November, 18 2005
POSCO Chairman reviews Paradip project
POSCO Chairman Mr Ku Taek Lees spent almost a week in India to meet various government officers and review the progress of Paradip project. It is reported that he is satisfied with the progress of the project as the work is on schedule. This was Mr Lees first visit to the India after signing of MoU with the Orissa Government.
Mr Lee is reported to have met Deputy Chairman of the Planning Commission Dr Montek Singh Ahluwalia, Union Minister for Mines Mr Sis Ram Ola and Union Minister for Commerce and Industry Kamal Nath in New Delhi. He also had detailed meetings on critical issues like displacement, infrastructure support and facilities like railways, power plant, water supply and the companys corporate-social responsibility with Chief Minister Mr Naveen Patnaik and senior officials of the State Government
Mr Lee said the feasibility report of the project would be submitted by mid-December. After submission of this report, different agreements for land lease, prospective license and water supply would be signed with respective departments of the State Government and public sector undertakings.
As part of its operations in the country, Posco-India has set up various supporting groups for expediting the implementation of the project. So far 33 sections have been formed within the main five sectors Facility, Operation, Technology, Planning and Management. A release issued by Posco India here said 88 employees have been engaged in these sectors.
RINL Chairman upbeat on steel prices
As per a report in daily, RINL CMD Mr Y Siva Sagar Rao is of the view that due to the firming up of prices all over the globe market expectations of a steep fall in steel prices are unlikely to materialize.
He is reported to have said that the coming months would witness a boom in the international demand for steel citing the firming up of prices of long products in US due to new infrastructure developments.
Mr Rao said there were also indications that steel prices in Europe and South Korea were hardening. China, which was importing steel in a big way to make preparations for the 2008 Olympics, was likely to continue the imports because of its plans to host the International Industrial Expo-2010 in Shanghai. As far as India was concerned, the VSP chief noted that steel consumption by the manufacturing sector was slated to go up in the near future.
Government approves deepening of channel at Paradip
The Cabinet Committee on Economic Affairs gave its approval for implementation of the project 'Deepening of Channel at Paradip Port' at an estimated cost of Rs 154.842 crore. Finance Minister Mr P Chidambaram told that the Centre will provide a grant of Rs 51.614 crore such as one third of the project cost and the same amount as loan. The balance one third amount of the project cost will be arranged by Paradip Port Trust itself.
The project comprises of dredging and other related works like navigational aids, removal and re-erection of shore marks and removal of stone pitching and placement of new pitching. The project will be completed within a period of 72 weeks.
Upon completion the benefits derived from the project would include ships of 125,000 DWT from the existing capacity of 65,000 DWT thus handling large volume of traffic. It shall help in de-congestion of port due to high capacity vessels.
Indian rice exporter Shrilalmahal to buy steel unit in Nigeria
Leading basmati rice exporter Shrilalmahal Group on Thursday said it would come up with an initial public offer in 2006-07 and announced major diversification plans in steel and packaged food segments.
The agro firm, which has been exporting iron ore to countries like China and Japan for the last three years, will be acquiring a steel plant in Nigeria by December with a capacity of 500 tonne per day
Jhanjra underground coal project investment cleared by government
The Cabinet Committee on Economic Affairs (CCEA) has approved a proposal to foreclose Jhanjara underground project, located in the northeastern side of Raniganj Coalfield in Burdwan district of West Bengal. It will involve a capital investment of Rs.3.63 billion
The project has so far produced 1.03 million tones per annum of grade 'C' coal. The infusion of capital investment will enable the company to meet the demand for non coking coal
Sical to form JV with L&T & MMTC for Iron ore terminal at Ennore
South India Corporation Agencies Ltd Sical will set up a joint venture with L&T and MMTC, once it is formally announced that the consortium has won a contract for implementing an Rs 500 crore iron ore terminal project at the Ennore Port.
It is reported that Sical would have a 63% stake in the joint venture, with L&T and MMTC holding 11% and 26%, respectively. Sources said there was a good fit among the three partners. L&T is an expert in infrastructure building, while the public sector MMTC is a traditional iron ore exporter and Sical has been in the business of material handling at ports for a long time.
