April, 13 2006
TATAT Refractory opens new plant in Jharsuguda in Orissa
Dr JJ Irani chairman of Tata Refractories Limited inaugurated the phase II of dolomite plant and the new monolithic plant on Monday at Belpahar in Jharsuguda. These projects are part of TATA Refractory Limiteds expansion program.
With a capital outlay of Rs 282 crore the objective of this plan is to enhance the capacity, improve yield and productivity and at the same time strengthen operational efficiency and cost effectiveness. With this expansion, the plant capacity will increase from 123,000 MT in March 2003 to 245200 MT by March 2007.
The Indian refractory market is growing rapidly in recent times due to upswings in steel and infrastructure industries. Simultaneously, various technological developments in refractory applications have led to stringent specifications for products and services. Prices continue to be under pressure owing to increase in input costs. Moreover, due to the presence of various international refractory companies in India, the competition is getting fierce. In order to meet these challenges and to become globally competitive, TRL has undertaken the expansion and modernization program. On the completion of these projects, TRL hopes to achieve a significant growth rate in the Indian refractory market over the next decade.
Orissa government threatens to cancel 5 MoUs for steel plants
It is reported that Orissa government has threatened to cancel the MoUs with five companies who had proposed to set up steel plants in the State. The companies are AML Steel and Power Limited, Sunflag Special Steel Limited, Stats Steel India Limited, Sterlite Steel and Iron Company Limited and Maharashtra Seamless Limited.
Official sources said despite repeated reminders, these companies did not take steps to proceed with the projects.
Czech Skoda Exports plans $1 billion Nizampatnam port in AP
Czech Skoda Export Company has inked an agreement with the Andhra Pradesh government for development of Nizampatnam port city complex in Guntur district with an estimated investment of $1 billion. Skoda Export CEO Mr Jaroslav Hubacek and the states Infrastructure Corporation of Andhra Pradesh CGM Mr L Sashidhar signed the MoU.
The project aims construction of Nizampatnam port into deep water, medium sized port capable of handling bulk cargo such as coal, cement, granite and fertilizers with container terminals and LNG terminal. Apart from the port, the project also envisages a multi-product special economic zone and associated infrastructure spread over 2,500 acres of land along with a urea manufacturing plant with a capacity of 500,000 tonnes per annum, and a 250MW thermal power plant.
A special purpose vehicle Nizampatnam Industrial Port Complex Company will be set up jointly for implementation of the project. Land will be the state government's equity in the project while Skoda Export planned to mobilize the required finances both debt and equity, from the Czech Export Bank.
Expert committee recommends independent regulatory body for coal pricing
It is reported that the Expert Committee on Coal Sector Reforms has submitted Part A of its report to the coal ministry recently and has favored a regulatory mechanism for coal pricing, especially for the power sector that consumes about 80% of total coal produced in the country. Coal ministry is reported to be evaluating the recommendations.
The committee has divided the consumers into two categories Class A and Class B with the former being the power sector consumers and latter being other coal consumers for evolving a pricing mechanism. The committee has also suggested an increase in coal allocation under e-auction route. It has said that 10% of total domestic coal production should be brought under e-auction in the first year, 20% in the third year and a further increase to 25-30% in the long run. It has also suggested that power utilities should be asked to set up coastal generating stations along western coast and south Tamil Nadu on imported coal, to prevent e-auction from creating constraints on domestic supplies.
At present coal pricing is fixed by the coal ministry in consultation with state owned coal companies like Coal India Limited etc on the basis of costs incurred in coal production from different mines in a coal company plus a reasonable amount of profit.
Maharashtra Seamless putting up pipe coating facility
Maharashtra Seamless has finalized a 3 Layer PE Pipe Coating plant for meeting the demand from Oil & Gas sector and has finalized foreign equipment suppliers for the project.
The Plant would be installed at Nagothane in District Raigad and would cost approx. Rs 250 million and is scheduled to be completed before March 2007.
