Essar Steel, which has signed MoU with Chattisgarh government for setting up a 3.2 million tonne steel plant in Bastar Region, has received permission from central government to conduct prospecting work in Deposit No 3 in Bailadila hills. The state government is sending a proposal to the central government for forest clearance as the area is forested.

Chattisgarh government had decided in November 2006 beginning to recommend to the central government for grant of lease for Deposit No 3 to Essar Steel for excavating 32 million tonnes of iron ore.

Dr Raman Singh CM of Chattisgarh told the state assembly that Essar Steel has to fulfill all conditions laid down by the government where the mining lease will not be granted to the company if it fails to set up its plant within the scheduled deadline. Dr Singh informed that as many as 36 parties applied for mining lease of Bailadila deposit No 3 and out of which 35 were rejected as they do not have plans to set up units in the Bastar Region or had sought direct mining lease instead of prospecting license.

The Workers Federation of the National Mineral Development Corporation Ltd has opposed the Chhattisgarh Government's move of taking away NMDCs lease for Bailadila Deposit No 3 and allots to Essar Steel and said that the workers will oppose the entry of Essar or any private party in Bailadila complex to weaken NMDC.

Bailadila has huge quality iron ore stocks that have been divided into 14 sections and so far only NMDC has been excavating iron ore from some of the blocks.

CARE, which had previously rated long term bonds of Indian Iron & Steel Company Ltd, now merged with Steel Authority of India Ltd, has retained CARE AAA (SO) rating to these Long Term Bonds which now appear in the books of SAIL for an outstanding amount aggregating INR 64 crore.

Payment of interest and repayment of principal on these bonds are secured by an unconditional and irrevocable guarantee from ministry of steel of the government of India through a structured payment mechanism. Rating is based primarily on credit enhancement for bond issue in form of guarantee from Government of India.

IISCO was incorporated in 1918 as a private sector company. In July 1976, it was nationalized and made a subsidiary of SAIL. IISCO has been merged with SAIL since April 1st 2005 and is called IISCO steel plant.

It is reported that Arcelor Mittal is still ready to invest USD 9 billion to set up a steel plant in Jharkhand only if supplies of iron ore can be guaranteed.

Mr Sanjeev Sengupta of Arcelor Mittals Indian operation after meeting Mr Madhu Koda chief minister of Jharkhand in New Delhi told media that After getting reasonable assurances for the mines, we are ready for investment. We are keen, they are keen and we have to reach a position where we get the iron ore." He said that Arcelor Mittals representatives would meet the state government soon to discuss these issues as a follow up soon.

Mr Sengupta had earlier told The Telegraph that the company officials recently made a survey of the Ankua mines which have reserves of 400 million tonnes and were offered to Arcelor Mittal by the Jharkhand government. He said However, we found that Ankua mines may not be suitable for mechanized mining nor it had adequate iron ore reserve. Being an open cast mine, it was also not possible for mining in rainy season there.

Jharkhand state government official said there was no problem in giving the Arcelor Mittal mining lease but added that it was mainly interested in Steel Authority of India Limiteds Chiria iron ore deposits.

Arcelor Mittal has signed a MoU with the Jharkhand government on October 8th 2005 and has been working out the details for the project including the supply of raw materials requirement of 600 million tonnes of iron ore over the next 30 years.

Indias 5 major ports Visakhapatnam, Chennai, Mumbai, Kolkata and Kandla are poised to cross the 50 million tonnes each of traffic handling during 2006-07 for the first time. The 12 major ports have handled 378.89 million tonnes of traffic during April to January 2007 as against 348.05 million tonnes during April to January 206 which is almost 9% increase.

Mr TR. Baalu union minister of shipping, road transport & Highways called upon the chairpersons of all ports to vigorously take up the execution of projects under National Maritime Development Program to ensure completion by 2011-12. He urged then them to prepare a work plan and undertake weekly review of the NMDP projects and bring the problem areas to his notice so that corrective action can be taken expeditiously.

He also asked the officials to prepare a compilation of projects pending with various arms of the Government like Planning Commission.

Mr Thiru Baalu also called for enhanced security measures for the Major Ports in the wake of possibility of terrorist attacks on vital installations. He said that modern equipment and latest technology should be deployed for Container Cargo Scanning to ensure security arrangements apart from the facilities in place for the custom purposes.

