PTI quoted Mr Ram Vilas Paswan Indian minister of steel as saying that the government would consider imposing 5% import duty on cheaper shipments and scrapping exports levy of up to 15%.

Mr Paswan told reporters that “It is a matter of survival for our steel firms. Tata, SAIL, Essar Steel and Ispat have individually met me and have suggested scrapping existing export duty and imposing 5% import duty, amid falling international steel prices. We will consider their demands when we meet them,”

Mr Paswan conceded that domestic steel companies have cooperated with the government in containing inflation by holding their price line since May 7 this year and said the government will come to their rescue to ensure there is no crisis situation.

He said that domestic steel production may take a hit due to the slump in demand amidst the global financial crisis and added that measures to guarantee timely completion of various steel projects will be discussed in the meeting.

The ministry will hold a meeting with the domestic steel producers on October 17th 2008 and is expected to take a decision on these matters.

ASSOCHAM had lat week asked the government to remove export duty on all categories of steel, besides imposing 5% import levy to ensure fair play for domestic steel makers. It had also called for re-imposition of 14% countervailing duty on imports of bars and structurals and recommended restoration of export incentives under Duty Entitlement Passbook Scheme for steel makers to make their exports viable.

ET reported that it’s not all doom and gloom for India in this time of economic hardship. The credit crisis currently engulfing the world could even mean new opportunities for the automobile industry. Even as bankruptcy fears for US automobile major General Motors gather steam, Asian and European manufacturers are considering moving production of small cars to India.

In recent weeks, Hyundai, Toyota, Honda, Renault-Nissan and Volkswagen have all announced that their plans to ramp up production capacity to meet demand from not only Africa and Asia, but also a previously under explored high quality market like Europe.

With the increase in oil prices and rising concerns over climate change the world over, cheap, compact and fuel efficient cars are becoming popular, even in countries like America. Sport utility vehicle sales were down by over 40% last month over the same period last year in Europe and America.

Overall car makers seem to be looking to develop small car alternatives to their current gas guzzlers. And manufacturers facing the classic problem of attempting to make money from small cars may find it enticing to ramp up production in India, given lower costs here.

To an extent, the shift is already happening. Passenger car exports from India have increased by five times in the past 5 years. Exports over the next 3 years are expected to increase by 300%. According to reports, the country’s second largest automaker Hyundai is aiming at an 8% rise in exports for the rest of the year with an increase in production targeted for next year.

Statesman News Service reported that Mr Ram Vilas Paswan Union steel minister assured the people in Bhubaneswar that government will definitely protect the interest of steel companies as they had held the price line and even lowered costs when inflation was skyrocketing.

Mr Paswan said that "I am meeting them on October 18th to discuss certain issues including those concerning the export and import duty in view of the slowdown in international market. Interest of the consumers as well as the industry needs to be safeguarded.”

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It is reported that TATA Relief Committee supported by TATA Steel and other TATA Companies of Jamshedpur have made all efforts in the relief and rehabilitation work required for the flood victims in the states of Bihar and Orissa. It has not only provided temporary shelters and homes to the homeless at the relief camps but is also assisting the two state governments in the rehabilitation and reconstruction process.

The havoc created by the floods when Kosi River digressed from its normal course, was a natural calamity that struck North Bihar. TATA Relief Committee came forward and assisted the State Government in the rehabilitation work by constructing 50 semi-permanent relief shelters in the flood affected areas. Materials such as Tata Shaktee sheets and TATA MS pipes worth several crores, was used for building the shelters.

TRC has been working in Orissa with the district administration in the five affected districts of Cuttack, Kendrapara, Jagatsinghpur, Puri and Jajpur. It provided immediate temporary shelter to the victims by distributing 30,000 tarpaulin sheets amongst the affected families. The fund for the reconstruction work undertaken by TRC in the flood affected areas of Bihar and Orissa have been collected by TATA Steel and numerous other associations, local bodies and individuals from across the country.

