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☆ U.S. Steelmakers Are Still Expanding as Demand Slows
▼ + stars: | 2023-08-03 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

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☆ SSAB profit hit flags EU steel's parlous state
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters Breakingviews) - SSAB (SSABa.ST) has kicked off European steelmakers' quarterly earnings season with a profit drama. Poor demand in Europe, declining steel prices and severe rises in energy and production costs are to blame. With steel consumption expected to decrease further in the second half of the year, investors sent SSAB stock down more than 15%. Without a deal, trade tariffs, which have been temporarily frozen, would return in December along with retaliatory measures from the EU. For SSAB, whose heavy plate business in North America was relatively stable during the second quarter, that would take things from bad to worse.

Persons: SSAB, steelmakers, Valdis Dombrovskis, Pamela Barbaglia, whir, George Hay, Streisand Neto Organizations: Reuters, SSAB, European Central Bank, Union, Twitter, Thomson Locations: Europe, U.S, North America

Big increases from mostly coal-fired thermal generators (+149 billion kWh), wind farms (+79 billion kWh) and solar generators (+19 billion kWh) offset a fall in hydro production (-82 billion kWh). Chartbook: China electricity generationThe two provinces of Sichuan (354 billion kWh) and Yunnan (296 billion kWh) in southern China produced almost half of the country’s total hydro-electric power (1,352 billion kWh) in 2020. ENERGY SECURITYSouth China’s drought and reduced hydro generation explains why the central government has encouraged coal miners to maximise production and coal-fired generators to stockpile fuel. Coal imports increased by +86 million tonnes (+90%) in the first five months as generators and steelmakers took advantage of lower international prices to rebuild inventories. Large numbers of new coal-fired plants are being authorised and built to meet short-term load growth and reliability requirements even as government plans to reduce the share of coal-fired generation in the medium and long-term.

Persons: steelmakers, John Kemp, Barbara Lewis Organizations: National Bureau of Statistics, Coal, China Electricity Council, Thomson, Reuters Locations: China, Chartbook, Sichuan, Yunnan, Yibin

Total electrical generation increased by 128 billion kilowatt-hours (4.9%) between January and April compared with the same period in 2022, according to the National Bureau of Statistics (NBS). Increases from thermal power plants (+83 billion kWh), wind farms (+64 billion kWh), solar farms (+16 billion kWh) and nuclear units (+6 billion kWh) more than offset reduced hydro-electric output (-42 billion kWh). Renewables wind and solar provided 14% of generation up from just 3% in 2014, while nuclear supplied 5% up from 2%. Ensuring sufficient electricity generation to meet rapidly rising demand from industry and households is the more urgent priority in the short term while reducing emissions is a more long-term goal. INDUSTRY FOCUSOn the consumption side, electricity demand growth in the first four months shows a clear emphasis on industry rather than households.

☆ Asian stocks edge lower amid gloomy China data as US CPI looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

TOKYO, May 9 (Reuters) - Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, while gloomy Chinese trade data also kept risk sentiment in check. Mainland Chinese blue chips (.CSI300) turned lower after early gains, with the benchmark CSI 300 dropping 0.8%. "So when you have some trend data which is not as good as people expect, it raises doubts," he said. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. Brent crude was down 30 cents at $76.71 and U.S. West Texas Intermediate (WTI) crude fell 26 cents to $72.90.

☆ Asian stocks edge lower, dollar firm as US inflation data looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), though, slipped 0.3%, erasing part of Monday's 0.9% rally. Hong Kong's Hang Seng (.HSI) dropped 0.4%, while Australia's benchmark (.AXJO) lost 0.2% and South Korea's Kospi declined 0.4%. Investors were mostly unmoved by Chinese data showing exports surged last month while imports eased. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. The dollar index , which measures the currency against six major peers, was little changed after earlier rising overnight from near the bottom of its trading range since the middle of last month.

