After registering continuous fall of 1046 points for 21 days since August 4th 2008, long product prices have shown a rebound with 28 point increase in LPPI on August 26th 2008

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ISPI – Indian Steel Price Index

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Mr Ram Vilas Paswan union minister for chemicals & fertilizers and steel laid the foundation stone for the fifth steel processing unit of Steel Authority of India Limited at Billowa village in Gwalior district of Madhya Pradesh. This will be SAIL's third steel processing unit in Madhya Pradesh.

Mr Shivraj Singh Chauhan chief minister of MP, Mr. Jyotiraditya Scindia union minister of state for telecommunications & information technology, Ms Yashodhara Raje MP of Gwalior, Mr SK Roongta chairman of SAIL and Mr R Ramaraju MD of SAIL’s Bhilai Steel Plant were also present on the occasion.

Being built at a cost of around INR 83 crore, the unit will have a TMT bar mill of 100,000 tonnes per annum capacity. It will produce TMT bars in 8mm to 25mm diameter from billets supplied by SAIL's Bhilai Steel Plant. Other major facilities will include a pusher type reheating furnace, mill trains, crop cum cobble shear, TMT line, cooling bed, dividing shear, cut to length and bundling & tying facilities for TMT bars. The SPU will also have warehousing facility. The entire project is expected to be completed in 18 months.

Mr Paswan thanked SAIL management for speedy processing of steel processing units and said that “These steel processing units would wipe tears off many eyes. He said steel demand in the country at 13% is quite strong as against 6% production and the future of steel industry is very bright. During tenure of the present govt. steel PSUs have become robust and strong, earning profit to the tune of more than INR 20,000 crore.

Mr Chauhan assured of all possible support from the state govt. in taking the Gwalior SPU forward. He added that “Just like we have ensured that the land for the SPU is transferred in record time, other necessary steps shall also be taken promptly.”

Mr SK Roongta chairman of SAIL said that Bhilai Steel Plant had been part of MP and had now become a part of Chhatisgarh and through these 3 SPUs, SAIL is linking Bhilai to MP once again. He said SAIL is a leader in CSR activities and also one of the most profitable company in the country and through these SPUs, SAIL will be ensuring supply of quality TMT to the local customers. Mr Roongta also thanked the MP government for speedily providing land.

This will be SAIL's third SPU in Madhya Pradesh. Mr Paswan had earlier laid the foundation stone for an SPU in Hoshangabad district which will produce angles, channels, beams/joists and TMT bars, being set up with an investment of around INR 154 crore. The other SPU at Ujjain being set up with an investment of around INR100 crore will produce TMT bars in 8 mm to 25 mm diameter. The three units being set up in Madhya Pradesh will help contribute to the development of the region by catalysing rural-based ancillary industries.

SAIL has decided to set up 9 steel processing units in 6 states where it does not have any production facility to meet the market demand for tailor made steel products and to help increase per capita steel consumption in rural areas. The steel processing units will use products like hot rolled coils, billets and TMT bars produced by SAIL's main integrated steel plants to manufacture a wide variety of steel items that can be utilized by the common man.

1. SAIL's first steel processing unit is coming up at Betiah in Bihar at a cost of around INR 236 crore will have the capacity to produce 265,000 tonnes of TMT bars and pipes.

2. Another steel processing unit at Mahnar in Bihar, being set up in two phases at a cost of INR 265 crore, will have the capacity to produce 150,00 tonnes of black and galvanized tubes and 100,000 tonnes of TMT bars and will also have coil cutting and corrugation facilities.

3. Steel processing unit in Hoshangabad district which will produce angles, channels, beams and TMT bars, being set up with an investment of around INR 154 crore.

4. Ujjain steel processing unit being set up with an investment of around INR 100 crore will produce TMT bars in 8mm to 25mm diameter.

Melting scrap
80:20
HMS

Change on August 26th is with respect to prices on August 25th 2008
Change is in INR per tonne

Pencil ingot

Change on August 26th is with respect to prices on August 25th 2008
Change is in INR per tonne

It is reported that Indian steel majors have asked the government to increase an export duty on iron ore to 35% from 15% to slow exports and ensure supplies in the domestic market. Steel makers said their profit margins have been squeezed by rising prices of raw materials such as iron ore and coke, as well as government pressure to hold prices to help fight inflation.

