TIANJIN RELIANCE STEEL CO., LTD

Jinghai District Tianjin City, China

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 Q345B Structural steel H beam – RELIANCE

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In a September 26, 2018 hearing the NDPSC approved an overall annual revenue increase of $4.6 million (3.1%) and a ROE of 9.77% on a 52.5% equity capital structure. This compares with OTP’s March 2018 adjusted annual revenue increase request of $7.1 million (4.8%) and a requested ROE of 10.3%. The NDPSC’s approval does not require any rate base adjustments from OTP’s original request and establishes a Generation Cost Recovery rider for future recovery of costs incurred for Astoria Station. The net revenue increase reflects a reduction in income tax recovery requirements related to the TCJA and decreases in rider revenue recovery requirements. Final rates will be effective February 1, 2019, with refunds of excess revenues collected under interim rates applied to customers’ April 2019 bills. OTP has accrued an interim rate refund of $3.0 million as of December 31, 2018, which includes the $0.8 million in excess revenue collected for income taxes under interim rates in effect in January and February 2018.

On January 8, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) added approximately 30 individuals and entities to its Specially Designated Nationals and Blocked Persons List (the “SDN List”) due to their engagement in corrupt currency exchange transactions which enriched themselves by at least $2.4 billion at the expense of Venezuela’s citizens.  These sanctioned persons include two former Venezuelan National Treasurers – Claudia Patricia Diaz Guillen (“Diaz”) and Alejandro Jose Andrade Cedeno (“Andrade”) – who authorized a Venezuelan businessman named Raul Antonio Gorrin Belisario (“Gorrin”) to convert Venezuelan bolivars into U.S. dollars at highly favorable exchange rates at currency exchange houses under his control.  Gorrin then shared the resulting excess currency conversion profits with Diaz and Andrade by engaging in deceptive practices to purchase a wide variety of properties, aircraft and other luxury assets on behalf of Diaz, Andrade, their family members and their other business associates.  The Treasury Department published a diagram which explains the scheme in further detail.

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“This is an alternative to oil,” he said. “The complex can be up and running two years after the government makes the strategic decision on the direction it wants to take.”

To date, there have been zero incidents or injuries on the road’s over-water sections, according to Junbo and China State’s Haiqing.

OTP issued $100 million aggregate principal amount of its 4.07% Series 2018A Senior Unsecured Notes due February 7, 2048, using the proceeds to repay outstanding borrowings under the OTP Credit Agreement.

"It’s disheartening to know that a 14-year-old just walking the street can just randomly get hit by a random car for no reason," said Julio Acevedo, the owner of Carneceria Alegria.

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This is therefore a contrasting of the institutional ownership, earnings and valuation, profitability, risk, dividends, analyst recommendations in Ternium S.A. (NYSE:TX) and Northwest Pipe Company (NASDAQ:NWPX). The two are both Steel & Iron companies that compete with one another.

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Manufacturing segment revenues increased $38.7 million (16.8%). Revenues at BTD Manufacturing, Inc. (BTD) increased $36.8 million, with revenue increases at all of BTD’s locations as a result of increased product sales across all end market categories. Included in the product sales are increased steel costs which are passed through to customers. Revenues at T.O. Plastics, Inc. (T.O. Plastics) increased $1.9 million due to increased sales of horticultural products. Electric segment revenues increased $15.7 million (3.6%) mainly due to a $13.3 million (3.6%) increase in retail sales revenue resulting from a 3.4% increase in retail kilowatt-hour (kwh) sales. The increase in electric revenue also included a $2.6 million (49.5%) increase in wholesale energy sales from OTP’s generating units. Plastics segment revenues increased $12.7 million (6.9%), mainly due to a 9.4% increase in polyvinyl chloride (PVC) pipe prices, partially offset by a 2.3% decrease in pounds of pipe sold. Higher sales volume in 2017 was mainly due to buying spurred by concerns of product shortages and production delays related to 2017 hurricanes in the Gulf of Mexico.

Plastics segment revenues increased $12.7 million due to a 9.4% increase in PVC pipe prices on a 2.3% decrease in pounds of pipe sold. Cost of products sold increased $8.8 million, despite the 2.3% decrease in sales volume, due to an 8.8% increase in the cost per pound of pipe sold. The increase in pipe prices in excess of the increase in cost per pound of pipe sold resulted in an 11.3% increase in gross margin per pound of PVC pipe sold. Plastics segment operating expenses increased by $0.8 million mainly due to an increase in property maintenance costs, sales commissions and other selling and administrative costs.


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