A formal announcement of the consortium winning the tender for the project is to be made, but the Union Minister for Shipping, Mr TR Baalu, had recently informed presspersons of the decision to award the project to the Sical led group.
The project is to be implemented on build operate own and transfer (BOOT) basis and will be owned by the joint venture for 30 years.
Vedanta net up 214% in H1 Sterlite net up 67% in Q2
Driven by better prices and strong volume growth, metals and mining company Vedanta Resources Plc reported 214% increase in its net profit to $107.9 million in the first half of the current fiscal from $31.3 million during the same corresponding period last fiscal. The company's turnover increased to $1384.6 million during the same period as compared to $677.4 million during the same period of last fiscal, representing a growth of over 104%.
Meanwhile, the group's flagship company Sterlite Industries (India) Ltd has reported a 67% increase in its net profit to Rs 257 crore during the second quarter of the current fiscal. The company's turnover increased to Rs 2,873 crore, representing a growth of 53% during the same period
Mahindra inks deal with US co to make trucks & buses in India
Mahindra & Mahindra Ltd M&M and International Truck & Engine Corporation of the US formally signed on Thursday their earlier announced agreement for a 51:49 joint venture to manufacture trucks and buses in India. The new trucks are slated for rollout in 2007. The company aims to be in every segment of the truck market, from 6 tonne to 35 tonne gross vehicle weight, with variants for passenger transport, cargo and specialized load applications.
According to Mr Anand Mahindra, Vice CMD, the move will widen M&M's presence in the transport industry and scale up its business. "We want to be the most skilled automobile company out of India," he said of the business verticals, including car and truck manufacturing joint ventures that the company had created in the recent past.
Steel makers to face tough months ahead GFMS
London based consultancy group GFMS, has released its latest analysis of the steel market The Steel Market Forecast Briefing which outlines that continued aggressive pricing policies from CIS and Chinese steel mills is putting downward pressure on prices from higher quality mills in Asia and November and December may be desperate months for commodity hot-rolled coil suppliers to international markets
It states that, outside of the US, big buyers are simply not interested in importing large cargoes. High inventories, or the fact that domestic suppliers have dropped prices in their local markets to ensure competitiveness and can supply on short notice, are the reasons behind the lack luster nature of current demand. We note for example that in India, a decline in domestic prices will probably shut CIS suppliers out of one of their best volume and price markets.
An issue highlighted by the report is that the weakness of the slab price has meant that for many Asian suppliers that are non-integrated, supplying hot-rolled coil remains very profitable. Despite the current weakness in HR coil, the regional slab-HR coil margin is still over $100/ton for commodity products, allowing positive margins for converters. This suggests that converters are unlikely to cut back on output volumes in the short term, which may keep the over-supply in the region going longer than some expect.
The consultancy notes that US prices are the highest in the world at the moment at around $570 PMT for HR coil and $680 PMT for CR
Russian steel roll output up 0.4% in 10 months
Russia increased finished steel roll output 0.4% YOY to 44.8 million tonnes in January-October, the Federal State Statistics Service said.
Iron ore output dropped 3.6% to 78.1 million tonnes, while coal production rose 4.7% to 240 million tonnes. Coke production fell 8.1% to 26.3 million tonnes.
Steel pipe production increased 6.9% to 5.5 million tonnes in the first ten months of 2005.
AK Steel announces December surcharges
AK Steel Holding Corp. said Thursday it raised its surcharges for both flat-rolled carbon and electrical steel products shipped December. The company increased its flat-rolled carbon surcharge 18% to $228 per ton from $193 per ton in November. For electrical steel products, AK will charge an additional $330 per ton, up 50% from the current charge of $220 per ton. The surcharge will be added to invoices for products shipped in December 2005.
AK Steel's surcharges are based on reported prices for raw materials and energy used to manufacture the products, with the October 2005 purchase cost used to determine the December 2005 surcharges.
Headquartered in Middletown, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.
