TATA Steel Ltd has announced the following audited results for the quarter ended September 30th 2008:

TATA Steel said that it has posted a net profit of INR 17878.10 million for the quarter ended September 30th 2008 as compared to INR 11908.30 million for the quarter ended September 30th 2007.

Total Income has increased from INR 48664.10 million for the quarter ended September 30th 2007 to INR 70890.40 million for the quarter ended September 30th 2008.

JSW Steel Ltd has announced the following un audited results for the quarter ended September 30th 2008:

The Company has posted a net profit after tax of INR 3174.50 million for the quarter ended September 30th 2008 as compared to INR 5341.90 million for the quarter ended September 30th 2007. Total Income has increased from INR 27568.60 million for the quarter ended September 30th 2007 to INR 43117.70 million for the quarter ended September 30th 2008.

The Group has posted a net profit after tax after share of profit of Minority and Share of profit of Associates of INR 2524.40 million for the quarter ended September 30th 2008 as compared to INR 5162.00 million for the quarter ended September 30th 2007. Total Income has increased from INR 27802.00 million for the quarter ended September 30th 2007 to INR 46868.10 million for the quarter ended September 30th 2008.

Bharat Heavy Electricals Ltd has announced the following Unaudited results for the quarter ended September 30th 2008:

The Company has posted a net profit of INR 6157.70 million for the quarter ended September 30th 2008 as compared to INR 6876.60 million for the quarter ended September 30th 2007.

Its total Income has increased from INR 44662.50 million for the quarter ended September 30th 2007 to INR 56498.40 million for the quarter ended September 30th 2008.

It is reported that the Parliamentary Consultative Committee attached to the Ministry of Steel, Chemicals and Fertilizers has voiced its concern in the delay in handing over of the Chiria mines by the Jharkhand government to the Steel Authority of India Limited.

The Committee also urged the Minister to convene a meeting of the Members of Parliament from Jharkhand and the State government to discuss the issue.

Mr Jitin Prasada minister of State for Steel was welcomed by the Members. Mr SK Roongta chairman of Steel Authority of India, Mr BS Meena additional Secretary and other senior officials were present. Members of Parliament who attended meeting included Ms Jhansi Lakshmi Botcha, Mr Ganesh Prasad Singh, Mr Chandrakant Bhaurao Khaire, Mr Virjibhai Thummar and Mr Bagun Sumbrui from the Lok Sabha and Mr K Chandran Pillai, Mr Tapan Kumar Sen, Mr Mahendra Sahani and Mr Kumar Deepak Das from the Rajya Sabha.

They said in the absence of the mining lease, the expansion program of SAIL has been struck up and in view of rise in steel demand, building up from capacity in steel sector is highly essential. The Steel Authority wants to add 19 million tonnes capacity in the state through Brownfield and Greenfield expansion route.

Monnet Ispat recently announced that its board has approved the setting up of two new projects.

1. A Pelletization or beneficiation plant for iron ore of 1.2 million tonnes per annum capacity.

2. Setting up of an additional power capacity of 75 MW at Raigarh along with the ongoing steel project.

It is reported that Essar Steel Limited has sought the power ministry help for the supply of assured natural gas to its captive power plant located at Hazira Steel Complex.

The company operated a 4.6 million tonnes per annum natural gas based steel production plant at its Hazira plant in Gujarat, the capacity of which is going to be augmented to 9.6 million tonnes per annum by 2011.

The steel production capacity is supported by a 1,045 MW gas based captive power plant, out of which 745 MW of generation exclusively meets the need of the Hazira steel complex.

Hindustan Times reported that the wounds of the global economic slowdown and India's own slump in the loan driven automobile industry run deep. Sliding steel prices hit by cascading demand woes in autos has crippled scores of sponge iron units and induction furnaces spread across the mineral rich twin Singhbhum districts of Jharkhand.

The report cited a source in the industry as telling Hindustan Times that in the past one month, 18 of the 32 sponge iron units spread across Singhbhum East and West and Seraikela-Kharswan have downed shutters, while 5 more could close down over the next week.

Mr Vikas Mukherjee industrialist and leader of Singhbhum Industries Association said that "Compared to last year, our production targets this fiscal has been slashed by 50%. Some 5,000 temporary and casual labourers have lost their jobs. Beginning October month, TATA Motors had a target to produce to 1,050 vehicles this fiscal. Within a week's time, the target was slashed to 7000 vehicles. There is no demand for commercial vehicles."

Sponge iron is an alternative to steel scrap as a raw material for the manufacture of various steel products. Furnaces melt steel. Smaller ancillary industries linked to large companies like TATA Steel produce help produce goods that go into steel or fashion end-products based on steel.

Mr Suresh Sonthali vice president of Singhbhum Chamber of Commerce and Industry's said that "Entrepreneurs are unable to pay back their loans, foot the power and transportation bills and pay workers' salaries on time."

According to Standard & Poor's Ratings Services, it had revised its rating outlook on TATA Steel UK Limited to stable from positive. At the same time, Standard & Poor's affirmed the 'BB-' long term and 'B' short term corporate credit ratings on the company. We also affirmed the 'BB+' issue rating on senior secured notes totaling GBP 3.67 billion issued by TSUK and its subsidiary Corus Nederland BV. The recovery rating is '1'.

