December, 07 2005
13 units out of 43 MoUs start production in Orissa
Orissa steel and mines minister Mr Padmanava Behera informed that 43 private companies have signed MoUs with the state government for establishing industrial units. Out of these, 13 have already reached the commissioning stage. These 13 projects include six steel cum sponge iron units, five sponge iron units, one pig iron plant and another ferro chrome plant.
The plants to have started production include Bhusan Group at Lapanga in Sambalpur district, Aarti Steels Limited at Ghantikhal near Athgarh, Neepaz Metalicks Private Limited at Chadrihariharpur near Rourkela, Scaw Indusries Private Limited at Gundichapada near Dhenkanal, SMC Power Generation Limited at Hirma in Jharsuguda and Sree Metaliks Limited at Loidapada near Barbil in Keonjhar district
SPS Sponge Iron Limited, Maheswari Ispat Limited, Orissa Sponge Iron Limited, Orissa Cement India Limited and Deepak Steels & Power Limited have also started producing sponge iron
Besides, Visa Industries Limited is producing pig iron and Jindal Stainless Limited ferro chrome.
Mr Behera also informed that three companies had been qualified for the mining lease as they submitted their financial closure and invested 25% of the total project cost.
SAIL board Okays project proposals
The SAIL board of directors has granted in-principle approval to project proposals involving investment of around Rs 348 crore. Two of these proposals pertain to infusion of New Technology and up gradation of production facilities at Rourkela Steel Plant RSP. The projects sanctioned today were in addition to the capital schemes valued at over Rs 3,500 crore that were currently under various stages of implementation, according to a release.
SAIL has decided to rebuild RSP's coke oven Battery at an estimated cost of Rs 195 crore in order to meet environmental norms while implementing its growth plan. Revamping of the coke oven battery would help RSP to meet its higher requirement of coke for enhanced hot metal production in the coming years.
Another proposal to invest Rs.116 crore for installing a Coal Dust Injection CDI system at RSP is part of SAIL's decision to install alternative fuel technologies in all its 20 blast furnaces, following the uncertainty being faced by the steel Industry globally with respect to coking coal.
The projects form part of the company's growth plan that envisages enhancing hot metal capacity to around 23 million tonnes by 2011-12.
Jindal Stainless plans to enter CRGO segment
It is reported that Jindal Stainless Ltd JSL is planning to take up manufacture of cold rolled grain oriented CRGO silicon steel in India. As of now no Indian steel maker produces CRGO grade of steel and 100 per cent of the country's requirement is imported.
CRGO steel is a primary raw material for making transformers and accounts for about 40% of the manufacturing cost. The country's current demand is reported to be around 0.12 million tonnes of CRGO steel a year.
Mitsui to acquire 20% stake in Indian Steel and Wire Products
It is reported that Mitsui & Co Ltd is planning to acquire a 20% stake in Jamshedpur based Indian Steel Wires & Products
Indian Steel and Wire Products is a wire rods and cast iron manufacturer
Maharashtra allotted coal block in Orissa
Maharashtra has been allotted a coal block by Coal India in Orissa to meet the states ever increasing demand. The contract for the Mahanadi-Meghakat block in the Mahanadi basin is expected to be signed soon. The block is estimated to have more than 560 million tonne of coal deposits.
MSEB plans to invite tenders for operating the mining as it is a specialized job and is not their core competence
The states current demand for coal is around 6.9 million tonne per year and 20% of it is met through imported coal. At present, the state power utility uses an 80:20 blend of Indian and imported coal.
Dr MP Narayanan elected as VC of WMC
Dr MP Narayanan, former chairman of CIL has been elected the Vice Chairman of the World Mining Congress (WMC) a global body mining engineers and experts headquartered in Poland. Dr. M.P. Narayanan who is a Member of the International Organizing Committee of the WMC was elected unanimously as Vice Chairman of the WMC at a meeting held in Tehran in Iran recently. His name was proposed by Mr SK Chaudhary Chairman of the Indian National Committee.