TATA Steel employees have donated one day salary for relief fund amounting to more than INR 2.2 crores and TATA Steel Ltd has made a matching donation of the same amount. In addition to this, further to the appeal by Mr B Muthuraman MD of TATA Steel, organizations and individuals came forward and made generous contributions to TRC so that the amount could be utilized most effectively. The sum collected from local bodies, individuals and organizations from Jamshedpur and across the country amounts to more than INR 2.4 million.

The other TATA Group companies came forward to donate more than INR 3.7 million. The total relief fund collected by TATA Relief Committee was more than INR 5 crores. The committee received funds from not only Jamshedpur but also from the states of Madhya Pradesh, Maharashtra, Haryana, Delhi and Uttar Pradesh.

Reuters reported that TATA Motors is not in talks to buy Ford's stake in Japan's Mazda Motor Co.

Mr Debasis Ray spokesman of TATA Motors said that "There have been reports in the media that TATA Motors is among potential buyers for shares in Mazda Motors. TATA Motors clarifies that the report is incorrect."

IFGL Refractories Limited has won CAPEXIL’s Special Export Award for the sixth consecutive year during 2007-2008. IFGL’s exports in 2007-2008 were INR 1,010.54 million compared with INR 870.48 million for 2006-2007.

Consequently during 2007-2008 IFGL’s exports registered a growth of over 16%. IFGL’s Total Income, profit before tax and profit after tax on consolidated basis for 2007-2008 were INR 3797.98 million, INR 408.88 million and INR 285.62 million respectively, which have been higher by INR 559.04 million, INR 36.83 million and INR 22.50 million compared with 2006-2007. Earning per Share on stand alone and consolidated basis has been INR 4.87 and INR 8.23 compared with INR 4.74 and INR 7.58 relating to the previous year. IFGL paid a divided of 20% that is INR 2 per equity share for 2007-2008 against 17.5% for the previous year.

IFGL Refractories Ltd is engaged in the manufacture of Specialized Refractories and requisite Operating Systems for the Steel Industry. The Company has a large pool of well trained engineers and application specialists to offer customers Total Solution in Refractory needs for flow control in Steel Teeming and Continuous Casting of Steel.

The Slide Gate Refractories Plant started in the year 1984. Indo Flogates was a JV with Flogates Limited, UK and an exclusive Indian Licensee of Flocon Slide Gate Systems developed by US Steel Corporation through their wholly owned subsidiary USS Engineers and Consultants Inc. This plant now manufacturers Slide Gate Systems and Refractories with the latest know how from Krosaki Harima Corporation, Japan a subsidiary of Nippon Steel Corporation.

As per report, the Continuous Casting Refractories Plant in technical collaboration with Krosaki Harima Corporation, Japan started production in 1993 manufacturing Isostatically Pressed Continuous Casting Refractories and Magnesia Carbon Tap Hole Sleeves.

BS reported that Indian Oil recently commissioned its 36 kilometer long Aviation Turbine Fuel pipeline that runs from its bulk storage terminal at Devanagonthi to Bengaluru International Airport at Devanahalli where the aviation fuel hub is operated by Indian Oil Skytanking Limited a JV of Indian Oil, Indian Oil Tanking and Skytanking Gmbh of Germany.

According to a release, the underground pipeline costs INR 33 crore passes through several villages and taluks including Hoskote, Yelahanka and Devanahalli. The pipeline has a capacity to pump over 156,000 liters of ATF per hour which can be further scaled up to over 220,000 liters in the second phase. The new pipeline will replace over 30 tank trucks which presently make more than 80 trips up and down from IndianOil’s Devanagonthi Terminal, thus drastically reducing the movement of a large tank truck fleet with consequent reduction in traffic congestion.

Mr GC Daga chairman of IOSL & director of Indian Oil said after inaugurating the pipeline said that the new pipeline will ensure the supply of uninterrupted and pollutant free ATF to the Bangalore International Airport meeting international quality standards. Even during bad weather, transportation snags and other disruptions, transfer of product by pipeline will go on smoothly and without any interruption.

As per report, the new pipeline crosses over 18 major roads, 4 water courses and 5 highways en route and has been designed and executed conforming to global standards like ASME and OSD. The entire pipeline system is also protected with dual fusion bonded epoxy coating to protect it from external corrosion.

