Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Swiss steelmaker S+B loses US defence contract, considers appeal

Electricity | Metals

The LFP resurgence in electric vehicles

Shipping | Marine Fuels

Platts Bunkerworld

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Metals | Steel

Geman steel stockholder Kloeckner eyes takeover of competitors: CEO

Swiss steelmaker S+B loses US defence contract, considers appeal

London — Swiss steelmaker Schmolz+Bickenbach (S+B) has lost a $420 million contract to supply the US Air Force with warhead bodies used in bunker-busting bombs and is considering an appeal, the company said Friday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The termination of the contract, under S+B's Finkl Steel business unit, had nothing to do with major shareholder Viktor Vekselberg, the company told S&P Global Platts. In April, the US Treasury imposed sanctions on a list of Russian oligarchs, including Vekselberg.

"We want to highlight that the US Government did not cancel the contract due to Mr Vekselberg's holding in S+B but simply because Finkl Steel is owned by a Swiss Group and therefore seen as a company under foreign ownership, control, or influence (FOCI). For us, this is a very important difference," a company representative said.

The financial impact of the lost contract is expected to be limited.

"There would be very little impact to the business because the award was not built into any forecast. Actual [revenue] from the award was expected to be minimal in 2019 and to begin ramping up in 2020. In parallel, we continue to pursue a number of additional growth initiatives in the defense sector as well as several other industries to drive the business forward," the representative said.

--Erica Sesay

--Edited by Jonathan Loades-Carter,