Rashtriya Ispat Nigam Limiteds Visakhapatnam Steel Plant has conferred Jawaharlal Nehru awards to its 71 employees for their outstanding service to the organization during the year 2006. Mr Y Siva Sagar Rao CMD of RINL presented the awards at recently organized function to celebrate silver jubilee of RINL.

RINLs other directors Mr PK Bishnoi, Mr KA Naidu, Mr HS Chhatwal and Mr PK Misra also presented awards to the teams of Central Maintenance Mechanical department, Central Stores department, Utilities, Wire Rod Mill departments for implementing the Integrated Work Place Management.

Jindal Stainless Ltd has announced that Mr Ashis Das MD & COO of Orissa Division has resigned with effect from February 28th 2007 and that its board of directors has inducted Mr NP Jayaswal as ED with effect from March 1st 2007.

Mittal Investment will invest INR 3,200 crore to acquire 49% stake in Hindustan Petroleum Corporations INR 16,700 crore Sri Guru Gobind Singh Refinery at Bathinda. Mr Mittal has picked up the stake a year after British Petroleum pulled out of the project after signing an initial agreement after Saudi Aramco of Saudi Arabia exited the project in 1998. The proposed JV requires approval from the Foreign Investment Promotion Board as well as Cabinet Committee on Economic Affairs as only 26% foreign direct investment is allowed in state owned refineries.

The JV would also lay a 1,100 kilometer crude oil pipeline from Mundra port in Gujarat to Bathinda and build a crude oil terminal and associated facilities at an estimated cost of INR 3,500 crore. The refinery will have the capability to process heavy crude, which will be sourced from South America and East Africa. A polypropylene unit is also likely to be set up in the refinery site where HPCL will market the products from the refinery.

Mr Murli Deora Petroleum Minister said that both HPCL and Mittal Investment will hold 49% stake each and financial Institutions will own 2% in the joint venture in which where HPCL has already invested about INR 500 crore so far. Mr Deora said that before completion of the refinery project, Oil India would also be inducted as a partner. In the event of a possible divestment of stake by HPCL, Mittal Investment will have the option to buy the shares held by HPCL at a price determined by experts.

Mittal Investments is wholly owned by the Mr LN Mittals family and is registered in Luxembourg. It holds about 38% in Mittal Steel.

National Thermal Power Corporation Ltd announced that it has signed MoU on February 20 2007 with KYUSHU Electric Power Company Inc Japan for establishing a strategic alliance.

Under the agreement, experts and information from different areas of the business will be exchanged to promote mutual understanding of the systems, policies, business planning & management and various best practices used by the parties to achieve goals and for exploring the possibility of joint business development.

The Consultative Committee of the Member of Parliament under the ministry of power met under the chairmanship of Mr Sushi Kumar Shinde to discuss the development of National Grid by interconnecting all the regional grids.

Mr Shinde informed that at present no other country in the world has a National Grid not even USA. He said that the capacity of Indias National Grid which stands at 11,500 MW and would be enhanced gradually to about 18,400 MW in 2007 and to more than 37,000 MW by 2012.

Mr Shinde said that with capacity addition of 9% per annum an efficient transmission and distribution system is the need of the hour. He said that starting with 1362 MW at the time of independence the country today has the installed capacity of about 128,000MW and considering the accelerated growth and commitment to provide electricity to all by 2012 another 70,000 MW need to be added.

It is reported that century old Kalyani KR Steel Union Ltd in Nadia has resumed production from February 16th 2007 after 3 year of shutdown. Mr Sahoo state power minister of West Bangal inaugurated the resumption of production in the presence of about 300 employees.

The factory closed down three years back on 30 March, 2004 after the company had put up a notice suspending operations for an indefinite period due to huge losses incurred. After two years, on July 28th 2006, a bipartite meeting between the companys management and the trade unions was held and it was decided had been decided that the factory would start functioning again from the first week of August, 2006 while the production would start from October 2006. But the reopening of the factory was delayed due to a series of discussions regarding the benefits, terms and conditions of employment of casual and permanent staffs took place between the trade unions and the factory management during this period.

Kalyani KR Steel Union Ltd is a producer of structural and rebars.