IOSL presently handles over 160 refueling each day, meeting the ATF requirements of both international and domestic airline carriers that touch down at Bengaluru International Airport. Indian Oil is presently India’s largest aviation fuel supplier with a market share of over 60%, meeting the aviation fuel requirements from its vast network of 101 aviation fuel stations that are spread across the country.

It is reported that Mr Thiru TR Baalu union minister of shipping, road transport & highways, met Mr Jong Hwan Chung minister for land transport & maritime affairs of Republic of Korea in Seoul and apprised the Korean Minister of the massive USD 21 billion National Maritime Development Program and the USD 50 billion National Highways Development Project being implemented by the Government of India.

Mr Baalu during the meeting emphasized that these ambitious infrastructure development programs, present immense opportunities to the Korean investors and logistics companies. The Minister apprised him of the possible areas of cooperation such as the Indian Maritime University and participation in the construction of shipyards in India.

The Korean Minister informed Mr Baalu about USD 1 billion infrastructure fund conceptualized by the Government of Republic of Korea and stated that Republic of Korea may like to participate in the Port development projects of India through this fund. He also stated that he would advise the Korean companies about the massive developmental projects being undertaken by the Indian Government, which present a lot of opportunities for the Korean Companies. Mr Baalu invited Mr Chung to visit India and stated that an International Seminar could be organized to apprise the Korean companies of the opportunities in India, particularly in the shipbuilding sector.

It may be recalled that the minister was visiting Korea to attend the naming ceremonies of the 319,000 DWT VLCC Vessel “Desh Viraat” and two 4400 TEU class container carriers, “SCI Chennai” and “SCI Mumbai” acquired by the Shipping Corporation of India from Daewoo & Hyundai Shipyards respectively.

Mr Murli Deora union minister of petroleum & natural gas met Mr Miguel Jorge minister of development, industry and foreign trade of Brazil over a working lunch here on October 14th 2008. Mr Miguel Jorge is accompanying the president of Brazil for the 3rd India Brazil South Africa Summit in New Delhi from October 13th to 15th 2008.

During the meeting, the two Ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector. ONGC Videsh Limited has significant presence in Brazil, having invested in the year 2006 an offshore block in Campos Basin of Brazil and acquired exploration rights of 2 offshore blocks in Brazil in March 2008.

ONGC and Petrobras, the premier Oil and Gas Company of Brazil, are strengthening their partnership by swapping participating interests in 3 blocks in each other’s country. OVL and Petrobras are working jointly in an oil block in Colombia.

Bharat Petro Resources Ltd a subsidiary of Bharat Petroleum Corporation Limited has acquired 10 offshore petroleum blocks in Brazil in September 2008, in partnership with Videocon Industries Limited.

During their meeting, the Ministers exchanged views on the use of ethanol in transport sector.

Press Trust of India reported that Colombia has taken back a part of the oil property OVL and China's Sinopec had together acquired for USD 850 million 2 years ago.

Industry sources said that the Colombian national oil company Ecopetrol last week took control of the Teca oilfield that was part of Omimex de Colombia which OVL-Sinopec consortium had acquired from Texas based Omimex Resources in September 2006.

As per report, Mansarovar Energy Colombia the 50:50 JV between OVL and Sinopec International has disputed the decision and taken Colombia to arbitration.

Sources said that Colombia believes that the license for the Teca field, which on an average produced 2,200 barrels of heavy crude oil per day, has expired while Mansarovar feels the contract remained valid till 2011.

Project Today reported that General Electric Company which is a JV that is 40% owned by Japan's Hitachi is among the 4 short listed firms for placement of order by Nuclear Power Corporation of India for new Light Water Reactor capacities.

As per report GE plans to set up new reactors and plant services as well as providing fuel for existing and new nuclear power plants. It will offer both the Advanced Boiling Water Reactor and the new Economic Simplified Boiling Water Reactor in India.

Project monitor reported that Lanco Amarkantak Power Private Limited has asked the Chattisgharh government to expedite the allocation of additional 20 cusecs of water for its 600 MW Amarkantak expansion thermal power project in Korba district of the state.

Project officials informed that the project was proceeding at good pace and was scheduled to complete within the current 11th Plan period. Hence, the availability of water to the project site was deemed critical.

