April, 19 2006
Orissa ready with draft rehabilitation policy
It is reported that Orissa has drafted a much needed rehabilitation and resettlement policy that seeks to lock half of the compensation money as stock in the company or industry that causes displacement which can be liquidated after five years. It also recommends hiking of compensation amount to Rs 1.5 lakh from Rs 37,500 per acre. The draft also says that no displacement can happen before the affected people are rehabilitated. Another salient feature of the policy is job guarantee for at least one member of each undivided displaced family.
The committee headed by industries minister Mr Biswabhushan Harichandan finalized the draft policy after seven meetings spanning a period of three months. Mr Harichandan claimed that the committee has taken the views of all stakeholders and the state into consideration.
It is said that the new policy aims to bring the landowner and industrialist to the negotiating table and the state will just be a facilitator in the process rather than a broker for industrialist. Till Kalinga Nagar incident in January, the Industrial Infrastructure Development Corporation and in some cases the revenue department used to acquire land for the interested industrialists.
The details of policy are likely to be released soon.
POSCO- LG electrical steel center in Pune to start by November
It is reported that POSCO & LG 65:35 JV will process and sell 013 million tonnes of electrical steel in its processing centre in Pune, which is being set up at $14 million cost ad is likely to start by November.
Based in Pune's Talegaon Industrial Complex, the process centre will include four cutting and shearing machines, including a grain oriented steel sheet and strip facility. After production begins in November, POSCO will introduce a core cutting machine that can manufacture cores for transformers and motors.
A POSCO official said that "Almost 25% of the output will be sourced to LG and the rest will be sold in the local and international markets. We foresee a surge in demand for electrical steel in the country owing to huge investments in the power sector and the expanding white goods sector. And there are hardly any players processing this steel in India."
Paradip port workers opposes POSCOs plan to build port
PTI has reported that The Hind Mazdoor Sabha affiliated Paradip Port Workers Union and Paradip Dock and Transport Workers Union have opposed POSCO-Indias proposal to construct a port near Jatadhari river mouth. Mr Sudhakar Mantry president of the union said that ''The Jatadhari river mouth is the only patch of land where the Paradip Port could expand. We will not cooperate with POSCO for construction of a captive port there.'' Mr Mantry said even if Pune based CWPRS gives favorable report for POSCO's port proposal, the workers will oppose the construction.
He said that POSCO-India could develop a portion of Paradip port for its own use instead of building a captive port which may be utilized by them as a free-trade zone over which both Central and state government will have no access and control.
Mormugao port to augment capacity
Goas Mormugao Port Trust has achieved the total income of Rs 224.12 crore during the year 2005-06 as compared to Rs 220.73 crore in the year 2004-05, the net surplus during the recently concluded financial year being Rs 44.26 crore as against that of Rs 22.65 crore, in 2004-05.
Mr Praveen Agarwal MPT chairman said that the Mormugao port handled an all time record traffic throughput of 31.69 million tonne during the year 2005-06 exceeding the previous years throughput of 30.66 million tonne, thereby registering a growth of 3%.Of the total throughput of 31.69 million tonne, export accounted for 25.61 million tonne and imports 6.08 million tonne, recording an increase of 0.59 million tonne in exports and 0.44 million tonne in imports, respectively. Mr Agarwal said that the mechanical ore handling plant at berth no 9, despite many constraints, handled a quantity of 11.90 million tonne of iron ore during the fiscal 2005-06 as against 12.41 million tonne of iron ore in 2004-05.
Goas Mormugao Port Trust, which handles 35% of India's iron ore export, needs to augment its capacity to meet the increasing global demand. MPT chairman Mr Pravin Agarwal said "Other ports are increasing their capacity and we also need to compete with them by increasing ours", he told reporters. He said that all the 12 major ports were augmenting their capacity as they, along with the smaller ports, were gearing up to meet a target of handling $150 billion worth export by 2008-09. "Earlier the thrust was on the road networks and now the emphasis is on concentrating on ports especially sea ports, as 92% of cargo is handled by ports worldwide" he said.
