Peabody Energy, the largest non-state owned coal miner in the world, may have to seek bankruptcy protection after it missed a US$ 70 million interest payment. At the end of last year the company had total outstanding debt of US$ 6.3 billion, but only US$ 261 million in cash on hand. Peabody's market value hit a high of US$ 19.5 billion in April 2011. It has now come down to US$ 40.5 million. (Source – Mining)
Around 450 workers at Evraz North America's steel mill in Pueblo, will be temporarily idled. The mill employs 1050 people. Earlier this month, Evraz shut down its seamless pipe unit in Pueblo, slashing some 60 jobs. The steel producer blamed lagging oil and gas drilling and an ongoing influx of steel imports to the U.S. from foreign producers. (Source - Press Reports)
Northern China’s Hebei Iron & Steel would raise ex-works prices for most of its flat products by US$ 69-136/T, while rolling-over those for pre-painted coils. Anshan Iron & Steel will also increase its ex-works prices for most coils by US$ 42-90/T. The increases will take Hegang’s April ex-works price for 5.5mm HRC to US$ 487/T including 17% VAT, up by US$ 82.5/T on the month. (Source – SBB, London)
U.S. Steel is laying off nearly 800 employees of its tubular business and temporarily idling two of the division’s plants, citing weak conditions in the energy market. The layoffs include 450 workers at U.S. Steel’s Lone Star, Texas, plant and another 200 USW workers at its Fairfield, Ala. operations. The company’s Lone Star mill is in the process of being idled and Fairfield operations will be idled next month. Another 120 employees in the tubular business were laid off because of the lower production levels. (Source - Press Reports)
Australia has plugged loopholes to salvage the local industry’s interests in which Asian companies were reportedly avoiding Australian duties up to 62.9% by making minor adjustments in their steel products. The Anti-Dumping Commissioner investigated complaints by Bluescope, which alleged that companies from China, Korea, Taiwan and Malaysia had been avoiding millions of dollars in Australian taxes. (Source - Press Reports)
Essar Steel is in talks with lenders to restructure its huge debt under the Reserve Bank of India's 5/25 scheme that allows loans to be extended to 25 years and terms to be reset every five years. The company has a debt of Rs. 38,000 crore, of which about Rs 15,000 crore has already been covered under the 5/25 scheme. It now wants the balance (excluding Rs 8,000 crore of working capital loan) to be also covered under the scheme. Ruia family is simultaneously exploring a stake-sale in the closely held company. (Source – Press Reports)
Around 450 workers at Evraz North America's steel mill in Pueblo, will be temporarily idled. The mill employs 1050 people. Earlier this month, Evraz shut down its seamless pipe unit in Pueblo, slashing some 60 jobs. The steel producer blamed lagging oil and gas drilling and an ongoing influx of steel imports to the U.S. from foreign producers. (Source - Press Reports)
Northern China’s Hebei Iron & Steel would raise ex-works prices for most of its flat products by US$ 69-136/T, while rolling-over those for pre-painted coils. Anshan Iron & Steel will also increase its ex-works prices for most coils by US$ 42-90/T. The increases will take Hegang’s April ex-works price for 5.5mm HRC to US$ 487/T including 17% VAT, up by US$ 82.5/T on the month. (Source – SBB, London)
U.S. Steel is laying off nearly 800 employees of its tubular business and temporarily idling two of the division’s plants, citing weak conditions in the energy market. The layoffs include 450 workers at U.S. Steel’s Lone Star, Texas, plant and another 200 USW workers at its Fairfield, Ala. operations. The company’s Lone Star mill is in the process of being idled and Fairfield operations will be idled next month. Another 120 employees in the tubular business were laid off because of the lower production levels. (Source - Press Reports)
Australia has plugged loopholes to salvage the local industry’s interests in which Asian companies were reportedly avoiding Australian duties up to 62.9% by making minor adjustments in their steel products. The Anti-Dumping Commissioner investigated complaints by Bluescope, which alleged that companies from China, Korea, Taiwan and Malaysia had been avoiding millions of dollars in Australian taxes. (Source - Press Reports)
Essar Steel is in talks with lenders to restructure its huge debt under the Reserve Bank of India's 5/25 scheme that allows loans to be extended to 25 years and terms to be reset every five years. The company has a debt of Rs. 38,000 crore, of which about Rs 15,000 crore has already been covered under the 5/25 scheme. It now wants the balance (excluding Rs 8,000 crore of working capital loan) to be also covered under the scheme. Ruia family is simultaneously exploring a stake-sale in the closely held company. (Source – Press Reports)
Under the CSR, DSP organized Grameen Kabaddi Pratiyogita 2016 in collaboration with Sub-Divisional Kabaddi Association, Durgapur for the peripheral villages.
ReplyDeleteSajjan Jindal led JSW Energy is likely to acquire Naveen Jindal's 1000 MW power plant at Raigarh for a price tag between Rs.5,500 - Rs.5,800 crores.
ReplyDeleteOdisha has launched a crackdown on iron ore miners for producing iron ore below EC (Environmental Clearance) limits. The miners are in Joda and Koira regions. Lower production has adversely hit the royalty collections. The production of iron ore till January 2016 should have been 156 million ton. But in reality, it was just 62.55 million ton.
ReplyDeleteNine mining companies, including Sarada Mines, Patnaik Minerals and Zenith Mining are facing the heat because of a case in Supreme Court for illegally mining iron ore worth thousands of crores. Amicus Curiae A D N Rao claims that the illegalities committed is very grave. All the mine leases will be put to re-auction if the Supreme Court cancels them on Rao's recommendations. Then the government stands to gain thousands of crores of rupees through re-auction.
ReplyDeleteRourkela Steel Plant (RSP) is to build hi-technology steel with Russian help.
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