Thyssenkrupp rejects steel unit's request for funding
Thyssenkrupp announced on Saturday that its steel division would need to be restructured in order to fund its investment needs from its own earnings. However, the parent company has provided financial security for two years. Thyssenkrupp's CEO, Miguel Lopez made the comments after the chairman of its steel division stated that the company needs to close a funding gap of 1.3 billion euros ($1.4 billion). Sigmar Gabriel, of Thyssenkrupp Europe (TKSE), made the comment about funding late Friday night after a meeting of the supervisory board. The parent company reduces its stake in this unit that is struggling with a decline in steel prices and demand.
China's Commodity Imports Remain Robust: Russell
It's safe to dismiss any impression that China's imports of major commodities such as crude oil and iron ore were weak in February, despite the numbers suggesting as much. The timing of the Lunar New Year holiday usually affects when imports are counted as having arrived in the world's largest buyer of commodities. This year the week-long holiday fell entirely in February, likely resulting in a pull-forward of the counting of imports into January, meaning February's arrivals appear weaker than they should. Crude oil imports in February were 32.26 million tonnes, China customs said on Thursday, equivalent to about 8.41 million barrels per day (bpd).
Mechel Signs Debt Restructuring Deal with Sberbank
Russian coal and steel producer Mechel said on Monday it had agreed a debt restructuring deal with the country's biggest bank Sberbank totalling 30 billion roubles ($446 million) and $427 million. The mining company, controlled by businessman Igor Zyuzin, borrowed heavily before Russia's economic crisis and has struggled to keep up repayments as demand for its products weakened alongside tumbling coal and steel prices. It is now in talks to restructure $5.1 billion, about 80 percent of its total debt, with four large creditors: Sberbank, Gazprombank, VTB and a syndicate of foreign banks.
Stolt-Nielsen Profits Dip
Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the fourth quarter ended November 30, 2015. Net profit attributable to shareholders in the fourth quarter was $21.4 million, with revenue of $494.6 million, compared with a net profit of $30.1 million, with revenue of $500.7 million, in the third quarter of 2015. Net profit attributable to shareholders for 2015 was $132.7 million, with revenue of $1,983.7 million, compared with $77.1 million and revenue of $2,137.9 million in 2014. Stolt Tankers reported an operating profit of $35.4 million…
