Mr SK Roongta chairman of Steel Authority of India in inaugural speech at the Nirma International Conference on Management 2007 said insufficient iron ore mines and negligible investments in research and development are hindering the growth of steel industry in India. Mr Roongta pointed out that, though the industry had good scientists and researchers, very little investments were being made in the field of R&D.

Mr Roongta also said that transaction cost is another area that the industry has to deal with as there are long delays, resulting in an increase in the average transaction cost. He said that a 2005 World Bank Report shows that when it takes 41 days in China to set up a business, in India it takes 89 days for the same. Similarly it takes 61 days to buy an estate in India, while in China it takes just a month.

The 3 day conference was organized by the Institute of Management of Nirma University with Enhancing Enterprise Competitiveness as the main theme.

Reuters reported that Welspun Gujarat Stahl Rohren Ltd has postponed the commissioning of its plate and coil mill to December as it has decided to build it with 50% higher capacity as against earlier schedule of March.

Mr Akhil Jindal president of Welspun told Reuter that as against earlier planning of spending INR 12 billion to set up a 1 million tonne a year plate and coil mill, it would now spend 18 billion rupees and create a capacity of 1.5 million tonnes.

Mr Jindal added that the rescheduling won't affect profitability or revenue in 2007 to 2008 as they not factored full production from the plant in the 1st year anyway.

Indian firms have changed their outlook and expanding horizons to exploit opportunities in a rapidly globalizing world over last 10 years. During Pravasi Bharatiya Divas in New Delhi, while Mr P Chidambaram finance minister of India Mr Ratan Tata chairman of TATA Steel agreed that the TATA could not have bid for Corus 10 years ago, they had a difference of opinion on the reason for not doing so.

Mr Chidambaram finance said that "If ten years back I were to ask Tata if he would have bid for Corus, he would have said 'I don't know.

Mr Ratan Tata differed with Mr Chidambaram's views and said it was not the lack of vision for expansion that would have prevented his group from bidding for Corus, but because of the existing government policies at that time. He said I have a different view from the finance minister and would have simply told him that he could not have bid for Corus because of the policies.

However he added that "As an Indian entrepreneur, I can say lots have changed and policies are much friendlier now and the reforms process in the past few years has now enabled Indian entrepreneurs to go global. Mr Ratan TATA said that the policies ten years ago had a lot of restrictions, foreign exchange remittance was a big hurdle and the reforms process in the past few years has enabled Indian entrepreneurs to go global.

ABB LTD announced that it has won orders worth about $ 56 million for power and automation equipment from JSW Steel for supply of power products & systems, including substation equipment, transformers and an electricity network management system for its steel and power plant expansions in Bellary, Vasind and Salem.

JSW is enhancing its steel capacity from 3.8 million tonnes per annum to 6.8 million tonnes per annum supported by a 2x300 MW power generation capability.

ABB's scope of supply includes substation equipment, HT machines, transformers, SCADA, protection and control systems as well as MV and LV switchgear and its power solutions will serve the needs of JSW's steel plants, enabling the surplus power to be fed into the 400 kV grids with the latest control and monitoring equipment to help manage the distribution network.

ABB will also provide process automation for the steel plant including plate mill drives to ensure energy efficiency and reliability across the production chain. The project will be completed in phases and is expected to culminate by around mid 2008

Mr Ravi Uppal vice CMD of ABB India said "We are proud of our long association with JSW and delighted to be an integral part of their visionary growth ABB remains committed to facilitating productivity and efficiency at JSW's globally acknowledged plants through state-of-the-art power and automation technologies."

Indias biggest commercial bank State Bank of India seems to be in fray to fund the TATA Steels multi billion dollar acquisition for Corus, as Mr OP Bhatt chairman of SBI while addressing a session at the Pravasi Bharatiya Divas 2007 said that funds raising for the acquisition of Corus is not a big issue for the TATAs.

Mr Bhatt said ''Considering the credit rating and the reputation of the TATAs, many of the country's banks are coming to make funds available for the takeover.

