WSEM World Steel Exchange Marketing
|
|
- Adam Jackson
- 5 years ago
- Views:
Transcription
1 WSEM World Steel Exchange Marketing Mike Marley s Shredded Power #105 EAF steelmakers and scrap dealers are feeling the heat. All but the fluff Commentary: Both electric arc furnace steelmakers and scrap dealers are looking for a cure for the summertime blues these days. The higher than normal temperatures and humidity in several regions are not only taking a toll on their workers, they are also affecting steel production schedules and scrap flows. Several EAF mills in the East and Midwest had been forced to pull the plug on their furnaces during daylight hours on five or six days this month. Most power outages run for about eight hours, usually from 11 a.m. or noon to 7 or 8 p.m. Electric utilities require the shutdowns to ensure they will have enough power to meet the demand from stores and homes that are running air conditioners because of the 90-degree-plus temperatures. Other power companies impose steep surcharges on their largest users like the EAF mills to discourage electricity consumption during daylight hours. Because of the outages, the buyer at one EAF-based rebar maker said he has been forced to hold up deliveries of scrap from many of his suppliers. His mill has a limited storage space for scrap and can t park loaded gondola cars on the mill s rail siding because it is used to ship finished steel products to customers. Another mill buyer said the blackouts can occur for two or three days in a row or a single day and wreak havoc on the melt shop s production schedule. Smaller EAF mills anticipate these shutdowns at this time of the year and typically schedule a one- or two-week maintenance outage to be done during these times. A Chicago-based broker said he was aware of at least six domestic mills that had such outages this month. It may help to plan these in July, he added, but it doesn t save them from facing additional downtime later this month and in August if the heat waves resume. Steelmakers aren t the only victims. Scrap dealers, particularly those running shredders, must curb their electricity usage on the hottest and most humid days. Unlike the mills that can pick up some of the lost time at night, shredders in cities and towns can t run their machinery through the night and risk disturbing their residential neighbors. Also, torch cutting of thicker plate and structural scrap that can t be processed by shears is another problem. Workers that handle these tasks wear protective gear and welding helmets to protect them from the sparks and heat from oxy-acetylene torches. Doing that work when outdoor temperatures are in the mid-90s is difficult, said a Pittsburgh area July 20, 2017 Mike Marley (484) Peter F. Marcus (201)
2 dealer, and these workers risk suffering a heat stroke. Consequently, many yards shift their operating hours. They will bring these workers in at 4 a.m. and their workday will be over by noon. Scrap peddlers are taking a heat respite or finding full-time jobs. Scrap supplies were reduced this month by the scheduled summer vacation and retooling outages at several automotive plants, but several dealers said they are also seeing a reduction in the flows of obsolete scrap brought to their yards by scrap peddlers. Many of the members of this part of the scrap collection chain are either unemployed or retired and do this work on a part-time basis. They usually drive half-ton pickup trucks and make the rounds of residential neighborhoods and businesses on trash collection days to scavenge metallic items from the trash. Several dealers said they are not seeing the same volume of material coming into their yards as they had been seeing earlier this summer. Some attribute that decline to a desire by the peddlers to spend more time in a cooler atmosphere beside an air conditioner or window fan. But others said they have been seeing a steady decline in the segment of the scrap trade for much of this year and attribute it to lower overall unemployment. Some peddlers, in other words, now have full-time jobs and less time to spend diving into dumpsters. The availability of railcars and trucks remains an on-going but less severe problem. A Detroit-based trader said most of his shipments are now getting to the mills on a timelier basis. Bundles and busheling supplies are still tight, he said, but that s the result of lower production scrap output from the auto plants. Many of EAF-based sheet mills had already anticipated this slowdown, he said, and built up enough inventory at their mills in the past months. Deliveries of heavy melt and shredded scrap have also improved, he said, but attributed that to separate factors. First, he said, since several smaller mills have maintenance outages this month, they reduced their scrap purchases at the start of the month. Second, he said, some mills were still owed a substantial amount of the scrap that they had bought in June. This occurred largely because of the shortages of railcars and trucks and they also cut back their buys this month. Prices of busheling and bundles were the only grades to register gains in most regions this month. They rose by $10 per gross ton while the obsolete grades were unchanged or down by $5 or $10 per ton except in the U.S. Eastern and Southeast region. There, some domestic mills hiked obsolete scrap prices, including what they paid for shredded scrap, by about $10 per ton. Higher prices paid by Turkish steelmakers earlier this month drove those increases. With many obsolete scrap price unchanged and only shredded scrap dipping by $10 in a few regions, most of the mills did not cancel late shipments. Some buyers and brokers were content to let the late arriving deliveries fill their scrap needs during the holiday 2