Mr DS Rawat secretary general of the Associated Chambers of Commerce and Industry of India said "We have proposed an increase in the export duty on iron ore. We have given a written communication to the finance minister and commerce minister for urgently increasing the duty rate on iron ore exports from 15% to 35%."

Mr Rawat said a higher iron ore export duty would help preserve the country’s natural resources for the benefit of India’s economy. He said that "If you conserve this, a lot of investors will be coming to states such as West Bengal, Karnataka, Orissa and Jharkhand.”

But local miners argue demand for Indian iron ore from the main buyer China has dropped sharply in the past six weeks as even the existing the duty, introduced in June, had made rival suppliers more attractive.

Business Standard newspaper reported that India's steel exports fell by 25% to 2.75 million tonnes in the first four months of the fiscal year that began in April after the government imposed a tax on overseas sales in May.

The paper quoted Mr PK Rastogi steel secretary as saying that imports rose by 20% to 3.5 million tonnes between April and July.

The paper said that higher imports have raised availability in the domestic market by about 1.5 million tonne. It said that India exported 5 million tonnes of steel in 2007-08, while imports were at 6.9 million tonne.

The government, which is battling high inflation, has slapped a 15% export tax on long products like bars, rods and angles used in construction. It has also persuaded steel companies to keep domestic prices on hold since May.

In June, the government had approved the proposal of the merger of the two public sector enterprises under the ministry of steel.

The merger would ensure in house supply of desired quality and quantity of iron ore to SIILs sponge iron plant at Paloncha in Khamman district of Andhra Pradesh. SIIL, which has an installed capacity to manufacture 60,000 tonnes of sponge iron per annum, expects that its problem of raw material shortage to be solved after the merger becomes effective.

Besides, the merger would also pave the way for implementation of the proposed sponge iron plant expansion at Paloncha by utilizing surplus land and manpower of SIIL and financial resources available with NMDC.

PTI reported that Bombay High Court on Tuesday allowed pro environment NGO Greenpeace to hold silent and peaceful demonstrations near the venue of TATA Steel's AGM here on August 28, but restrained it from assembling at residences of the company's directors or the headquarters of TATA Group at Bombay House.

The court said not more than 100 demonstrators each can assemble at the Liberty Cinema, Metro Cinema and Income Tax building, the spots near the AGM venue.

Justice VM Kanade in his order specified that Greenpeace activists can not shout slogans and obstruct anyone attending the AGM to be held at Birla Matoshree Hall.

Greenpeace has been protesting against TATA Steel's joint venture with L&T to develop Dhamra port on the Orissa coast, alleging that it will affect breeding of Olive Ridley turtles and the coastal environment. TATAs had filed a petition in the Bombay High Court, seeking an order against holding demonstrations at the AGM venue as well as at Bombay House and residences of directors of the company.

It s reported that despite recent trouble at TATA Motor’s Singur plant in West Bengal, JSW Steel is optimistic for its steel project at Salboni and will continue with it.

Mr Sajjan Jindal vice CMD of JSW Steel which is setting up an integrated steel plant at Salboni in West Midnapore district said that the events at Singur are unfortunate but he is not perturbed. Mr Jindal told reporters that ''It is unfortunate and not good for West Bengal. I hope a solution to the problem will emerge soon. I am not perturbed.”

Mr Jindal said ''Our project at Salboni is going ahead and its foundation stone will be laid in November.” He added that steel plant would be operational by 2011-12. The initial capacity is three million tonne involving an investment of INR 10,000 crore.

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ET reported that the top management of TATA Motors has reportedly indicated internally that the company will pull the plug on Singur, if the situation does not improve within the next fortnight.

According to sources, even though the company can possibly dismantle its Singur plant and install it somewhere else, it will definitely lose INR 100 crore to INR 200 crore on account of expenses incurred in laying the foundation, besides the inevitable delay in full scale production of the Nano.

Auto industry sources said that the Nano launch may not get affected by the agitation in Singur, because the first batch of around 4,000 to 5,000 cars is reportedly already ready at TATA Motors’ Pantnagar and Pune plants.

West Bengal government has ruled out returning 400 acres of the TATA Motors' Nano factory site to farmers, saying such a step would mean dropping all plans to manufacture the world's cheapest car in the state.

Mr Buddhadeb Bhattacharjee chief minister of WB durinhan interactive session with ASSOCHAM said "I cannot afford to return the 400 acres. If that land has to be returned, then Tata Motors project has to be dropped. I cannot allow this to happen.”

