July, 13 2006
TATA Steel's land acquisition process completed in Orissa
Mr B Muthuraman MD of TATA Steel announced that the Company has completed the land acquisition process for its proposed 6 million tonne steel plant in Orissa.
Mr Muthuraman also told reporters that orders for equipment would be placed next month following which the Orissa government would provide leases for iron ore mining in the state, as the MoU states that mining leases would be given only after 20% of the equipment orders were placed.
ASSOCHAM calls for total ban on iron ore export immediately
The Associated Chambers of Commerce and Industry of India has suggested for a blanket ban on the exports of iron ore from India with immediate effect. Mr K Agarwal president of ASSOCHAM said that the union government needs to review its national policy regarding iron ore exports and make it an accessible commodity, encouraging domestic steel producers to add value in it for higher returns in the form of steel exports.
ASSOCHAM is of the view that Indias iron ore reserves will be exhausted in another 30 years if the estimated steel capacities additions are taken into account. Domestic steel industry has set itself target of 110 million tonnes of capacities by 2020 meaning that there will be a substantial increase in the demand for iron ore.
Indian iron ore exports have increased due to strong demand from China. As per reports exports of Indian iron ore increased by 15% to 90 million tonnes in 2005-06 from 78 million tonnes in 2004-05 while production increased by 14% to 165 million tonnes in 2005-06 from 145 million tonnes in 2004-05.
SAIL bags SCOPE Gold Trophy
Steel Authority of India Limited has won the Gold Trophy of the prestigious SCOPE Award for Excellence and Outstanding Contributions to the Public Sector Management for the year 2004-05. Competing in the Institutional category, SAIL emerged as winner for recording best ever physical and financial parameters during 2004-05. Earlier, SAIL had bagged the SCOPE award in the Special Turnaround category for the year 2003-04.
After effecting the biggest turnaround in Indian corporate history in the previous year, SAIL recorded highest ever production of saleable steel, best ever product mix and techno economic parameters such as coke rate, energy consumption and continuous cast output. Among other key parameters that weighed in favor of SAIL was its achievement in the area of strategic product development to meet the changing needs of the market. The company's efforts to develop spring steel, high strength CR, steel noise barrier for roads and highways, special Plates for Indian Navy and India's first indigenous aircraft carrier, high strength plates for ATM and 78 meter long rails were recognized by the jury. Some of the other key indicative criteria for the award were customer satisfaction management, corporate governance practices, HRD and employee contribution, environment management, systems and strategies, corporate social responsibility and corporate image.
Mr VS Jain Chairman of SAIL commented "The award is a testimony to SAIL's persistent efforts to set new standards in the areas of business and earn respect of the society for its contributions to the community."
The Standing Committee of Public Enterprises, the apex body of public sector companies in India, bestows this award every year after evaluation of established performance criteria by a jury comprising eminent persons and assisted by the International Management Institute.
The SCOPE award for SAIL is in continuance of a number of awards including the Prime Minister's Trophy for the Best Integrated Steel Plant in the country presented to SAIL's Bhilai Steel Plant, Golden Peacock Innovation Award in the area of Research & Development, Greentech Environment Excellence Gold Award etc. during this period.
Arcelor-Mittal merger not to impact TATA-Arcelor tie ups
Arcelor's takeover by Mittal Steel will have no impact on its existing technical tie up with TATA Steel for automotive steel. Dr T Mukherjee deputy MD of TATA Steel on the sidelines of AGM of TATA Metaliks said "The merger of Arcelor will have no impact on the existing technical tie up with us for steel for the automotive sector. Arcelor has said that all tie ups before the merger still stand. We dont see any problem."
TATA Steel has a tie up with Arcelor to help TATA Steel sell a special type of galvanized steel mainly for automobiles in Europe and other markets where Arcelor has good market strength
Mr Munda going to London to patch up with Mr LN Mittal
IANS has reported that Jharkhand CM Mr Arjun Munda is planning to meet Mr LN Mittal in London to discuss how the state government can remove the bottlenecks of the proposed steel plant project in Jharkhand. Mr Munda is scheduled to leave on an 11 day tour to the US on Friday and as per reports intends to go to London on his way back.
