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May Angel

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Covers:  global commodity trade flows, sanctions, anti-dumping duties, regulations, corporate strategy, mergers and acquisitions, liquidations, job cuts, labour disputes and industrial policy
Reuters agri commodities reporter, based in London. #Sugar #Coffee #Cocoa #FoodSecurity #Deforestation #LivingWages #ChildLabor #ClimateChange
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Steelmakers face another year of pain even as prices steady

Steelmakers face another year of pain even as prices steady

Reuters — By Maytaal Angel LONDON, Feb 3 Global steelmakers face another year of pain with more capacity closures and job losses expected, even as steel prices start to stabilise thanks to painful production cuts, depleted stockpiles and rising trade barriers. Capacity closures and bankruptcies picked up across the globe last year and top producers like ArcelorMittal and Nippon Steel slashed earnings forecasts as prices ST-CRU-IDX lost a third of their value, sliding to 12-year lows.
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Greybull Capital favourite to buy Tata Steel's UK-based unit - sources

Greybull Capital favourite to buy Tata Steel's UK-based unit - sources

Reuters — By Maytaal Angel and Freya Berry LONDON, Dec 22 (Reuters) - Investment firm Greybull Capital has emerged as a favourite to buy Tata Steel's struggling UK-based unit, in a move that could offer some relief to Britain's troubled steel sector. The country's largest steelmaker has been trying to sell its long products unit, which makes steel used in construction, since last year with increasing urgency as a global steel crisis intensified and prices hit decade lows.
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Gaming the system: China steel exporters look for tax advantage

Gaming the system: China steel exporters look for tax advantage

Reuters — By Manolo Serapio and Maytaal Angel MANILA/LONDON, Dec 9 (Reuters) - Chinese steel exporters are gaming the nation's tax system to pump ever greater amounts of surplus steel into world markets, crafting slightly different alloys to ensure their products sidestep Beijing's cutbacks to trade subsidies. Steel exporters claimed up to $2.4 billion in tax rebates in the first eight months of this year, on track to surpass the 2014 total despite government moves to tighten the kinds of shipments eligible for such refunds, Reuters calculations showed. The rebates, along with steps such as those announced on Wednesday to reduce taxes on some steel exports, are helping many Chinese steel mills deeply undercut rivals overseas.
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UK steel sector imploding, Tata Steel blames cheap Chinese imports

UK steel sector imploding, Tata Steel blames cheap Chinese imports

Reuters — LONDON, Oct 20 (Reuters) - The crisis in Britain's steel sector escalated further on Tuesday as Tata Steel blamed its decision to cut 1,200 British jobs from its UK operations squarely on a flood of cheap imports, particularly from China. This month alone, over 4,000 UK steel jobs have been lost or are now at risk, with the country's steelmakers and unions pinning much of the blame on China. The timing couldn't be worse as President Xi Jinping commences his long awaited state visit to Britain. China makes nearly half the world's 1.6 billion tonnes of steel.
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For squeezed global steel sector, no quick fix in prospect

For squeezed global steel sector, no quick fix in prospect

Reuters — By Maytaal Angel LONDON, Oct 6 The global steel industry faces an escalating crisis and any mill closures already in prospect look unlikely to be enough to restore profitability in the sector. Britain's second-largest steelmaker SSI UK went into liquidation last week, citing a slump in steel prices and record exports from China, which produces half the world's steel.
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Steelmaker SSI UK to mothball Redcar plant, cut 1,700 jobs

Steelmaker SSI UK to mothball Redcar plant, cut 1,700 jobs

Reuters — By Maytaal Angel, Dept 28 (Reuters)- LONDON Britain's second-largest steelmaker SSI UK said on Monday it would mothball its Redcar iron and steelmaking plant in northeast England, and axe about 1,700 jobs. The loss-making company, a unit of Thailand's largest steelmaker Sahaviriya Steel Industries (SSI), has been hit by a severe slump in steel prices this year. It has also missed several debt repayments. On Monday it said it would continue to work with stakeholders, including the government, with a view to restarting operations in the future. It will therefore keep its Redcar coke ovens and power stations running.
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As foreign steelmakers look to Iran, local producers turn overseas

As foreign steelmakers look to Iran, local producers turn overseas

Reuters — By Manolo Serapio Jr and Maytaal Angel MANILA/LONDON, Sept 8 (Reuters) - Any global steelmakers hoping a potential end to sanctions on Iran will fully revive what was once a multi-billion dollar import market for their product will be disappointed as Tehran is boosting local output and expects its own exports to grow.
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Osborne tightens grip on cabinet after Cameron reshuffle

Osborne tightens grip on cabinet after Cameron reshuffle

Reuters — By William Schomberg and Maytaal Angel LONDON, May 11 (Reuters) - British Chancellor George Osborne has emerged as a winner in a cabinet reshuffle by Prime Minister David Cameron after last week's election, with several close allies moving into top jobs in the new government on Monday. Osborne, who has been mentioned by Cameron as a potential successor as leader of the Conservative Party, saw four of his former aides brought into the cabinet or promoted, including new business secretary Sajid Javid and energy secretary Amber Rudd. Another -- Priti Patel, now a minister for work and pensions -- was a junior minister at the Treasury under him.
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UK steel sector dispute escalates on eve of election

