Moody's Investors Service has downgraded Tata Steel Limited's (Tata Steel) corporate family rating (CFR) to Ba3 from Ba1. It has also downgraded Tata Steel UK Holdings Limited's (TSUKH) CFR and probability of default rating to B3/B3-PD from B2/B2-PD. The rating actions reflect the weaker-than-expected operating performance of Tata Steel in its key operating markets of India, Europe and Southeast Asia as a result of persistently weak steel prices. (Source - Press Reports)
Iron ore capacity cuts driven by slumping prices have yet to swing the global market to a deficit as the world's biggest producers keep on adding supply – as per Morgan Stanley, which projects a glut will endure to at least 2020. An estimated 91 MT of high-cost capacity has been cut last year and so far in 2016. However, this continues to be offset by expanded output from the majors, Rio Tinto and BHP Billiton in Australia. Morgan Stanley forecasts iro ore prices will average US$ 46/T this year, US$ 45/T next year and US$ 48/T in 2018. (Source – Steelonthenet)
Russia is best positioned to take advantage of the anticipated decrease in Chinese steel exports. The latter could come down to about 80 MTpa by 2020, according to Wood Mackenzie. Russian domestic steel demand may not recover to 2014 levels even by 2020. This means that exports for Russian producers of steel are going to remain exceptionally important – as per the consultant. (Source - SBB, London)
Tata Steel intends to commence commercial steel production from Kalinganagar plant, Jamshedpur, from the next fiscal. The plant has a capacity of 6 MTpa and in the first phase, 3 MTpa would be produced. The steel company has invested Rs 25,000 crore in the first phase on the Kalinganagar project. But overall investment on the facility could go up to Rs 100,000 crore as Tata Steel is mulling to expand capacity to 16 MTpa. (Source - Metal Junction)
Teck Resources, Canada’s largest diversified miner, logged Thursday a loss of US$ 459 million in its fourth quarter, hurt by an ongoing rout in commodity prices and an asset impairment charge of US$ 384 million. The Vancouver-based company, North America’s largest producer of coking coal, was hit extremely hard by a plunge in that and other commodities, including copper and zinc, which declined between 11% to 20% last year, compared with 2014, amid concerns about growth in China. (Source – Mining)
Essar Steel Algoma, Canada will be looking for a buyer or major investor for the Sault steelmaking facility as part of its ongoing restructuring under the Companies' Creditors Arrangement Act. Essar Steel Algoma announced that sale and investment process has begun. Essar Steel Algoma is operating with US$200-million debtor-inpossession (DIP) financing that expires on September 1. (Source – Steelonthenet)
Iron ore capacity cuts driven by slumping prices have yet to swing the global market to a deficit as the world's biggest producers keep on adding supply – as per Morgan Stanley, which projects a glut will endure to at least 2020. An estimated 91 MT of high-cost capacity has been cut last year and so far in 2016. However, this continues to be offset by expanded output from the majors, Rio Tinto and BHP Billiton in Australia. Morgan Stanley forecasts iro ore prices will average US$ 46/T this year, US$ 45/T next year and US$ 48/T in 2018. (Source – Steelonthenet)
Russia is best positioned to take advantage of the anticipated decrease in Chinese steel exports. The latter could come down to about 80 MTpa by 2020, according to Wood Mackenzie. Russian domestic steel demand may not recover to 2014 levels even by 2020. This means that exports for Russian producers of steel are going to remain exceptionally important – as per the consultant. (Source - SBB, London)
Tata Steel intends to commence commercial steel production from Kalinganagar plant, Jamshedpur, from the next fiscal. The plant has a capacity of 6 MTpa and in the first phase, 3 MTpa would be produced. The steel company has invested Rs 25,000 crore in the first phase on the Kalinganagar project. But overall investment on the facility could go up to Rs 100,000 crore as Tata Steel is mulling to expand capacity to 16 MTpa. (Source - Metal Junction)
Teck Resources, Canada’s largest diversified miner, logged Thursday a loss of US$ 459 million in its fourth quarter, hurt by an ongoing rout in commodity prices and an asset impairment charge of US$ 384 million. The Vancouver-based company, North America’s largest producer of coking coal, was hit extremely hard by a plunge in that and other commodities, including copper and zinc, which declined between 11% to 20% last year, compared with 2014, amid concerns about growth in China. (Source – Mining)
Essar Steel Algoma, Canada will be looking for a buyer or major investor for the Sault steelmaking facility as part of its ongoing restructuring under the Companies' Creditors Arrangement Act. Essar Steel Algoma announced that sale and investment process has begun. Essar Steel Algoma is operating with US$200-million debtor-inpossession (DIP) financing that expires on September 1. (Source – Steelonthenet)
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