Metal Sector Research Articles

Contraction and convergence of in-use metal stocks to meet climate goals

The foundations of modern society are based on metals, yet their production is currently placing considerable strain on the Earth’s carrying capacity. Here, we develop a century-long scenario for six major metals (iron, aluminum, copper, zinc, lead, and nickel) harmonized with climate goals, with the goal of establishing science-based targets. We show that for the metal sector to contribute proportionally to emission reductions targets of the industrial sector, global in-use metal stocks need to converge from the current level of around 4 t/capita to about 7 t/capita. This will require today’s high-income countries to contract their per capita stock from current levels of about 12 t/capita to make room for growth in countries that are presently classified as middle- and low-income countries. In such a contraction and convergence scenario, primary production of all six metals will peak by 2030, and secondary production will surpass primary production by at least 2050. Consequently, cumulative ore requirements over the 21st century will remain below currently identified resources, implying that natural ore extraction will be limited by emissions budgets before existing resources can be depleted. Importantly, realizing such system changes will require urgent and concerted international efforts involving all countries, but specific responsibilities will vary according to income level. Namely, wealthy countries will need to use existing metal stocks more intensively and for longer periods to reduce stock replacement demand, while poor countries will need to develop long-lasting and material-efficient infrastructure to curtail stock expansion demand in the first half of the 21st century.

Literature Review On Merger and Acquisition (Theories and Previous Studies)

Merger and Acquisition (M&A) is a way for companies to grow faster than organic business growth and can be a channel for companies to strengthen their global market position and increase competiteveness. M&A activities in the world have a large volume and value of several major commodities such as coal, industrial metal, silver, lead, zinc, copper, steel, aluminum etc. In 2018 (January to December) the total value of M&A transactions for the coal and metal sector reached USD 60 bio with the largest portion in coal commodities and transaction volume of 320 transactions.M&A is one of the strategic options in corporate restructuring activities that can provide more access to companies in increasing profits, market control or market share and increasing competitiveness (competitive advantage) to face the world market which is currently unstoppable.In this study, the problem to be answered is what are the theories behind the occurrence of M&A and also previous research that has been done related to M&A. To answer this problem, the literature review method will be used. The results obtained are expected to be used in future research in all M&A events. With this literature review, the motive behind the occurrence of M&A can also be well known.

COMPARISON OF EARNINGS MANAGEMENT IN EACH NON-FINANCIAL SECTOR OF BUMN LISTED ON THE IDX

This research was conducted to determine whether there are differences in each non-financial sector of BUMN listed on the IDX in carrying out earnings management practices. The research sample includes a saturated sampling method. The research sample consisted of 19 companies were divided into 8 sectors. The amount of data used is 225 data from 2006-2019. Earnings management will be measured using discretionary accruals with a Modified Jones model. The hypothesis was tested using the Kruskal Wallis test and followed by the Dunn test. The results show that there are differences in the level of earnings management in each non-financial sector of BUMN listed on the IDX. The difference is due to the higher level of earnings management carried out by the construction sector compare to the other sectors. Furthermore, the metal sector has the lowest average level of earnings management practices.

İmalat İşletmelerinin Sürdürülebilir Süreç İnovasyonu (SSİ) Faaliyet ve Sonuçlarının PLS-SEM ile Değerlendirilmesi (The Evaluation of Sustainable Process Innovation (SPI) Activities and Results in Manufacturing Organization via PLS-SEM)

Purpose – To investigate with the help of an exploratory model whether the expenditures for sustainable process innovation in the food, chemical, metal, automotive and textile sectors that stand out in the manufacturing sector affect the environmental and social activities of SPI and also whether these activities have a positive effect on the SPI results. Design/methodology/approach – Data were collected from manufacturing companies through an online questionnaire and data analysis was performed using the PLS-SEM methodology via Smart PLS software. Findings – Sustainable process innovation expenditures have a positive impact on environmental and social activities in all sectors. While it was observed that the environmental activities carried out to obtain SPI reached the results of SPI in all sectors, it was revealed that social-oriented activities had a positive effect on the SPI results in the automotive and textile sectors, but these activities did not achieve the desired results in other sectors. Discussion – The positive reflection of the expenditures to gain SPI to realize environmental and social focused SPI activities in all sectors can be an indicator of the ability of the manufacturing sector to transfer SPI inputs to these processes. Similarly, the positive impact of environmentally focused activities on SPI results leads to the outcomes that the acquisition of new sustainable processes or significant improvement of existing processes can be successfully implemented internally and registered. Moreover, social-focused activities are handled in an integrity in automotive and textile enterprises and included in the manufacturing processes while other three sectors have not been satisfactory to integrate these activities into processes and to register their results.

