The Nickel division’s FY 2017 sales totalled €644m, up 8% versus 2016. Current operating income was negative at -€125m in 2017, penalised by the ramp-up of Sandouville, with a loss of c. €40m, which offset the €32m improvement from SLN during the period.

Following an upturn in growth observed in 2016, global stainless steel production continued to increase, up 5.7 % in 2017 versus 2016.

 Global nickel supply also remained strong with a recovery in exports and the roll-out of new capacities in Indonesia, as well as continued ore exports from the Philippines.

Metal stocks at the LME and SHFE remained at high levels, at 411 kt at end-2017, nonetheless down by 55 kt on the year.

As a result, LME nickel prices remained low in 2017 at USD 4.73/lb on average, however slightly higher than the 2016 level (USD 4.36/lb on average).

 Nickel metallurgical production at SLN increased by 2.9% in 2017 versus 2016 and reached 56.8 kt.

In this context, the implementation of the SLN productivity plan was a success. Average 2017 SLN cash-cost was USD 4.76/lb , corresponding to a 21% decrease compared to 2015. Benefiting from favourable weather conditions, SLN achieved a cash-cost of USD 4.445 /lb in the second-half of 2017, entirely in line with the objective of USD 4.5/lb5 set out in the Plan SLN 2018. SLN teams are now focusing on the continuation of this trajectory with the target of USD 4.0/lb in 2020.

 Since June 2017, the Sandouville nickel refinery is supplied by a new source of European nickel matte as part of a long-term agreement. The new process started operations in 2017. The ramp-up of the plant is complex and difficult and is continuing to affect throughput rate. In the long-term, the plant in Sandouville will produce 15 kt of highpurity nickel intended for high-tech industries, especially for the electronics and batteries markets.

In Indonesia, ERAMET is discussing with local authorities to implement its partnership agreement concluded with the Chinese stainless steel producer, Tsingshan, announced in June 2017.

• [Editor:王可]