June, 29 2006
SAIL board approves expansion plan for Salem Steel Plant
The board of director of Steel Authority of India Ltd approved a proposal for expansion of Salem Steel Plant in Tamil Nadu at an indicative cost of Rs 1,553 crore. The expansion plan envisages installation of steel making facilities, a continuous slab caster and expansion of the plant's cold rolling capacity. The capacity addition is proposed to be completed within 36 months.
The new steel making facility with the capacity to produce 180,000 tonnes of stainless steel slabs per annum will create input security for SSP and position it to become cost competitive. The steel making facility will include a 50 tonne electric arc furnace, 60 tonne AOD converter with ladle furnace and single strand slab caster. SSP's cold rolling capacity will go up from 65,000 tonnes to 146,000 tonnes per annum with the addition of an annealing and pickling line among other facilities as part of the expansion plan. SSP's expansion plan also has the provision for installation of an additional grinding machine in its hot rolling mill that produces 180,000 tonnes of coils per annum presently.
SAIL's Corporate Plan 2012 envisages dedicated supply of 190,000 tonnes of stainless steel slabs to SSP from Alloy Steels Plant in Durgapur per annum. SSP's hot rolling mill will therefore be able to process 370,000 tonnes of slabs annually.
Presently, SSP does not have steel making facilities and is entirely dependent on external sources for supply of stainless steel slabs. This has been one of the main factors affecting its sustained profitability.
Coal sectors status as public utility extended for 6 months
Indian government has declared the coal sector as a public utility service for another six months to prevent strikes by employees. Coal sector employees would have to give a 6 week prior notice to their employer before proceeding on strike so that conciliatory proceedings can be started. The employees cannot go on strike during the conciliatory proceedings and a week after its completion.
The ministry of labor and employment has issued a notification to this effect.
The coal industry was earlier declared as a public utility service for six months from December 28, 2005.
Proposal to shift POSCO to Gopalpur
It is reported that Mr Anadi Sahu former MP and one of its leaders of pro POSCO ruling BJP has suggested that in view of the stiff resistance POSCO plant site can be shifted from the Paradip area to 3,000 acres of land acquired by TATA Steel at Gopalpur since TATA Steel has now shifted to the Duburi area. Mr Sahu also suggests that the now defunct seasonal port at Gopalpur could be handed over to POSCO.
Mr Sahus views do not match with the views of his party members who are governing state of Orissa and are trying hard to make POSCOs proposed steel plant reality, indicating differences within. In fact some of the ruling party members have from the beginning objected to certain provisions in MoU.
Expert teams report likely to give life to Alang
An expert committee set up by the ministry of environment and forests to study Alang's ship breaking yards capability to handle toxic and hazardous ship waste will submit its report to the Supreme Court by July end. Mr Ghosh environment secretary and head of committee told media "The technical expert committee will submit its report by July 31 to the Supreme Court which would take the final decision."
Pending submission of report, it appears that the committee is likely to support ship breaking operations at Alang in spite of the hazards including toxic wastes. Mr Ghosh is reported to have said that that environmentalists were mostly overreacting on the issue of ship breaking activities that are an essential part of a ship's life cycle. He said that it is an environment friendly industry as it ensures reuse of scrap material and assertions made by NGOs against the yard are amateur while the environment ministry takes decisions based on views of technical and independent experts.
Apart from studying the existing facilities at Alang the expert team would also propose ways to upgrade it to handle toxic and hazardous waste. The team would also frame guidelines on the documents required for bringing a ship to the facility, inspection of the ship breaking plan, its review and safe handling requirements. Mr Ghosh said that The report may lead to some restructuring of the Alang facilities.
Due to protests from environmentalists Supreme Court had denied permission to Clemenceau to dock at Alang for dismantling as it found the ship was carrying hazardous waste though it allowed another toxic laden ship Blue Lady to anchor in Indian waters last month.
NTPC considering options for import of thermal coal
National Thermal Power Corporation is reported to be considering options with state owned trading companies State Trading Corporation and MMTC Ltd for import of thermal coal to meet its needs. NTPC said that given the targets for power generation, imported coal will play a big role in upcoming projects, as the amount of coal mined in India is insufficient to meet the demand of existing projects.
As per reports STC has proposed to supply 2 million tons of coal at $43 per ton and has promised that even if prices increase, they will not exceed a ceiling of $49 per ton. NTPC said "STC has offered competitive conditions to import coal in two trances. STC plans to deliver 2 million tons of coal in the first phase and 3 million tons in the second phase."