Prof Ajay Ghosh, who was till recently the Vice Chairman of the WMC, was unanimously nominated as Hon Member of the WMC
8 killed as iron ore train derails
Eight persons were killed when 30 of its 42 wagons, of an iron ore carrying freight train, jumped tracks near Chakradharpur division of South Eastern Railway in Sundargarh district, as the brakes failed
The wagons were carrying iron ore from Roxy iron ore mines in Sundargarh district to the SAILs RSP
Iron ore negotiations to start in Tokyo
Iron ore price talks are likely to start today between global mining giants CVRD, Rio Tinto and BHP and Japanese steel mills in Tokyo. "Full-scale" talks are set to last till December 20, with the possibility of a price settlement before Christmas.
The miners are expected to ask for significant price increases, even as Chinese steel mills call for price cuts, and key to the outcome will be the attitude of the Japanese. This year the Chinese were shocked at having to swallow a 71.5% hike when the Japanese caved in to demands from CVRD.
Analysts are expecting a further rise of up to 10 to 20% this time around. But the Japanese may not be in a hurry to settle. While iron-ore demand remains high and supplies are tight, steel mills are being forced to cut prices. So they may want to hold off in the hope that market conditions of iron ore ease.
BHP is expected to "highlight" that Australian iron ore should command a premium in Asia because of the cheaper freight relative to Brazil.
Venezuela to setup a rail mill with Danieli
Venezuela expects Italian steel group Danieli to take part in a $1 billion steel project and also wants to bring in Indian and Chinese firms as partners. Mr Victor Alvarez Venezuelan Mining Minister announced that the smelter would have a capacity to manufacture 1.5 million tonnes of steel products, such as rails, that are now not available in the Venezuela. The production will be used in Venezuela's railway construction program.
The Venezuelan government will have a majority stake in the project of at least 51%. "Private Italian group Danieli ... has demonstrated interest. We signed a deal with them and they are prepared to come up with 23% of the 49% maximum private stake," he said. "We are in negotiations with steel companies in China and India for the rest of the stake reserved for the private sector," Alvarez said, without providing the names of the companies.
Last July, Venezuela's government and Danieli had signed another accord to carry out feasibility studies for a $572 million joint venture plant to produce steel plates in Venezuela.
The leftist government of President Mr Hugo Chavez is working to develop the country's mineral resources via state-controlled projects. It is also converting existing contracts and concessions into joint ventures majority-owned by the state.
German crude steel output down 10.4% YOY in November
German crude steel production in November fell 10.4% YOY to 3.58 million tonnes, while pig iron output was down 12.2% to 2.24 million tonnes, the Federal Statistics Office said. On a month-on-month basis, crude steel production was down 11.9% in November, while pig iron production diminished by 13.4%, the office said.
Adjusted for seasonal and calendar effects, crude steel production decreased 14% in November from October, it added.
Geraldton Iron Ore alliance formed
Midwest Corporation Limited, Murchison Metals Limited and Gindalbie Metals Limited have joined forces to create The Geraldton Iron Ore Alliance to promote the development of the iron ore industry in the Mid-West region, which is rapidly emerging as the most active region for new iron ore projects in Australia outside the Pilbara. The Geraldton Alliance, launched today, will primarily liaise with governments and industry groups and will work closely with stakeholders in the region.
Former Western Australian State Development Minister, Clive Brown, who has agreed to act as independent Chairman of the Geraldton Alliance, said the Geraldton region could be producing 50-60mtpa of iron ore and carbon steel related minerals and products within a decade with up to 10% of this material in the form of value-added products such as pellets. Mr Brown said the Geraldton Alliance welcomed the Geraldton Port Authority's decision to pursue the installation of a new dedicated 4,500tph iron ore ship loader at Berth 5. The new ship loader is an important step towards enhancing the efficiency and capacity of the port.