Exim India has reported that the Visakhapatnam Port Trust proposes to construct two new berths EQ-10 and WQ-6 with 14 meters depth in the inner harbor on BOT basis and that tenders are being floated for the purpose

Mr MS Rao deputy chairman of VPT in an exclusive interview with Exim India said that EQ-10 would be dedicated to liquid cargo, such as caustic soda and bio diesel while EQ-6 would have a normal quay length of 255 meters, but EQ-10 would have only 160 meters due to its placement.

As per report, Dredging Corporation of India had been entrusted with the work of deepening the outer harbor and the project is expected to be completed by June.

Indian Railways have carried 527.95 million tonnes of revenue earning freight traffic during April to December 2006. The freight carried shows an increase of 46.86 million tonnes over the freight traffic of 481.09 million tonnes actually carried during the corresponding period last year, an increase of 9.74%.

During the month of December 2006, the revenue earning freight traffic carried by Indian Railways was 63.56 million tonnes. There is an increase of 4.42 million tonnes over the actual freight traffic of 59.14 million tonnes actually carried by the Indian Railways during the same period last year, an increase of 7.47%.

ProjectsToday has reported that Surana Industries has raised funds through foreign currency convertible bonds to part finance its integrated steel project 0.13 million tonne per annum sponge iron plant, 0.2 million tonne per annum iron ingots, 0.2 million tonne per annum rolling mill and 30MW captive power plant in Raichur district of Karnataka. It would entail an investment of INR 473 crore.

MN Dastur & Co. was appointed as consultant for engineering designs and to assist the company in technical and commercial evaluation of the project. The project is scheduled for completion by March 2008.

Western India Shipyard Ltd has announced that it has instituted measures for business and financial restructuring and has diversified into the lucrative areas like Rig repairs and ship building with a view to fully utilize the facilities of its dry dock and wet repair berths, machine shops, portal cranes, skilled manpower and other utilities at its shipyard at Mormugao Harbor in Goa.

As per release, WISL has successfully carried out major repairs to four Jack Up Oil Rigs and has won major repair orders for 3 more Jack Up Oil Rigs during the period from December 2006 to mid February 2007 from Transocean Offshore International Ventures Ltd of Mumbai.

WISL added that, as regards shipbuilding, the construction of The 'Jock Up Barge' namely, PMC-1 of the value of about INR 18.81 crore by the Company for PMC Projects (India) Pvt Ltd, is proceeding smoothly and the vessel is expected to be delivered sometime in January - February 2007.

However, WISL added that its main business continues to be on repair of coastal and foreign going vessels.

Hot rolled coil price has made a staggering gain of RMB 300/ton within one week after the 9.5% rise agreed on benchmark ore price for fiscal 2007, however market analysts caution that the risk is accumulating behind such speedy rise as a result of dramatic capacity coming on stream this year and the price increase lacks strong support from end use demand since the production cost increment incurred from ore hike is quite limited.

Hot rolled coil capacity addition is set to peak this year, with 20 million tonnes of fresh capacity estimated to come on stream. Beijing based steel producer Shougang looks to begin commercial production of its 4 million tonnes per year production line soon and Magang is working on its 5 million tonnes per year HR line. These fresh capacities would definitely place more pressure on domestic HRC market.

Most Chinese steelmakers are betting hope on export market to absorb the newly-added supply. China has rolled out 56.52 million tonnes of HRC in the first eleven months of last year, a YOY increase of 12.38 million tonnes. Its eleven month HRC export adds up to 6.79 million tonnes up 3.32 million tonnes from the same period of last year representing 26.8% of the fresh capacity additions. The future market trend therefore largely depends on the sentiment of export market this year.

The market insiders predict that the export volume is likely to slump by 20% once domestic market price exceeds RMB 4000 per tonne while the export price stabilizes in the range of $460 per tonne to $480 per tonne FOB, which could lead to a vicious circle.