World crude steel production for the 64 countries reporting to the International Iron and Steel Institute was 107.900 million tonnes in January 2007, which is 13.5% higher than for January 2006.

The growth in crude steel production during January 2007 among regions was again led by Asia which registered growth of 20.1%. European Union (27), CIS (6), Africa, Middle East and South America also registered YoY positive growth of 14.3%, 11%, 7.6%, 3.2% and 2.3% respectively in January 2007. North America and Oceania witnessed negative growth of 0.5% and 4.2% respectively in January 2007.

In million tonnes
Source IISI

Among the top 20 nations, China as usual stood first with 38.398 million tonne production of crude steel registering tremendous growth of 27.3% YoY as compared to January 2006. Germany and Spain also registered YoY growth of 25.6% and 25.4% respectively.

In million tonnes
Source IISI

From January 1st 2007, Morocco has begun to report its crude steel production figures to IISI. Although Bulgaria does not report on a monthly basis, a monthly estimate based on the annual production figure has been included in the Other EU(27) category as The European Union expanded to 27 member countries with the addition of Bulgaria and Romania from January 1st 2007. This brings the total number of reporting countries to 64. These countries represented 98% of world crude steel production in 2006.

According to Russian paper Rossiiskaya Gazeta, Russia will impose an anti dumping duty of 84 euro cents (USD 1.10) on each kilogram or EUR 840 per tonne of stainless steel with a nickel content of 2.5% or higher originating from European Union from March 20th 2007 for a period of 3 years.

The Russian Economy Ministry started the anti dumping probe against European steel on October 27th 2004 following a complaint filed by the Mechel steel groups Chelyabinsk Iron & Steel Works on behalf of Russian stainless steel producers.

Russian steel producers claimed that imported stainless steel was being sold in Russia for half its price on the EU market. The companies suspected European producers of price dumping, citing import prices for Russia as USD 708 per tonne as compared to USD 1,657 per tonne on European markets and its imports increased by 50% a year in 2003 and 2004. Russian ministry in November 2005 had recommended AD of EUR 800 a tonne on stainless steel originating in the EU.

The European Commission expressed concern over the Russian governments decision and said the measures do not quite comply with the obligations that Russia is undertaking entering the World Trade Organization. The citation of the import price which Russian calls dumping is based on false information, the EU insists.

The Russian government's decision will benefit the country's biggest producer of stainless steel products Mechel, which had revenue of RUB 101 million or about 4% of total sales from stainless steel products in 2005.

European steelmakers likely to be affected by the duties include Arcelor Mittal and Outokumpu Oyj though the impact on their sales is likely to be marginal because Russia's market for stainless steel sheet is small.

USs department of justice announced that it will require Mittal Steel Company to divest its Sparrows Point facility located near Baltimore in Midland to remedy the competitive harm arising from Mittal Steels recent acquisition of Arcelor. The department said the acquisition, as originally proposed, would have substantially lessened competition in the market for tin mill products in the eastern United States.

Mr Thomas O Barnett Assistant Attorney General in charge of the Departments Antitrust Division said With the divestiture of Sparrows Point, competition in the market for tin mill products in the eastern United States will be preserved.

On August 1st 2006, the Departments Antitrust Division filed a civil lawsuit in US District Court in Washington DC to block Mittal Steels proposed acquisition of Arcelor. At the same time, the Department filed a proposed consent decree that, if approved by the court, would resolve the lawsuit and the departments competitive concerns.

To remedy the Departments competitive concerns, the proposed consent decree required Mittal to divest a steel mill that supplied tin mill products to the eastern United States. Mittals first obligation was to attempt to divest Dofasco Inc, a Canadian company owned by Arcelor. However, the proposed consent decree anticipated the possibility that Mittal Steelmight be unable to sell Dofasco because Arcelor had, in an attempt to defeat Mittal Steels hostile takeover bid, placed legal title to Dofasco into a Dutch foundation, the Strategic Steel Stichting. Therefore, in the event the sale of Dofasco could not be carried out as required, the proposed consent decree gave the Department the right to select for divestiture either Mittal Steels Sparrows Point mill or its Weirton mill located in Weirton.

