China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
PT Vale Indonesia’s nickel matte production fell nearly 19.5% in the second quarter compared to the same period last year, due to planned maintenance, the company said in a filing to the Indonesia stock exchange on Monday.
Nickel matte output stood at 15,048 tonnes, the company filing showed, down from 18,701 tonnes a year earlier and 150 tonnes lower than in the first quarter.
“Production volume in Q2 2021 was lower…mainly due to several planned maintenance executed in the processing plant,” the company said in the filing.
Total first-half nickel matte production stood at 30,246 tonnes, down 16.7%, a drop the company also attributed to unplanned maintenance and lower nickel grade in the first quarter. It did not give any further details.
The company is targeting nickel matte output of 64,000 tonnes this year.
(By Bernadette Christina Munthe and Fathin Ungku; Editing by Jason Neely and Kirsten Donovan)
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