All three foundation members of Geraldton Alliance are actively developing their stage one projects to provide a platform for further expansions. Some member companies are also in the process of proving-up larger second stage projects.
Murchison Metals has already commenced construction of a $24 million 'starter' project at its Jack Hills Project, 400km north east of Geraldton, which is scheduled to commence production at the level of 1.2mtpa from early next year. Murchison has also secured the backing of Korean steel major POSCO for a much larger Stage 2 development, where it is targeting production of 25mtpa by the end of the decade.
Gindalbie Metals is accelerating exploration and pre-feasibility studies on its initial 1.5mtpa direct shipping ore (DSO) project based on its hematite deposit at its Blue Hills iron ore project, 200km inland from Geraldton, which will be based at Mungada Ridge, adjacent to the historical DSO mining centre. Gindalbie has also commenced feasibility activities on the Mt Karara magnetite deposit, where it is targeting a 400 million tonne deposit from current drilling 15km from Mungada, which will form the basis of a substantial long-term concentrating and palletizing operation.
Midwest Corporation is scheduled to commence exports by 2005 year end at 1mtpa from its Koolanooka hematite project. Midwest is also pursuing the planned joint development of its Weld Range hematite project, located 65km south west of Meekatharra, and its Koolanooka magnetite Project, with China's largest iron ore importer, SinoSteel Corp. The target is to produce 15-20mtpa hematite from the Weld Range Project, and about 5mtpa concentrates/pellets from the Koolanooka magnetite project, by the end of the decade.
Coal price climbing as output falls: NDRC
The coal price on the Chinese market is climbing as a result of falling output and rising demand, China Securities Journal has reported on Monday. Citing a recent report by the Price Monitoring Center of the National Development and Reformation Commission, the Journal said China's coal production will likely reduce by anywhere 50 million to 70 million tons this year and that the figure will rise to 100 million tons in 2006.
Since April this year, the country's coal output has been declining as the central government has a taken slew of measures to straighten market order, closing a large batch of coal mines that did not meet safety standards.
The massive closure was sparked off by frequent coal mine accidents across the country this year.
The price monitoring center said that in October the prices of coke and coal used for industrial boilers in 36 medium sized and large cities came to 545.56 yuan per ton and 418.15 yuan per ton, respectively, up 22.45% and 5.85% from the same month in 2004.
China iron ore prices to fall in 2006 on ample supplies
Iron ore prices will fall next year boosted by ample global supplies, the Ministry of Commerce (MoC) said in a statement on its website. The MoC said the global supply of iron ore is expected to exceed demand in 2006, as major international suppliers increase output and emerging suppliers also expand exports. Global iron ore shipments will increase 62 million tons next year from this year, while global demand will be up only 50 million tons, which will help iron ore prices drop, said the MoC.
It said the growth of iron ore demand in China, the world's largest iron ore importer, will also drop next year, as the country lowers its steel output on falling steel prices. The commerce ministry expects that China's demand for imported iron ore will rise by 35 million tons next year. The MoC said it will closely monitor China's iron ore imports and strengthen coordination and management on such imports to guarantee stable supplies and help lower the iron ore prices to a reasonable level.
Customs statistics show China imported 220 million tons of iron ore in the first 10 months, up 32.2% YOY. This year's expected import is at 264 million tons, which accounts for 41.6% of the global iron ore trade.
"This news of supply is surely giving Chinese steelmakers more grounds when they negotiate with international suppliers," said Mr Wang Zhixiang, metal analyst at Xiangcai Securities Co, who previously predicted iron ore prices next year would drop but by "not much."
Dofasco shareholders given till January 10 to accept ThyssenKrupp's offer
Dofasco's investors have until January 10 to take up ThyssenKrupp on its $61.50 per share takeover offer, according to documents released Tuesday. But shareholders appear to be holding out for another offer, with Dofasco stock closing at $63.80 Tuesday on the Toronto Stock Exchange. The board of the Hamilton-based steelmaker is recommending Thyssen's $4.8 billion bid, which it sought last month after the world's second biggest steelmaker, Arcelor SA, made a hostile $56 per share offer.
