The European Commission has officially announced the opening of anti dumping investigations into imports of Chinese heavy plates, hot-rolled flats and seamless pipes. The move has been long-waited in the European steel community. The commission also confirmed the imposition of provisional measures for CRC from Russia and China. Chinese CRC will be subject to 13.8- 16% duties, with Russian material subject to 19.8-26.2%. (Source - SBB, London)
Moody's has changed its outlook for the European steel sector to negative as the sharp fall in steel prices weighs heavily on profitability such that it will take at least 18 months to return to levels close to those of 2014. As per the agency, in the absence of price discipline from China, any improvement in European steelmakers' profitability will most likely come from capacity cuts and/or other cost reduction measures. (Source - Press Reports)
NMDC posted 58.8% decline in standalone net profit at Rs 655.04 crore for the quarter ended December 31, 2015, due to fall in iron ore prices. The company had reported a net profit of Rs 1,593.01 crore in the year-ago period. Net sales of the company too declined by 48.5% to Rs 1,517.19 crore during the quarter compared to Rs 2,944.39 crore in the year-ago period. (Source – Steelonthenet)
Uttam Galva Steels reported a standalone net loss of Rs. 424.50 crore for the December quarter on the back of a rise in finance cost and a jump in overall expenses. The galvanised steel manufacturer had reported a net profit of Rs 5.48 crore for the corresponding period a year ago. Net sales of the company declined to Rs 1,510.66 cr. as against Rs. 1,633.36 cr. in the year-ago period. (Source – Steelonthenet)
Thyssenkrupp AG, Germany’s largest steelmaker, swung to a net loss in the fiscal first quarter. The net loss was 23 million Euros (US$ 26 million) in the three months through Dec. 31 compared with net income of 50 million Euros a year earlier. Swedish-based integrated steelmaker SSAB reported a US$ 47 million loss after tax in 2015, as compared to US$ 13.6 mn. profit registered in 2014. (Source - Press Reports)
Bhushan Steel suffered a net loss of Rs. 697 cr. for Q3 15-16 as compared to a loss of Rs. 454.24 cr. a year earlier. Total income from operations during the quarter was Rs. 2537.86 cr. as against Rs. 2460.19 cr. in the year ago period. Visa Steel has reported a consolidated net income from operations of Rs. 330.70 cr. and a net loss of Rs. 151.5 cr. For the quarter ended Dec.’2014, the consolidated income from operations was Rs. 275.02 cr. and net loss was Rs. 50.91 cr. (Source – Press Reports)
Moody's has changed its outlook for the European steel sector to negative as the sharp fall in steel prices weighs heavily on profitability such that it will take at least 18 months to return to levels close to those of 2014. As per the agency, in the absence of price discipline from China, any improvement in European steelmakers' profitability will most likely come from capacity cuts and/or other cost reduction measures. (Source - Press Reports)
NMDC posted 58.8% decline in standalone net profit at Rs 655.04 crore for the quarter ended December 31, 2015, due to fall in iron ore prices. The company had reported a net profit of Rs 1,593.01 crore in the year-ago period. Net sales of the company too declined by 48.5% to Rs 1,517.19 crore during the quarter compared to Rs 2,944.39 crore in the year-ago period. (Source – Steelonthenet)
Uttam Galva Steels reported a standalone net loss of Rs. 424.50 crore for the December quarter on the back of a rise in finance cost and a jump in overall expenses. The galvanised steel manufacturer had reported a net profit of Rs 5.48 crore for the corresponding period a year ago. Net sales of the company declined to Rs 1,510.66 cr. as against Rs. 1,633.36 cr. in the year-ago period. (Source – Steelonthenet)
Thyssenkrupp AG, Germany’s largest steelmaker, swung to a net loss in the fiscal first quarter. The net loss was 23 million Euros (US$ 26 million) in the three months through Dec. 31 compared with net income of 50 million Euros a year earlier. Swedish-based integrated steelmaker SSAB reported a US$ 47 million loss after tax in 2015, as compared to US$ 13.6 mn. profit registered in 2014. (Source - Press Reports)
Bhushan Steel suffered a net loss of Rs. 697 cr. for Q3 15-16 as compared to a loss of Rs. 454.24 cr. a year earlier. Total income from operations during the quarter was Rs. 2537.86 cr. as against Rs. 2460.19 cr. in the year ago period. Visa Steel has reported a consolidated net income from operations of Rs. 330.70 cr. and a net loss of Rs. 151.5 cr. For the quarter ended Dec.’2014, the consolidated income from operations was Rs. 275.02 cr. and net loss was Rs. 50.91 cr. (Source – Press Reports)
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