Boulder Steel has posted progress report on its Sharjah finishing plant. During the quarter under review, the following targets have been achieved

1) A very positive technical and commercial feasibility study report for the project has been received from UK-based consultants McLellan

2) The contract for obtaining Environmental Clearance has been awarded to TÜV Middle East of Abu Dhabi. Provisional clearance permitting land leveling was obtained from HFZA

3) QHC Architects and Engineers of Sharjah have been appointed as local construction consultants

4) Final quotes and offers from all major equipment suppliers have been received through the company's Italian based consultants, Engineering Management Services Srl

5) Land leveling of the proposed plant site by UAE contractor Al Sahel General Transport Est. started on March 26th 2008

6) Land leveling is expected to be completed by the end of the June 2008 quarter

Further targets for the June quarter include

1) Approval of the scoping study for the environmental clearance process and start of sampling

2) Completion of the concept drawings for the project by QHC

3) Completion of the preliminary design drawings for the project by QHC

4) Negotiations with potential strategic partners in the seamless tube industry

5) Signing of preliminary delivery contracts for major plant equipment

6) Financial close of the UAE finishing plant project