Rio Tinto Australias MD positive on ore negotiations with Chinese
The fragmented Chinese steel industry is reported to be getting its act together for this year's negotiations, with steel makers forming alliances and negotiating blocks. There has been some tough talk from the Chinese, who were slugged with massive price increases last year.
The tight market for seaborne iron ore will aid the case of miners in contract price negotiations with Chinese steel makers, the head of the Rio Tinto's Australian operations said.
Rio Tinto Australia MD Mr Charlie Lenegan said market conditions would have a major impact on negotiations. What you are actually looking at is the typical sort of positioning that takes place before your pricing negotiations," he said. "If you stand back and you look at the overall market it remains tight and obviously you would expect that to have some influence in the negotiations."
Mr Lenegan brushed aside reports that the Chinese steel mills were determined to win price concessions on coking coal, used in making steel, to make up for expected increases in iron ore prices. "If they want to produce steel they need coal and iron ore and they would have to pay the price that is determined for each as determined through the market and the negotiation process," he said.
Steel Companies to consolidate in Hebei province
Hebei, China's biggest steel making province, is planning an aggressive reshuffle within its fragmented steel sector. The North China province intends to combine its 202 steel mills into 40 groups through mergers over the next five years, according to sources from the Metallurgical Industry Association of Hebei Province. Following the reshuffle, the top 10 steel makers are expected to control more than 75% of the province's annual output by 2010, up from around 60% cent last year, according to the sources.
Hebei has been the number one steel-making province in China since 2001 and now controls one-fifth of the nation's total production. Sources said the province would produce more than 70 million tons of steel this year, up from 57 million tons last year. However, most steel makers in Hebei are small; the province's biggest steel company, Tangshan Iron and Steel Corp, only produced 7.66 million tons of steel last year, ranking number six in China.
Two big conglomerates in Hebei will be created around government-owned Tangshan steel firm in the north and Handan Iron and Steel Corp, the provinces number two steel maker, in the south, sources said. Handan Iron and Steel, also controlled by the provincial government, produced 6.8 million tons of steel last year.
The reshuffle of Hebei's steel sector is in line with the central government's efforts to boost consolidation within China's entire steel industry.
Mining & energy development in Australia hits $30b
Almost $30 billion worth of mineral and energy projects development is at an advanced stage, the Australian Bureau of Agricultural and Resource Economics said in its latest major development projects report. Of 241 major projects on the bureau's list, 84 were considered to be advanced which means they are either under construction or committed to.
"This is a record number of advanced projects and, at $29.4 billion, the total value of these advanced projects is also a record," bureau executive director Brian Fisher said. "The total of Australian mineral exploration expenditure and capital expenditure in 2004-05 was the highest since 1997-98, which bodes well for future development in the sector."
There has been a surge of interest in the iron ore, coal and uranium sectors. The list, which is compiled and updated every six months, showed that the spending on projects for the three minerals was up 56% cent to $228 million. "The substantial rise in expenditure on iron ore was prompted largely by a positive outlook for China's demand for this commodity," the bureau said.
Of the committed projects, Western Australia accounts for the most with six energy projects worth $3.9 billion and 19 mining projects worth $8.5 billion and Queensland accounted for 17 energy projects worth $4.9 billion.
Siemens to modernize main drives of Voestalpine's plate mill
The Siemens Industrial Solutions and Services Group (I&S) have received an order from Voestalpine Grobblech GmbH of Linz in Austria to equip the 4.2 meter heavy plate rolling mill with new main drive systems. The project includes the delivery, installation and commissioning of new synchronous motors, the associated power supply system and a control and visualization system. The order is worth 6.2 million euros and start-up is scheduled for the end of 2006.
Voestalpine Grobblech GmbH is a 100 per cent subsidiary of Voestalpine Stahl GmbH within the steel division of Voestalpine AG.
The Siemens Industrial Solutions and Services Group (I&S) is the integrator of systems and solutions for industrial and infrastructure facilities and global service provider for the plant and projects business covering planning, installation, operation and the entire life cycle.