Forces of reproduction and change in collective bargaining: A social field perspective

The paper addresses the endurance of sector collective bargaining despite many announcements of its demise. Bourdieusian social theory is used to interpret collective bargaining as a dominated social field that is distinct and relatively autonomous from other economic, political and transnational fields. Empirically, we trace the trajectories of German and Italian metal sector’s collective bargaining fields. In Germany, field agents contributed to a continuing erosion of collective bargaining, regional differentiation of membership strategies, and a reorientation of dominated employers’ associations towards their members. In Italy, some field agents resisted supranational and national liberalization demands and contributed to the adaptation and innovation of bargaining practices and hence, to the preliminary re-stabilization and re-balancing of collective bargaining between industry and company level.

Development of an occupational safety and health online database of MSMEs in Pasir Mukti Village, Citeureup District, Bogor Regency, in the era of the industry 4.0

In Citeureup Sub-district, Bogor, Indonesia, many MSMEs have developed their business around the metal sector. Despite many MSMEs operating in the area, there still a lack of OHS implementation. This study aimed to create an online database regarding business profile, OHS implementation, and health symptoms among workers at surveyed MSMEs. The survey was conducted to the 56 MSMEs located in Pasir Mukti Village, Citeureup District, Bogor Regency, Indonesia. The majority of MSMEs are micro-sized enterprises with 1-4 workers and produce metal products. Only 2% of MSMEs have an OHS commitment that is formally signed by the employer. The most prevalent hazards found in MSMEs were noise (71%), dust exposure (57%), and vibration (45%). Awkward postures and manual handlings are also commonly found in MSMEs. The most prevalent health symptom commonly experienced by workers is the soreness of the musculoskeletal system. There are six primary healthcare facilities located around MSMEs, yet only one facility operates for 24 hours and only 2 out of 6 facilities have an ambulance for emergencies.

Portfolio construction using the sharpe index model with reference to sugar and metal sector on India

The main aim of this research is to construct optimum portfolio through Sharpe index model. Th portfolio is constructed to help the investor to reduce the risk. In this study two sector sugar an metal are chosen for constructing the portfolio. Ten companies are selected from each of thes sectors and ranked according to single index model. The cut-off points are than calculated an securities are selected for construction of optimal portfolio. Proportion of investment in eac security in the portfolio is found out. This analysis will help the investor to invest in securit which would yield more return with minimum security.

Factors of predictive power for mineral commodities

In our study, we individually forecast 26 metal prices one-month ahead and outperform the predefined benchmark model, a random-walk (with drift) in 18 (18) cases. These forecasts are based on an overview over a large set of potential predictors for mineral commodities, originating from studies which only consider a selection of attributes and apply them to predict specific commodities or commodity indices. We pre-select the relevant, commodity-specific, individual factors through a correlation analysis, followed by a BIC based regression selection. The results of our out-of-sample, one-month ahead forecasts show a significant outperformance for 18 of the 26 commodities considered, especially those in the minor metals sector. The differences in predictability between the metal groups are remarkable, as we are able to forecast 13 of 17 minor metals, 5 of 6 industrial metals, but no precious metal, highlighting the heterogeneity in metal commodity markets. Focusing on the influential factors, the value factor has a dominating, highly significant, negative effect in the prediction and determination of prices.

Screening for light crude oil and market comovements

This study aimed to perform a screening for economic interrelationships among market participants from the stock market, global stock indices, and commodities from fossil energy, agricultural, and the metals sector. Particular focus was put on the comovements of the light crude oil benchmarks West Texas Intermediate (WTI) and Brent crude oil. In finance research and the crude oil markets, identifying novel groupings and interactions is a fundamental requirement due to the extended impact of crude oil price fluctuations on economic growth and inflation. Thus, it is of high interest for investors to identify market players and interactions that appear sensitive to crude oil price volatility triggers. The price development of 14 stocks, 25 leading global indices, and 13 commodity prices, including WTI and Brent, were analyzed via data mining applying the hierarchical correlation cluster mapping technique. All price data comprised the period from January 2012 – December 2018 and were based on daily returns. The technique identifies and visualizes existing hierarchical clusters and correlation patterns emphasizing comovements that indicate positively correlated processes. The method successfully identified clustering patterns and a series of relevant and partly unexpected novel comovements in all investigated economic sectors. Although additional research is required to reveal the causative factors, the study offers an insight into in-depth market interrelationships.

