Gazprom Demands Discounts from Russian Pipemakers
Gas giant Gazprom is demanding big discounts from Russian pipeline suppliers for its major projects, industry sources told Reuters, following the emergence of a producer charging significantly lower prices. In a move likely to shake up the pipe and metals sectors, the Kremlin-controlled Gazprom is seeking the discounts - put by the sources at 20 percent - as it tries to limit investment spending that is due to peak in the next two years. Gazprom is involved in three international gas pipeline projects.
Vallourec Drilling Products Cuts Roughly 150 Jobs in Texas
Vallourec Drilling Products, a subsidiary of Paris, France-based steel pipe maker Vallourec , will lay off roughly 150 employees in Texas, according to a regulatory filing. Vallourec specializes in making tubular products for the energy and other industrial sectors. It has about 19,000 employees worldwide. The layoffs come as companies that supply equipment and services to the oilfield are still recovering from a three-year rout in oil prices. Although benchmark crude futures have traded above $60 a barrel for much of the year…
New Dawn for Mexican Steel Puts Brazil in the Shade
Mexico is emerging as the preferred choice for investors in Latin American steel making as a landmark energy reform and exposure to a U.S. recovery help outshine regional rival Brazil, where the gloom of recession has taken hold. While steel executives in Brazil, Latin America's biggest economy, call ever more forcefully for market reforms, Mexico has pushed through a major energy overhaul and other reforms which are expected to lure billions of dollars in new investment.
DW: Cyclical Steel Ride Continues
Since 1990, steel has been used in the construction of some of the world’s biggest thrill rides but in recent years it is the steel market itself that has seen all the dips and climbs of a high speed rollercoaster. As the global shipping industry went through a major build cycle between 2002-2007 demand for steel plate grew over 350%, placing a significant strain on existing mill capacity and driving prices and profitability higher and higher. However…
White House: Keystone XL Can Be Made from Non-US Steel
The Keystone XL oil pipeline does not need to be made from U.S. steel, despite an executive order by President Donald Trump days after he took office requiring domestic steel in new pipelines, the White House said on Friday. "It's specific to new pipelines or those that are being repaired," White House spokeswoman Sarah Sanders told reporters on Air Force One, when asked about a report by Politico that Keystone would not need to use U.S. steel, despite Trump's executive order issued on Jan. 24.
Egypt Needs Anti-Dumping Duties if Energy Subsidies Cut
Egypt needs to impose anti-dumping duties to protect power-hungry industries including steel if the government reduces energy subsidies, one of its top steelmakers said on Thursday. Energy subsidies are one of the most explosive issues facing Egypt's former army chief, Abdel Fattah al-Sisi, whose victory in this week's presidential vote will put a military man back in power in Egypt after the brief hiatus of Islamist control. Cuts to energy subsidies…
Brazil Climate Change Plan Backfires, Doubling Steel Emissions
A plan to reduce climate-changing emissions from Brazil's steel industry has failed, causing the amount of carbon pollution produced by the sector to double in less than a decade, researchers said. Brazilian steel producers switched their energy source from coal to charcoal from forests, causing carbon dioxide (CO2) emissions to rise to 182 million tonnes in 2007 from 91 million tonnes in 2000, according to a study published in the journal Nature Climate Change.
ABB Power for Algeria Steel Complex
ABB has won orders worth around $30 million for the construction of a new 400-kilovolt (kV) substation to power a new steel complex in Algeria’s north-eastern Jijel province. The new transmission and distribution substation will connect the complex to the national grid to ensure a reliable power supply. The Bellara Steel Complex, owned and operated by Algerian-Qatari-Steel (AQS), will help to reduce the country’s dependence on steel imports, currently estimated at about three million tons annually.
Oil Loses Commodity Trade Crown to Unlikely Challenger
China Apr rebar turnover overtakes crude, but many wary China's soaring rebar trading will collapse. Crude oil futures, long the king of commodity trading, have lost their dominant position as the world's most traded and valuable derivative in the resources sector to an unlikely challenger: Chinese rebar. Soaring volumes as well as a price jump since the beginning of the year have seen Shanghai rebar steel futures move past both major crude benchmarks, international Brent futures and U.S.
India May Appeal Parts of WTO Steel Ruling
India said on Tuesday it may appeal against parts of a World Trade Organization ruling against countervailing U.S. duties on some of its steel exports, despite being partly vindicated in a trade dispute. States impose countervailing duties, or punitively high import tariffs, when they suspect another country of gaining an unfair trade advantage through subsidies. The WTO, ruling on the April 2012 case, said on Monday that the United States had acted…
Indian Consortium Undecided on Afghan Iron Ore
An Indian consortium led by the Steel Authority of India (SAIL) has yet to decide how much it will commit to an iron ore project in Afghanistan that was originally supposed to be a $10.8 billion investment, SAIL's chairman said on Monday. India's steel ministry said in December that the group had proposed new terms and planned to invest about $2 billion in three iron ore mines and a steel plant. But SAIL Chairman C.S. Verma said the consortium had not signed a final deal and total investments could only be decided after having a detailed project report.
