Steel Products
Accidents Impact Severstal Coal Mine & ArcelorMittal South African Mill
Written by Sandy Williams
February 13, 2013
Written by: Sandy Williams
A blast at the Vorkutinskaya coal mine, owned by Russian steelmaker Severstal, killed 18 people on Monday and left nine missing. There were 259 men in the mine when a methane build-up ignited. Most of the miners were able to escape on their own while others were rescued from the site. Several of the rescued miners are seriously injured and the missing nine miners are believed trapped in the rubble. An investigation has been opened to determine if safety violations caused the explosion. An investigation into possible safety violations has been launched by the Investigative Committee. The mine has been in operation since 1973 and produces 1.8 million tonnes (1.98 million tons) of coal per year.
ArcelorMittal SA reported a fire at its Vanderbijlpark plant on Saturday caused extensive damage to its steel making facilities but no injuries to employees. The South African plant has been shut down while an assessment of the damage is undertaken. The Company’s shares dropped 6.76 percent following the announcement. It is unknown at the moment, what the potential loss of sales will be and how long it will take to effect repairs. The Company declared force majeure (a contractual provision removing liability for unavoidable catastrophes) since it will be unable to fulfill orders.
Vanderbijlpark is the largest supplier of flat steel products in sub-Saharan Africa and has 4500 employees. It includes two blast furnaces, three electric arc furnaces and three basic oxygen furnaces and an annual capacity of 3.7 million tons.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]