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ISTA Booklet Cover Nov 2019__ 14/11/2019 10:52

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ISTA Booklet Cover Nov 2019__ 14/11/2019 10:52

WHAT IS ISTA, THE INTERNATIONAL STEEL TRADE ASSOCIATION?

ISTA was formed in London in 1969 by some 20 UK-based steel trading companies. Whilst being competitors,those companies realised that they had certain commercial challenges in common, which could be better facedas a body, rather than as individuals.This was in no way a cartel, quite the reverse, as traders jealously guarded their customer and supply sourcesthen, as much as they do now.Today, ISTA has a membership in the region of 100 companies from UK, Europe and across the world. In 2016we established a branch in Singapore. In 2018 we set up a Dusseldorf Forum.

WHO ARE ISTA’S MEMBERS? ISTA membership has grown and broadened over the years, and today includes companies in the derivativessector as well as shipping companies, marine and credit insurers, law firms and financial institutions. In fact,just about every area in the transactional life of any trading deal.

WHAT ARE THE CHALLENGES FACING ISTA MEMBERS?The common challenges relate to such areas as contractual disputes, trading restrictions, government policies,both at home and abroad.One of ISTA’s early achievements was the preparation of a harmonised Contract Conditions of Sale, incorporatingterms relating specifically to the steel trade, and using the past experiences of the traders concerned. Manycompanies use that basic format today.Today, members find themselves operating in an increasingly protectionist world where they have to come toterms with anti-dumping measures introduced by the European Commission and additional tariffs on steelimports (under Section 232 of the US Trade Expansion Act 1962) introduced by the US administration. Suchaction restricts the freedom of choice of supply available to members’ customers and end-users.

WHAT DOES ISTA DO? Over the years, ISTA has developed a dialogue with the British government’s trade departments and with theEuropean Commission. In particular, during 2018 and 2019 ISTA has represented members’ concerns both atmeetings with, and in submissions to, the Commission regarding its safeguard investigation into steel imports.In recent years the Association has participated in the work of organisations which determine steelspecifications, notably CARES and the British Standards Institution.Our activities now include training workshops, field trips to steel producers and consumers and, through ourPresident’s Award, giving recognition to capable, generally young, traders and those providing trade supportservices.

ISTA’S SOCIAL ACTIVITYOne of the highlights of the steel year is the ISTA Annual Lunch held on, or close to, the first Friday in Decemberat the Brewery in the City of London. It regularly attracts an attendance in excess of 550, making it the largestsuch steel trade function in Europe.In addition, ISTA holds receptions in London and the Midlands. ISTA Singapore holds its own events.

CORE FUNCTION – FREE TRADE ISTA’s core function is still to promote and if necessary defend the principle of free trade, which is so central toour members’ businesses, and indeed to that of the steel consumer and the steel producer.With their knowledge of steel and expertise in trading, members complement mills by providing users with achoice of supply ensuring that their specific requirements are met in a timely manner and at a competitive price.

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From extraction to end users, we have the experience and knowledge to guide you through the legal and financial complexities of the commodities market

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To find out more contact: Michael Swangard +44 (0) 20 7876 4708 [email protected] www.clydeco.com

International law firm

ADDRESS: The International Steel Trade Association 83 Victoria Street London SW1H 0HW

TELEPHONE: +44 (0)20 7799 2662 / (0)20 3585 4621

E-MAIL: [email protected]

WEBSITE: www.steeltrade.co.uk

Interested in joining ISTA?For further information, please contact Hugh Bailey, Director.


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HONORARY OFFICERS AND EXECUTIVE COMMITTEE 2019

Elected at the AGM on 17th January 2019

PRESIDENT: Godfrey Watt

CHAIRMAN: Brian Paterson Duferco UK Ltd

DEPUTY CHAIRMAN: Michael Swangard Clyde & Co LLP

TREASURER: Alan Fowle Fowle & Co Ltd

CHAIRMAN EMERITUS: Jeff Kabel Jeffrey M. Kabel

EXECUTIVE COMMITTEE: Tony Feek DNT Company Ltd Nick Lally Kurt Orban Partners Ltd Toby Gladstone Liberty Commodities Ltd Neil Fitzpatrick Parkstone Hills Ltd Ralf Reintjes Primex Steel Trading GmbH Simone Jordan Ronly Ltd Steve Haigh Salzgitter Mannesmann UK Ltd Phillip Guest Servosteel Julian Verden Stemcor Clive Davies W E Dowds (Shipping) Ltd

ISTA DUSSELDORF REPRESENTATIVE: Bernd Klages

ISTA SINGAPORE CHAIRMAN: Gerry Craggs Stemcor (S.E.A) Pte Ltd

HON. ISTA MEMBER: Tony Singer

DIRECTOR: Hugh Bailey

ACCOUNTANTS: Oculus Accountancy


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ISTA CIRCULARS 2019

ISTA disseminates information to member companies throughout the year (edited list)