Companies Anglo American PLC FollowApril 4 (Reuters) - Anglo American (AAL.L) said on Tuesday it had signed a memorandum of understanding with Swedish hydrogen and steel producer H2 Green Steel to work on advancing low-carbon steelmaking processes. The miner said the agreement includes studying and trialling the use of iron ore products from its Kumba mines in South Africa and Minas-Rio mine in Brazil as feedstock for H2's direct reduced iron (DRI) production process at its Boden plant in Sweden. DRI steel production is estimated to be significantly less carbon intensive than traditional blast furnace and basic oxygen furnace integrated processes. Anglo American's shares were up 0.4% by 0715 GMT. Reporting by Muhammed Husain in Bengaluru; Editing by Subhranshu Sahu, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

TOKYO, March 31 (Reuters) - Japan, the world's fifth-biggest carbon dioxide (CO2) emitter, will begin a carbon pricing scheme in stages from April to encourage companies to curb emissions and achieve its goal of carbon neutrality by 2050. The country is the latest among Asian nations to formulate plans to create a carbon pricing mechanism and emissions trading system. The scheme, based on METI proposals and approved by the cabinet this year, consists of emissions trading and a carbon levy. The carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. The introduction of emissions trading and carbon surcharges mark "a significant shift in Japan's climate change policy", said Tohru Shimizu, senior researcher at the Japan's Institute of Energy Economics.

☆ The Paper-Thin Steel Needed to Power Electric Cars Is in Short Supply
▼ + stars: | 2023-03-27 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Large U.S. steelmakers are ramping up production of a hard-to-make, paper-thin steel to capture a fast-growing market for a material critical to powering electric vehicles. Cleveland-Cliffs Inc. and U.S. Steel Corp. are jockeying with a small group of foreign-based steelmakers that produce electrical steel, used to convert electricity into mechanical power for motors in products that include washing machines, air conditioners, power tools and more recently, electric vehicles.

☆ British Steel proposes to close coking ovens in move that could cut 260 UK jobs
▼ + stars: | 2023-02-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

LONDON — Chinese-owned British Steel said it may eliminate up to 260 U.K. jobs as a result of the proposed closure of its coking ovens in Scunthorpe, as steelmaking in Britain remains "uncompetitive" despite cost cutting. British Steel employs 4,700 people, of whom 4,300 are based in the UK. The British administration has been in talks to agree a long-term solution with British Steel over recent months. The Unite union called on British Steel must provide further disclosure over Scunthorpe or face potential industrial action. "Unite will pursue every avenue, including industrial action, to defend members' jobs at British Steel."

☆ Chinese-owned British Steel plans closures which may cut 260 jobs
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 22 (Reuters) - Chinese-owned British Steel on Wednesday said it could cut up to 260 jobs after announcing the planned closure of its coke ovens in northern England, saying steelmaking in Britain was uncompetitive despite efforts to reduce costs. British Steel boss Xifeng Han said the company, which is owned by China's Jingye Group (600768.SS), was "undergoing the biggest transformation in our 130-year history." He also said decarbonisation was a major challenge for its business as the company set out proposals to close the coke ovens at its Scunthorpe site. Jingye, which bought the company out of insolvency in 2020 with a promise of 1.2 billion pounds ($1.45 billion) in spending, has invested 330 million pounds in capital projects so far, British Steel said in the statement. "Unite will pursue every avenue, including industrial action, to defend members’ jobs at British Steel," the union said in a statement.

Benchmark EU carbon permit prices hit 100 euros per tonne of CO2 on Tuesday, the highest since the scheme launched in 2005. The largest project being developed in the Netherlands secured national funding to bridge the gap between costs and the CO2 price. The United States does not have a nationwide carbon price, although states including California do. An EU carbon price of 100 euros adds 30-40 euros to the cost of a tonne of primary steel production, according to Eurofer. For example, blast furnace-based steelmakers were given around 80% of their CO2 permits, commodity industry analysis firm CRU said.

Celsa España, part of the Celsa Group, is an industrial steel group founded in 1967 by the Rubiralta family. In June, Spain's government authorised 550 million euros in state aid to Celsa, approved by the European Commission. Click herefor an ANALYSIS on Spain's new lawDebtors can benefit from a three-month period to negotiate a restructuring plan with creditors that may be extended. Court approval would allow a restructuring plan to be extended within and between different creditor classes. As the creditor classes are approved, the next step will be to present a final restructuring plan showing Celsa's capital structure post restructuring.