The Department has determined after a thorough review that, among these two alternate facilities, the divestiture of Sparrows Point will most reliably remedy the anticompetitive effects of the acquisition. The Department said that Sparrows Point is a profitable and diversified facility that has the capacity to produce more than 500,000 tons of tin mill products annually. Sparrows Point currently operates as an integrated facility that produces the steel slabs used in the manufacture of tin mill products and, unlike the Weirton mill, would not have to develop new sources of supply for this critical input upon its separation from Mittal Steel.

The US International Trade Commission determined that revoking the existing antidumping duty order on clad steel plate from Japan would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time.

As a result of the Commission's affirmative determination and the Department of Commerce's recent affirmative finding, the existing order on imports of this product from Japan will remain in place.

This action comes under the 5 year sunset review process required by the Uruguay Round Agreements Act, which was instituted on October 2nd 2006 and the Commission voted to conduct an expedited review on January 5th 2007.

The European Commission announced that it has cleared steel company Evraz Group SA's proposed acquisition of South Africa's Highveld Steel and Vanadium Corp Ltd subject to certain conditions.

EU said that it found that the transaction as initially notified would give rise to competition concerns at all levels of the vanadium value chain. Now Evraz has offered to divest an equity interest or a proportion of Highveld's large iron and vanadium mine at Mapoch in South Africa, together with Highveld's vanadium oxides and vanadium finished products activities also based in South Africa.

The commission said that The remedies would eliminate the merged entity's ability and incentive to exploit its strong position in vanadium feedstock and remove all overlaps between Evraz and Highveld for vanadium oxides and vanadium finished products. The commission said the transaction would not significantly impede effective competition in the European Economic Area.

In mid July 2006, Evraz and Credit Suisse said they have each acquired 24.9% each of Highveld from Anglo American. Highveld is a steel producer in South Africa and is also active in the production of various vanadium products.

Metal Management Inc announced that it has entered into a definitive agreement to acquire substantially all of the assets of TIMCO Scrap Processing Inc. Financial terms of the transaction were not disclosed. The acquisition is being funded with Metal Management's cash on hand and is expected to close during the company's current fiscal quarter. Mr Ron Moore president of TIMCO will remain with Metal Management following the close of the transaction.

TIMCO, a privately held company established in 1935, is a full service metals processor and supplier serving Texas and specifically the greater Houston area. TIMCO operates a water-based scrap facility and has 6 mobile shears, a Sierra ferrous baler and material handling equipment. TIMCO handles approximately 120,000 tons of ferrous scrap metals each year. TIMCO has long standing customer relationships that fit well in Metal Management's already large portfolio of industrial customers in Houston.

Mr Daniel W Dienst chairman, president & CEO of Metal Management said "The acquisition of TIMCO will broaden our already strong platform in the Houston area, which supports scrap generators and dealers throughout Texas. With its facility situated with access to the Inter coastal Waterways, TIMCO fits neatly into our portfolio of businesses that support consumers who receive scrap via water. We look forward to welcoming TIMCO and its customers to the Metal Management family."

Mr Moore stated "I look forward to joining the Metal Management family and becoming a part of one of the world's largest scrap metal recyclers with an outstanding reputation in Houston and across the United States."

South Korea based the world's leading shipbuilder Hyundai Heavy Industries Co announced that it has agreed to a USD 25 per tonne price increase to reach USD 625 per tonne for import of ship building quality plates from Nippon Steel beginning this April and running through to March 2008.

Hyundai plans to import about 900,000 tonnes of SBQ plates from Japan and about 700,000 tons from China as against its total requirement of about 3.2 million tonnes in 2007.

Other South Korean shipbuilders such as Daewoo Shipbuilding & Marine Engineering Co and Samsung Heavy Industries Co are expected to follow suit in their price negotiations with the Japanese steelmakers because Hyundai Heavy's buying price has been viewed as a guideline. The world's top three shipbuilders plan to import a total of 1.45 million tons of ship steel plates.

South Korean steelmakers such as POSCO and Dongkuk Steel Mill Co are also expected to jack up prices of ship steel plates.

Dubai Multi Commodities Centre has announced that it will focus on the development of the steel and base metals sector ahead of the launch of the steel futures contract to be traded on the Dubai Gold and Commodities Exchange. DMCC has appointed Mr John A Short, ex Dufferco and Stemcor, as executive director to lead the development and launch of the Steel Rebar Futures Contract in early May 2007.