Do Oil Prices and Financial Indicators Drive the Herding Behavior in Commodity Markets?

This study tests the presence of herding behavior in commodity markets (energy, industrial metals, precious metals, grains food, and livestock) from a constant and time-varying perspective. Additionally, we investigate whether oil prices and major financial indicators drive herding in these markets. Using daily data over the period 2003–2017, the constant model based on the cross-sectional absolute deviation model suggests no herding in any of the commodity sectors. However, using a time-varying approach, results reveal the existence of herding in almost all sectors, mainly during and after the global financial crisis. Furthermore, the oil price contributes significantly to herding among investors in the energy sector. We also find that the major exchange rate contributes to herding only for industrial metals sectors during a very limited period. Moreover, the US stock market also has a limited contribution to herding in the energy and the industrial metals sectors.

Local Dynamics as a Resource for Labour Protests: The Case of Wildcat Strikes in the Metal Industry in Turkey, 2012-2016

This article analyses the role of local dynamics on trade unions’ mobilisation capacity at thenational level, with a focus on the wildcat strikes in the metal sector in Bursa, a city in north-westTurkey, from 2012 to 2016. It studies to what extent local dynamics such as alliances with localbranches of political parties, workplace demonstrations, and local electoral and union organisingcampaigns contributed to protests against national government policies. The research andanalysis are based on both qualitative data collected during fieldwork and on quantitative datafrom a variety of Turkish and international sources. Through an analysis of the wildcat strikes,the article contributes to the literature on labour movements and strikes in authoritarian contexts.Differently from the majority of the existing literature on this issue, it focuses on the workplacelevel rather than analysing the relations between government officials and the trade unionconfederations at the national level. By doing this, it shows that, despite the oppressive context atthe national level, trade unions may regain power at the sectoral level.KEYWORDS: trade unions; metal industry; Turkey; authoritarian regime; social movements

What's the point of European Sectoral Social Dialogue? Effectiveness and polycontexturality in the hospital and metal sectors

AbstractDrawing on pragmatism and systems theory, this article analyses how participants in the European Sectoral Social Dialogue in the metal and hospital committees understand its effectiveness. We find that the participants have a broad understanding of effectiveness compared with the European Commission and existing research. Participants do not dismiss the importance of direct effects on working conditions in member states but downplay it in comparison with indirect effects from, and effectiveness in, European Sectoral Social Dialogue. That is, horizontal learning, knowledge sharing and pragmatic bottom‐up work to reach consensus are emphasised as more prominent than top‐down regulatory effectiveness.

Analysis of Shareholding in Companies: Case of Mali

In this article, we analyze in the Malian context the link between the structure of the shareholding and the sustainability of companies based on data from the census of industrial enterprises of the Ministry of Trade and Industry, 2015. The results show that Mali’s economic opening option in the 1980s, strengthened in the 1990s following the implementation of the Structural Adjustment Programs, resulting in the state’s withdrawal from the management of enterprises, have enabled the emergence of private enterprises in almost all sectors of economic activity. However, shareholding in industrial enterprises has suffered from poor governance. It also shows that the number of women entrepreneurs is close to that of men. Between 2010 and 2014, the majority of shareholders are in the agri-food sector. The majority of the investment is in the metal and metallurgical sector.