As per report, the INR 2,600 crore project is being developed in a debt equity ratio of 70:30. Power Finance Corporation is lead financer providing about 70% of the debt portion. Financial closure has been achieved. Dong Fang Electricals of China is the contractor for the main plant package. The project is scheduled to commission in the last quarter of 2011.

Lanco Amarkantak Power is a SPV promoted by Lanco group. The thermal power station is coming up near Pathadi-Saragbundia villages on Champa Korba state highway in Chhattisgarh.

Project Today reported that the Haryana government allocated a sum of INR 98.81 crore for the redevelopment of roads in Gurgaon.

As per report, out of the total amount INR 78.84 crore will be spent by Haryana Urban Development Authority and INR 19 crore to be incurred by the municipal corporation.

The tender for the allotment of the project has been invited and in some parts the work has already commenced.

Project Today reported that GMR Infrastructure has acquired 50% stake in Netherland based InterGen NV for USD 954 million.

The deal was concluded with the support of Indian lending institutions namely AXIS Bank, ICICI Bank, Bank of India, Canara Bank, Bank of Baroda and Indian Bank who stood by GMR during these times of crisis and provided all the support in completion of the transaction.

InterGen has ownership interest in 12 power plants located in the UK, the Netherlands, Mexico, Australia and the Philippines with total net capacity of 12,766 MW.

Reuters cited an Asarco attorney said that Sterlite Industries will not be able to close a USD 2.6 billion deal to buy US copper miner Asarco LLC out of bankruptcy due to troubles in the credit markets.

Mr Jack Kinzie a lawyer who represents Asarco in the case said that Sterlite a unit of Vedanta Resources Plc they will not close the deal absent a substantial reduction in the purchase price. The development throws a wrench in Asarco's plans to exit bankruptcy protection, as Sterlite has been the company's preferred sponsor for its reorganization plan.

Mr Kinzie said that Asarco, Sterlite and Grupo Mexico will participate in mediation on issues regarding Asarco's bankruptcy exit before Judge Marvin Isgur in Houston beginning October 30th.

Mr Kinzie told the court Sterlite could not close the deal, Asarco creditors were in the process of voting on the competing plans for Asarco's emergence for bankruptcy, but at a hearing in US bankruptcy court in Corpus Christi, Texas.

However the move could be a boon for Mexico's top copper miner Grupo Mexico which owns 100% of Asarco's equity and has been fighting to regain control of the company. Grupo Mexico lacks board control of its subsidiary due to the bankruptcy.

Grupo Mexico has offered a competing USD 2.7 billion plan to fund Asarco's bankruptcy exit, but that has had less support from creditors who believe it will take them longer to receive payments than under the Sterlite deal. Representatives for Grupo Mexico declined to comment. A Vedanta representative was not immediately available for comment.

Sterlite's all cash offer for Asarco was announced in May and at the time would have been the largest acquisition by an Indian company outside of India in 2008.

Asarco which owns 3 copper mines in Arizona filed for bankruptcy protection in 2005 after it was sued for USD 1 billion over environmental cleanup and asbestos claims.

The copper markets also look starkly different from when the deal was

Exim News Service reported that Mr AK Antony defense minister has called upon defense shipyards to speed up the process of modernization and reduce the building period of warships so as to be able to compete with the best in the world.

Mr Antony said that the warship building process in the country was poised for a quantum jump in a few years. This would include increased design capabilities matched with global level infrastructure in all three defense shipyards.

Project today reported that TATA Motors' subsidiary TATA Motors European Technical Center Plc has acquired 50.3% majority stake in Norway's Miljo Grenland Innovasjon.

Miljo will produce electric vehicles based on TATA Motors' products, besides manufacturing of state of the art super polymer lithium ion batteries and the development of related technologies.

The first such vehicle to be developed by the company will be the electric version of Indica. It is scheduled for launch in Europe by 2009. The car Indica EV will be capable of carrying four people with a predicted range of up to 200 kilometer and acceleration of 0 to 60 kilometer per hour in less than 10 seconds.

