January, 18 2007
Nisshin Steel eying Indian SS market
Reuter reported that Japan's 5th largest steel maker Nisshin Steel Co plans to finish a feasibility study on setting up a stainless steel plant in India by the end of this year.
Mr Yoshikazu Tsuda CEO of Nissin during an interview told Reuters that Nisshin had been researching whether to set up a stainless steel plant in India together with Spains Acerinox since last year. He said We hope to make a decision by the end of this year. Indias stainless market has big potential.
Mr Tsuda said that Nissin and Acrinox are exploring options ranging from forming an integrated plant to setting up a processing or cold rolling steel plant, but nothing has been decided.
NCAER increase Indias GDP growth forecast to 8.44%
Indias National Council of Applied Economic Research has increased its projections for Indias GDP growth to 8.44% for 2006-07, from 8.13 % forecast in October, on estimates of higher growth in industry and services sectors.
In its Quarterly Review of the Economy released on Wednesday, the National Council of Applied Economic Research said there was no change in inflation expectations because of some relief from fall in crude oil prices and buoyant tax revenues.
The Indian economy grew by 9.1% in the first 6 months of 2006-07 and policy makers have said growth could be close to 9% for the full year. The economy had grown by 8.4% in 2005-06.
Jharkhand dissatisfied with coal block allocation
Jharkhand government feels that the state's industries have been completely neglected by the union coal ministry with the allocation of coal blocks. Mr MK Mandal chief secretary of Jharkhand have written a letter to the ministry expressing dissatisfaction over the issue.
As per report the coal ministry overlooked the state government's recommendation and allocated nearly half a dozen coal blocks to industries of other states including Karnataka, Orissa and Maharashtra and even state run Jharkhand Mineral Development Corporation has not been allocated a single coal block.
Sinosteel to put up first Chinese steel plant in India Report
Projects Today has reported that Chinese Sinosteel is considering Orissa and West Bengal for setting up a USD 500 million steel plant in India. The proposed plant will also be the first by a Chinese company in India.
As per report, Sinosteel is looking at capacity between 3 million tonne per annum and 5 million tonne per annum and it would take up to 12 months to 18 months for pre project work prior to start.
Sinosteel hopes to feed the steel mill after acquiring from the mining rights but may plan the venture based on purchasing iron ore from the domestic market if getting mining rights is delayed.
MCX to launch steel ingot future contract by quarter end
It is reported that the Multi Commodity Exchange is planning to launch forward trading in steel ingots by the end of the current quarter. Mr Jignesh Shah CEO of MCX said By the end of this quarter, we are planning to launch steel ingot futures.
Currently, mild steel ingots are traded on the National Commodities and Derivative Exchange NCDEX, with delivery centers in Govindgarh, Uttar Pradesh.
The MCX currently trades in steel long and flat futures, but existing contracts in both the exchanges are starved of liquidity and witnessing little participation.
Kalinga Nagar sees minor incident of violence
IANS has reported that Bhubaneswar based Eco-designs 2 land surveyors hired by TATA Steel were roughed up near Kalamatia village in Kalinga Nagar industrial complex of Jajpur district of Orissa by angry villagers who fear that TATA Steels proposed steel plant would displace them and rob of their livelihood.
As per reports, they were conducting contour surveys without informing the district administration and at least 40 people of about three local villages, Gadapur, Chandia and Baligotha, gathered at the site and attacked the surveyors and beat them up with sticks. While two members of the team sustained injuries, two members and the driver of the vehicle fled from the spot leaving their vehicle behind. The attackers damaged the vehicle badly.
At least 13 tribals were killed and several injured when police opened fired on hundreds of tribal agitators in the Kalinga Nagar industrial complex on January 2nd 2006, protesting against the construction of a boundary wall by TATA Steel. They have blocked a highway since the day of the firing. The police and district officials have failed in lifting the blockade despite several attempts.
Colachel to be developed as major port
Mr TR Baalu, union minister for shipping, road and transport while addressing a press conference said that the Tamil Nadu government has given the green signal for developing Colachel as a major port under the Indian Ports Act to alienate land and the project is likely to start by December 2007.
Sethusamudram Corporation Ltd had recently invited bids from consultancy companies to prepare a detailed project report to develop a container transshipment hub at Colachel. Tamil Nadu Maritime Board managed Colachel port is close to the international shipping route. Steamers of around 15,000 tonnes can anchor at the port.