He added that it is not legally possible to return the land.

The chief minister said he is still optimistic about the project. "I still believe that Nano will roll out from the Singur plant in October."

The Hindu reported that Mr Buddhadeb Bhattacharjee CM of West Bengal emphasized the need for setting up of steel downstream units in the State in the wake of the upcoming projects in that sector.

Mr Bhattacharjee while addressing in a meeting on opportunities in the downstream sector in the steel industry said that “Small and medium scale units create much more job opportunities than large units.”

He said that there were hardly any steel downstream units in the State which create scope for value addition, although at least 4 big companies had signed up with the State government to make investments in West Bengal.

He said that “New companies have stated their intention of investing in steel units in West Bengal and their projects were progressing.” He also indicated that the State’s investment in this sector would double over the next few years. He, however, expressed concern about the availability of iron ore.

The meeting organized by the Confederation of Indian Industry saw the participation of steel companies and steel service companies including JSW, TATA Steel, Usha Martin, TATA BlueScope, Ramsarup Industries and Adhuniks.

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It is reported that Rajasthan and Gujarat have joined the list of states eager to get the TATA Motors’s USD 375 million Nano Car project to their state from West Bengal, if relocated

A senior Gujarat government official said that “We made the offer to the Tatas to relocate long before any other state. But we are yet to hear from them.”

Ms Vasundhara Raje chief minister of Rajasthan has also offered land and all necessary logistic support to the Tata group to wheel in the small car project. She said “Rajasthan is willing to roll out red carpet for Tatas to set up the Nano car plant in the State.”

The list now includes following states
1. Maharashtra
2. Orissa
3. Punjab
4. Uttaranchal
5. Madhya Pradesh
6. Andhra Pradesh
7. Haryana
8. Gujarat
9. Rajasthan

A raft of states started wooing Tata Motors ever since trouble broke out at Nano’s Singur project site in West Bengal last week over agricultural land acquired from farmers for the auto plant.

BS reported that Indian cement majors may fail to raise prices as the fresh capacities coming on stream, resulting in an oversupply of the commodity although some recent reports had suggested that these companies would go for a hike of INR 20 or above for a bag of 50 kilogram due to escalating input costs.

Industry experts said that “It would be difficult to raise cement prices as there would be an excess of the commodity in the market as a result of fresh units coming up despite companies lowering their capacity utilization. Apart from economic factors, the government pressure may also not let companies go their way in raising prices.”

Mr Vinod Juneja MD of Binani Cement said that “Due to supply and demand factors, it is not possible to go ahead with a price rise.”

Mr HM Bagur MD of Shree Cement said that “When substantial capacities build up, there are losses.”

Mr AL Kapur MD of Ambuja Cements said that “When everybody wants to capture the market share, prices are bound to collapse.”

India is expected to see an excess cement of around 10 million tonnes over the actual consumption in 2008-09. Cement Manufacturers’ Association said that the industry with a capacity of 198.62 million tonnes as on March 31st 2008 is expected to add around 70 million tonnes by the end of FY 2010. Of this 30 million tonnes to 35 million tonnes are to be added in the current financial year alone.

Concerns of oversupply, a restricted increase in cement realization, declining operating margins and de growth in profitability will continue to hamper the performance of companies for the next 12th to 18th months.

ET reported that the fiscal deficit target set at 2.5% of GDP for 2008-09 is set to be higher by a significant margin. It is estimated the deficit will be breached by almost twice the budgeted target due to high oil prices and a whopping fertilizer subsidy bill.

Although tax collections for this year too have been on an upswing, showing little signs of a slowdown, expenses on account of high oil prices could topple any government projection. And there is hardly an easy way out.

Mr Montek Singh Ahluwalia Planning Commission deputy chairman said that there had been a substantial increase in off budget numbers and there were good reasons for this. He said that the fiscal deficit is not a long term problem as, next year, some of the increases would not be repeated and a significant revenue buoyancy would help ease the situation.

Mr Ahluwalia said that the economy should be able to achieve an 8% growth in 2008-09. He said that “The idea is to show the country is pro investment. Although there is a slowdown, it is more temporary in nature.” He added that most investors are betting on the medium term outlook which remains positive.