IANS has quoted a state government officer as saying The chief minister wants to meet Mittal in London to discuss the project and we are in the process of getting a visa for him.
Mr LN Mittals move of announcing steel plant in Orissa has put Jharkhand government in top gear to salvage the situation. Jharkhand has issued a comfort letter committing iron ore last week but the issue of Chiria mines remains the pivotal point, which the state government committed to Mittal Steel although they belong to SAIL.
JSW Steels HR production in Q1 hit due to shutdown
JSW Steel has released the production details for April to June quarter of 2006. The hot metal production during Q1 at 0.610 million tonne was 8% higher as compared to Q1 of 2005-06 and the production of crude steel at 0.560 million tonne was 5% higher as compared to Q1 of 2005-06. JSW has increased pellet production in Q1 by 7% YOY to 0.970 million tonne.
However the production of HR coils at 0.249 million tonnes in Q1 was 52% lesser as compared to Q1 of 2005-06. The production of galvanized products at 0.132 million tonne were also lower by 18% as compared to Q1 f 2005-06.
Mr Seshagiri Rao director finance explaining the reduction in production of the HR coil and the galvanized products said that In keeping with our expansion strategy, various production facilities including the Hot Strip Mill at the companys plants were either taken under maintenance or shut down for up gradation, during the month of April- May. The slow down in production was planned and anticipated by the company.
TATA Metalikss expansion at Kharagpur awaits land allotment
TATA Metaliks plans for setting up a steel making facility at Kharagpur is awaiting land allotment from the West Bengal Industrial Development Corporation, which was entrusted with the job of acquiring the land and handing it over to TATA Metalik, which had applied for land in March 2005.
Dr T Mukherjee deputy Chairman of TATA Metaliks on the sidelines of AGM of TATA Metaliks said that West Bengal CM Mr Buddhadeb Bhattacharjee had assured that the land would be handed over to TATA Metaliks soon. He said "We have not got the land yet. The state government has acquired some land but that has not been transferred to us but we have no doubt that the state government would give us the land we asked for.
TATA Metaliks had announced its intention to set up a 0.5 million ton steel plant near its existing factory at Kharagpur when the company commissioned its second blast furnace in February 2005 and requires around 300-350 acres of land.
Karnataka CM contemplating ban on mining activities in state
Karnataka CM Mr HD Kumaraswamy is contemplating imposing a total ban on mining activities in the state after allegations bribery were made by a BJP legislator, He told reporters "All mining operations in the state should be banned. This is my personal opinion. I will discuss it with my coalition partner BJP."
Mr HD Kumaraswamy expressed dismay at the state of mining activities in the state and said that only a few families benefited from this sector.
BJP MLC Mr Janardhana Reddy alleged Last week that CM was the recipient of Rs 150 crore allegedly collected from illegal mine owners in Bellary.
IBM to hold seminar on scientific mining on July 15 in Goa
Indian Bureau of Mines will hold a one day seminar on Scientific and Sustainable Mining on July 15 at Goa aimed at reflecting innovative measures taken by the mining industry.
Mr CP Ambesh controller general of IBM said that industry experts, planners and researchers all over the country will be attending the seminar to discuss on identifying the key thrust areas and indicate solutions to reshape the mining industry to meet the future challenges.
JNPT & Mumbai Port report 15% growth in traffic in Q1
Jawaharlal Nehru Port Trust and Mumbai Port Trust have together reported 15% growth in traffic at 23.19 million tonne during the first quarter of the 2006-07 as against 20.16 million tonne during the corresponding period in 2005-06. While Mumbai Port witnessed surge in shipment of commodities JNPT logged growth mainly from container traffic.
Mumbai Port handled 12.71 million tonne of cargo in Q1 of 2006-07 as compared with 10.65 million tonne in Q1 2005-06 registering 19.31% growth.