RITES Ltd, a consultancy organization, in its "Port Vision 2020" report identified Colachel as a suitable port for a container transshipment hub and in 1998 the Tamil Nadu Government prepared a detailed feasibility report, which was updated in 2000 by the Malaysian Government through the Construction Industry Development Board of Malaysia for a Greenfield port costing INR 2000 crore. According to the State Government's Policy Note for 2006-2007, the interest shown by the Malaysian Government did not materialize for want of suitable financial arrangements by them.
M&M forms JV with ITEC for setting up a unit in Pune
Mahindra and Mahindra has signed a MoU with the Maharashtra government for setting up INR 2,500 crore medium and heavy commercial vehicle plant through a 51:49 JV with the US based commercial vehicle maker, International Truck and Engine Corporation.
The proposed 700 acres plant in Pune will have the capacity to manufacture 250,000 vehicles annually, with an option of a capacity expansion. The JV will produce 70,000 units of medium and heavy commercial vehicles per year, catering to both domestic and overseas markets. The localization content of the vehicles will be 90% from the beginning. Production is slated to start in two years.
The venture will leverage M&Ms distribution network to rapidly launch a full range of M&HCV based, in part, on ITECs existing product line and adapted for the Indian market.
ITEC is the market leader in CVs of 8 tonne GVW and above, with sales of approximately 100,000 vehicles per year. International is also a world-wide leader in diesel engines in the 160 BHP to 325 BHP range, with production of over 400,000 engines per year.
Sea King ties up with SembCorp for Pipavav shipyard
It is reported that Nikhil Gandhi Group owned Sea King Infrastructure has tied up with Singapore based SembCorp Marine for the proposed Pipavav shipyard in Gujarat, under which SembCorp is likely to pick up 26 % stake in the project. As per report, a tie up with Komac of Korea has also been reached.
The shipyard is coming up near the Pipavav port that was developed by the Nikhil Gandhi group and which is now handled by Maersk. The 175 acres shipyard will be equipped to build and repair all types of ships including VLCC, oil platforms, LNG vessels, etc. The project is likely to see investments of INR.8000 crore over the next 7 years including INR.1700 crore that is being investment in the ongoing phase.
L&T forms construction JV with ATCO in Saudi Arabia
Larsen & Toubro Ltd announced that it has signed an agreement with AA Turki Contracting & Trading Corporation of Saudi Arabia for formation of a JV called Larsen & Toubro ATCO (Saudia) LLC, which will focus on electromechanical construction for the hydrocarbon and power sector construction in the region.
ATCO, belonging to Sheikh Abdulrahman Ali Al-Turki, is a leading conglomerate in Saudi Arabia.
L&T has successfully completed many projects in Saudi Arabia. It is now executing over a $120 million contract for methanol or carbon monoxide project. It has also constructed many schools, hospitals and sub stations and is building a factory for electrical products and services in the eastern province.
ABG secures order for 12 vessels from Pacific First Shipping
ABG Shipyard has won its largest contract worth USD 229 million for building 12 vessels for Singapore based Pacific First Shipping Pte involved in offshore business and bulk segment.
The order is for construction of 9 AHTS vessels and 3 Dry bulk carriers. The deliveries will start in 2008 and complete in 2009.
General information of the project is as under
1. Order for construction of 5 AHTS vessels of 82 MT, 4 AHTS vessels of 180 MT & 3 bulk carriers of about 54,000 DWT each.
2. Value of the order is INR 10,305 million (USD 229 million).
Following this order, the order book position of the ABG, as on date, stands at about INR 34,755 million approximately.
Ramsarup Industries to raise USD 50 million to fund expansion
BS reported that steel wire maker Ramsarup Industries will be raising USD50 million (INR 220 crore) through Foreign Currency Convertible Bonds, American Depository Receipts and Global Depository Receipts in one or more tranches to fund its ongoing expansion plans.
Ramsarup Industries is planning to put up special grades of wire facility at its Kalyani and Durgapur plants with an installed capacity of 79,000 tonnes.
Mr Ashish Jhunjhunwala CEO of Ramsarup Industries said that the companys expansion at Kalyani and Durgapur would cement its position as the leading player in wire catering to the requirement of power and infrastructure sectors.