The mounting supply flowing back to domestic market would weigh on the price downward, exposing the forward market to dramatic price fluctuation. The volatile forward market is poised to ripple into spot market, pressing down the export price, which in turn would further dampen the sentiment in the domestic market.

Under these circumstances, HRC suppliers could expect steady growth for Chinese HRC export unless the domestic price stands ranging from RMB 3600 per tonne to RMB 3800 per tonne.

(Sourced from MySteel.net)

Arcelor Mittal announced today that the respective boards of directors of Mittal Steel Company NV and Arcelor SA have decided not to initiate litigation seeking to dissolve the Strategic Steel Stichting, an independent Dutch foundation, with a view to obtaining the transfer to Arcelor of the 89% of the shares of Dofasco Inc, the North American steelmaker, currently held by the Stichting. Arcelor Mittal indicated that the Boards of Directors reached this decision based on opinions from legal experts that the prospects for success of any such litigation against the Stichting are remote.

Under a Letter Agreement, dated January 26^th 2006, with ThyssenKrupp AG, Mittal Steel agreed to cause Arcelor to sell Dofasco to ThyssenKrupp if Mittal Steel is able to assert effective management control over Arcelor with the ability to sell Dofasco. In addition, under a Consent Decree with the US Department of Justice, which was filed with the US District Court in Washington DC on August 1^st 2006 in order to resolve certain U.S. competition concerns, Mittal Steel agreed to use its best efforts to sell Dofasco to ThyssenKrupp or, if Dofasco cannot be sold due to the Stichting, to sell certain alternative assets. The Stichtings holding of the Dofasco shares currently prevents their sale without the Stichtings consent.

By resolutions adopted respectively on September 25 and on October 11, 2006 the Boards of Directors of Mittal Steel and Arcelor formally requested that the Stichting dissolve and return the Dofasco shares to Arcelor. On November 10^th 2006 the Stichtings board of directors unanimously decided not to dissolve and to retain the Dofasco shares, thereby continuing to prevent their sale. On December 22, 2006, ThyssenKrupp initiated summary legal proceedings against Mittal Steel in the District Court in Rotterdam alleging that Mittal Steel has breached the Letter Agreement by failing to cause Arcelor to initiate legal proceedings against the Stichting. The suit seeks a Court order directing Mittal Steel to cause Arcelor to commence summary proceedings against the Stichting in the Dutch courts. A hearing on ThyssenKrupps suit has been scheduled for January 11, 2007 before the President of the District Court in Rotterdam.

Mr Simon Evans Mittal Steels Group General Counsel has stated that ThyssenKrupps suit is entirely without merit. Mittal Steel has taken all reasonable actions to comply with the Letter Agreement and to obtain the dissolution of the Stichting. Mittal Steel is not obligated to commence litigation that has only a remote prospect of success.

Rio Tinto and its joint venture partners have approved the development of the A$950 million Clermont Mine in Central Queensland located 15 kilometers south east of Rio Tinto's Blair Athol Mine. Rio Tinto said that the Clermont Mine will be brought into production to replace the highly successful Blair Athol Mine, taking advantage of its existing infrastructure and market position. The investment is subject to obtaining all necessary governmental approvals. First coal shipment in second quarter of 2010

Mr Preston Chiaro chief executive Energy of said that "Even during this current time of pressure on capital projects, the Clermont Mine is a very attractive investment and will operate in the lowest cost quartile of Australian thermal coal producers. When completed, the Clermont Mine will produce 12.2 million tonnes of high quality thermal coal each year, supplying Japanese power utilities and other customers. The mine is expected to have a life of about 17 years at this production rate. First coal shipments are expected in the second quarter of 2010, with full capacity being reached in 2013.

Rio Tinto's current joint venture partners in the Clermont open cut mine development are Mitsubishi Development Pty Ltd with 34.9%, and J-Power Australia Pty Ltd with 15% stake and JCD Australia Pty Ltd will take a 3.5% interest in the joint venture later this month, resulting in Mitsubishi Development Pty Ltd's interest reducing to 31.4%.