MMTC is also reported to be in talks with NTPC on this matter.
NTPC has an existing stock of 1.2 million tons of coal for the current year and has signed an agreement with the power ministry to import up to 6.2 million tons of coal in 2006-07.
Parliamentary panel lauds VSPs performance
Parliamentary Standing Committee on coal and steel lauded the Visakhapatnam Steel Plant for its impressive performance, team work and commitment of employees.
The committee members held discussions with VSP chairman and managing director Y Siva Sagar Rao, plants directors and other senior officials, after visiting various production units.
NMDC to issue bonus shares in 2:1 ratio
National Mineral Development Corporation Ltd has decided to issue 2 bonus shares for every 1 share held. NMDC board has also resolved to split one equity share of Rs 10 each into ten shares of Rs 1 each, it said. It further announced to increase the authorized capital of the company to Rs 400 crore from the existing Rs 150 crore. The board also decided to demat the shares of the company in addition to amending the Memorandum and Articles of Association.
The company is scheduled to hold its 48th annual general meeting on July 31.
NMDC functions under the administrative control of the Ministry of Steel and is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.
Punj Lloyds profits surge in 2005-06
Punj Lloyd Ltd has announced results for the quarter & year ended March 31, 2006. It has posted a net profit of Rs 189.94 million for the quarter ended March 31, 2006 and the total Income is Rs 4250.86 million.
Punj Lloyd Ltd has posted a net profit of Rs 351.47 million for 2005-06 where as against Rs 81.43 million for 2004-05. Total Income is Rs 14030.36 million for 2005-06 as against Rs 14924.15 million in 2004-05.
Suzlon Energy to raise Rs 5,000 crores
Leading wind power company Suzlon Energy Ltd will raise Rs 5,000 crore through the issue of foreign currency convertible bonds or other securities. The shareholders approved the proposal to raise the amount through the issue of FCCBs, GDRs, ADRs or other securities, by way of a postal ballot, the company informed the Bombay Stock Exchange. The decision to raise the existing borrowing limit to Rs 5,000 crore was also given nod by the shareholders
French parliamentarian hint at Severstals new bid for Arcelor
According to a French parliamentarian Severstal has not given up on a merger with Arcelor and is preparing to make a sweetened offer. Mr Leonce Deprez secretary of a French parliamentary commission for economic affairs after talks with Mr Mordashov said "Alexei Mordashov said he was disappointed, but that he had not given up. He said that he would make an additional offer very shortly, I think."
The chairman of the French parliamentary commission Mr Patrick Ollier said that Mr Mordashov had put everything in motion to make a new offer before this Friday. Mr Ollier said "He said that the financing was a difficult problem and that Mr Mordashov said he was unsure if he could manage to construct a new deal by then. He reckoned that he needs to overcome some financial difficulties to do that." Mr Ollier added "In any case, he intends to go to the end."
After meeting with the French Assembly's economic committee, however, Mr Mordashov refused to reveal his plans to journalists. A spokesman for Severstal said that Mr Mordashov had only indicated that all options were on the table. The spokesman said "No decision has been taken at this moment about an additional offer. During his hearing with the economic affairs commission, Alexei Mordashov said that all options were available. The comments from Leonce Deprez create confusion."
Mr Mordashov appeared at a closed doors hearing in front of the commission, which is examining the proposed merger of Arcelor and Mittal Steel.
BHP predicts that global steel usage to increase by 5.8% in 2007
BHP Billiton said that global steel consumption will rise by 5.8% in 2007, driven by accelerating economic growth and demand from China. Steel use will increase by 63 million tons or by 7% to 1.15 billion tons in 2007.
Mr Peter Toth BHP Billiton's marketing director in London said China remains the growth engine of the steel industry. Chinese steel consumption will rise 12% next year, and be the biggest driver of growth. India also has potential to grow in the medium to long term.''
Mr Mittal confident of shareholders rejecting Severstal options
Mr LN Mittal CEO of Mittal Steel said on Wednesday that he was confident Arcelor investors would reject a tie up with Severstal, which was mulling its options after being spurned in a take over tussle.
Arcelor shareholders are due to vote on the Severstal deal on Friday. More than 50% of the votes are needed to cancel it, but Mr LN Mittal told French parliamentarians he was confident that they would reject it.