CVRD settles 2007 pellet prices with POSCO
World's largest iron ore producer Companhia Vale do Rio Doce has concluded the blast furnace pellet price negotiations for 2007 with POSCO.
As an outcome of these negotiations, the blast furnace pellet prices FOB Tubar and Ponta da Madeira, increased by 5.28% relatively to the 2006 reference prices.
Strike ends at Eramets New Caledonia FeNi complex
Eramet SA, the operator of the worlds largest ferronickel plant, announced that a 4 month general strike in the French territory of New Caledonia has finally ended and operations are now back to normal. Eramet also announced that it had decided not to declare force majeure during the March quarter after customers showed flexibility during the industrial action.
Mr Stephane Chorlet a marketing manager for Paris based Eramet, said that the four mines at its local subsidiary SLN Le Nickel were all in operation and that the Doniambo smelter in Noumea would return to full capacity in the next few days.
The strike in New Caledonia, which has 1/3rd of the worlds nickel supplies, cost Le Nickel 27% of its output or about 20,000 t of metal on an annual basis, costing USD 1 million per day, during the action which was brought by the New Caledonia Workers Confederation Union who were calling for lower living costs and a reduction in foreign workers.
Mitsubishi Corp raises stake in POSCO
Nikkei, without citing sources, reported that Mitsubishi Corp has invested some YEN 15 billion in POSCO, raising its stake in the steelmaker to 1.4% pct from roughly 0.9%.
Mr Lee Ku-taek chairman of POSCO, which is seeking to raise the holdings of stable shareholders, in a meeting late last year, had asked Mr Yorihiko Kojima president of Mitsubishi to it's stake in POSCO, which is seeking to raise the holdings of stable shareholders,
Nippon Steel had earlier agreed to increase its stake in POSCO to more than 5% from about 3.3%.
Ford Motors pushing for steel exchange
It is reported that auto giant Ford Motor Co is in discussions with London Metal Exchange for creating a steel exchange to hedge exposure to volatile prices for the metal. Ford had lobbied last year with other carmakers to support the initiative to create an exchange where steel could be traded.
Mr Tony Brown senior VP for global purchasing of Ford, on the sidelines of the Automotive News World Congress in Dearborn, said "We are in conversations with them as well. They are an important part of it. It's progressing. There are discussions taking place amongst us as to how we might proceed."
Mr Tony Brown said that consumers would like to see stability in pricing. He added "That's what we are working on. There' are benefits to the steel industry as well. Those are the discussions that have to take place between us, them and the exchange."
Steel prices have been volatile in recent years, and steel companies and automakers have sparred over contracts. Some recent steel negotiations were a real eye opener for auto companies because steel companies broke with tradition and refused to commit to long term contracts to supply steel. Steelmakers also placed limits on volume in some cases.
Japan's steel output this year to be highest ever
According to forecasts by Mizuho Investors Securities Co and Deutsche Securities Inc, Japans Japan's steel production at 120 million tonnes this year may surpass 1973's record of 119 million tonnes as expansion in the world's 2nd biggest economy is driving demand of steel.
Japan Iron & Steel Federation said last month that Japan's crude steel production rose by 2.7% from a year earlier to 106.2 million tons in the first 11 months of the year. The ministry of economy, trade and industry said in December end that output in 2006 is projected to be 116 million tons, the 3rd highest on record.
As per reports, Japans domestic steel demand will continue to be brisk because of an increase in demand for high end steel products, especially for the auto sector. Domestic production by the country's 12 automakers jumped by 7.4% to 1.03 million units in the month, the Japan Automobile Manufacturers Association said last month and Exports rose for the 16th month. Mitsubishi Heavy and other shipyards in Japan received 29% more orders in the first 11 months of 2006.
Mr Toshihiko Fukui governor of Japans Central Bank on January 12th said that Japan's economy will keep growing this year, adding to the longest expansion since World War II.
ATI announces expansion plans for Washington PA plant
Allegheny Technologies Inc announced it plans to expand its titanium and specialty plate plant in Washington Pennsylvania.
ATI said that the $60 million expansion will be undertaken to meet growing demand from the aerospace and defense, chemicals, oil and gas, and power markets. The project is expected to be completed in the second quarter of 2008, Allegheny Technologies said.
Pittsburgh based ATI is a maker of steel and titanium products for the aerospace, defense and chemicals industries.