The Dubai steel contract will be for 10 tonnes of grade W460 reinforcing bar of 12 meters and will be priced in dollars per tonne deliverable to warehouses in Dubai and possibly Abu Dhabi.

Dr David Rutledge CEO of DMCC said that The steel and iron industry in the Middle East has witnessed significant growth in recent years with a 41.5% increase in the production of steel between 2000 and 2005. Driven by the establishment of huge infrastructure projects in the region, the GCC states are also among the leading consumers of steel and iron products in the world today. Individual consumption in the GCC states reaches over 378 kilogram of steel per person annually against the global average of 182 kilogram.

He added that Regional investment in this sector has risen considerably in the last five years with a total of USD 2.84 billion invested in steel and iron factories across the GCC. Regional leader Saudi Arabia is currently home to 22 such factories followed by the UAE with nine units. Exports and re exports from the UAE have also witnessed high annual growth rates of 23% and 20 % respectively in the last 5 years.

The London Metal Exchange also aims to have futures contracts up and running by the end of 2007 with Platts steel prices index forming the basis. The New York Mercantile Exchange is also working on a futures contract based on World Steel Dynamics' SteelBenchmarker pricing series as basis. Chinas Shanghai Futures Exchange is also looking at contracts for rebar and steel wire.

ThyssenKrupp Steel AG has awarded Tenova the contract for engineering, fabrication erection and commissioning of one bilateral heated walking beam furnace for its hot strip mill at Bochum in Germany. In addition SMS Demag will upgrade the roughing train. The start up of the complete equipment will be in February 2008 and is expected to increase output substantially.

The new furnace is designed for a capacity of 250 tonnes per hour to heat up slabs with different qualities and is equipped with FlexyTech Low NOx high speed and roof radiant burners.

The furnace will be connected in series with three existing furnaces with the purpose to increase the mill load capacity and fulfill the highest conditions in terms of homogeneity of temperature, scale losses efficiency and emissions control.

The vote of the European Parliament on February 13th 2007 on the Waste Framework Directive increases the consistency of the proposal particularly by improving several concepts that are key to EU waste policy. The vote goes far beyond the scope of framework legislation by setting a strict waste hierarchy with rigid and burdensome conditions of implementation.

The adoption of a definition of recycling based on the concept of a material to material loop will ensure that primary resources are saved in a sustainable way by incorporating the material into new products. Such a definition will also prevent those recovery processes leading to the destruction of the material being wrongly classified as recycling.

The amendment provides the appropriate framework to designate those materials and substances qualifying as by products. Placed on the market, byproducts will automatically become subject to registration under the REACH regulation and therefore a high level of protection for human health and the environment will be ensured. While it is in the very nature of a framework to provide clear definitions and objectives, several amendments seem to be going beyond the role of such legislation. This is notably in the case of amendment n o14 which not only sets a rigid waste management hierarchy but most regrettably subjects the deviation from this hierarchy to a heavy and costly procedure.

The European steel industry, represented by EUROFER and APEAL, welcomed the definition of recycling and the article on by products as proposed by the Parliament. Both improvements will strengthen the legal certainty and prevent further litigation. Concerning by products, the introduction of an article to better distinguish between byproducts and waste is welcomed as it will guarantee the legal certainty needed for these valuable resources.

Mr Jean Pierre Debruxelles Technical Director of EUROFER considers that the waste hierarchy should serve as a guidance to waste management policy but cannot be conceived as a strict rule directly applicable to all waste streams and all national contexts. The same applies to the suggestions that Member States shall adopt separate collection schemes (amendment no 141) and achieve by 2020 recycling and reuse targets of 50% for municipal solid waste and 70% for construction, demolition, industrial and manufacturing waste (amendment no 140).

Consequently, the steel industry calls on the European institutions to ensure that this directive will remain a framework directive, providing an optimum foundation for cost effective and sustainable waste management policies. This can be achieved by setting a clear waste hierarchy but with a broader margin of interpretation when applied to concrete situations.

Australian steel maker OneSteels Project Magnet is likely to be completed during the current financial year but with increase in investment of about 8% to reach AUD 385 million mainly due to cost pressures and a recent flood at Whyalla.

