September, 27 2005
Orissa government clears three steel projects
Orissa CM Mr Naveen Patnaik, who presided over the High Level Clearance Authority meeting on Monday, has announced clearing of three steel projects of Jindal Steel and Power Ltd, Bhushan Steel and Strips Ltd and Rungta Mines Ltd and said that the government will soon sign the MoUs with the concerned companies for the projects.
JSPL, had signed an MoU with the state government to set up a 2 million tonne steel plant in the district of Keonjhar, is now proposing to enhance the capacity of the project to 6 million tonne and relocate the project in the district of Angul. The project will now be set up at Kerjenga near Angul with an investment of Rs 13,135.02 crore. JSPL has asked 5,750 acres of land for the project.
BSSL is proposing to set up a 3.1 million tonne steel complex at Meramundali in Sambalpur district with an investment of Rs 5828.16 crore. BSSL, which has cold rolled steel production facilities at Khapoli in Maharastra and Sahibabad near New Delhi, is to bring in the Rs 1,778.16 crore equity from its internal accruals while raising the debt component of Rs 4,050 crore from the banks and financial institutions. The firm has asked for 2,000 acres of land for the location of the project.
Rungta Mines Ltd which is in the business of mining iron ore and manganese in Orissa for over four decades, is going to set up a 3 million tonne steel project for production of billets, bars and wire rods with an investment of Rs 2,275 crore.
TATA finalize Bastar village for 5 million ton steel plant
It is reported in press that Tata Steel appears to have zeroed in on Salepal village in the Bastar district of Chhattisgarh for setting up its 5 million tonnes per annum steel plant costing Rs12,000 crore. It is also reported that an application for seeking 3,500 acre for the plant and another 2,000 acre for a township is under review by the state government
For grant of captive iron ore mines, the company has asked for iron ore 'deposit number 1' of the Bailadila range in the Dantewada region of the state. The iron ore found in the region has iron content averaging 60-68 per cent. There are an estimated 14 identified iron ore deposits in Bailadila range with an approximate quantity of 300 million tonne.
Earlier in June this year, TATA Steel had signed a MoU for setting up a 5 million tonne per annum green field integrated steel plant in the Bastar region of Chhattisgarh. According to the MoU, the integrated steel plant's first phase will see the installation of 2 million tonne capacity, which is likely to be completed in 48 to 60 months from the date of obtaining all statutory clearances. The second phase will see the addition of the remaining 3 million tonne capacity.
POSCO to team up with an Indian mining company
POSCO has begun looking for a mineral company to undertake prospecting and mining of its captive mine that will form part of the 12 MT steel plant, the company proposes to set up in Orissa. The company will assign different companies at prospecting and mining phases, sources said. Company sources said since Posco is itself not into mining, involving a mining company is of strategic importance to it.
It is understood that POSCO has initiated talks with Indian companies like Kudremukh Iron Ore Company (KIOCL), Mineral Exploration Company, Orissa Mining Corporation (OMC) to assign prospecting job at sites given by Orissa government for mining. Either the same companies or other companies with mining experience in Orissa would be later involved as a partner in the project after Posco finally gets mining leases in early 2007.
Neelanchal Ispat posts Rs 106 crore net
MMTC promoted Neelanchal Ispat Nigam Ltd NINL has recorded a net profit of Rs 106 crore in 2004-05 which is its first full year of integrated operation. The audited results of the annual accounts of the company were taken on record in its AGM
While announcing the results, Chairman Mr SD Kapoor indicated that the realization of the operating profit of Rs 314 crore and net profit of Rs 106 crore were outstanding achievements for a new company in the iron and steel sector which usually has long gestation period before getting into the profit zone. This performance could be realized through all round improvement in production parameters, cost control and adoption of judicious marketing strategy both in domestic as well as export markets.
The company recorded 36 per cent increase in production of saleable pig iron over the previous year, thereby becoming the largest producer and exporter of saleable pig iron in India. The company exported 2.97 lakh tonnes of pig iron to countries like Thailand, South Korea and Malaysia and exported granulated slag for the first time to Bangladesh and sold 2.76 lakh tonnes of pig iron in the domestic market.