1/19 January 7th EU Proposed Safeguard Measures, notified to WTO2/19 11th Preparations for a No Deal Brexit3/19 24th New ISTA Officers4/19 24th Provisional ISTA Training Course, April 20195/19 30th ISTA Meetings on 17/1/19 (Minutes of AGM + Exec. Committees)6/19 February 5th EU Steel Safeguards – Definitive Regulation7/19 5th (DIT Notice to Importers 2917): EU Definitive Safeguard Measures & removal of prior

surveillance on goods subject to definitive safeguard measures8/19 5th HMRC: Steel Safeguard notice definitive worldwide9/19 12th ISTA Midlands Reception10/19 12th EU Exit and Trade Update from BEIS11/19 13th AMT Steel Futures Presentation & LME visit13/19 19th SBB article quoting ISTA Chairman re Coated Steel Safeguard Measures14/19 26th No Deal Brexit – Construction Products Regulation15/19 27th ISTA Golf Day, 2/5/1916/19 March 5th Brexit & European Commission Preparedness Notices17/19 8th BEIS Brexit Webinars18/19 13th BEIS Brexit update No Deal Scenario19/19 14th CARES new UK sustainability scheme20/19 April 2nd BEIS EU Exit & trade update21/19 3rd EU ‘other countries’ quotas now accessible to all23/19 25th Brexit update: short term visits to EU24/19 25th BSI meeting note 19 March25/19 25th Executive Committee Minutes – 10 April 201926/19 May 1st EU Commission Notice – AD or anti-subsidy measures & safeguard measures27/19 17th Initiation of EU Steel Safeguards Review28/19 28th President’s Award 2019 – applications invited29/19 28th ISTA Merit Award 2019 30/19 30th Invitation to NASS Gathering on 27 June 201931/19 June 4th Review of Safeguard Measures – ISTA submission to Brussels33/19 July 3rd ISTA RAC Cocktail Reception34/19 4th Minutes of Exec. Committee meeting held on 27 June 201935/19 August 13th ISTA Lunch Circular36/19 14th Review of Safeguard Measures: Notification to WTO37/19 September 12th BEIS Brexit Business Readiness Bulletin38/19 25th Brexit and Steel Imports – email exchange with DIT39/19 25th Minutes of Exec. Committee meeting held on 18 September 201940/19 25th Next ISTA training course (in December 2019)41/19 25th BEIS: Leaving the EU: Advice for businesses42/19 25th BEIS: EU Exit Import and Export Trader Helpline43/19 October 1st European Commission Steel Safeguard Review - HMRC Notices44/19 1st European Commission Steel Safeguard Review – implementing regulation45/19 1st BEIS Brexit Update46/19 3rd BEIS Brexit Webinars47/19 3rd Eurometal’s International Steel Trade Day, Rotterdam48/19 8th Temporary tariff regime announcement49/19 18th Open letter to businesses from Prime Minister on Brexit50/19 30th Minutes of Exec. Committee meeting held on 24 October 2019


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At the outset I would like to place on record that this has been an extremelydifficult and challenging twelve months for the steel trade. At the time ofpreparing this Report, prices are at their lowest levels since End of 2015, demandhas been weak and we have seen margins being cut consistently. Add to this thecontinual currency volatility and the underlying market uncertainty arising fromBrexit, US trade disputes with the EU, China and elsewhere, and the EuropeanCommission’s Steel Safeguard Measures (quotas), it has proved to be a demandingand testing year for us all. It is against this background that I present my annualreport on another active year for the Association.

BREXITThe UK was due to leave the EU on 29 March 2019, then on 31 October, and now, aftera General Election in December, on 31 January 2020. As stated in last year’s Report, the

goal for ISTA members has to be the continuation of frictionless transfer of goods between the EU and UK. (In viewof prevailing uncertainty, during the summer months some members asked their overseas suppliers to ensure thatdeliveries occurred before 31 October).Last year’s Annual Report focussed on UK administration of anti-dumping and related protectionist measures post-Brexit. This work was to be undertaken by the new Trade Remedies Authority which was to be established underthe Trade Bill. Pending passage of the bill through parliament, in March 2019 the work of the TRA was, in effect,transferred to the Trade Remedies Investigation Directorate within the Department for International Trade.This year, ISTA has concentrated on post-Brexit import duty and UK/EU anti-dumping and safeguard measures. The latest clarification received relating to these points is as follows:• “The basic rule for products your members (or their customers and competitors) may import is that the tariff

is 0% unless there is a trade remedy attached to the product line in question” (BEIS, Ryan Diggory, SeniorPolicy Adviser – International Trade Infrastructure & Materials, email to ISTA dated 8 October 2019 (ISTACircular No. 48/19 dated 8 October 2019).