Mr Geoff Plumm Plummer MD & CEO of OneSteel announced that "We'd expect to see the major construction works complete by the middle of this year. The project is on track to ship 4 million tonnes of iron ore next financial year.

Magnet Project involves converting the Whyalla steelworks from hematite to magnetite iron ore thus extending the steelworks' life by about seven years to 2027. When first proposed in 2004 it was expected to cost about AUD 250 million. Once Project Magnet ends, two barges will ferry ore to a floating transfer barge which will load 150,000 tonne Capesize ships about 8 kilometers out in Spencer Gulf.

Japanese nonferrous metal producer Sumitomo Metal Mining announced that it is planning to build a new plant that will process laterite with nickel and cobalt content starting in 2009. The project is likely to be commissioned in 2012.

Mr Koichi Fukushima chairman of Sumitomo Metal during a news conference in Tokyo said that Sumitomo Metal Mining has found a nickel laterite deposit which could annually produce mixed sulfide containing 30,000 million tonnes of nickel and some cobalt. We are in the final stage of negotiations and we would announce where the plant would be sometime in the first half of fiscal 2007.

Mr Fukushima added that his company has been studying laterite deposited bases in Indonesia, the Philippines and New Caledonia.

Ontario Securities Commission has confirmed that it is looking at the reports that Algoma Steel should have disclosed its discussions with Salzgitter AG as its stock prices climbed last week.

Mr Wendy Dey an OSC spokesperson told Reuters that "There's no question that we're aware of this matter and things are progressing or what I should say is we're looking at the matter."

Ms Brenda Stenta manager of Algoma Steel told SooToday.com that she had nothing to say about the OSC scrutiny beyond what the company offered in a February 15th statement that confirmed the early stage takeover talks with Salzgitter.

OSC was asked by Market Regulation Services to investigate Algoma Steel's conduct as its share price approached CAD 57.99 on last Thursday.

Australian steel maker OneSteel has posted net profit of AUD 98.2 million for July to December 2006 up by 16.8% YoY as compared with the same period a year ago. Its revenue rose by 7.3% YoY to AUD 2.15 billion.

OneSteels crude steel production during this period increased by9.6% YoY to a record 877,819 tonnes.

Mr Geoff Plumm Plummer MD & CEO of OneSteel said that the mining and resources sectors, plus solid non-residential construction and engineering construction, were offsetting weakness in other areas. He added that "There continued to be some regional weakness in NSW and Victoria as well as sect oral weakness in the manufacturing, rural, automotive and residential construction segments. The international steel market remains very fluid."

OneSteel said it was comfortable with current market expectations, forecasting full year net profit at about AUD 195 million up by AUD 7.5 million.

Standard & Poor's Ratings Services announced that it has upgraded its long term corporate credit rating for POSCO to A from A- reflecting it's continued leadership and pricing power in the domestic market. S&P cited that POSCO's strong balance sheet and cost competitiveness which enable it to generate healthy cash flows.

Mr GaYeon Kim credit analyst with S&P said that The upgrade is based on POSCO's improved financial risk profile and the company's enhanced ability to maintain strong profitability and operating cash flow during the industry downturn through cost cutting and product mix improvement.

S&P while referring to POSCOs plan to invest USD 12 billion in India over the next decade said the stable outlook is based on expectation that the steelmaker will be able to maintain its current financial risk profile during the course of aggressive investments.

S&P cautioned that the outlook could be revised to negative if the company's investments increase faster than expected and debt increases substantially, or if POSCO fails to maintain its current dominant position in the domestic and global steel markets. It added that if POSCO successfully diversifies its geographical revenue sources while improving its financial profile and cash flow significantly, the outlook could be changed to positive.

Australian metals recycler Sims Group Ltd has posted a 77% rise in its H1 profit to AUD 120.28 million (USD 94.7 million) from AUD 67.96 million a year earlier due to strong demand for recycled steel, copper and other metals.

Mr Jeremy Sutcliffe CEO of Sims had told shareholders in November 2006 to expect its H1 earnings of between AUD 118 million and AUD 128 million.

FIS reported that Metallinvest Enterprise has increased the production of core products in January 2007.