The company after meeting captive demand sold 1.17 lakh tonnes of low ash metallurgical coke to other steel plants in India
Sinter plant which was commissioned during the year produced over 8 lakh tonnes of sinter which helped in improving blast furnace productivity substantially apart from utilizing low and medium grade iron ore fines as raw material input.
India emerges top buyer of Irans scrap iron
Indian companies are the top buyers of Iranian scrap iron although Iran's domestic industry is in dire need of it as raw material, Iran's Steel Producers Association has said. The Indian companies are collecting the scrap while Iran steel industry is forced to meet 60 per cent of its requirements through imports, it said.
"In the past, scrap iron was not an export item, but Indian companies are now involved in collecting the scrap iron," ISNA official Taqi Bahrami said, adding the demand from Iranian steel mills is expected to double in the next two years.
He said countries like Azerbaijan, Kazakhstan and Iraq have banned the export of scrap iron.
Experts say there is an estimated two million tonne of scrap iron in war-ravaged Iraq. Iran plans to increase steel production capacity to 40 million tonne by 2010 while 9 million tonne was produced last year.
Caparo increases presence in MP
In an effort to further expand its operation in India Caparo Group has signed a MoU with the Madhya Pradesh Government for setting up new manufacturing facilities in Pithampur in the state at an estimated cost of Rs 800 million. The MOU was signed by Mr Angad Paul, Chairman of Caparo Engineering India Private Ltd (CEIPL) and Mr Raghav Chandra, MD of Madhya Pradesh State Industrial Development Corporation in the presence of the Chief Minister Babulal Gaur and Caparo Chairman, Lord Swraj Paul.
Caparo has already invested Rs 300 million in its sheet metal stamping unit in Pithampur, in MP and under the MOU; it would further expand its sheet metal stamping unit at a cost of Rs 250 million. Besides, it would invest Rs 240 million in long member chassis unit, Rs 150 million in iron foundry and forging and another Rs 150 million for expansion of long member unit
CEIPL is a company 100 per cent owned and managed by Caparo Group of UK. The Caparo Group is a 1.3 billion dollar multinational conglomerate with main business of steel and metal conversion and has business in Europe, US and India.
Coils main business in India is metal stamping for automobile customers. It has state-of-the-art manufacturing facility at Pithampur and supplies to leading automobile companies like Eicher, Bajaj Tempo, General Motors, Delphi, Ford etc.
Indian mineral industry up in arms against Dang report for Cr ore
Federation of Indian Mineral Industry FIMI has stepped up its opposition to Dang Committee report on mining leases terming it as favoring only the domestic steel industry as it recommends ban on chrome ore exports
FIMI has said that instead of banning chrome ore exports, government should continue with its present arrangement as exports were required to prevent domestic chrome ore prices from shooting up by over 100%.
In the first nine months of current year, while chrome ore price in the export market has averaged around $205 per tonne, domestic prices have been around $100 per tonne. Justifying its position, FIMI has said that the chrome ore miners cross subsidies domestic chrome prices by selling the ore meant for exports at almost the double the price. This advantage would be gone once export is banned
Kanishk Steel to set up Rs 73 cr plants in Chennai
Kanishk Steel Industries Ltd, part of the Rs 500 crore OPG Enterprises group, has drawn up a Rs 72.50 crore investment plan to set up a coal-based sponge iron plant and a captive power generation plant at Gummidipoondi, near Chennai. The company has invested Rs 24.50 crore for making sponge iron at Gummidipoodi near the TMT bars plant.
Gupta said that the new plant will have 200 tpd capacity of producing sponge iron and the flexibility of using indigenous 100 per cent iron ore lumps or any mix of lump ore and pellets to be utilized.
Kanishk has a turnover of Rs 163.54 crore and manufactures steel products both constructional steel and structural steel TMT and structural steel items such as joists, channels, angles, flats, squares and rounds.