Metal recycler Sims points to lower earnings
Metal recycler Sims Group Ltd has pointed to lower full year earnings unless steel prices head north. CEO Mr Jeremy Sutcliffe said a significant resurgence in ferrous metal prices will be necessary in the second-half of 2005-06 if Sims is to match its bumper performance last financial year. "Unless we see a remarkable upswing in ferrous prices in the second half, it is inevitable that earnings from the former Sims Group business will be lower than in fiscal 2005 in the current year," Mr Sutcliffe told the company's annual general meeting.
"A number of reasons have contributed to this, principally a softening in steel prices, particularly in Asian regions." He said a rebound in ferrous prices in August and September had not been sustained, unlike during the previous corresponding period. He added that 2004-05 was the "perfect storm", with record steel and scrap metal prices and volatile markets, able to be exploited in concert. "This year is going to be softer as evidenced by the first two quarters," he said.
Sims booked a record annual net profit of $187.86 million for 2004-05, up 67% on the previous year. In the first quarter of the current year, it posted a $29.8 million net profit, and the company expects a similar result this quarter.
PSM privatization Minister appoints a committee
Dr Abdul Hafeez Shaikh, Federal Minister of Privatization and Investment, appointed a committee to privatize the Pakistan Steel Mills. The committee comprises representatives from the Privatization Commission, ministry of industries, production & special initiatives and the Citigroup.
The committee will undertake a ground check of the area being considered for a core steel plant and ancillary facilities and recommend only the strategic areas required for the operation and expansion of the entity.
The Privatization Commission has received 19 Expressions of Interest in response to its invitation to offer up to 75% shareholding in the PSMC to a strategic investor. Of the 19 parties, 13 parties had submitted their SoQs for the purpose of pre-qualifying and proceeding to the next stage of the privatization process.
ABB bags Gulf grid Phase 1 order
ABB has announced it has won a contract worth USD 220 million from the Gulf Cooperation Council Interconnection Authority (GCCIA) for phase one of the Gulf Grid project, linking the electricity networks of six Gulf States. Work will start immediately, to be completed by January 2009.
The Gulf Grid project will be carried out in three phases. Phase one will link Saudi Arabia, Bahrain, Qatar and Kuwait. Phase two will link UAE with Oman, and all states will be linked up in the final phase
For phase 1 ABB will deliver six turnkey 40kV gas-insulated substations, including gas-insulated switchgear, circuit breakers, transformers and shunt reactors as the main components. ABB will be responsible for design and manufacturing of the equipment, system engineering, installation, commissioning and civil works.
Mr Yushchenko orders SPF to prepare tender for Kryvy Rih Mining
Ukrainian President Mr Viktor Yushchenko has ordered the State Property Fund to invite tender to sell a 56.4% stake in Kryvy Rih Mining and Dressing Mill of Oxidized Ores by March 1.
The SPF should take the respective steps to sell the state stake in the mill, in particular to provide for holding the respective tender, the fund's press service quoted the presidential instruction dated Nov.
Xiamen to become shipbuilding base in 10 years
A ten-year development program has been drawn up to develop Xiamen, a port city in southeast China's Fujian province, into a shipbuilding base by 2015, said the municipal source. Shipbuilding will be a key industry in Xiamen, a place on the west bank of the Taiwan Straits
According to the plan, a group of shipbuilding and shipyard enterprises will be built in the cities, which are set to handle 100,000-tonnage vessels and other relevant services and equipments.
The official expects city's annual shipbuilding capacity to reach 800,000 tons by 2010
Mittal Steel SA moves up to 2nd slot in Top 100 list in SA
Mittal Steel South Africa has emerged as the top performing blue chip company over five years in South Africa as it has moved from fourth to second position in the annual list of the country's Top 100 Companies.
The Top 100 list is based on the return on 10,000 Rands invested for five years. It is reported that Mittal Steel SA stood at second place with 93% compound growth over the past five years, well ahead of its closest rival Edgars Consolidated Stores, a national clothing group, which had compound growth of 61% but less than construction company Grindrod, with compounded growth of almost 97 percent.