It produced 3.29 million tons of iron ore concentrate in January 2007 up by 5% YoY, 1.77 million tons of pellets up by 8.5% YoY, 0.092 million tonnes of hot briquette iron up by 4% YoY, 0.226 million tonnes of agglomerate up by23% YoY and 0.058 million tonnes of blast furnace ore up by 26% YoY.

South Africa's African Rainbow Minerals Ltd has announced that it increased its headline earnings by 318% YoY to ZAR 548 million during July to December 2006.

ARM however added that a strike that lasted more than three weeks at the Modikwa platinum mine which ARM jointly owns with Angloplat had led to a loss of production of 10,500 ounces of platinum and revenue of about ZAR 125 million.

ARM is the country's second biggest black owned mining firm listed on the Johannesburg bourse with interests in coal, iron ore and a stake in gold producer Harmony.

GVM Metals owner of various South African coal projects announced that it would place 8.3 million new shares at 30 pence a share to raise GBP 2.5 million.

GVM said that the placement would be made with London based investors and the funds raised would be used for the acquisition of 50% of Baobab Mining & Exploration, which owns and mines the Baobab coal properties, located some 40 kilometer south of GVM's existing properties on the Limpopo River.

GVM announced in December last year that it would raise its stake in Baobab Mining & Exploration by 50% for GBP 2,5 million in cash, bringing its holding in Baobab to 100%.

GVM also expressed plans at the time to acquire a 51% shareholding in Holfontein Investments, which owns the Holfontein coal project in Mpumalanga and a 100% interest in three prospecting licenses, adjacent to the Baobab coal project in Limpopo.

Canadas Teck Cominco Limited has been informed that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid for its Class B subordinate voting shares.

Teck Cominco announced its proposed share buy back program on February 12th 2007. The buy back program will commence on February 22nd 2007 and will terminate on the earlier of the date on which Teck Cominco has acquired 20 million shares and February 21st 2008.

Purchases will be made from time to time at the prevailing market prices of the Class B shares as traded on the Exchange and any Class B shares purchased will be cancelled. The actual number of Class B shares to be purchased and the timing of any such purchases will be determined by Teck Cominco from time to time as market conditions warrant.

Teck Cominco is a diversified mining company, headquartered at Vancouver in Canada. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold and specialty metals.

Nippon Steels plate processing subsidiary Komatsu Shearing announced that it will bring a new plant on stream at Nomi in Ishikawa Prefecture in June 2007.

As per report Komatsu is investing JPY 2 billion for this project's land, buildings and equipment. Although it has not disclosed the plant's specific production capacity it has said the new facility will increase output capacity by 20%.

Komatsu Shearing is boosting output to keep pace with production increases by Komatsu and other client construction machinery manufacturers. Most of the production will be supplied to Komatsu Ltds Awazu plant in Ishikawa Prefecture.

Australian nickel miner Mincor Resources announced that it has posted consolidated pre tax profit of AUD 52.6 million during July to December 2006 quadrupling YoY. Mincor's consolidated sales doubled YoY to AUD 145.4 million from AUD 78.1 million in July to December 2005.

Mincor's nickel concentrate production volume rose marginally during the period as its production was 6,888 million tonnes of nickel in concentrate in the July to December 2006 period as compared with 6,754 million tonnes of nickel in concentrate.

Concentrate production at Mariners Nickel Mine doubled and the ore grade improved, while three other mines saw falling nickel content in the concentrates.

In India, Coal has been recognized as the most important source of energy for electricity generation. Industries such as steel, cement, fertilizers and chemicals are major sectors of coal consumption. Coal Production is primarily directed by public sector undertakings.

RNCOS' report "Indian Coal Industry: Opportunities for Growth (2006)" provides extensive research and objective analysis of the Coal Sector in India to help analyzing the opportunities, challenges and the drivers critical to the growth of coal sector in India.

Its industry performance section covers the various aspects of the Indian coal industry such as production, consumption, Export & Import and pricing.

The report also addresses the issues and the facts that are critical to business success such as the emerging trends in the Coal sector in India, private players & their investment activities, challenges faced by the industry and the emerging technologies in the coal Mining Industries.

If you are interested to know more about it please visit http://www.steelguru.com/coalreport/index.php or send a mail at research@steelguru.com.