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Steel firm wants to diversify overseas - China.org.cn - 0 views

www.china.org.cn/...content_22068121.htm

development Correnti steel

shared by Yadkin River on 18 Dec 11 - No Cached
  • The company and the US-based Steel Development Company signed a deal in September last year to jointly build a steel rebar project in the US market. Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14-percent share. Anshan Iron also plans to acquire nickel and chromium resources through overseas mergers or purchases, as the company considers building a stainless steel and specialty steel business to further diversify, Zhang said. Wang Min, Party chief of Northeast China's Liaoning province, where Anshan Steel is located, said the merger between Anshan Iron and Benxi Iron and Steel Group will make progress soon.
  • Yadkin River on 18 Dec 11
     
    The company and the US-based Steel Development Company signed a deal in September last year to jointly build a steel rebar project in the US market. Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14-percent share. Anshan Iron also plans to acquire nickel and chromium resources through overseas mergers or purchases, as the company considers building a stainless steel and specialty steel business to further diversify, Zhang said. Wang Min, Party chief of Northeast China's Liaoning province, where Anshan Steel is located, said the merger between Anshan Iron and Benxi Iron and Steel Group will make progress soon. Anshan Steel announced in 2005 that it agreed to acquire Benxi Steel to form Anben Iron and Steel Group; however, the two firms have yet to transfer their operating assets to the new entity. The two companies' financial, sales and purchasing departments haven't been integrated. The move is a part of Anshan Steel's bid to reach an annual production capacity of 60 million tons in the next five years and to become one of the world's top five steelmakers by 2015.
Yadkin River

Should the US Government Allow a Chinese Steel Mill to Invest in Steel Technology They ... - 1 views

agmetalminer.com/...vest-in-steel-development-corp

chinese steel development armory ms Correnti

shared by Yadkin River on 18 Dec 11 - No Cached
  • [Ed. Note According to a May 24 AMM post, the investment will also go toward building four re-bar plants (not one) and one flat rolled product mini-mill, all based in the US)
  • Dive under the surface a bit, and the investment by Anshan raises serious concerns not only among steel producers but also for any US manufacturing organization in general.
  • American national security infrastructure projects’ through the investment.”
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  • Let’s examine rebar consumption. First, we’ll examine apparent consumption (apparent consumption is net domestic consumption plus imports) and then we’ll calculate capacity utilization: 2007 – 9.824m short tons 2008 – 8.374 m short tons 2009 – 5.359 m short tons 2010 – based on current 2010 run rates, the industry will ship 5.1m short tons If you compare the peak of the market (2007) with today, the US rebar industry operates at a 62% capacity utilization rate; the overall steel industry operates at a 72.9% capacity utilization rate as of June 26, 2010. Two rebar facilities are currently shut down, one in New Jersey and one in Oklahoma. Many of the other facilities that run both mixed merchant/rebar mills are also running at less than capacity If we were to develop a map of the United States and mark US rebar plant locations by geography (assuming each mill can ship up to a 300 mile
  • First, the last time the US steel market was at 120m tons of consumption was in 2006. The 2009 estimated steel consumption was 59m tons, data courtesy of the USGS. Prior to 2006, the only other year in which apparent steel consumption met or exceeded 120m tons was in 2005. The rest of this past decade, steel consumption hovered in the lower 100m ton range (e.g. less than 110m tons)
  • the question of technology transfer ought to be considered heavily
  • –Lisa Reisman
  • we’d see a glut of capacity in the US Southeast. The only argument one could make for building a rebar mill may be to move it somewhere out West, but even that may be a tenuous argument
  • And we all know that US construction markets (the biggest application for rebar products) remain in troubled waters. Take a look at annual expenditures for both commercial and residential construction here. Incidentally, 2010 data is tracking 8% below 2009 numbers. In other words, rebar capacity utilization rates are even less than overall steel industry capacity utilization rates
  • We can’t see the business case to add rebar capacity in the US. Clearly the PE firm involved in Steel Development Corp is banking on the management team.
  • If our politicians think this is about jobs, we can assure them that this may be a short term win (in terms of new jobs in Mississippi) – but they will result in a net loss for US manufacturing, as the current US domestic rebar industry has already laid off thousands of workers. And by giving this technology to the Chinese, well, we know what that will mean long term….
Yadkin River