Mr Joey Chew analyst of Standard & Poor's credit said that "The outlook revision reflects the higher capital expenditure plans of TSUK's parent TATA Steel Limited in India, TATA Steel's overseas JV in upstream resources to secure raw materials and uncertainties over the parent's equity raising plan of USD 1 billion given the prevailing capital market conditions."

As per report, the affirmed issue rating is two notches higher than the corporate credit rating on TSUK to reflect the recovery rating of '1' indicating recovery prospects of 90% to 100% as per our criteria.

ENS reported that Dredging Corporation of India has offered to deploy a trailer suction dredger immediately in the Hooghly. This follows mounting pressure on DCI and the worsening draught situation in the Hooghly near Haldia Dock.

According to a team of Kolkata Port Trust officials, comprising the Director of Marine, Superintendent of Dredger and Despatch and Financial Advisor and Chief Accounts Officer have left for Nagapattinam in Tamil Nadu where the dredger is currently stationed. The KoPT team will make an on the spot study to decide if the dredger will be suitable for the Hooghly operation.

As per report, 2 other DCI dredgers, Dredge VI and Dredge XIV currently under repair will be made available for deployment in the Hooghly soon. There is a proposal to acquire on charter two Chinese dredgers, but these are unlikely to be deployed before December.

National Thermal Power Corporation Ltd (NTPC) has announced the following Unaudited results for the quarter ended September 30, 2008:

NTPC said that they have posted a net profit of INR 21105.10 million for the quarter ended September 30th 2008 as compared to INR 19254.90 million for the quarter ended September 30th 2007. Its total Income has increased from INR 87491.20 million for the quarter ended September 30th 2007 to INR 104062.10 million for the quarter ended September 30th 2008.

ET reported that Moody's Investors Service revised its outlook on TATA Power Company's corporate family rating and senior unsecured bond ratings to stable from negative after the company successfully executed its expansion plan.

Moody's said that the ratings revision also factors in TATA Power's sound operating performance, which has been positively impacted by the dividends it receives from its 30% stake in the Indonesian coal mines.

Moody's added that despite the execution risks raised by the company's expansion plan, it derives comfort from the fact that construction works have already started and funding arrangements and fuel linkages have been put in place.

The ratings agency added that all of the company's investments in developing new generation projects are expected to be managed fairly conservatively including the existence of long term off-take arrangements for most of the electric output from those generation assets, which should produce fairly predictable cash flows.

The Financial Express reported that Special Economic Zones are likely to get total exemption from tax on their profits soon.

Empowered group of ministers were to take up the issue of totally exempting the export profits of SEZ units from income tax for a tax holiday period of 5 years.

Currently, the particular provision that deals with this issue of tax on export profits of SEZ units is Section 10AA of the Income Tax Act. This Section accords income tax exemption to the SEZ Units on the export income. But, as per the Section, export turnover of the unit is divided by the total turnover of the assessee while calculation of exemption from export profit.

Among other matters that were on the agenda are the definition of what constitutes a vacant land, categorizing SEZs as core sector projects, exempting SEZ units from Minimum Alternate Tax, doing away with export duty on supply of steel to SEZs as well as extending Cenvat credit facility to SEZ developers.

Monnet Ispat recently announced that a buyback plan of its shares from the open market through the stock exchanges. The board of directors has also accorded their consent on the aforesaid matter.

The board approved the buy back of a minimum 500,000 shares, the maximum limit of which shall be INR 750 million. This shall constitute 7.02% of the paid up capital and free reserves.

The board has fixed a maximum buy back price of INR 300 a share which is at a premium of approximately 1.88 times on the basis of its closing price on October 22nd 2008 on Bombay Stock Exchange and National Stock Exchange respectively.

GE Transportation, a unit of General Electric Company, has announced that it will be partnering with Bharat Heavy Electricals Limited to compete for a 1,000 diesel locomotive tender issued by the Indian Railways.

As per report GE was recently short listed by the Indian Railways for this tender. GE and BHEL along with the Indian Railways intend to form a JV company for this purpose.

Mr Pratyush Kumar president & CEO of GE Infrastructure said that “We had applied for the tender as a single application. However our interests with BHEL have converged on the project. Besides, BHEL knows the customer very well and that would give us a tremendous advantage.”

Mr Kumar said that GE plans to invest an approximate USD 400 million in the diesel locomotive factory in Marora, Bihar, if it wins the tender. The company is also willing to dilute a part of its equity share of 74% in favour of BHEL however he added that GE would necessarily be the majority shareholder. In the project, the Railways will be retaining 26% of the equity.

GE is preparing to bring advanced rail technology that has been designed at its John F. Welch Technology Centre in Bangalore. According to the company, the technology will have a peak output of 6,000 GHP delivering 40% more power at 30% less weight than the locomotives of the same series currently utilized in other parts of the world.

Project Today reported that board of GAIL on October 23rd 2008 approved a proposal to acquire 19% stake in Oil & Natural Gas Corporation's petrochemical project in Gujarat.

