Arcelor may begin work on its Orissa plant by 2008

Mr Sanak Mishra CEO of ArcelorMittal India Limited said that ArcelorMittal is hopeful of starting work on its proposed 12 million tonne per annum capacity steel mill in Orissa in 2008.

Mr Mishra, while talking on the sidelines of an international conference on Emerging steel scenario in India — Focus Orissa, said that the construction process was likely to begin by mid 2008. He added that progress on the mega steel project was satisfactory and the construction process would begin as soon as the detailed project report gets ready.

Dastur and Co is preparing the detailed project report and is also in the process of preparing a report on the rehabilitation and resettlement measures that it would require to implement the project.

Jai Balaji to offer jobs to land losers in WB

BS quoted Mr Aditya Jajodia CMD of Jai Balaji Industries as saying that it will offer jobs to people displaced by its proposed steel project in West Bengal. He added that the project would create direct employment for 7,000 to 8,000 people and Jai Balaji would try to absorb as many land losers as possible and the rehabilitation package was being worked out.

The INR 16,000 crore 5 million tonnes steel plant, including a 3 million tonnes cement plant and 1,214 MW captive power plant, would require 4,000 acres. The first phase of the project, which would source iron ore fines from the neighbouring states of Jharkhand and Orissa, will be completed in 3 years.

Mr Jajodia said that the acquisition of the land, both private and government, had been initiated by the West Bengal Industrial Development Corporation.

Jai Balaji is the second company, setting up a steel plant in the state, to announce jobs to land losers. JSW Steel, which is setting up a 10 million tonnes plant in the state, has also announced one job per family as part of its rehabilitation package to land losers.

Jai Balaji has also received in principle approval for setting up a special economic zone in West Bengal from the board of approval of the government of India. It will invest INR 450 crore in a steel processing centre in the SEZ.

Indian steel companies to gain from firm global prices

It is reported that Indian steel companies are in for a good time ahead, on the back of rise in commodity prices globally and correction in Chinese prices.

Emkay Share and Stock Brokers said that this up cycle in the industry is likely to benefit TATA Steel, JSW and SAIL. It added that “TATA Steel is the biggest beneficiary of the current cycle followed by JSW because of its acquisition of US operations of Jindal Saw which has a plate mill and pipe mill at Bayton. SAIL will also benefit from the strength in the steel cycle as the domestic prices are benchmarked on the landed import price.”

Recent data from World Steel Dynamics Steel Benchmarker indicate that steel prices have rebounded. Hot rolled coil prices in US and Europe are up moderately in the range of USD 5 to USD 10 per tonne whereas cold rolled coil prices are up USD 10 to USD 15 per tonne. The report added that “We believe the prices will now trend upward as exports from China continue to drift downward.”

China is trying to impose new taxes on steel export as it wants to keep its trade surplus under check which was at USD 24.97 billion in calendar year 2007. It is looking at increasing export tax on billets from 15% to 25%, raise tax on exports of hot rolled coil to 15% and scrap all rebates on export duty of value added products.

Jindal Steel approves 240% dividend

It is reported that members of Jindal Steel & Power at its 28th annual general meeting held on September 28th 2007, have approved declaration of final dividend at 240% or INR 12 a share of INR 5 each, with requisite majority.

Jindal Steel & Power, a part of the INR 180,000 million Jindal organizations, has business interests in steel production, power generation, mining iron ore, coal and diamond exploration or mining. It has set up a rail and universal beam mill producing the world’s longest 120 meter long finished rails for the first time in India.

Recess in Bolivian Senate will delay JSPL project

It is reported that a recess in proceedings of the Bolivian Senate will delay Jindal Steel and Power Limited's steel and iron ore projects in the country. It has committed to invest USD 2.1 billion in 8 years in the project.

Steel Business Briefing said that "A recess in the proceedings of the Bolivian Senate will delay even more the ratification of the joint venture signed between Indian JSPL and the local government to develop iron ore mines and steelworks at El Mutun. The House has no sessions this week and will not start its scrutiny of the contract until next Tuesday."

It added that the deal will be discussed by one or two commissions before being voted by the plenary and the contract would be meticulously studied by the House.

China may replace India in IPI pipeline project

BS reported that Iran could replace India with China in the USD 7.4 billion Iran Pakistan India gas pipeline project or go ahead with a 2 nation Iran Pakistan pipeline.

Mr Ainollah Souri Iran’s energy & economic counselor in India said that “How long can we wait for India? It is not possible to wait eternally.”