Mr Ahluwalia was particularly optimistic about growth in the agriculture sector. He said that “Several schemes initiated over the past few years for irrigation or credit or even seed program should be yielding results soon. This should help boost agriculture growth. Although the high base effect of last year will play a role in this year’s growth figures in agriculture, a consolidated growth of 7% may not be difficult. He further added that, the efforts have to be made to ease the crunch on supply side as monetary measures alone cannot bring down pressure.

As per the report, oil prices had risen to almost USD 148 per barrel before softening. It is now being projected that prices could stabilize around USD 80 a barrel. The drop in prices would help the government reduce its expenditure on this front.

BL reported that NHPC Limited is aggressively looking at carbon trading revenue streams to boost topline growth.

While 2 of its smaller projects are the 45 MW Nimoo Bazgo and the 44 MW Chutak hydroelectric stations in Jammu & Kashmir have already bagged host country approval, the hydropower major is pursuing CDM registration for its other projects to supplement revenues.

A company official said that “We have secured benefits from our hydro projects under the CDM scheme in line with the United Nations Framework Convention on Climate Change of 1994. 2 of our hydropower projects have already got hosts country approval from the Indian CDM Authority. We are pursuing registration for additional projects and are exploring other carbon trading initiatives, such as voluntary emission reduction for our projects.”

While in case of the Nimoo Bagzo project, the predicted annual green house gas emission reduction will be to the tune of 1,80,074 tonnes of carbon dioxide, for the Chutak projects the reduction will be an estimated 159,889 tonnes. The annual Certified Emission Reductions revenue to be generated from the Nimoo Bazgo and Chutak projects is estimated at INR 13.58 crore and INR 12.06 crore respectively.

Under the CDM scheme, an industrialized country that wishes to get credits from a CDM project must obtain the consent of the developing country hosting the project that the project will contribute to sustainable development. Then, using methodologies approved by the CDM Executive Board, the applicant must make the case that the carbon project would not have happened without such benefits and must establish a baseline estimating the future emissions in absence of the registered project. The case is then validated by a third party agency called a Designated Operational Entity, to ensure the project results in real, measurable and long term emission reductions.

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It is reported that Essar Exploration & Production a wholly owned subsidiary of Essar Oil is likely to bid for more oil and gas blocks in Australia during the forthcoming bidding round later this year.

Essar group currently holds exploratory interest in a number of assets in India and overseas. Abroad, the company was recently awarded exploration rights in 1 offshore block in Vietnam. This apart it has operating interests in 1 onshore and 1 offshore block in Myanmar, 3 blocks in Madagascar and 1 block in Nigeria.

In India the company has 1 offshore and 4 onshore assets. Of the onshore assets, the Mehsana block in Gujarat is in development and production stage and the rest 3 located in Assam are in various stages of exploration.

DNA reported that Thane based power solutions company Emco Limited is looking for coastal sites to set up a power plant that will use imported coal.

Emco picked up a stake in a coal mine in the Kalimantan region of Indonesia last year for USD 18 million. The mine has reserves of 105 million tonne.

Mr Rajesh Jain chairman of Emco said that the company will utilize the coal imported from Indonesia for trading till the proposed plant is set up. He said that “We are scouting for some suitable sites in the coastal parts of India for a power plant, which can utilize the coal we procure from our Indonesian reserve.” But however he did not give specifics about the plant capacity or location.

As per report, the first phase is likely to be operational by December 2008. The second unit of another 135 MW will be operational by December 2009 and the final unit of 250 MW is expected to be ready by December 2010.

Emco has also recently signed an agreement with the Chhattisgarh government for setting up a 660 MW power plant. The INR 2,400 crore project will be set up through a joint venture with a Kolkata based steel trading firm.

Era Infra Engineering announced that its construction and contracts division has bagged a contract for up gradation, renovation and new construction for Commonwealth Games 2010 at JN Stadium Sports Complex in New Delhi.

The scope of contract includes Internal Space planning of main stadium building including repair work of upper tier from Central Public Works Department of INR 1.11 billion approximately.

It is reported that Jai Corporation expects to complete the land acquisition work for the Mumbai SEZ at Khopta in Raigad district of Maharashtra by 2009.

The proposed SEZ received the in principle approval from the Union Commerce Ministry for the development of a 5,000 ha of land.

Jai Corp is also a stakeholder in the Navi Mumbai SEZ. The total size of the NMSEZ is 5,289 acres of land and will be developed for various sectors with half the area reserved as a processing zone. Navi Mumbai SEZ will cater to industries such as IT, ITeS, diamond processing, fashion designing, animation, multimedia and film processing.

