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Kumba Iron Ore reports record EBITDA for 2020, to extend Sishen mine’s life

Kumba Iron Ore has announced its annual results for 2020.

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Global miner Anglo American’s South African subsidiary Kumba Iron Ore has announced its annual results for 2020. In the given period, Kumba Iron Ore’s net profit increased 39.9 percent to ZAR 29.84 billion ($2.04 billion) compared to ZAR 21.32 billion in the previous financial year, while the company’s total revenue rose by 24.6 percent to ZAR 80.10 billion ($5.48 billion) compared to ZAR 64.28 billion recorded in 2019, mainly as a result of higher prices and a weaker exchange rate, partially offset by lower sales volumes. In the given period, Kumba recorded an operating profit of $40.84 billion ($2.79 billion), compared to an operating profit of $28.81 billion in 2019.

In the given year, the company’s EBITDA rose by 37 percent year on year to ZAR 45.81 billion ($3.12 billion), driven by strong revenue growth, while its EBITDA margin rose to 57 percent in the given year, from 52 percent in 2019. The company has also reported ZAR 20.7 billion ($1.41 billion) free cash flow for the same period.

Meanwhile, in 2020, Kumba’s production volumes fell by 12.7 percent to 37.0 million mt, while its sales volumes decreased by six percent to 39.7 million mt, both year on year.

The company anticipates its production and sales to be between 40-41 million mt in 2021.

“Kumba delivered a record EBITDA, while keeping our commitment on health and safety, and supporting our communities as we navigated exceptional conditions,” said Kumba chief executive Themba Mkhwanazi. The company anticipates that its capital expenditure for 2021 will range between ZAR 10.8 billion and ZAR 11.3 billion. Kumba plans to spend ZAR 3.6 billion ($245.38 million) to extend the life of its Sishen mine up to 2040 through the optimization of current activities. The company is also developing its Kapstevel South mine at Kolomela, while continuing its exploration program in the Northern Cape.

Source: https://www.steelorbis.com/steel-news/latest-news/kumba-iron-ore-reports-record-ebitda-for-2020-to-extend-sishen-mines-life-1187303.htm

Metal

World crude steel output up 4.8 percent in January

Global crude steel production in January this year increased by 4.8 percent year on year to 162.9 million metric tons.

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Global crude steel production in January this year increased by 4.8 percent year on year to 162.9 million metric tons, according to the World Steel Association (worldsteel).

In January, crude steel output in Asia amounted to 119.0 million mt, rising by 6.3 percent, with 90.2 million mt produced by China, up 6.8 percent, 7.9 million mt produced by Japan, decreasing by 3.9 percent, 10.0 million mt produced by India, increasing by 7.6 percent, and 6.0 million mt produced by South Korea, rising by 4.9 percent – with all comparisons on year-on-year basis.

EU-27 countries produced 12.2 million mt of crude steel in January, down by 0.4 percent year on year. In the given period, Germany’s output was 3.3 million mt, rising by 6.0 percent year on year.

Turkey produced 3.4 million metric tons of crude steel in January, with a 12.7 percent increase from the previous year. The CIS registered a crude steel output of 9.2 million mt, increasing by 4.5 percent on year-on-year basis, with Russia producing 6.7 million mt, up by 6.5 percent year on year.

In North America in January, crude steel output totaled 9.6 million mt, falling by 7.0 percent, with the US producing 6.9 million mt, falling by 9.9 percent, both year on year. Crude steel output in South America in January amounted to 3.8 million mt, increasing by 11.4 percent from January last year, with Brazil’’s output totaling 3.0 million mt, rising by 10.8 percent year on year.

In the given month, Africa produced 1.2 million mt of crude steel, down by 7.9 percent year on year. In the Middle East in January, crude steel output totaled 3.6 million mt, rising by 1.5 percent, with Iran producing 2.6 million mt, increasing by 10.2 percent, both year on year.