BRIC to drive iron ore & coking coal demand in long term
Senior executives of BHP during an investor briefing in Sydney accepted that this year's iron ore negotiations proved to be the most tortuous on record, as China initially refused to give in to pricing demands of the big three miners, after prices the previous year had jumped 71.5% but there was no sign of a slowdown in demand. Mr Chris Lynch president of BHP's carbon steel materials said "Demand for our products is extremely robust. The stronger for longer theme is alive and well in the carbon steel business."
Mr Peter Toth BHP's iron ore and coal marketing director said iron ore spot prices were already moving up above the new benchmark. He tipped a 7% rise in consumption this year and 5.8% in 2007. In the short to medium term demand for iron ore will be driven by China. In the longer term, it will be the BRIC economies." He said about 75% cent of the iron ore market growth would be absorbed by China. By 2008, it would represent about 50% of all seaborne iron ore.
Mr Toth said that the demand for coking coal is more diversified, with growth coming from Japan, India and Brazil and global demand may rise 50 million tons by 2010. BHP Billiton and its partners are studying growth options for its coal mines, though rising costs has created a challenging construction environment.
But Mr Lynch said BHP was continuing to face rising cost pressures with no sign yet that spiraling construction costs would plateau.
Mr Lynch was skeptical that planned production expansions by new iron ore players outside the top three - CVRD, Rio Tinto and BHP - would be met, given rising costs and questions over quality.
On hard coking coal markets, Mr Toth said China had responded to prices more than doubling in the past year by cutting back demand. At the start of 2005 Chinese consumption was an annualized 10 million tonnes a year, but it was now around 2 million tonnes a year.
But while Chinese demand would continue to be a "wild card", he said robust market conditions were expected in the long term, and that new supplies would come largely from Australia and Canada.
BlueScope closes tin mill and undertakes other cost cutting measures
Australias biggest steel company BlueScope Steel Limited reported that it has revised its earnings outlook for FY2006 to be at the bottom end of its forecasted $0.65 - $0.75 EPS after significantly higher zinc prices, lower tinplate volumes and prices, and lower earnings from its Asia operations. It also announced a planned restructuring program, aimed at reducing expenses throughout the year.
As a part of the program, BlueScope announced the closure of the loss making tin mill at Port Kembla in advance of higher iron ore pricing which takes effect 1 July. The company said that the decision to cease production of tinplate followed a thorough review of the operation, which confirmed the business was no longer viable.
Following significant losses on a number of construction contracts, and a thorough review of the business, the group also decided to close manufacturing facilities and exit the construction market in Taiwan by October 2006. BlueScope Steel Asia President, Kathryn Fagg said the Taiwan business was a standalone operation and had become unviable because it could not profitably leverage other BlueScope Steel operations.
In additional cost cutting initiatives, the company advised it would reduce management and staff positions by approximately 250 positions across the business, and would pursue productivity improvements within its operations.
Mr Kirby Adams MD said that the company expected to meets its EPS forecast before the one off restructuring costs of approximately $150 - $200 million. He said BlueScope Steel is making tough decisions for volatile times we are acting swiftly in response to the massive price hike in raw material costs and the dramatically reduced demand for Australian tinplate. The past year has been one of the most dynamic and volatile periods ever experienced by the global steel industry. We believe that taking tough decisions today provides the best assurance for continued business success next year and beyond. The announcements today are the flip side of Australias exciting resources boom where the negative effect of higher raw material prices really hits home.
BHPB says that Arcelor-Mittal merger won't affect miners
BHP Billiton said that the merger of Mittal Steel and Arcelor was unlikely to increase the steel industry's bargaining power in raw material price talks.
Mr Chris Lynch president of BHP's carbon steel materials told an investor briefing in Sydney "The consolidation of buying power isn't a foreign thing to the industry. I don't expect to see a great deal of change, but these are dynamic times. Consolidation generally is a positive thing for the industry and it should be a good thing for the raw material suppliers."
Mr Lynch noted steel producers already band together to negotiate iron ore and hard coking coal prices, especially in Japan and China.
Severstal rules out 3 way merger
AP has reported that Severstal Chairman Mr Alexei Mordashov ruled out a three way merger with Mittal Steel and Arcelor when he spoke to a French parliamentary committee Wednesday.
Mr Patrick Ollier, head of the French National Assembly economic committee, told reporters "He clearly told us that this is not an option because it would have no business logic."
A second lawmaker, Leonce Deprez, said Mordashov said that if he fails to tie-up with Arcelor, he will consider making other acquisitions in Europe. Mr Deprez said "Mr. Mordashov is not interested in a three-way deal with Mittal and Arcelor. Mr. Mordashov indicated he could make an offer for another company but he gave no details."