Goa CM calls for private participation in port development
Goas Chief Minister Mr Pratapsingh Rane has called for public private partnerships for developing port infrastructure, even as the state is bracing itself for increased iron ore exports. Iron ore exports from Goa are poised to cross last year's record of 32.58 million tonnes, for which better port infrastructure facilities were necessary and could be created only with public private partnership he said.
"We are already accounting for more than one third of India's iron ore exports and the state GDP is growing at 10% per annum. But the future growth estimates can only be made depending upon the market demand and our efficiency in capacity building to handle larger trade volumes. For this we need more infrastructure support like larger ports having better technological support with help of PPP model" Mr Rane said.
Indian coal exports to neighboring countries fall
The coal export carried out by Coal India Limited has witnessed a sharp drop during the first nine months of 2005-06 when the export felled to 24,580 tonnes as against the average export of 1,24,497 tonnes of coal during the same period of the previous year. The total coal exported during 2004-05 was to the tune of 166,000 tonnes.
These exports were mostly carried out in the neighboring countries of Nepal, Bangladesh and Bhutan under the Open General License. India export coal to these countries to meet their domestic demand of coal.
SAILs government nominee director Dr SN Dash resigns
Steel Authority of India Ltd has informed BSE that consequent upon transfer from the Ministry of Steel, Dr SN Dash, Additional Secretary, Ministry of Steel, Government of India has resigned from the Board of the Company wef April 07, 2006.
TopKuzbassrazrezugol and the Siberian Business Union plan to build new Murmansk Port
Kuzbassrazrezugol and the Siberian Business Union Holding plan to build a $200 million port in Murmansk to export coal, Vedomosti reported. The companies hope to complete the terminal in 2009 or 2010.
The two Russian coal producers will jointly build the terminal that will have a capacity of 15 million tons a year, the newspaper reported, citing Mr Vladimir Gridin president of Siberian Business Union Holding.
Third party access to rail in Western Australia would hit exports
Rio Tinto said that Australia could lose up to A$43 billion in export revenues and A$13 billion in capital investments over the next 20 years if third party, like Fortescue Metals Group, access is imposed on mine to port rail infrastructure in the Western Australian iron ore industry quoting a report released by management consultants Port Jackson Partners. The report, commissioned by Rio Tinto Iron Ore, states that the capacity of Australian iron ore producers to expand operations to meet increasing global demand could be severely restricted if third parties are granted access to integrated single user rail infrastructure owned by the existing companies.
The decision whether or not to impose access is currently before the Australian Government and is expected to be announced by May 22 2006.
Rio Tinto Iron Ore CEO Mr Sam Walsh said The efficiency of mine to port logistics in the Pilbara iron ore industry is second to none. It is a significant contributing factor to Australia's position as the world's leading supplier of iron ore to the burgeoning Asian markets. To maintain that leading position, iron ore producers must be able to respond to market demands quickly and have a high degree of flexibility in planning, implementing and adapting their expansion plans and operating practices. If we are forced into drawn out negotiations with third parties to achieve what would otherwise be a prompt and planned response to market demand, Australia's economy will be the loser."
AK Steel to expand CRGO production capacity
AK Steel announced that its board of directors has approved a capital investment of $14 million for the second phase of a project to increase production capacity for grain oriented electrical sheet steels. The expansion project is aimed at helping the company meet strong market demand for electrical steel products. The newly approved capital funds will be used to upgrade existing production equipment at the company's Butler plant to increase electrical steel production, projects which are expected to be completed early in 2007.
The first phase of the expansion project, already underway, included investments for equipment upgrades at the Butler and Zanesville plants and the introduction of new operating practices.
These phase-one projects are scheduled to be completed by the end of 2006. The completion of the first two project phases will increase the company's total annual CRGO production by about 50,000 tons to more than 300,000 tons per year.
Luxembourg minister clarifies on discussions with NLMK Chairman
Luxembourg's Economy Minister Mr Jeannot Krecke said on Wednesday he did not hold specific talks on Arcelor with Mr Vladimir Lisin chairman of NLMK. "There were no talks of clear action regarding Arcelor. Arcelor was only mentioned in the context of a general discussion about consolidation in the sector" Mr Krecke told Reuters.