• “Yes – safeguards are a trade remedy; they are not considered to be tariffs due to their temporary nature asmeasures introduced in response to a sudden increase in imports. Tariffs aren’t subject to a requirement toreview, provided they are applied in line with treaty requirements. All safeguards that apply in relation to steeland other sectors where there are UK producers will be transitioned and reviewed.” (Department for BusinessEnterprise & Industrial Strategy - BEIS, Fergus Harradence, email to ISTA, 8 October 2019).ISTA subsequently asked “(a) if there is a deal (between UK and EU on Brexit) will the existing safeguardmeasures (and quota limits) remain unchanged during the transition period (which ends in December 2020)?Then what? (b) if there is no deal, what quota limits, if any, will apply to individual products imported intothe UK from the EU, and from the rest of the world?” In response, DIT advised:

• “Yes, under the Deal, the current EU quotas would remain in place during the Transition period.On the second half of that question and question (b), we cannot really say much about the detail at this stagegiven that we are about to enter a period of Purdah [because of the General Election] and can’t comment onwhat a future UK government might do.” (Email dated 1 November 2019 from Stephen Johnston, Departmentfor International Trade - DIT).

Meetings were held with DIT on 10 January, 19 March, and (together with BIRFA) with BEIS on 28 August. Brexitupdates received from DIT/BEIS were circulated to All Members throughout the year.

EUROPEAN COMMISSION TRADE PROTECTIONIST MEASURES

Definitive Safeguard MeasuresLast year, on 18 July 2018, the European Commission introduced provisional safeguard measures on certain steelproducts. On 2 February 2019 the Commission adopted definitive safeguard measures against imports of 26 steel products.These measures, which would be operative until 30 June 2021, were to be reviewed by 1 July. (CommissionImplementing Regulation (EU) 2019/159; Official Journal L 31/27, 1.2.2019).

ISTA CHAIRMAN’S REPORT 2019

Brian Paterson ISTA Chairman


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Under the definitive measures, for major supplying countries, a country specific quota based on imports into theEU over the last 3 years replaced global quotas applicable under the provisional measures – except for HRC whichcontinued to be imported on a global basis. Once the quota had been reached, an additional duty of 25% wouldbe levied. Operational details were set out in an HMRC Safeguarding Notice dated 1 February.A review of the safeguard measures on 26 steel products was announced in a notice in the Official Journal dated17 May (reference: 2019/C169/08). ISTA responded with a detailed letter dated 4 June (a copy is reproduced onpages 12 and 13). Amongst the points made by ISTA were the following:• The Commission asked why, for some product groups some countries had exhausted their country specific

quotas so rapidly. ISTA pointed out that “importers and consumers of these products from these countries havebeen forced to rush into purchasing as soon as possible in order to secure their normal supply without risk ofincurring a penal 25% duty.”

• Non-utilisation of quotas should be reviewed. “It cannot be assumed that simply because a country has a quotafor a product, it will utilise that quota.”

• There are countries which are restricted by the quota for a product who could sell more to meet demand butdo not want to risk a 25% duty.

• There should be no country-specific quota for any product.The outcome of the review was that certain adjustments to the definitive safeguard measures were implementedas from 1 October 2019:• Category 1 (hot-rolled flat products): a limitation of 30% to the share in the global quota that any single

exporting country can reach per quarter during the remaining duration of the measures.• Category 4 (metallic coated sheets): Of the two sub-categories, 4A and 4B, category 4B would be restricted

“to only imports that can demonstrate an end-use in the automotive sector.” The scope of 4A will include allCN codes previously under 4B; the scope of 4B will be unchanged. As India does not export metallic coatedsheets used in the auto sector, India will be granted a single country-specific tariff rate quota under 4A(combining volumes of country-specific quotas previously allocated under 4A and 4B).

• Categories 13 (rebars) and 16 (wire rod): there will be ‘a quantitative cap of 30% per supplying country duringthe last quarter during the remaining life of the measures.’

• Category 25 (large welded tubes): The existing tariff rate quota (with specific allocations to Russia and certainother exporting countries) has been replaced with a single global TRQ administered on a quarterly basis.

• The definitive measures will be liberalized by increasing the level of the TRQ for all product categories by 3%for the second period of the measures (1 July 2019 to 30 June 2020) and by an additional 3% for the lastperiod of measures (1 July 2020 to 30 June 2021). Previously, the level of the free of duty quota was to beincreased by 5% ‘after the [end of] each year.’