The Dahej petrochemical plant is being constructed by ONGC Petro additions at an investment of INR 12,440 crore and is likely to be completed by February 2012. While ONGC has management control with 26% stake, Gujarat State Petroleum Corporation holds 5% stake in the company. The project also involves setting up a methane and propane extraction unit.

Lanka Business Online reported that Sri Lanka's biggest steelmaker Ceylon Heavy Industries & Construction Co has cut prices after raw material costs fell while prices of cement have been raised. It has lowered the price Lanwa brand steel by LKR 20,000 per tonne.

Company officials said that they were able to cut prices because of lower raw material prices following lower demand for steel from China. The price of a tonne has been reduced from LKR 169,050 to LKR 149,500.

Accordingly, the price of 10mm steel bars made by Chico has come down by about LKR 65, 12mm bars are down by LKR 95 and 25mm bars are down by LKR 430. Meanwhile, Sri Lanka's consumer affairs authority has allowed cement manufacturers to raise prices to cover rising costs. A 50 kilo bag of cement has gone up by LKR 25.

Chico, owned by South Korea's Doosan group, is the largest steel rolling mill in Sri Lank.

IANS reported that Jharkhand will soon get an opportunity to have a glimpse of TATA Motors' much awaited INR 1 million car as it will be displayed in a trade fair here next month.

Mr Sudhir Mahto deputy chief minister of Jharkhand said that "Nano will be displayed in the trade fair beginning November 15th. It will be the centre of attraction during the 11 days of the fair and will be displayed in the TATA Motors stall."

Mr Mahto who is also the Industries Minister said that around 400 stalls will be set up by prominent companies including ArcelorMittal and TATA Motors in the trade fair.

He said that the developments taking place in various sectors like automobiles, steel, mining and handicrafts will be displayed at the fair besides organizing seminars on themes like steel, handicrafts and power.

Mr Mahto said that Jharkhand would also participate in the international trade fair organized in Pragati Maidan, New Delhi beginning November 14th 2008. He said that "Jharkhand has got 2,400 square feet space in the international trade fair."

The fair is organized every year to mark the celebrations of the establishment day of Jharkhand. The State was carved out of Bihar November 15th 2000.

Suzlon Energy Ltd has informed BSE that there has been an accidental breakage of a single V2 blade on a Suzlon S.88 turbine in the United States.

The release said that “This is an extremely rare and unusual incident. The cause of this incident is presently under detailed investigation.”

It also said that “Other turbines owned by that customer and our other customers at various locations in the US are operating without interruption, and the planned retrofit program of the V2 blades is also progressing towards completion as scheduled by the end of this financial year.”

The release added that “Any reports of turbines being shut clown in the US are baseless and speculative. The Company is continuing installation of the S88 V3 turbines in the US."

Hindustan Zinc Ltd has informed BSE that the following changes had taken place in the Board of the Company.

1. Mr Akhilesh Joshi re designated as COO and Whole time Director.

2. Mr K K Kaura ceased to be Director of the Company.

BL reported that Kerala’s power situation continues to be grim even after the onset of the northeast monsoon, which has been active over the catchments of the major hydro electric projects in Idukki and Pathanamthitta districts.

A senior KSEB source said recently said that the rains in the months of June to July last were deficient and as a result there is estimated to be a shortage of 1,000 million units this year. This shortfall is unlikely to be filled up even if we get a normal northeast monsoon.

He said that the storage level in the reservoirs has not shown any significant improvement so far. He added that “We don’t expect that this shortfall could be made up by the northeast monsoon, and, therefore, the crisis is likely to persist till the onset of southwest monsoon next year.”

In a bid to conserve the water storage in the major hydel project, Idukki, the KSEB is purchasing power from various sources. Besides, drawing around 160 MW from the NTPC’s Kayamkulam plant at INR 8.50 a unit, it is purchasing power from the Power Exchange at INR 8.50 a unit, West Bengal and UP at INR 8 a unit whenever they got surplus power.

He said that in addition, the Board has made arrangements with sugar mills in Karnataka and Maharashtra which have captive power generation. These mills also supply power to the Board at INR 6 a unit to INR 7 a unit whenever surplus power is available.

He added that the major blow now is the drop in the availability of power from the Central grid. As against the normal supply of 850 MW to 900 MW daily, at present we are getting only around 700 MW to 750 MW resulting in a shortage of around 150 MW because of the ongoing strike in the coal mines which has squeezed the coal availability.

He said that the current daily power demand has dropped to 41.3 million units from 43 million units in the beginning of October. It is expected to stabilize at 41 million units. According to him, the cyclical 30 minute power shedding has not made any significant change in the consumption which, according to our theory is because of the increased use of inverters.

Bajaj Auto recently announced that a decline in standalone net profit for the quarter ended September 2008.

Bajaj Auto said that during the quarter, the profit of the company fell 22.50% to INR 1,849.10 million from INR 2,386 million in the same quarter 2007. Total income for the quarter climbed by 7.65% to INR 25,705.30 million compared with the prior year period of INR 23,877.70 million.

It is reported that the targets of electrification of rail lines are fixed on year to year basis keeping in view the progress of the works and the availability of resources.