Evraz Group SA announced that the Committee on Foreign Investment in the United States has concluded its review relating to Evraz's proposed acquisition of Oregon Steel Mills Inc without the need for further investigation under the Exon-Florio Amendment. Accordingly, the condition to Evraz's pending cash tender offer relating to the review of the proposed acquisition by CFIUS has been satisfied.

In addition, Evraz announced that it was waiving the condition to the tender offer requiring the expiration or termination of the International Traffic in Arms Regulations notification period. Following a careful review of the existing facts and circumstances, including the results of the CFIUS review of the transaction, Evraz determined that the review being made pursuant to ITAR should not further impact the structure of the transaction or the timing of its closure.

As a result, Evraz also announced that the cash tender offer by its wholly owned subsidiary Oscar Acquisition Merger Sub Inc to purchase all outstanding shares of common stock (including the associated preferred stock purchase rights) of Oregon Steel is being extended until 5 PM New York City time on January 12, 2007, unless further extended or terminated.

Evraz release said The tender offer is being made pursuant to a previously announced merger agreement among Evraz, Oscar Acquisition Merger Sub Inc and Oregon Steel dated November 20, 2006. Upon the successful closing of the tender offer, Oregon Steel stockholders would receive $63.25 in cash for each share of Oregon Steel common stock tendered in the tender offer, less any required withholding taxes. Following the purchase of shares in the tender offer, Oregon Steel would become a subsidiary of Evraz.

The European Commission said announced that the proposed acquisition of Corus by Companhia Siderurgica Nacional may fall under European merger regulations but reserved the final decision.

The European Commission said "On preliminary examination, the Commission finds that the notified transaction could fall within the scope of EU merger regulations. However, the final decision on this point is reserved."

The EC has invited interested third parties to submit their possible observations on the proposed merger, to reach the EC not later than 10 days following the January 9 publication of the notice in the Official Journal.

Air Products announced that it has reached definitive agreement with the Linde Group to acquire the industrial gas business of BOC Gazy Sp zoo, which was required to be sold by Linde as a result of its purchase of The BOC Group plc in September 2006, for EUR 370 million euros. Air Products plans to finance the transaction through euro debt. The transaction is subject to regulatory approval and customary closing conditions.

The BOC Gazy business had fiscal year 2006 sales of approximately EUR 126 million and EBITDA of approximately EUR 38 million. The business has approximately 750 employees, five major industrial gas plants and six cylinder transfills serving customers across a diverse range of industries, including chemicals, steel and base metals, among others.

Mr John Jones chairman & CEO of Air Products said "We're taking advantage of a unique opportunity to become the number one industrial gas supplier in Central Europe's fastest growing economy. With manufacturing moving eastward in Europe and investment increasingly flowing in that direction, we intend to capitalize on the substantial growth potential in these markets. The business we are acquiring is very attractive and fits our strategy to become a higher growth and higher return company. It allows us to build critical mass and a low cost position in the region and be a bridge to serving a broad range of customers across Central and Eastern Europe."

Air Products operates in 15 countries throughout Europe, including the central and eastern European countries of the Slovak Republic, the Czech Republic, Russia and Poland. Total European sales in Air Products' 2006 fiscal year were approximately $2.6 billion.

Slovenias privatization commission announced that only 2 out of the 3 original bidders remained in the race for the acquisition of the 55.35% stake that the state is selling in the Steel group Slovenska industrija jekla.

According to the commission, which still did not disclose the names of the bidders, the rejected bidder failed to amend its bid, even after an additional request by the commission. As per reports, the initial bids were submitted by two German and one Russian company.

According to the plan, the state would keep a 25% plus a golden share in the group for an unspecified period of time. The commission is expected to send its proposal on the selected bidder to the government by the end of January.

SIJ is a group of production, trade and service companies with 6 six manufacturing companies both at home and abroad. Acroni doo and Metal Ravne doo are manufacturers of flat steel and long steel products respectively and Ravne Knives doo is a producer of high quality industrial knives. Slovenian Steel Group also includes Elektrode Jesenice doo and two companies that employ disabled workers SUZ d oo and ZIP Center Ravne doo. The group posted EUR 15.5 million in net profits in the first nine months of 2006.