While the pipeline deal was seen as done 2 months ago, when the tri lateral meeting took place in New Delhi, India is perceived to be dragging its feet on the project since then. It has stayed away from the subsequent two meetings in which Iran claims to have covered a lot of ground with Pakistan.

Indian officials dismiss allegations of disinterestedness in the pipeline project. A senior official in the petroleum ministry said that "For us, the critical issue is the pricing of the gas at the India Pakistan border. Only when that is settled does it make sense to move ahead with the project."

There has also been speculation that India has backed out because of pressure from the US, which is not in favour of the pipeline. Indian officials, however, maintain that the real issue is the high landed price of the gas, as well as the price revision clause that the Iranians want to introduce.

India, Pakistan and Iran had mutually agreed to a price of USD 4.93 per million British thermal unit for the gas from the South Pars field in Iran. India would have to also pay a transit fee and transportation tariff to Pakistan, which would inflate the price at the India Pakistan border to around USD 7 per million British thermal unit, a price considered too high by India.

Iran has decided to take an aggressive stand with India since it claims to have no shortage of buyers for the gas. Mr Souri said that “It is a sellers’ market. There are long queues of customers waiting to buy gas. Iran is ready to export the gas, with 44% of the pipeline already laid in the country. Also, 98% of the overall pipes required have already been acquired.” Brushing aside questions on the technical and economic feasibility of a Pakistan to China pipeline through the Karakoram Pass, Mr Souri said that it was feasible, technically as well as economically.

India is a gas deficit country with domestic production just enough to meet about half the demand for gas. However, the huge gas finds in the Krishna Godavari and Mahanadi basins have led some planners to believe that India could be a gas surplus country soon.

GSI finds iron ore reserves in Karnataka and TN

It is reported that Geological Survey of India has found fresh iron ore reserves of more than 22 million tones in Tamil Nadu and Karnataka. It has found 4 blocks of iron ore in Namakhal blocks in Tamil Nadu having reserves of 14.03 million tonnes of magnetite ore with ferrous content ranging between 31% and 37%.

GSI has also found 8 million tonnes of iron ore in Sandur Schistbelt in Bellary district of Karnataka, with content of above 55%. Besides it has also discovered good quality ore in Ghutang and Pahargada blocks in Kenduhar district of Orissa and at Aridongri and Chhattisgarh.

Moreover, it had found 2 Kimberlite pipes each in Mahaboobnagar and Anantpur districts of Andhra Pradesh during the last fiscal ending March 31st 2007.

REL, TATA to add 22,477 MW power by 2012

It is reported that Reliance Energy Limited and TATA Power Co is planning to add together 22,477 MW of power to the National Grid during the 11th Plan period. This translates into 28% of the total 80,000 MW capacity addition planned by centre during the 11th Plan period.

Reliance will add 16,680 MW during the 11th Plan compared to its existing capacity of 941 MW. The new projects lined up by REL are:

1) 1,200 MW coal based Rosa power project
2) 7,480 MW gas based Dadri power project
3) 4,000 MW coal based Sahapur power project
4) 4,000 MW coal based Sasan ultra mega power project

Similarly TATA Power, which has an installed capacity of 2,379 MW, will be adding an additional 5,797 MW during the 11th Plan period. This includes:

1) 4,000 MW coal based Mundra ultra mega power project
2) 1,050 MW Maithon power project
3) 250 MW Trombay power project
4) 120 MW Haldia power project
5) 240 MW captive power plant of TATA Steel

Jharkhand power project fate hinges on land buy

Ranchi Express reported that the fate of the 4000 MW ultra mega thermal power plant at Barhi in Jharkhand will depend on land acquisition and clearance from Damodar Valley River Regulatory Commission, although the Power Finance Corporation has invited bids for the UMPP.

While land acquisition comes under the purview of the Jharkhand Government, DVRRC nod is essential for the use of Tilaya dam water reservoir water fro power generation. Earlier, the DVC management has agreed in principle to release water from Tilaiya for the power plant, which is to come up at Barhi in Hazaribag district. The DVC also agreed to scrap its 2x2 MW hydropower plant in Tilaiya that uses the reservoir water in the larger interest of the state.

Damodar Valley River Regulatory Commission is studying the details of rainfall, water recharge in the reservoir from the catchments areas and details of water consumption from the dam.

UP approves BHEL commercial offer for Anpara D project

BL reported that Uttar Pradesh cabinet has approved the commercial offer of Bharat Heavy Electricals to build the boiler, turbine and generator facilities for Uttar Pradesh Rajya Vidyut Utpadan Nigam's 1,000 MW Anpara D thermal power project in Sonbhadra district in the state.