Increased Norwegian Content for Johan Sverdrup Platform
Today, Kvaerner and its sub-contractors cut the first steel plates for the utility- and living quarters (ULQ) topside for the Johan Sverdrup field. The topside construction starts on schedule and budget. The Johan Sverdrup development is being executed with a high degree of Norwegian value creation. Kvaerner's efforts to improve competitiveness have resulted in a large portion of the work for the ULQ platform to be executed in Norway. This gives Kvaerner and Norwegian subcontractors a steady activity and also a continued high number of apprentices.
ABS Approves First Subsea's Large Scale Steel Forgings
Subsea mooring specialist, First Subsea, has achieved American Bureau of Shipping ABS 2009 Approval for its larger R4 steel forgings up to 562mm diameter. These are the largest diameter forgings to have received the approval, and set the benchmark for Offshore Mooring Accessories with forged bars to the requirements of ‘ABS Guide for Offshore Mooring Chain (2009)’, section 1.9 Special Subsea Mooring Connectors. The ABS 2009 Certification of Offshore Mooring Chain (updated 2014) specifies the requirements for materials…
AVEVA to Acquire FabTrol Systems
AVEVA Group plc announces that it has agreed to acquire FabTrol Systems, Inc. from the Dowco Group of Companies the acquisition is expected to complete by Friday 26 June 2015. FabTrol is a software business, headquartered in Eugene, Oregon with operations in North America and the United Kingdom, providing fabrication management software to the steel fabrication industry. The consideration of $6.5 million has been funded through AVEVA's existing cash resources. The acquisition is expected to be earnings enhancing in FY16.
Swedish Steel Plant to Run on Hydrogen
Steelmaker SSAB plans to build the world's first fossil fuel-free steel plant powered by hydrogen, backed by utility Vattenfall and miner Luossavaara Kiirunavaara, the Swedish firms said on Thursday. The pilot venture will aim to develop technology to later make SSAB's entire production fossil-free, SSAB spokeswoman Viktoria Karsberg said. SSAB's global output reached 8.8 million tonnes in 2017, she said. The idea behind the project, called HYBRIT, is to use hydrogen, produced with electricity from fossil-free Swedish sources. The emissions would be water.
Ocean Endeavor Repair Completed
Harris Pye Engineering Group completed repair works during the two-stage multi-million dollar Diamond Offshore demobilization project for its semi-sub rig Ocean Endeavor from the Black Sea, which completed its contract in January 2016. The initial phase of the repair work, which started in December 2015, while the rig was offshore Constanta, Romania involved cleaning of mud, brine, base oil and skimmer tanks. Steel repairs were carried out on a main column blister.
China Aug Power Output Falls First Time in 4 yrs
China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter. Power output in the world's top consumer fell 2.2 percent to 495.9 billion kilowatt hours (kWh) in August from a year earlier, data showed on Saturday. While the annual fall was in part due to the high reading last summer…
ArcelorMittal Selling Sole Russian Asset
ArcelorMittal, the world's largest steel producer, is selling its sole asset in Russia, a Siberian coal-mining operation, documents from the federal anti-monopoly service (FAS) showed. The steel giant is selling Severny Kuzbass (North Kuzbass), which operates two coal mines in the south west of Siberia, to private coal trader National Fuel Company, according to documents posted on the FAS website on Friday. ArcelorMittal declined to comment on Monday. The FAS did not specify the value of the deal, or any reason for the sale.
Siemens, Voest and Verbund to Build Largest Green Hydrogen Site
Siemens, steel maker Voestalpine and hydropower firm Verbund are planning to build a cutting-edge plant to make green hydrogen more suitable for industrial use, the companies said on Tuesday. Utilities and industrial firms are under increasing pressure to reduce carbon dioxide (CO2) emissions and they hope to use excess power generated by renewable sources such as wind or solar to create hydrogen from water with electrolysis. The hydrogen can then be stored for reconversion into power or for direct industrial use.
Nippon Steel, Sumitomo renew contract to supply line pipes to BP
Japan's biggest steelmaker Nippon Steel & Sumitomo Metal Corp and trading firm Sumitomo Corp have renewed their contract with Britain's BP to supply line pipes. The new contract is effective for five years from July 1, with an option to extend the contract for another five years, Nippon Steel and Sumitomo Corp said on Friday. A plunge in global oil prices since mid-2014 has forced a number of oil and gas companies to scale back capital spending plans…