Luxembourg's Tageblatt newspaper reported on Tuesday that Mr Krecke said the Russian businessman might want to buy a stake in Arcelor.
NLMK said on Tuesday that it had discussed questions of developing cooperation with Luxembourg companies, but that these discussions focused on engineering group Paul Wurth, which is 48% owned by Arcelor and chaired by Mr Michel Wurth the deputy CEO of Arcelor.
PSMC Privatization - Sale to be debated in the National Assembly
It is reported that the sale of 75% shares of the Pakistan Steel Mills recently will be debated in the Pakistans National Assembly today. The house decided to hold debate on adjournment motions sought to be moved by a number of PPP Parliamentarians lawmakers, who termed the sale of the industrial behemoth at a throwaway price scandalous.
Ms Sherry Rahman in a brief on the deal released to the press said "No one from the regime has been able to explain what the big hurry was to sell such a large employer and producer of steel when valuation itself had become controversial." She alleged that the price agreed by covers not even the price of land attached to the sale, let alone its other profitable plants, valuable equipment, high inventory and enviable cash position".
Maanshan sees improved profitability by 2007 end
Chinese steel producer Maanshan Iron & Steel Co, which posted a 19% drop in 2005 net profit, said that it expects its profitability to be substantially enhanced by the end of next year as it boosts capacity. The company plans to add production capacity of 5 million metric tons of thin plates, mainly to make certain steel products to meet shortages in China, and for the car and home appliance industries. It didn't elaborate, and didn't say how much it will spend on expanding its capacity.
Maanshan said in a statement "By that time, the overall profitability of the company will be significantly enhanced. The company's integral competitiveness and its capabilities to withstand market risks will strengthen significantly."
Maanshan Iron produces a wide range of products, including steel sections, wire rods, medium and thick steel plates, and train wheels and tires.
BHP signs Caroona exploration license
BHP Billiton has signed its Caroona Exploration License at a ceremony held in Sydney. While the granting of the license was initially announced on 17 February 2006, the signing officially gives the company the sole rights to explore the 350 square kilometer area in Gunnedah, New South Wales. The region is believed to contain high quality thermal coal.
BHP Billiton also announced the establishment of the Caroona Regional Community Trust. Mr Bob Kirkby Executive President of BHP Billiton said the trust fund was created to benefit the broader Caroona region. We are delighted to announce the creation of the Caroona Regional Community Trust, which will distribute up to A$5 million to community programs and projects over the next five years. The establishment of the Trust is in recognition of the impact a large development can have on local communities and to plan towards upgrading local amenities. The Trust will also provide education services and scholarships and provide assistance to environmental and indigenous programs. We that we have a commitment to the local community and we look forward to working closely with them in the future. Today marks the beginning of a lengthy exploration process and BHP Billiton has a strong commitment to the communities in which it operates, he said.
Chinese scrap imports forecast to fall further
China's scrap steel imports are predicted to fall further in the second quarter of this year, as a result of price hikes on the international market. The sluggishness on the domestic rolled steel market has also restrained price hikes for scrap steel.
Statistics show that China imported 562,304 tons of scrap steel in January of this year, a decrease of 285,541 tons or 33.68% YOY and 559,787 tons in February a decrease of 29.79%YOY.
The main reasons for the sharp fall are the rising prices on the international market and a reduction in scrap steel consumption within China. The scrap steel price on the international market has kept firm since February, and in a bid to cope with the price hike, Chinese iron and steel enterprises have taken measures to retrieve more scrap steel domestically on the one hand, and reduce the consumption of scrap steel by cutting production and adjusting the furnace charge structure on the other hand.
Tycoon and Jinan CR & Galvanizing JV in Vietnam starts construction
Taiwan's Tycoons Group and Chinas Jinan Iron and Steel Group have begun construction of a 150,000 ton CR & galvanizing plant in Vietnam. Tycoons has 60% share in the $20 million plant and Jinanhas holds balance 40%.
Tycoons spokeswoman Ms Dai Yuxia said that the plant will go on stream in April 2007 and it will produce 150,000 tons of galvanized sheets and cold rolled strip per year.
