French tubular steelmaker Vallourec expects Brazilian demand to pick up in the fourth quarter, while oil and gas demand in the US is expected to decline.
The company expects increased demand in the fourth quarter and into 2020 from Brazil due to an increase in offshore oil and gas drilling.
In the US, shipments and prices are expected to fall in the fourth quarter as oil and gas companies cut back investments.
Vallourec's sales increased by 2pc to 595,000t (656,000st) in the third quarter compared to the prior year, driven by higher oil and gas volumes in the Middle East and Asia.
For the first nine months of 2019, sales volumes increased by 6pc to 1.77mn t compared to the prior year.
Vallourec lost €60mn ($65mn) in the third quarter compared to a loss of €92mn in 2018.
Danieli Automation supplied complete electrical and automation equipment for the rolling mill at Pomina 2 Works, Phu My Ba Ria Province, in Vietnam.
Russian steel producer Severstal contracted Danieli Corus to design and supply three sublance systems for three 350t converters at the BOF Shop at Cherepovets.
Iranian acting banks are authorized to offer up to $3 billion of loans to the oil industry’s upstream sector, according to the country’s budget bill for the next calendar year (starts on March 19, 2020), IRNA reported.
Head of National Iranian Gas Company (NIGC) said his company is seriously pursuing a plan for indigenizing all the technology and equipment needed in the country’s gas industry within the next five years, IRIB reported on Monday.
Head of Iran’s Planning and Budget Organization (PBO) said the oil revenues in budget bill for the next Iranian calendar year (starts on March 20, 2020) are estimated on the expectations of selling one million barrels per day (bpd) of oil at an average price of $50, ISNA reported.
Brazil’s Vale (NYSE: VALE), the world’s largest iron ore miner, announced on Monday the resignation of two board members in relation to a dam burst that killed more than 250 people in January, the second one of its kinds affecting the company’s operations in less than four years.