RebarMembers reported that there were shortages of rebar in the UK and Ireland. This was partly because these marketsalone in Europe require a specific type of rebar - High Fatigue Performance Rebar (CN subheading 7214 20 00 10).A limited quantity is produced in the UK and so overseas supplies are essential. To overcome supply restrictionsunder the safeguard measures, ISTA maintained that rebar should be treated as a separate product and should beexempt from the Safeguard Measures.This point was made in ISTA’s letter to the Commission dated 4 June. It was also made in letters dated 15 Januaryand 12 March 2019 to the European Trade Commissioner and the Department for International Trade, respectively.At a meeting on 19 March 2019, DIT advised that this matter had been raised ‘at high levels’. However, theadjusted safeguard measures did not accommodate this request.

INQUIRY INTO THE FUTURE OF STEEL IN THE UKA parliamentary BEIS Committee initiated this inquiry following the insolvency of British Steel, Scunthorpe. ISTAsubmitted ‘written evidence’ in June 2019. It remains to be seen if this matter will be taken up after the GeneralElection.

STEEL SPECIFICATIONSMs Simone Jordan represents ISTA on the CARES Chairman’s Policy Advisory Committee. Mr Andy Kirkcaldy is ISTA’srepresentative on three British Standards Institution Committees relating to structural steels (ISE/103), concretereinforcing steels (BS 4449: 2005 + A2: 2009) and general issues (BS EN 10020:2000). He reports to ISTA on theBSI meetings.


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CARES announced a consultation on a proposed new UK sustainability scheme and members were invited toparticipate. It is understood that, following the consultation, two proposals of particular concern will not betaken further. These related to a maximum transport distance and a prohibition on sourcing from countries rated5/5+ on the ITUC Global Rights Index and would have had the effect of excluding rebar supplies from certaintraditional sources including Turkey, Russia and Ukraine.

BLOCK CHAINRepresentatives of Carbon Chain gave a presentation on block chain to the Executive Committee on 10 April 2019.Block chain relates to a computerised trade documentation and payment ‘chain’ with data stored in ‘the cloud’.The Carbon Chain scheme is being developed to streamline the trade process, with ensuing benefits.

MEMBERSHIP MATTERSExecutive Committee MeetingsMeetings were held in January, April, June, September and October 2019. All meetings were held at the RAC Club,London, except for the June meeting, which was held in Birmingham. Members are grateful to Jeff Kabel forfacilitating use of the RAC for these meetings and also for the September ISTA Reception.

ISTA ConstitutionISTA will cease to operate as an unincorporated entity once all members have formally approved the transfer ofassets from ISTA to ISTA Ltd., a company limited by guarantee (Company No. 9698402), which was registered withthe Registrar of Companies for England and Wales on 22 July 2015. Work is in progress to obtain the approval ofall members to the transfer assets.

MembershipAs at mid-October 2019, ISTA has some 90 members (including associate members and ISTA Dusseldorf members).BIRFA, the British Independent Reinforcement Fabricators Association, is an affiliate member.

ISTA Dusseldorf16 companies belong to ISTA Dusseldorf, which was established last year to provide a counter to the protectioniststance advocated by some European steel producers. On 31 January 2019 ISTA Dusseldorf held a well-supportedevening reception in Dusseldorf. Mr Bernd Klages is ISTA’s Dusseldorf-based representative and, when available,attends ISTA Executive Committee meetings as an observer.In October, ISTA’s Chairman wrote to each ISTA Dusseldorf member affirming that, notwithstanding Brexit, theneed for ISTA’s European chapter was considered to be as relevant as ever.

International Steel Trade Association Singapore Ltd.(Company incorporated in the Republic of Singapore, Company reg. No.: 201533190N)Established in 2016, ISTA Singapore is a branch of ISTA. ISTA Ltd. is the sole member of ISTA Singapore Ltd.providing a guarantee of one Singapore dollar in respect of its membership. It is administered by a Board ofDirectors chaired by Mr Gerry Craggs (Stemcor (S.E.A.) Pte Ltd). Mr Jeff Kabel represents ISTA on ISTA SingaporeLtd. A report on ISTA Singapore appears on page 14.ISTA is now a unique multi-national steel traders’ association with three hubs in London, Dusseldorf andSingapore. All favour free trade in an increasingly protectionist world.

ISTA EVENTSAnnual Lunch 2018641 members and guests attended ISTA’s Annual Lunch at The Brewery, London EC1, on 30 November 2018.Mr Marcus Brigstocke entertained guests.The Chairwoman’s Charity was Retina UK. The sum of £5,742 was collected at the lunch. Additional funds wereprovided under a national pre-Christmas philanthropic scheme, so that the charity received a total of £10,963.The 2019 lunch is being held on 29th November. Next year’s lunch is being held on Friday, 4th December 2020.

Dusseldorf Reception, Thursday, 31 January 2019Some 40 were present at this first ISTA Dusseldorf event held at Uerige (Brewery), Old Town, Dusseldorf.Those present felt that it had been a great success. ISTA is grateful to Bernd Klages and Ralf Reintjes fororganising the event.