Dofascos official recommendation Tuesday revealed that it has already rejected a series of bids from American steel giant Nucor Corp., which had teamed up with Arcelor SA. According to Dofasco's director circular, on May 27, CEO Mr Don Pether met with his counterparts at Arcelor and Nucor. They were offering $43 per share for Dofasco, although they had not yet performed due diligence on the steelmaker. On that date, Dofasco shares closed at $33.90.
In the meantime, Dofasco paid $306 million for the two-thirds of Quebec Cartier Mining it didn't already own. QCM, an iron ore miner on Quebec's North Shore Region, is a prized asset. Iron ore prices have escalated as steelmakers have been forced to fight for the material, which is a critical ingredient in steelmaking. Dofasco said it intended to spin off QCM.
Indonesian government preparing national energy policy
The Indonesian government is currently preparing a national energy policy that will underline the diversification, intensification and conservation of energy sources. The energy diversification gives priority to the use of gas and coal as substitutes for oil, the Head of the Research and Development Center of the Energy and Mineral Resources Ministry, Ms Nenny Sri Utami said.
Gas and coal can be used as good substitutes for oil in the provision of energy sources for the generation of electricity, the operation of industrial plants and public transport vehicles as well as household activities. The application of gas includes bio-diesel, bio-ethanol, gas fuel and liquefied petroleum gas, while coal can be used in the form of briquette, she said.
The energy policy is also aimed at increasing the use of renewable energy like geothermal energy, hydropower energy, wind energy and solar energy, she added. The energy diversification policy also includes the construction or provision of infrastructures for the application of alternative energy sources such as power plants, gas pipelines, and special coal transportation trains.
Venezuela starts construction of new coal port next year
Venezuela will start constructing a new $200 million port in San Bernardo Island in the Gulf of Venezuela, replacing existing facilities on Maracaibo Lake. The new port will initially handle only coal as per Infrastructure Minister Ram Carrizez. The ministry will spend $51 million on the project next year. The port will handle as much as 24 million tons of coal annually
The new port would also end frequent groundings by tankers and ships in the Maracaibo Lake shipping channel, the route for about 40% of the countrys 2.2 million barrels a day in oil exports. The Maracaibo Lake shipping channel, which was dredged out in the 1950s to give tankers access to the inland body of water, is constantly silting over, leading to tanker groundings. The channel has also allowed more salt water to enter the lake, resulting in environmental damage. The Maracaibo shipping channel connects Maracaibo Lake with the Gulf of Venezuela and the Caribbean.
Superalloy degassed chromium from Japan injures US Industry says ITC
The United States International Trade Commission (ITC) determined that an industry in the United States is materially injured by reason of imports of superalloy degassed chromium from Japan that the Department of Commerce has determined are sold in the United States at less than fair value. All six Commissioners voted in the affirmative.
As a result of the Commission's affirmative determination, the U.S. Department of Commerce will issue an antidumping duty order on imports of this product from Japan. The Commission's public report Superalloy Degassed Chromium from Japan, Inv. No. 731-TA- 1090 (Final), (USITC Publication 3825, December 2005) will contain the views of the Commission and information developed during the investigation.
Mittal Steel Galati situation aggravated
It is reported in a local daily that the conflict in Mittal Steel Galati is deepening, as another 12 unionists are ready to go on hunger strike unless the management stops breaking the law and unless they call the Solidaritatea union for negotiations on the collective bargaining agreement.
So far 14 people are on hunger strike. Since the beginning of the conflict, seven have been taken to hospital, and their health state is now stable. One of the hunger strikers, experiencing health problems, refused to be hospitalized after doctors told him he must give up the protest in order to be treated.
Hiveld embarking on R500 million environmental programs
Highveld Steel & Vanadium has embarked on an R500m program to bring its emission control and waste management standards into line with international best practice over the next five years.