Salzgitter wants to buy two of Arcelors section mills
The German daily Westdeutsche Allgemeine Zeitung reported that Germanys second biggest steelmaker Salzgitter AG has expressed interest in acquiring two steel plants from Arcelor SA. It said that Salzgitter was weighing whether to bid for these steel mills in Italy and Germany after Mittal Steel has offered to divest the Arcelor heavy and medium section steel mills in Unterwellenborn in Germany and Pallenzano in Italy to allay EU competition concerns about the Mittal-Arcelor merger as well as a Mittal Steels section and bar mill in Poland.
A Salzgitter spokesman told AFX News that the company is interested in the German and Italian plants in principle. He said We are definitely interested. But right now it is far too early to talk about any concrete plans, because regulators have not made any decision on the merger.
The plant in Unterwellenborn in Germany employs 790 workers while the mill in Pallenzano in Italy has a workforce of 178.
Shougang to build pallet plant in Yichang
Chinese Shougang Group has signed an agreement with Yichang City in Hubei Province to build an 8 million ton iron ore concentrate plant Yichang government said that Shougang will invest more than 8 billion yuan ($1 billion) in the project and start construction within the year. The company is targeting annual sales of 10 billion yuan from the project. First-phase production is expected to start next year.
Mr Zhu Jimin chairman of Shougang said that he hopes capacity in the resource rich Yichang area will eventually reach at least 50 million tons a year.
Earlier this month, Shougang bought a 73% stake in a 250 million ton iron ore project in Western Australia for A$52.5 million ($38.3 million).
Coal mine gas explosion kills 21 in Liaoning province
An explosion in the Wulong Coal Mine in Fuxin a city in Liaoning province in north China on Wednesday killed at least 21 workers, injured 37 and 5 more people were missing. Twelve miners escaped from the underground shaft after the accident at 9AM on Wednesday.
The official Xinhua news agency said "It was not known whether there was a gas explosion or gas leakage."
The mine is owned by the Fuxin Mining Group, a state enterprise that also owns the Sunjiawan mine where 214 people were killed in a February 14 2005 blast, which was China's worst mining disaster in 60 years.
Nippon Steel feels extremely vulnerable
The Times has reported that Nippon Steel executives feel extremely vulnerable and fear that they do not have enough poison pills in place to ensure their protection after Mittal Steel seized control of Arcelor.
The company is convinced that its strong relationship with Japanese carmakers makes it the next target in the steel industry consolidation drive.
Sources close to Nippon told The Times that the siege mentality may put it on the global acquisition trail itself and make it an aggressive buyer.
Arcelor shareholders reported to be unhappy with directors
A major shareholder of Arcelor has demanded the immediate resignation of the Administrative Council of Arcelor. Mr Jose Maria Aristrein from Spain who owns 3.7% of Arcelor shares said Arcelor directors manage the company, as if it were their own estate. They should immediately resign from their posts. Mr Aristrein opposed plans of the merger of Arcelor and Severstal last week and despite the fact that his opinion was eventually taken into account, the Spanish investor believes that the Arcelor directors are guilty of ignoring the opinion of shareholders for a long time.
Last Sunday the Arcelor top executives suddenly supported a deal with Mittal Steel for the creation of a single company, thus rejecting their previous commitments on the merger with Severstal. As a result of all those actions, a paradoxical situation has taken shape the general meeting of shareholders, due to be held on June 30, is to consider the approval of the previous recommendation of the Arcelor directors on the merger with Severstal, although three days ago the top executives of the Luxembourg company changed their opinion and chose Mittal Steel as a strategic partner. Now some shareholders describe such management as chaotic and impossible to understand. Many of them do not like the performance of the Arcelor top managers and demand their immediate and total resignation.
Zinc price to peak in Q3 and then slump - Societe Generale
According to Societe Generale's latest issue of Commodities Research the price of zinc will top out this quarter and then slump. Zinc's London Metal Exchange cash price averaged $1,381 per tonne in 2005. In the first quarter of 2006, its price averaged $2,248 then rose to $3,300 in Q2 and is forecast to average $4,100 in Q3, but from there on its all downhill.
SG predicts a Q4 2006 price of $3,050 that will fall to $2,725 in Q1 2007, $2,450 in Q2, $2,250 in Q3 and $1,975 in Q4 for a 2007 average of $2,350 per tonne.