Elgi bags compressor orders from JSW & VISL
The Coimbatore based air compressor manufacturer, Elgi Equipments had bagged orders worth Rs 3.2 crore in separate deals with two steel companies JSW Steel and Visvesvaraya Iron and Steel Plant
Under these pacts, Elgi Equipments will supply the latest generation centrifugal air compressors (CAC) on a turn key basis to the two steel majors. With this, the company plans to foray into the steel sector for offering compressed air applications, the release said
The CAC offered by Elgi is called Turbo Master and its power ranges from 400 HP to 1500 HP, with a capacity varying between 1400 cubic feet per minute and 8500 cubic feet per min with an air pressure range of 3 to 14 bars
Hard coking coal seen firm in 2006 coal negotiations in Coaltrans
At the recent Coaltrans Australia coal conference in Brisbane industry consensus was for coal prices to weaken in 2006. CSFB analysts report the general expectation was for thermal coal prices to decline to the mid or high US$40/t level and premiums for semi-soft coal and PCI to also contract, while the outlook for Hard Coking Coal HCC was seen remaining more positive.
Deutsche Banks Dr Peter Richardson, who presented at the conference, agrees with such a view, suggesting leading indicators of demand for weaker grades of coking coal and PCI coals are discouraging. In his view the defining moment for the market was earlier this year when steel demand softened quickly translating into higher inventories and lower steel prices, which in turn caused de stocking and production cuts. At the same time China emerged as a net exporter of steel, further weakening markets and pressuring margins for producers.
In Dr Richardsons view, this combination is likely to result in further steel production cuts in the December quarter, meaning demand for coal will be weakening just as coal price negotiations commence
Ukrainian Cabinet to approve contract for Kryvorizhstal sale
The Cabinet of Ministers in its meeting preliminary approved a draft contract on sale of 93,02% of shares of mining and metallurgical industrial works Kryvorizhstal OJC as per the information was given by Acting Minister of Justice Mr Roman Zvarych to a news agency
It is understood that some provisions of the contract need more precise definition and the provisions of the sale contract of Kryvorizhstal will be discussed at the coming meetings of the government and amended draft contract will be approved
The State Property Fund of Ukraine announced the tender on the sale of 93.02% of shares of Kryvorizhstal OJSC. On August 10. The tender will take place on October 24, 2005 in the form of auction.
The State Property Fund has already concluded agreements on confidentiality of the given information with six potential buyers including Evrazholding, Severstal, Mittal Steel, Privat-Intertrading, and Arcelor.
Mobarakeh Steel production exceeds two million tons
Irans Mobarakeh Steel Complex MSC in Isfahan produced 2 million tons of steel in the six months between March 21 and September 22, and plans to reach the target of 4.1 million tons of crude steel during Iranian calendar year which ends on March 20, 2006, announced Mr Morteza Talaii MSC Deputy Director for Operations
MSC produced 3.124 million tons of agglomerate, showing a 13.5% increase over the first six months compared to the same period last year. DRI unit produced 1.118 million tons of sponge iron, a 10% rise compared to the same period of the previous year. By producing 2.012 million tons of hot rolled steel MSC registered a 5.3% increase over the same period last year. 31,000 tons of tinplate was produced surpassing the previous periods production by 140%. The galvanization unit also experienced 29% rise in output by producing 90,000 tons galvanized steel,
He also said the company has exported 360,000 tons of steel products in the first four months of the current year mainly to France, Belgium, Germany, Italy, Spain, China, India, and several countries in the Middle East. The company's plans call for exports of one million tons by the end of the year
Consumers favor metal cans as safest packaging material
Americans continue to overwhelmingly favor traditional packaging, including metal cans, in their food and beverage purchases and continue to consider the metal can the safest of all containers. These major findings, as well as a review of the latest market trends, are a part of a new packaging trends report unveiled today by the Can Manufacturers Institute (CMI) in conjunction with PACK EXPO, the pre-eminent packaging industry trade show.
Seven out of eight Americans surveyed (88%) said they favor traditional packaging metal cans, glass and plastic over paperboard packaging and pouches. And more than 60 percent favor metal cans over either of the other newer packaging types. Metal cans also are rated more often than paperboard or pouches as best at keeping nutrients without preservatives.
Eighty-six percent of respondents listed metal cans as recyclable, handily beating paperboard and pouches (67 percent and 33 percent, respectively).
