May, 23 2006
TATAs Bangladesh proposal clearance unlikely by May 31st
It is reported that Bangladesh government is unlikely to respond to the TATA Group's revised investment proposal within the deadline. An official of Bangladeshs Board of Investment said "It is unlikely that the government would respond to the TATA's revised proposal as per deadline that expires on May 31."
As per reports the delay might be due to some confusion over the TATA's proposals relating to its offer to the government to have 10% share in each of its proposed projects and timing of the listing of the same with the local stock market.
TATA signed an EoI on its investment proposal in October 2004 but negotiations over the proposals were stuck up over natural gas pricing and the final proposals to the Bangladesh government was submitted late last month with a request to give its decision by May 31.
JSL to expand artdinox capacity
Jindal Steel plans to expand production capacity of its lifestyle brand artd'inox by infusing a fresh capital of Rs five crore in its Haryana plant to augment production capacity by nearly 200% from the current level of 40,000 unit per year. Mr Sugato Bose head of marketing said "We are investing Rs five crore to upgrade our current facilities in Haryana. This will help us to cater to future expanding demands."
The artd'inox range, which includes tableware, serving ware, gifts, home and office accessories, has witnessed a 400% growth in the first three years of its debut in the market.
JSL also plans to open around 25 exclusive stores in various parts of the country by the end of the current year including secondary cities like, Chandigarh, Coimbatore, Kochi and Hyderabad.
PSL secures a water pipe line order from L&T
PSL Ltd has announced that it has also received a major water pipeline project from L&T ECC Chennai for supply of coated pipes worth Rs 1680 million for a Japanese funded project being implemented by Kerala Water Authority. The completion schedule of this project shall be September 2006 to December 2006.
The coated pipes are to be supplied in compliance with international technical specifications including external anti corrosion coating with steel grit blasting and also shop applied internal cement lining.
STC asked to diversify into logistics
The government has asked State Trading Corporation to diversify its operations, especially in logistics, besides expanding trading network. Commerce and Industry Minister Mr Kamal Nath, during the Golden Jubilee celebrations of STC, said "STC should look at backward and forward integration. The company must work towards logistics management such as warehousing, shipping and ports as these are the areas which hold potential in future."
Mr Nath said that backward integration could be in the form of setting up infrastructure while forward integration could be through brand marketing and retailing.
Mr Nath also said that STC must also consider offshore trading and expand its network and that the company should not keep itself confined to trade originating or destined to India.
STCs turnover during 2005-06 was close to Rs 10,000 crore. The company exports wheat, rice, tea, jute goods, spices, sugar, chemicals, drugs, coke, iron ore, processed foods, textiles and garments among other products. Its imports consist of gold, silver, edible oil, hydrocarbons, fertilizers and metals.
GAIL commissions Thulendi-Phulpur pipeline
Gail India Ltd has announced that the Company has commissioned the Thulendi-Phulpur pipeline and gas supply has commenced to IFFCO. The 18 inch, 139 km pipeline was commissioned ahead of the schedule committed to the customer. As against the approved project cost of Rs 2200 million and the actual cost incurred was approximately Rs 1500 million, thereby entailing a saving of Rs 700 million.
With the commissioning of this pipeline, the Company has completed one more leg of its proposed national gas grid, the other legs completed so far being Gas Expansion and Rehabilitation Project and Dahej-Vijaipur pipelines.
Other pipelines under the national gas grid currently under construction include 474 km Dahej-Uran pipeline scheduled for completion in March 2007; 375 km Panvel-Dabhol pipeline scheduled for commissioning in March 2007 and 192 km Vijaipur-Kota pipeline scheduled for completion in December 2006.
Orissa CM urges settlement of displaced at Rourkela
Orissa CM Mr Naveen Patnaik has once again demanded a quick solution from Prime Minister Dr Manmohan Singh for resolving a five decade old issue of rehabilitation of 1,098 families displaced by the Rourkela Steel Plant. In his letter Mr Patnaik hoped that the Center would show humanitarianism and address the problem immediately.
Center needs to tackle the problem of the displaced both in Rourkela and Angul area where some of the MCL related oustees are raising their voice of protest. Few months ago when an economic blockade by those displaced by the railways and the steel plant had disrupted normal life.