A multi-dimensional analysis on microeconomic factors of China's industrial energy intensity (2000–2017)

Reducing energy intensity is the key point to solve the contradiction among economic development, energy constraints and environmental pressure in China. Considering microeconomic factors, this paper extends decomposition and attribution models, and analyses the drivers of China's industrial aggregate energy intensity (AEI) at the regional/sectoral level. The results show that AEI decreased by 49% during 2000–2017. At the regional level, most provinces presented negative contribution on regional energy intensity effect. The AEI decline was attributed to the drop of greatest negative effect of R&D efficiency in Liaoning. The increase in investment intensity and R&D intensity lead to an increase in AEI, largely owning to Shandong and Liaoning, respectively. At the sectoral level, the AEI decline can be mainly explained by the inhibition effect of energy intensity and R&D efficiency. However, this negative contribution was greatly offset by the R&D intensity effect. The investment intensity showed a positive impact in AEI increase, and smelting and pressing of ferrous metals sector was the main contributor. Regional and sectoral investment structure effect shifted from increasing to decreasing AEI over the study period. Based on the results, targeted policy recommendations are proposed to further decrease the China's industrial AEI in the 14th FYP period.

PENGARUH HARGA KOMODITAS, KURS, INFLASI, FOREIGN DIRECT INVESTMENT (FDI), DAN SUMBER DAYA MANUSIA (SDM) TERHADAP PEREKONOMIAN NEGARA OKI

This study aims to determine the effect of world commodity prices on agriculture, energy, fertilizer, metals and minerals, precious metals, inflation, exchange rate of the United States Dollar (USD), Foreign Direct Investment, human resources on economics of Organization of Islamic Cooperation (OIC) which is proxied in Gross Domestic Product (GDP) in the 2009-2018 period. In this study, there are two models regarding the human resources variable, namely total population and labor force. Random Effect Model (REM) is used in this study to examine the relationship of independent variables to the dependent variable, both partially and simultaneously. The findings of this study, both the first and second models show that commodity prices in the agriculture, fertilizer, metal and mineral sectors, Foreign Direct Investment, and inflation have a negative and significant effect on the GDP of the OIC countries. Meanwhile, commodity prices in the energy sector, precious metals, and the exchange rate of the United States Dollar (USD) have a positive and significant effect on the GDP of the OIC countries. As well as the human resources variable, both the population and the labor force also have a positive and significant effect on the GDP of the OIC countries. This paper can be considered for the government or related institutions and agencies in formulating policies or regulations to improve and maintain economic stability in each OIC member country.Keywords: Macroeconomics, World commodities prices, OIC, and GDP

The Influence of Good Corporate Governance and Capital Structure on Firm Value: The Mediation Role of Financial Performance

<pre>The objective of this study is empirically identify the impacts of Good Corporate Governance and capital structure on firm value with financial performance as intervening variable. We operate quantitative approach within the scope of manufacturing company of metal, chemical, and plastic packaging sector which listed in Indonesia Stock Exchange during the 2017-2018 periods as the population. Samples are chosen by purposive sampling method inwhich the company must report the financial statement in a row, obtained 79 observations. The data analysis technique used is financial ratio analysis to determine the condition of the business financial ratios of the variables studied. Data were analyzed using multiple linear regression analysis. The result shows that corporate governance and capital structure influence the firm value, moreover the use of institutional ownership ratio and capital structure will increase the value of the firm. The result also shows that the impact of Corporate governance and capital structure on the company value are mediated by financial performance. It means that the value of the firm can increase if the company able became an effective monitoring tool.</pre>

The Impact of ERP Systems on financial Performance of Central Public Sector Enterprises Working in Mineral and Metal Sector

The Central Public Sector Enterprises have been performing vital macroeconomic objectives of a country such as economic growth, development of infrastructure, and contribute to the positive market situation. ERP Systems implementation in CPSEs working in mineral and metal sector enhances the financial performance. Financial indicator like Return on Assets, Return on invested Capital, return on equity, and Return on sale have a significant impact on ERP Adopter when it compares with ERP non- adopter working in mineral and metal sector.