The metal can always has been environmentally responsible and packagers again are returning to more environmentally friendly materials and focusing on recycling to benefit the environment. Correspondingly, research points to
steel as a very earth-friendly package.
The Can Manufacturers Institute (CMI) is the trade association of the metal can-manufacturing industry and its suppliers in the United States.
Angang Group awards plate heat treatment furnaces to LOI
Angang Group International Trade Co. of China has awarded LOI Thermprocess a contract to supply two heat treatment plants for heavy steel plates. The contract covers two roller hearth furnaces designed for different plate widths.
The first roller hearth furnace is to be used for the heat treatment of low alloy carbon steel plates with widths up to 2.8 m and a maximum weight of 15 t.
The second plant, for the quenching and tempering of steel plate is to include a roller hearth furnace and a roller quench facility. This furnace line will be used to treat low alloy plates with widths up to 4.8 m and a maximum weight of 30 t. The special quenching technology used ensures that the carbon steel plates are extremely level after treatment, reducing the need for straightening work. The capacity of the plant is to be 31 tones per hour.
The scope of supplies also includes fully automated control systems for all operations of the two lines which are relevant to quality, safety and productivity.
The furnaces are due to be commissioned in the second half of 2006.
Outokumpu warns of Q3 loss
Stainless steel maker Outokumpu warned investors on Monday it would make a third-quarter loss due to oversupply in the market pushing prices lower, and its shares tumbled to a 19-month low.
Outokumpu said it had slashed production by 150,000 tonnes during the period, 50,000 tonnes more than planned, and would temporarily move most of its production in Sheffield, Northern England, to its new stainless steel plant in Tornio, Finland.
"The order intake has improved in September and the base price erosion seems to have stopped. Nevertheless, due to the negative third quarter and current market uncertainty, the full year 2005 operating profit is estimated to be clearly lower than in 2004," Outokumpu said in a statement.
The firm made an operating profit of 453 million euros ($550 million) in 2004 on sales of 5.1 billion, more than doubling from 2003 as massive Chinese demand for stainless steel pushed prices higher.
497 officials quit mine investments in China
Mr Li Yizhong, the director of the State Administration of Work Safety has said to local press that at least 497 government employees and state owned enterprise senior officials withdrew their investments from coal mines in nine provinces including Guizhou, Hunan and Hebei as per in response to the central government directive with September 22 as deadline, to withdraw their investments or face punishment.
The government crackdown followed a fatal accident at the illegally run Daxing Colliery in south China's Guangdong Province, where flooding claimed 123 lives last month.
Mr Akhmetov returns to Ukraine despite legal probe
Mr Rinat Akhmetov has returned home from abroad despite the threat of questioning by prosecutors. The Ukrainian Prosecutor Generals office wants to question Mr Akhmetov, Ukraines richest man, about criminal cases linked to gangland violence a decade ago in the eastern Ukrainian city of Donetsk So far, no charges have been brought against him. Mr Akhmetov, whose fortune is estimated at about $2.4 billion, has so far failed to appear before prosecutors. He has said in the past that he has nothing to fear
Last week, before the second vote for the presidents candidate for PM in the Ukrainian parliament, present president Mr Yushchenko and former president Mr Yanukovich concluded a pact of guarantees for the opposition. Experts quoted by Reuters speculated that Akhmetov who has been in Western Europe for months, had been able to return as part of this deal.
Mr Akhmetovs business empire is based in Donetsk and includes steel and machine building plants, telecom companies, banks and the Shakhtar soccer club. Mr Akhmetov is an ally of Mr Viktor Pinchuk, son in law of former president
NTMK marks 65th year of open hearth furnaces
Nizhni Tagil Metallurgical Plant NTMK, part of the Evraz group, is marking the 65th anniversary of its open-hearth furnace.
Original plant, the Novo-Tagilski Metallurgical Plant, was founded in the 1930s. In 1937 the plant began the production of trusses from imported stock. In 1940 the plant got its first cast-iron, and then it built its open-hearth furnace, starting production on 23 Sept., 1940
Outokumpu wins three major grinding mill orders
Outokumpu Technology will design and deliver a ball mill for the OneSteels Project Magnet in South Australia and provide installation, commissioning, maintenance and spare parts support. The delivery is scheduled for mid 2006.