However, during the 10th Five Year Plan 1810 Route Kilometers were electrified against the initial planning of 1800 Route Kilometers. With this the commutative electrification till March 2007 became 17811 Route Kilometers.

This information was given by Dr R Velu minister of State for Railways in a written reply in Lok Sabha today.

It is reported that Orissa Power Generation Corporation, a JV between the Orissa government and AES, is likely to invite bids from international players for setting up an additional capacity of 1,200 MW at the existing Ib Valley Thermal power station in the Jharsuguda district.

Official sources said that the company is in the process of working out the specifications of the tender and this is expected to be completed in about a month. The tender will be floated once the process is over.

Mr Suresh Chandra Mohapatra secretary of energy department, Orissa government & chairman of OPGC said that “The international bid for the project will be invited by December and the project is expected to be completed within 42 months.”

Mr Mohapatra said that about the progress of the project, the mining plan for sourcing of coal from the Manoharpur coal block allotted to the company has been approved by the authorities and the company is in the process of acquiring land for the project. Of the 2000 acres required for the project, 1000 acres are available with the company at present.

Rautaruukki Corporation has announced interim financial results of January to September 2008 period.

Summary of results for the period are as follows

In EUR million

Mr Sakari Tamminen president & CEO Rautaruukki said that "The uncertainty in the global economy had no major affect on our customer industries during the report period. Except in residential construction, where the market slowed particularly in the Baltics, demand was good in our main customer industries and core market areas. In the Nordic countries, the focus has shifted from new to renovation construction. Uncertainty has increased in the non residential construction markets as the year goes on."

He added that "During the current year, we have enhanced our operations by restructuring production and centralizing operations. Actions to further improve profitability increased sales volumes and higher sales prices improved our operating profit during the report period. An extensive investment program to increase non residential construction delivery capability in Central Eastern Europe is on track to completion and is already partly being reflected in a growth in Ruukki Construction's net sales, although the costs of building organization and sales network in association with the program still affected the division's earnings performance."

Mr Tamminen further added that "Its organic growth was as expected during the report period. However, general economic uncertainty is expected to slow the company's growth outlook for the rest of the year in galvanized products delivered to the automotive industry. Net sales growth is also affected by stainless steel trading prices, which are lower than in 2007. We expect comparable consolidated net sales growth during the current year to remain somewhat below the 10% target announced earlier. Operating profit in 2008 is expected to be higher than in 2007."

Reuters reported that ArcelorMittal will shut down its blast furnace number 6 at Seraing in Belgium until at least the end of February 2009. The move, which comes only 8 months after the furnace was reopened, was due to the financial crisis and a decrease in demand for steel.

ArcelorMittal preferred to decrease production in the face of a fall in the global demand for steel rather than reduce prices. It said the closure of the blast furnace would lead to layoffs, but not dismissals. It said earlier that it was reviewing its expansion program due to the economic downturn.

A company spokesman said that "ArcelorMittal's growth strategy remains unchanged. However, the current market situation is prompting us to check the order of priority to be assigned to our different growth projects. We are currently reassessing these priorities."

JFE Holdings Inc has reported a 1% YoY fall in first half profit but raised its full year outlook on lower raw materials costs. It expects its earnings to rise on recent falls in the cost of steel scrap, freight and oil. It is also banking on a lift from a recent round of price hikes set to kick in over the next 6 months.

For April to September 2008 period, JFE posted a recurring profit of JPY 258.6 billion, down from JPY 260.8 billion a year earlier as it absorbed a surge in raw materials costs and started to feel the impact of a global economic slowdown.

It is reported that specialty steel and tubing supplier Plymouth Tube Company will expand its manufacturing and processing center in Winamac, creating up to 14 new jobs.

As per report, the manufacturer of seamless hot rolled and cold drawn steel will invest more than USD 5 million to re equip its idled 150,000 square foot production facility in Winamac in addition to continuing its hot rolling and cold drawing operations.

It is reported that UK’s Health & Safety Executive has published a report into the investigation of the explosion of number 5 blast furnace at the Corus Steelworks in Port Talbot on November 8th 2001.

It may be noted that three Corus employees namely Mr Andrew Hutin, Mr Stephen Galsworthy and Mr Len Radford died in the incident, while a further 12 employees and contractors suffered serious injuries.

The investigation, carried out jointly with South Wales Police and HSE, resulted in the prosecution of Corus UK Limited in December 2006 under section 2(1) and 3(1) of the Health and Safety at Work etc Act 1974. Corus was fined GBP 1.33 million and ordered to pay costs of GBP 1.74 million at Swansea Crown Court.

The cause of the incident was determined as water entering the blast furnace, following the failure of safety critical water cooling systems. The resulting explosion, which was an unprecedented event in the steelmaking industry, lifted the 5000 tonne furnace around 0.75 meters from its supporting structure, releasing hot material and gases into the cast house.

Mr Terry Rose HSE director for Wales said that "This report does not provide any new information on this incident. It draws together the main points of all the information, which has already been put in the public domain through the various public hearings that have taken place since it occurred. It summarizes the lessons to be learned both for Corus UK and the steelmaking industry. The explosion at the blast furnace number 5 was a stark reminder that safety needs to be managed at a corporate level."