Following Vizag and Chennai ports, Goa's MPT has been sought after by ships as it has acquired 14 meters depth for its berths. "We want to deepen approach channel and berth no 9 to 15.1 meters on BOT basis" Mr Agarwal said.
Government approves outsourcing for MCL
Indias Cabinet Committee on Economic Affairs gave its approval for floating and approval of tenders for Kaniah Opencast Coal Mining Project of Mahanadi Coalfields Ltd. for outsourcing coal projection and overburden removal for 10 Million tonnes per year capacity. CCEA also gave its approval for rephrasing of sanctioned capital of Rs.96.18 crore within major heads in tune with the requirement for enhanced production program.
Upon completion in 2008-09, the project will produce 10.0 million tonnes of coal per year of Grade F which will be supplied to the Rajiv Gandhi STPS of NTPC.
Kaniah Opencast Project is situated in Angul district of Orissa.
MCL is a subsidiary company of Coal India Ltd, with its headquarter at Burla, Sambalpur district, Orissa. At present, MCL has 21 operating coal mines including on going projects with annual capacity of 74.00 million tonnes per year in Talcher and Ib-Valley coalfields of Orissa.
NLMK's net profit drops by 22% in 2005
Novolipetsk Metals Combine announced that its 2005 net profits according to US GAAP had fallen by 21.8% year on year to $1.385 billion. Earnings dropped by 2% to $4.47 billion from $4.54 billion, gross profit was down by 14% to $2.07 billion, EBITDA shrank by 18% to $2.09 billion and operating profit fell 16% to $1.86 billion.
Despite falling steel prices worldwide, NLMK remains the world's most profitable steel company, analysts said, last year achieving a 47% EBITDA margin, a key measure of operating performance. The next most profitable steel companies, Brazil's CSN and Usiminus, boast a 30% EBITDA margin, said Ms Olga Okuneva, a metals analyst at brokerage Deutsche UFG.
However NLMK announced that it would pay out a record 46% of last year's net profit in dividends. Out of the $642 million being returned to shareholders, Mr Lisin chairman of NLMK will get $525 million, in line with his stake of 82.4% in the company. However as per analysts the policy of paying out higher dividends reflects the company's cash rich balance sheet.
NLMK also said that it would embark on a restructuring program in the coming months aimed at shifting its focus from primary steel production to more profitable value added products. The restructuring will also include the sale of non core businesses. The company plans to divert the cash from non core asset sales to shareholders, helping it to guarantee minimum dividend payout ratios of 20% over the next five years. Its non core assets include the Tuapsinsk port on the Black Sea, Lipetskkombank and the Litskaya municipal energy company.
By 2010, Novolipetsk plans to increase output at its existing facilities by 17% to 10 million tons of steel per year. It is also looking to acquire several re rolling plants in Europe and the United States to access the more profitable and stable market for value-added metal products. Until now, the company has focused on primary steel production of slabs and sheet metal, which require processing. "We are ready to look at acquiring assets in our key markets" Deputy GD Mr Anton Bazulev said.
Chinese steelmakers on path of consolidation
Chinas biggest steel maker Baosteel will boost its capacity to 50 million tons a year from the current 30 million tons as per a presentation by President Mr Xu Lejiang in the 4th International Steel Congress in Beijing.
Hebei Province based China's 2nd biggest steelmaker by output Tangshan Iron & Steel Group also plans to boost capacity to 30 million tons a year by 2010. Tangshan chairman Mr Wang Tianyi said in a presentation that it will reach that capacity in the next three to five years. Current and already planned capacity was 20 million tons, he said. Tangshan Steel received regulatory approval last year to merge with smaller rivals Xuanhua Iron & Steel Group and Chengde Iron & Steel Group, which are both based in Hebei.
Anshan Iron & Steel Group, which combined with Benxi Iron & Steel Group in August to form Anben Iron & Steel Group, also aims to boost capacity to 30 million tons by 2010 from 18.4 million tons.
China has been trying to consolidate its steel industry after output doubled in four years, driving up prices of iron ore and coal to records and fuelling inflation. Grouping mills into bigger steel businesses will help steelmakers to spend more on making high-grade products and to negotiate lower raw material costs. Chinese policy makers said in last July that it planned to shut smaller producers and force mergers to create companies big enough to compete on world markets.