The second large mill delivery goes to Lihir gold mine in Papua New Guinea. New ball and SAG mills will be designed, manufactured and installed by Outokumpu Technology as part of the expansion of the Lihir gold mine. Lihir Gold has one of the world's largest gold resources. The contract is scheduled for completion by April 2006.
Thirdly, Outokumpu Technology will deliver primary and secondary mills including installation and commissioning to Mototolo project in South Africa. Anglo PLatinum and Xstrata Alloys have formed the Mototolo Joint Venture to develop a platinum group metals (PGM) mine concentrator in Mpumalanga, South Africa. The project is expected to produce approximately 132,000 ounces of platinum and 82,000 ounces of palladium in concentrate per annum. Initial production of PGM ounces is anticipated in the last quarter of 2006.
These three contracts confirm Outokumpu Technologys position as one of the leading and strongly growing grinding technology suppliers to the minerals processing industry. Nearly 1,000 installations at concentrators and industrial minerals plants around the world use Outokumpus grinding technology.
Outokumpu Technology is a worldwide technology leader in minerals and metals processing, providing innovative tailored solutions for a wide variety of customer needs in iron and steel, aluminium and non-ferrous metals industries
Conares Metal Supply Dubai to inaugurate tube mill
Conares Metal Supply Ltd Dubai is inaugurating its state-of-the-art pipes and tube making facility on 28th September 2005. . The new mill with an installed annual capacity of 180,000 mt is equipped to supply pipes and tubes, squares and rectangular sections conforming to ASTM, BS, EN standards in 1/2" to 4" pipes, square and rectangular, both in black and in pre-galvanized finishes both threaded and plain ended
Mr Bharat Bhatia, CEO, Conares Metal Supply Ltd said that raw material for the facility will be taken from sources that will give the competitive advantage. He further stated that they wish to sell its 50% production to UAE & GCC market and rest of it to their Middle East, Europe and North American regions.
The pipes and tubes facility is an additional investment of $6.8 million to Conares Metal Supply Ltds already operational steel service center and trading activity, which has an annual turnover of about 200,000 mt a year.
S Korean Company to explore mineral deposits in DPRK
South Korea's state-run Korea Resources Corp KORES is stepping up efforts to explore mineral deposits in the Democratic People's Republic of Korea (DPRK), which could help ease South Korea's reliance on other foreign suppliers
KORES has submitted an investment proposal to the DPRK authorities to jointly explore for six minerals gold, iron, copper, magnesite, molybdenum and steel
The DPRK's iron ore reserves, estimated to be between 2 billion tons and 4 billion tons, is equal to 50 to 100 years of the import needs of South Korea's largest steel maker, POSCO.
Industry experts predict that inter-Korean joint ventures in the DPRK would be a boon to resource-poor South Korea, which depends solely on expensive imports. In return, the DPRK could gain from new infrastructure facilities, including power lines that KORES would build to develop mines
Alpha Natural announces $316 million coal acquisition
Alpha Natural Resources Inc, a leading Appalachian coal producer, has through its subsidiaries signed definitive purchase agreements to acquire coal reserves and operations affiliated with the privately held Nicewonder coal group in southern West Virginia and southwestern Virginia. The aggregate purchase price is $316.2 million.
The acquired properties are expected to add about 4.3 million tons to
Alpha's coal output in 2006, representing an increase of approximately 20
percent over Alpha's expected coal production this year.
Alpha also announced that results for the fiscal third quarter will be
negatively impacted by a shortfall in metallurgical coal exports and lower
than expected output from contractor-operated mines.
Alpha Natural Resources is a leading producer of high-quality Appalachian
coal. Approximately 94 percent of the company's reserve base is high Btu coal and 89 percent is low sulfur, qualities that are in high demand among electric utilities which use steam coal. Alpha is also one of the nation's largest producers and exporters of metallurgical coal. Alpha and its subsidiaries currently operate mining complexes in four states, consisting of more than 60 mines feeding 11 coal preparations and blending plants. The company and its subsidiaries employ approximately 2,800 people.