It is reported that India exceeded the export target for 2007-08 by 3 billion dollars achieving an overall growth rate of about 29% appreciation of rupee notwithstanding.

According to the final figures released by the Directorate General of Commercial Intelligence and Statistics "Exports reached a level of 162.9 billion dollars during 2007-08, registering a growth of 29.02% over the same period last year."

As per report, the export target for the fiscal 2007-08 was 160 billion dollars. In the same period the domestic currency appreciated by about 8% eroding the profit margins of exporters.

It said that in rupee terms, the shipments for the period recorded a growth of 14.7% to INR 655,864 crore compared to INR 571,779 crore last fiscal. It added that the major sectors which drove the exports during the period were engineering goods, petroleum products, gems and jewellery, agriculture and allied products and ores and minerals.

It further said that exports of textiles, handicrafts and sports goods, which were badly hit during 2006-07 due to appreciation of rupee with dollar since September 2006 showed improvement in their performance during the year.

The reported added that the country's export for the first 5 months of the current fiscal up by 35.1% to 81.2 billion dollars from that of 60 billion dollars corresponding period previous year.

Project Today reported that Hyderabad based PBEL India has tied up with Larsen & Toubro for developing INR 552 crore residential project in the city.

As per the agreement, L&T will construct 85% of PBEL City, while the remaining will be handled by PBEL itself. The project will have over 2,000 apartments built over 4.7 million square feet and the apartments will be spread over 13 residential towers. The company will also construct two commercial towers as part of the project.

State Bank of India will be the company's financial partner for the project. The total value of the venture is INR 1,100 crore, of which INR 850 crore will be spent on construction.

The first phase of construction is expected to be over within 24 months, wherein 500 apartments will be developed.

Project Today reported that Indian Railways proposes to rope in cement players including Sanghi Cement, Jai Prakash Industries, Ahmedabad based Deepak Cements & Chemicals and Reliance Cement for the 100 kilometer railway gauge conversion between Bhuj and Nalia in Gujarat. The gauge conversion is estimated to cost INR 500 crore and the railway proposes to execute the project on a PPP basis.

The proposed narrow gauge link is currently used primarily by passenger trains and the conversion will help cement companies for quick transportation of their raw material and finished products. The move of rail gauge conversion is also aimed at improving rail connectivity to the industries situated in coastal regions of Gujarat.

Mr Joaquin Almunia commissioner of European Union Monetary Affairs said that it appears increasingly likely that the US economy will enter into a recession. He added that "The risk of a recession in the US economy exists and should become our central scenario."

The International Monetary Fund predicted in its latest World Economic Outlook that economic growth in the United States will screech to a virtual halt in 2009, increasing by just 0.1%. That would be its worst showing since 1991, when the country was pulling out of a recession.

The IMF said that US is at the centre of the financial storm and its economy was slowing down rapidly.

Many economists believe the US economy will probably contract in the final three months of this year and the first three months of next year, meeting a classic definition of a recession.

ArcelorMittal Galati has announced that it would reduce production of finished products by 50% due to lower orders.

ArcelorMittal Galati officials said that "As a result of the international financial crisis, we are witnessing a drop in demand for steel products and this directly affects the operational and financial performances of all steelmakers."

As measures to fight the global financial crisis, ArcelorMittal Galati plans to suspend deals to most subcontractors, relocate its operations or even lay off hundreds of employees.

Antara News reported that Indonesian government is called on to issue a regulation that requires the verification of steel imports in an effort to protect local steel market from the flooding of illegal steel imports, particularly diverted imports from the United States.

Mr Irvan K Hakim deputy chairman of Indonesian Iron & Steel Institute Association said that "We are proposing that a restricted regulation should be issued, namely a requirement to verify steel imports to know what for they are imported, and whether or not they are producers of the same type at home. This is very urgent at the current conditions."

He added that, with the current global financial crisis, demand for steel from the United States and European countries was declining. Thus, major steel exporter countries like India and China would seek for alternative markets.

He said that "We want the government to take protective steps for domestic market because there have been floating cargoes because they could not enter the United States as the US currency reserves are running short so that the country is canceling imports."

Mr Hakim said that in that conditions Indonesia would be a safer place to divert exports. He added that "There are about 25 or 30 US bound cargo ships which are now changing courses to Indonesia."