BNamericas reported that Brazilian steelmaker Usiminas will maintain the USD 14.1 billion in investments budgeted through 2012 despite the global financial crisis.

Mr Paulo Penido CFO of Usiminas said that the investments include a new 5 million tonnes per annum facility in Santana do Paraíso in Minas Gerais state. Scheduled to have its first phase operational in first half of 2011, the facility will initially produce 2.5 million tonnes per annum. The second phase is slated for 2012 and will provide an additional 2.5 million tonnes per annum.

He added that "We will, of course, keep a close eye on what is going on in the world and manage the crisis. But obviously if the crisis worsens we have the ability to make adjustments such as the postponement of the second phase. We are expecting growth in Brazil's surging naval and petroleum industry. We are confident that our flat steel sector is going to have solid demand in the next few years so we understand that we should keep our growth plans."

Mr Penido said that it is also investing USD 2.1 billion to expand existing plants. Usiminas is amplifying rolled products capacity by an additional 650,000 tonnes per annum, adding 550,000 tonnes per annum in galvanized products and increasing heavy plate production by 500,000 tonnes per annum.

He further added that "Heavy plates are instrumental for Brazil's growing petroleum industry."

It is reported that Linde Group is to build a new air separation plant in Muttenz via its Swiss subsidiary PanGas AG for around CHF 68 million. The new plant, which will have a capacity of over 500 tonnes of liquefied nitrogen, oxygen and argon per day, will come on stream in the late autumn of 2010.

Dr Aldo Belloni member of executive board of Linde AG said that "This new air separation plant will enable us to increase security of supply, especially for chemical and pharmaceutical companies sited at the point where the borders of Switzerland, Germany and France meet known as the Dreiländereck Basel. What's more, Linde's capital investment underlines our commitment to this location and to our customers in the region."

The new plant will be the largest and most modern in the region. Its liquid products will also be transported in an environmentally friendly way, by rail. In addition to the new production plant, Linde will be building an extension to the offices of the Basel Advisory Centre.

Reuters reported that Goldman Sachs Group Inc is preparing to cut about 10% of its 32,500 employees. The cuts are expected throughout the company.

A news agency said that some workers may be notified as soon as this week and the cuts will include sales staff as well as traders in the bank's fixed income and equity divisions.

Merrill Lynch & Company Inc, which last month accepted a takeover offer from Bank of America Corporation announced that it would cut about 500 jobs in its trading divisions, citing unidentified sources.


Mr John Thain CEO of Merrill Lynch in a television interview with the news service earlier in the day said that the bank needs to cut thousands of jobs because he expects a global recession next year.

Bank of America said that Mr Thain will head investment banking, securities and wealth management when the two banks combine. That is now expected to be by the end of 2008.

Reuters quoted Mr Gary Stern president of Minneapolis Fed as saying that the current US economic downturn could be worse than the 1990-91 recession, with growth restrained for as long as 1 to 3 years. He, however, said that that it is still an open question as to whether the current market shocks will push the US economy into a classic recession or two consecutive quarters of contraction.

Mr Stern said that "Financial shocks are first and foremost in the financial sector. Whether they are associated with or lead to recessions is an open question. I think we are focused on the right matters now, and I do expect that conditions will improve."

He said that the government's array of costly measures is key to limiting contagion from the worst financial meltdown in decades to the broader US economy. He added that "If the government had not intervened, the consequences for the economy would have been very adverse."

Mr Stern forecast further declines in employment and softness in most components of demand for goods and services. He said that meanwhile, inflation should recede now that the bulge in energy and commodity prices is apparently behind us. The economy faces pressure from the ongoing decline in home prices and high inventories of unsold houses, falling monthly payrolls, the negative wealth effect of a falling stock market and the deterioration in credit availability.

It is reported that Bunge Asia, the Asian operating arm of Bunge Limited, has acquired SSI Logistics, the French subsidiary of France's state owned SSI/EMC Group.

SSI Logistics owns a 50% stake in Baria Serece, the owner of Phu My Port, which is the only commercial dry bulk port in Vietnam capable of handling large Panamax class ships.

In 2004, Bunge secured exclusive access to the port for shipments of agricultural commodities. Acquiring an ownership stake will enable Bunge to invest alongside its partners to expand the operation's capacity and traffic. Plans call for the addition of new storage facilities and more efficient discharging equipment, which should increase capacity significantly over the next few years. Bunge also plans to construct a soybean processing plant within the site.

US based Bunge Limited is a global agribusiness and food company that supplies fertilizer to farmers in South America, originates, transports and processes oilseeds, grains and other agricultural commodities worldwide, produces food products for commercial customers and consumers and supplies raw materials and services to the biofuels industry.

The Washington Post quoted federal officials as saying that a USD 25 billion loan program rushed through Congress to revive the nation's ailing domestic auto industry may not deliver any money to Detroit for more than a year.

The officials said that, in recent days, auto industry representatives and lawmakers from Michigan, Kentucky and other states where auto plants employ tens of thousands of workers have begun clamoring to pry the funds loose, prodding the Bush administration and questioning the reasons for the delay.