Three coal mines on sale in Shanxi province of China
North China's Shanxi Province, the largest coal producer in the country, will auction off three coal mines with combined reserves of up to 300 million tons by June. The province will sell the mining rights through a competitive bidding process, the China Daily reported Monday, citing an official with the trading centre of Shanxi Land and Resource Bureau.
Although approval from the provincial government is received but details of plans are not announced that how long the mining rights would last for, how much province wanted for them and whether foreign investors would be allowed to be involved.
According to industry regulations, coal mines with reserves of more than 100 million tons have to obtain national level approval before they can be sold, while those with less than 100 million tons of reserves can be sold with approval from the provincial government. Government policies do not block foreign control of coalmines, except for coking coal that is scarcer, according to the report, citing experts.
Each of the three mines has a reserve of between 50-100 million tons, and two of the mines are located in the counties of Lanxian and Xiangfen, but the location of the third has not been disclosed.
EU Welcomes WTO ruling on US AD violations
The Appellate Body of the WTO found the United States in breach of its WTO obligations for using "zeroing" when calculating margins of dumping. "Zeroing" is a calculation methodology which consists of ignoring cases of "negative" dumping, i.e. where export price exceeds normal value and therefore results in an artificial increase of the dumping liability of EU exporters. This decision upholds the earlier criticism of zeroing by the WTO in 2001.
The Appellate Body condemnation concerns specific anti-dumping determinations in 31 cases, 15 original investigations and 16 administrative reviews, covering a wide range of products such as steel, pasta, ball bearings and chemicals. In most cases, without "zeroing," the dumping margin would have been de minimis or even negative and, therefore, no anti-dumping duty would have been imposed. Several hundred million dollars of trade volume is involved. Since its panel request in 2004, the European Commission has noted that the US has used zeroing in many other cases involving EU exporters, with the effect of inflating dumping margins.
EU Trade Commissioner Mr Peter Mandelson commended the WTO decision "Today's ruling is a positive step in establishing a level playing field in transatlantic trade."
South Korea shipbuilders get record orders in Q1
South Korea shipbuilders orders for new vessels surged to a record $12 billion in the first quarter because of a rush of contracts before a stricter design rule took effect. They had orders to build 4.92 million compensated gross tons in Q1 19% more than last year, according to the Ministry of Commerce, Industry and Energy. In March, a record US$8 billion worth of orders were secured. The price for new ships rose 13 percent in the first quarter to US$2,448 per compensated gross tons, compared with US$2,169 a year earlier, the ministry said.
"Ship owners have put out more orders for vessels anticipating a rise in ship prices once the new common structural rule took effect on April 1," the ministry said in the statement.
New shipping rules by Lloyd's Register, the American Bureau of Shipping and other bodies that certify seaworthiness have led to this surge in orders. Ships built under the common structural rules require as much as 9% more steel to reinforce the hull, according to the American Bureau of Shipping. The guidelines affect large crude carrier, or VLCCs, longer than 150 meters. The rules, set up to enhance safety of vessels, involve using thicker steel plates and increasing the number or size of frames used in the construction of ships.
CISA says that gap in iron ore price talks narrowing
It is reported in Chinese media that iron ore miners and Chinese steel mills are getting closer to an agreement on term iron ore prices ahead of fifth round of talks. Mr Luo Bingsheng secretary general of the China Iron and Steel Association told reporters on the sidelines of the Fourth China International Steel Congress that the difference in prices sought by the two sides is narrowing. "There's still a gap, but the gap is narrowing" Mr Luo said.
Mr Luo said widespread market talk that the Chinese steel industry could accept a 10 per cent rise was definitely a rumor, but didn't specify what price the Chinese side wanted. Their goal is to secure the interests of the steel industry."
PSMC Privatization Lawmakers to debate today
Pakistans National Assembly will finally discuss the privatization of Pakistan Steel Mills in todays session after its speaker had turned down several adjournment motions filed by the opposition members. The opposition has asked for a debate in the assembly on PSMs privatization and has alleged that the PSM was privatized at throwaway prices causing losses worth billions of rupees to the national exchequer.