SG describes the market as moving from a de stocking period last year that cut demand growth from 7% in 2004 to 1% in 2005 into a period of 5% growth in 2006 dropping slightly to 4.5% in 2007. Global refined zinc production is expected to increase 5% to 5.5% this year and then jump by 6-7% in 2007 with mine production growth more than doubling to 9% in 2007 and 2008. This increase will be due to mine restarts (Lennard Shelf), expansions (Antamina) and new mines (San Cristobal). There could be a surplus from 2008 onwards, SG suggests.
USs import of steel in May 2006 up by 41% YOY
Based on preliminary Census Bureau data for May, the American Iron and Steel Institute reported that the United States imported a total of 3.833 million net tons of steel in May 2006, including 3.086 million net tons of finished steel. Finished steel imports in May 2006 were 41% higher than in May 2005.
YTD steel imports reach 18.8 million net tons up by 33% and by 31% for finished products. On an annualized basis both total and finished steel imports at 45.1 million net tons and 35 million net tons respectively would set all time records in 2006.
The rising trend remains especially pronounced for Taiwan up by 51%, Turkey up by 38%, Japan up by 23%, China up by 20% and Brazil up by 19%.
Mr Louis L Schorsch CEO of Mittal Steel USA and chairman of AISI said This years record import surge is a reminder that, while Americas New Steel Industry is efficient, globally competitive, investing for the future, serving our customers and facing good prospects, even healthy industries can be injured by dumped and subsidized imports. There is a role for imports in the US market but there is no role for dumped or subsidized trade. We will continue to monitor inappropriate market interventions by offshore governments, Asian over production of steel, non-market-based steel capacity expansions offshore and steel import flows especially from China and the Asian region as a whole. The current import surge underlines the need to preserve, defend and enhance our vital trade remedy laws.
PSMC Privatization - Indian origin companies were banned
As per reports in local dailies Pakistans Privatization Commission denied having knowledge of any bidder acting as a front man for an Indian group interested in Pakistan Steel Mills. Mr Zahid Hamid privatization minister told journalists that the commission had banned three Indian origin groups Mittal Group, Essar Group and Global Steel from the bidding process.
He said We dont have knowledge of someone playing as a front man for an Indian group. In case we had such information, that bidder would have been banned from taking part in the bidding.
Luxembourg to keep 2.7% of Arcelor-Mittal shares
Luxembourg Prime Minister Mr Jean-Claude Juncker and Economy Minister Mr Jeannot Krecke said that the Luxembourg government intends to sell some of its shares in Arcelor but plans to retain a 2.7% stake in the combined group of Arcelor-Mittal.
Prime Minister Jean-Claude Juncker told Parliament that Luxembourg state, which currently owns 5.6% of Arcelor intended to remain a shareholder in the merged group and the state will hold 2.7% of the new combination of Arcelor and Mittal, but will sell some Arcelor shares worth $566 million.
The Luxembourg government also threw its support behind the merger of Arcelor with its rival Mittal Steel, reversing its previous opposition to the deal. A statement from the government said The Luxembourg government, as host country and shareholder of Arcelor, supports the unanimous recommendation of the board of Arcelor in favor of the constitution of a new group Arcelor-Mittal."
Thainox NSSC SLC JV for marketing SS CR
Thainox Stainless Plc is forming a JV called NS-Thainox Auto Co with Japanese SS maker Sumikin Stainless Steel Corp and Siam Lotus Co Ltd to penetrate the automotive market. It will have registered capital of 10 million baht, with operations to start by year end. Thainox and NSSC each hold 49% of the new company, with SLC holding 2%.
Mr Jean-Paul Thevenin MD of Thainox said that the company would market and distribute cold-rolled stainless steel products used in the auto and motorcycle industry in Thailand, Asean and India.
ECs diplomat terms Arcelor's rejection of Severstal as pure business
RIA Novosti has reported that a senior EU diplomat said that Arcelor's decision to merge with Mittal Steel rejecting a rival bid from Russia's Severstal was not a politically motivated deal. Benita Ferrero Waldner, the European Commission's commissioner for external relations said at a briefing in Moscow that the merger was purely a business decision.
Arcelors decision has drawn sharp criticism from Moscow with politicians and senior business figures alike making accusations of unfair competition and discrimination against Russian companies on international markets.
Mr Viktor Pleskachevsky, who chairs the State Duma's property committee, said that unfair competition was used in the deal between the metals giants. State Duma Speaker Mr Boris Gryzlov and Industry and Energy Minister Mr Viktor Khristenko also slammed the merger. Mr Gryzlov said "I regard the events around this deal as an example of serious obstacles Russian business is facing when it enters foreign markets."