Source: https://www.steelorbis.com/steel-news/latest-news/world-crude-steel-output-up-48-percent-in-january-1187978.htm

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Metal

Department of Commerce calculates margins for AD, CVD orders on aluminum foil from China

The US Department of Commerce this week announced final margins for anti-dumping and countervailing duties on aluminum foil from China. Do you know the five best practices of sourcing metals,…

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aluminum foil

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The US Department of Commerce this week announced final margins for anti-dumping and countervailing duties on aluminum foil from China.

Do you know the five best practices of sourcing metals, including aluminum?

DOC calculates AD, CVD margins for aluminum foil

According to the Aluminum Association, the Department of Commerce announced anti-dumping and countervailing duty margins “in connection with the first annual administrative review of the unfair trade orders on certain aluminum foil.”

In its analysis, the DOC used sales information for Jiangsu Zhongji Lamination Materials Co., Ltd. and Xiamen Xiashun Aluminum Foil Co., Ltd. 

“The Aluminum Association and its members are pleased that the Commerce Department continues to enforce vigorously the anti-dumping and countervailing duty orders on aluminum foil from China,” said Tom Dobbins, president and CEO of the Aluminum Association.

Dobbins said the unfair trade orders are “leveling the playing field.”

However, he also said it is “discouraging” that Chinese producers are exporting foil using unfair trade practices.

“Today’s announcement reinforces the need for continued vigilance to ensure that foil imports from China are competing fairly in the U.S. market,” he added.

The Department of Commerce calculated a combined anti-dumping and countervailing duty rate of 71.98% for Jiangsu Zhongji Lamination Materials.

Meanwhile, the DOC calculated a combined rate of 67.45% for Xiamen Xiashun Aluminum Foil Co.

The duties also apply to “other cooperative respondents” whose shipments the DOC did not analyze individually.

The calculations cover aluminum foil that came into the United States between Aug. 14, 2017 and March 31, 2019.

“The unfair trade orders on aluminum foil from China continue to be effective in ensuring fair competition with imports from China,” said John M. Herrmann, lead counsel to the domestic industry. “We will continue our efforts to ensure the effectiveness of these unfair trade orders, including aggressive efforts to identify and thwart schemes to evade enforcement of the orders.”

Other investigations

Meanwhile, the Department of Commerce late last year launched investigations related to aluminum foil imports from five other countries.

The DOC in October launched probes related to imports from Armenia, Brazi, Oman, Russia and Turkey.

The period of investigation runs from July 1, 2019, to June 30, 2020.

Become part of the MetalMiner LinkedIn group and stay connected to trends we’re watching and interesting metal facts.

Source: http://feedproxy.google.com/~r/agmetalminer/~3/RB8oIrh-_fo/

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Metal

US steel imports up 61.9 percent in January

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According to preliminary census data from the US Department of Commerce, US monthly steel imports in January 2021 increased 61.9 percent from December to total 2,198,449 mt. A year-on-year comparison shows a 23.3 percent decrease. In terms of value, US steel imports in January totaled $1.65 billion, compared to $1.29 billion in December and $2.15 billion in January 2020.

Top sources for US steel imports in January include: Brazil, with 758,828 mt; Canada, with 513,235 mt; Mexico, with 331,229 mt; Korea, with 119,254 mt; and Russia, with 83,044 mt.

By product group, semi-finished imports totaled 1,054,215 mt in January, up from 128,875 mt in December but down from 1,356,821 mt in January 2020. Flat product imports totaled 544,767 mt in January, down from 663,816 mt in December and 758,551 mt in January 2020. Long product imports totaled 330,484 mt in January, up from 258,960 mt in December but down from 350,437 mt in January 2020. Pipe and tube imports totaled 211,117 mt in January, down from 252,567 mt in December and 332,089 mt in January 2020.

According to the American Iron and Steel Institute (AISI), the US steel import market share in January 2021 was estimated at 15 percent, compared to 18 percent in December.

Source: https://www.steelorbis.com/steel-news/latest-news/us-steel-imports-up-619-percent-in-january-1187966.htm

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