1.

1 PSL Limited

FIG. 1 PSL Limited Snapshot

 Source: Orbis Research Analysis

1.1.1 Company O vervi ew

PSL Limited is a holding company. The Company's principal activities include other tubes,
pipes and hollow profiles in spiral or straight welded seam of diameter 300 millimeters and
above and made out of iron steel of all type; sale of service (rebar coating and induction
bending), and other. The Company is engaged in the development of bio-diesel on
commercial basis. The Company manufactures various types of anodes, including Bracelet
Anodes, Segmented Bracelet Anodes, Tapered Anodes, Stand-off and Flush Type Anodes.
It offers a range of coating services for various pipe-coating applications, such as
Polyethylene (PE), Coal tar enamel (CTE), Fusion-bonded epoxy (FBE), Concrete weight
coating (CWC) and Internal coatings.
1.1.2 Product offerings

 PSL is a pipe manufacturer in Asia with 12 Pipe Mills locations in Chennai, Kandla
Vishakapatnam, Ahmedabad, Jaipur, Daman and Sharjah with an annual capacity
exceeding 1,175,000 MT.
 PSL manufactures and supplies SPIRAL WELD PIPES conforming to API (American
Petroleum Institute) standards for oil ,gas and water transmission as well as structural
and piling applications for both onshore and offshore sector.

1.1.3 Financi al performance

TABLE 1 Iridium Communications Inc. Financial Performance

Financial Parameter 2017 2018 2019

Revenue (USD million) 15.68 9.48 13.25

Note: Financial Year Ended December

1.1.4 Business Strateg y

The company has been receiving orders from companies operating in oil and gas
sector. To meet the customer demand, the company has focused on providing low cost
products to its customers. Further, to take advantage of increase oil & gas pipeline-
building activities, water transmission networks, and infrastructural development in
countries of Middle East, the company is investing in developing strategic partners in the
region.

1.1.5 Recent strategic initiatives

 NA
1.2 Jindal SAW Ltd.

FIG. 2 Jindal SAW Ltd. Snapshot

 Source: Orbis Research Analysis

1.2.1 Company O vervi ew

Jindal Saw Limited manufactures and supplies iron and steel pipe products, fittings and
accessories with various manufacturing facilities in various countries, including India, the
United States, Europe and the United Arab Emirates (UAE). The Company's segments
include Iron & Steel products and Ocean waterways. Its business divisions include Welded
Line Pipes (SAW Pipes); Ductile Iron Pipes (DI Pipes); Seamless Pipes and Tubes
(Seamless Pipes), and Mining and Pellet division. Its products include Induction Bends and
Pellets. It is engaged in manufacturing and supplying over 29,000 kilometers of line pipes,
and exporting approximately 15,000 kilometers of line pipes for on-shore and off-shore
pipeline projects across the world.
1.2.2 Product offerings

 The company manufactures submerged arc welded (SAW) pipes and spiral pipes for
the energy transportation sector, carbon, alloy and seamless pipes and tubes for
industrial applications, and ductile iron (DI) pipes and fittings for water and
wastewater transportation
 The company is engaged in manufacturing of large diameter submerged Arc Welded
(SAW) Pipes using U-O-E, J-C-O and Helical Processes. The SAW Pipes are mainly
used in transportation of Oil, Gas, Slurry and Water. It also provides value-added
services such as anti-corrosion coatings, connector casings and hot pulled induction
bends.

1.2.3 Financi al performance

TABLE 2 Jindal Saw Limited Financial Performance

Financial Parameter 2017 2018 2019

Revenue (USD million) 1,131 1,312 1,409

Gross Profit (USD million) 458 140 621

Net Income (USD million) 21.12 27.42 122

Note: Financial Year Ended December

1.2.4 Business Strateg y

The company has always aimed to developed new partnerships in developed and
developing countries. Further, the company is also emphasizing on providing value-
added solutions and application oriented products to its customers. Also, the company
consciously and continually de-risking the model across customers segments, industry
paradigms and product profile.