The container traffic at JNPT grew by 15.72% in Q1 at 0.77 million TEUs. JNPT also handled 0.765 million tonnes of liquid cargo and 0165 million tonnes of dry bulk cargo during the quarter.
PPT receives 5 bids for capital dredging job so far
It is reported that Paradip Port Trust has received bids so far from 5 companies against fresh invitation for bids for undertaking capital dredging for widening and deepening of the navigable channel leading to the port. The bidders include Dredging Corporation of India, Boskalis, Dredging International, Jan del Nul and Hyundai. The last date for submitting bids is July 25.
PPT had earlier called for bids in last December but subsequently cancelled and invited bids again. All the 4 overseas companies had given their bids last time also and so far the new entrant is DCI.
The job involves deepening of the navigable channel of the port around 19 meters in the approach channel and a little more than 17 meters in the entrance channel, sufficient to yield a draft of 16 meters in the proposed iron ore cum coal berth. Also, the length of the channel has to be extended from 2 kilometers now to 10 kilometers. The total cost is estimated at Rs 136 crore.
Maruti & Japanese Bellsonica form JV for auto parts
Maruti Udyog Ltd has entered into agreement with Japanese Bellsonica Corporation to form a 30:70 JV called Bellsonica Auto Component India for manufacturing of car body components for Marutis vehicles near MUL's new car plant at Manesar in Haryana. The JV company will have a paid up capital Rs12 crore. The JV is expected to go on stream in November 2007.
Bellsonica Auto Component India would be a core supplier to Suzuki's automobile ventures in India including Maruti and Suzuki Motorcycles India. The company would be engaged in manufacturing two and four wheeler sheet metal, chassis, structurals and rotating components, and would provide maintenance and after sales services to installed equipment.
China sucks more iron ore and makes record steel exports in H1
Beijing based customs office said that China imports of 161 million tonnes in the first 6 months of 2006 are up by 23% YOY over the first half of 2005. Iron ore imports in June 2006 totaled to 28.7million tonnes.
Steel imports fell by 29%YOY to 9.4million tonnes in the first six months of 2006 on the corresponding period last year. Steel imports in June were only 1.7million tonnes.
Steel exports during first half of 2006 were up by 48% YOY to 17.1 million tonnes with a monthly record 4.4 million tonne in June.
Mr Putin: Severstal-Arcelor breaks up due to business interests
Russian President Mr Vladimir Putin told a French TV channel TF1 that the failure of Russia's Severstal steel maker and Luxembourg based Arcelor steel producer to merge in May was a result of "business interests" and not by a reluctance on the part of Western countries to do business with Russia.
Mr Putin in response to journalists suggestions that a distorted view of Russia caused the break up said The failed merger is the Arcelor and Severstal shareholders' business. I don't think we should link it to the image of Russia. It's all about business interests. Whether Arcelor acted properly or not, well, shareholders will understand that in a few years' time, I think."
Earlier Russia's Industry and Energy Minister Mr Viktor Khristenko and speaker of the country's parliament Mr Boris Gryzlov had denounced Arcelor's rejection of Severstal's merger proposal as a politically motivated anti Russia move.
POSCOs profits in April to June quarter dip by 44% YOY
The world's 5th largest steelmaker South Korean POSCO has reported that its profit fell by 44% in the second quarter as lower steel prices and higher raw materials costs eroded its bottom line. It earned 709.7 billion won ($748 million) in the three months ended June 30 as compared with 1.26 trillion won in the same period last year. Sales fell by 13% to 4.67 trillion won from 5.378 trillion won a year ago.
A POSCO official said the companys profitability improved although it sold less stock since sales of its flagship stainless products increased and efforts to reduce costs with technology to use cheaper raw materials bore fruit. He predicted the company will post better results in the third quarter as the global steel market is shoeing signs of a boom.