Hiveld management has repeatedly come under fire from environmentalists during the past 20 years for its reluctance to deal with the visible emissions pouring from its iron and steel plants as well as associated operations like Transalloys. Management's invariable reply to complaints was that the group was working within required government permits and licenses. But the emission standards laid down by those permits were frequently lax because of Hiveld's status as a strategic industry.
That situation changed from September this year, when the new Air Quality Act came into effect. It imposes far more stringent emission standards than the former Atmospheric Pollution Prevention Act, which it replaced.
Hiveld MD Mr Andre de Nysschen said that this clean-up process is in hand. The capital expenditure has been approved by the board and the contracts have been put out to tender. He says: "The two projects will run parallel and the new bag filter plant should be in operation before the second ladle comes on line at the end of 2006." De Nysschen added that Hiveld is applying for the water and other permits required in terms of new environmental legislation. As part of that process, Hiveld will deal with all the environmental issues in its water usage. He estimates the total cost of cleaning up Hiveld's operations at R500m-R600m over the next five years, which will be funded from the group's cash flow during this period. The clean-up program has been implemented from this year.
China Minmetals and Metal One set up steel trading JV
China Minmetals Group, one of China's largest steel traders, and Japan's counterpart Metal One Co Ltd have established a JV for domestic steel product trade and customer service in Wuhan City, the capital city of central China's Hubei Province
TopTopaz sells 80% shares of Mezon SS to Sumitomo
Oman based Topaz Energy and Marine Ltd has announced that it has sold 80% of its shares in Mezon Stainless Steel FZE to Sumitomo Corporation of Japan.
Mezon Stainless Steel FZE is a leading stockiest of stainless steel products for the oil and gas industry in the region and operates a warehouse facility in the Jebel Ali Free Trade Zone.
Mezon has been an excellent business for us but it is not central to our long-term direction said Topaz CEO Mr Anjan Mitra. The divestment has been made with the strategic intent of focusing on Topazs core marine and oil and gas services related business, which has expanded significantly following the acquisition of BUE Marine.
Sumitomo has had a long and successful association with Topaz and we are delighted to take our partnership to a new level by acquiring a majority stake in Mezon said Mr Kazutoshi Fujii of Sumitomo Corporation.
AK Steel Presents Supplier of the Year Awards
AK Steel has honored six of its suppliers "2005 Supplier of the Year" awards for outstanding service, value and strategic support of the steel maker's business plan during the companys second annual Key Supplier Meeting, held in West Chester, Ohio December 2.
Companies honored at the event include Considar Inc a supplier of ferro alloys, ESM II LP a supplier of cored wire, caster segment repairs and desulphurization products and services, Fleetwood Signode a supplier of packaging equipment and steel coil packaging supplies, Keywell LLC a supplier of stainless and titanium scrap, Pittsburgh Logistics Systems Inc a transportation logistics services for truck, rail, barge and ocean shipments and Tube City LLC a supplier of carbon steel scrap).
"Each of our award recipients helped AK Steel achieve its strategic goals during 2005," said Mr James L. Wainscott, president and CEO of AK Steel. "These companies delivered quality products and services to AK Steel, while finding innovative ways to provide significant cost savings at the same time."
Chalco ups alumina price
Aluminum Corp of China, also known as Chalco, said it has raised domestic spot sales price for alumina by 11.6% to 5,200 yuan (US$642) per ton over the weekend, without giving any reasons for the increase. The move follows a similar one in mid October when Chalco raised alumina price by 7.6% to 4,660 yuan per ton.
Spot alumina price on the international market currently was quoted at about US$600 per ton, a level which industry watchers consider irrational and has plenty room to drop. The current sales price of imported alumina at Chinese ports is about 6,000 yuan per ton, up from 5,400 yuan in October, said Chalco's statement.
Chalco is China's sole producer of alumina, the main raw material used to produce aluminum.