The energy task force and the UP thermal power generation corporation had approved the BHEL's proposal after negotiations. For financing the 1,000 MW Anpara D project, the state government will seek 70% of the loan from the rural electrification corporation and rest will come from the budgetary support. The cabinet also approved the proposal to offer counter guarantee to the REC for the loan.

The civil work of the power project like boundary of the plant, ash slurry pipe and ash water circulation will be undertaken by the UP thermal power generation corporation.

Coal ministry allocates thermal coal blocks

It is reported that TATA Steel, Essar Power and GVK Mittal are among the companies which have been awarded coal blocks in Jharkhand, Chhattisgarh, Orissa, West Bengal and Maharashtra to generate 15,960 MW.

The list of companies includes:

Coal Block in million tonnes

SCCL to open 10 mines by March 2008

It is reported that Singareni Collieries Corporation Limited is likely to open 10 new open cast mines by March 2008. Out of the 10 new mines that will be opened up, 3 will be expansion projects while, the others will new mines.

The new mines include:

1) Srirampur 2
2) Koyagundum 2
3) Kunavaram
4) Dorli 1
5) Dorli 2
6) Khairagura
7) Abbapur

The expansion projects are:

1) Jalagam Vengal Rao 1
2) Manuguru 2
30 Ramagundam 1

Singareni Collieries Corporation Limited has already opened up one new mine namely the Srirampur 1 early in 2007. It currently operates 55 mines spread over 4 districts of Andhra Pradesh. Out of this, 13 are opencast mines and 42 are underground mines. With the addition of 11 new mines in 2007 the total number of operational mines will increase to 66.

GE Shipping contracts to sell its single hull Aframax

Great Eastern Shipping Company Limited has announced that it has signed a contract to sell its 1988 built single hull Aframax tanker 96,551 DWT Jag Labh, which was acquired from Japan in February 2005. The ship is scheduled for delivery to buyers in Q3 of 2007-08.

The decision to sell this ship is in line with the GE Shipping’s overall strategy of reducing its presence in the non double hull tanker fleet. In line with the same view, it had sold the "Jag Laadki"(Suezmax), "Ardeshir H Bhiwandiwalla" (VLCC) and "Jag Leher" (Aframax) earlier this year.

GE Shipping’s current fleet of 48 ships, aggregating 3.51 million DWT has an average age of 11.8 years and comprises of 15 crude tankers, 19 product carriers, 2 LPG carriers and 12 dry bulk carriers.

ArcelorMittal, ThyssenKrupp to shut online steel trading platform

ArcelorMittal and ThyssenKrupp Steel announced the closure, by the end of September 2007, of the e commerce platform STEEL24-7 the two companies were running jointly. The platform was created in 2001 by the four largest European steel producers together. The ambition was to serve as many steel customers and suppliers as possible via one common and mutually used electronic platform.

The decision to close STEEL24-7 was taken by the Board of Directors of STEEL24-7 at a meeting in Düsseldorf on August 27 and confirmed by a special shareholders meeting in Brussels on September 28th 2007. Employees of the company were informed as from July about the impending decision.

The companies said that “The evolution of information technology and the fast-paced consolidation of the steel industry have given a decisive competitive edge to more individualised solutions, thus making the original concept of STEEL24-7 obsolete.” Therefore, ArcelorMittal and ThyssenKrupp Steel have agreed to close the platform and develop their own e-commerce solutions. Both companies’ customers are in the meantime being familiarized with these solutions.

STEEL24-7 had about 700 registered customers from 37 countries and had been used for more than one million transactions.

TMK H1 pretax jumps by 29% on strong pipe demand

Russian steel pipe maker OAO TMK announced that its net profit during H1 of 2007 period rose by 26%YoY to USD 289.1 million according to International Financial Reporting Standards.

TMK, majority owned by billionaire Mr Dmitry Pumpyansky, during the H1 of 2007 period posted revenue of USD 2.03 billion up by 28.1% YoY as compared to H1 of 2006. Total pipe sales volumes reached 1.54 million tonnes, as seamless pipe sales volumes increased by 5.1% and welded pipe sales volumes rose by 5% YoY.

H1 2007 result Highlights

TMK also said that overall consumption of pipes by Russia's oil and gas industry increased by about 30% in the H1 of 2007 and that demand is expected to remain strong.