CMC to buy assets of Yonack Iron & Metal Co
Commercial Metals Company announced that it has entered into a definitive agreement to purchase substantially all the operating assets of Yonack Iron & Metal Co. and Metallic Industries LLC. Mr Bob Yonack, President and sole shareholder of Yonac will serve in a consulting capacity to CMCR following closing of the transaction which is expected within 60 days. Yonack operates scrap metal processing facilities in Dallas, Forney, Stroud and Lonoke. The assets will be operated as part of the CMC Recycling segment.
"The acquisition of Yonack is an excellent fit with our existing metals recycling facilities located in the area. Bob Yonack and his team have successfully grown the business into a strategic force in Southwestern markets. Both companies understand the importance of service to industrial generators of scrap metal, and together we will become even better. We expect this acquisition to be accretive to earnings in the first year and to offer continuing opportunities for revenue gains and cost savings as we fully integrate the operations" said Mr Murray R. McClean President and COO of CMC.
Mr Bob Yonack said, "CMC is admired throughout the metals industry, and I am pleased that our employees will become part of such a fine organization. Our existing customers can be assured of a continuing high level of service from our key personnel which, combined with CMC's financial strength and over ninety years of industry experience, will result in a seamless transition."
Commercial Metals Company and subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel mini mills, steel fabrication and processing plants, construction related product warehouses, a copper tube mill, metal recycling facilities and marketing and distribution offices in the United States and in strategic overseas markets.
IFC to take 5% stake in Rio Tintos Simandou iron ore project in Guinea
The board of directors of the International Finance Corporation, the private sector arm of the World Bank Group, has approved the acquisition of a 5% stake in Simfer SA, a locally incorporated subsidiary for Rio Tintos Simandou iron ore project in Guinea. The final details of the transaction are currently being negotiated with Rio Tinto.
The company has recently been granted a mining concession by the Guinean government for the development of the project in the Simandou mountain range in eastern Guinea. Simfer is currently working on a pre-feasibility study for the Pic de Fon deposit within the concession area.
IFCs involvement in the project will support Rio Tinto and the Guinean government in conducting the feasibility studies, environmental and social studies, and ore transportation studies for the development of the project. IFC is assisting Rio Tinto on issues relating to biodiversity, conservation and community development. IFC and Rio Tinto are also preparing a study of eastern Guineas economic potential and how to involve local small and medium size companies in the projects supply chain.
Kobe Steel develops new low cost steel making technique
Japanese steelmaker Kobe Steel announced that it has co developed a way of producing high grade steel from low cost materials and has built an experimental plant in the Minnesota with two of its US partners Steel Dynamics and Cleveland Cliffs.
Kobe Steel spokesperson Ms Miki Kasuga said that unlike a blast furnace or an electric furnace, the new technique makes steel from iron-ore pellets placed on a rotating furnace.
Japanese Nihon Keizai reported that the Minnesota plant, which is expected to reduce materials costs to about one third of those for a blast furnace, will start up at an initial rate of about 500,000 tons a year as early as 2008. However, Kobe denied it intended to construct the plant itself. "We are trying to sell the technique and plant to other companies as an engineering firm, not produce more steel as a steelmaker" Ms Kasuga said.
The new technique produces high grade steel, although analysts said it was unlikely to be such high quality as product from a blast furnace. "Compared with electric furnace product, a rotating furnace is expected to provide better quality. But it still wouldn't be as high-grade as blast furnace steel," said Mr Tomomichi Nagaoka, a steel analyst at Moody's Japan. "Rotating furnace steel would overlap the market of electric furnace, likely to be used for machinery, not for automotive or home appliances," he said.
Taiwans Feng Hsin awards contracts to Danieli for two rolling mills
Feng Hsin Iron & Steel has awarded Danieli Morgdshammar order for a new rolling mill and for the upgrading of an existing one for expanding its product range and at enhancing its presence in the long products market. These two orders add another chapter in the long lasting cooperation between Danieli and Feng Hsin which already counts several steelmaking, conticasting and rolling mills projects.