Mittal Steel has about 14% of Arcelor shares by July 11
Mittal Steel in a statement on Wednesday said that around 14% of Arcelor shares with voting rights have been signed up to Mittal Steel's takeover offer. Mittal Steel said that by close of play on July 11, 87.5 million shares and 1.5 million convertible bonds had been presented for the takeover offer.
Mittal Steel added that the number of shares signing up to the deal before it closes on July 13 was not a reliable indication of how the acquisition would end.
Analyst Mr Richard Brackenhoff at Rabo Securities in Amsterdam said the figure was relatively low but noted that many shareholders have been waiting for the very last day and the offer period could be extended if needed.
MEPSs forecast firm for steel products in EU
According to a statement from UK steel consultancy MEPS (International), there has been a leap in EU carbon steel transaction prices for June prompting them to make an upward revision to their average flat products price forecast.
MEPS said that availability remains tight for both strip mill and plate products. The higher settlement for iron ore has encouraged the mills to push for increased transaction values. Moreover, the producers are also keen to recover the cost of zinc on coated products. The tight supply situation and input cost recovery leads us to believe that the peak values achieved in early 2005 will be surpassed towards the end of 2006.
MEPS still believe that a rapid decline in transaction values will occur in 2007. Higher prices in the second half of this year are likely to attract imports from many parts of the world. There are signs that delivery lead times are starting to reduce. Moreover, customer inventories are likely to have built up to excessive levels by the end of the year.
In the long products sector, demand in most member states is quite firm. MEPSs twelve month forecast for the average EU long product price remains similar to last month. Further increases are anticipated over the period to October. These will be supported by higher basis values and dimensional extras.
NDRC predicts China's GDP growth at 10.4% in H1
According to a National Development and Reform Commission report China's GDP growth is expected to be 10.4% for the first six months of 2006. This follows a report at the end of the first quarter which said that the GDP was up 10.3%.
The report highlighted excessive lending and investment in the past six months, warning a new bout of over investment would be damaging in the long term and over investment could influence the stable growth of China's economy. It continued to say that the central government should follow a stringent monetary policy to prevent over investment by local governments, the rapid growth of money supply and lending, over-production in some industries like steel, cement and aluminum, and soaring house prices in certain regions in China.
ThyssenKrupp targets Euro 2.5 billion pretax profits this year
As per an in house publication of Germany's largest steelmaker ThyssenKrupp AG, it expects to achieve a full year pretax profit of Euro 2.5 billion and achieve annual sales of Euro 44 billion this year.
ThyssenKrupp had earlier hiked its fiscal 2006 pretax profit mid term target to Euro 2 billion on May 12.
Phelps CEO positive on merger and bullish on metal prices
US based Phelps Dodge Corp said that metal prices are strong enough for it to pay for its $39 billion takeover of both Inco Ltd and Falconbridge Ltd within two years. Mr Steven Whisler CEO of Phelps in an interview with the Financial Post said strong prices for copper and nickel will enable the company to build up enough cash to set off much of the roughly $20 billion debt needed to finance the massive transaction.
Mr Whisler said that his outlook on the market is a lot more bullish than the more conservative picture the company is providing investors in presentation materials. He said "Let's be clear in terms of the price set that we used to generate the economics for the deal. It doesn't necessarily reflect what we think the market could be."
Mr. Whisler's bullish view of the market flows from his belief that current demand for copper and nickel in Asia resembles a similar industrial boom that took place in North America and Europe in the period following the Second World War.
IISI launches virtual steelworks on steeluniversity.org
The International Iron and Steel Institute has released a new design for its award winning steeluniversity.org website. The new site now includes a four dimensional tour of a virtual steelworks. The site also shows the new steeluniversity.org logo which has been adopted by the project.
The web site includes a tour of a virtual steelworks, featuring a fly through of the complete plant. Users can also take a self guided walk through the virtual plant. This is an ideal introduction to the scale and complexity of a modern, integrated steelworks, where raw and recycled materials are transformed into valuable steel products.
