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Carbon Steel News

Evraz confirms divestiture conditions built discount into Highveld offer

By: Terence Creamer     20th June 2007 Steel and vanadium producer Evraz confirmed on Wednesday that the divestiture conditions imposed on its proposed acquisition of South Africa's Highveld Steel & Vanadium had "built a discount" into its offer to minorities. But it stressed that it was not attempting to... 

Highveld advises shareholders not to accept Evraz offer

By: Mariaan Webb     19th June 2007 Minority shareholders in Highveld Steel & Vanadium (Highveld) have been advised not to accept Russian steel and mining company Evraz's offer to acquire all the shares in company it did not own, at a price of $11,40 a share. 

May steel production up 6,4% y-on-y

By: Matthew Hill     18th June 2007 Global steel industry body the International Iron and Steel Institute said on Monday that world crude steel production for May rose 6,4% year-on-year. 

Highveld Steel expects H1 earnings to rise 55% - 65%

By: Mariaan Webb     18th June 2007 Shares in steel maker Highveld Steel & Vanadium (Highveld) leapt by more than 4% on Monday, when it announced that its interim earnings could increase by 65% on higher steel prices and a weaker rand.  

Industry body publishes 2007 global steel stats round-up

15th June 2007 The International Iron and Steel Institute (IISI) has published its 2007 edition of World Steel in Figures containing facts about the industry, such as steel production, consumption and trade.  

Top Fix, Robor form scaffolding leasing business

By: Mariaan Webb     14th June 2007 Scaffolding and labour outsourcing group Top Fix has formed a scaffolding leasing business with steel tubing firm Robor to cash in on the growth in the Southern African construction industry.  

Highveld in talks to sell Transalloys unit

By: Liezel Hill     11th June 2007 Highveld Steel & Vanadium, in which Russia's Evraz group holds a controlling stake, is in negotiations with several parties regarding the sale of Transalloys, one of the company's ferro-alloy divisions, the firm said on Monday. 

Turned-around mill seeks to grow ultrathin-gauge output

By: Terence Creamer     8th June 2007 The world’s only integrated mini-mill, Saldanha Steel, on South Africa’s West Coast, aims to produce some 25 000 t/m of ultra-thin hot-rolled coil (HRC) on a sustainable basis from the end of 2008. 

Highveld shares fall after Evraz offers $11,40 a share for outstanding stock

By: Mariaan Webb     4th June 2007 Russian steel and mining company Evraz said on Monday that it had made an offer to acquire all the shares of Highveld Steel & Vanadium it did not own, for $11,40 a share. 

SA steel group interrogates three projects that could earn carbon credits

By: Terence Creamer     1st June 2007 Steel producer Mittal Steel South Africa has not yet approached the Designated National Authority at the Department of Minerals and Energy with any of its three proposed emission-capture, or co-generation plans in a bid to qualify these for carbon credits under the clean-development mechanism... 

'Green Scorpions' target Mittal for enviro compliance inspection

29th May 2007 South Africa's environmental management inspectors, the Green Scorpions, will start a "comprehensive" environmental compliance inspection at steel producer Mittal Steel South Africa's Vereeniging plant, government said on Tuesday. 

Gloves coming off?

By: Terence Creamer     25th May 2007 The gloves appear to be coming off in the ongoing fight between Africa�s largest steel producer, Mittal Steel South Africa, and the Department of Trade and Industry (DTI) over negotiations to develop a so-called �developmental pricing model�. 

Saldanha Steel output may fall 100 000 t next year on furnace relines

By: Terence Creamer     24th May 2007 Steel-producer Mittal Steel South Africa's Saldanha Steel is preparing for two major furnace relines in February next year, which could have a net effect of a 100 000 t fall in production for the 2008 financial year. The mill currently produces around 1,2-million tons a year, and the reline... 

Global steel production grew 7,6% y-on-y in April

By: Matthew Hill     21st May 2007 World crude steel production for the 67 countries reporting to the International Iron and Steel Institute was 109,3-million tons in April, which was a 7,6% increase year-on-year. 

'Comp authorities must engage more with data, avoid purely conceputal rulings'

By: Nelendhre Moodley     21st May 2007 A local economist on Monday called for South African competition authorities to follow a similar approach to that taken in European excessive pricing cases, with a greater emphasis on local research, investigation and analysis 

Differences between Mittal and DTI on steel pricing appear to deepen

By: Terence Creamer     17th May 2007 Differences between Department of Trade and Industry (DTI) and Mittal Steel South Africa over an appropriate steel-pricing policy appeared to deepen this week, with government officials refusing to comment on claims by the group that its new international benchmarking pricing model had shaved... 

Mittal says its move away from import-parity pricing shaved R550m off 2006 revenue

By: Terence Creamer     16th May 2007 Africa's largest steel producer Mittal Steel South Africa insisted on Wednesday that it had moved materially from its much-criticised import-parity pricing (IPP) model, and that, as a result of its new benchmark pricing system, it had effectively lost R550-million in revenue during 2006 -... 

Mittal SA lifts headline earnings 19%

By: Nelendhre Moodley     16th May 2007 South Africa's leading steel producer, Mittal Steel South Africa, on Wednesday reported a 19% increase in headline earnings, to R1,50-billion for the quarter ended March 31, 2007, when compared with the previous quarter. South Africa's leading steel producer, Mittal Steel South Africa,... 

Commission seeks to change Mittal abuse of dominance ruling, withdraw penalty recommendation

14th May 2007 The Competition Commission has applied to amend its complaint referral in a case brought against Mittal Steel South Africa in which the commission found that Mittal had contravened the Competition Act by abusing its dominance in the market for the supply of certain products.  