A new rolling mill for ultra light micro profiles starting from round bar in coils will be installed at the Feng Hsin steel works in Taichung. The new plant, based on the Danieli LPP process, will enable low scale production of very small size flat bars down to 15mmx3mm and up to maximum of 20mmx6 mm at rates of up to 13 tonnes per hour, starting from 14mm, 18mm and 20mm dia coiled round bars produced at another mill of the Company. The plant will be basically composed of a coil feeding station with welding unit for endless rolling, straightening machine with mechanical descaler, induction heater for raw material heating up to rolling temperature, five SHS roll stands, cooling bed and finishing services with automatic lance-type stacker for flats. Danieli Automation will supply a dedicated automation and process control system. The Danieli Morgdshammar LPP process, presently in operation in other plants worldwide, is also suitable for production of all those very small sizes of angles, flats, squares and T-bars that cannot be obtained from traditional rolling mills.
The major upgrade of No. 2 rolling mill, with installation of a new production outlet for larger size round bars and flats, is aimed at extending the mills present product range. The project will be carried out in three subsequent steps with optimized plant stoppages in order to minimize production losses between October 2006 and March 2008. Mill modification will basically include the installation of a new 4 stand continuous finishing mill, cooling bed facilities for large size products including cold saw and automatic lance type stacker. Mill upgrading will enable production of 70mm to 130mm dia quality rounds and up to 300mmx25mm flats at rates of 85 tonnes per hour.
Shenhua Group competing for 1 billion tons Mongolian coal mine
China's top coal producer Shenhua Group is in talks with Mongolia for buying the majority shares of the 1 billion ton coal mine in the nation, Shanghai Securities reported Tuesday. This will be China's second but largest trans-border transaction of coal mines if the negotiation concludes smoothly. Some global coal giants also expressed strong desire of cooperation in the project, but Shenhua Group may be the largest shareholder after some concession, said the newspaper.
Currently only a unilateral railway connects a North China city with Ulan Bator. The coal mine is about 500 kilometers away from Ulan Bator and the only efficient way for Shenhua to transport the coal from the mine is to build a new China-Mongolia railway. There exists the possibility for the two nations to jointly construct the railway.
Shenhua Group ranks first in the world in coal reserve after frequent mergers and acquisition in the past two years. The Mongolian coal mine attracted Shenhua mainly with its coking coal reserve and the low coal price in Mongolia.
AK Tube chooses Ohio plant for capacity expansion
AK Steel announced that its wholly owned subsidiary AK Tube LLC has selected its Walbridge Ohio plant for a previously announced $8.5 million capital investment to increase production capacity. The investment would allow AK Tube to produce large diameter stainless tubing to help heavy duty truck manufacturers meet new standards for diesel vehicle emissions.
The company said installation of the new equipment would be completed by the end of July, with tube production beginning in the third quarter.
Mr Lisin & MR Dolle likely to meet in Spain on 23rd April
Reuters has reported that Mt Guy Dolle CEO of Arcelor will meet Mr Vladimir Lisin chairman of NLMK on April 23 in Barcelona on the sidelines of a summit of the International Iron and Steel Organization. Mr Dolle hopes to see Mr Lisin to ask him what he plans to do citing a source amid reports of his interest in taking a share in Arcelor.
TopPadana Tubi orders new tube mill to SMS Meer
Italian Padana Tubi SpA has placed an order with SMS Meer Mchengladbach Germany, for the supply of an RD 355 tube welding line. The product mix of the line predominantly covers structural, round, square and rectangular according to EN 10219 with size range of 127mm to 355.6mm for round tubes, 100mm to 280mm for squares and 150mmx50mm to 360mmx200mm for rectangular sections.
The scope of supply includes a strip preparation section, spiral strip accumulator, tube welding machine with straightedge forming section and change equipment as well as a tubular section cut off machine. The stands of the tube welding line will have SMS Meers proven URD design that in conjunction with the computer-aided Quicksetting system permits exact and reproducible roll setting. In addition, short size changing times will be achieved thanks to the automated roll quick changing system. The maximum welding speed is 60 meters per minute.