China's Valin Steel Tube seeks overseas investor for tube business
Hunan Valin Steel Tube & Wire Co Ltd is seeking an overseas strategic investor for its unlisted tube business, a local daily reported, citing Mr Wang Jun, deputy GM of the company. Mr Wang added that the new overseas investor will not be Mittal Steel which has become Valin Steel's second largest shareholder with a 36.67%, as Mittal Steel does not have experience in steel tube operations.
He said Valin hopes that the new foreign investor will also introduce advanced technologies and management expertise to enhance the company's core competitiveness. Mr Wang told the newspaper that Valin has been in extensive talks with a well-known overseas steel tube company, but did not disclose any details.
Valin Steel started restructuring its steel tube business at the end of September, allowing its two steel tube units to merge, the newspaper said. Mr Wang said the restructuring plan will be completed at the end of the year, when the new foreign strategic investor will also be introduced.
Hyscos Sunchon mill crosses 5 million tonne mark
Hyundai Hysco, a steel manufacturing arm of the Hyundai Automotive Group, has been a key steel supplier to its global auto producing affiliates Hyundai Motor and Kia Motors has crossed 5 million tonne mark for cumulative production of cold rolled steel sheet for cars at its factory in Sunchon, South Cholla Province since it began operation in 1999
Manufacturing of cold rolled steel sheet for vehicles is considered to be one of the steel sheet production fields that require the most complicated and fastidious technologies.
Hysco has production facilities in Beijing, China and in Alabama in the United States to support Hyundai Motors vehicle manufacturing. Hysco will further focus on developing futuristic new materials and products for the auto industry as the local vehicle output has grown by about 10% percent on an annual average
Hyundai Hysco, which took over Hanbo Iron & Steel, along with its affiliate INI Steel, said it will spend 351 billion won by 2008 normalizing its newly acquired production facilities in Tangjin.
Hysco also plans to build a steel mill in Slovakia next year to supply products to Kia Motors which will open an assembly plant in Slovakia late next year. The steel maker said it will begin construction next February, with products being rolled off production lines as early as in November 2006.
SA Spoomet needs to put R7 billion on track & stock upgrade
SA Railways utility Spoornet anticipates that it will need to invest about R7 billion to upgrade the capacity of the coal corridor from the Mpumalanga Highveld through to the privately owned Richards Bay Coal Terminal, where plans have been announced to raise export throughput by 20 million tons a year by 2008.
CEO Mr Siyabonga Gama says Spoornet has been briefed fully on the scaled-up 92 million tons a year planned that it was in the process of evaluating the effect on its overall capital investment plans. As per a report on local mining daily he disclosed that initial calculations suggest a capital investment of about R7 billion, with much of the money likely to be ploughed into rolling stock. Mr Spoornet estimates that, for every additional six-million tons capacity, the corridor would require eight additional locomotives
Mr Gama also said that tariff negotiations between it and the coal miners are continuing and that it will be pursuing an equitable solution for all customers on the corridor.
Ukraine uses 98.1% of its galvanized quota to Russia
Ukraine has used 98.1% of its 2005 quota to ship 110,000 tons of galvanized steel to Russia in January-October as per a report from the Economics Ministry
TopThai G Steel likely to delay IPO
Thai G Steel PCL will likely delay its long-awaited initial public offering to the first quarter of next year due to unfavorable market conditions, its financial adviser said. "The IPO has been approved by all authorities, including the Securities and Exchange Commission, but market sentiment is not good," Mr Udomsak Chakreyavanich, president of Asia Plus Securities PCL (ASP.TH) told press.
The IPO has been delayed since the first quarter of this year awaiting approval by the SEC, which spent months looking into the company's 2001-2003 debt restructuring before eventually giving the green light for the offering in the third quarter.
The proceeds will be used to finance a $320 million project to expand its hot-rolled steel coil production capacity to 3.4 million tons a year from 1.8 million tons currently.
Russian coal miner Promagroindustrija hires IPORussia
IPORUSSIA, INC a provider of business advisory services to private companies located in the Russian Federation, announced today it has been retained by Production and Business Company Promagroindustrija LLC of Republic of Khakassia, Russia, a coal mining company.