Mr Robert L Cotton president & CEO of Cotton & Western Mining Inc announced that a consensus agreement between the company and its potential buyers for raw crude iron ore was reached for year 2007 at per DMT pricing for FOB sales the Port of Wawa, the Philippines at $46 per DMT and $42 per DMT shipped from the Pacific Ocean Port of Manzanillo in Mexico.

The release added that Cotton & Western Mining Inc has deferred executing a formal buy and sale agreement until mid February 2007.

It is projected that 2007 production sales will be 600,000 tonnes from the Nagsabongan mine in Mindoro Island f the Philippines and 800,000 tonnes from the Rio Fox mine in Mexico.

Cotton & Western Mining Inc is a US corporation structured to produce and sell iron ore on a global scale and is engaged in mining activities to provide the Asia Pacific steel manufacturing sector with crude iron ore products.

Beijing Times has reported that BaoSteel has become the third largest shareholder of Baotou Steel as the parent company Guotai Junan actively acquired 71235.66 shares from the stock market by 29th Dec 2006.

It is believed that Baosteel's move intends to get control of Baotou Steel from capital market by passing the roadblock placed by local government, which was denied by Baosteel officials.

As the leader of China's steel market, Baosteel has acquired shares of a number of domestic steel mills, including Handan Steel, Laiwu Steel, Guangzhou Steel, Maanshan Steel and Bayi Steel etc.

(Sourced from MySteel.net)

Cleveland-Cliffs Inc announced that its board of directors has approved an investment in the Sonoma Coal Project at Queensland in Australia and that it has signed a non binding term sheet with privately owned Australian coal company QCoal Pty Ltd to take a 45% interest in the Sonoma Project.

Cliffs' investment in the project is expected to be approximately A$140 million. Closing is anticipated to occur during the first quarter of 2007, subject to completion of due diligence, negotiation and execution of definitive documents and approval from regulators.

Sonoma Project is located at the northern limit of Queensland's Bowen Basin coalfields and once completed is expected initially to produce 2 million tonnes of marketable coal annually by late 2007 with plans to increase production to between 3 million to 4 million tonnes from 2008. The Sonoma Project has a current JORC Resource estimate of 97 million tonnes.

Mr Joseph A Carrabba CEO of Cleveland-Cliffs said "Our contemplated participation in the Sonoma Project marks Cliffs' initial seaborne coking coal endeavor. The project, which will also produce thermal coal, is an ideal means for Cliffs to expand its presence in the Australian mining sector as well as further diversify its participation in the steel-making materials industry."

Cleveland-Cliffs Inc is the largest producer of iron ore pellets in North America and sells the majority of its pellets to integrated steel companies in the United States and Canada with 6 iron ore mines located in Michigan, Minnesota and Eastern Canada. It is majority owner of Portman Limited, the 3rd largest iron ore mining company in Australia.

According to the American Iron and Steel Institute US crude steel production was 1,792,000 short tonnes for the week ending January 6th 2007 up by 9.3% from the previous week ending December 30th 2006 when production was 1,639,000 shirt tons. US steel industry capacity utilization rate during last week was 76.7% as against 70.2% during the week ended December 30th 2006.

However, the crude steel production was 2,064,000 short tons for the same week a year ago and the capacity utilization then was 85.6%. The current week production represents a 13.1% decrease from the year ago level.

AISI said that the production figures were based on reports from companies representing about 75% of the US steel industry's crude steel production base.

Spanish zinc producer Espanola del Zinc SA said it plans to form a new JV and build a new zinc oxide treatment and enrichment plant in Cartagena in conjunction with unlisted AQZ. The company plans to spend EUR 25 million in the project in which it will have a 25% stake, while the rest will belong to AQZ.

The plant is expected to produce 20,000 tonnes per year to 30,000 tonnes per year of marketable zinc, although no start up date has been given. The project depends on the completion of a viability plan that should be ready in six months, the company added.