Asian mills broke tacit understanding by signing ore contracts
China Iron and Steel Association believes that certain Asian steel companies have acted in a spirit of individualism in reaching agreements for a 19% hike in contract ore prices undermining the Chinese negotiating position. CISA said that Asian steelmakers who settled for a 19% hike violated tacit agreements within the region to work towards a more moderate price rise for the contract year to March 2007.
CISA also said that despite news of Japanese steel companies' acceptance of a 19% price rise for iron ore imports this year no Japanese mills have been mentioned by name as of yet.
CISA reiterated its assertion that any price which does not take into consideration China's unique market size and condition would be found unacceptable by the country's steel industry. Baosteel, the sole negotiator for the Chinese steel industry, is still in talks with BHP Billiton Ltd, Rio Tinto Group as well as CVRD to set iron ore contract prices for the year to March 2007.
The latest Chinese position comes after iron ore price benchmarks were effectively set last week in Europe and Japan for a 19% rise in this fiscal year's contract price.
Trapped miners number may go up to 57 in coal mine flooding
Rescuers have estimated that the number of miners trapped in flooding of a coal mine in north China's Shanxi Province might rise to 57 as against the previous figure of 44 after they have made an investigation among the miners families.
More pumping facilities have been used to speed up pumping water from the flooded pit, hoping to increase the chance of survival for the trapped miners.
The flooding took place at 8:30 PM on Thursday at Xinjing Coal Mine, a legal township coal producing entity in Zuoyun County, northern Shanxi. The mine has an annual production capacity of 90,000 tons.
Police have detained some of the managerial personnel of the mine. Investigation into the cause of the accident is also underway.
Gazprom to hike gas price for Ukraine wef July 1st
Russian Gazprom plans to raise the price for sales to Ukraine to $130 from $110 per 1,000 cubic meters of gas, the Kommersant daily on Monday quoted Deputy Chairman Mr Alexander Ryazanov as saying. According to Reuters, Ryazanov said the new price for end users, which does not include value added tax and transportation costs, would come into effect from July 1, the paper reported.
Mr Ryazanov was speaking after a meeting at the weekend between President Vladimir Putin and Kazakh leader Nursultan Nazarbayev in the Black Sea resort of Sochi at which Russia agreed to a hike in the price it pays for imports of Kazakh gas. Kommersant said that Kazakhstan had raised the price at which Russia buys Kazakh gas at the Russian-Kazakh border by $90 to $140.
Ukraine has repeatedly clashed over gas with Russia, the transshipper for its supplies of gas from the central Asian states of Turkmenistan and Kazakhstan, and needs huge amounts to run its energy-intensive steel and chemical industries.
The latest deal between Russia and Ukraine was signed in January, when Kiev agreed to a twofold increase in price. The two sides have differed over how long the agreement is valid, with the Russian side saying it would only last until mid year.
BHP appears to have beaten Fortescues bid for rail access
It is reported that Fortescue, which has been trying to persuade the National Competition Council to declare part of the railway in northern WA open to public access, appears to have failed in its attempt. The NCC had made a recommendation that it had no problem in allowing Fortescue and other companies to use the rail line but Mr Costello has ignored the NCC recommendation, meaning it was effectively rejected.
Fortescue wants to construct a rail siding from its Mindy Mindy project, linking it to a 295 kilometers segment of BHP Billiton's railway to Port Hedland.
BHP Billiton had argued against giving Fortescue access, explaining that the railway was not a rail network but part of the company's integrated production system. It said that having total control of the railway meant it could respond better to increasing customer demand for iron ore.
A spokeswoman from BHP Billiton was unwilling to comment until the midnight deadline had passed.
Fortescue can now lodge an appeal with the Australian Competition Tribunal.
S&P upgrades CVRD's ratings to "BBB+"
Standard & Poor's on Monday upgraded the ratings of Brazil's CVRD, the world's largest iron ore producer, citing "improved operational and financial conditions in its home country."
S&P raised Companhia Vale do Rio Doce's long term credit ratings to "BBB+" from "BBB", with stable outlook. The ratings had been put in credit watch with positive implications in the end of February.
POSCO confirms 19% iron ore hike with Rio
POSCO on Monday has confirmed that it has agreed to a 19% price hike for the year to March 2007 with Rio Tinto. POSCO said in a statement "We agreed on a price hike of 19% and that the agreement was in line with deals reached by other major steelmakers and ore suppliers.