Steel chief hits out at US-China plant critics - FT.com - 0 views

www.ft.com/...59-11df-a860-00144feab49a.html

Correnti steel CleanTech hydro china chinese Investors

shared by Yadkin River on 04 Jan 12 - No Cached
  • plan to build a steel plant in the US partly funded by one of China’s biggest steel companies has hit out at his critics, saying that objections to the scheme are a “ploy” by established US companies to block fair competition.
  • John Correnti, chief executive and part owner of Steel Development, which intends to construct a $168m plant in Amory, Mississippi, with the aid of investment by state-owned Anshan Iron & Steel, dismissed as “ludicrous” a claim by a group of US congressmen that the involvement of a Chinese company could potentially damage US national security.
  • Mr Correnti’s project in Mississippi – which he says is part of a bigger $2bn scheme to build a total of four steel plants in undisclosed locations US-wide – comes at a difficult time for the country’s steel industry which was severely affected by the 2008-09 economic crisis and is recovering only slowly.
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  • It also exacerbates tensions between the US and China.
  • Parts of the US business community are concerned at what they regard as a “mercantilist” approach to industry by Beijing, under which the country is said to use levers such as the undervalued renminbi to help Chinese companies.
  • Tom Danjczek, president of the Steel Manufacturers Association, a trade group, which represents most of the large mini-mill companies, said his members “particularly objected” to the presence in Mr Correnti’s investment group of Anshan. That was on the grounds that the company benefited from Beijing’s assistance, in the form “of easy access to government loans and an artificially low currency”. State-owned Anshan benefited from such government help in a way that was denied to its competitors in the US, he said. In a letter sent in July to Tim Geithner, US Treasury secretary, a group of Congressmen representing steel producing districts claimed the planned involvement of Anshan in the Amory project could threaten US national security.
Yadkin River

U.S. Steel Industry Says Get Ready, Chinese Government Companies Are Coming To America - 0 views

www.manufacturingnews.com/...steel109.html

steel industry chinese government yadkin

shared by Yadkin River on 18 Dec 11 - No Cached
  • "In essence, after creating, developing and nurturing massive 'national champions,' the Chinese government is now strategically deploying these entities overseas to execute the government's agenda: to acquire natural resources and raw materials, obtain technology and expertise, gain entry into new markets and increase China's economic and political influence on a global scale."
  • Such ownership is deemed illegal under the World Trade Organization rules. Yet China has defied them. The Chinese government owns most of the shares of the major steel producers. It is involved in making the business decisions within virtually all of China's major steel companies.
  • The Chinese government has directed its Anshan Iron and Steel Group to directly invest in the United States. On May 17, 2010, the company announced a joint venture with Steel Development Co. of Amory, Miss., to build up to five new steel plants in the United States. "Anshan's investment in SDC is the direct result of China's industrial policies," notes Wiley Rein. The 100-percent state-owned enterprise became China's fourth largest steel producer "through government mandated mergers and the receipt of massive government subsidies." China's 2009 "Revitalization Plan," "explicitly identifies Anshan as a recipient of extensive government support in order to strengthen its international competitiveness and to assist Anshan in acquiring strategic resources and establishing operations abroad. . . Anshan is now investing in the U.S. steel market, with the full force and encouragement of the Chinese government." China is stepping up its global strategy. China's government said it invested $43.3 billion overseas in 2009. Through June 2010, overseas investment had reached $55.2 billion. The OECD says these figures are "substantially" underestimated. Chinese foreign mergers and acquisitions have increased by more than 50 percent in the first half of 2010, according to report from China Daily Online. "Chinese investment into the United States jumped 360 percent in the first half of 2010 compared to the same period last year," according to the Wiley Rein report. "In 2009, Chinese enterprises announced new direct investment in the United States of approximately $5 billion, up from $500 million in 2008, and despite a significant global downturn in such investments. Moreover, Chinese firms acquired or announced that they were starting more than 50 U.S. companies in 2009."
Yadkin River

Angang Steel to issue up to $2.2 bln bonds, notes | Reuters - 0 views

www.reuters.com/...anshan-idUSL3E7LB3FD20111011

shared by Yadkin River on 18 Dec 11 - No Cached
  • China's steel sector, which produces about half of the world's steel output, is struggling with low profitability and its fragmented industry faces an overhaul in line with China's economic restructuring.Expensive iron ore costs plus weak demand for flat steel products have squeezed margins of Chinese major steelmakers such as Angang and Baosteel . ($1 = 6.375 Chinese Yuan) (Reporting by Stephen Aldred; Editing by David Holmes)
Yadkin River

The Curious Case Of Anshan Steel And The Space-Age Rebar Technology - Forbes - 1 views

www.forbes.com/...the-space-age-rebar-technology

amory ms steel development China Tracker chinese

shared by Yadkin River on 18 Dec 11 - No Cached
  • Fact: The manufacture of reinforcing steel bar — also known as rebar — is based on technology first developed by the Defense Advanced Research Projects Agency during the Cold War and commercialized by a joint venture between Dean Kamen and Stephen Hawking (the JV holds the patents, valued at over USD 75 billion). If the Chinese get their hands on advanced rebar technology, this would enable them to build concrete platforms robust enough to reach low earth orbit. The danger seems rather self-evident, so I expect that Geithner will recommend a CFIUS review of this transaction, which will result in Anshan being booted out of Mississippi, where they clearly don’t belong.
Yadkin River

Steel companies braced for price falls - FT.com - 0 views

www.ft.com/...66-11e0-931e-00144feab49a.html

Correnti steel CleanTech china chinese yadkin

shared by Yadkin River on 04 Jan 12 - No Cached
  • October 9, 2011 2:46 pm
  • The steel industry faces tough times with companies braced for falling prices as buyers delay orders because of extreme nervousness about global economic weakness.
  • China. The country has been the chief locomotive in driving up the expansion of the global industry.
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  • aid he foresaw the turbulence spilling over into 2012 – a year he said was likely to be marked by “short-term economic and financial issues impacting long-term economic sustainability”.
  • According to a survey for the Financial Times by six industry experts, growth in world steel shipments is set to slow to 4.9 per cent next year after a likely 6.6 per cent this year.
Yadkin River