1.2.5 Recent strategic initiatives

 On 20 November 2014, Jindal SAW Middle East FZC closed a club facility of AED
465 Million for its long-term and growth capital requirements.
 On 26 August 2014, Jindal ITF and Sula Shipping & Logistics Private Limited
announced a project driven partnership.
 On 25 August 2014, Jindal Tubular USA LLC , a SPV of Jindal SAW, announced the
acquisition of the assets of PSL North America LLC for $104 million.
1.3 Welspun Corp

FIG. 3 Welspun Corp Snapshot

 Source: Orbis Research Analysis

1.3.1 Company O vervi ew

Welspun Corp company is a manufacturer of large diameter pipes in the world based in
Mumbai, Maharashtra, India. It is a flagship company of the Welspun Group. It operates a
1.65 mtpa plant in Gujarat, India. The company business divisions are: Welspun Pipes,
Welspun Plates and Coil, Welspun Tubular LLC (USA), Welspun Natural Resources Ltd,
Welspun Energy Ltd, and Welspun Infratech Ltd. Welspun Group is a multinational company
whose core industries are steel, energy, and textiles. The company generated majority of the
revenue from HSAW pipes segment. By region, the company generated majority of the
revenue from MENA region,
1.3.2 Product offerings

 The Welspun Pipes Division manufactures pipes from Dahej (Gujarat), Anjar
(Gujarat) and Mandya (Karnataka) in India. Welspun Pipes Division manufactures
helically submerged arc welded (HSAW) up to 18 m, having thickness of 5 mm to 27
mm.

1.3.3 Financi al performance

TABLE 3 Welspun Corp Financial Performance

Financial Parameter 2017 2018 2019

Revenue (USD million) 929 1,088 1,286

EBITDA (USD million) 113 109 101

Note: Financial Year Ended December

1.3.4 Business Strateg y

The Welspun Corp company is focusing on expanding into emerging markets due to
growth in demand led by the emerging markets in non-OECD (Organisation for
Economic Cooperation and Development) nations, especially the expanding economies
of Asia-Pacific.

1.3.5 Recent strategic initiatives

 NA
1.4 Man Industries

FIG. 4 Man Industries Snapshot

 Source: Orbis Research Analysis

1.4.1 Company O vervi ew

Man Industries (India) Limited is an India-based holding company. The Company is engaged
in the manufacturing and coating of large diameter carbon steel pipes, infrastructure, and
realty and trading. The Company is a manufacturer and exporter of large diameter carbon
steel line pipes for various high pressure transmission applications for gas, crude oil,
petrochemical products and potable water. The Company offers products, including
longitudinal submerged arc welded (LSAW) pipes, helically submerged arc welded (HSAW)
pipes and coating products. The Company has its manufacturing facilities for LSAW and
HSAW line pipes and also for various types of anti-corrosion coating systems.
1.4.2 Product offerings

 The company's HSAW Line Pipe Facility at Anjar is equipped with all NDT and
laboratory facilities to cater to the requirements of high pressure/critical application
segment. The company's HSAW products are used in oil transportation, water supply,
sewerage, agriculture, construction and other applications.

1.4.3 Financi al performance

TABLE 4 Man Industries Financial Performance

Financial Parameter 2017 2018 2019

Revenue (USD million) 163 225 319

Gross Profit (USD million) 31.32 42 58

Net Income (USD million) 5.16 9.15 8.45

Note: Financial Year Ended December

1.4.4 Business Strateg y

The company is committed to major investments for expansion of its Helically

Submerged Arc Welded (HSAW) Line Pipe manufacturing facilities. With major
expansion of HSAW facility, Man Industries is focusing on increasing its production
capacity to keep up with the pace with global industrial movement. Further, the company
is focusing of improving its regional presence in emerging markets to create a global
sales network and distribution channel.

1.4.5 Recent strategic initiatives

 In May 2015, Man Industries (India) Limited received orders worth Rs 510 Crore from
international oil and gas market.
 In September 2014, Man Industries (India) Limited received orders worth Rs 550
Crore from international oil and gas market of supply pipes.
1.5 AMERICAN Cast Iron Pipe Company

FIG. 5 AMERICAN Cast Iron Pipe Company Snapshot

 Source: Orbis Research Analysis

1.5.1 Company O vervi ew

AMERICAN Cast Iron Pipe Company, headquartered in Birmingham, Alabama, is a

manufacturer of ductile iron pipe, spiral-welded steel pipe, fire hydrants and valves for the
waterworks industry and electric-resistance-welded steel pipe for the oil and natural gas
industry. AMERICAN's diversified product line also includes static castings and high
performance fire pumps. AMERICAN Cast Iron Pipe Company consists of four business
divisions: AMERICAN Steel Pipe, AMERICAN Ductile Iron Pipe, AMERICAN Flow Control,
AMERICAN Spiral-Weld Pipe, and AMERICAN Castings.
1.5.2 Product offerings

 AMERICAN Cast Iron Pipe Company manufactures spiral-welded steel pipe for use in
water, wastewater, hydropower, and industrial applications. The spiral-welded steel
pipe product segment consists of fabrications, line pipe, pilings and casing, joints,
linings, and coatings.
 AMERICAN SpiralWeld Pipe supplies steel pipe for line work applications in diameters
from 24 to 144 inches and joint lengths up to 50 feet.