TMK in a statement said that “TMK management believes that, if global demand for oil and gas remains at the current level, the factors which have resulted in the high oil prices and the increased drilling activity and demand for pipes from the oil and gas industry shown in 2006 will persist in the near term due to the long lead times and significant capital expenditures required for the development of major new oil and gas reserves.”

CVRD announces stoppage at its pelletizing plants

Brazilian mining and metals giant announced that its seven pellet plants in Vitória city have stopped operating due to energy blackouts in parts of Espírito Santo state and the north of Rio de Janeiro state.

According to a CVRD statement released the blackout, which started at 6 PM on September 26th has caused close to 100,000 tonnes in pellet production losses, Thursday that reported the outage as continuing at the time.

CVRD said that the loss of electricity also caused a three hour halt to shipments at CVRD's port facilities in Espírito Santo, which restarted after the company redirected electricity from the Ouro Preto-Vitória power line. However the amount of energy redirected from the line has not been enough to restart the seven plants.

Baotou Steel to buy magnetite deposit in Australia

Interfax China reported that Baotou Iron and Steel Group a major Chinese steelmaker based in the Inner Mongolia Autonomous Region, has entered into a binding Heads of Agreement with Australia's Centrex Metals Ltd to inject up to AUD 40 million into Centrex's Bungalow magnetite deposit in return for a stake in the project.

Gerdau Ameristeel expands into Savannah

Business Journal reported that Tampa based Gerdau Ameristeel Corp has acquired a Georgia steel manufacturer for an undisclosed amount.

Gerdau bought Re Bars Inc an independent manufacturer that was started in 1963 and serves the Savannah area.

Mr J Neal McCullohs vice president of commercial and downstream operation of Gerdau Ameristeel said that "This gives us an entry into a market we have had very little participation in and allows us to continue the expansion of our ReBar Express model."

According to the Business Journal's 2007 Book of Lists Gerdau Ameristeel has a plant in Baldwin and is the 13th largest manufacturer in Northeast Florida with more than 300 employees. The mill buys and recycles more than 700,000 tonnes of scrap steel per year, 40% of which is supplied by an onsite recycling operation.

Will Beijing hike steel export tax again?

China Iron & Steel Association has convened a steel export working conference in Beijing recently in which National Development & Reform Commission has called a small seminar focusing on steel export policies. As a result, the market participants are widely speculating whether Beijing would hike the export tax again. If so when?

However, Mysteel chief analyst believes that further export tax change is unlikely to come in the near future. He believes previous tightening policies already start to take effect. For example, the country's daily net export of crude steel has decreased to 174,000 tons in August 2007 compared with 191,000 tons in July 2007 and 212,000 tons in June 2007.

Moreover, domestic steel prices have shown strong upsurge since July 2007 while the international market appears to be fairly slack. The export order has therefore reduced considerably. It is estimated that steel export looks set to continue falling back in September or even the fourth quarter. In this case, CISA has suggested the authority take longer time to watch the market response before taking further moves.

Nevertheless, the authority is studying on other policies to rein in excessive steel export. The steel association has put forward a more detailed tax system to support export of high value added steel products while limit the shipment of low end products. Another idea is to introduce an exporter qualification system into the steel sector as there are too many steel exporters of various sizes in China at the moment.

China's rising iron ore imports were pushing up the raw material's spot prices to record highs and driving freight rates to all-time peaks in recent months, which would significantly reduce the leverage of Chinese steelmakers on the upcoming benchmark ore talks.

Mysteel analyst predict that the export tax change is unlikely to come out in next couple of months, but higher export duty could possibly be announced in December 2008.

(Sourced from MySteel.net)

Chinese H1 stainless exports up by 54% YoY

According to China Iron and Steel Association’s statistics, China's stainless steel outputs during January to June 2007 period amounted to some 3.5 million tonnes up by 54% YoY.

China during January to June 2007 period totally imported 956.5 thousand tonnes of stainless steel, down by 25.45% YoY; exported 833.8 thousand tons of stainless steel up by 224.44% YoY.

Thailand imports 1.37 million tons of scrap in 2006

YIEH reported that Thailand imported 1.37 million tons of scrap in 2006, down by 18.4% YoY.

The report added that among them, USA contributed 418,000 tonnes, weighted 30.43% of the total volume down by a 15.2% YoY, Australia occupied 262,000 tonnes, weighted 19.11% of the total volume up by 90.3% YoY, Russia occupied 134,000 tonnes, weighted 9.78% of the whole volume down by 45.6% YoY; Philippines provided 115,000 tonnes, weighted 8.35% of the whole volume down by 62.5% YoY and Japan occupied 46,000 tonnes, weighted 3.4% of the whole volume down by 48.4% YoY.