Rio's posts 7% increase in iron ore put in 2006
World's 3rd largest mining company Rio Tinto Group posted a 7% rise in full year iron ore production to 132.78 million tonnes during 2006, with quarterly production up by 8 % YoY to 35.1 million tonnes. Rio Tinto's production of hard coking coal decreased by 18 % YoY in 2006 to 5.909 million tonnes, with a 12% dip in the fourth quarter as compared to Q3.
Rio said that 4th quarter iron ore production was 2% QoQ lower as compared with the previous quarter, primarily due to the impact of maintenance activities and hard coking coal decline was due to lower volumes at Kestrel from operating in the zone of a known fault line.
36 miners trapped in flooded Haolaigou iron ore mine
Xinhua has reported that 36 miners are trapped in Haolaigou Iron Ore Mine in Donghe District near the city of Baotou, which was flood shortly after midnight on Wednesday when miners were changing shifts and only 11 miners escaped.
A special taskforce has been assembled and rescuers are going all out to pump water out. Rescuers estimated that water was 3 meter to 4 meters deep in three 150 meter shafts. Two water pumps are in operation and rescue headquarters has sought extra equipment from Shenhua Group Corp. Ltd.
Chaoyue Mining Co. Ltd of Baotou City is a private company created in 2001 and owns Haolaigou Iron Ore Mine, which is capable of producing 100,000 tons of fine iron ore a year.
China's zinc consumption to rise by 4.5% in 2007
Interfax, citing Mr Lei Wanjun an analyst at Great Wall Securities, reported that China's zinc consumption will rise 4.5% to 3.1 million tonnes in 2007 resulting in a supply shortage of around 370,000 tonnes.
Mr Lei said "Zinc consumption will maintain its rapid growth in 2007, which may push average prices higher to around RMB 32,000 (USD 4,156) in 2007. Technical upgrades and industrial consolidation in the domestic steel industry will boost zinc consumption this year. Zinc prices in the Chinese physical market stand at around RMB 31,000 (USD 4,025) in the current market.
China's galvanized sheet output grew by 40% per year during the past three years. Current domestic capacity stands at 10 million tonnes, up by 45% over 2005 and is expected to exceed 15 million tonnes by the end of 2007.
World zinc output reached 10.669 million metric tonnes in 2006. China's output was 2.75 million metric tonnes, and it been the largest zinc producing country in the world for 15 straight years. China became a net zinc importer in 2004 and imported about 400,000 tonnes zinc per year in the past couple of years. China's net imports of zinc products, including mined output called concentrates, were at 860,000 tonnes last year.
Mittal Steel Zenica to increase output by 20% in 2007
Reuters has reported that Bosnia's largest steel maker, Arcelor Mittals unit Mittal Steel Zenica, aims to boost its 2007 output by about 20% to 650,000 tonnes of finished products and 600,000 tonnes of liquid steel and double exports in 2007 from 377,000 tonnes in 2006.
Mittal Steel Zenica now has annual production capacity of 800,000 tonnes following the installation of a new 100 tonne electric arc furnace in 2005.
This plant had output of 1.8 million tonnes a year before it collapsed during the Bosnian war and now Mittal Steel Zenica plans a new investment to restart integral production that will enable total output of about 2 million tonnes a year and also expand the product portfolio with slabs and new long products.
Mittal Steel Zenica produced 540,000 tonnes of finished products and 490,000 tonnes of liquid steel in 2006, 56% and 70% up respectively from 2005. Arcelor Mittal raised its stake to 92% from 51% for USD 98 million last year. The company exports forgings, bars and rods to the countries of the former Yugoslavia and the European Union. Arcelor Mittal also owns since 2004 a majority stake in the Ljubija ore mines in northwestern Bosnia which supplies the Zenica plant with iron ore.
Applebaum sees rise in prices of long products in US
Platts has reported that, according to the latest report released by Michelle Applebaum Research, US long product steel prices are poised to rise.
The report said "While relative prices for US steel [all products] vs. global competitors have continued to decline, making domestic steel cheaper and imported steel more expensive, increases announced yesterday by Nucor on long products will help slow this trend."
Michelle Applebaum Research also expects, sometime in February, a reversal in the trend that has seen flat rolled prices in the US decline, while increasing elsewhere.