They added that the loan program has emerged as a lifeline as the global financial crisis has made it more difficult for people to get loans, sending car sales plummeting to a 15 year low. In response, General Motors and Chrysler have discussed merging or forming an alliance in hopes of arresting their decline.

The loan package, the largest government subsidy for the auto industry since the 1979 Chrysler bailout, is intended to aid production of more fuel-efficient cars. During the gas crisis of the 1970s, Asian and European automakers capitalized on America's growing appetite for smaller cars. Since then, the Big Three have slipped and continue to lose market share to Toyota, Honda and other foreign brands.

Congress approved the money last month and directed the Energy Department to write regulations for the program, including the interest rate for the loans, by the end of November 2008.

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.

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JFE Holdings Inc said that it would spend up to JPY 80 billion to buy back as much as 9.05% of its shares outstanding.

Xinhua reported that some Indonesian steel companies are considering cutting employment due to steel price falling on the international markets and the rampant illegal import.

As per report, the declined purchasing power, the tight liquidity, and the suspended projects of infrastructure, which were resulted from the global financial crisis, caused big losses for Indonesian steel companies.

It may be noted that, in the past three months, Indonesia's steel companies saw the steel price fall by 36.5%.

Bloomberg reported that ArcelorMittal South Africa has asked the country's antitrust appeal court to reverse a ruling that the company charged excessive prices and to cancel a record penalty. It said that the complaint should be dismissed.

It may be noted that ArcelorMittal SA was fined ZAR 691.8 million in 2007 in the competition tribunal's first sanctioning of a company for overcharging. It was ordered to pay the legal costs of gold producers Harmony Gold and DRDGold, which complained about the company's prices 6 years ago.

Mr Nompucuko Nontombaba spokesperson of competition commission said in June 2008 that antitrust authorities had begun a fresh investigation this year into alleged collusion between nine steel companies, including ArcelorMittal SA.

It is reported that Metalico Inc has realigned and upgraded its Platinum Group Metals management team with the hiring of three veterans in key positions.

Mr Andrew V Masterman has been named PGM Group president with overall responsibility for Metalico's precious metal recycling operations. Ms Patricia M Kennedy manages PGM administration, logistics and operations systems. Mr Stephen B Halliday takes over as general manager of the company's operating facilities in Texas and Mississippi. Mr Kurt Ellis continues as general manager of Metalico's PGM operations in New Jersey.

Mr Masterman, who holds degrees in business and engineering, has nearly fifteen years of executive experience managing industrial concerns. Mr Kennedy has worked as an operations and precious metals service manager with added responsibilities for information technology and customer service. Mr Halliday comes to Metalico with more than twenty years of experience in the global catalyst and chemical industries in the United States and Canada. Mr Ellis, who also has an engineering background, boasts more than twenty years of management experience in the scrap metal recycling industry.

Mr Carlos E Agüero president & CEO of Metalico said that "We've made a major commitment to the PGM recycling business with our investments in our catalytic converter operations. With the current upheaval in both the financial and commodities markets, the need for quality management is greater than ever. We're thrilled to be able to supplement Kurt and the rest of our team with Andrew, Patti and Stephen. We're excited about the opportunities in the industry and we feel we are now well positioned to capitalize on them."

CME Group announced that it has completed the staffing process related to its August 2008 acquisition of NYMEX Holdings Inc. NYMEX will continue to maintain its world and national headquarters at One North End Avenue in New York City, with the senior leadership team for NYMEX operations housed in the headquarters facility. It will continue all NYMEX floor trading operations from its One North End Avenue headquarters.

In addition, NYMEX will implement a workforce reduction of 150 positions over the next 18 to 24 months, reflecting the company's efforts to leverage synergies resulting from the acquisition by CME Group. All individuals whose positions are being eliminated will be informed this week and will be eligible for an enhanced severance package, including outplacement services designed to help employees through their transition. Outplacement services are being offered through Mullin & Associates BPI.

CME Group is the world's largest and most diverse derivatives exchange. As an international marketplace, it brings buyers and sellers together on the CME Globex electronic trading platform and on trading floors in Chicago and New York.

Platts reported that NYMEX December crude contract opened 7 cents higher at USD 66.82 per barrel on October 23rd 2008, having tested the upside and probed the downside, but taking its cue from OPEC oil ministers' comments as they arrived in Vienna and swings in global equity markets.

Mr Ed Meir energy analyst at MF Global said that "We suspect that another bearish factor weighing on energy prices has to do with the mixed signals coming out of the cartel going into the meeting. Whereas many ministers are calling for steep cuts, the Saudis are typically mum on what they are thinking and seem to be holding back from embracing anything aggressive."

Sharp swings in S&P and Dow Jones futures on the CME injected additional volatility in commodity markets. Both futures markets were indicating a lower open in US equity markets after global bourses declined yet again. Gains in the US dollar were also pared at the start of trading in New York.

Bloomberg reported that shares of Mitsui OSK Lines Limited fell for a third day in Tokyo after the Baltic Dry Index declined to a 6 year low.