Dr Sher Afgan Niazi, the minister for parliamentary affairs, did not oppose the motion presented by Mr Syed Naveed Qamar of the PPP-P and said that the motion should be taken under rule 241 for a debate on the issue so that the treasury members could also participate in the debate.
The opposition claims that the mill was worth almost twice the amount for which it has been sold.
MSHA changes accident reporting time frame to 15 minutes
MSHA announced new Emergency Mine Evacuation Emergency Temporary Standard on April 17th 2006 for mine operators, miners representatives, independent contractor, mine safety equipment manufacturers and Mine Safety and Health Administration enforcement personnel. This bulletin informs the mining community that MSHA is providing two volumes of a Compliance Guide on its website www.msha.gov. Go to the web site. There are two volumes of this guide to assist mine operators in complying with the recently promulgated Emergency Temporary Standard.
The ETS provides clarification of the "immediate" notification of accidents that affects all mines. New provisions also address miners' access to additional SCSRs, lifelines, and training on all the new equipment for underground coal mines. Even though the ETS became effective immediately, the mine operator cannot implement all of the changes at once because various provisions require the mine operator to develop training plans or programs of instruction and purchase equipment. MSHA, therefore, has provided a timeframe for implementing these provisions.
In response to the recent mine accidents at the Sago and Aracoma Alma No. 1 coal mines, MSHA determined that new accident notification, safety, and training standards were necessary to protect miners from being exposed to grave danger when a mine accident occurs.
Tibet's biggest ore dressing plant to complete construction
Lhunzhub Ore Dressing Plant, the largest of the kind in the Tibet Autonomous Region, southwest China, will complete construction and be ready for production this July. Mr Chen Yong, chairman of the board of the Tibet Resource Investment Company, the investor of the ore dressing factory, said his company had been upgrading the workshops of a smaller plant bearing the same name as the present ore dressing plant at a cost of 10 million yuan ($ 1.23 million). The Ore Dressing Plant of Lhunzhub, north to Lhasa, the regional capital of Tibet, will be able to handle 100,000 tons of ores annually.
Statistics show in Tibet, also known as the roof of the world, there are 17 kinds of mineral resources with proven reserves, such as chromium, copper, iron, boron and gold, and the value of mineral resources in the plateau region is placed over 600 billion yuan. There are now 300 ore mining companies across Tibet.
The Tibet Resource Investment Company is a subsidiary of West China Mining Corporation, a state-owned mineral producing company in neighboring Qinghai Province.
China to reduce dependence on traditional suppliers of iron ore
China will expand cooperation with neighboring countries to stabilize iron ore supply this year in the face of higher benchmark prices, a senior China Iron and Steel Association official said during a conference in Beijing Monday. "China imported 275 million tons of iron ore concentrate last year and is still highly dependent on imports of iron ore this year" CISAs Mr Wu said. "To secure iron ore supply this year, China will increase cooperation with neighboring countries on iron ore imports and even on iron ore deposit development."
He also said that China will accelerate domestic iron ore mine exploration and increase the use of low grade iron ore. Based on the domestic iron ore outputs in the first quarter of the year, the CISA estimates the domestic outputs will be more than 100 mln tons this year.
IISI inaugurates office in Beijing
The International Iron and Steel Institute have officially opened its Asia Office in Beijing on April 17th 2006. The opening ceremony was held at a dinner hosted by IISI on the occasion of the 4th China International Steel Congress organized by the China Iron and Steel Association. The speakers at the opening ceremony were: Madam Xie Chairperson of CISA and Shanghai Baosteel Group, Mr Karl-Ulrich Kler Executive Chairman of ThyssenKrupp Steel AG, Mr Ian Christmas Secretary General of IISI and Dr Nae Hee Han IISI Chief Economist and Chief Representative of the Beijing Office.
Mr Christmas said, The opening of IISIs second office in Beijing is a clear illustration of how the steel world is changing. The centre of gravity of the steel industry is changing from Europe and North America to Asia. Asia already is responsible for over half of both the total steel production and use in the world and its dominance will increase over the next few years. IISI thinks it is essential that we establish a strong base in Asia to better understand the dynamics of the steel business, and improve the contact and services we give to our members in the region.