It is reported that About 200 workers were moved to safety after a fire broke out in a pickling line at the ArcelorMittal Dofasco.

The Ministry of the Environment was notified about the blaze, which spewed pungent smelling smoke above the factory for about two hours. Workers quickly left the building and gathered in the employee parking lot across from the plant on Beach Road after an alarm sounded about 10 AM local time.

Mr Andrew Sloan spokesperson at Dofasco said that its own firefighters responded to the blaze before the Hamilton fire department took over about 10:30AM. He added that "We are pleased there were not any health and safety issues."

Mr John Verbeek Hamilton fire department spokesperson said that the fire started in a polypropylene tank in the number 6 pickling line, where steel is washed in a low concentration solution of hydrochloric acid and water. He added that the tank itself caught fire, rather than its contents, which included sheets of steel and a small amount of water with an acid concentration of 1% or 2%.

Mr Verbeek said that "It may have been a mechanical problem with a bearing overheating." He added that several pieces of equipment and 34 firefighters were on the scene. The fire was initially difficult to get at because the tank was covered with a polypropylene lid and foam and water had to be injected into the tank through tubes.

Eventually, the plastic lid collapsed, and water and foam were pumped directly onto the flames. The fire was extinguished by about 12:15 PM local time.

It is reported that US Steel Canada is planning to shut down its Hamilton blast furnace for up to 8 weeks as the global market meltdown takes its toll on the steel sector. The shutdown would likely begin at the end of October 2008.

The move comes as steelmakers across the globe face plunging demand from customers badly battered by the credit crisis. Many large customers have been unable to borrow the money they need to buy steel. Others are struggling to contend with a slowing economy that has shrunk demand for everything from construction to appliances and cars.

In September 2008, ArcelorMittal Dofasco announced plans to scale back production in the second half of the year with CEO Mr Juergen Schachler citing tough economic times and unexpected weakness in the North American manufacturing sector.

ArcelorMittal has said that it will slash production by 15% across its global operations. And last week, Russian steel firm OAO Severstal announced plans to slash its October production by 25% at its Russian plant and 30% at its operations in the United States and Italy.

Mr Trevor Harris spokesperson for US Steel Canada declined to comment on potential production cuts. He said that operational changes would be discussed in the company’s quarterly earnings call scheduled for October 28th 2008.

He said that "As we have said in the past, we will adjust production up and down to keep pace with customer orders."

It is unclear whether the cuts would result in layoffs. US Steel Canada employs about 1,700 hourly workers at its Hamilton plant.

Following is a chronology of announcements of output reductions made by steel companies in recent weeks:

October 13th 2008
Emirates Steel Industries halted its production in the third week of October, on account of oversupply in the market, even as the inventory in UAE stood at 2 million tonnes in excess

October 11th 2008
Baosteel Group will cut steel production over the next 3 months in the face of a weakening outlook for demand

October 10th 2008
Severstal slashed its production for this month by 25% to 30% at plants in Russia, Italy and US

October 10th 2008
Bhushan Steel Limited has stopped buying raw material for steel production and plans to cut down output inventory levels, given the current liquidity problem

October 9th 2008
Kryvorizhstal, owned by ArcelorMittal, reduced steel output by 10.5% to 5.471 million tonnes.

October 9th 2008
Zaporozhstal reduced liquid steel output by 5.1% to 3.205 million tonnes

October 8th 2008
Shougang Group, Hebei Iron & Steel Group, Anyang Iron & Steel and Shandong Iron & Steel agreed to cut output by between 10% and 20% on account of decline in steel prices

October 7th 2008
Magnitogorsk has cut its October schedule for rolled steel production by at least 15% to 850,000 tonnes

October 6th 2008
Corus said that there has been a slowdown in steel demand and the company was taking steps to adjust its production to the new situation
October 2nd 2008
Azovstal reduced liquid steel output by 19.3% in September on a sharp fall in demand and low prices. It reported that raw steel output fell to 479,300 tonnes in September 2008 from 498,600 in August 2008.