TMKs Seversky starts commercial production of OTTG-M pipes
Russian pipe giant TMKs Seversky Tube Works has brought to a commercial status the production of OTTG-M plant pipes in diameter 250.8 mm and wall thickness 15.88 mm, thread connected. No pipes of this standard size had been produced in Russia on the industrial basis before this development.
The OTTG-M pipes in diameter of 250.8 mm with wall thickness of 15.88 mm, are extremely gas tight and highly bearing strain resistant for used in the wells of petroleum, gas and condensed gas fields in the extreme North under temperatures of down to 60C and with high inter stratum pressures.
As per release, the pipes of a new standard size, manufactured under order from OAO Gazprom affiliated company OOO Burgaz, have successfully undergone industrial testing and operational parameters of the pipes have been positively assessed by an expert committee of OOO Tyumenburgaz and research institute OOO VNIIGAZ.
The production of these pipes has been brought to a commercial level by Seversky Tube Works within the framework of implementing the Research & Technology Cooperation Programme between TMK and Gazprom. The Programme is directed at coordinating the companies' efforts involving the launch of import replacement and new type pipe products with high technological and economic parameters to cater for the needs of Gazprom.
US crude steel output last week up by 4.9% WoW
According to the American Iron and Steel Institute US crude steel production for the week ending January 13th 2007, USs raw steel production was 1,881,000 net tons while the capability utilization rate was 80.5%. Production was 2,077,000 tons in the week ending January 13, 2006, while the capability utilization then was 85.6 percent. The current week production represents a 9.4% decrease from the same period in the previous year.
Production for the week ending January 13, 2007 is up 4.9% from the previous week ending January 6, 2007 when production was 1,792,000 tons and the rate of capability utilization was 76.7%.
Adjusted year to date production through January 13th 2007 was 3,673,000 tons, at a capability utilization rate of 78.6%. That is an 11.3% decrease from the 4,141,000 tons during the same period last year, when the capability utilization rate was 85.6%.
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.
CVRDs Minerao On Puma awards contracts
Companhia Vale do Rio Doces subsidiary Minerao On Puma has started hiring Brazilian companies for its On Puma Project and has awarded contracts worth BRL 464 million.
On Puma Project involves the development of nickel laterite deposits in the municipalities of Ourildia do Norte at S Felix do Xingu and Parauapebas in Parstate at an investment of USD 1.437 billion.
Study for infrastructure needs in South Australian mining sector
It is reported that South Australian Chamber of Mines and Energy's study of infrastructure needed around the state for the resources sector is on the verge of being finished.
Mr Andrew Blue acting CEO of the chamber said that it will show what the state will look like 20 years from now based on known resources and mining ventures and will project the road, energy, housing, school and recreational needs to cater for the industry.
Mr Blue said "It's one thing to have a huge discovery, but most of them are in the far flung areas of the state, with no infrastructure whatsoever. So the costs of providing that infrastructure for the companies could make or break whether or not it becomes a mining production."
United Co Rusal gets Russian regulator approval
The merger between OAO Rusal, OAO Sual Group and the alumina unit of Glencore International AG has received the approval of Russias antitrust regulator.
Mr Igor Artemyev head of the Russias Federal Antimonopoly Service has made a decision in principle to approve the deal and a notification confirming the decision will be delivered within two weeks. Mr Artemyev said "This move will strengthen Russias role as a fully fledged participant in international economic integration and encourage growth of its influence on the global market."
The merge will create a company, known as United Company Rusal, of which 66% will be owned by Rusal shareholders, 22% by Sual and 12% by Glencore. Rusla will be capable of smelting 4 million tonnes of aluminum per year, more than current world leader Alcoa Inc. The company, should be operational by April 1 and aims to boost output capacity by over 60% in the next eight years by expanding existing plants and adding smelters in Siberia.
Timken ties up with Daido to expand its Canton steel plant
The Timken Co will spend USD 60 million and partner with a Japanese bar manufacturer Daido Steel Co Ltd to expand its steel making facilities in Canton with an aim toward supplying Japanese automakers such as Toyota, Honda and Nissan. The expansion, which will make small bar steel at the Harrison Steel Plant, is expected to start in June and will be completed by mid 2008.
The new plant will enable Timken to make differentiated steel products down to one inch diameter. The steel can be used in such things as power transmission and friction management for rapidly growing automotive transplants such as Honda and Toyota.