Promagroindustrija LLC is one of the coal mining companies in Russia and since the beginning of this year its coal extraction has increased 338%. Promagroindustrija LLC owns the rights to extract coal from deposits located in the Republic of Khakassia, a region of Siberia, Russia with proven reserves of 5.9 million tons of coal.
Massey to buy back $500 million in stock
Richmond-based Massey Energy Co. has announced a plan to buy back $500 million worth of its common shares and to conduct a capital restructuring program that will remove 6.8 million shares from the firm's earnings calculations. Massey said it will refinance $220 million of 6.95 percent senior notes due in 2007, buy back $132 million in 4.75 percent convertible notes due in 2023 and offer to exchange $175 million in outstanding 2.25 percent convertible senior notes due 2024. Massey did not set a timetable, other than to say it will begin in the "near future."
Massey, US's fourth-largest coal producer had been under pressure from two hedge funds to borrow $1.5 billion to buy back shares. Mr Don Blankenship, Massey's chairman, president and CEO, had put off the demands until he could put the proposal before his board of directors. The board recommended these actions at the conclusion of months of careful evaluation of financing and repurchase alternatives with the objective of increasing long-term shareholder value," Mr Blankenship said in a news release.
Dofasco files amended prospectus for QCM Income Fund
Canadian Steelmaker Dofasco, which last week announced it is forging ahead with an initial public offering of QCM Income Fund, said late Wednesday that an amended and restated IPO prospectus has been filed with authorities.
The Hamilton-based firm also said it has filed with the authorities an amended business acquisition report relating to Quebec Cartier Mining Co, which operates an open-pit mine on Quebec's North Shore Region.
Dofasco said last week it planned to retain enough of a stake in QCM to hedge its own iron ore purchases. The company buys about 60% of its iron ore from QCM.
Palladon Ventures announces 2005 Q2 results
Palladon Ventures Ltd reported the results of its operations for the quarter ended August 31, 2005. Highlights of the quarter include the completion of positive metallurgical test work on iron ore from the Iron Mountain Project, the execution of an iron concentrate sales contract, the completion of preliminary engineering and design for mining and processing ore at the Iron Mountain Project, encouraging field work on the Company s gold and copper projects in Utah and Nevada, and the acquisition of an attractive addition to the Company s Argentine mineral portfolio.
The Company reported a profit for this quarter of $242,887 due to unrealized gain on foreign exchange of $1,063,905 for the quarter that offset the actual operating loss for the three months of $823,251. As of the end of August 31, 2005, the Company had $398,627 in cash, and $27,211,535 in mineral properties.
The bulk of the Company s $27 million in mineral properties consists of its interests in the Iron Springs Districts Iron Mountain Project and the Western Utah Copper joint venture in Utah.
Mr LN Mittal looking at Azerbaijan
President of Azerbaijan Mr Ilham Aliyev met Mr LN Mittal CEO of Mittal Steel on 17th November.
Mr LN Mittal expressed a desire for his company to be involved in various fields of the Azerbaijans economy.
Northland Resources reports additional Stora Sahavaara iron results
Mr. Buck Morrow, the President of Northland Resources Inc, Canada, has announce the final results from Northland's recent core drilling program at the Stora Sahavaara magnetite body in Sweden.
The drill program was designed to confirm historic iron grades reported by the Swedish Geological Survey for Stora Sahavaara, test the average thickness and geologic continuity of the main Stora Sahavaara magnetite body and provide representative sample material for metallurgical testing of the magnetite body.
Northland has received some very encouraging preliminary comments from Midland Research Center in Nashwauk, Minnesota, which is carrying out the initial testwork on magnetite core from Stora Sahavaara. Midland has commented that the iron content of the crude "ore" is very good ranging from 41% to 53% Fe with about 0.1% Cu and very low SiO2.
North American Gold Inc. is a well-structured, debt free junior exploration company with a portfolio of high quality iron, gold, and base metal exploration projects in Sweden and Finland.