3 week. Others were worried that they would not be able to repurchase the same tonnage this month if other mills needed more scrap and paid higher prices for it. Or, said a Pittsburgh area trader, the East Coast exporters, who have seen a modest rise in demand and prices in Turkey this month, could become more competitive and reach further inland for more heavy melt and shredded scrap. One Midwest trader said the mills won t have much excess supply carrying over into August. Dealers have caught up with their unshipped orders because of the cutback in industrial scrap output by the automakers this month. The automakers shut down many of their assembly and stamping plants for two weeks or longer this month to bring inventories of unsold cars in line with lower sales. In anticipation of those shutdowns, several EAF-based flat-rolled mills began building extra inventories of busheling and bundles ahead of the scheduled outages, in some cases as early as May. Others bought foreign scrap including factory bundles from some Japanese automakers and bundles and busheling from Canadian scrap dealers. Two Canadian steel mills reduced their intake of industrial scrap this month one because of a scheduled maintenance outage; the other decided to substitute cheaper shredded scrap for busheling. Despite the utility-imposed blackouts at some EAF mills, the American Iron and Steel Institute said domestic raw steel production rose to 1,763,000 net tons last week while the industry s capability utilization rate climbed to 75.6%. That s up 1.7% from the previous week when steel output totaled 1,733,000 net tons and the operating rate was 74.3%. Even if less scrap is available next month, the big unknown from both steelmakers and their raw materials suppliers is what the U.S. Commerce Department will recommend on its Section 232 investigation. President Donald Trump and Commerce Secretary Wilbur Ross have threatened to impose both tariffs and quotas on imported steel products because they could pose a threat to national security. The Commerce report was expected in late June. It has been delayed, but could be issued this week. Trade experts and several economists have argued that stringent restrictions on steel imports could result in trade wars with some of the nation s major trading partners and retaliatory measure against U.S. exports Turkish mills are resisting exporters demands for higher prices Buying prices at the docks have risen this month. Dealers along the coast said they are now getting offers as high as $245 per ton for export heavy melt. That s up about $15 per ton from the levels seen at the end of June. There haven t been any new deals since the buying flurry that spanned the July 4 th holiday and saw U.S. exporters book orders for five bulk cargoes or about 175,000 tonnes of scrap. The Turkish mills, according to one East Coast trader, are reluctant to let the delivered price of 80/20 heavy melt rise to $300 per tonne. Instead, he added, they have been 3
4 buying mixed cargoes of lower quality 75/25 heavy melt and shredded scrap from European suppliers and reportedly paying an average price of between $297 and $298 per tonne for the entire cargo. Scrap demand in Turkey has rebounded because Turkish rebar sales and production have been rising in recent months, but the prices of imported billet have been rising at a faster pace. Steel billet is now at between $425 and $430 per tonne F.O.B. at Black Sea port. Turkish rebar prices are about $460 per tonne, leaving little or no margin producing rebar from imported billet. The cost to turn billet into rebar is between $40 and $50 per tonne. Margins are better using scrap so long as the average price remains at or below $300 per tonne. The conversion cost to make rebar from imported scrap is estimated at between $130 and $150 per tonne. Shredded Scrap Thermometer: Shredded quotas or tariffs? The recent spike in offshore sales of scrap to Turkish mills and steelmakers in southern Asia hasn t set off any trade alarms yet. In the past decade when steelmakers in Turkey, Taiwan and several other countries were buying much of their scrap from the U.S., domestic steelmakers were worried about the loss of resources. Scrap exports topped 24 million tonnes in 2011 and has declined steadily since then. The reasons that might arouse new concerns include: Despite all the discussions about excess steelmaking capacity and imports of steel products at below costs, prices of semi-finished steel billets have risen in recent months. This has made scrap a cheaper and more attractive alternative for mills in scrap-poor countries like Turkey and Bangladesh and driven up scrap exports and export prices recently. Domestic steel executives often complained about the scrap exports in the past decade, but they didn t seek any trade restrictions at that time, possibly because of their failure to obtain such limits in the 1960s. Most realize they would again face stiff opposition from the scrap industry. Exports account for from 15 to 30% of the U.S. industry s ferrous scrap shipments and overseas mills are the main customers for some of the industry s biggest companies. Shredded scrap is the only export grade of ferrous scrap that domestic and offshore mills are likely to clash over. Export heavy melt, the most widely traded grade of ferrous scrap in the international market, doesn t meet many U.S. mills specs. Many regard it as shredder feedstock. Shortages in shredded and other scrap supplies are often brief, in part because scrap purchases are usually the first item cut from a mill s shopping list when the steel demand falters. Other wild card factors account for the lack of any widespread effort to put limits on scrap exports. These include: 4