Yusco lifts stainless prices for October

Taiwan's largest stainless producer Yieh United Steel Corp has announced to increase the domestic and export prices in October, due to recent nickel price increases on the LME.

Yusco said that the domestic price will raise by NTD 12 per kilogram and the export price will up by USD 205 to USD 350 per tonnes up by 9.5%. It added that it will continue to cut the 300 series stainless steel production by 50% in October. It is predicted that the stainless steel price will rise higher because of supply tightness in the next few months.

The nickel price on the LME is currently between USD 32,000 to USD 33,000 per tonnes.

Mechel to borrow up to USD 1 billion before sale of Yakutugol - sources

A source in banking circles told Interfax that Mechel will raise a syndicated loan for up to USD 1 billion to finance M&A acquisitions. This will be a mid-term loan and syndication will start in October 2007.

As per report "The creditor banks have not been finally selected yet. However, the loan organizer could be Japan's Sumitomo Bank.”

Sumitomo and Mechel are thought to be the main contenders for Yakutsk coal assets. An auction to sell the assets will be held on October 5th 2007.

A source familiar with the situation told Interfax that Sumitomo and Mechel would bid together. The source pointed out that it is Sumitomo that is raising financing for Mechel. "This wouldn't likely be possible if the Japanese intended to compete with the Russian company in the upcoming tender."

Another source confirmed to Interfax that Mechel would take part in the auction for the Yakutia coal assets in a consortium with another company, but did not name the specific company.

The Russian Federal Property Fund will hold a tender on October 5th 2007 for 68.86% of Elgaugol, the company licensed to develop the big Elga coal field in Yakutia and 75% minus one share in Yakutugol a major coking coal exporter at a combined starting price of RUB 47.396 billion (USD 1.84 billion). The bidding increment will be RUB 100 million.

Mechel officials declined to comment on the report or speak about plans for M&A deals.

Vietnam: New preferential import and export tariff

It is reported that the proposal for the tables of new preferential export and import tariff submitted by the Vietnam ministry of finance on behalf of the government to the Standing Committee of the National Assembly was approved recently and it will be effective from January 1st 2008.

Under the new rule, with the table for new preferential import tariff a reduction of import tax ceilings will be applicable to 1,181 groups of commodities out of the total 1,221 groups of commodities to be subject to be taxed and the import tariff ceilings for other 40 groups of commodities remain unchanged. The floor import tariff is basically kept as the present levels. Only the remaining 196 groups of commodities need the reduction of the floor import tariff so as to conform to the actual management in the coming period.

Under this new rule the adjusted export tariff is only applicable to the groups of commodities as crude materials. The export tariff ceilings for groups of petroleum rise from 0 % to 8% to 0% to 20%, coal from 0% to 5% to 0% to 20%, metal ores to 0% to 20%. The floor export tariff still remains at a low level 0%.

EU launches state aid investigation into Mittal Steel Roman

It is reported hat European Commission has begun a formal investigation to establish whether Mittal Steel Roman was granted state aid amounting to as much as EUR 25 million by the Romanian government.

EU said that the investigation would examine the company’s privatization in 2003 when several public authorities agreed to waive and reschedule part of its outstanding debts. It said that “The Commission needs to verify whether these waivers and rescheduling fulfill the so called market economy operator test whether the privatization was economically more advantageous for the state authorities than the liquidation of the company.”

The Romanian tube and pipe maker, known as Petrotub before its sale to Mittal Steel, was sold in 2003 after public authorities agreed to waive outstanding debts of around EUR 25 million and reschedule debts of EUR 0.52 million.

The commission said that “The Romanian authorities argue that the privatization, taking into account the waivers and debt rescheduling, was economically more advantageous for the state than the liquidation of the company. If this was the case, the waivers and debt rescheduling would not constitute state aid.” But the Commission said that it doubted all public authorities together could be seen as a single creditor and went on to question the Romanian authorities’ presented calculation of the liquidation costs of the company.

While the episode occurred before Romania’s accession to the EU in 2007, the Romanian Accession Treaty contains specific provisions enabling the European Commission to control aid granted for restructuring of the steel industry even before accession.

Mantle Mining acquire Trafford Coal

Mantle Mining Corporation Limited has announced that that it has entered into an agreement with Trafford Coal Pty Ltd whereby it will acquire 87.5% of the Mt Mulligan coal deposit including coal seam methane rights through acquisition of 100% of the share capital of Trafford.