The International Iron and Steel Institute is a non profit research organization which represents over 190 steel producers, national and regional steel industry associations, and steel research institutes. IISI members produce around 60% of the worlds steel.
Cozzi Acquires Arizona based Glendale recycling facility
Cozzi Partners has acquired Glendale Iron & Metal scrap recycling facility. Glendale has been in operation for 40 years. According to the Phoenix Business Journal the acquisition was announced on April 14th.
Glendale Iron & Metal will continue to operate under its existing name and Mr Keith Kosier, a former owner and general manager of the yard, will reassume the general manager's role under the new ownership, the Journal reports. "Glendale Iron & Metal has developed a large base of loyal customers and dedicated, hard working and talented employees during its long history in business. We are looking forward to combining the operational and marketing skills of the Cozzi family to build on the foundation we have in place" said Mr Kosier.
Cozzi, headquartered in Chicago, aims to grow their business with the acquisition of Glendale. In the 1990s the principals of Cozzi Partners had earlier grown the Metal Management scrap recycling firm through acquisitions into one of the largest scrap recycling facilities in the country.
Nigerian steel workers start protest on gratuity stoppage
Under the umbrella of Iron and Steel Senior Staff Association of Nigeria, Metal Products Senior Staff Association of Nigeria and Steel and Engineering Workers Union of Nigeria, workers in Nigerian steel industry have embarked on a two day sit tight industrial action, in protest of their employers decision to discontinue payment of gratuities to them with effect from January 2005 and threatened to grind the whole steel sector in Nigeria to a halt, if by the end of this month their employers.
General Secretary of SEWUN Mr Kazeem Kadiri told media in Lagos "We have decided to embark on a two-day warning strike today and tomorrow, after which we will wait for them till the end of April.
Mr Kadiri also explained that employers have unilaterally suspended payment of gratuities to retiring workers with effect to January 2005, without recourse to the existing tripartite arrangement in the industry, in disregard to the fact that gratuity forms part of negotiable items in the prevailing conditions of service in the industry.
Friedman Industries to establish service center in Decatur
Houston based Friedman Industries Incorporated announced that it intends to establish a new steel processing and distribution operation in Decatur in Alabama and for this purpose it has entered into agreements pursuant to which it expects to purchase approximately 47 acres in Morgan County in Alabama near Decatur at a purchase price of approximately $650,000. The Company also announced that it intends to phase out and terminate its steel processing and distribution operations in Lone Star in Texas and relocate these coil operations to the new Alabama facility.
At the Decatur site, the Company intends to construct a coil processing facility using, in part, assets currently used at its Lone Star facility. The Company expects that the Decatur processing facility will initially operate a hot roll steel temper mill and a hot roll steel cut to length and leveling line.
The Company also announced that it intends to expand its pipe manufacturing operations in Lone Star, Texas, by making certain improvements to its #2 mill pipe mill which originally began operation in April 2004. These improvements are expected to increase the #2 mill's productive capacity and capabilities.
Timken raises Q1 profit estimate
Canton based Timken Co, a maker of specialty steel and bearings, raised its earnings estimate for the first quarter, citing strong demand from industrial customers. Timken shares jumped nearly 10%.
Timken CEO James W. Griffith said the company is seeing strong demand in industrial markets. "This has translated into better-than-expected first quarter performance in our steel business" he said. Mr Griffith said Timken's earnings also were boosted by strong steel sales to the aerospace and energy markets, high productivity and lower-than expected natural gas costs.
Malaysias Road Builder in talks for Grange Iron Ore Project
Road Builder (Malaysia) Holdings Bhd is in talks with Australia's Grange Resources Ltd. to build a MYR1.8 billion iron ore pellet plant in northeastern Malaysia, the New Straits Times reported, quoting Road Builder Executive Vice Chairman Mr Chua Hock Chin. Grange last month launched an international tender to form a joint venture for the project in Kemman, Terengganu.