5 All the biggest domestic scrap consumers, namely the four largest mini-mills, now have their own scrap units that can supply a significant amount of the scrap needed by their parent mills each month. This includes captive shredders that serve individual mills. Much of the strength in billet export price may stem from the shutdown of many aged induction furnace mills in China which are key producers of rebar and billet for the steel export market. That could be simply a short-term phenomenon. Other Chinese mills may step in to fill that void and slash prices to recover market share. Many traders believe the bigger threat to U.S. and Japanese scrap exporters could be the emergence of China as a major scrap exporter to steel mills elsewhere in Asia by As China s consumer economy grows, more autos and other durable goods will be used and discarded at the end of their useful lives. These will be shredded and sold to the steel mills in China and neighboring countries. The Nasdaq Futures Exchange (NFX) expects to start trading in the Midwest US shredded scrap index futures on September 15. The contract will trade in 10 gross ton units with the prices settled on the 11 th day of each month against the TSI Midwest US Shredded Scrap Index published by Platts. For additional information about shredded futures trading, contact John Conheeney at WSEM. His phone number is and his is jconheeney@wsemgroup.com. Note: Each issue, Mike Marley gives his opinion on the one-month steel scrap price outlook. He explains the key reasons for his view and highlights the wild cards that might cause him to be wrong. This report includes forward-looking statements that are based on current expectations about future events and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict. Although we believe that the expectations reflected in our forward-looking statements are reasonable, they can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties, including among other things, changes in prices, shifts in demand, variations in supply, international currency movements, technological developments, governmental actions and/or other factors. The information contained in this report is based upon or derived from sources that are believed to be reliable; however, no representation is made that such information is accurate or complete in all material respects, and reliance upon such information as the basis for taking any action is neither authorized nor warranted. WSD does not solicit, and avoids receiving, non-public material information from its clients and contacts in the course of its business. The information that we publish in our reports and communicate to our clients is not based on material non-public information. The officers, directors, employees or stockholders of World Steel Dynamics Inc. do not directly or indirectly hold securities of, or that are related to, one or more of the companies that are referred to herein. World Steel Dynamics Inc. may act as a consultant to one or more of the companies mentioned in this report. Copyright 2017 by World Steel Dynamics Inc. all rights reserved 5
6 FOR MORE INFORMATION, VISIT BUSINESS.NASDAQ.COM/FUTURES SUBJECT TO REGULATORY FILING NFX US SHREDDED SCRAP STEEL FINANCIAL FUTURES NASDAQ FUTURES, INC. (NFX) CONTRACT SPECIFICATIONS CONTRACT NAME DESCRIPTION NFX US Shredded Scrap Steel Financial Futures* USD cash-settled NFX US Shredded Scrap Steel Financial Futures are quoted in terms of USD per Gross ton, and are based on Platts TSI s US Midwest Shredded Steel 10-day Average Price Index. CONTRACT SIZE TICKER SYMBOL CONTRACT LISTINGS TRADING HOURS TRADING PLATFORM MINIMUM PRICE INTERVAL/ DOLLAR VALUE PER TICK DAILY SETTLEMENTS PRICES LAST TRADING DAY FINAL SETTLEMENT FINAL SETTLEMENT DATE FINAL SETTLEMENT PRICE CLEARINGHOUSE 10 Gross Tons (2240 lbs.) USSQ Up to 15 Consecutive Months Sunday Friday 7:00 PM EPT 5:00 PM EPT Nasdaq Futures Inc. (NFX) Fifty cent ($0.50) $5.00 per gross ton Daily settlement prices will be determined by NFX using price data from a number of sources including, spot, forward and derivative markets for both physical and financial products. Trading shall cease at 5:00 PM EPT on the tenth calendar day of the month or the last business day prior to the 10 th calendar day of the month. Final settlement for contracts held to expiration is by cash settlement in U.S. dollars. The Final Settlement Date is the second day on which the Options Clearing Corporation is open for settlement following the Last Trading Day. The final settlement price will be based on the Platt s TSI s US Midwest Shredded Steel 10-day Average Price Index. The Options Clearing Corporation *Please consult the NFX Rulebook for complete contract specifications. MORE INFORMATION BUSINESS.NASDAQ.COM/FUTURES / FUTURES@NASDAQ.COM COPYRIGHT AOMQ-Q16
WSEM World Steel Exchange Marketing
WSEM World Steel Exchange Marketing Mike Marley s Shredded Power #89 Softer export prices weaken domestic ferrous scrap prices. All but the fluff Commentary: Dealers are trying to ship their ferrous scrap
More informationWSEM World Steel Exchange Marketing
WSEM World Steel Exchange Marketing Mike Marley s Shredded Power #84 Dealers expect ferrous scrap prices to soar in March. All but the fluff Commentary: Scrap dealers are expecting the ferrous market to
More informationWSEM World Steel Exchange Marketing
WSEM World Steel Exchange Marketing Mike Marley s Shredded Power #95 Regional factors drive ferrous scrap price changes. All but the fluff Commentary: Ferrous scrap prices are up, down and unchanged this
More informationIron Ore & Steel Derivatives Let the Battle Begin
Iron Ore & Steel Derivatives Let the Battle Begin Topics Raw Material Price Volatility Financial Hedging Attributes Iron Ore World Steel Exchange Scrap Presented by: DATE: Tuesday November 30, 2010 Patrick
More informationVol. 6, No. 10 Oct. 21, 2015 Industry Surveys of Factors Affecting the Upcoming November Market
Vol. 6, No. 1 Oct. 21, 215 Industry Surveys of Factors Affecting the Upcoming November Market November market could sink again as demand falls The debate in the ferrous scrap market heading into November
More information2016 Investor Presentation Bank of America Merrill Lynch - Global Metals & Mining Conference 11 May ASX: SGM USOTC: SMSMY
2016 Investor Presentation Bank of America Merrill Lynch - Global Metals & Mining Conference 11 May 2016 ASX: SGM USOTC: SMSMY www.simsmm.com Business Highlights Company Global leader in metals and electronics
More informationAll members, warehouse companies, London agents and other interested parties