September 17th 2008
ArcelorMittal planned to cut production as by much as 15% to support prices

Vallourec & Sumitomo Tubos do Brasil Ltda announced that they has recently awarded to Tenova ITALIMPIANTI DEUTSCHLAND GMBH in Düsseldorf the contract for engineering, fabrication, supervision of erection and commissioning relevant to 4 reheating furnaces to be installed in the new pipe mill at Minas de Gerais in Belo Horizonte of Brazil. The complete equipment commissioning is scheduled by early 2010.

This important order covers one 240 tonnes per hour walking beam furnace for reheating the pipe in the pipe mill area and n 3 walking beam furnaces, 100 tonnes per hour each, for hardening and tempering the pipes in the annealing section.

All furnaces are equipped with low NOx High Speed-Burners designed to run with natural gas equipped with the newest innovative combustion technology as well with one recuperator for preheating combustion air.

The walking beam furnaces are provided with inside charging and discharging roller tables to transport the pipes in and out the furnace. To easily manage the charge, a charging machine to pick up the pipes from the charging roller table is also provided for each furnace.

The furnaces are equipped with the latest technology automation system for controlling the heating as well as the movement of the charge inside the furnaces.

The furnaces fulfill the highest conditions about temperature uniformity and emitted values.

Platts reported that the average price of rebar for sale in the US took another dive as Nucor notified its customers that it would decrease net transaction prices by USD 130 per short tonne for concrete reinforcing bar effective with shipments beginning October 13th 2008.

Nucor is the largest producer of rebar in North America with an estimated 35% market share. It is widely acknowledged as having a major influence on industry pricing.

The Platts reference price of standard 20 foot number 6 rebar declined USD 100 per short tonne to reflect the market sentiment and the strong likelihood that other mills will lower their prices over the next few days. The Platts price for US made rebar plots a narrow range between USD 795 and USD 805 per short tonne ex works Southeast, down from last week's range of USD 895 to USD 905.

Nucor in a letter posted on its web site explained that its new rebar transaction levels were based on a reduction of its raw material surcharge for scrap metal to USD 83 per short tonne from USD 213 per short tonne a month ago, a drop of USD 130.

It is the first time in recent memory that Nucor's mill price adjustment fully matched the monthly decline in scrap prices. In August and again in September, Nucor only remitted about one-half of the drop in scrap prices.

Nucor said that its raw material surcharge is calculated by subtracting the company's baseline scrap price of USD 162 per short tonne from the monthly benchmark price for shredded auto scrap sold in the Chicago market, which is currently USD 245 per short tonne.

The Chicago price was USD 300 per short tonne at the beginning of October and USD 375 per short tonne in September. There was a frenzy of rebar buying activity earlier this year as buyers tried to build up inventory ahead of rising prices. Rebar prices took a big jump between the first and second quarters this year, and the average price in the US rose to USD 1,000 per short tonne ex-works Southeast mill in July. International prices spiked as high as USD 1,485 per tonne FOB Turkey this summer.

But prices have weakened since then, as buying interests retreated amid a slowdown in primary construction activity. This has resulted in a surplus of supply against falling demand.

A Thai government panel said that traders will have to reduce the retail price of steel in line with the declining price in the world market. The subcommittee to consider steel prices has agreed to recommend lowering the price for another round by THB 14,000 a tonne.

Ms Vatchari Vimooktayon deputy director general of Internal Trade Department said that the world price of steel had been declining steadily. She added that "The world steel price is on a downward trend and since July 2008 has dropped by THB 14 per kilogram or THB 14,000 per tonne."

As a result, the ministry must adjust the recommendation price to reflect the real cost. It will also protect consumers from unfair price practices. The department said steel price is going down because of two factors namely declining oil prices and the global financial meltdown. Consequently, the world's steel demand has dropped in line with these factors.

So far, steel cost for consumers has dropped by 50% for instance, billet price is quoted at THB 22,500 per tonne, down from a previous price of USD 1,250. However, the department has allowed steel traders to bring down retail prices in two periods, in the second half of October and in early November. The reduction should be THB 7,000 per tonne. From November 1st 2008, steel rod should be quoted at THB 28,250 per tonne and steel plates at THB 30,000 to THB 32,000 per tonne.