The import price of alumina in China has been rising since August on low supply and high demand as the number of aluminum smelters in the country expands. China is set to import 7.15 million tons of alumina in 2006, a 3.6 % increase on-year. The rate compares with an import jump of 18%this year, said a Ministry of Commerce report last week.
Paulson unlikely to win battle with Algoma: DBRS
New York based hedge fund Paulson will probably lose its battle to force Algoma Steel Inc. to make a $420-million cash payment to shareholders, Dominion Bond Rating Service said Tuesday. "DBRS does not expect the cash distribution as proposed by Paulson & Co. to occur as Algoma's financial structure would significantly weaken," analyst Mr Jarrett Bilous wrote in a research note. He said Algoma's cash horde helps protect the Sault Ste. Marie-based steelmaker from a sustained downturn in the market, which is "a distinct possibility."
In any case, Algoma's earnings are expected to "sharply decline" from their "near-peak" levels in the next little while, he said. "Lower average steel prices in 2006 are expected to be driven by softened demand, particularly in the automotive industry Algoma's primary customer segment and the expectation for rising imports from strong Chinese production."
Algoma sells half of its steel at spot market prices, locking in price contracts for the remaining 40%. Also next year, high raw material and energy costs will continue squeezing steelmakers, including Algoma, Mr Bilous said. "Algoma's earnings are most sensitive to changes in iron ore, natural gas, coal and electricity prices, which have sharply increased over the past year and are not expected to ease."
Canada's third-largest steelmaker soared on the wave of high steel prices, managing to pay $238 million in special dividends during the third quarter and still keeping a sizeable amount of cash on hand. The company has locked horns with its largest shareholder, New York-based Paulson & Co., which owns a 19 per cent stake and is trying to force Algoma to cough up hundreds of millions to all of its shareholders.
Tasmanian nickel mine to be expanded
Australia's Allegiance Mining announced its plans to double nickel production to more than 10,000 metric tons per year in Tasmania. The company's Avebury Project is producing about 5,700 metric tons per year
Regulatory approvals are in place for Avebury's construction and nickel production, and financing talks are nearing their conclusion.
Sierra Grande iron ore operations to begin soon
Chinese company A Grade Trading, which operates the Hierro Patagico Rionegrino SA (Hiparsa) iron industrial complex, will start mining before year-end at the Sierra Grande iron ore mine in the Argentine province of R Negro. The iron ore mining process at Sierra Grande, which is part of the Hiparsa complex, is awaiting the decision, and site preparation and mine cleanup works are complete.
But A Grade Trading needs more transport vehicles for the mining operation.
The company currently has 60,000 tons of mineral in the quay waiting to be exported.
Reserves at the complex's Sierra Grande mine are estimated to be from 250 million tons to 300 million tons of iron ore. The Hiparsa complex, 310km from Viedma, encompasses the iron ore mine, an industrial area, and a 32km-long rail line for the transport of slurry concentrate, a pelletization plant and a port storage loading facility.
BHP Billiton to support Commonwealth Games
BHP Billiton will offer support to ten Commonwealth countries as part of a sponsorship program announced today by the 2006 Melbourne Commonwealth Games organizing committee. BHP Billiton is also inviting a number of national Commonwealth Games Associations to nominate a new or ongoing development project in a sport of its choice to be considered for specific support under the sponsorship.
The company will provide Partner level support to the 2006 Melbourne Games organization and, as part of a Federal Government support program, will facilitate travel and associated costs for athletes and officials from nominated Commonwealth countries.
BHP Billiton will also provide the silver for the Commonwealth Games silver medals.
BHP Billiton CEO Mr Chip Goodyear said the sponsorship program was an opportunity to assist a number of Commonwealth countries in a practical way that would leave lasting benefits. "Many of the Commonwealth countries require assistance to fully participate in major global sporting events such as the Games and we are glad to be able to provide some support. This is a logical and tangible way to implement our Charter values by interacting with and supporting some of the communities in which we operate. We are pleased to be working with the Commonwealth Games Federation on the international sponsorships, and look forward to hosting representatives of these communities during the Games in Melbourne, he said.