It is reported that the Maharashtra Government is planning a INR 2,600 crore urban transport fund for the Pune region to ease the increasing transportation problems in the region and be a major source of revenue for the upcoming INR 4,600 crore Pune metro project.

In view of the traffic problems in Pune region, the state government is planning a holistic development and transportation plan. It is also planning to set up a Pune Metropolitan Development Authority on the lines of Mumbai Metropolitan Region Development Authority. The authority will act as a nodal body for all the development works in the region.

As per report, the state government is also planning a ring road for Pune-Pimpri-Chinchwad region for which INR 2,300 crore provision, for acquiring land has been made.

Project Today reported that Hyderabad based Titan Energy Systems has entered into a USD 480 million long term supply agreement with US based Suniva.

As per report, Suniva will produce more than USD 480 million worth of high efficiency mono crystalline silicon solar cells to be used in Titan's highest efficiency product lines. The contract is structured as a take or pay agreement lasting through 2013.

EPIC Energy has successfully commissioned a 102.5 kVA energy saving project for the Ennore Port Trust at Chennai. The project will lead to a minimum energy saving of 20 per cent for EPT.

Recently, the company completed the installation of 25 solar street lights of 74 watts each for the Thiruvarur district and Rural Development Authority.

It is reported that Norway's StatoilHydro is keen to increase its stake to 30% in a significant gas block operated by Oil & Natural Gas Corporation in the Krishna Godavari basin.

As per the report, StatoilHydro also wants to be a joint operator in the gas rich block which is likely to increase India's gas supply once it begins production in 2013.

Currently, ONGC owns 65% in the block, Petrobras of Brazil 15% while Statoil and Cairn India hold 10% each.

SNS reported that National Hydroelectric Power Corporation has agreed to construct an alternative road from 27th Mile near Rambhi to Takdah in Darjeeling sub division. However, the concerned locals will have to wait for at least another eight to ten months before their alternative lifeline becomes a reality.

The nearly 2 kilometer long road is to pass through the Riang reserve forests under the Darjeeling forest division and, hence, a mandatory clearance from the Union ministry of environment and forests is needed before the road project gets the green signal.
Mr GP Chhetri DFO of Darjeeling after conducting a preliminary survey for the proposed road said that “After we get the detailed project report from NHPC, we will require at least a month to complete the paperwork before forwarding the same to the state forest authorities in Kolkata. The state authorities will then send the DPR to the MoEF in New Delhi for their consideration. The decision of the MoEF will return by the same channel. The whole process will take at least six months, if not more.”

He said that if the MoEF gives the go ahead, at least four to five months would be needed to carry out the physical construction work of the new road.

Nucor Corporation announced that its wholly owned subsidiary, Harris Steel Inc, has completed the acquisition of the stock of Ambassador Steel Corporation based at Auburn in Indiana, for a cash purchase price of approximately USD 185 million.

The transaction includes the shares of Ambassador's affiliate, Delta Erecting. At closing, Harris Steel also repaid Ambassador's bank debt of approximately USD 136 million, which primarily financed the company's working capital requirements. Ambassador's working capital, excluding this debt, was approximately USD 165 million at the end of July.

Ambassador is a fabricator and distributor of concrete reinforcing steel and related products. Founded in 1974, Ambassador has grown to be one of the largest independent fabricators and distributors of rebar in the United States. In 2007, Ambassador shipped 422,000 tons of fabricated rebar and distributed another 228,000 tons of reinforcing steel.

Mr Hamilton Lott executive VP of Nucor said "We are excited and proud to welcome the Ambassador employees to the Nucor and Harris family. Ambassador expands our rebar fabrication footprint through the midwestern, Gulf Coast and southeastern regions of the US. Just as we expected, Harris Steel has proven to be a powerful downstream growth platform for Nucor. With the addition of Ambassador to the other acquisitions Harris Steel has completed, our rebar fabrication business has more than doubled since Nucor acquired Harris Steel in March of 2007."

AP reported that the United Steelworkers union has asked more than 14,000 of its members at facilities run by ArcelorMittal to allow it to call a strike if ongoing contract negotiations fail.

USW in a notice distributed at 14 plants nationwide that a lack of progress in the talks, which began four months ago, prompted the strike authorization vote scheduled for Wednesday.

