by 9.5% MoM. Meanwhile, the country's crude steel production in April 2011 amounted to 8.42 million tonnes, down by 6.3% YoY and falling by 7.6% MoM. This is the second consecutive YoY drop registered in the country's crude steel production following the earthquake on March 11th 2011.

However, in the January to April period of 2011, the country's pig iron output stood at 26.84 million tonnes and its crude steel production came to 36.12 million tonnes, with respective increases of 0.3% and 1.8%, both compared to the corresponding period of 2010.

In April 2011, Japan's steel section production amounted to 530,500 tonnes, up by 8.3%, its bar production came to 827,700 tonnes, up by 7.3%, its wire rod output was 161,600 tonnes, up by 7.1%, heavy plate output reached 1.4 million tonnes, down by 6.6%, HR wide strip production was 3.18 million tonnes, down by 14.2%, CR wide strip output amounted to 1.51 million tonnes, down b y 15.1%, galvanized sheet production totaled 915,600 tonnes, down by 10.8%, and welded pipe output was 311,700 tonnes, decreasing by 13.1%.

(Sourced from Steel Orbis)
Visit www.steelorbis.com for more

voda 26 mei 2011 17:20

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Leuke column:

Oude (Arcelor)liefde roest niet

Door Henk op 26 mei 2011 om 16:00 | Views: 365 | Categorie: Overig |

In het kader van onze Open Dag gisteren, willen wij u dit nagekomen stuk niet onthouden.

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De jongelingen onder de beleggers hebben het maar moeilijk. Er zijn genoeg discussies geweest, ook op dit forum, die over en weer gingen tot het moment waarop ik mijn leeftijd liet doorschemeren. Vanaf dat moment werd er gelijk op me neer gekeken. “Dat ventje is zo jong, die kan er geen verstand van hebben”.

Toch vind ik dat juist dee nuchterheid die de 20-minners (tieners klinkt zo jong) hebben een goede beleggingseigenschap is. Beleggen is een vorm van de lange adem. Je moet een bedrijf niet willen kopen met het doel hem over een jaar het liefst alweer van de hand te doen.

Er zijn twee belangrijke vragen die ik mezelf stel bij het stockpicken. Eerst kijk ik wat de kans is dat het bedrijf failliet zal gaan en vervolgens kijk ik – met een nuchtere blik – naar de toekomst. Wat is de kans dat het aandeel hoger staat dan nu. Het zal u niet verbazen dat mijn voorkeur uitgaat naar de beursgiganten op deze aardbol.

ArcelorMittal
Een bedrijf waar ik ‘liefde’ voor koester is de staalgigant ArcelorMittal. Wat ooit begon met een vervallen staalfabriek in Indonesië is nu, vele acquisities later, uitgegroeid tot de grootste staalproducent ter wereld.
Wat is de kans dat ze failliet gaan?

Simpel gezegd: klein. Deze reus heeft weliswaar een grote schuldenlast maar daar staat een berg assets tegenover. Voor groei betaalt men nu eenmaal. Daarnaast is er een redelijke mate van flexibiliteit in het productieproces (zonder pardon worden fabrieken gesloten) die de positie verstevigt tijdens laagconjunctuur.

Staalvraag
Wat is de kans dat de koers ooit hoger zal staan dan nu? Het aandeel noteert tegenwoordig een kleine 23 euro. Ik trek graag een vergelijking met de topjaren 2007/2008. De omzet over het boekjaar 2010 is slechts 18% lager dan de omzet in 2007 (respectievelijk 78 versus 98 miljard dollar).

Bedenk hierbij dat het marktherstel in 2010 nog erg pril was. Short gaan was in 2010 bijna een garantie op succes. Ook op de kwartaalcijfers van ArcelorMittal, omdat de negatieve outlook vrijwel altijd overheerste. De staalvraag zal pas in 2012 weer in de buurt van de staalvraag van voor de crisis komen en men verwacht dat de vraag in 2013/2014 dit niveau zal overstijgen.