Chinese steel giant Baosteel has become the first Chinese steel maker to successfully produce 2205 hot rolled high strength duplex stainless steel strip.

Because of its high strength, high corrosion resistance, low costs and high added value, it is widely applied to energy projects, ocean projects and other construction projects. 2205 accounts for 80% of total outputs of duplex stainless steel products.

(Sourced from MySteel.net)

It is reported that the Croatian government has begun disinvesting in a wide range of industries.

Mr Boris Suran Croatias first secretary for economic and culture to India, while addressing a meeting organized by the Confederation of Indian Industry, revealed that Croatia would soon be calling for bids to privatize five of its largest shipyards.

Croatian shipyards cater to a wide range of needs, including specialized vessels like car carriers and are reported to have total orders worth $ 2.2 billion.

Sindh Koela Ltd & Oracle Coal Fields JVs Sindh Coal Authority and Sindh Carbon Energy Ltd signed a MoU for exploring commercial availability of coal in Khorewah of District Badin in Sindh province of Pakistan.

Under the agreement, Sindh Coal Authority will allocate 100 square kilometers area to them to carry out feasibility study, undertake development of identified coalmines and construction & commissioning and operation of Mine Mouth and 150 MW Coal fired Power plant at Khorewah coalfield.

The Sindh Koela Ltd either alone or together with one or more parties shall apply for LoI to Pakistans Private Power Infrastructure Board, WAPDA and Government of Pakistan for establishment of one or more mine mouth indigenous coal fired power stations with total capacity of 150 MW. If the power project was found feasible, the coal authority will support and assist in obtaining the same.

The Authority will allocate coalfield for a period of 18 months from the date of demarcation and delineation of the area for Exploration License. The Sindh Carbon Energy will carry out survey and exploration & investigation at is own cost and risk for completion of a bankable feasibility study report. The purpose of investigation is to determine suitable and quantity of coal which can be economically and safely mined, handled and transported to power pant in order to provide at least one million tones of coal or more annually for 30 years.

It is reported that Korea's 3 major shipbuilders set a target of $36 billion of ship orders in 2007, slightly down from last year's record $37.4 billion.

Hyundai Heavy Industries, the world's top shipbuilder, expects $13 billion in orders of ships, engines and other products this year, down from $14.1 billion in 2006.

Daewoo Shipbuilding and Marine Engineering, the world's No.2 shipbuilder, has set a target of $11 billion in orders, the same as last year's figure. The company has a backlog of around $22 billion.

Samsung Heavy Industries Co., the world's third biggest shipyard, also reduced this yea's target to $11 billion from last year's $12.3 billion.

Sales for South Korean shipbuilders rose sharply last year as international shipping lines ordered more vessels to carry oil, gas and other products. South Korean shipyards took nearly 50% of the world's $100 billion ship orders in 2006, swelling their backlogs and enabling them to charge peak prices. However, the rising cost of steel plates for ship hulls and strengthening value of the South Korean currency against the US dollar are reducing the value of South Korean shipbuilders contracts which are based on dollars.

Metals Insider reported that Canadian junior Skye Resources announced that the Guatemalan police had started enforcing eviction notices on squatters who have been illegally occupying land near its Fenix ferronickel project, following a court ruling in December 2006 in favor of Skyes local operating subsidiary.

Mr Ian Austin president and CEO of Skye said "We're disappointed that the organizers of the land invasions were not able to keep their commitment to have their people leave the land so we could engage in further dialogue. However, we're also thankful that the Guatemalan government has upheld the company's rights to the land and we remain committed to working with community leaders to find solutions to this important issue."

A feasibility study has been completed for Fenix and envisages development of a 22,300 tonnes per year ferronickel operation by 2011.

It is reported that Queensland Rail has embarked on an A$85 million expansion of its service to cope with the amount of coal being processed at Dalrymple Bay Coal Terminal, which handles 35% of Queensland coal exports, worth A$5.3 billion over the past financial year. It will help the terminal reach targets of 68 million tonnes a year by the end of 2007 and then 85 million tonnes by the end of 2008.