Cabmrian Mining to divest of shareholding in King Coal & Maple Coal
UK based Cambrian Mining has announced that it will sell its shareholdings in King-Coal Corporation and Maple Coal Company, both unquoted companies, to AIM-listed Coal International. Cambrian currently holds about 15 million King Coal shares and 2.6 million Maple Coal shares representing 44.5% and 30% of the issued share capital of the companies, respectively.
Cambrian will receive a total of about 15 million Coal International shares for its shares in King-Coal and a total of 3.1 million Coal International shares for its Maple Coal shares, resulting in Cambrian receiving a total consideration of 18.1 million Coal International shares valued at 18,1-million at the issue price of 1 a Coal International share.
King-Coal's assets, held through its wholly-owned subsidiaries, comprise coal leases and mineral interests in the Hamilton Districts, Nicholas County, West Virginia, as well as permits and consents for the mining of the Bar Eagle and Birch 2A deposits and a slurry impoundment recovery operation located near Pageton, West Virginia.
Maple Coal's assets comprise all of the shares of Maple Coal Company, a Delaware corporation which has purchased various permits and associated properties, covering the Powellton property and which has entered into a coal lease for material interests in the Powellton property. This includes about 21 200 acres of coal interests in Cabin Creek District, Kanawha County and Valley District, Fayette County, West Virginia.
ThyssenKrupp Technologies Hellas incorporated in Greece
ThyssenKrupp Technologies has an Athens-based subsidiary, ThyssenKrupp Technologies Hellas SA for the purpose of opening up further areas of business in its home market -especially in plant engineering and naval shipbuilding. Until now, ThyssenKrupp Technologies has been represented in Greece by its Hellenic Shipyards in Skaramanga, a member of ThyssenKrupp Marine Systems.
Board Members of ThyssenKrupp Technologies Hellas are Mr Reinhard Kuhlmann, Chairman, Mr Silke Klausen and Mr Georgios Paterakis who will be acting as Managing Director of the company.
ThyssenKrupp Technologies is an international manufacturer of high-tech plant and machinery. On the basis of world-leading market positions and innovative system and engineering capabilities, it supplies systems, facilities, specialized machinery and components together with associated services.
WCI Steel workers back reorganization plan
The steelworkers union has endorsed a rival plan by bond holders of WCI Steel Inc that could help the company emerge from bankruptcy court protection. The deal with holders of $300 million in WCI bonds includes provisions for 250 employee buyouts, would protect another 1,000 union-covered jobs and addresses union pension concerns, according to Union Chief Mr Rubicz. Mr Rubicz said he wasn't sure when a U.S. Bankruptcy Court in Akron would decide whether to approve the agreement. He declined to comment in detail on the agreement.
Last year the Local 1375 membership approved a plan which would allow WCI's owner, the Renco Group, to keep control of the company. Renco and the bond holders have been competing for union support for their bids.
Mr Patrick G. Tatom, WCI's president and CEO said WCI's management would review the latest deal with the Steelworkers. "Our goal remains to secure a successful plan of reorganization that meets the needs of all of our constituents," Mr Tatom said. "We are committed to emerging from bankruptcy as a strong player in the niche flat-rolled steel market."
Warren-based WCI, which filed for bankruptcy court protection in 2003, makes more than 185 grades of custom and commodity flat rolled steel in its northeast Ohio hometown.
Intl Ferro Metals appoint 2 new non executive directors
International Ferro Metals announced the appointment of UK based, Mr Stephen Oke and China based Ms Tian Xia as non executive directors of the Board with immediate effect.
Mr Stephen Douglas Oke is an experienced corporate financier having been Head of International Corporate Finance for Standard Bank in London for the past four years. Prior to that he was a Director at NM Rothschild & Sons and Merrill Lynch. His experience includes nine years based in Johannesburg, South Africa working for JCI Co. Ltd, Mathison & Hollidge Inc. and BP Coal (Pty) Ltd.
Ms Tian Xia is a Director in the Financial Department of Jiuquan Iron & Steel (Group) Co. Ltd, China (Jisco). She commenced working for Jisco as an accountant in July 1992 and has worked for Jisco since, as division manager, division deputy director and department deputy director for various companies within the Jisco group.