Midlands Reception, Thursday, 21 March 2019ISTA’s 8th Midlands Reception was held at the Pitcher & Piano, Brindleyplace, Birmingham. There was anattendance of about 100 at this well-received event. As usual, it was free to members and their guests. ISTA isgrateful to Tony Feek for his assistance in organising the evening.

RAC Cocktail Reception, Wednesday, 18 September 2019There was an attendance of 70 at this successful ISTA event held at the RAC Club, Pall Mall, London.

Steel Futures Presentation and LME VisitShan Islam, head of ferrous trading at ISTA member Amalgamated Metal Trading Ltd., gave two presentations onsteel futures to ISTA members on 23 May and 29 August 2019. The presentations were both followed by visits tothe LME ring.

PRESIDENT’S AWARD The Executive Committee is grateful to S&P Global Platts for donating places at their Steel Markets Europeconference, Barcelona, in June 2019, to the winners of the 2018 President’s Award.The Winner of the 2019 Award (trader) is Oliver Collyear of Stemcor.

MERIT AWARDAt the 2018 Annual Lunch it was announced that Ms Neelu Dattani (Samac/Stemcor) was The Winner of the firstISTA annual Merit Award.

TRAININGImport Procedures Training CourseTraining courses presented by Mr Jon Walden MBE, covering Incoterms, customs entry procedures, payment terms,marine and credit insurance, and related issues were held on 11 and 12 April. A further course is being held on12 and 13 December 2019. ISTA is grateful to Clyde & Co and Aon, respectively, for accommodating these courses.

GOLF & ACTIVITY DAYISTA’s second and very well-received golf day in recent years was held on Thursday, 2 May 2019, at the CelticManor, Newport. The next Golf Day is being held on 30 April 2020.

LIAISON WITH OTHER TRADE ORGANISATIONS

NASS (National Association of Steel Service Centres)ISTA members were invited to NASS’s ‘Summer Gathering’ on 27 June 2019 at The Cube-Hotel Indigo, Birmingham.Presentations were given by, amongst others, ISSB (International Steel Statistics Bureau), Bank of England, andMake UK (formerly Engineering Employers Federation). An evening Reception followed.NASS has also invited members to their product meetings in November 2019.The Chairman and Director were invited to NASS’s annual dinner on 10th October.

EurometalISTA enjoys a warm relationship with Eurometal, a federation embracing steel tubes and metals distribution andtrading, which, inter alia, holds steel conferences throughout Europe.

CITHA (Confederation of International Trading Houses Associations)The Director attended the annual CITHA meeting held in Stockholm, 26 – 29 September 2019. Sustainability wasthe theme of the key-presentation by the Swedish host, Svensk Handel.

The Ironmongers’ CompanyThe past Chairwoman and Director were guests at the Ironmongers’ Company’s City Dinner on 6 February 2019.

AppreciationIn concluding this report, I would like to thank fellow Officers, members of the Executive Committee and theDirector for their support over the past year.

Brian PatersonChairmanNovember 2019

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In force on 30 June 2019

Cases Country RegulationWelded tubes and pipes of iron Belarus/P.R. China/Russia L20, 27.01.2015 or non-alloy steelRebars Belarus L345, 20.12.2016; L155, 17.06.2017Hot-rolled flat products or iron, Brazil/Iran/Russia/Ukraine L258, 06.10.2017 non-alloy or other alloy steel P.R. China L272, 7.10.2016; L146, 09.06.2017

P.R. China L92, 06.04.2017Tubes and pipes of ductile cast iron India L244, 19.09.2015; L73, 18.03.2016Stainless steel bars India Amendment ((partial) interim review)

L202, 27.07.2013; L165, 28.06.2017Grain oriented flat-rolled products of Japan/Korea (Rep. of)/P.R. China/ L120, 13.05.2015silicon-electrical steel Russia/USA L284, 30.10.2015Tube and pipe fitting, of iron or steel Korea (Rep. of)/Malaysia L347, 03.12.2014

Amendment ((partial) interim review) L58, 04.03.2016; L99, 10.04.2019

Tube and pipe fitting, of iron or steel P.R. China (extension: Philippines) L116, 27.04.2006Tube and pipe fitting, of iron or steel P.R. China (extension: Sri Lanka) L355, 22.11.2004Tube and pipe fitting, of iron or steel P.R. China (extension: Indonesia) L335, 22.11.2004Tube and pipe fitting, of iron or steel P.R. China (extension: Taiwan) L94, 14.04.2000Tube and pipe fitting, of iron or steel P.R. China L282, 28.10.2015Tube and pipe fitting, of iron or steel Russia L203, 31.07.2012; L27, 29.01.2013