SMS Meer GmbH forms part of the Tube, Long Product and Forging Technology Business Area of the SMS group.
Romanian Siad Gas to invest in Greenfield project in Calarasi
Siad Romania, a local branch of Italy's industrial gas holding Siad will invest 25 million euros for a Greenfield industrial gas production facility to supply liquid oxygen, nitrogen and argon to the local industrial companies at Calarasi including Tenariss Silcotub. This will be the second investment in industrial gas in Clarasi, after the project of Italy's Air Liquide.
Siad Romanias GM Mr Cristinel Mihailescu said "We have noticed that there are big opportunities in Calarasi, as there are world renowned companies operating there, including Saint-Gobain and Tenaris. Tenaris is of relevance to us, as the Tenaris-Siad partnership has a successful history in Italy. To us, their presence signified the local environment stimulates business growth and the new investment project will be an attempt by Siad to consolidate its stand in Romania and the region.
Qasco signs agreement with QIG for industrial gases
Qatar Steel Company, a subsidiary of Industries Qatar, has signed a purchase agreement for oxygen and nitrogen for its plant at Mesaieed with Qatar Industrial Gases. QIG had signed a letter of intent with Qasco for a long term supply last year. Qasco has planned to set up new steel furnace using oxygen injection. These furnaces will require up to 170 tonnes a day of oxygen, which will be supplied by QIG. Supply is scheduled to commence in 2007.
QIG will also install a new air separation plant near Qascos existing plant ASP-2 for producing additional oxygen to meet the increased demand from Qasco after the implementation of ongoing expansion. QIG will supply 8400 N cum/hour oxygen and 600 N cum/hour nitrogen from the new plant and the ASP-2. The new plant will be commissioned within 18 months from date of signing the agreement. QIG will also supply nitrogen and oxygen to other consumers in and around Mesaieed from their ASP installation.
QIG is a $50 million JV of Qatar Petroleum & Qatar Nitrogen Company jointly holding 60% stake and French Air Liquide Middle East holding 40% stake.
French bank and Italian Tassara raises stake in Arcelor
Italy's Carlo Tassara International SA has increased its stake in Luxembourg bases steel group Arcelor and plans to continue buying shares, the French AMF regulator said on Wednesday. Tassara, controlled by French businessman Mr Romain Zaleski, now has 16,050,747 shares or 2.51% of the total after buying 907,842 shares for 32.97 euros each.
French mutual bank CIC also bought 368,000 Arcelor shares for 32.99 euros each taking its holding to 6,768,000 shares, representing just over 1% of Arcelor's share capital, an AMF statement said.
Alliance Coal acquires rights for 99.3 million tonne coal reserves in Kentucky
Alliance Resource Partners LP announced that its subsidiary Alliance Coal LLC has acquired the rights to about 99.3 million tons of high sulfur coal reserves in Union County, Kentucky. As a result of the purchase of all of the members interests of River View Coal LLC Alliance Coal gained control of about 89.7 million tons of coal by lease and about 9.6 million tons of coal through direct ownership.
The acquisition of the River View reserves increases the Alliance Coals total coal reserve holdings by about 18% to approximately 642 million tons.
Total capital expenditures required to develop the River View reserves are currently estimated to be in the range of $110 to $130 million over a four year period. The company currently expects that the River View complex would begin production in the 2008-2009 time frame.
Fitch assigns BBB- rating to Wuhan Iron & Steel Co
Fitch Ratings has today assigned Long term Foreign and Local Currency Issuer Default Ratings ofBBB minus to Chinas Wuhan Iron & Steel Co Ltd. The agency has also assigned Short term Foreign and Local Currency ratings of 'F3' to Wisco. The rating Outlook is Stable.
The ratings reflect Wisco's healthy business profile in terms of sales and production capacity, the improving structure of its product mix and its strengthened economies of scale. The ratings also take into consideration the company's strong financial profile, including its low financial leverage, stable profitability and cash generating capacity. Wisco's expanded revenue base and enhanced margins following the acquisition of its parent company's assets in 2004 also supports the anticipated maintenance of its strong credit metrics.