Mr Tony Montana, a union representative participating in the negotiations, said a work stoppage is still avoidable but added that "But we need to prepare our members for the eventuality that they could be called on to start manning picket lines.”

Mr Bill Steers a spokesman of ArcelorMittal said that the company believes both sides continue to be committed to the process. He said that "We are optimistic that a fair and reasonable settlement will be reached before the contract expiration date.”

USW has been negotiating with ArcelorMittal on behalf of the workers and tens of thousands of retirees. Among the contentious issues are premiums for retiree health care, company contributions to a trust fund for health care, employee incentives, a profit sharing agreement and capital investments, according to the union. The current contract is set to expire September 1st 2008.

ArcelorMittal has more than 320,000 employees in more than 60 countries, including about 18,000 employees at 17 facilities in the United States.

Nucor Corporation has announced that it plans to begin steel bar production at its previously idle rolling mill at Kingman in Arizona. Nucor expects capital improvements necessary to restart production to total about USD 30 million and expects rolling operations to begin in Kingman by the second quarter of 2009.

Initial annual outputs of straight length rebar, coiled rebar and wire rod should be about 250,000 tonnes. The Kingman mill will have the capability to increase annual production to more than 500,000 tonnes.

Nucor acquired North Star Steel's idled Kingman steel mill in 2003 for a purchase price of approximately USD 35 million. In 2004, Nucor decided that Kingman's melt shop would not be restarted and recorded a USD 13 million impairment charge for the melt shop assets. Kingman's rolling mill assets have been held available for restart whenever market conditions warranted. The decision to start rolling rebar and wire rod products is driven by growing demand in the southwestern US market from both Nucor's outside customers and Nucor's expanding downstream rebar fabrication business. Kingman's very attractive capital cost for rolling steel will be leveraged by excess low cost melting capacity at our existing bar mills.

Mr Dan DiMicco chairman, CEO & president of Nucor said that "Startup of our low cost rolling mill in Arizona is an exciting growth project in the very attractive southwestern US market for rebar and wire rod. Nucor Steel Kingman, LLC will build upon Nucor's position as North America's largest rebar producer. The restart of this facility expands our highly successful vertical integration business model."

POSCO said that it had no immediate plans to lower steel prices after its Chinese peer Baoshan Iron & Steel cut its fourth quarter sales prices for cold rolled steel products on August 25th 2008.

A POSCO spokeswoman said that "We have no plans for a price cut. Prices of stainless steel are subject to changes, but there are no such plans for other lines of products."

Mr Kim Hyun tae an analyst at Goodmorning Shinhan Securities said that "POSCO's steel prices are still competitive compared to its international peers, so pricing worry is the last concern. However a weakening won currency will surely dent its operating and pre tax income, and this is weighing on the shares today."

It is reported that a short circuit in one of the transformers of the main sub feeder of Bulgarian steel maker Kremikovtzi caused fire.

There were 30 to 50 tonnes of machine oil near the substation, which also caught fire, but the fire fighters managed to contain it within minutes of their arrival.

The facility that caught fire serves to connect the plant to the country's electricity distribution system.

None of the Kremikovtzi staff have been injured and the work of the factory will continue as usual.

JFE Steel settled the price negotiation with US oil companies and distributors to increase the 13% chrome seamless steel pipe price by USD 300 per tonne for October to November 2008 shipment from July to September 2008.

JFE Steel decided to seek additional USD 300 hike for shipment in and after December, which represents total USD 1,200 hike since April 2008.

Platts reported that negotiations continued between the United Steelworkers and ArcelorMittal USA, after the union had acknowledged in an update issued to members that the parties remained apart on the key issues.

Mr Tom Hargrove of USW's bargaining committee said that "After 15 weeks, we still have dramatic differences with the company in many areas, including wages, pensions, healthcare and contract language. Since that pattern was established at US Steel, we have begun making some progress, but it is not enough." He reminded union members that the USW and US Steel had reached a tentative agreement that established a pattern for the industry.

Mr Hargrove noted that "While at US Steel we were able to reduce the retirees' contribution to healthcare costs by approximately 30%, ArcelorMittal continues in its ill conceived drive to increase our retirees' premiums by an average of 39%."

According to industry observers, under the tentative pact with US Steel, hourly wages increase USD 1 effective September 1st 2008, followed by an additional 4% raise in years two, three and four of the contract. Each union member will also receive a USD 6,000 signing bonus.