To: Ref: All members, warehouse companies, London agents and other interested parties 15/175 : A171 : W054 Date: 8 June 2015 Subject: NEW LME PRODUCTS UPDATE Summary 1. This notice provides an update on
More informationFlat Steel Product Prices - A Review
Flat Steel Product Prices - A Review - Namita Naik he recession has resulted in desperate efforts made by steelmakers to support prices by rebalancing the Tmarket through production cuts. It is a usual
More information51.5 (Bullish) Economic concerns keep a lid on confidence in August prices. August Trend Indicator: Historical Trends by Select Grades
Vol. 1, No. 7 July 21, 2010 Industry Surveys of Factors Affecting the Upcoming August Market Economic concerns keep a lid on confidence in August prices As in so many other sectors of the U.S. economy,
More informationMidwest Ferrous Scrap Index. Methodology and Price Specifications
Midwest Ferrous Scrap Index Methodology and Price Specifications Last reviewed: November 2017 American Metal Market (AMM) is part of the Metal Bulletin Group, a leading global provider of information and
More informationInvestor Presentation
Investor Presentation November 2018 Nasdaq: SCHN Safe Harbor SAFE HARBOR Statements and information included in this presentation by Schnitzer Steel Industries, Inc. (the "Company") that are not purely
More informationHedging Tools for the Ferrous Metals Marketplace. Young-Jin (Jin) Chang Director Research & Product Development March 11, 2013
Hedging Tools for the Ferrous Metals Marketplace Young-Jin (Jin) Chang Director Research & Product Development March 11, 2013 CME Group: The Leader in a Dynamic Industry A diverse and world leading derivatives
More informationPrice Increases, Improving Capacity Utilization, Fewer Imports Bring Stability
OUTLOOK Update: Steel Industry - US Price Increases, Improving Capacity Utilization, Fewer Imports Bring Stability Our outlook for the US steel industry is stable. This outlook reflects our expectations
More informationThird Quarter 2018 Earnings Presentation & Remarks
Third Quarter 2018 Earnings Presentation & Remarks November 1, 2018 1 Forward-looking Statements These slides and remarks are being provided to assist readers in understanding the results of operations,
More informationMartin Lindqvist, President & CEO Marco Wirén, CFO February 11, 2011
Results for the fourth quarter 2010 Martin Lindqvist, President & CEO Marco Wirén, CFO February 11, 2011 Forward-looking statements The presentation and the materials constituting it contain certain statements
More informationText. improvement in earnings. Textdemand drove continued
Good Textdemand drove continued improvement in earnings Text Presentation of the Q2/2018 results Martin Lindqvist, President & CEO Håkan Folin, CFO July 20, 2018 Agenda Market and demand trends Performance
More informationGlobal and U.S. Automotive Outlook
Global and U.S. Automotive Outlook 2018-2019 Presented to the 25 th Annual Automotive Outlook Symposium Federal Reserve Bank of Chicago June 1, 2018 Haig Stoddard Senior Industry Analyst Wards Intelligence
More informationUS Ferrous Scrap Export Index. Methodology and Price Specifications
US Ferrous Scrap Export Index Methodology and Price Specifications Last reviewed: May 2017 American Metal Market (AMM) is the leading independent supplier of market intelligence and pricing to the North
More informationQuarterly Market Review: January - March 2018 The Markets (as of market close March 29, 2018)
Quarterly Market Review: January - March 2018 The Markets (as of market close March 29, 2018) The first quarter of 2018 began as the fourth quarter of 2017 ended: with strong market gains. The Nasdaq led
More informationSteel Indexing & Price Transparency
ISRI Convention & Expo Indexing & Price Transparency Patrick A. McCormick Managing Partner April 20, 2007 1 Price Indexing & Price Transparency New Tools for A New World Economy High Rates of Demand Growth
More informationMartin Lindqvist, President & CEO Marco Wirén, CFO April 29, 2011
Results for the first quarter 2011 Martin Lindqvist, President & CEO Marco Wirén, CFO April 29, 2011 Forward-looking statements The presentation and the materials constituting it contain certain statements
More informationUnderstanding rebar and the new LME ferrous contracts
September 215 Understanding rebar and the new LME ferrous contracts From the LME Research Team LME Steel Rebar will begin trading on the London Metal Exchange (LME) on 23 November 215*. The new contract
More informationInvestor Presentation. ASX: SGM USOTC: SMSMY
Investor Presentation ASX: SGM USOTC: SMSMY www.simsmm.com Business Highlights Company Global leader in metals and electronics recycling with $4.7 billion in annual sales revenue Operations in 20 countries
More informationGlobal prices weaken as demand falters will higher Chinese export tax help?
A Steel Business Briefing Publication June 2007 Global prices weaken as demand falters will higher Chinese export tax help? Production figures show that global output fell 2.1% from March to April. However,
More informationShredded Steel Scrap Financial Futures (USSQ) Reference File: SR-NFX
Christopher J. Kirkpatrick Office of the Secretariat Commodity Futures Trading Commission Three Lafayette Center 1155 21 st Street, NW Washington, DC 20581 Nasdaq Futures, Inc. FMC Tower, Level 8, 2929
More informationSEMA INDUSTRY INDICATORS
SEMA INDUSTRY INDICATORS APR 2018 The final estimate of fourth quarter GDP, published in the last month, showed upwardly revised economic growth for the quarter of 2.9 percent. This in turn makes 2017
More informationW HIGHLIGHTS - EXECUTIVE SUMMARY
FURNITURE INSIGHTS Smith Leonard PLLC s Industry Newsletter June 2018 W HIGHLIGHTS - EXECUTIVE SUMMARY e had heard at the High Point Market that business seemed to have picked up a bit. We also heard that
More informationTRCC CANADA Monthly Bulletin. April 2014 issue
TRCC CANADA Monthly Bulletin April 2014 issue Executive Summary Butadiene: The US butadiene contract price marker posted by IHS Chemical rolled over at 69.8 cents per pound ($1,539 per ton) for April.