Road Builder is yet to submit a bit. Mr Chua said "It has taken Grange almost two years to complete its studies for this project, and we have been assisting them from day one in every way possible," he was quoted as saying. "As a local contractor, we are more familiar with local costs, and we have provided them with significant inputs to maximize the cost-effectiveness of their projects."
NSM open to JV with a strong partner
Mr Sawasdi Horrungruang. Chairman of Thai Nakornthai Strip Mill Plc, a hot rolled coil maker, said that it is ready to consider a joint venture with strategic partners if it creates synergies for the company. Mr Sawasdi said that any potential partners would require strengths to bring to the business. He said he had approached some steel makers and iron ore businesses in Eastern Europe about seven months ago for talks to become potential partners. "Thailand is lacking iron ore. If we could join hands with iron-ore operators, it could strengthen our competitiveness," Mr Sawasdi said.
Mr Sawasdi noted, however, that since his company had completed restructuring, no solid acquisition plans had been offered to NSM. He said the company had been approached by numerous foreign investors during the debt restructuring process, as they were looking for opportunities to acquire cheap assets. "The offers were impossible. They came to shop for very cheap assets in Thailand after we were hard hit by the economic crisis. It was just unacceptable," he said.
There have been rumors as well that some listed steel companies in Thailand are targets of acquisitions by foreign investors. The rising price of steel over the past few years has made Thailand's steel manufacturing companies more attractive to investors.
Nakornthai Strip Mill reported a net loss of 720.94 million baht in 2005, compared with a net profit of 583.38 million baht in 2004. Currently, the company is running its hot-rolled coil production at 800,000 tonnes per year; its full capacity is 1.5 million tonnes annually.
LB Foster extends distribution deal with Chaparral Steel
Pittsburgh based LB Foster Company has announced that it recently signed a contract with Chaparral Steel Company to extend its previous agreement to distribute their extensive line of steel piling products.
Mr Stan Baucum, General Sales Manager for Chaparral, expects an already strong relationship between the two companies to grow more so with this new agreement. Mr Baucum said "We have enjoyed a long and profitable relationship with LB Foster. They are an effective sales and marketing partner to the engineering and contractor base that specifies and uses our sheet piling and H-beam piling throughout North America. As Chaparral expands its availability of sizes and types of piling, we will look to LB Foster to aggressively market and sell those products."
LB Foster is a leading manufacturer, fabricator and distributor of products for transportation, construction, utility and energy needs.
Chaparral manufactures a full line of steel piling, structural shapes, and bar products.
Moody upgrades Nippon Steels long term debt rating to 'A1'
Moody's Investors Service said that Nippon Steel Corp's 'A3' unsecured long term debt rating has been raised to 'A1' with a stable outlook. The upgrade reflects the company's expanding production base and increased focus on high grade steel which will further strengthen its business fundamentals and financial position, the rating agency said in a statement.
Nippon Steel, based in Tokyo, is Japan's largest steelmaker.
Korkinsky coal mine postpones completion of inclined shafts
It is reported in local media that the Chelyabinsk Coal Company's Korkinsky open pit mine has postponed the completion of a project to build two inclined shafts to the end of 2006 due to lack of financing. The shafts, stretching 600 meters and 200 meters, are intended to reduce production costs. The project, with an overall cost of more than 150 million rubles, was to include the replacement of five surface conveyors totaling more than 2 kilometers with two underground ones.
It was reported earlier that the shafts were to be launched in May 2006 following the installation of conveyor belts costing 80 million rubles.
Korkinsky became part of Chelyabinsk Coal in June 2005, after the completion of receivership proceedings.
AISI construction standards realigned to meet future needs
The Construction Market Committee of the American Iron and Steel Institute has realigned its building codes and standards program to meet the challenges of the future and to provide steel solutions for safe and affordable building construction. AISIs codes and standards program is a core asset in addressing critical issues in the construction marketplace. It provides support for the AISI Construction Market programs by ensuring that building codes for steel construction products reflect state of the art industry practices and are technically sound, permitting the proper and safe use of steel as the material of choice for the built environment. AISI is recognized internationally for its expertise and effectiveness in working cooperatively with building codes and construction standards organizations in both the US and Canada.