L99, 10.04.2019Wire Rod P.R. China L268, 15.10.2015Threaded tube or pipe cast fittings of P.R. China/Thailand L318, 15.11.2012,malleable cast iron L129, 14.05.2013Stainless steel cold-rolled flat products P.R. China/Taiwan L79, 25.3.15; L224, 27.08.2015Seamless pipes and tubes of stainless steel P.R. China L169, 27.06.2011; L336, 14.12.2011;

L63, 06.03.2018Seamless pipes and tubes or iron or steel P.R. China L322, 08.12.2015Seamless pipes and tubes of iron or steel Russia L174, 04.07.2012; L357, 28.12.2012Seamless pipes and tubes of iron or steel Ukraine L174, 04.07.2012

Amendment ((partial) interim review) L238, 04.09.2012

Seamless pipes, or iron or steel, external P.R. China L305, 12.11.2016; L121, 12.05.2017diameter exceeding 406.4 mm Cast iron articles P.R. China L211, 17.08.2017; L25, 30.01.2018PSC wires and strands P.R. China Amendment ((partial) interim review)

L297, 26/10.2012; L139, 05.06.2015Organic coated steel P.R. China L252, 19.09.2012; L73, 15.03.2013;

L116, 03.05.2019Cold-rolled flat steel products P.R. China/Russia L37, 12.02.2016; L210, 04.08.2016Certain corrosion resistant steels P.R. China L207, 10.08.2017; L34, 08.02.2018High fatigue performance steel concrete P.R. China L23, 29.01.2016reinforcement bars L204, 20.07.2016Heavy plate of non-alloy steel or other alloy steel P.R. China L50, 28.02.2017Steel Products ROW C111, 26.03.2018; L181, 18.07.2018

L31, 01.02.2019

ANTI-SUBSIDY MEASURESTubes and pipes of ductile cast iron India L73, 18.03.2016Stainless steel bars India Amendment ((partial) interim review),

L202, 27.7.2013Organic coated steel P.R. China L73, 15.3.2013; L116, 03.05.2019Hot-rolled flat products of iron, non-alloy or other P.R. China L146, 9.6.2017Alloy steel

LIST OF EU STEEL ANTI-DUMPING MEASURES

Source: European Commission anti-dumping, anti-subsidy, safeguard statistics covering the first six months of 2019


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ISTA SINGAPORE CHAIRMAN’S REPORT

ISTA SingaporeInternational Steel Trade Association Singapore Ltd.12 Marina Boulevard, #30-03, Marina Bay Financial Centre Tower 3, Singapore 018982Email: [email protected]

ISTA Singapore BoardChairman: Gerry Craggs (Stemcor (S.E.A.) Pte Ltd)Vice-Chairman: Olaf Bluemke (Cremer Steel)ISTA Representative: Jeffrey Kabel

MembershipAs of 15th November ISTA Singapore has a membership of 27 companies made up of 11Fellows and 16 Associates. Although a number of members let their membership lapse,generally because they were under heavy overhead constraints, others have joined such thatour membership has grown over the year which has been extremely encouraging.

AGMThe AGM was held on 28th June during which the accountsfor 2018 were approved.

Social ReceptionsThe Social Receptions which we hold each quarter havecontinued to be the primary fixture on our calendar. Wehave remained at Beaujolais Wine Bar as the size andsupportive staff of this venue continue to fit our needs. Wemet in March, June and September and will have our finalevent of the year at the end of November. We continue tohave 20-30 attending each event, comprising a mixture ofmembers and invited guests, which keeps the gatheringintimate enough to encourage good interaction between allthose participating from within the Singapore steelcommunity

Industry conferences During the year there have been two trade conferences, one

in Vietnam and one inSingapore, for which ISTAmembers received preferential registration rates.

Incoterms 2020 During November one of our legal members is hosting afree seminar on the changes in key terms contained in thenew Incoterms 2020 to which they have generously invitedISTA members. This is expected to provide all attendeeswith valuable insight into the application of these newterms to their business before they come into effect in thenew year.

Administrative SupportI am grateful for the administrative and accountingsupport that has been provided this year by Ms Zila Mohd.