More informationMECHEL REPORTS THE 9M 2018 FINANCIAL RESULTS
MECHEL REPORTS THE 9M 2018 FINANCIAL RESULTS Consolidated revenue 237.0 bln rubles (+6% compared to 9M 2017) EBITDA * 60.6 bln rubles (+3% compared to 9M 2017) Profit attributable to equity shareholders
More informationFinancial Results: Third Quarter Fiscal June 26, 2018
Financial Results: Third Quarter Fiscal 2018 June 26, 2018 Safe Harbor SAFE HARBOR Statements and information included in this presentation by Schnitzer Steel Industries, Inc. (the "Company") that are
More informationIn this report, last week many commodity prices continued to rise while some economic indicators remained weak.
This is the Scrap Metal & Commodities Recycling report, by BENLEE Roll off, Lugger and Open Top Trailers and Raleigh and Goldsboro Metal Recycling May 2nd, 2016. In this report, last week many commodity
More informationQuarterly Market Review: April - June 2018 The Markets (as of market close June 30, 2018)
Quarterly Market Review: April - June 2018 The Markets (as of market close June 30, 2018) The second quarter of the year can be called a lot of things, but boring isn't one of them. The potential for a
More informationSvein Gjedrem: The outlook for the Norwegian economy
Svein Gjedrem: The outlook for the Norwegian economy Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the Bergen Chamber of Commerce and Industry, Bergen, 11 April 2007.
More informationArgentum Metal Management Ltd HOLGER ELLMANN PARTNER
Argentum Metal Management Ltd HOLGER ELLMANN PARTNER The macro-economic outlook Year to date YOY Aluminium demand January to September 2015 Global demand rose by 5.6 % to 43.4 Mio tonnes European demand
More informationWhat Do the Section 232 National Security Investigations Mean for You? August 2017
What Do the Section 232 National Security Investigations Mean for You? August 2017 Trump s Trade Policy Agenda Introduced March of this year, but light on specifics. Main theme is more aggressive approach
More informationThe Middle East s Evolving Role in the Global Steel Industry
The Middle East s Evolving Role in the Global Steel Industry Presented to: The Platts 12 th Annual Steel Markets Asia Conference Mumbai India By: George Matta Ezz Steel - Egypt 17 November, 2016 Opening
More informationThe Industrial Sector : Performance during the First Seven Months of 2005 and Outlook for the Rest of the Year
1 The Industrial Sector : Performance during the First Seven Months of 2005 and Outlook for the Rest of the Year First Seven Months From January to July 2005, Thailand s industrial sector recorded a lower
More informationDomestic progress overwhelmed by global difficulties
Domestic progress overwhelmed by global difficulties Presentation to The Association of Women in the Metal Industries 2015 Annual Conference Tucson, AZ November 13, 2015 Domestic progress overwhelmed by
More informationThis is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Scrap Haulers, October 15, 2018.
This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Scrap Haulers, October 15, 2018. Last week commodity prices and economic reports were
More informationChina Pulse Check: Steel Sector
Equity Research Sector Watch China Pulse Check: Steel Sector Prices to grow moderately in May, sector earnings to improve significantly Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities
More informationThe Stock Market's Final Four
The Stock Market's Final Four April 2, 2019 by John Lynch of LPL Financial The NCAA Final Four is set. On the men s side, Auburn, Michigan State, Texas Tech, and Virginia are headed to Minneapolis to determine
More informationWeekly Bulletin November 27, 2017
WEEKLY OUTLOOK US data released last week created disappointment in general. US data released last week came in below expectations in general. While the University of Michigan's customer sentiment index
More informationThird-quarter earnings burdened by raw material-related losses. Group adjusted EBITDA at EUR 56 million
1 (23) Contents Highlights in the third quarter of 2017... 2 Highlights during the first nine months of 2017... 2 Business and financial outlook for the fourth quarter of 2017... 3 CEO Roeland Baan...