The realigned program allows AISI to rebuild its core expertise in fire, seismic and wind load design criteria in order to strengthen and maintain the competitive design of steel construction. To meet program objectives, AISI has announced that Mr Robert J Wills has been promoted to Director Construction Codes and Standards. He replaces Mr Hank Martin who retired in December 2005. In this new role, Robert will guide steel industry activity related to the development processes for national, state and local building codes and standards organizations.
AK Steel offers a global proposal to AEIF
Negotiators for AK Steel and Armco Employees Independent Federation met and the company said that it presented a "comprehensive global contract proposal" to the union, asking AEIF negotiators to "carefully consider" the proposal. An AK spokesman also said that if the proposal was not acceptable to AEIF representatives, they were asked to convey "specifically what it would take to reach a new competitive agreement."
AK locked out about 2,600 AEIF members from Middletown Works early March 1 after both sides failed to reach agreement on a new contract. The Middletown steelmaker wants lower labor costs and increased flexibility while the union is trying to preserve jobs and living standards for its members.
Employees sue Super Steel for racial discrimination
It is reported that 9 current and former employees of Super Steel Inc, who are black, announced they have filed a $175 million discrimination lawsuit against the manufacturing company citing examples of racial harassment in the complaint, including an incident in January where an employee found a threatening message and a stuffed monkey hanging from a noose inside his locker at the Glenville plant. The lawsuit seeks $25 million in compensatory damages and $150 million in punitive damages.
Mr David Sanford, the attorney representing the men, said the company has turned a blind eye to insults and threats against its black and Muslim workers.
Ms Melissa Schumer, spokeswoman for the Milwaukee-based company, said the company has been cooperating with authorities, the NAACP, and the Schenectady Human Rights Commission in the investigation of the January incident.
Vinashin to build first 100,000 tanker in July
Vietnam Shipbuilding Industry Corporation (Vinashin) will set about construction of the first oil tanker Dung Quat No 1in July 2006 for Vietnams oil and gas industry, scheduled for launch in 2007. According to the Dung Quat management board, the Infrastructure Development and Construction Corporation (Licogi) and Contex Construction Company (belonging to Vinashin) are working to acquire the necessary mechanical equipment to build a dry dock 380m long, 90m wide and 15m deep. Such a dry dock is necessary for construction and repair of vessels of up to 300,000 tonnes.
The main dock infrastructure will be completed in June, so that Vinashin can begin building the first 100,000 tonne oil tanker this July. Vinashin is now seeking supply of 4,000 tonnes of steel and iron.
Mittal Steel US help to reopen Mississippi baseball field
Mittal Steel US will help to re open a hurricane damaged baseball field in Long Beach on April 22, 2006. Several middle school baseball teams will participate in Babe Ruth league games throughout the day at Skellie Field, one of many casualties of Hurricane Katrina in Long Beach last August.
Mittal Steel US provided money toward the purchase of lighting fixtures and steel cross bar supports and also arranged for and donated the labor costs for their installation.
Mittal Steel US announced its adoption of Long Beach last October, after company executives toured the area looking for ways to assist after Katrina destroyed much of the Gulf Coast. Volunteers from the company are working with individuals, churches, communities, local companies and organizations.
ISRI confers three lift time achievement awards
Three scrap recyclers Mr Barry Hunter of Hunter BenMet Associates LLC of New York; Mr Sheldon Tauben of Metalsco Inc of St. Louis and Late Mr Lee Hummelstein former chairman of Hummelstein Iron & Metal Inc of Jonesboro, Arkwere honored with Lifetime Achievement Awards by the Institute of Scrap Recycling Industries Inc. at its Annual Convention.
Mr Lees son Mr Sam Hummelstein accepted the award on his fathers behalf. Mr Barry Hunter accepted his award in recognition of his long-time career with his familys business in New Jersey, followed by years with Keywell LLC and now his most recent trading firm. Mr Sheldon Tauben accepted his award recognizing his decades as a nonferrous trader, culminating in the founding and leadership of Metalsco Inc., the nonferrous scrap metals brokerage that he still leads.
The ISRI Annual Convention was held in the first week of April at the Mandalay Bay Resort in Las Vegas.
