This morning in metals news, China produced record steel output in May, ThyssenKrupp is looking to renegotiate its joint venture with Tata Steel, and China threatens to scrap trade deals with the U.S. as the latter gets ready to reveal of a list of Chinese goods that would be targeted for tariffs. Need buying strategies […]
Tag: Tata Steel
This Morning in Metals: U.S.’s Steel Shipments Fall in April
This morning in metals news, U.S. steel shipments in April were down from the previous month but are up for the year to date, U.S. Steel announces it plans to add more than 800 jobs this year and Tata Steel workers in Europe are questioning the company’s planned joint venture with German steelmaker Thyssenkrupp. Need buying strategies […]
This Morning in Metals: Tata Steel Purchase of Bankrupt Bhushan Goes Through
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This Morning in Metals: Thyssenkrupp, Tata Delay Signing Joint Venture Pending Labor Talks
This morning in metals news, big firms Thyssenkrupp and Tata Steel are delaying the signing of a previously agreed to joint venture for their European operations, Chinese steel is retracing and LME zinc has hit a four-month low. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Thyssenkrupp, Tata Delay Inking Deal […]
This Morning in Metals: E.U. Wants Permanent Exemptions From Section 232 Tariffs
This morning in metals news, the E.U. is looking to make its exemption from the U.S.’s Section 232 steel and aluminum tariffs permanent, reports indicate Tata Steel’s bid for Bhushan Steel could be as much as $5.3 billion, and China announced plans to impose tariffs on a number of U.S. goods in response to President […]
Big Names of Steel Look to Acquire Stressed Indian Steel Assets
Steel is the buzzword in India these days. In addition to increased uptake, the revival in the steel cycle has also led to an unlikely output – many steel majors are now showing renewed interest in acquiring stressed Indian steel assets that have been put on the block for loan default. Now, Indian steel is […]
GOES MMI: GOES M3 Prices Fall Slightly as Imports Rise
The GOES MMI (Monthly Metals Index), which tracks, grain-oriented electrical steels, fell one point to 188 as other flat-rolled steel products saw a price increase.
Need buying strategies for steel? Try two free months of MetalMiner’s Outlook
Meanwhile, imports continue to grow, but none of the growth has come from China. In fact, Japan and the U.K. supplied the bulk of the imports in January. Buying organizations continue to report to MetalMiner they import grades of electrical steel not currently produced by the sole domestic producer, AK Steel. (See the latest import data below.)
[caption id="attachment_90225" align="aligncenter" width="585"]
Source: International Trade Administration and MetalMiner Analysis[/caption]
AK posted a Q4 loss but CEO Roger Newport made a number of comments regarding electrical steels during the most recent earnings call that indicated why the company supports strong Section 232 import measures:
“As we previously stated, we strongly believe that the ongoing high level of imports is a threat to the national security of our country…
Imports of grain oriented electrical steels, also known as GOES have more than doubled year-over-year and these imports are coming primarily from Japan, Korea and China. In my opinion this surge of GOES imports stems from a deliberate effort on part of these and other countries to beat the clock on any future 232 remedies and also by the Chinese trade protection causing Korea and Japan to send products to the United States.”
Unlike other steel products, such as tubular goods, cold-rolled steel, hot-dipped galvanized steel, solar panels and washing machines, MetalMiner is not aware of a single circumvention case for grain-oriented electrical steels.
Meanwhile, Bank of American Merrill Lynch analyst Timna Tanners double downgraded AK Steel on weak first quarter guidance and “lack of catalysts” to improve margins.
In Other Producer News…
ThyssenKrupp and Tata Steel have finally announced a joint-venture in Europe with the goal of becoming “a leading European flat steel provider and position it as a quality and technology leader,” according to a ThyssenKrupp press release. Both ThyssenKrupp and Tata have GOES production capability.
MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel
Exact GOES Coil Price This Month
This Morning in Metals: NAFTA Talks Continue as U.S. Seeks ‘Breakthroughs’
This morning in metals news, the U.S. team looks for “breakthroughs” in the renegotiation of the North American Free Trade Agreement (NAFTA), more than 25,000 British Steel pension members did not respond to a consultation about the future of their pension pots and zinc hits a 10 1/2-year high on supply concerns. Need buying strategies […]
Tata Steel Sees ‘Great Opportunity’ for Growth in India
Tata Steel is turning bullish on growth in India. Its global CEO and managing director, T.V. Narendran, has said the time had come for Tata Steel Ltd to start its next leg of expansion. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook “We see great opportunity to grow in India and […]