Retiree health care costs will be fixed at USD 150 per month for those younger than 65 and USD 75 per month for those who are eligible for Medicare. The tentative 4 year deal with US Steel covers about 16,000 workers at Granite City in Illinois, East Chicago and Portage in Indiana, Ecorse in Michigan, Braddock, Clairton, West Mifflin and Fairless Hills, Pennsylvania, Fairfield in Alabama, Lorain in Ohio, Keewatin and Mt Iron Minnesota and Lone Star in Texas.

Bloomberg reported that Hyundai Heavy Industries Co is planning to bid for a KRW 3.35 trillion controlling stake in Daewoo Shipbuilding & Marine Engineering Co in what may be the industry's biggest acquisition. The value of the stake is based on closing price of KRW 34,700 a share in Seoul.

Hyundai Heavy said that a preliminary offer will be submitted on August 27th 2008. Hyundai Heavy, which initially told local media it wasn't interested in the purchase, will probably seek to expand its business of offshore oil exploration structures through the purchase.

Korea Development Bank said that the bids will be closed on August 27th 2008 and a preferred bidder will be announced in October 2008. Morgan Stanley is advising Hyundai Heavy on the transaction.

Hyundai Heavy will compete with POSCO, GS Group and Hanwha Group for the 50.4% holding being sold by state run Korea Development Bank and Korea Asset Management Corporation. The successful bidder may end up paying more than double the value of the stake following Hyundai Heavy's offer.

Daewoo Shipbuilding has received about USD 11.6 billion in orders in 2008, achieving 66% of its target of USD 17.5 billion. It posted a 13% increase in second quarter profit of KRW 115.3 billion with sales climbing 52% to a record KRW 2.63 trillion.

The fast developing Indian steel industries are continuing beyond what most believed was possible. As one of the world's fastest growing economies, India has become the most happening place among world steel market over last few years and thus is in the radar of not only Indian but most of global players associated with steel industry. But due to fragmented nature of industry, a comprehensive list of smaller steel makers is not readily available.

"Indian Steelmakers Directory 2008' is one the top sources of information available on steel making companies in India! 'Indian Steelmakers Directory' is one of the most comprehensive and accurate directory of Indian steel companies that have ever been published. This powerful directory is your connection to the entire Indian steel industries sector.

Published in February 2008, “Indian Steelmakers Directory 2008” has been comprehensively researched and prepared, to bring you a fully up to date guide to India's rapidly growing steel makers. This Directory will be extremely useful to businesses that deal specifically with companies in the iron and steel industry, ferroalloys, consumable suppliers, raw material sellers, equipment makers and others.

Whether you are a product manager, in charge of marketing, raw material seller, in equipment business or simply interested to remain in touch with the latest developments in the Indian steel industries, this directory will save you time and effort in finding the information you need.

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This directory covers name and details of 720 of Indian steelmakers in Alphabetical as well as location wise order.

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• Company name -723 entries
• Address-723 entries
• Phone number-723 entries
• Fax number -590 entries
• Email -446 entries

Report Summary:
1. Published: Feb 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages – 396

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ThyssenKrupp announced an accelerated expansion of raw and industrial material business disposal planned for Industrial Services, which had 43,000 employees and generated sales of EUR 16.7 billion and EBT of EUR 704 million in last financial year.
The Services segment has set itself new strategic targets.

1. Sales in excess of EUR 20 billion and sustained EBT of EUR 1 billion are planned. To achieve these targets and at the same time safeguard and strengthen the top positions already achieved on the world market, ThyssenKrupp Services is to implement a focused strategic plan in the next few years.

2. The core business of raw and industrial materials services with the business units Materials Services International, Materials Services North America and Special Products is to be significantly expanded.

3. At the same time to finance the growth the Industrial Services business unit is to be sold in the course of next year. This business unit is highly profitable, but it is the smallest unit in the segment by far and has the smallest synergies with the core business. For the majority of the activities better development opportunities are therefore seen with a best owner outside the ThyssenKrupp Group.

4. The steel service operations in Germany and Brazil will remain in the group and will be allocated to the special products business unit in the future. With the help of a strategic partner, who will take a substantial minority interest, the special products business in Asia and Eastern Europe in particular is to be driven forward.

After the successful initial consolidation and expansion phase, the segment is now embarking on the