☆ Fortescue sees solid iron ore demand this year on China property support
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +1 min

Australia's Fortescue Metals said it expects solid iron ore demand this year given China's support for its property and construction sectors, as it reported lower profit and dividends for the first half and flagged persistent inflationary pressure. Fortescue was seeing "really good" demand for its lower grade iron ore after the Chinese New Year, given compressed margins at steelmakers, Chief Executive Fiona Hicks said on Wednesday. Steelmakers tend to buy cheaper ore when their profits are under pressure. Against that backdrop, Fortescue is set to retrench up to 1,000 staff from global and local operations, the Australian newspaper reported last week. Company executives did not confirm job cuts, but founder and executive chairman Andrew Forrest said: "The typical pattern of Fortescue we grow, steady the ship, consolidate ... and grow again."

☆ Factbox: Potential winners and losers from the new U.S. EV charging standards
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +5 min

EV CHARGING COMPANIES: Many, including Volkswagen's (VOWG_p.DE) Electrify America, ChargePoint(CHPT.N) and EVGo (EVGO.O), will accelerate the rollout of chargers due to the federal funding. U.S. EV AUTO SECTOR: The rollout of more charging stations will encourage EV adoption in the United States. INTERSTATE HIGHWAY REST STOPS: They could see an influx of investment as companies establish charging stations along heavily traveled routes. TESLA: Under the new charging standards, the White House said EV market leader Tesla (TSLA.O) has agreed to open part of its U.S. charging network to EVs made by rivals. EV CHARGING COMPANIES: While the charging companies get financial support in their expansion efforts, only a handful of the dozen who commented to the Biden administration ahead of Wednesday's announcement said that they could meet the "Buy American" standards under the proposed timelines.

Steel producers are estimated to produce 7-9% of all harmful emissions, according to the World Steel Association. Boston Metal makes parts for cells in which electricity splits iron ore, creating liquid iron and no byproducts or emissions apart from oxygen. "What is the point of having an electric car running on a battery and carrying dirty steel?" ArcelorMittal's investment marks a shift in steel companies' willingness to invest in the technology since Boston Metal first went out looking for funding in 2018, Carneiro said. Now all the steelmaking companies are very interested in following what we are doing because they need a solution."

☆ Steelmaking Is Trying to Make Itself Greener and Researchers May Have Found a Way
▼ + stars: | 2023-01-25 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

Steelmaking is one of the most carbon-intensive industries in the world, but researchers may have found a way to make it greener. Newsletter Sign-up WSJ Pro Sustainable Business A weekly look at environmental, social and governance issues and strategies for corporate decision makers. The system essentially creates a closed loop where the carbon split using the perovskite is put back into the system. “After five years, this system would save the U.K. steel industry £1.28 billion [equivalent to $1.57 billion], while reducing UK-wide emissions by 2.9%,” Ms. Kildahl said. For example, H2 Green Steel in Sweden is looking to cut carbon emissions by using hydrogen as a fuel source.

☆ BHP says China is set to be a stabilizing force for commodities demand this year
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: +2 min

The world's largest listed miner said iron ore production from mines it operates Western Australia on was 74.3 million tons for the three months ended December, up 1% from 73.9 million tons a year earlier and beating a consensus of 71.9 million tons. "China's pro-growth policies, including in the property sector, and an easing of Covid-19 restrictions are expected to support progressive improvement from the difficult economic conditions of the first half," BHP said. BHP joined peer Rio Tinto to expect that China's measures to support its property sector will underpin solid demand for their steel-making products. China is set to be a stabilizing force for commodities demand this year as developed nations face economic headwinds, BHP said on Thursday as it posted higher quarterly iron ore shipments that beat expectations. The mining giant reaffirmed its fiscal 2023 forecast for Western Australian iron ore output at between 278 million tons and 290 million tons.