1.5.3 Business Strateg y

AMERICAN Cast Iron Pipe Company has focused on introducing new innovative
products into the market. The diversification of product portfolio has helped the company
to create a dominant market position in developed regions. Moreover, the company is
strategically partnering with water treatment facilities and municipal corporations to
provide various services related to piping sector, further attracting new customers.

1.5.4 Recent strategic initiatives

 NA
1.6 Europipe GmbH

FIG. 6 Europipe GmbH Snapshot

 Source: Orbis Research Analysis

1.6.1 Company O vervi ew

Europipe was founded in 1991 by the merger of the largediameter pipe activities of Aktien-
Gesellschaft der Dillinger Hüttenwerke, GTS Industries and Mannesmannröhren-Werke. The
Group was significantly expanded in 1992 with the acquisition of Berg Steel Pipe Corp.,
USA. Europipe manufactures longitudinally and helically submerged arc welded pipes in four
locations around the world. The company has a global structure of production and sales
facilities in Europe and North America. Longitudinally submerged arc welded pipes (LSAW)
form the majority of Europipe's pipe production.
1.6.2 Product offer ings

 Helically submerged arc welded pipes (HSAW) are manufactured at the EUROPIPE
Group mills in Mobile, AL, USA. Europipe produces HSAW pipes with outside
diameters of between 610 mm and 1,422 mm (24" and 56") and wall thicknesses from
8 mm to 20 mm (0.315" to 0.787") and higher, depending on the pre-material.
 These pipes are used in applications such as transport of fluids such as oil, water,
natural gas, etc. and civil engineering.

1.6.3 Business Strateg y

EUROPIPE Group aims to expand role as a manufacturer of large-diameter pipe and

supplier of connected services offering. The company is focusing on producing low cost
products for its customers. Over the years, the company has developed manufacturing
facilities in the main geographical markets, to serve a wide range of consumers.
Simultaneously, the company is investing in development of processes and products.

1.6.4 Recent strategic initiatives

 On 3 March 2017, Europipe GmbH announced that it has booked major contract from
European Gas Pipeline Link (EUGAL) to deliver 635,000 tons of large-diameter pipe
with a diameter of 56" (1,420 mm).
 On 14 March 2016, Europipe announced that it received an order for the delivery of
large-diameter pipes for the lines 3 and 4 of the Baltic Sea pipeline. The total quantity
is 2.2 Mio. tonnes (2.500 km).
 On 29 January 2014, South Stream Transport B.V., Amsterdam/Netherlands and
EUROPIPE GmbH signed a contract for the supply of steel pipes for the construction
of the South Stream Offshore Pipeline
1.7 Borusan Mannesmann Boru Sanayi ve Ticaret AS

FIG. 7 Borusan Mannesmann Boru Sanayi ve Ticaret AS Snapshot

 Source: Orbis Research Analysis

1.7.1 Company O vervi ew

Borusan Mannesmann Boru Sanayi ve Ticaret AS operates through five plants in Turkey and
in Europe. The Company exports its products to various countries in America, Europe and
Asia. The Company provides products for the fields of energy, construction, automotive,
installation, white goods, etc. The business segments of the company are energy,
construction, industrial applications, and others. The company has six plants on three
continents, a production capacity of 1.1 million tons.
 1.7.2 Product offerings

 The Company provides a range of products include gas pipes, water pipes, general-
purpose pipes, boiler pipes, construction pipes and profiles, industrial pipes and
profiles, large diameter pipes used in infrastructure projects such as water, gas, and oil
transmission lines, and also concrete pump pipes, oil pipes and sprinkler pipes.
 Spirally welded line pipes offered by the company have an outside diameter of 508 mm
- 3048 mm, wall thickness of 4.78 mm - 25.4 mm, and with lengths up to 24,50 m.

1.7.3 Financi al performance

TABLE 5 Borusan Mannesmann Boru Sanayi ve Ticaret AS Limited Financial

Performance

Financial Parameter 2016 2017 2018

Revenue (USD million) 557 750 1,011

Gross Profit (USD million) 94 120 138

Net Income (USD million) 29s 64 58

Note: Financial Year Ended December

1.7.4 Business Strateg y

Steel pipe manufacturing is the core business of the Borusan Group. The company is a
network of 15 companies spread over four different industries; steel, distributorship,
logistics and energy. The company has adopted Lean Six Sigma methodology to
improve its productivity and profitability by removing the causes of defects in production
and business processes.