POSCO agreed a similar deal with Brazil's Companhia Vale do Rio Doce last week.
Russias pipe production up by 14.9% during January to April
Russia has increased steel pipe output by 14.9% YOY in January to April to 2.31 million tonnes as per Federal State Statistics Service. Rosstat said that the 915,400 tonnes of seamless pipe production which is down by 0.8% YOY and 1.33 million tonnes of ERW pipes up by 29.3%.
United Metallurgical Company OMKs Vyksa Metals Plant increased production by 50.9% YOY and Almetyevsk mill increased output by 41.5%.
ChTPZ Group's Chelyabinsk Tube Rolling Plant increased production by 21.8% but production reduced at its another mill Pervouralsk New Pipe Plant by 5.6% YOY.
Pipe Metallurgical Company's (TMK) Volzhsky, Taganrog and Seversky mills increased output by 0.8%, 9.4% and 9% respectively but Sinara reduced production by 4%.
The Uraltrubprom mill in the Sverdlovsk region increased pipe production by 24.1% YOY.
Russia produced 6.67 million tonnes in 2005.
Ruukki gets approval for acquiring Ukrainian AZST-Kolor
Rautaruukki Corporation has received the approval of competition authorities for acquiring the company AZST-Kolor CJSC. AZST-Kolor owns a color coating production line in Antratsit in eastern Ukraine, with an annual color coating capacity of 80 000 tonnes. The transaction is expected to be completed within two weeks.
The purchase of AZST-Kolor serves Ruukki's construction customers in the growing market in central Eastern Europe, Russia and Ukraine. With this acquisition Ruukki is ensuring delivery accuracy and the availability of high quality raw materials on competitive terms in its growing core market.
Ruukki supplies metal-based components, systems and integrated systems to the construction and mechanical engineering industries. The company has a wide selection of metal products and services. Ruukki has operations in 23 countries and employs 12,000 people. Net sales in 2005 totaled Euro 3.7 billion.
Strike begins at Drummond's La Loma mine in Colombia
Colombia's national mining and energy union Sintramienergica has begun a strike at multinational coal producer Drummond's La Loma mine and shipping port because it failed to reach an agreement with the company over the workers list of demands. Although a few days remained before the deadline expired to reach an agreement with the company the workers voted for the strike because the available time would serve no purpose.
Union member Mr Orlanda Acosta said that "At 6:00 AM on Monday the strike was declared. We are in proceedings and waiting for the labor ministry representative to arrive to seal off plant equipment and implement the contingency plan. The plan refers to the maintenance and protection of machinery equipment to prevent unknown hands from doing something to the equipment that would make the strike illegal."
Sintramienergica represents workers at Drummond and also at the Carbones de la Jagua coal operations, where strikes have been going on for several days. Carbones de la Jagua is operated by Swiss commodities group Glencore International. In the mine and the port, Drummond has 2,900 direct and more than 5,000 indirect employees. A stoppage would affect mining activities, transport and coal exports.
Last year, US based Drummond exported 22 million tonnes and the goal for 2006 is 26 million tonnes of coal from Car department, where Santa Marta is located.
US Coal industry questions rescue rules
The US coal industry wants to roll back or amend many of the federal safety rules adopted after the mining accidents early this year in West Virginia.
The new rules require mines to notify the agency of a serious accident within 15 minutes, improve evacuation training and install more and better-situated oxygen supplies and lifelines. The agency also is requiring mine operators to report all unplanned underground mine fires instead of only those that burn for longer than 30 minutes, the report said.
Those testifying for the industry said MSHA, reacting to public pressure after the mining accidents, has imposed rules that are too rigid and maybe too costly. Mine operators also want the agency to set up a rapid response reporting line with automatic forwarding to the appropriate MSHA office.
BlueScope launch anti bacterial steel for cool room panels
BlueScope Steel has launched a new anti bacterial coated steel for use in the manufacture of insulated panels for cold storage and food preparation facilities. BlueScope's COLORBOND Permagard steel combines the strength of COLORBOND steel with Microban antibacterial technology, to inhibit the growth of harmful bacteria. The main application for COLORBOND Permagard steel will initially be in cool rooms and other facilities used for storage and processing of food items such as supermarket cold stores, food processing plants, abattoirs and wineries where hygiene is a key concern.