The deposit which is approximately 100 kilometer west of the Port of Cairns is estimated at approximately 500 million tonnes with a theoretical washed specification and International Mining Corporation including:

1. Specific energy 26 to 28 MJ per kilogram
2. Sulphur 0.3% to 0.4%
3. Ash 14% to 18%

The acquisition provides the Company with a more diversified portfolio of assets and access to significant participation in the strong energy market of North Asia.

The total consideration payable by Mantle AUD 100,000 cash and the issue of 2 million fully paid ordinary shares in Mantle at a deemed issue price of 20 cents each.

The Permian Mt Mulligan Coal Measures cover an area of approximately 63square km, and are exposed at the base of the 150 meter to 350 meter thick Triassic sandstone Mt Mulligan mesa. The measures contain four potentially significant coal seams which vary in thickness between 0.7 meters to 7.5 meters. The upper member of the Measures is a high volatile 35.3%, high ash 18%, low rank Ro max of 0.75 low sulphur 0.30% thermal coal within the bituminous range with a medium specific energy of 24 MJ per kilogram.

Bakrie begins work on Indonesia pipeline

It is reported that Indonesia's PT Bakrie & Brothers has begun the pre front end engineering and design studies for the USD 1.2 billion pipeline that will connect natural gas production facilities in East Kalimantan to growing markets at Central Java in Indonesia.

Sources said the project is expected to be complete by April 2010, nine months behind the original schedule. It added that Bakrie is seeking USD 550 million in vendor financing from South Korea's Daewoo Engineering. The value of the loan is equivalent to 435,000 tons of steel for the pipeline project.

Bakrie won the tender to build the pipeline in July 2006 after outbidding two other local companies, PT Rekayasa Industri and PT Barata. The project will call for Bakrie to construct a 1,115 kilometer pipeline including a 600 kilometer offshore component.

Worthington adds 10 million shares to buyback

Worthington Industries, Inc announced that its board of directors has authorized the repurchase of up to an additional 10 million of its outstanding common shares. A prior authorization to repurchase ten million shares dated June 13th 2005 has 1,370,800 shares remaining on it, making the total authorized to be 11,370,800 shares, or approximately 14% of the outstanding common shares. The purchases may occur from time to time, on the open market or in private transactions, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flow from operations and general economic conditions.

Worthington Industries is a leading diversified metal processing company with annual sales of nearly USD 3 billion. The Columbus, Ohio, based company is North America’s premier value added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs more than 8,000 people and operates 67 facilities in 10 countries.

Worthington is founded in 1955 and operates under a long standing corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer and one of the strongest employee/employer partnerships in American industry serve as the company’s foundation.

Worthington wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by the company which are not historical information constitute forward looking statements within the meaning of the Act. All forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the company's filings with the Securities and Exchange Commission.

Jiangyin becomes largest tire cord base in China

It is reported that with startup of the second expansion phase of China Bekaert Steel Cord Ltd in Jinagyin, tire cord production there has reached 125,000 tonnes per year, the largest base in China.

Bekaet built the first JV in Jiangyin with the Fasten Group in 1992 and set up the technology center and wire product corp etc in the following years.

As a leading producer of wire products and tire cord and related technology developer in the world, Bekaet earns some EUR 3.2 billion in sales per annum.

(Sourced from MySteel.net)

Coal sale from Caledon

Caledon Resources PLC announced that it sold more than 60,000 tonnes of coking coal from its Cook mine in September 2007 at a price in line with industry expectations.

Caledon Resources PLC said the new Voest Alpine ABM 25 bolter miner has arrived on site and is in the process of being prepared to be taken underground to complete the Magatar mining system. It added that that it is on target to implement the full Magatar system during October 2007 with increased production expected almost immediately.

Mr Robert Alford chairman of Caledon Resources PLC said that "This significant sale of coking coal represents a further milestone for the Company. The recent arrival on site of the new ABM 25 Continuous Miner together with the Prairie Haulage System brings the final elements of the Magatar Mining System together. The Company remains on target to implement the full Magatar system during October with increased production expected almost immediately."

The Magatar Mining System is a new mining method for Australia which incorporates a Continuous Bolter/Miner paired with a continuous haulage conveyor system plus other key elements. As demonstrated in South Africa, USA and Canada this mining method can achieve impressive production rates in excess of 1 million tonnes per annum.

Caledon Resources PLC also confirms that sales of coking coal from its 100% owned Cook mine have amounted to in excess of 60,000 tonnes during the month of September 2007. The coal was sold under existing marketing agreements at a price in line with industry expectations.