As per report, Mitsui OSK dropped as much as 7.5% to JPY 430 and traded at JPY 441 in Tokyo. Nippon Yusen KK, Japan's largest shipping line by sales, fell as much as 5.3% and Kawasaki Kisen Kaisha Limited slid as much as 7.1%.
The Baltic index tumbled 5.9% to the lowest since September 2002 as a money market freeze curbed traders' ability to purchase cargoes on credit. The price of chartering capsizes ships to carry coal, iron ore and other commodities in the daily spot market has fallen 79% this month.

Mr Takuya Osaka analyst in Tokyo at Morgan Stanley Japan Securities Co said that "Investors are worried about a global recession. In the spot market shipping lines can't make money.''

Meanwhile, Hanjin Shipping Co, South Korea's largest sea cargo carrier, dropped as much as 6.7% to KRW 12,500 in Seoul trading.

Reuters report that Turkey's crude steel production fell by around 15% MoM in September 2008 and another 15% fall is expected in October 2008.

Mr Ugur Dalbeler chairman of Turkish International Rebar Exporters & Producers Association said that "In November, the fall will be even more dramatic. We have seen many crises in the past, but this time it is very global, we do not have any other choice but to adjust our production according to the level of demand adding it would take some time for demand to recover."

He further said that production in August was more than 2 million tonnes, while Turkey's annual crude steel production is around 24 million tonnes. But he added that overall production in 2008 could be flat, or even slightly higher, compared with 2007 because the first six months of this year was robust.

Turkey's crude steel production rose more than 125 in the first eight months of 2008 compared with the same period in 2007. Tightness in credit markets was a major cause of falling demand.

It is reported that Iran based South Fars Steel is planning to start square billet production at a 1.2 million tonnes per annum plant in the southern Fars Province in second quarter of 2012. It was planning to choose the equipment supplier and to start construction of the plant in Lamerd by the end of 2008, but receiving official approvals has taken longer than expected and the schedule has been delayed to March or April 2009.

As per report, the plant will comprise a 1.2 million tonnes per annum DRI module and an electric steel complex of the similar capacity. Currently, South Fars Steel is negotiating supply of the units with a number of European and Turkish companies.

About 70% of the future square billet output will be supplied to domestic market of Iran and about 30% that is to a 350,000 tonnes per annum rebar mill in Kuwait.

Metal Expert reported that since the middle of October 2008, Cer Celik has cut the production of billet from 60,000 tonnes to 40,000 tonnes and of rebar from 25,000 tonnes to 15,000 tonnes per month due to unfavorable market conditions.

Cer Celik operates a 720,000 tonnes per annum steelmaking shop, equipped with two 50 tonne EAFs, a ladle furnace and two 3 strand billet casters, and two rebar mills with total capacity 300,000 tonne per annum. It was also planning to install a new 400,000 tonne per annum bar rolling mill, thus expanding the rolling capacity to 700,000 tonne per annum and starting producing SBQ bars for automotive applications, but now realization of this project has been postponed.

Cer Celik sells 80% of the products to domestic market and exports 20% to Middle Eastern region.

It is reported that El Sewedy Cables will delay a copper smelter project for the time being due to market conditions.

Mr Ahmed El Sewedy CEO of El Sewedy said that "Given the current market conditions, we can achieve better returns on our investments in other projects that we are working on. We strongly believe in the fundamentals of the project. We just think the timing could be better. We believe we can build it much cheaper 12 months from now. We will continue monitoring the market condition."

El Sewedy Cables said that a feasibility study had shown a potentially lower than expected return on investments due to higher capital expenditures. It added that the smelter, if constructed, would be one of the most cost competitive copper smelters refineries worldwide.

Metal Expert reported that due to weak market fundamentals, Yesilyurt has decreased production of square billet and rebar by 60% and 20%, respectively.

Yesilyurt is planning to produce in October 2008 just 43,000 tonnes of square billet, to be re rolled into some 40,000 tonnes of rebar. In November and December 2008, it plans to restore the production to about 50,000 tonne of rebar per month.

By the end of 2008, Yesilyurt plans to complete upgrading of the re heating furnace, thus expanding the capacity of the rebar mill from 600,000 to 800,000 tonnes per annum. The equipment is being supplied by local plant maker CVS Makina.

In April 2008, Yesilyurt completed expansion of steelmaking capacity from 600,000 tonne per annum to 1.3 million tonne per annum by replacing the old billet caster with the new one, of larger capacity, and also replacement of the transformer.

Yesilyurt is currently operating a 1.3 million tonne per annum steelmaking workshop, equipped with an EAF, a ladle furnace both units of 80 tonne size and six strand billet caster, and a 600,000 tonne per annum rebar mill.

RIA Novosti reported that Ministers of the 13 OPEC member states, who gathered in the Austrian capital Vienna earlier on Friday, announced oil production cuts of 1.5 million barrels per day amid a global financial crisis and falling oil prices.

The oil production cuts will come into effect from November 1st.

Mr Chakib Khelil OPEC president and Algeria's oil minister said that further oil cuts were possible.

He said prior to the meeting "The decision should not leave the producer countries in the situation where they will be joining the group of countries which are already suffering from the financial crisis."

Mr Khelil said earlier that an ideal oil price was between $70 and $90 a barrel, but stressed that any move should be in the interest of oil-producing states.

