May 16, 2020

Proposals to renovate the iconic Eiffel Tower

Eiffel Tower renovation
Catherine Sturman
2 min
Proposals to renovate the iconic Eiffel Tower
In a £264 million development, the Eiffel Tower is set to become an increased iconic venue for locals and tourists within Paris due to recent prop...

In a £264 million development, the Eiffel Tower is set to become an increased iconic venue for locals and tourists within Paris due to recent proposals to modernise and ensure the building becomes a spacious and entertaining venue and continues to drive revenue into the capital.

Set to complete before the start of the 2024 Olympic Games, the plans contain increased security, communal areas, updated technologies so it becomes an updated and engaging space for visitors. The proposals are set to be put forward to the Paris council at the end of January.

The tower has been renovated several times since its original completion, with a new glass floor incorporated into the tower at a total cost of €25 million, in addition to structural works.

Originally constructed in 1889 to celebrate the 100-year anniversary of the French Revolution by Gustave Eiffel, the building attracts over five million visitors a year, but Deputy Mayor of Paris, Jean- Jean-François Martins informed W B News: “There could be one or more places for the public to wait that are sheltered. Today, they are queueing in the rain and snow, and that’s not the best welcome for our foreign tourists.” The upgrades will factor this into the new designs.

At present, the Eiffel Tower is repainted every seven years as a result of wear and tear, which will no doubt be set to continue. The process takes nearly two years and 60 tonnes of paint to ensure it is finished to a high standard.

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Jun 22, 2021

Why are steel prices on the rise?

NelASA
construction
covid-19
Materials
3 min
The cost of steel is rising, particularly in the US. We take a look at the situation to find out why.

Steel is an essential material for all businesses in the construction industry. From cars to buildings and everything in between, it is a valuable resource but, as recently discovered, it is also becoming more expensive, especially in the United States. But why is this?

COVID-19

COVID-19 is the biggest cause of the rise in steel prices. The pandemic, in turn, has disrupted supply chains meaning steel as a material could not be shipped to construction sites, and that resulted in a higher price. However, once the height of the several lockdowns subsided, the price of steel remained high, even though those in the US steel industry expected it to drop. 

According to the American Iron and Steel Institute (ASI), the US steel capacity utilisation rate has “remained at or above pre-pandemic levels of 80pc” for the last three weeks. This suggests that there is more steel available for buyers in a previously supply-constrained market.

During this time, the US Midwest hot-rolled coil (HRC) assessment by Argus Media increased by 2pc, or US$33.75/short ton (st). According to Argus, this is similar to a typical pre-pandemic price increase, which was US$40/st when announced by steelmakers. This price hike, which has seen steel costs quadruple since August 2020, continues onwards, leaving many people in the industry wondering what will happen in the future. 

However, according to Argus Media, the Indiana-based electric arc furnace (EAF) minimill steelmaker Steel Dynamics (SDI) expects “post record profits” in the second quarter and that continued demand and "historically low flat roll steel inventories" will lead to even stronger third-quarter results.

Currently, though, the high steel prices mean that very few construction companies are looking to restock their supply of the material, meaning a delay to certain projects. 

The automotive industry

One industry that’s been negatively impacted in particular is the automotive sector. Carmakers in North America have been dealing with disruption to their semiconductor production line for almost half a year, resulting in volumes at some steel processors being significantly reduced. In finding a solution, some car manufacturers, such as Ford, have looked at the idea of idled auto production online, although this is still in the early stages of development. 

According to Cox Automotive,1.78mn new vehicles were manufactured in coming into June which is only a 35-day supply, and one of the lowest levels of production in history. By comparison, new car inventory was at 2.24mn at the end of April 2021. 

This could mean automakers’ demand for steel reduces if the price remains, further constricting the spot steel market. It is clear that the rising price of steel is having a substantial impact on the industries that rely on it. 

Fossil-free steel rolling 

Partnering with Ovako, Volvo, Hitachi ABB, and H2 Green Steel, Nel ASA has today announced that it is planning a fossil-free hydrogen facility for steel rolling and milling operations in Hofors, Sweden. 

The conversion to green hydrogen in the production process aims to reduce CO2 emissions from the facility by 50% from current levels with possibilities for future development of hydrogen infrastructure for transportation, the company said. 

The initiative will focus on developing a fossil-free steel production facility, with the intention of taking the first step towards creating a future hydrogen infrastructure for the transport sector. The investment of approximately SEK180mn is supported by the Swedish Energy Agency via the Industriklivet initiative and will create significant benefits for the wider society from multiple perspectives.

Jon André Løkke, Chief Executive Officer of Nel ASA, said: “"We will work collaboratively together to make this project a success, based on the joint learnings we will standardize the overall solution and ensure that this can be replicated in different locations all across Europe”.

 

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