ІННОВАЦІЙНІ ПРОМИСЛОВІ КЛАСТЕРИ ЯК СТРАТЕГІЧНА ОСНОВА СИСТЕМОУТВОРЮЮЧИХ ЕЛЕМЕНТІВ БЕЗПЕКИ РОЗВИТКУ ПІДПРИЄМСТВ

The paper argues that the current decline of the national economy in Ukraine triggers a critical need to overhaul the interconnections between its various entities and their alliances to attain better economic performance and synergistic effect. In this context, cluster formation strategy has become a priority for many businesses and their associations. Given the global trends of fast-growing rate of education sector and business clusters development, the purpose of this research is to provide theoretical substantiation of the need to create innovative industrial clusters as a strategic framework for building the backbone principles to ensure the enterprise development security. The study results have been accomplished through the application of the systematic approach and the method of analysis and synthesis to identify the controversies in the cluster concept interpretation as well as to reason all pros and cons of innovative industrial clusters creation. An emphasis is put that despite global good practices in building and developing clusters as geographically concentrated groups of interdependent companies, up to date there is no generally accepted definition of an innovative industrial cluster. However, there are a few common features associated with innovative industrial clusters creation and evolution, in particular they are as follows: cooperation and competition among cluster participants; geographical concentration of businesses in one or more regions; positive effects on innovative processes, boosting competition, shaping competences, enhancing information flows as well as contributing to long-term dynamics in the development of relationships in the particular cluster or region as a fundamental background for enterprise security development. A survey on the global trends in the priority areas of cluster formation has demonstrated that in the US, more than half of businesses operate within clusters; in the EU about 38% of its workforce is employed in a cluster-based environment; in the countries of Northern Europe clusters cover up to 90% of businesses. The process of building clusters in Ukrainian realia has certain specifics subject to the differences in the level of economic development of particular region and its industry. A special focus is placed towards the formation of innovative clusters in metal industry based on groups of metal manufacturing companies or their corporations, financial industrial groups, etc. It is emphasised that the Ukrainian metal sector is a national industry leader. The study argues that in modern market environment the formation and further advancement of innovative industrial clusters has become a strategic priority in the context of encouraging innovation and enhancing the industry sectors development in Ukraine.

A new approach to recover platinum-group metals from spent catalytic converters via iron matte

Decreasing stocks of natural resources and continuously increasing demand for platinum-group metals (PGMs) sustain interest in studies on spent catalytic converters. Recycling spent catalytic converters to extract PGMs not only provides raw materials for the precious metals sector, but also provides a sustainable recycling method for further development. However, recovering PGMs is hard since the catalytic converters contain refractory compounds. In the present study, a pyrometallurgical iron matte process was adopted to separate PGMs from spent catalytic converters. PGM recovery using the classical iron smelting process requires very high temperatures (~2000 °C), but the smelting temperature used in this process was less than 50% that of the classical process. The influences of the B2O3/Na2O ratio, S/Fe ratio, iron source, reaction temperature, and reaction time on the recovery of PGMs from catalytic converters were investigated in detail. The highest recovery percentages were 99% Pt, 99% Pd, and 97% Rh at 950 °C for 75 min. with the addition of 3 times flux (0.72 wt/wt, B2O3/Na2O) of spent catalytic converters and 10 g of FeS2 with a corresponding enrichment factor of around 6.0. In fact, these findings encouraged the further development of the process since no one needs elemental sulfur because SO2 is easily produced from the burning of elemental sulfur with air at low temperatures, and avoiding the recovery of sulfur reduced the process’ energy consumption and was also environmentally friendly.

Determination of Risks and Sample Risk Analysis Study in a Wood and Furniture Manufacturing Workplace

ÖZ Ülkemizdeki iş kollarında önemli bir yere sahip olan mobilya imalat sektöründe kullanılan makineler sanayi devrimi ile oldukça gelişmiştir. Çok çeşitli ürün yelpazesine sahip olan mobilya sektörü iş güvenliği açısından tehlikeli sınıfta yer almaktadır. Alanda kullanılan makine ve ekipmanlar, çalışanların maruz kaldığı gürültü, toz ve kimyasallar iş sağlığı ve güvenliğinin bu sektörde ne kadar önemli olduğunun bir göstergesidir. Mobilya sektörü, iş kazalarının en çok yaşandığı işyerlerinin sıralamasında maden, inşaat, nakliyat, metal sektörlerinden sonra 5.sırada gelmektedir. Bu açıdan çalışmada ahşap ve mobilya imalatı yapan bir işyerinde mevcut riskler belirlenmiş ve L tipi Matris kullanılarak risk analiz çalışması gerçekleştirilmiştir. Yapılan risk analiz çalışmasında 26’sı “Yüksek Risk”, 20’si “Orta Risk”, 3‟ü “Düşük Risk” olarak toplam 49 risk tespit edilmiştir. Son olarak tespit edilen risklerin ortadan kaldırılması veya en aza indirilmesi için önerilerde bulunulmuştur.