BlueScope said that COLORBOND Permagard steel is easy to clean, durable and readily available as the external skin in cool room panels manufactured in Australia. It has been independently tested in the UK in accordance with strict Japanese Industrial Standards against Staphylococcus aureus and Escherichia coli 0157, both of which can be of particular concern to those seeking to maintain good food hygiene standards.
Mr Breton expects Mittal Steel replies during Arcelor bid
It is reported that French Finance Minister Thierry Breton said that he expected the remaining answers from Mittal Steel to questions by French government on its bid for Arcelor during the offer period.
Mr Breton told journalists that "I cannot imagine for a single moment that a head of a company will not reply to a concerned party. I have no doubt that he will provide answers during the offer period."
Venezuelan to invest $700 million to build Steel City
Venezuelan President Mr Hugo Chavez announced plans to invest $700 million during 2006 to build four state run steel processing plants and several housing tracts in Bolivar state about 710 kilometers southeast from Caracas to build Steel City. Mr Chavez said Later we'll build Aluminum City and Diamond City.''
Venezuelan oil exports rose to a record $14 billion in the first quarter, fueling a surge in government spending. A special spending fund controlled by Mr Chavez has received $13 billion of central bank reserves and oil revenue since its creation in October and will receive $5 billion more the rest of this year.
Grupo Villacero temporarily suspends staff
Mexican steelmaker Grupo Villacero announced that it has temporarily suspended without pay non union staff at its steel mills in Lazaro Cardenas, where union members have been on strike since April 3. Mr Ignacio Trevino CFO said that the measure implemented on May 16, affects between 1,000 and 1,500 workers at Villacero's mills in the Pacific coast port of Lazaro Cardenas. He said the action is temporary until operations can resume.
Mr Ignacio Trevino CFO said that the strike by members of the National Mining and Metal Workers Union has caused loss of production amounting to 250,000 tons of liquid steel worth about $150 million.
Local members of the miners union are demanding that the company and the government recognize Mr Napoleon Gomez Urrutia as the union's national leader whereas the labor department recognizes union dissident Mr Elias Morales as the leader and has refused to accept notifications by the union in support of Gomez Urrutia's continued leadership. The government is investigating Mr Gomez Urrutia for alleged misappropriation of $55 million in funds paid into a trust by copper mining company Grupo Mexico in relation to the 1990 privatization of the La Caridad and Cananea copper mines.
Mr Trevino said Villacero, based in the northern city of Monterrey, has offered its workers at Lazaro Cardenas the same settlement terms as those at the neighboring steel plant owned by Mittal Steel. Members of the same union chapter ended their strike at Mittal Steel last month after the company reportedly recognized Mr Gomez Urrutia as the union leader. Mr Trevino said recognition of the union leader was up to the government not the company.
Grupo Villacero is Mexico's biggest producer of steel rebar.
Ukrainian Gas Company rejects price hike news
In response to the news that Gazprom will increase the price of natural gas from July 1st, an official of Ukraine's state oil and gas company, Naftogaz Ukrainy said that Russia can not raise the price for natural gas it sells to Ukraine in the second half of the year because the agreement setting the current price runs for five years.
Mr Yaroslav Dykovytskyi a finance officer at Naftogaz said "There are no reasons for reviewing gas prices since July 1. We will keep the current agreement, with the price of $95 per thousand cubic meters of gas, for five years."
Spanish CNMV approves Mittal Steel's initial bid for Arcelor
Spanish stock market regulator CNMV announced that it has approved Mittal Steel's initial Euro 18.6 billion cash and share offer to fully acquire Arcelor. CNMV said it has advised Mittal Steel to include further information in its updates to its prospectus for the offer, including details of the recently announced improvements in offer, which is still awaiting approval.
CNMV also noted that the acceptance period for the bid should run exactly in conjunction with that set for the deal in the US with the Securities and Exchange Commission.
Olympic Steel to acquire Tinsley Group - PS&W
Olympic Steel Inc has signed a definitive stock purchase agreement to acquire Tinsley Group - PS&W Inc., an indirect subsidiary of Eliza Tinsley Group PLC. The purchase price for the acquisition of PS&W, which is structured as a stock sale, is $10.08 million in cash, subject to a net working capital adjustment after the closing. Subject to due diligence and satisfaction of closing conditions, the transaction should be completed in early June 2006.