Mittal appoints Lumkile Mondi nonexecutive director

By: Liezel Hill     14th May 2007 The chief economist of the Industrial Development Corporation, Lumkile Mondi, will join the board of Mittal Steel South Africa as a nonexecutive director, the steel-maker said on Monday. 

Arbitrators not appointed yet in KIO-Mittal dispute

By: Matthew Hill     11th May 2007 JSE-listed steel giant Mittal Steel South Africa and the world's fourth biggest supplier of seaborne iron ore, Kumba Iron Ore (KIO), had not yet appointed arbitrators in their dispute involving the Sishen South iron ore project, the steel maker said on Friday. 

Blast furnace reline delayed - Mittal's Reato

By: Matthew Hill     11th May 2007 Steel giant Mittal Steel South Africa said on Friday that the reline of its blast furnace D at its Vanderbijlpark operations was behind schedule, but this would not impact on supplies to the local market. “The slabs that we imported were adequate and we are not short supplying the local... 

Mittal confirms appeal against excessive-pricing ruling

By: Nelendhre Moodley     11th May 2007 Steel giant Mittal Steel South Africa lodged an appeal on April 19, against a Competition Tribunal ruling in which the steel group was found guilty of engaging in excessive pricing, CEO Rick Reato said on Friday.  

Cabinet assesses options in light of failure to reach steel-price deal with Mittal

By: Terence Creamer     10th May 2007 The South African government had not suspended pricing talks with steel producer Mittal Steel South Africa, but was having to reassess its position in light of a call by Cabinet for an update on its efforts to deal with the whole import parity-pricing (IPP) issue, as well as the recent... 

Leslie Boyd appointed chairperson of Highveld Steel & Vanadium

9th May 2007 The board of Highveld Steel & Vanadium has elected Leslie Boyd as independent nonexecutive chairperson, the company said on Wednesday.  

Anglo sells Highveld stake to Evraz

By: Mariaan Webb     7th May 2007 Resources giant Anglo American has completed the sale of its remaining 29,2% stake in Highveld Steel and Vanadium to the Evraz Group SA for $238-million (R1,65-billion), after Evraz received conditional regulatory approval from both South Africa and the European Commission, the two companies said... 

Global steel body asks for govt assistance to cut carbon emissions

By: Mariaan Webb     7th May 2007 The International Iron and Steel Institute (IISI) challenged governments on Monday to work with the steel industry to develop new and imaginative approaches to climate change in the post-Kyoto period. 

UK's Blackstar may list Kulungile Metals after takeover

By: Nelendhre Moodley     23rd April 2007 AIM-listed offshore investment company Blackstar Investors (Blackstar) on Monday announced the acquisition of Kulungile Metals Group (KMG) through a leveraged buy-out, alongside management and black staff. 

SA Q1 steel sales rose 16,1% y-on-y, exports down

By: Liezel Hill     23rd April 2007 Domestic carbon steel sales rose 16,1% in the first quarter of 2007, compared with the same period of 2006, to 1,43-million tons, the South African Iron and Steel Institute (Saisi) said on Monday. 

World steel production rose 10,2% in Q1 '07

By: Mariaan Webb     20th April 2007 World steel production jumped by 10,2%, to 318,3-million tons, in the first quarter of the year, the Iron and Steel Institute said on Friday.  

Very tightly framed

By: Terence Creamer     20th April 2007 During the long-running excessive-pricing hearing brought against Mittal Steel South Africa by Harmony and DRDGold, Competition Tribunal chairperson Dr David Lewis expressed some anxiety that a possible ruling against the steelmaker could open the way for a slew of aggrieved complainants to... 

Mittal plans to spend R2bn/y on capex, mulls long-product opportunities

By: Terence Creamer     13th April 2007 Africa�s largest steel producer Mittal Steel South Africa is considering various additional capital projects, which will most likely lead to a significant increase in the scale of its planned capital expenditure from the already-announced R9-billion - the implementation of these projects would... 

Mittal to appeal excessive-pricing ruling

By: Nelendhre Moodley     11th April 2007 South Africa's leading steel producer, Mittal Steel South Africa, on Wednesday informed the Competition Tribunal that it would lodge an appeal against its ruling that the company had contravened section 8(a) of the Competition Act by charging "excessive prices". 

Lawyers pore over excessive-pricing ruling for weaknesses

By: Terence Creamer     5th April 2007 While there has been no formal word yet about whether steel group Mittal Steel South Africa planned to appeal the Competition Tribunal’s first-ever excessive-pricing ruling, competition lawyers with both direct and indirect interests in the case have been pouring over the ruling to understand its... 

SA's Competition Commission OKs Highveld sale

By: Mariaan Webb     5th April 2007 South Africa's Competition Commission has approved the sale of Anglo American's controlling stake in steelmaker Highveld Steel and Vanadium and forwarded the application to the Tribunal for final approval, the company said late on Wednesday. In July, diversified miner Anglo American... 

R100m Geis ghost haunts Mittal, but no contingencies for excessive-pricing

By: Terence Creamer     2nd April 2007 Steel producer Mittal Steel South Africa says it is facing a maximum claim of R100-million, excluding interest, relating to an alleged contravention of South Africa’s controversial General Export Incentive Scheme (Geis). 

Mittal announces price hikes, days after excessive-pricing ruling

By: Mariaan Webb     30th March 2007 Local steel maker Mittal Steel South Africa announced on Friday that it would increase the price of certain long- and flat-steel products on the back of stronger international steel prices. 

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