1.7.5 Recent strategic initiatives

 NA
1.8 JFE Steel Corporation

FIG. 8 JFE Steel Corporation Snapshot

 Source: Orbis Research Analysis

1.8.1 Company O vervi ew

JFE Steel Corporation was created in 2002 through the merger of the steel manufacturing
business of Kawasaki Steel and NKK (Nihon Kokan). It is owned by JFE Holdings, which is
listed on the Tokyo Stock Exchange. The company business are sheets, plates, shapes,
pipes and tubes, stainless and specialty steels, electrical steels, bars and wire rods, and iron
powders. The steel production sites of JFE Steel are organized into two regions, East Japan
and West Japan.
1.8.2 Product offerings

 JFE Steel Corporation manufactures oil well pipes, line steel pipes and boiler tubes.
The company manufactures carbon steel and stainless steel pipe products as per
specific applications and available in a range of sizes.
 Shapes and spiral pipes segment of the company manufactures steel H-beams, steel
sheet piles, angled steel, grooved steel, steel I-beams and rails, and along with steel
rods.

1.8.3 Financi al performance

TABLE 6 JFE Steel Corporation Financial Performance

Financial Parameter 2016 2017 2018

Revenue (USD million) 20.12 24.13 25.65

Note: Financial Year Ended December

1.8.4 Business Strateg y

JFE Steel Corporation manufactures high quality steel products for various industry
verticals. The company is planning various strategic joint ventures and partnerships
through acquisitions and mergers in countries which exports products. By creating
partnerships in other countries, JFE Steel Corporation can increase product offering
capacity in other countries and this move will help the company to provide its products
with lower costs and fast availability.

1.8.5 Recent str ategic initiatives

 On 19 November 2019, JFE Steel Corporation and Guangdong Shaoguan Iron and
Steel Songshan Co., Ltd. (SGIS), an affiliate of China BaoWu Steel Group
Corporation Limited, reached an agreement under which JFE Steel will obtain a 50%
share of Baosteel Special Steel Shaoguan Co., Ltd. to launch a joint-venture
company with SGIS for the production and sale of specialty bar steel.
 In June 2019, JFE Steel and Australia’s national science agency, CSIRO, announced
that these companies are planning joint research activities in the area of
characterization and agglomeration of raw materials for blast furnace iron making.
1.9 ArcelorMittal, S.A.

FIG. 9 ArcelorMittal, S.A. Snapshot

 Source: Orbis Research Analysis

1.9.1 Company O vervi ew

ArcelorMittal S.A. is a multinational steel manufacturing corporation headquartered in

Luxembourg City. It was formed in 2006 from the takeover and merger of Arcelor by Indian-
owned Mittal Steel. The company is involved in research and development, mining, and
steel. As of May 2017, the company made 200 unique steel grades for automotive purposes.
ArcelorMittal, in 2016, produced around 90 million tons of steel. ArcelorMittal operates
through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of
Independent States (ACIS), and Mining.
1.9.2 Product offerings

 The pipes and tube segment of the company manufactures OCTG (Oil Country
Tubular Goods); seamless with OCTG casing & tubing grades such as H40, J55, K55,
M65, etc.
 It produces seamless riser and flow lines with wall thickness between 5.2 and 70 mm,
OD from 21.6 to 508 mm, and lengths up to 14.5m.
 The company also manufactures welded large diameter line pipes by either press
bending, roll bending, UOE or JCO method. The HSAW pipes have outer diameter
range from 14” to 200” and wall thickness range from 12.7mm to 150mm.

1.9.3 Financi al performance

TABLE 7 ArcelorMittal SA Financial Performance

Financial Parameter 2016 2017 2018

Revenue (USD million) 56,791 68,679 76,033

Gross Profit (USD million) 5,736 7,177 9,170

Net Income (USD million) 1,779 4,568 5,149

Note: Financial Year Ended December

1.9.4 Business Strateg y

In recent years, ArcelorMittal, S.A. has focused on acquisition and merger to gain a
competitive market position in developed markets. With such acquisitions of companies
from emerging countries, the company can develop a strong sales network and take
advantages of opportunities offered by emerging markets. Further, joint ventures and
acquisitions can help the company to strengthen its product portfolio.