US Steel opening of new galvanizing line in Slovak

It is reported that the Slovak branch of US Steel held a ceremonial opening recently for its new automotive grade hot dip galvanizing line, which has been 27 months in the making.

The new galvanizing line with an annual capacity of 350,000 tons with its staff of some 150 workers, serve the growing demand for high quality, zinc coated sheet steel products.

Mr Robert Fico PM of Slovakia Republic, Mr Jan Pociatek finance minister, Mr Lubomir Jahnatek economy minister of Slovak, Mr John Surma president of US Steel and Mr David Lohr Slovak unit's president among others were in attendance. Mr Mikulas Dzurinda former premier’s who was present at the groundbreaking in June 2005 was also among the invited customers and guests.

Kuzbass Coal Forum ends in Kemerovo

Itar Tass reported that participants in the Kuzbass Coal Forum, which has ended in Kemerovo signed contracts worth RUB 25 billion 74 million. The report cited a representative of Forum as saying that it was a preliminary figure, because only 29 companies presented their financial information, while the remaining 440 companies did not do that, explaining it by the need for observing a commercial secret. He added that “Anyway, this is an absolute record in all the ten years of the Forum’s work.”

According to the information of experts, the Parkhomenko Machine Building Plant of Lugansk held the most successful talks. It managed to sign contracts for the deliveries of equipment for coal mines to the sum of some RUB 20 billion. Aside from it, the famous BelAZ trucks were popular at the Forum. Lots of them were sold. The Belarussian Automobile Works took home from the Forum a file with contracts worth RUB 2.5 billion.

The Kuzbass International Coal Forum is held every year on the instruction of the Russian government. Russian coals producing enterprises sign contracts there and establish new contacts with foreign industrial companies. Products of 500 Russian and foreign heavy-industry enterprises were put on display at the exhibition complex. These include world famous producers of the mining equipment from Britain, Germany, the Czech Republic, Australia and the United States.

The leading Russian and foreign scientists working in the sphere of energy generation came to Kemerovo to attend the Forum. A scientific and practical conference was held within its framework, at which they discussed technologies of the processing of coal and of the industrial use of methane, whose reserves in Kuzbass (Kuznetsk coal basin) amount to 13 trillion cubic metres.

Mr Andrei Malakhov deputy governor of the Kemerovo Region said “It is natural that such an important forum is held in the Kemerovo Region, because Kuzbass is of strategic importance for Russia. It accounts for 80 per cent of coal of the valuable coking brands. The Kemerovo Region helps Russia maintain the fifth place in the world by coal exports. The industrial companies of Kuzbass account for 35 per cent of the European coal market.”

Elk Valley Coal workers ratify 5 year deal

Financial Post reported that Elk Valley Coal owners Fording Canadian Coal Trust and Teck Cominco have ratified a new five year labor agreement with unionized workers at the Cardinal River mine. Terms of the new agreement are not being disclosed.

A Fording spokesman said that the agreement, negotiated over the past seven months with the United Mine Workers of America, covers 300 workers and runs from July 1st 2007 to June 30, 2012. The previous contract ended on June 30th 2007

The companies said the Cardinal River mine in Alberta, produces about 2 million tonnes of coal annually. With this settlement all five of Elk Valley Coal's unionized mines are covered under multi year contracts.

Fording has a 60% stake in Western Canada's Elk Valley Coal.

TMK held a conference for distributors and consumers pipe products

It is reported that TMK held a traditional annual business conference "Ural Metallurgical: new opportunities for consumers and distributors of rolled steel and pipes", together with the Russian Union of metal, last September 19 to 21 at the Seversky Pipe Plant a member Tubing Steel Company.

The conference was attended by more than 120 representatives of companies, consumer products TMK, as well as its official distributors. Among the participants of the forum were represented such companies as INPROM, Stalepromyshlennaya Company, Krasmet, Progress resource, Promstroymetall, Siberian Resources, Trimet.

The conference, in particular, to discuss the logistics, packaging, product quality, pricing policy company. Mr Sergei Bilan deputy director general of TMK during the conference said to review the situation in the pipe industry and introduced listeners company plans to develop production and improve the product mix.

In assessing the outcome of the conference, Mr Sergei Bilan said that "Regular meetings with our partners, including in the format of conferences is an integral part of trade policy TMK to interact with end users and service component of our business. TMK today offers the widest in Russia and the CIS range of pipe products. This competitive advantage effectively realized through the continuous development of our distribution network."