Gerry CraggsChairman, ISTA Singapore

ISTA Singapore membership as at 15th November 2019 - There are currently 27 members.Access World Logistics (Singapore) Pte Ltd Associate LogisticsAluzinc Asia Pte Ltd Fellow Steel TraderArgus Media Singapore Group Associate MediaCARES Associate Certification AuthorityChinsay Pte Ltd Associate Trading software providerClyde & Co. Clasis Singapore Associate LegalDBS Bank Ltd Associate BankFastmarkets MB Associate MediaFerrostaal Singapore Pte Ltd Fellow Steel TraderFreight Investor Services Associate BrokerInspectorate Singapore Associate Inspection AgencyLiberty Commodities Asia Pte Ltd Fellow Steel TraderLondon Metal Exchange Associate ExchangeMer Lion Metals Pte Ltd Fellow Steel TraderOCBC Bank Associate BankPeter Cremer (Singapore) Gmbh Fellow Steel TraderQBE Insurance (Singapore) Pte Ltd Associate Insurance CoS&P Global Associate MediaSingapore Exchange (SGX) Associate ExchangeSingapore Jinteng International Pte Ltd Fellow Steel Mill (China)SSY Futures Associate BrokerSteelinvest Fellow Steel TraderStemcor (S.E.A.) Pte Ltd Fellow Steel TraderUOB Associate BankVital Solutions Pte Ltd Fellow Scrap Trader Yuan Resources Pte Ltd Fellow Steel TraderSwiss Singapore Fellow Steel Trader

Gerry Craggs, Chairman,ISTA Singapore


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1987 Sara Davies1989 Julie Jones1990 John Short1991 Gaynor Bissell1992 Mark Landon1993 Minal Shah1994 Laraine Beaney1995 Siobhan Wood1997 Harriet Spooner1998 Corinna Kingston1999 Franck Nadel2000 Jason Green2001 Alex Gordienko2002 Michael Bienz2003 Steven Porter2004 Lara Marshall & Kaysha Stopps2005 Elena Nikolaeva & Neelu Dattani2006 Richard Shelley & Abigail Croucamp2007 Michael Taylor

2008 Melissa Bullen (logistics) & Warren Ruhomon (trading)2009 Jamie Jeffrey (logistics) & Enrico Glausch (trading)2010 Rebecca Boardman (logistics) & Julianne Hicks (trading)2011 Jonathan Braham-Everett (logistics) & Timo Hobusch (trading)2012 Tara Smith (logistics) & Shahnawaz Islam (trader)2013 Emma Barlow (logistics) & Nicolas Miño (trader)2014 Mick Wittich (trader) & Phillip Price (trader)2015 Rosanna Whittaker (trader)2016 Karim Chafia (trade support) & Luke French (trader)2018 Matt Holmes (trade support) & Nathan Barlow (trader)2019 Oliver Collyear (trader)

PRESIDENT’S AWARD WINNERS

For more information, contact:

Andy CrossDirector

T: 07917 547549E: [email protected]

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ISTA EVENTS

ANNUAL LUNCHThe Brewery, London EC130th November, 2018

1. A view of the ISTA Lunchin the Porter Tun Room.

2. Marcus Brigstocke,entertainer, at the lunch.

3. Tony Singer, President, andPresident’s Award Winner(Trade Support) Matt Holmes(Kurt Orban Partners Ltd).

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3

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4. The Brewery’s steel man.

5. Simone Jordan, Chairwoman.

6. Tony Singer, President, andPresident’s Award Winner (Trader)Nathan Barlow (PowellSteels/APS Metal Pressings).

7. Alan Fowle thanking SimoneJordan for her term asChairwoman.

8. Brian Paterson, DeputyChairman, presenting ISTA’s MeritAward to Neelu Dattani(Stemcor).

9. Alan Fowle thanking TonySinger, President, for his recordten years as President.

10. Gerry Craggs (Chairman, ISTASingapore) and Julian Verden(Stemcor) at ISTA’s RACReception, 18th September 2019.

11. Members of CITHA(Confederation of InternationalTrading Houses Associations) attheir annual convention inStockholm, September 2019.

12. A meeting of ISTA’s ExecutiveCommittee.

13. Visit to the London MetalExchange after AmalgamatedMetal Trading’s Futurespresentation, 29th August 2019.

10 11

12

13


18

INCOME AND EXPENDITURE ACCOUNTfor the year ended 30 September 2019

Note 2019 2018 £ £Income 1 96,557 78,751 Less: Expenditure

Administration expenses 2 71,388 70,856Financial expenses 3 574 351

71,962 71,207

Surplus before taxation 24,595 7,544

Taxation 4 55 -

Surplus for the year 24,540 7,544

BALANCE SHEETas at 30 September 2019

Note 2019 2018 £ £Fixed assets

Tangible assets 0 0

Current assetsDebtors and Prepayments 68,807 83,479Bank balances 123,829 116,053

192,636 199,532

Creditors: amounts falling due within one year

VAT payable 1,061 (2,114)Accrued and deferred income 5 (59,050) (87,311)

(57,989) (89,425)