1.9.5 Recent strategic initiatives

 On 16 December 2019, ArcelorMittal announced that it has completed the acquisition

of Essar Steel India Limited (‘ESIL’), and simultaneously established a joint venture
with Nippon Steel Corporation (‘Nippon Steel’), called ArcelorMittal Nippon Steel
India Limited.
 In July 2019, ArcelorMittal completed the sale to Liberty House Group of several
steelmaking assets that form the divestment package the Company agreed with the
European Commission during its merger control investigation into the Company’s
acquisition of Ilva S.p.A.
1.10 Zenith Birla Limited

FIG. 10 Zenith Birla Limited Snapshot

 Source: Orbis Research Analysis

1.10.1 Company O vervi ew

Zenith Birla Limited is engaged in the production of steel pipes. The Company's
geographical segments include In India and Outside India. The Company is engaged in the
export of steel pipes, tubes, square and rectangular hollow sections from India. The
Company also exports its products to various international markets, such as the United
States, Europe, Middle East and Africa.

The Company's subsidiaries include Zenith (USA) Inc. and Zenith Middle East FZ LLC. The
Company's manufacturing plants are located in the states of Maharashtra and Tamil Nadu. It
operates approximately three manufacturing facilities at Khopoli, Tarapur and Murbad in the
western part of Maharashtra.
1.10.2 Product offerings

 The Company's products include ERW Black Pipes, ERW GI Pipes, Spiral Pipes, Fire
Sprinkler Pipes and Scaffolding Pipes.
 The HSAW segment of the company provides helical submerged arc welded (HSAW)
pipesin the range of 18 inches (457 mm) to 100 inches (2540 mm) with maximum wall
thickness of 1 inch (25.4 mm) & pipe length of 6 meters to 13 meters as per
requirement.

1.10.3 Financi al performance

TABLE 8 Zenith Birla Limited Financial Performance

Financial Parameter 2017 2018 2019

Revenue (USD million) 25.0 26.8 26.4

Gross Profit (USD million) 4.90 3.53 9.34

Note: Financial Year Ended December

1.10.4 Business Strateg y

In recent years, the industrial revolution in Asia Pacific countries such as India, China,
South Korea, etc, has fueled the demand for steel and steel products. To benefit from
such an emerging market, the company is focusing on increasing its production to meet
the steel consumption.

1.10.5 Recent strategic initiatives

 NA
TABLE 9 New Product Launch

Date Company Development

Europipe GmbH announced that it has booked major

contract from European Gas Pipeline Link (EUGAL) to
3 March 2017 Europipe GmbH
deliver 635,000 tons of large-diameter pipe with a diameter
of 56" (1,420 mm).

Europipe announced that it received an order for the

delivery of large-diameter pipes for the lines 3 and 4 of the
14 March 2016 Europipe
Baltic Sea pipeline. The total quantity is 2.2 Mio. tonnes
(2.500 km).

Man Industries Man Industries (India) Limited received orders worth Rs 510
May 2015 (India) Limited
Crore from international oil and gas market.
TABLE 10 Merger & Acquisitions

Date Company Development

ArcelorMittal announced that it has completed the

acquisition of Essar Steel India Limited (‘ESIL’), and
16 December simultaneously established a joint venture with Nippon Steel
ArcelorMittal
2019
Corporation (‘Nippon Steel’), called ArcelorMittal Nippon
Steel India Limited.

ArcelorMittal completed the sale to Liberty House Group of

several steelmaking assets that form the divestment

17 July 2019 ArcelorMittal package the Company agreed with the European
Commission during its merger control investigation into the
Company’s acquisition of Ilva S.p.A.

JFE Steel Corporation and Guangdong Shaoguan Iron and

Steel Songshan Co., Ltd. (SGIS), an affiliate of China
BaoWu Steel Group Corporation Limited, reached an
19 November JFE Steel agreement under which JFE Steel will obtain a 50% share of
2019 Corporation
Baosteel Special Steel Shaoguan Co., Ltd. to launch a joint-
venture company with SGIS for the production and sale of
specialty bar steel.

Jindal ITF and Sula Shipping & Logistics Private Limited

26 August
Jindal ITF
2014 announced a project driven partnership.

Jindal Tubular USA LLC , a SPV of Jindal SAW, announced

25 August Jindal Tubular USA the acquisition of the assets of PSL North America LLC for
2014 LLC
$104 million.
TABLE 11 Recent Developments

Date Company Development

JFE Steel and Australia’s national science agency, CSIRO,

announced that these companies are planning joint research
June 2019 JFE Steel
activities in the area of characterization and agglomeration
of raw materials for blast furnace iron making.

Jindal SAW Middle East FZC closed a club facility of AED

20 November
Jindal SAW
2014 465 Million for its long-term and growth capital requirements.