More informationTHE OUTLOOK FOR THE ECONOMIC GROWTH ALLIANCE REGION
THE OUTLOOK FOR THE ECONOMIC GROWTH ALLIANCE REGION 2011 2013 October 25, 2011 George A. Fulton Donald R. Grimes Institute for Research on Labor, Employment, and the Economy University of Michigan The
More informationPREVIOUS PRICE PREMIUM IN USD/TONNE
ALUMINIUM Japan P1020A cif 105 102 Japan P1020A cif 95-110 95-110 Shanghai P1020A in-whs 90-100 90-100 Premium stable in quiet market with tight LME spreads and financial year-end capping upside. Some
More informationKeyBanc Capital Markets Basic Materials and Packaging Conference. September 13, 2011
0 KeyBanc Capital Markets Basic Materials and Packaging Conference September 13, 2011 Safe Harbor Provision This presentation includes forward-looking statements within the meaning of Section 27A of the
More informationNorth American Steel Industry Recent Market Developments, Future Prospects and Key Challenges
North American Steel Industry Recent Market Developments, Future Prospects and Key Challenges OECD Steel Committee December 1-11, 29 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers
More informationPolicy, Politics & Portfolios
Policy, Politics & Portfolios DEBT AND CHICKENS February 26, 2019 Craig Holke Investment Strategy Analyst Politics 2 Following the recent government shutdown, the next major fiscal hurdle will be the upcoming
More informationNucor Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (NUE-NYSE) SUMMARY
January 29, 2015 Nucor Corporation Current Recommendation Prior Recommendation Outperform Date of Last Change 01/29/2015 Current Price (01/28/15) $44.04 Target Price $46.00 NEUTRAL (NUE-NYSE) SUMMARY We
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Better outlook for steel consumption Region / Country (in mt and %) 2017f 17/16 World 1,535 1.3% European Union 158 0.5% NAFTA 135
More informationSchnitzer Steel Industries, Inc. Third Quarter Fiscal 2018 Earnings Call June 26, 2018
P a g e 1 Schnitzer Steel Industries, Inc. Third Quarter Fiscal 2018 Earnings Call June 26, 2018 Operator Good day, ladies and gentlemen, and welcome to Schnitzer Steel's third quarter 2018 earnings release
More informationFourth Quarter Market Outlook. Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA
Fourth Quarter 2018 Market Outlook Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA Economic Outlook Growth: Strong 2018, But Expecting Slowdown in 2019 Growth & Jobs 2018 2017 2016 2015 2014
More informationPositive trend in earnings and strong cash flow
Positive trend in earnings and strong cash flow Presentation of the Q3/2017 result Martin Lindqvist, President & CEO Håkan Folin, CFO October 25, 2017 Agenda Q3/2017 and performance by division Financials
More informationANN JOO RESOURCES BERHAD 22 ND ANNUAL GENERAL MEETING DATO LIM HONG THYE, GROUP MANAGING DIRECTOR 30 MAY 2018
ANN JOO RESOURCES BERHAD 22 ND ANNUAL GENERAL MEETING DATO LIM HONG THYE, GROUP MANAGING DIRECTOR 30 MAY 2018 INDUSTRY OVERVIEW INDUSTRY PERFORMANCE STEEL BAR PRICES (SOUTHEAST ASIA) 2004-2008 Commodities
More informationWeekly Market Update. MCX Commodities Week-on-week pct change. Monday, April 02, Lead. Aluminium. Nickel Zinc Copper Natural Gas
MCX Commodities Week-on-week pct change Lead 2.28 Aluminium -2.62 Nickel Zinc Copper Natural Gas 2.54 1.81 0.78 6.15 Crude Silver Gold -0.75-1.42-1.61-4.00-3.00-2.00-1.00 0.00 1.00 2.00 3.00 4.00 5.00
More information: Sumitomo Metal Industries, Ltd. Consolidated Financial Situation and Business Results for the Third Quarter of FY 2009 (ending March 31, 2010)
Sumitomo Metal Industries, Ltd. Consolidated Financial Situation and Business Results for the Third Quarter of FY 2009 (ending March 31, 2010) The following information was originally prepared and published
More informationMonthly Report of Recent Economic and Financial Developments December 2015
December, 15 Bank of Japan Monthly Report of Recent Economic and Financial Developments December 15 (English translation prepared by the Bank's staff based on the Japanese original released on December
More informationThe LME Strategic pathway: how the exchange will continue to support the tin market
Public The LME Strategic pathway: how the exchange will continue to support the tin market 6 th Annual Beer & Co. Tin Conference November 2018 SETTING THE GLOBAL STANDARD Strategic Pathway: overview 2
More informationU.S. Steel Market Outlook. Amy Ebben ArcelorMittal USA November 30, 2018
U.S. Steel Market Outlook Amy Ebben ArcelorMittal USA November 30, 2018 Agenda ArcelorMittal introduction U.S. steel industry performance and trade Global steel industry Review of steel markets 1 About
More informationInvestor Presentation. Heavy plate rolling mill starts operating in July at the Ouro Branco mill (MG)
Investor Presentation Heavy plate rolling mill starts operating in July at the Ouro Branco mill (MG) Agenda Outlook Gerdau Highlights 2 Economic outlook GDP Growth 2014 2015f 2016f World 3.4% 3.1% 3.2%
More informationGus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist
August 18 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Excellent Second Quarter Growth as Labor Market Continues
More informationNOVEMBER 22, 2017 ALUMINIUM
ALUMINIUM Japan P1020A cif 94 93 Spot cif MJP premium was stable in the $85-100/t range ahead of Q1 talks likely starting at end of Nov. Market participants await firm Q1 offers from producers, expect
More information[2016 2Q Q&A Transcript]
[2016 2Q Q&A Transcript] Q. Should the market expect additional cost from E&C division, as CSP start commercial production from September? What is the 2H16 outlook for E&C division? A. We have applied
More informationThyssenKrupp Steel, London, August ThyssenKrupp Steel
, London, August 2008 0 , London, August 2008 28 Disclaimer The information set forth and included in this presentation is not provided in connection with an offer or solicitation for the purchase or sale
More informationNafta Steel. U.S. steel prices continued to fall in February. Price rise announcements for 2Q03 will face strong resistance from consumers.