UK steel sector dispute escalates on eve of election

Reuters — By Maytaal Angel LONDON, May 5 (Reuters) - British unions will start balloting some 17,000 Tata Steel workers for industrial action from May 6, one day before the country's general election, in a move that threatens to further deter investors from the shrinking UK steel sector. If the steel workers vote to strike, it will be the biggest industrial action in the sector in 35 years. The unions - Community, GMB, UCATT and Unite - are locked in a dispute with top UK steelmaker Tata Steel about proposed changes to their final-salary pension scheme, but talks have broken down.
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Steel and grain flow freely from Ukraine's ports despite stand-off

Steel and grain flow freely from Ukraine's ports despite stand-off

Reuters — By Pavel Polityuk and Maytaal Angel KIEV/LONDON, March 4 (Reuters) - Steel and grain exports continue to flow from key global supplier Ukraine via Black Sea terminals with ports operating normal schedules, despite concerns raised by the tense political backdrop, officials and traders said on Tuesday. Ukraine exports grain, steel, coal, chemicals, fuel and petroleum products, machinery and transport equipment. Its ports have shipped some 22.7 million tonnes of various cargoes since the start of 2014, roughly equal to turnover by the same date a year ago.
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UK manufacturers' group warns against 'gamble' on EU exit

UK manufacturers' group warns against 'gamble' on EU exit

Reuters — By William James and Maytaal Angel LONDON Feb 13 (Reuters) - Britain's membership of the European Union is too important to the country's businesses to risk a public vote on the matter, the head of Britain's largest manufacturing group said on Thursday, speaking against plans for a 2017 referendum. Britain's troubled relationship with Europe has been put up for renegotiation by Prime Minister David Cameron, who wants to make sweeping changes to the way the bloc works and then hold an in/out referendum if he wins a 2015 election.
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European steel body plans anti-dumping cases against China, Russia

European steel body plans anti-dumping cases against China, Russia

Reuters — By Maytaal Angel LONDON, Feb 13 (Reuters) - European steel lobby Eurofer plans to file anti-dumping cases this year with the European Commission against exports of cold rolled stainless sheet from China and Taiwan and of electrical steel sheet from Russia. If the Commission, the European Union's executive, takes up the cases, they will join a series of damaging trade disputes over recent years between the 28-nation EU and China, as well as some with Russia.
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Cable says industrial sector faces energy cost crisis

Cable says industrial sector faces energy cost crisis

Reuters — By Maytaal Angel and William James LONDON, Jan 16 (Reuters) - Business secretary Vince Cable said on Thursday rising energy costs pose a major stumbling block for the competitiveness of British industry, but stopped short of offering new government initiatives to tackle the problem. Energy prices are high on Britain's political agenda, but most of the focus so far has been on households, even though energy-intensive industries (EIIs) such as steel and chemicals firms pay some of the highest bills in Europe. "There is a big problem and we recognise that," Cable said at an industry event in London to mark the launch of a report commissioned by Tata Steel Europe on foundation industries' contribution to the UK economy.
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Osborne to offer industry more compensation for green taxes

Osborne to offer industry more compensation for green taxes

Reuters — By Maytaal Angel LONDON, Dec 4 (Reuters) - Chancellor George Osborne is expected to add 100-150 million pounds to a compensation scheme to shield heavy industry from rising energy bills, responding to claims the sector is crumbling under the weight of green taxes. Energy costs are high on Britain's political agenda. Most of the focus so far has been on household bills, even though energy-intensive industries (EIIs) such as steel and chemicals firms pay some of the highest bills in Europe. The government budget update known as the Autumn Statement, set for Thursday, will extend a compensation scheme for energy-intensive industry by another year to 2017, adding extra funds to the roughly 400 million pounds already available.
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LME beefs up powers to tackle long warehouse queues

LME beefs up powers to tackle long warehouse queues

Reuters — By Maytaal Angel and Susan Thomas LONDON, Nov 7 (Reuters) - The London Metal Exchange, aiming to appease critics of its global storage network, on Thursday slashed queues for metal, beefed up its powers to act against market abuse and will review its agreement with warehouse owners. The world's largest and oldest metals marketplace is under intense regulatory and legal pressure over its storage system, with complaints about queues of more than a year and large surcharges to withdraw material from its warehouses.
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Outokumpu asks EU to let it keep Italian steel plant - sources

Outokumpu asks EU to let it keep Italian steel plant - sources

Reuters — By Silvia Antonioli and Maytaal Angel LONDON, Oct 22 (Reuters) - Finnish stainless steel maker Outokumpu has asked the European Commission to let it keep the Italian steel plant the company agreed to sell to gain approval for its purchase of ThyssenKrupp's Inoxum unit. The Acciai Speciali Terni plant has been valued at more than 500 million euros ($677 million) by Outokumpu, but is now expected to sell for less than that due to weakness in the global steel market.
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Emboldened by LME woes, CME plans rival aluminum contract - Shanghai Metals Market