Ondanks de redelijk ingelopen omzet is het nettoresultaat nog altijd ruim 50% lager (9 versus 20 miljard dollar). Het grote gat zit in de kosten van diezelfde omzet. ArcelorMittal is erg grondstofprijsafhankelijk en men heeft door de moeilijke marktomstandigheden de hogere grondstofkosten niet door kunnen berekenen.

Expansie?
Bij het jaarverslag over boekjaar 2010 kwam ik een, voor de aandeelhouders interessante, koerswijziging tegen. Allereerst heeft ArcelorMittal het voor elkaar gekregen om in 2011 de hogere grondstofprijzen wél door te rekenen, dat een groei van marges betekent.

Ook zal de bezettingsgraad medio 2011 weer richting de ‘normale’ 90% gaan. Leuker vind ik dat men zich niet meer richt op de expansie van bedrijfsactiviteiten. De komende jaren zullen meer in het teken staan van het kopen van ijzerertsmijnen en andere grondstofgerelateerde bedrijven. Baffinland is hier een duidelijk voorbeeld van. Men wil minder afhankelijk zijn van de dure grondstofprijzen.

Samengevat kun je het volgende over ArcelorMittal zeggen:
•Omzet is al redelijk ingelopen t.o.v. 2007 terwijl de staalvraag nog relatief laag is.
•Prijzen kunnen dit jaar wel doorberekend worden.
•Bezettingsgroei sijpelt langzaam terug op normale niveaus.
•De exposure naar grondstoffen wordt kleiner, de marges (en winst) dus hoger.

Eeuwigheid
Verwacht ik dat ArcelorMittal, laten we zeggen, tussen nu en 2015, hoger dan nu staat? Jazeker! Bij gelijke omzet, hogere marges en dus een hogere winst per aandeel zal men ArcelorMittal zelfs hoger waarderen dan in de précrisis jaren!

2015? Dat is een eeuwigheid, we komen niet verder dan 2012! Ook staat men vaak sceptisch tegenover het rendement-tijdratio. Laat ik het even voor u berekenen. Komt ArcelorMittal terug op de 60 euro over jaar (2015 dan is het vier geannualiseerd rendement 28% per jaar! Menig hedgefund doet het met niet meer dan 15% en zelfs Warren Buffet haalt misschien 20% geannualiseerd (terwijl hij vol op de grootste beursrally ooit meevoer!).

Als men pas over 7 jaar - gemiddeld de duur van een conjunctuurcyclus - terugkomt op 60 euro, zal uw rendement nog steeds ruim 15% geannualiseerd zijn. Geen slechte zet in mijn ogen.

Op het moment van schrijven zit Henk long Arcelormittal.

www.iex.nl/Column/63894/Oude-Arcelorl...

voda 26 mei 2011 23:12

voda

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Analysts see Chinese steel output falling as power cuts loom

China Daily reported that the production of crude steel in China may start to drop in June 2011, after peaking in early May 2011, because of an impending power shortage.

According to the latest figures from the China Iron and Steel Association, steel production reached a record of nearly 1.95 million tons in the first 10 days of May 2011.

Ms Zhang Lin, a steel analyst from the Beijing based Lange Steel Information Center, said that "Crude steel output still remained high at the beginning of May 2011, but it will be affected by worsening power shortages. Steelmakers might continue to boost output so they will have enough stock when a power shortage comes in the summer."

China is facing serious power shortages over the summer, with the State Grid Corp anticipating a capacity gap of 30 to 40 gigawatts. Thousands of small mills will face the challenge of power shortages because the government will first guarantee electricity to residential users.

The government is limiting power supplies in southern China. Hunan Valin Steel Co Ltd and smaller mills reported output reductions because of local power shortages.

However, in northern China, Hebei Iron & Steel Group and Shandong Iron & Steel Group have not yet reported reduced output.

Last year's mandatory power cuts to meet energy saving targets forced small steel producers in Hebei province to cut output or close mills.

