Iranian steel exporters hit by EU anti-dumping crackdown

Iran's Minister of Industry Mohammad Reza Nematzadeh. (AP)
Updated 07 October 2017
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Iranian steel exporters hit by EU anti-dumping crackdown

LONDON: Iran has been caught up in a European Union crackdown on alleged predatory pricing by producers of hot-rolled steel, and is one of several countries facing anti-dumping duties.
The move follows complaints from European manufacturers of excessively low pricing by companies based in Iran, Brazil, Russia and Ukraine.

Anti-dumping tariffs of between €17.6 and €96.5 ($20.6-$112.8) per ton will be imposed from Oct. 7, the EU said on Thursday.

Iranian steel would be subject to a duty of €57.5 per ton and Ukraine’s Metinvest Group €60.5 per ton.

The European Commission had initially proposed setting a minimum price of €472.27 per ton — but revised its proposal after failing to secure backing from EU member states.

Among the companies subject to tariffs were the Brazilian arm of ArcelorMittal and Aperam, both of which also produce in Europe. Others hit include Companhia Siderugica Nacional, Usinas Siderugicas de Minas Gerais and Gerdau — at rates of between €53.4 and €63 per ton.

Rates for Russia producers varied from €17.6 for PAO Severstal, €53.3 for Novolipetsk and €96.5 for MMK.

In April, the EU took action to protect its steel producers from Chinese exports of hot-rolled flat steel products following dumping allegations by European interests.

Punitive duties were imposed on Chinese producers for an initial period of five years following a lengthy investigation.

Hot-rolled flat steel is used for the production of steel tubes, used in construction, and for shipbuilding, gas containers, cars, pressure vessels, and energy pipelines.

The EC has disclosed it currently has in force an unprecedented number of trade defense measures targeting “unfair” exports of steel products from third countries, with a total of 41 anti-dumping and anti-subsidy measures, 18 of which on products originating from China.

The EU said it is also tackling overcapacity in the global steel industry through involvement in a global forum that was launched at the end of last year.


Pay for Britain’s top bosses rises 23 percent

Updated 15 August 2018
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Pay for Britain’s top bosses rises 23 percent

  • Excessive corporate pay has attracted public anger since the financial crisis
  • The increase far exceeds the 2.5 percent increase in average salaries for British workers to £29,009

LONDON: Pay packages for the bosses of Britain’s 100 biggest listed firms rose 23 percent over the past year, fueled by payouts for the CEOs of house builder Persimmon and industrial firm Melrose Industries, a survey showed on Wednesday.
Excessive corporate pay has attracted public anger since the financial crisis and Prime Minister Theresa May has denounced the gap between the amounts paid to bosses and average workers as irrational and unhealthy.
The survey by the Chartered Institute of Personnel and Development (CIPD) and the High Pay Center thinktank showed the average income for chief executives of companies in the FTSE 100 share index was £5.7 million ($7.25 million) in their financial year ending in 2017, up 23 percent from the previous year.
The increase far exceeds the 2.5 percent increase in average (mean) salaries for British workers to £29,009, according to the Office for National Statistics.
A similar study a year ago showed bosses’ average pay had dropped by 17 percent over the previous year.
CIPD said the strong performance of the stock market in the years to 2017 was probably a factor in this year’s increase but that this should prompt questions about the contribution of individual bosses to share performance as opposed to other factors such as economic context or the wider workforce.
The CIPD report said the mean figure was skewed by very large payouts to the bosses of house builder Persimmon and Melrose Industries.
Excluding these two chief executives would bring the mean single figure down from £5.7 million to £4.8 million, still representing a 6 percent increase from the previous year.
The highest paid CEO in the financial year ending 2017 was Persimmon’s Jeff Fairburn, who received £47.1 million, more than 20 times his pay in 2016, largely due to a long-term incentive plan dating back to 2012.
That plan gave share options to managers of Britain’s second-biggest house builder which they could sell once the company had returned a set level of cash and dividends to investors.
In February 2018 it scaled back these rewards amid criticism that a government scheme had bolstered house builders.
Simon Peckham, chief executive of Melrose Industries, an industrial turnaround specialist that clinched an £8 billion hostile takeover of British engineer GKN in March, was paid £42.8 million in the financial year ending in 2017, mainly due to a 2012 incentive plan.
A Melrose spokesman highlighted the impact of the long-term incentive plan, adding: “The salary and bonus of the CEO was £974,000 last year which puts him squarely in line with the average pay ratio for employees as evidenced in the report.”
A spokeswoman for Persimmon was not immediately available to comment.