ISRI and Partners Mark anniversary of Mercury switch recovery program

The Institute of Scrap Recycling Industries and its partners in the National Vehicle Mercury Switch Removal Program marked the one year anniversary by reflecting on the first year’s accomplishments and setting goals for the program’s remaining two years in the program’s annual report released today.

Mr Robin Wiener president of ISRI said that “ISRI is pleased with the performance of the partners and look forward to building upon the first year's efforts. ISRI is committed to making the voluntary NVMSRP a successful program and meeting our commitments set out in the Memorandum of Understanding.”

Under the Memorandum of Understanding signed by the program participants, ISRI committed to educating and recruiting scrap recycling facilities that shred end of life vehicles to participate in the NVMSRP. ISRI fulfilled this commitment by creating a dedicated page about the program on its website, sending mailings to its members explaining the program and encouraging participation, making presentations at board of directors meetings, and creating a list of scrap recycling facilities who are eligible to participate in the program. These efforts have been successful in recruiting scrap recyclers to join the NVMSRP. A growing number of ISRI members’ facilities are participating in the program.

A significant success by the overall program is implementation of mercury switch programs in all 50 states. To date, 635,000 mercury switches have been recovered.

The National Vehicle Mercury Switch Recovery Program, initiated in August of 2006, is designed to remove mercury containing light switches from scrap vehicles before the vehicles are flattened, shredded and melted to make new steel. The NVMSRP is the result of a two year collaborative effort involving ISRI, EPA, the End of Life Vehicle Solutions Corporation, the American Iron and Steel Institute, the Steel Manufacturers Association, the Automotive Recyclers Association, Environmental Defense, the Ecology Center and representatives of the Environmental Council of the States.

Fitch assign 'BBB-' rating to Wisco

Thomson Financial reported that Fitch Ratings has affirmed China based Wuhan Iron & Steel Co Ltd's long term foreign and local currency issuer default ratings at 'BBB-' and its short term foreign and local currency IDRs at 'F3' with a stable outlook.

Fitch said that the ratings reflect Wisco's leading position as the largest silicon steel manufacturer and the only oriented silicon steel producer in China, its strong business profile and improving economics of scale. It added that Wisco's strong financial profile which includes a low level of debt, ample liquidity, and strong cash generating capacity also support the ratings.

The stable outlook reflects Fitch's expectation that Wisco will sustain healthy momentum growth. Although Wisco is still highly exposed to China's steel cyclicality, Fitch expects the company's significant product mix shift to high end flat steel products to act as the main driver of earnings growth and to support the positive earnings prospects in the medium term.

Mr Viktor Rashnikov amongst the best managers in Russia

According to survey published by Kommersant Daily Mr Viktor Rashnikov chairman of the Board of Directors of OJSC MMK has been ranked among the most professional Russian managers.

The top 1000 Russian Managers rating is a joint project of Kommersant Publishing House and Russian Managers Association. This Erating has been released for the eighth time. It allows to determine the most professional executives of the country, leaders in their respective fields of industry and in functional areas.

The ranking has been conducted using the principle: "The best choose the best" and the evaluations have been made directly by the representatives of the business community, who are really knowledgeable of the achievements, professional reputation and personal qualities of the candidate.

Mr Victor Rashnikov chairman of the Board of Directors of OJSC MMK has been included into the business leaders rating category, which lists the leading executives of the largest enterprises of Russia.

RTI International Metals to build a manufacturing facility in Mississippi

RTI International Metals Inc recently announced that it will build its newest manufacturing facility at Hamilton in Mississippi. The plant will produce titanium sponge for use in the aerospace industry, including both domestic and international makers of commercial and military aircraft and jet engines. The plant is expected to yield a total annual production capacity of up to 20 million pounds of titanium sponge to support Joint Strike fighter and Airbus contracts.

Mr Haley Barbour governor of Mississippi has been aggressively recruiting RTI for over a year.

Mr Dawne Hickton CEO of RTI International Metals said that “I have spoken with Dawne Hickton CEO of RTI and am delighted that RTI International has chosen Monroe County for this USD 300 million investment. In addition, we expect 250 jobs to be created following start of production in 2010.”

RTI International Metals is a leading US producer of titanium mill products and fabricated metal components for the global market. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for aerospace, industrial, defense, energy, chemical and consumer applications for customers around the world. It has two business groups, the Titanium Group and the Fabrication & Distribution Group, made up of 1,400 people at 18 locations in the United States, Canada, Europe and Asia.