A Queensland Rail spokesperson said the major expansion was necessary to meet world coal demand. He said "QR is committed to providing its customers with world-class facilities to cope with the additional demand for the transportation of coal from the mines to both ports."

As per reports, the plans include adding of a third 8.5 kilometer long balloon loop to the two rail loops already servicing the terminal, for allowing additional trains to unload in accordance with the terminals expansion from the current capacity of 54 million tonnes of coal each year. To facilitate the unloading of additional coal trains, the project also includes additional tracks coming in and out of the terminal.

These works will occur between Praguelands and the Dalrymple Bay Coal Terminal. Civil works have already begun after Sarina Shire Council granted formal approval for the project before Christmas and the new loop will be commissioned with the terminal's unloading equipment in August this year.

To match the increase in coal exports at both terminals, the infrastructure works will be supported by a number of enhancements planned on the remainder of the Goonyella System, which connects the mines and ports.

United States Steel Corporation announced that Mr Anton Lukac has been named general manager of Mon Valley Works effective immediately. Mr Lukac will report to Mr George F Babcoke VP plant operations.

Mr Lukac will be responsible for all US Steel Pittsburgh-area steelmaking operations, including the Edgar Thomson Plant in Braddock, the Irvin Plant in West Mifflin and the Clairton Plant, the company's coking and coal chemical operation in Clairton. Additionally, he will be responsible for the Fairless galvanizing facility located outside of Philadelphia.

Mr Lukac graduated from Technical University in Kosiceand began his career at VSZ as in 1982 as a technologist in the cold rolling mill and was named VP for strategic implementation US Steel Kosice was created in November 2000. He was appointed plant manager of U.S. Steel's Clairton Plant near Pittsburgh in July 2003 and his most recent position was plant manager of Edgar Thomson Plant.

Mr John H Goodish executive VP & COO of US Steel said "Anton is a knowledgeable, respected and versatile manager with considerable domestic and international operating experience. Since joining US Steel six years ago when US Steel Kosice became part of our company, Anton's impressive operating performance has helped him rapidly advance and today he is our most senior manager to come from our European operations. One of the benefits of our global diversity initiative is that we have talented managers, like Anton, ready to assume critical and demanding positions throughout our company."

AK&M reported that Bezhitsky Steel Making Plant, involved in Transmashholding, is going to invest above Rub 430 million in the modernization.

Within the modernization program the first lot of the equipment made at LAEMPE was shipped to the Plant. Besides, the new technological line for the production of the steel required to make the railway transport will be received. The output is expected to be raised 1.5 to 2 fold that of 2006.

Bezhitsky Steel Making Plant is one of the largest car castings suppliers for passenger car and freight car building industries with about 50% of shipments in Russia.

Interfax has reported that Ukraine's state run machine builder Malyshev Plant, based in Kharkiv, is expected to deliver 100 BShK-2DM coal-mining complexes, valued at over $40 million, to China during the next three years under a contract signed in late December 2006.

Malyshev Plant specializes in making armored vehicles, diesel engines, agricultural machinery and equipment for the oil, gas and coal industries.

The World Trade Organization ruled that US had applied unfair antidumping duties on a number of goods, thus overturning an earlier decision that its tariff rates on some carbon steel products and ball bearings were in line with international trade rules and urged the US to bring its antidumping measures into line with WTO obligations. The appeal body had made it clear such restrictions on international trade could not be tolerated.

The office of the US Trade Representative in Washington said it was still studying the decision and could not immediately comment.

The decision was a victory for Japan, which challenged the US over the way it sets dumping fees. Mr Taro Aso foreign minister of Japan praised the WTO appeals body for the decision, which he said would help strengthen the system of rules guiding international trade. Mr Aso said "The zeroing procedures adopted by the US in any type of antidumping procedures violate its obligations under the WTO agreement. Japan highly values the report as it will serve to maintain and promote the rule-based multilateral trading system.