European investors probably won't build steel plant in Ohio | The Columbus Dispatch - 0 views

www.dispatch.com/...steel.html

shared by Yadkin River on 23 Dec 11 - No Cached
  • The group, Steel Development, will now turn to about four other states to the south and west, Stickler said.
    • Yadkin River
      Yadkin River on 23 Dec 11
       
      This BUNK has been going on since early 2008...Same result...Different State
Yadkin River

djournal.com - Amory project among top 15 in country - 0 views

nems360.com/...roject-among-top-15-in-country

Correnti STEELDEVELOPMENT davidstickler MonroeJournal CleanTech governor AmoryMS chinese MonroeCountyMS

shared by Yadkin River on 04 Jan 12 - No Cached
  • Amory project among top 15 in country* Steel Development Corp. is building a $200 million plant that will employ 150 workers.By CHRIS WILSONMonroe Journal
  • Trade amp& Industry Development magazine has named Amory's steel mill project one of the top 15 projects in the country.
  • community-transforming
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  • "But the current situation has not cooled our enthusiasm- or that of our equity capital investors - for our business model
  • Amory Mayor Howard Boozer has said "I don't think people have begun to fathom the impact this project will have on Amory, Mississippi."
  • Boozer said getting the steel mill project in Amory was the result of a lot of "blood, sweat and tears" from a lot of people. "I said then that failure was not an option.
  • Yadkin River on 04 Jan 12
     
    Dashed Hopes
Yadkin River

China Anshan says still committed to US investment | Reuters - 0 views

www.reuters.com/...nshan-us-idUSTOE67J04L20100820

china yadkin CleanTech

shared by Yadkin River on 18 Dec 11 - No Cached
  • suspended its plans to invest in a U.S. steel plant being built by Steel
  • evelopment Co because the plan faced limited prospects for success
  • national security. [ID:nN02241776
Yadkin River

US lawmakers urge probe of Chinese steel investment - 0 views

www.chinadaily.com.cn/...content_10054891.htm

chinese hydro electric steel development armory ms

shared by Yadkin River on 18 Dec 11 - No Cached
  • Chinese mining company
  • China National Offshore Oil Cor
    • Yadkin River
      Yadkin River on 18 Dec 11
       
      Gold Mine , Petro(oil) , Yadkin (Water) ? China's Going Abroad Strategy
Yadkin River

Ohio apparently ruled out for steel mill | cleveland.com - 0 views

blog.cleveland.com/..._apparently_ruled_out_for.html

shared by Yadkin River on 23 Dec 11 - No Cached
  • But the group wasn't able to get a handle on its electricity costs in Ohio because the state has yet to decide how rates will be regulated in the future, said David Stickler, managing director of Global Principal Partners LLC, which is working with Steel Development. He said nobody was able to say what the plant's power costs would be over the next five to seven years.
    • Yadkin River
      Yadkin River on 23 Dec 11
       
      What.... 5 to 7 years... ALCOA wants 50 years...Come On.........
Yadkin River

Alcoa and Chinese Rival Buy 12% Stake in Rio Tinto - New York Times - 0 views

www.nytimes.com/...02mines.html

chinese ALCOA YADKIN GOINGOUT

shared by Yadkin River on 19 Dec 11 - No Cached
  • SHANGHAI — The state-owned giant Aluminum Corporation of China and the Aluminum Corporation of America stunned analysts and investors Friday by buying a minority stake in Rio Tinto, the world’s third largest mining company.
  • “The Chinese are probably the best capitalists that communism will ever have given birth to,” said Michelle Applebaum, head of an independent steel equity research firm in Chicago.
  • Last year, China’s state-controlled sovereign wealth fund — another increasingly visible and controversial measure of the new wealth of the nation — invested in the private equity firm Blackstone. Later, it paid about $5 billion to buy a small stake in Morgan Stanley.
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  • Now, China appears to be making another bold play to capture the natural resources it needs to fuel its fast-growing economy.
  • Most of the $14 billion came from Chinalco, which is ultimately controlled by the government in Beijing. Alcoa, which is based in Pittsburgh, contributed only about $1.2 billion to purchase the Rio stake.
  • "We believe that the Chinese recognize that control will likely be elusive — if not impossible — and that ownership of its raw material resources is key to the future.”
  • The statement, analysts say, was a hint that the two could team up with other companies or entities, possibly from China, to bid for all of Rio and wage a tough takeover battle with BHP, driving up the price of Rio shares.
  • partly because of suspicions that the Chinese government could be behind the deal.
  • Neither Chinalco nor Alcoa have the cash or stock to make a $150 billion bid, analysts say. Shares of Alcoa are worth about $30 billion and Chinalco shares in China are worth about $50 billion.
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