IPSCO &USW labor agreements ratified
IPSCO Inc has confirmed that members of United Steelworkers Locals 5890 and 6673, representing approximately 1,000 workers at IPSCO's facilities in Regina, Saskatchewan and Calgary, Alberta, have ratified the tentative agreements reached last month for early renewal of the collective agreements to expire on July 31, 2011.
In addition, IPSCO is pleased to learn the Legislative Assembly of Saskatchewan has approved legislation that provides an exemption to The Trade Union Act in order that the new collective bargaining agreement, which exceeds the Saskatchewan statutory maximum of three years duration, will be given full force and effect.
IPSCO President and CEO Mr David Sutherland, commenting on the new labor contracts and passage of the enabling legislation, said, "We are extremely pleased our employees who are represented by the USW, have ratified the agreements that both IPSCO's and the USW's bargaining teams worked so hard to achieve. I feel this is a positive development for both the workers and the business. These new contracts, which contain wage, benefit and pension improvements for our employees, will assure our current and potential new customers that IPSCO will continue to produce an uninterrupted supply of quality steel and pipe from our Western Canadian facilities. This is especially important in the large diameter pipe and oil country tubular goods markets, where significant business opportunities exist now and are expected to continue for the foreseeable future. I also want to acknowledge and express IPSCO's appreciation to the Saskatchewan legislature for their fast action in passing the appropriate enabling legislation for this long-term agreement."
IPSCO operates steel mills at three locations and pipe mills at six locations in the United States and Canada. As a low cost North American steel producer, IPSCO has a combined annual steel making capacity of 3,500,000 tons. The Company's tubular facilities produce a wide range of tubular products including line pipe, oil and gas well casing and tubing, standard pipe and hollow structural. Steel can also be further processed at IPSCO's five temper leveling and coil processing facilities.
Quebec firm BPR Consulting opens office in South Africa
BPR consulting engineers of Quebec have opened a new office in Johannesburg, South Africa. This is the company's first office in Africa, adding to their 20 existing overseas offices in Europe, the West Indies and the United States.
The company, which has strong expertise in mining and metals, has a joint venture with Bechtel to engineer new plant for the Highveld Steel and Vanadium Corporation in Mpumanlanga near Witbank.
Mr Stoe Named COO of Worthington
Worthington Industries Chairman and CEO Mr John P McConnell have announced the appointment of Mr George P. Stoe as Executive VP and COO. Mr Harry A Goussetis, VP of HR succeeds Mr Stoe as President of Worthington Cylinders.
"Mr George has done a tremendous job as president of our cylinder business where he drove growth, productivity and safety," Mr McConnell said. "We will put his strong strategic and tactical skills to use across the company as he works closely with each of our business segments. His leadership has been invaluable in driving our international business in cylinders."
In addition, Mr McConnell announced that Mr Eric Smolenski will become the VP of HR
Columbus, Ohio, based Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The company is North America's premier value-added steel processor and a leader in manufactured metal products such as metal framing, metal ceiling grid systems, pressure cylinders, automotive past model service stampings and laser welded blanks. The company operates 65 facilities in 10 countries
Kennametal appoints Mr Cardoso as President & CEO
Kennametal Inc announced that its Board of Directors has elected Mr Carlos M. Cardoso to the position of President and CEO effective January 1, 2006. He will join the Company's Board at that time. Mr Cardoso was elected Executive Vice President and Chief Operating Officer in January 2005 and, since that date, has been responsible for all of the company's manufacturing operations.
Mr Markos I. Tambakeras will step down as President and CEO and assume the role of Executive Chairman for Kennametal's Board of Directors, also effective January 1, 2006, for a one-year term.
Kennametal Inc is a leading global supplier of tooling, engineered components and advanced materials consumed in production processes.