February J A N U A 28th, R Y / 232 3 Nafta Steel Market trends and forecasts for the North American steel industry U.S. steel prices continued to fall in February. Price rise announcements for 2Q3 will
More informationJANUARY 24, 2018 ALUMINIUM
ALUMINIUM Japan P1020A cif 100 98 Japan P1020A cif 95-110 95-105 Shanghai P1020A in-whs 90-100 90-100 Shanghai P1020A cif 95 95 Same as bonded Shanghai. Shanghai P1020A cif 90-100 90-100 Taiwan P1020A
More informationAK Steel Holding Corporation
February 27, 2015 AK Steel Holding Corporation NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 04/03/2014 Current Price (02/26/15) $4.46 Target Price $4.75 (AKS-NYSE)
More informationU.S steel production rose slightly, remaining slightly ahead of last year and well ahead of two years ago.
This is the Scrap Metal Commodities Recycling and Economic Report, by BENLEE and Raleigh and Goldsboro Recycling, February 26th, 2018. Last week, commodity prices and economic reports were mixed. U.S steel
More informationWorld trade rises 5.3% in Q1 2010
June 2010 TABLE OF CONTENTS World trade rises 5.3% in Q1 2010 1 Highlights 2 The Canadian economy 2 The U.S. economy 3 Oil prices tumble after US jobs report 4 Flight to quality hits Canadian dollar 4
More informationInvestor Presentation. Heavy plate rolling mill starts operating in July at the Ouro Branco mill (MG)
Investor Presentation Heavy plate rolling mill starts operating in July at the Ouro Branco mill (MG) Agenda Outlook Gerdau Highlights 2 Economic Outlook GDP Growth 2014 2015f 2016f World 3.4% 3.1% 3.4%
More informationSmith Leonard PLLC Kenneth D. Smith, CPA Mark S. Laferriere, CPA
FURNITURE INSIGHTS Smith Leonard PLLC s Industry Newsletter October 2018 HIGHLIGHTS - EXECUTIVE SUMMARY A ccording to our latest survey of residential furniture manufacturers and distributors, new orders
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Better outlook for steel consumption Region / Country (in mt and %) 2017f 17/16 World 1,535 1.3% European Union 158 0.5% NAFTA 135
More informationFEBRUARY 21, 2018 ALUMINIUM
ALUMINIUM Japan P1020A cif 103 105 Japan P1020A cif 95-110 95-110 Spot MJP premium stable in quiet market with Q2 MJP offer from one producer in at $135/t. One spot deal reported at $103/t, while offers
More informationForecast on the Preliminary Quarterly Estimates of GDP. for the Jul-Sep Quarter of 2004
(Translation) Forecast on the Preliminary Quarterly Estimates of GDP for the Jul-Sep Quarter of 2004 October 29, 2004 On November 12 th, 2004 (Friday), the Cabinet Office will release the Preliminary Quarterly
More informationAnnual Financial Results. for the twelve months ended 31 December 2009
Annual Financial Results for the twelve months ended 31 December 2009 1 Introduction and overview Nonkululeko Nyembezi-Heita, CEO 2 Overview (2009 vs 2008) Headline loss of R440m Headline loss per share
More information1Q 2017 RESULTS PRESENTATION
1Q 2017 RESULTS PRESENTATION May 31, 2017 Disclaimer This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy
More informationFINANCIAL HIGHLIGHTS. Brief report of the three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary] Consolidated
FINANCIAL HIGHLIGHTS Brief report of the three months ended June 30, 2016 [Two Year Summary] Consolidated Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2016 June 30, 2015
More informationMANUFACTURING AND STEEL PRICES. Peter Morici
MANUFACTURING AND STEEL PRICES Peter Morici FEBRUARY 2005 TABLE OF CONTENTS Introduction... 1 The State of American Manufacturing... 2 Output...2 Profitability...3 Employment... 4 Durable Goods Manufacturing
More informationNATIONAL ECONOMIC OUTLOOK
May 218 NATIONAL ECONOMIC OUTLOOK Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist THE PNC FINANCIAL SERVICES GROUP The Tower at PNC
More informationSmith Leonard PLLC Kenneth D. Smith, CPA Mark S. Laferriere, CPA
FURNITURE INSIGHTS Smith Leonard PLLC s Industry Newsletter May 2018 HIGHLIGHTS - EXECUTIVE SUMMARY A fter hearing about how sluggish business was in the first quarter, our survey of residential furniture
More informationMECHEL REPORTS THE 9M 2017 FINANCIAL RESULTS
MECHEL REPORTS THE 9M 2017 FINANCIAL RESULTS Consolidated revenue 222.8 bln rubles (+13% compared to 9M2016) EBITDA * - 59.1 bln rubles (+42% compared to 9M2016) Net profit, attributable to equity shareholders
More informationQ Management Discussion and Analysis
May 15, 2017 Q1 2017 - Management Discussion and Analysis The first quarter of 2017 brought an improvement in demand for steel and resulted in the increase of production in the European Union by 3.8% with
More informationEU steel market situation and outlook
75nd Session of the OECD Steel Committee Paris, 5th December 2013 EU steel market situation and outlook EU economy: on the road to recovery 2013: economy turned the corner in Q2 Indicators strengthening