According to the consultancy Mysteel, steel prices remained flat for a week, with rebar costing CNY 4,940 a tonne on the Shanghai spot market, unchanged since May 17th 2011.

Mr Zhang said that the electricity shortage will affect the whole industry chain including raw material producers, possibly pushing up the prices of raw materials and steel products.

Xicheng Steel increased its price for deformed steel bar by CNY 20 a tonne, while Handan Steel increased its price by CNY 30 a tonne.

Prices remained stagnant at most steel mills, however. The cost rises for steel products mainly involve construction plates, as the downstream of steel plates including the car industry remained sluggish.

According to data from the National Development and Reform Commission, operating costs for Chinese steelmakers rose 17% to CNY 30.1 billion in the first quarter. The price of steel products increased 17% while the price of iron ore rose 40%, squeezing the companies' profits.

(Sourced from www.chinadaily.com.cn)

voda 26 mei 2011 23:17

voda

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TATA Steel announces Q4 and 2010-11 results

TATA Steel Limited has declared audited consolidated financial results for the full year ending March 31st 2011. The 2010-11 financial year featured record deliveries and profits from TATA Steel’s Indian operations and a significant turnaround in financial and operating performance in Europe.

Group Performance Highlights

1. TATA Steel Group recorded profit after tax of INR 8,983 crores (USD 2,015 million) in FY’11, an improvement of INR 10,992 crores (USD 2,466million) over the loss of INR 2,009crores (USD 451million) in FY’10.

2. TATA Steel Group recorded EBITDA of INR 17,103 crores (USD 3,836 million) for the full year, 83% higher than the EBITDA of INR 9,340crores (USD 2,095 million) in FY’10.

3. The Indian operations’ profit after tax of INR 6,866 crores (USD 1,540 million) and EBITDA of INR 12,225 crores (USD 2,742 million) were the highest ever on the back of higher volumes, improved product mix and higher realizations.

4. The European operations recorded robust improvement, posting an EBITDA of INR 4,204crores (USD 943 million), an increase of INR 5,555crores (USD 1,246 million) over FY’10. Higher sales and realizations along with cost-cutting measures, initiated in the aftermath of the financial crisis, lay behind this performance. However, the Long Products business continues to face significant challenges and the Company accordingly announced restructuring initiatives earlier this month.

5. The sale of Teesside Cast Products (a slab manufacturing facility mothballed in February 2010) was completed in March 2011 in a deal valuing the business at INR 2,091crores (USD 469 million).

6. Net debt at the end of March 2011 at INR 46,632 crores (USD 10.46 billion) fell from INR 52,836 crores (USD 11.85 billion) at the end of the previous quarter.

7. The 2.9 million tonnes per annum Brownfield expansion in Jamshedpur is progressing on schedule. The Company has also begun site work on its Greenfield project in Odisha.

8. The Board of Directors of the Company has recommended a dividend of INR 12 per equity share for the financial year ended March 2011

Mr HM Nerurkar MD of TATA Steel said “The Indian operations registered a 36% increase in annual profits because of favorable market conditions and the untiring efforts of employees to exceed targets. We enjoy an excellent position in India compared to our global peers to counter cost pressures, given the growing domestic market, a higher proportion of value-added products and a sizeable increase in capacity by the end of the financial year. The Odisha project is gaining momentum and its first phase is expected to be commissioned by the end of 2014. The South East Asian operations focused on tackling a challenging business environment and are now better placed to take advantage of improving market conditions.”

Dr Karl-Ulrich Köhler MD & CEO of TATA Steel Europe said “Our encouraging fourth-quarter performance consolidated the turnaround in the European operations achieved during the year. Higher selling prices and deliveries gave us a particularly strong end to the quarter, with additional one-off financial benefits from items such as the completion of the Teesside Cast Products sale. Our strategy, founded on four building blocks of market differentiation, technical innovation, cost leadership and operational excellence, is starting to deliver early successes as we focus on customer relationships. The measures announced last week in Long Products show our determination to complete the turnaround task and create a very competitive business that delivers robust performance in all market conditions.”
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