☆ China boosts coal output, eases Australia ban to bolster energy security
▼ + stars: | 2023-01-09 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

SINGAPORE, Jan 9 (Reuters) - The increasing need to secure energy supplies after easing COVID-19 restrictions has pushed China to gradually resume Australian coal imports and urge domestic miners to boost their already record output. "Many miners would welcome the opportunity to renew their commercial relationships in China for both metallurgical coal and thermal coal." read moreAmong them, China Energy Investment Corp has placed an order to import Australian coal which could load later this month. read moreMarket participants expect more firms to be granted permission to buy Australian coal in the coming months. HIGHER QUALITYChina purchased more than 30 million tonnes of coking coal and nearly 50 million tonnes of thermal coal from Australia before buying stopped.

☆ Exclusive: China Energy places order to import Australian coal
▼ + stars: | 2023-01-06 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

India's share of Australian coal increased to 15.7% in 2022 from 12.3%, while Europe's share increased to 8% from 4.6%, the Kpler data showed. "Australian thermal coal is of better quality and is expensive. Global prices of both coking and thermal coal shot up after Russia's invasion of Ukraine last year. Analysts and traders expect the return of Australian coal to challenge the market share of suppliers such as Russia and add to pressure on prices in the longer term. "Entry of Australian coal into Chinese markets could ease coking coal prices, which are currently on the higher side," an Indian coal trader said.

The proposal from the U.S. Trade Representative's office to be negotiated with the European Union would create a "club" of countries seeking to reduce carbon emissions. Countries with emissions exceeding the standards would pay higher tariffs when exporting metals to countries with lower emissions, the sources briefed on the plans said. Countries with steel and aluminum plant emissions at or below the standards would pay lower tariffs, the sources said. U.S. steelmakers claim to have the world’s lowest carbon emissions levels, in part because 70% of American steel is made from scrap iron in electric-arc furnaces rather than coal-fired blast furnaces. The U.S.-EU talks on low-carbon steel have been aimed in large part at China, which relies on coal for most of its steel output as well as low-grade iron ore that contributes to high carbon emissions.

☆ Britain approves first new coal mine in decades
▼ + stars: | 2022-12-07 | by ( ) www.cnbc.com time to read: +2 min

Britain on Wednesday approved its first new deep coal mine in decades to produce the high-polluting fuel for use in steelmaking, a project that critics say will hinder the UK's climate targets. The majority of the coal produced is expected to be exported to Europe. Greenhouse gas emissions from burning coal — such as in steel and power plants — are the single biggest contributor to climate change, and weaning countries off coal is considered vital to achieving global climate targets. Earlier this year, the chair of Britain's independent Climate Change Committee, John Gummer said the Woodhouse project was "absolutely indefensible". Britain, the cradle of the industrial revolution, once employed 1.2 million people at nearly 3,000 collieries.

☆ UBS reveals global stocks that will win — or lose — when China reopens
▼ + stars: | 2022-12-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

But when they do, Swiss bank UBS has identified stocks in the MSCI Europe index that will do better than others "in an environment where China's growth rebounds." The investment bank screened for companies in Europe that meet the following criteria: A high percentage of sales exposure to China. The stocks in the table below have been ranked using UBS' composite score, which brings together the above factors. London-listed engineering groups IMI and Weir Group and Asia-focused bank Standard Chartered were among the top 15 stocks with high exposure to China, according to UBS. According to UBS, shares of chemicals and specialty materials companies BASF , Solvay , Arkema and Sika are also exposed.

☆ India's finished steel imports from Russia hit 4-year high in April-October
▼ + stars: | 2022-11-29 | by ( Neha Arora | ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 29 (Reuters) - India's finished steel imports from Russia during April-October rose to their highest in at least four years, government data compiled by Reuters showed, underscoring Moscow's bid to divert shipments in the wake of Western sanctions. Russia accounted for just about 5% of India's total steel imports but was among the top five exporters. India's total steel imports between April and October stood at 3.2 million tonnes, up 14.5% from a year earlier. JSW Steel Ltd (JSTL.NS), India's largest steelmaker by capacity, said six to seven distressed Russian steel shipments arrived during the current fiscal year. Indian steelmakers have so far imported record 5-6 million tonnes of Russian coking coal in 2022/23, compared with less than 2 million tonnes last year.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

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