BHP sees China 2005 nickel consumption at 190,000 tonnes
BHP Billiton Ltd Plc. said on Monday it saw China's refined nickel consumption rising 30 percent to 190,000 tonnes in calendar 2005 as the country increased its output of stainless steel.
By 2010, China's consumption would be about 382,000 tonnes, said Mr Chris Pointon, President, BHP Stainless Steel Materials Division. "Stainless is expected to be the primary user," Mr Pointon told.
Vietnam steel industry needs 15,000 billion VND for expansion
Vietnam's steel industry will need 15,000 billion VND in 2006 to invest in production projects, according to the Ministry of Industry. The projects will include a production base of the Thai Nguyen Steel Mill in northern Thai Nguyen province and the Quy Xa iron ore exploitation and processing joint venture in northern Lao Cai province, each of which will have a capacity of 500,000 tonnes of steel per year.
Other projects will be the Cuu Long Steel Ingot Mill and the Steel and Cast Iron Mill in the northern port city of Hai Phong, and the Samoa-Qing Dinh Stainless Steel Mill in the southern province of Ba Ria - Vung Tau.
Alongside, some foreign-invested projects will be carried out next year, including the Tycoon Group's metallurgical complex in the central province of Quang Ngai and the Sunteel Company's Steel Mill in Ba Ria - Vung Tau.
Al Jazeera Tube plans 200,000MT merchant bar mill
Al Jazeera Tube Mills, a leading producer of steel tubes and pipes in the Gulf region, is planning to set up a 200,000 tonnes per annum merchant bar mill to manufacture angles and flat bars at the Sohar Industrial Estate at an investment of RO 18 million, announced Mr Mohammed Abdullah Moosa, Vice CMD of the company.
A feasibility study conducted by a consultancy agency on behalf of the company has indicated an excellent market for angles and flat bars. The present demand of Gulf countries is met through imports from India, Turkey and a few other countries.
CONSOL says Buchanan Mine repairs will take until November
CONSOL has announced that its Buchanan Mine in Virginia, idle since Sept. 16 following a problem with the mine's coal-carrying equipment, will take until November to repair and could leave about 200 workers temporarily unemployed.
CONSOL said a braking mechanism on the mine's skip hoist, which is used to lift coal from the bottom of the mine shaft to the surface, failed earlier this month. Two counter-balanced buckets, called skips, move up and down in opposite direction from one another, alternately loading and unloading coal. The skips hold about 24 tons of coal. If the skip hoist is inoperable, coal production operations have to be suspended.
The Buchanan Mine near Keen Mountain opened in 1983 and produced 4.4 million tons of coal last year, primarily metallurgical grade
CONSOL owns 17 bituminous coal mining operations in seven states and has annual revenues of $2.8 billion
Malaysian steel industry\'s views on the budget
THE Malaysian steel industry harbors strong hope that Budget 2006 will be able to provide a conducive environment for material sourcing and efficient production, as well as some fresh injection of domestic investments which had stagnated in the past few years.
Local players want the Government to address the sector's key issues such as supply of materials, government policies in terms of import and pricing controls, market opening measures under the Asean Free Trade Area (Afta), the China factor and anti-dumping actions by countries.
These issues have a significant bearing on the operations of steel mills and if not mitigated, will impinge on the efficiency and competitiveness of the industry which is strategic and capital intensive by nature, said Malaysian Iron and Steel Industry Federation (MISIF) deputy chairman Mr Datuk Lew Chin Hoi.
BHP Ravensthorpe nickel project cost up 28 pct
BHP Billiton Ltd Plc has increased the projected capital expenditure costs for its Ravensthorpe nickel mine and Yabulu refinery expansion in Australia to $1.8 billion from $1.4 billion, citing higher raw material and construction costs for the mine designed to yield around 50,000 tonnes of nickel, used in stainless steelmaking, annually starting in 2007.
Following board approval last year, BHP Billiton has started construction of the Ravensthorpe project in far western Australia and also plans to upgrade its Yabulu nickel refining business in eastern Australia.
The development of Ravensthorpe was originally pegged by the company to cost $1.05 billion, with Yabulu to cost $350 million.