Net current assets 134,648 110,108

Net Assets 134,648 110,108

Accumulated funds 6 134,648 110,108

ISTA FINANCIAL STATEMENTSfor the year ending 30 September 2019

Financial statements compiled by Oculus Accountancy Limited


19

INCOME AND EXPENDITURE ACCOUNTfor the year ended 30 September 2019

2019 20181. Income £ £UK Member Subscription 44,324 34,637European Member Subscriptions 11,060 -Interest 287 105Membership activities (net) (1,585) (43)Annual November lunch (net) 42,334 42,123Reception (net) (603) 2,927Training Day (net) 740 1,063Social Activities (net) 0 (2,061) 96,557 78,751

2. Administration expensesPresidents Award Expenses 582 0Printing & Stationery 1,363 667Telephone & Fax 72 413Travel 544 895Travel - International 4,010 3,105Committee Meeting Expense 1,805 5,111Postage, Freight & Courier 539 166General Expenses 3,634 1,108Bad Debt 1,425 (399)Audit & Accountancy fees 5,110 6,512Bank Revaluations (28) (59)Charitable and Political Donations 0 100Internet and Computer Costs 0 368Employers National Insurance 1,082 1,694Entertainment - 0% 186 16Entertainment - 100% business 10 397Insurance 1,087 1,324Interest Paid 0 4Legal Expenses 0 1,492Office Costs 580 479Realised Currency Gains (63) (48)Rent and Rates 10,304 9,459Salaries 38,031 37,191Subscriptions 669 671Subsistence 201 0Direct Wages 190 0ISTA Dusseldorf Expenses 55 190 71,388 70,856

3. Financial expensesBank Charges 574 351 574 351

4. TaxationIncome and expenditure account: Corporation tax payable 55 0 5. CreditorsDeferred income* 47,503 56,515Accruals 949 1,476Accounts Payable 10,543 29,320Provision for Corporation Tax 55 0 59,050 87,311*Deferred income relates primarily to pre-payments for the Annual lunch 6. Accumulated fundAccumulated surplus brought forward 110,108 102,563Surplus for the year 24,540 7,544Accumulated surplus carried forward 134,648 110,108


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40

Chairman Deputy Treasurer1969 H A Oppenheimer A A Lazarus1970 A A Lazarus J L Cognet1971 T Obaditch A A Lazarus1972 G Reece-Smith W A Morris1973 G Reece-Smith G J Keen R N M Ward1974 G J Keen H Edmonds R N M Ward1975 R N M Ward A A Lazarus H Edmonds1976 A A Lazarus J L Cognet H Edmonds1977 J L Cognet H Edmonds R N M Ward1978 H Edmonds A J Littler R N M Ward1979 A J Littler A A Lazarus R N M Ward1980 A A Lazarus R H Lethbridge R N M Ward1981 R H Lethbridge G L Sinclair R N M Ward1983 G L Sinclair M H Nash H Edmonds1984 M H Nash A M D Lewis H Edmonds1985 A M D Lewis F Clayton H Edmonds1986 F Clayton D J Walster H Edmonds1987 D J Walster G L Sinclair H Edmonds1988 G L Sinclair H Edmonds1989 G L Sinclair J Verden D J Walster1990 J Verden R H Lever D J Walster1991 R H Lever M L Smith D J Walster1992 M L Smith A Ward M H Nash1993 A Ward J Verden M H Nash1994 J Verden A Clasen M H Nash1995 A Clasen E A Elgar M H Nash1996 E A Elgar R Sands M H Nash1997 R Sands A Baldwin J Verden1998 A Baldwin J Bishop J Verden1999 J Bishop P Leadbeater J Verden2000 J Bishop P Leadbeater J Verden2001 R Sands R Krieger J Verden2002 P Edmonds K Beckett J Verden2003 K Beckett I Sherwin J Verden2004 I Sherwin S Davies J Verden2005 S Davies M Wilde J Verden2006 Ian Sherwin Mel Wilde Alan Fowle2007 Ian Sherwin Mel Wilde Alan Fowle2008 Mel Wilde Toby Gladstone Alan Fowle2009 Mel Wilde Ian Sherwin Alan Fowle2010 Godfrey Watt Derek James Alan Fowle2011 Godfrey Watt Derek James Alan Fowle2012 Godfrey Watt Derek James Alan Fowle2013 Derek James Jeff Kabel Alan Fowle2014 Jeff Kabel Tony Feek Alan Fowle2015 Jeff Kabel Tony Feek Alan Fowle2016 Jeff Kabel Simone Jordan Alan Fowle2017 Simone Jordan Brian Paterson Alan Fowle2018 Simone Jordan Brian Paterson Alan Fowle2019 Brian Paterson Michael Swangard Alan Fowle

PAST HONORARY OFFICERSPresident

1979 H A Oppenheimer1981 A A Lazarus1983 J L Cognet1985 R N M Ward1987 A A Lazarus

1989 G L Sinclair1996 H Edmonds1999 M Verden2002 A Clasen2004 D J Walster

2006 Tony Ward2008 Tony Singer2019 Godfrey Watt


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