The announcement of oil cuts was followed by further falls as the price of Brent crude dropped over USD 4 to USD 61.08.

It is reported that Qatar Fuel has teamed up with Shell to provide marine lubricants and services to the Qatari market and lubricants to Qatar Gas Transport Company.

Qatar Fuel and Qatar Gas Transport Company inked a deal under which Qatar Fuel will provide marine lubricants and technical services to Qatar Gas Transport Company's fleet of 25 Liquefied Natural Gas carriers currently under construction in Korea. This was followed by a separate agreement with Shell Marine Products calling for Qatar Fuel to become Shell's exclusive marine lubricants dealer in Qatar.

Qatar Fuel is to supply both the initial fill volumes required by shipyards prior to delivery of each Qatar Gas Transport Company vessel and the top up volumes required for operations by the fleet on a global basis. Qatar Fuel is also expected to provide marine lubricants under the agreement to the four Liquefied Petroleum Gas carriers owned and operated by Gulf LPG Transport. Besides, Qatar Fuel will develop and operate the necessary infrastructure at Qatari ports and also manage sales and marketing. The infrastructure to be set up will include bulk tanks, barges and pack product storage facilities at Ras Laffan Industrial City port.

Under the terms of the partnership, Shell will provide logistics, technical and health, safety and security environment support to Qatar’s fuel to enable reliable and consistent delivery of their product range to vessels calling in these developing ports.
The agreement between was signed by Mr Mohamed Khalifa Turki AlSobai VC & MD of Qatar fuel and Mr Muhammad Ghannam MD of Qatar Gas Transport Company. Mr Andy Brown chairman of Shell Qatar signed the deal with Qatar fuel.

Gulf Daily News quoting findings by the Boston Consulting Group reported that Middle East has around USD 1.5 trillion of assets under management at the end of 2007 with the average wealthy family holding an estimated USD 1 million, well above the global average of USD 400,000.

The report said that the region shows signs of continued economic growth and diversification. The steady rise in the price of oil has no doubt played a major role in the region's economic boom, but GCC governments have upheld their efforts to expand their economies beyond oil, with a strong emphasis on trade and services, including financial services, tourism, health and education.

The report, aimed at wealth management professionals argues that to some practitioners the Middle East may seem attractive but still too difficult to penetrate given the range of competitors already there and the need to develop offerings that cater to local demand. The report added that personal relationships are critical to succeeding as a wealth manager in the GCC but takes time and effort to develop.

It is reported that at least four contracting groups have been short listed for the contract to build the 510 meter tall Qatar National Bank headquarters in Doha.

The groups are a JV of Al Habtoor Engineering Enterprises with Gulf Leighton, Arabtec, Qatar Arabian Construction Company and Multiplex. The four groups have been short listed for the largest package on the project the shell and core of the 61 floor building.

It involves building the concrete substructure, basements, structural steel and curtain walling, as well as the installation of lifts, escalators and the mechanical, electrical and plumbing works. It will have a total built up area of 235,000 square meters, with five basement levels, 88,000 square meters of parking, 9,000 square meters for the entrance and banking halls, and 138,000 square meters of office space.

The project is split into three packages. One involves enabling works, installing a diaphragm wall, excavation and piling. It is scheduled for completion in February 2009. The other package, also to be tendered in 2008, will be to fit out the building. This involves the internal walls, partitions, doors and screens, raised access floors, toilets, furniture and finishing.

Mr Mohamed Mansour transport minister of Egypt said that investors have shown strong interest in plans to develop bunkering and other infrastructure projects at the northern end of the Suez Canal.

Mr Mansour told a conference in Cairo that around 100 investors had expressed interest in a government backed project to develop East Port Said. The port project includes logistic centers, light industry and bunkering.

He said that "People are now extremely reluctant to invest in paper. Now is the time to invest in the real economy, now is the time to invest in infrastructure." He added that Egypt expects an extra USD 8.9 billion in private investment in transport, including ports and roads, over the next three years.

Mashreq Petroleum, a subsidiary of Taqa, has already begun work on a new bunker and bulk liquids storage terminal in Port Said. Mashreq Petroleum said it wants the facility to be in operation by 2010.

Mr Seifollah Jashnsaz MD of National Iranian Oil Company Seifollah Jashnsaz said that anti Iran sanctions have not had any impact on quality and quantity of oil and gas production in Iran.

Mr Jashnsaz said that phases 6, 7 and 8 of South Pars gas field have been commissioned at a time when 4 resolutions have been issued against Iran over the past few months. He added that the sanctions aimed to block import of sophisticated technology to Iran, while the state of art technology was used for development and commissioning of the three phases.

Mr Jashnsaz also noted that sanctions would have been effective if they had disrupted oil and gas production, while Iran’s oil production capacity rose to 4,102,000 barrels per day in 2007 from 4,050,000 bpd in 2006 and gas production also showed an upward trend in the period.

On SP Phases six, seven and eight, he said that the phases will yield three different products, 104 million cubic meters of natural gas, and 158,000 barrels of gas condensates and 452 tonnes of propane and butane gases in a year.

It is reported that bids have been submitted by 15 local and international groups for the second construction contract at Duqm International Airport. The groups are bidding to build