Ms Vatchari said that steel prices would further drop, in keeping with the global economic slowdown and lower demand.

Taiwan’s Chung Hung Steel said that its earnings of September 2008 has reached TWD 4.016 billion, up by 17.13% YoY but down by 22.58% MoM from August 2008 at TWD 5.187 billion.

The main reasons for profit decreasing are the small demand and the slow production and the sales volume have cut down.

Due to the fact that the price of raw materials is still in a high level, CHS decides to cut the output continuously, the production of September was around 158,900 tonnes, down by 24% MoM and the sales volume was also decreasing by 22% MoM to 124,800 tonnes.

(Sourced from YIEH.com)

It is reported that American hot dip galvanized steel price promptly plunged due to weak demand and of the fall in material price.

As per report current offer of base size is USD 1,036 to USD 1,124 per tonne. Meanwhile, China, Taiwan, India and Mexico have also cut the sales prices to American buyers, some quotations are similar to those of American domestic mills and there is still room for bargaining, especially for big buyers. However, those prices won’t attract American purchasers because the delivery time of American domestic mills will be faster than those from overseas.

This will lower the risk for American buyers in this difficult situation. Although American mills would like to adjust the price to satisfy customers, they will still be unable to gain many orders.

(Sourced from YIEH.com)

Northwest Pipe Company said that it was awarded a contract by Greater Vancouver Water District of British Columbia for the Seymour & Capilano Filtration Twin Tunnels project.

The Seymour & Capilano watersheds supply up to 70% of the lower mainland's drinking water. Construction of new water supply and treatment facilities for these water sources is underway in the Lower Seymour Conservation Reserve and at Capilano River Regional Park.

Northwest Pipe will supply approximately 2,800 feet of 120 inches steel pipe valued at approximately USD 6 million. The pipe is expected to be manufactured in the company's Adelanto, California division with delivery scheduled to begin late 2009.

Northwest Pipe Company will release its third quarter earnings on October 22nd 2008. It manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of applications including construction, agricultural, energy, traffic and other commercial and industrial uses.

It is reported that POSCO will make a solo bid for Daewoo Shipbuilding & Marine Engineering after the GS Group dropped out of a consortium with the company.

In an emergency board meeting recently, POSCO said that 'GS dropped out of the joint bid, but we decided to make a solo bid for Daewoo Shipbuilding."

Mr Lee Dong hee VP of POSCO said that "Though the consortium fell apart due to differences over the takeover price, we will have no problem without GS. On if the steel maker is qualified to make a solo bid, something which rival bidder Hanwha Group has raised issue with. We will accept what the Korea Development Bank decides. We will not file a lawsuit if disqualified from the sale."

A Hanwha Group source said that "If the bank allows POSCO to go ahead with a solo bid or if the bidding is nullified, it will trigger controversy over fairness and we will take legal steps."

KDB is the largest shareholder and seller of the shipbuilder and will decide whether POSCO is qualified soon. A bank source said that "Regardless of the decision on qualification, we will go ahead with the sale of the shipbuilder and announce the preferred bidder on October 24th 2008 as scheduled."

It is reported that Mr Carlos E Aguero president of Metalico Inc has been named 'Entrepreneur of the Year' by Forbes Magazine while the company has been named to the magazine's annual list of "America's 200 Best Small Companies."

The honors for Metalico and Mr Aguero were announced in the October 27th 2008 issue of Forbes.

Metalico is number 40 on the current list, up from number 91 in the 2007 rankings. Companies are graded on return on equity, sales growth and profit growth over the past twelve months and over five years. Forbes also compared a company's stock performance with that of its industry peers.

Metalico Inc is a rapidly growing holding company with operations in two principal business segments namely ferrous, non ferrous and precious scrap metal recycling, and fabrication of lead based products. It operates 20 recycling facilities in New York, Pennsylvania, Ohio, New Jersey, Texas, Mississippi, and West Virginia and five lead fabrication plants in Alabama, Illinois, Nevada and California.

Siemens VAI Metals Technologies has developed a new hydraulically operated rolling blade shear for cutting applications in heavy plate rolling mills. Co