Emboldened by LME woes, CME plans rival aluminum contract - Shanghai Metals Market

www.metal.com — By Josephine Mason and Maytaal Angel NEW YORK/LONDON, Oct 8 (Reuters) - CME Group Inc plans to launch a physically deliverable aluminum futures contract that could compete with the London Metal Exchange's $54 billion market, the latest sign that the years-long crisis over warehousing has emboldened rivals. Harriet Hunnable, managing director of metals at CME Group, confirmed plans to move onto LME turf at a media briefing on Tuesday.
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LMEWEEK-Wait time in spotlight as copper users cheer LME warehouse plan

LMEWEEK-Wait time in spotlight as copper users cheer LME warehouse plan

Reuters — By Maytaal Angel and Susan Thomas LONDON, Oct 4 (Reuters) - Top European copper users have backed the London Metal Exchange's plan to reform its warehousing system, even as a smarting aluminium industry stays frustrated with storage practices blamed for inflating charges to obtain material. Warehouse companies owned by big banks and trade houses have made money by building stocks in LME-registered warehouses and allowing queues to grow for clients seeking to withdraw material, all the time charging rent.
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Libor, Platts probe deter metal traders from revealing prices

Libor, Platts probe deter metal traders from revealing prices

Reuters — By Maytaal Angel LONDON, July 29 (Reuters) - Traders at commodity heavyweights JPMorgan, Mitsubishi Corp and Trafigura are declining to give price assessments to reporting agencies for key metals like copper and aluminium in the wake of the Libor rate-rigging scandal and the Platts oil-price probe. While the move by individual traders or trade teams does not yet threaten the validity of recognised metals benchmarks, it constitutes an unwelcome side-effect of rigorous legislation proposed by the EU on commodity benchmarks. EU regulators last month published a draft law on financial benchmarks, aimed at regulating price reporting agencies (PRAs) and banking panels compiling benchmarks of pan-EU significance, plus market sources who submit data to them.
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Exclusive: Iran importing missile-grade ore from Germany, France

Exclusive: Iran importing missile-grade ore from Germany, France

Reuters — By Maytaal Angel and Jonathan Saul LONDON, July 2 (Reuters) Exploiting a loophole in Western sanctions, Iran is importing a high grade of refined alumina ore from several European countries including Germany and France that Tehran could be using to make armor parts and missile components. Western measures imposed on Iran over its disputed nuclear program have hit many sectors of its economy including steel and other metals, where it is heavily dependent on imports. Tehran says its atomic work is peaceful. The refined ore has been excluded from European Union sanctions, but tightened U.S. sanctions that came into effect on July 1 seek to close the loophole. According to a U.S. Treasury briefing, the latest measures will cover "raw or semi-finished metals" that include aluminum. "After July 1, new sanctions will blacklist metals trade with Iran including aluminum, coal, steel, gold, silver and platinum amongst others, and should include alumina," said Mark Dubowitz, who has advised President Barack Obama's administration and U.S.
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Reuters Insider

Reuters Insider

reut.rs — Reuters Insider TV interview with Maytaal Angel
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EU close to agreeing rules for insider trading in commodities

EU close to agreeing rules for insider trading in commodities

Reuters — LONDON/GENEVA, June 14 (Reuters) - European authorities are close to agreeing on the final draft of markets abuse rules that will make the standard commodities market practice of trading on inside information illegal. Commodities market players say the draft regulation, which will lay the ground work for jail terms for insider trading, could force them to reveal their trading strategies and undermine their businesses. For centuries, traders have made money from their knowledge of shortages and surpluses of physical commodities, which they say enables them to play a vital role in balancing global markets.
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EU reviews policies, looks for ways to help aluminium industry

EU reviews policies, looks for ways to help aluminium industry

Reuters — By Maytaal Angel and Susan Thomas LONDON, May 24 (Reuters) - The European Commission expects to complete a review by October of ways to help Europe's struggling aluminium industry, looking at policies such as on import duties and long-term power contracts. About 2 million tonnes of aluminium production have been shut down in Europe since the 2008 financial crisis, while global production has grown by about 10 million tonnes, mostly in Asia and the Middle East, according to Reuters data.
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Freeport resists pressure to build copper smelters in Indonesia

Freeport resists pressure to build copper smelters in Indonesia

Reuters — By Maytaal Angel MADRID, March 7 (Reuters) - Global miner Freeport McMoRan Copper and Gold said it was more than willing to supply any new copper smelters in Indonesia with raw copper concentrates but remained reluctant to build smelting operations itself. The Indonesian government is renegotiating royalty contracts with foreign investors including Freeport Indonesia as it tries to push firms to add more value within the country. It is also pushing for higher royalty payments and divestment of controlling shares.
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