Mr Michael D Siegal Olympic Steel's chairman and CEO said "We have indicated that our long term strategy is to deliver additional value added services and supply solutions for our customers by migrating into more downstream processing. The PS&W acquisition is an integral part of our strategy because it complements our existing tempering and plate processing expertise while expanding our fabricating capabilities. The addition of PS&W to Olympic Steel also strengthens our geographic presence and enhances our existing customer base in the Southeast."
PS&W is a full service fabricating company that utilizes burning, forming, machining, and painting equipment to produce a wide variety of fabrications for large original equipment manufacturers of heavy construction equipment. PS&W was founded in 1990, and currently operates two facilities located in Siler City and Seagrove, North Carolina.
Founded in 1954, Olympic Steel is a leading U.S. steel service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 12 facilities.
Uralskaya Steel gets loan from HVB for equipment financing
Metalloinvest owned integrated iron and steel works Uralskaya Steel OJSC has signed an agreement with Bayerische Hypound VereinsBank of Germany for a 110 million euro loan. The credit is given for 10 years against German government guarantee represented by the exports agency Hermes. The International Moscow Bank is a co arranger.
The funds will be directed to finance the equipment purchase contracts with SMS Demag of Germany and CMI of Belgium for modernization and up gradation of production facilities.
2 miners killed in coal mine roof collapse in Kemerov
Two coal miners were killed when the roof of 15th stretch of the
Voroshilovskaya mine mine collapsed in the town of Prokopyevsk in Kemerov region. The roof of the mine collapsed at 7:45 AM on Monday when 17 miners were inside the mine and 15 of them were immediately brought to the surface.
Mr Viktor Khramtsov deputy head of the regional technical safety department said "Drilling had been ongoing in the damaged section in preparation for blasting operations."
Latvian Severstallat to double turnover in 5 years
The Russian & Latvian JV Severstallat plans to double turnover in the next five years as per an announcement from its parent Severstal.
Mr Anatoly Kruchinin the GD of Severstal and chairman of the Severstallat board of directors said "Severstallat is an enterprise with two main goals metals trade and servicing for clients mostly in the Baltic countries and that the priority was services.
Lativa's Felix holding company is Severstallat's other co owner.
Severstallat sells some of its metal in Latvia itself and exports the rest to Lithuania, Estonia, Finland, the Czech Republic, Slovakia and Poland. Severstallat's turnover was 85 million lati ($47 million) in 2005.
Ukraine iron ore exports up and import down in Jan to April period
Ukraine has increased its iron ore exports tentatively by 2.2% YOY during January to April to 6.25 million tonnes as per Ukrrudprom the association of Ukrainian mining enterprises. Iron ore concentrate exports jumped by 44.6% to 1.12 million tonnes and sinter exports rose by 4.4% to 2.34 million tonnes however pellet exports fell by 10% to 2.79 million tonnes.
Ukraine exported 1.74 million tonnes of iron ore, including 419,000 tonnes of concentrate, 599,000 tonnes of sinter and 726,000 tonnes of pellets in April 2006.
Ukrrudprom said that Ukraines import of iron ore dipped by 32% YOY during January to April to 617,6000 tonnes. Concentrate imports from Russia grew by 2.5% to 421,300 tonnes and sinter imports reduced by 31.5% to 196,300 tonnes.
Daido Steel to ask shareholders to approve anti takeover steps
Japanese Daido Steel Co announced that it will ask shareholders at a meeting June 29 to endorse steps to fend off a hostile takeover attempt seeking a 20% or greater equity stake in terms of voting rights.
Under the steps, the maker of automobile and aircraft steel said it will demand that investors attempting a hostile takeover provide explanations on such key issues as their purpose, acquisition methods and how they will fund their acquisition deals
Precision Castparts gets approval to buy Special Metals
Precision Castparts Corp has received clearance from the Federal Trade Commission for the purchase of Special Metals Corp.
Precision Castparts had announced last fall about the agreement to buy Huntington W Virginia based Special Metals, a privately held producer of high performance nickel based alloys and super alloys. The deal, which calls for Precision to assume approximately $245 million in debt and to spend $295 million in cash, is expected to close within the next two weeks.