More informationFinancial Results Half year ended 31 December February 2016
Financial Results Half year ended 31 December 2015 19 February 2016 Improving the business and returns for shareholders Rapid deployment of business resetting actions $57 million in controllable costs
More informationGus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist
May 218 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Slower but Still Solid Economic Growth in the First Quarter;
More informationFOCUS ON FINANCE AND CAPITAL PLANNING OESA AUTOMOTIVE SUPPLIER BAROMETER Q4 2017
FOCUS ON FINANCE AND CAPITAL PLANNING OESA AUTOMOTIVE SUPPLIER BAROMETER Q4 2017 1 Executive Summary Supplier Barometer Index (SBI) SBI Score = 46; up from Q3 level of 40 Opinions have become more optimistic
More informationCAUGHT IN THE CROSSFIRE
International business U.S.-China trade war CAUGHT IN THE CROSSFIRE The trade war between the United States and Mainland China is escalating quickly. Nicky Burridge finds out how tensions between the world
More informationNorth American Steel Industry Recent Market Developments, Future Prospects and Key Challenges
North American Steel Industry Recent Market Developments, Future Prospects and Key Challenges OECD Steel Committee June 8-9, 29 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers
More informationTsubakimoto Chain Co. and Consolidated Subsidiaries
Tsubakimoto Chain Co. and Consolidated Subsidiaries Years Ended March 31 Net Sales and Operating Income Power Transmission Products Net Sales and Operating Income Materials Handling Systems Capital Expenditures
More informationGLOBAL LOGISTICS & THE US TRADE DEFICIT
GLOBAL LOGISTICS & THE US TRADE DEFICIT HAULAGE AIR OCEAN WAREHOUSING PROJECTS CONTENTS Executive Summary 3 What is the Trade Deficit? 4 UK and US Trade Relations 5 What Next for UK and US International
More informationInvestor Presentation. Heavy plate rolling mill starts operating in July at the Ouro Branco mill (MG)
Investor Presentation Heavy plate rolling mill starts operating in July at the Ouro Branco mill (MG) Agenda Outlook Gerdau Highlights 2 Economic Outlook GDP Growth 2014 2015f 2016f World 3.4% 3.1% 3.4%
More informationFY 2017 RESULTS PRESENTATION
FY 2017 RESULTS PRESENTATION April 5, 2018 Disclaimer This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to
More informationSEPTEMBER 30, 2006 YAMATO KOGYO CO., LTD.
SEMI-ANNUAL REPORT 2006 SEPTEMBER 30, 2006 YAMATO KOGYO CO., LTD. Contents Corporate Structure and Affiliates 2 Operating Results For The Six Months Period Ended September 30, 2006 3 Consolidated Balance
More informationKobe Steel's Consolidated Financial Results Summary for Third Quarter Fiscal 2009 (April 1, 2009 December 31, 2009)
Kobe Steel's Consolidated Financial Results Summary for Third Quarter Fiscal 2009 (April 1, 2009 December 31, 2009) Company name: Kobe Steel, Ltd. Code number: 5406 Stock exchanges where shares are listed:
More informationLETTER. economic. Global economy will be weaker than expected OCTOBER bdc.ca
economic LETTER OCTOBER Global economy will be weaker than expected The International Monetary Fund (IMF) has scaled down its projections for the global economy for and 212 for two major reasons. First,
More informationFINANCIAL HIGHLIGHTS. Brief report of the three months ended June 30, Kawasaki Kisen Kaisha, Ltd. [Two Year Summary]
FINANCIAL HIGHLIGHTS Brief report of the three months ended June 30, 2014 [Two Year Summary] Kawasaki Kisen Kaisha, Ltd. Three months Three months Three months June 30, 2013 June 30, 2014 June 30, 2014
More informationMAGNITOGORSK IRON & STEEL WORKS. Magnitogorsk Steel (MMK) Q2 and H IFRS Financial Results Presentation
MAGNITOGORSK IRON & STEEL WORKS Magnitogorsk Steel (MMK) and H1 212 IFRS Financial Results Presentation MMK Group Highlights Financials Revenue USD 2,516 mln 4% growth q-o-q Operating profit USD 95 mln
More informationDamstahl Bi-Monthly Stainless Steel Briefing December 2012
Damstahl Bi-Monthly Stainless Steel Briefing December 2012 Damstahl 2012, Damstahl - a member of the NEUMO-Ehrenberg-Group - 1 - Damstahl Bi-Monthly Stainless Steel Briefing Issue 32, December 2012 Contents
More informationEU steel market situation and outlook. Key challenges
70th Session of the OECD Steel Committee Paris, 12 13 May 2011 EU steel market situation and outlook http://www.eurofer.org/index.php/eng/issues-positions/economic-development-steel-market Key challenges
More informationKobe Steel's Consolidated Financial Results for First Quarter of Fiscal 2016 (April 1 June 30, 2016)
Kobe Steel's Consolidated Financial Results for First Quarter of Fiscal 2016 (April 1 June 30, 2016) July 29, 2016 Company name: Kobe Steel, Ltd. Code number: 5406 Stock exchanges where shares are listed:
More information