Four people injured in an accident at Mittal Steel Galati
Bucharest Daily News has reported that Romanian labor inspectors are investigating an accident at Mittal Steel Galati while doctors of Emergency Plastic Surgery Hospital in Bucharest are giving guarded chances of recovery to two of the four injured people. As per report 4 people were seriously injured in an accident at the oxygen division of Mittal Steel Galati. 3 of them are reported to be in critical condition at the Emergency Plastic Surgery Hospital in Bucharest.
According to the head of the Labor Inspectorate in Galati County Mr Ionel Petrea these 4 persons were working in a ventilation system and probably a gas pipe leaked and their clothes starting burning but the exact cause of spark which caused the fire is not known.
Mr Dorian Dumitrescu Mittal Steel Galatis spokesman said that an investigation was started to see what the exact causes that lead to the accident were. The spokesman explained the four men were trying to assemble and fit a piece into the locking mechanism at the ventilation system. Mr Dumitrescu added that the four were aware on the risks of their activity and had taken all the necessary protection measures.
Delta Steel targets 2.4 million tonnes by 2006 end
Nigerian Delta Steel Company plans to reach a production capacity of 2.4 million tons of steel before the end of the year as the newly installed plant and equipments will boost its capacity within the next four months.
Mr. Sunil Bhander director of operations outlined these plans to Delta State Governor Chief James Ibori. Mr Bhander told that the expansion in plant would ensure high quality of steel from the company which would boost the nations economy. He requested the state and the Federal Government to complete the railway line from the DSC to the seaport outlets as well as the dredging of the Warri River.
Mr Ibori said that DSC has the potential to be an economic giant that would bring immense benefits to the people of the state. He called on the management team to improve is relationship with its host communities and to avoid unnecessary distractions that could disrupt the existing conducive business environment.
Chinas coal mine safety standard to be revised by 2010
China plans to finish the revision of coal mine safety standards within three years. Mr Li Yizhong director of the State Administration of Work Safety while speaking at the ceremony marking the establishment of the National Safe Production Standardization Technical Commission in Beijing said "The current safe production standards were worked out a long time ago and the standard is too old." Mr Li said that China aims to set up a safer production standard system by 2010.
The founding of the commission indicates that China's efforts to ensure safer mining are on the correct track. The commission, to be led by the State Commission for Administration of Standardization, will be responsible for drafting and stipulating standards related to safe production in various sectors and making timely revisions.
As the world's biggest coal producer and consumer, China has been plagued by the problem of frequent coal mine accidents in recent years. 5,938 people were killed in 3,341 coal mine accidents in China in 2005.
Belarus increases steel output by 11.4% during January to May 2006
Belaruss Statistics and Analysis Ministry told Interfax that Belarus has increased ferrous metals output 11.4% YOY during January to May 2006 to 1.2 trillion Belarussian rubles.
Production grew by 7% to 972,700 tonnes of crude steel, 12.6% to 999,300 tonnes of rolled products, 31.6% to 51,300 tonnes of steel pipes, 22.3% to 67,400 tonnes of wire, including 13.3% to 32,000 tonnes of steel wire and 6.6% to 38,300 tonnes of steel cord.
Daewoo Shipyard receives major order from Panama
World's second largest ship builder South Korean Daewoo Shipbuilding & Marine Engineering Co announced that it has received a 509 billion won ($531 million) order to build container ships for a customer in Panama without revealing the identity of the customer.
Daewoo will build an unspecified number of container ships and deliver them by April 30, 2010.
South Korea's seven shipbuilders accounted for 38%t of vessels delivered globally in 2005.
ICH appoints Mr Vigil as CEO of Republic Engineering Products
Mr Jaime Vigil has been named to succeed Mr Joseph F Lapinsky as president and CEO of Republic Engineered Products Inc. Mr Vigil has been the new owners executive adviser since the takeover. He is the former CEO of Pytsa Industrial SA de CV, a wholly owned subsidiary of ICH and previously served as investor relations manager and as an alternate director of the group.
Mr Vigil said he looks forward to "helping Republic continue to make strides in improving operations and enhancing productivity and efficiency in order to grow the business and expand our ability to provide value-added opportunities for our customers."
The Ohio based producer of special bar quality steel was acquired last year by Industrias CH SA de CV. Republic Engineered Products is North America's largest producer of SBQ, with steelmaking operations in Canton and Lorain, OH, and rolling and finishing plants in Canton, Lorain and Massillon in Ohio, Lackawanna in New York, Gary in Indiana and Hamilton in Ontario.