Mr Salvatore J Miraglia Jr president of Timkens Steel Group said We welcome this opportunity to work with Daido. We have already made investments to expand our large bar capabilities to an industry leading 15 inch outer diameter. With the new small bar project, we will be extending our capabilities down to one inch diameter, giving us an unmatched size range of alloy steel bar products in North America.
Union gets mandate for strike at Xstratas Sadbury complex
Metals Insider reported that unionized workers at Xstrata Nickels Sudbury operations in Ontario voted overwhelmingly to give their bargaining committee a strike mandate in the event that talks fail to produce an acceptable labor contract offer ahead of the January 31st 2007 deadline.
The report said that negotiations so far seem to have largely centered on contract language but can be expected to broach the core financial package very shortly.
The Sudbury mines produced 19,700 tonnes of nickel in concentrate in 2005, while the divisions smelter produced 52,600 tonnes of nickel in matte, which is processed at the Nikkelverk refinery in Falconbridge.
Sandvik acquires Australian Shark Abrasion Systems
Sandvik has reached an agreement to acquire Perth based Shark Abrasion Systems Ltd.
Shark Abrasion Systems Ltd is engaged in development and production of wear parts for underground loader buckets. In 2006 Shark had sales of approximately SEK 70 million (AUD 12 million) with 10 employees. The operation will be consolidated into the Sandvik Mining and Construction business area from 17th January 2007.
Currently, Sandvik is the exclusive distributor of these products and through synergies, the acquisition provides the conditions for continued growth through strengthened research and development and access to Sandvik's global sales organization.
Mr Lars Josefsson president of Sandvik Mining and Construction said that The acquisition in line with Sandvik's long-term strategy for profitable growth. Through the acquisition, we intend to develop a global business for these products. In addition, it broadens offering to the global aftermarket."
Mechel announces change in shareholder structure
Mechel has announced that Mr Igor Zyuzin CEO of Mechel has acquired Mechel Chairman of the Board Mr Vladimir Iorich's stake in the company in accordance with the previously announced agreement between shareholders.
Mr Zyuzin increased his stake in Mechel to 71.62% as of December 31st 2006 in full accordance with the agreement between core shareholders regarding Mr Igor Zyuzin's acquisition of Mr Vladimir Iorich's stake in Mechel OAO. Since December 2006 Mr Vladimir Iorich has held the position of the chairman of Mechel's board of directors. Mechel's free float currently exceeds 23% of its total shares outstanding.
Mechel is one of the leading Russian mining and metals companies. Mechel unites producers of coal, iron ore, nickel, steel, rolled products, and hardware. Mechel products are marketed domestically and internationally.
2006 FDI in China tops USD 63 billion
Xinhua has reported that foreign direct investment into China during 2006 crossed USD 63 billion up by 4.47 % over 2005 but only if the financial sector is excluded from the calculation.
As per report a total of 41,473 new foreign-funded companies were set up in China last year, a drop of 5.75 % from 2005, But if the financial sector defined as banking, insurance and securities are included, the FDI used in China stood at USD 69.47 billion last year fall of 4.06% from 2005 including the financial sector, there were 41,485 new foreign-funded companies established in China last year, a drop of 5.76 % from the previous year.
Mr Bo Xilai commerce minister of China said that China would make effective use of foreign funds and make the service sector a key area to attract foreign investment.
Zamil Steel appoints Mr Mansour as president
Zamil Steel has appointed Mr Adnan A Al Mansour as president from his previous position as executive VP during the last three years.
Mr. Al Mansour, a civil engineer from King Fahd University of Petroleum and Mineral, joined Zamil Steel in 2003 as VP and was promoted to the position of Executive Vice President on May 1st 2005.
Mr Khalid Al-Zamil MD of Zamil Industries said that Mr Al Mansour belongs to a class of visionary leaders. An effective communicator and strategist, he has played an integral role in driving the long term competitiveness of Zamil Steel. As president he will lead development activities to further develop and expand our business across the world.
Mr. Al Mansour said I am honored to be leading Zamil Steel in my new capacity. Our focus this year will be on further enhancing our capabilities and market reach by capitalizing on our 2006 performance achievements, by making ongoing investments at all levels and by commencing operations of our new factories in the UAE, India and Vietnam, and by those of our expanded factory in Egypt.