Portland based Precision Castparts is a maker of metal components and products for the aerospace, power and automotive markets.
Ukrainian scrap business register decline during January to April
Mr Vladimir Granovsky Ukraines Industrial Policy Deputy Minister, during a meeting of representatives to the national mining and metallurgical sector, reported that Ukrainians export of ferrous scrap reduced by 66.2% to 185,000 tonnes YOY during January to April 2006 while the domestic market saw a decline by 16%.
The exports during January to April 2006 to Turkey were 65,000 tonnes as against 263,000 tonnes in January to April 2005, to Egypt 53,000 tonnes as against 64,800 tonnes and to Moldova 55,000 tonnes as against 107,700 tonnes.
Mechel Chairman increases stake to majority levels
Mechel has announced that Mr Igor Zyuzin chairman has increased his stake in the company to a majority 52.2% after buying shares from CEO Mr Vladimir Iorich through a private transaction in line with a previously announced agreement.
Mechel's free float is currently 23%, representing the largest free float among Russian mining and steel companies.
The company, which sold 10% of its shares to the public in October 2005 for $291.4 million, was created in 2003 from the steel and mining assets of Mr Iorich and Mr Zyuzin, who own about 85% of the company. They built up Mechel from a coal trading operation in southwestern Siberia in the 1990s. Mechel is one of the leading Russian mining and metals companies. Mechel unites producers of coal, iron ore, nickel, steel, rolled products, and hardware.
GBC recognizes Xstrata Coal with HIV & AIDS award
Xstrata, through its subsidiary Xstrata Coal South Africa, has been recognized as one of six companies leading the global fight against HIV. Xstrata received the Business Excellence in Testing and Counseling Award from the Global Business Coalition on HIV & AIDS at a function held in London.
Counseling and testing are key pillars in the fight against HIV and AIDS in the workplace and in communities. The annual GBC Business Excellence Awards are presented to companies that conceive and execute creative and effective programs in six distinct categories, including counseling and testing. The award follows a commendation for Xstrata's programs in this category in the previous year's awards.
Mr Mick Davis CEO of Xstrata said "This award reflects our commitment to our employees, corporate responsibility and community investment. We are delighted that the innovation, effort and investment of our team in South Africa have been internationally recognized as best in class.
The Global Business Coalition on HIV &AIDS is the pre eminent organization mobilizing the resources of the business community in the fight against HIV/AIDS. The rapidly expanding alliance of 212 international companies is dedicated to combating the AIDS epidemic through the business sector's unique skills and expertise. GBC's expert teams assist member companies in the design and development of specialized programs that leverage a company's assets and business skills to tailor an individual response to the crisis. GBC is the official focal point of the private sector to the Global Fund to Fight AIDS, TB and Malaria.
China & Mauritania sign iron ore barter deal
Foreign Ministers of China Mr Li Zhaoxing and Mauritanian Mr Ahmed Ould Sid Ahmed signed a $2 million cooperation agreement for development of various sectors.
Under one of the protocols China will build a new international airport to serve Nouakchott at an estimated cost of $215 million and Mauritania would in return supply iron ore to China.
Maverick Tube to close Ohio Mechanical tube mill in Elyria
Maverick Tube Corp has announced the closure of the Ohio mechanical tube mill. The Elyria plant produced mechanical tubing as well as rigid conduit earlier.
But the conduit production was moved to Louisville in Kentucky, which resulted in a big loss of business and the company will now lay off the employees.
Ramelton Holding consolidates stake in 2 Ukrainian pipe mills
Cyprus-registered Ramelton Holdings Limited has consolidated more than 86.88% & 86.47% of the shares in Ukraine's Dnipropetrovsk region based Nizhnedniprovsky Pipe Works and Novomoskovsky Pipe Works respectively.
Interpipe Corporation, which is 75% owned by another Cyprus based Tanferd Investments Limited, runs these two pipe mills as well as the Niko Tube works in Nikopol also 75% owned by Tanferd.
Interpipe ranks fourth in the world in terms of pipe capacity, third for production of train wheels and number one for deliveries of silicon manganese with 4.1% share of world seamless pipe market, 10% share on the train wheels market and an 11.4% share on the manganese ferroalloy market. Interpipe is planning to hand its pipe and wheels manufacturing assets to a new company, Interpipe Management, in preparation for an IPO in 2008.