Turkish CR export price fall
Uncertainty surrounding the sale of Turkish thin sheet producer Erdemir has caused a drop in the Turkish hot and cold rolled coil prices.
It is reported that the export price of CRC was down to $550-600 from 570-600 on FOB last week, however the export of HDG was up with demand mainly coming from Southern Europe.
US Steel production increases in last week
US steelmakers saw their weekly output rise from the previous seven days, according to data released Monday by an industry group.
Production among domestic steelmakers was about 2.016 million net tons for the week ended Sept. 24. That was up about 0.5 percent from the 2.005 million net tons produced for the week ending Sept. 17, according to the American Iron and Steel Institute.
Year-to-date production, as of Sept. 24, was about 75.6 million net tons, down about 6 percent from 80.4 million net tons in the same period a year ago.
AISI is a Washington, D.C.-based nonprofit association of North American companies involved in the iron and steel industry. The organization's data is based on reports from companies representing about 90 percent of the domestic industry's raw steel capacity
INTERMET reorganization plan confirmed by court
INTERMET Corporation a diversified manufacturer of cast-metal components has announced that the US Bankruptcy Court for the Eastern District of Michigan has confirmed its Plan of Reorganization
Under the confirmed Plan of Reorganization there are a number of conditions that must be satisfied in order for the confirmed Plan to become effective, including the closing and initial funding of a post-bankruptcy credit facility.
INTERMET has received a commitment letter from Goldman, Sachs & Co. with respect to this facility, and is in the process of negotiating a definitive credit facility. INTERMET currently expects that it will enter into the post-bankruptcy credit facility, satisfy the other conditions to Plan effectiveness and emerge from Chapter 11 during the month of October 2005.
AK Steel employees ratify contract
AK Steel Corp workers at its Ashland operations have ratified a five year contract with the company. Workers and retirees will pay a bigger share of their health care and more than 100 job classes will be consolidated to five classes under the new agreement, which covers about 750 hourly workers in United Steelworkers of America Local 1865 until Sept. 1, 2010. The agreement also includes Company defined benefit pension plan locked and frozen as of Jan. 1, 2006, with subsequent company pension contributions to the Steelworkers Pension Trust, elimination of base workforce guarantees, and enhanced profit-sharing plan.
AK Steels CEO Mr James Wainscott said the contract marks a "new era" for AK Steel and USW Local 1865. "This is a labor agreement that clearly recognizes AK Steel's urgent need to have total employment costs that are competitive with the pattern established in the wake of steel company bankruptcies and consolidation we have witnessed over the past several years,"
AK Steel produces flat-rolled carbon, stainless and electrical steel products as well as carbon and stainless tubular steel products for the automotive, appliance, construction and manufacturing markets.
Database on inventions and patents created at NTMK
IT team has begun creation of a unified database on inventions and patents at Nizhniy Tagil Iron and Steel Works (NTMK), an Evraz Group enterprise.
The new computer system will contain data on all patents and "know-how" registered by the company, including information about the inventors, and also the information on non-material assets of the invention, and the legal grounds for registration. Completion of the system is scheduled for December 2005
Anglos awards Dawason CHHP project
Anglo Coal Australia has entered into an alliance with the Thiess Sedgman Joint Venture TSJV to deliver the $346 million Dawson project. The Dawson Alliance is responsible for the upgrade of the mines coal handling and processing capability, which will see the coal handling and processing capacity at the Dawson Mine increase from 7mtpa to 12mtpa.
The Alliance would design, construction and commission a new Coal Handling and Processing Plant CHPP at the mine, which would include six fully automated stacker cum reclaimer machines on the raw and product coal stockpiles
The company noted raw coal system would accept coal from three separate mine sources delivered by an overland conveyor system, with the CHPP processing at 2000 tonnes per hour in two-stage mode and up to 3400 tonnes per hour in single stage mode. The plant contains dense medium cyclones, spirals and flotation circuits. The product coal would then be loaded via high capacity automated reclaimers to a new rail load out facility.
Located 140 km south west of Gladstone, the Dawson Coal Mine is operated by Anglo Coal Australia. The Dawson Alliance project is scheduled to be completed in May 2007