"Wisco has adopted a business model that focuses on high end, wider margin products like silicon steel which are still in short supply in China." said Mr Danny Chen, Associate Director in Fitch's corporate group.
Wisco is the listed unit of China's third largest steel manufacturer, Wuhan Iron and Steel (Group) Corporation, and boasts China's most advanced hot rolled coil production line. Wisco is also the only grain oriented silicon steel producer in China and one of the few non oriented silicon steel producers, meeting approximately one third of the country's demand.
California Steel Industries reports Q1 of 2006 results
California Steel Industries Inc reported first quarter results for the period ended March 31, 2006. Net income for the period is $30.3 million on sales of $318.0 million, from shipments of 490,427 net tons of steel products.
Sales revenues of $318.0 million are slightly less than the same period in the prior year. EBITDA for the quarter is $60.1 million, 25% higher than 2005. Net income of $30.3 million is 37% higher.
Compared to fourth quarter 2005, net sales in the first quarter 2006 are 6% higher than fourth quarter 2005's $300.8 million, while net income more than doubled in first quarter 2006, from $12.7 million. Shipments are just slightly higher in first quarter 2006, increasing from 479,380 tons.
Tonnage sold is 9% higher compared to the first quarter of 2005 and include 217,044 tonnes of HR, 38,243 tonnes of CR, 190,250 tonnes of galvanized and 44,890 of ERW tubes.
"This first quarter is a good start for 2006" said Mr Masakazu Kurushima, President and CEO. "Shipment levels are strong, and have returned some of the best first quarter results in our company's history," he continued.
Located in Fontana, California Steel Industries is the leading producer of flat rolled steel products in the western US with a broad range of products, including hot rolled, cold rolled, electric resistant weld pipe and galvanized coil and sheet.
Alogma Steel appoints new CFO
Algoma Steel Inc announced the appointment of Mr Daniel Ardila to the position of Vice President Finance and Chief Financial Officer effective April 18, 2006. Mr Ardila succeeds Mr Glen Manchester who is retiring after 29 years with Algoma.
Mr. Ardila is a Chartered Accountant and has 17 years of experience in senior executive positions and public accounting. He began his career with KPMG and most recently was employed by CPI Plastics Group Ltd for nine years in the position of Executive VP and CFO.
Mr Denis Turcotte President and CEO said "Dan's extensive financial experience in a manufacturing environment with a public company provides him with an excellent background for this position. I am confident that Dan will be a strong contributor to the future success of Algoma."
Harris Steel announces changes in the board of directors
Canadian Harris Steel Group Inc has announced the appointment of the following new directors, who will stand for election at the upcoming Annual Meeting of Shareholders to take place May 18, 2006. Ms. Benita M. Warmbold is the Managing Director and the Chief Financial Officer of Northwater Capital Management Inc, an investment advisory firm with over $8.5 billion in assets under management. Mr. Bruce Sinclair is a director of Wave Wireless Inc, which merged with WaveRider Communications Inc. effective March 29, 2006. Mr Sinclair was the President and Chief Executive Officer of WaveRider Communications Inc. from 1997 to 2005. He was the founding President of Dell Computer Canada from 1987 to 1991, and in 1991 was promoted to lead Dell Europe.
Harris Steel has also to thank two outgoing directors Mr Bruce Timmerman and Mr. Barrie D. Rose, for their decades of service and their significant contribution to Harris Steel. Mr Rose and Mr Timmerman have retired, also effective April 12.
Harris Steel Group Inc is engaged in the fabrication and placing of concrete reinforcing steel including epoxy coated reinforcing steel, the design and installation of concrete post tensioning systems, the manufacture and distribution of wire and wire products, welded wire mesh and cold finished bar; and the manufacture and distribution of heavy industrial steel grating, aluminum grating and expanded metal in Canada and US. Harris Steel Group also participates in steel trading on a worldwide basis, and in the distribution of reinforcing steel and allied products to U.S. customers, primarily involved in single family residential construction.
