EU-27 unemployment rate at 9.7 percent in September

Tuesday, 1 November 2011

On October 31, Eurostat, the Statistical Office of the European Communities, reported that the seasonally adjusted unemployment rate in the European Union member states (EU-27) was 9.7 percent in September this year, rising sligthly from 9.6 percent recorded in August. The unemployment rate in the region was 9.6 percent in September 2010.

Among the member states, the lowest unemployment rates were recorded in Austria at 3.9 percent, in the Netherlands at 4.5 percent and in Luxembourg at 4.8 percent, and the highest rates were seen in Spain at 22.6 percent, in Greece at 17.6 percent (in Q1 2011) and in Latvia at 16.1 percent (in Q2 2011).

Meanwhile, in the US the unemployment rate was 9.1 percent in September this year, while in Japan the unemployment rate was 4.3 percent in August.

Tags: European Union , economics

sourced:steel orbis

Tata Steel raises Rs1,500 crore in perpetual bonds news

18 March 2011 |By domain-b

Tata Steel has successfully completed India's first-ever offering of corporate hybrid securities with an issue of Rs1,500 crore ($332 million). The issue of perpetual bonds was arranged by JP Morgan Securities India Private Ltd and ICICI Bank Ltd.

The bonds are perpetual in nature with no maturity or redemption and are callable only at the option of the company. The interest rate on the securities (which may be deferred at the company's option) is 11.8 per cent per annum.

The bonds have a step up provision for interest rate if the securities aren't called after 10 years.

These securities rank senior only to the share capital of the company. This provides equity characteristics to the bonds and makes them "hybrid" securities.

"The issuance of these perpetual hybrid securities is an important step in the overall financing strategy and capital structure management of the Tata Steel Group.

As Tata Steel continues to develop and execute its significant and earnings-accretive growth plans, this innovative long-term funding with equity features but without the associated economic dilution helps to diversify our financing option," said Kaushik Chatterjee, chief financial officer of the Tata Steel Group.

Tata Steel had, in November, announced a Rs7,000-crore fundraising plan, besides the $5.6 billion of loans it obtained on 29 September 2010. Tata Steel also raised Rs3,480 crore through share sale in January to partly repay a debt used to buy the Corus Group for $12.9 billion in 2007.

The bond sale will help Tata Steel refinance its existing debt, besides financing its expansion plans.

Tata Steel is expanding the capacity of its Jamshedpur plant to 10 million tonnes a year from 6.8 tonnes. The company also plans to build two more factories in India.

Besides its India facilities, Tata Steel has plants in Singapore, Thailand, the UK, South Africa and the Netherlands.

Russia scrap exports double in January

Wednesday, 23 Feb 2011

According to preliminary data, in January this year Russia exports of scrap and ferrous metal waste doubled compared to the same period last year amounting to 264,200 tonnes.

Russia imported 200 tonnes of scrap in January this year, while in January 2010 there were no imports of scrap into the country. In 2010, Russia scrap exports increased by 1.5 times to 5.5 million tonnes while its imports went up by 2.4 times to 10,600 tonnes both compared to 2009.

Russian scrap exports are directed mainly to Turkey, Spain, Greece, the Netherlands and South Korea.

(Sourced:www.steelorbis.com)