The site also contains a new study and work section. This section provides case studies and ideas on how to use steeluniversity.org in industry, universities and schools. It contains announcements of career and research opportunities in steel.
www.steeluniversity.org is an on line initiative of IISI to provide a comprehensive set of informative, advanced, sophisticated and highly interactive e-learning resources. The modules are aimed at steel industry employees and university students.
Macquarie raises nickel, copper & iron ore price forecasts
Macquarie Research has issued upgrades to its price forecasts for copper, nickel and iron ore.
Macquarie lifted its forecast for average nickel prices this year by 14.7% to US$8.45 a pound after the stainless steel ingredient's recent surge to all-time high levels on shrinking global stocks.
Macquarie also increased its copper price forecast for 2006 by 16.7% to US$2.96 a pound.
Macquarie's upgraded iron ore prices for 2007 represent an increase on 2006 levels. The investment bank now forecasts iron ore fine prices at 82.63 cents a ton for 2007, up 12.5% on its previous call and from this year's 73.45 cents, with lump prices set to rise to US$1.05 next year from this year's 93.7 cents.
However, Macquarie still expects prices of most commodities to ease back over the next three years from current high levels as markets come back into balance.
Belgian's Walloon region accepts Mittal bid
The spokesman for Belgian Walloon regions PM Mr Elio di Ruppo announced that the government has decided to accept the offer by Mittal Steel for its shares in Arcelor.
A block of 10,271,000 shares in Arcelor will be exchanged for shares only and another block of 5,080,973 shares will be offered under the share and cash bid of 12 Arcelor shares against 12 Mittal shares and 150.6 euros per share.
Belgian Walloon region will own 15,775,387 shares in the enlarged Mittal group and would make a gain of some 60 million euros.
FMO imports pellets from Brazil to meet shortfall due to breakdown
Venezuelan iron ore producer Ferrominera Orinoco has as resorted to importing 0.5 million tonnes of pellets from Brazil after a technical failure halted operations at its pellet processing plant to meet sales commitments. The first shipments are likely to arrive at the plant by next week
The failure occurred eight days ago in a plant ventilator and paralyzed operations affecting pellet deliveries to local briquette manufacturers including Orinoco Iron, Opco, Complejo Siderrgico Guayana and Matesi. The 3.3 million tonne capacity pellet plant would lose nearly 69,000 tonnes per week production due to this stoppage.
FMO, controlled by Venezuelan state heavy industry holding company CVG, is headquartered in Puerto Ordaz and supplies iron ore products to steel mills in Venezuela and exports its products to Europe, Asia and other parts of Latin America.
Metalico to acquire Niles Iron & Metal
US scrap metal recycler Metalico announced that it has entered into an agreement to purchase substantially all of the operating assets, other than real property interests, of a scrap metal recycling concern Niles Iron & Metal Company Inc in northeastern Ohio.
Niles Iron & Metal has been owned and operated by the Clayman family since 1917. Niles Iron & Metal sold roughly 226,496 tons of scrap in 2005, producing revenues of $65.6 million. Approximately 91% of the company's product mix is comprised of ferrous metals, which provided 68% of its 2005 revenues. The remainder is non ferrous metals and paper products.
Metalico is a major scrap metal recycler and lead products fabricator with most of its scrap operations in western New York.
CSTs expansion to get delayed to 2007 beginning
BNamericas has reported that Brazilian steel producer CST's expansion to 7.5 million tonnes from present 5 million tonnes is expected to begin in the first quarter of 2007, as against previously planned start up in the fourth quarter of 2006. Expansion work on CST's blast furnace no.3 is 92% completed and the work on the continuous casting unit is 65% ready.
It cited a CST official as saying "This delay occurs due to rainy periods and a strike by workers in the civil construction segment that caused a small delay in the execution of the initial timeline."
Civil construction workers held a 26 day strike that ended May 25.
CST is a part of Arcelor Brasil, the South American subsidiary of Arcelor.
Chaparral Steel had a great year
Chaparral Steel Company reported record net income of $56.1 million, for the 2006 fourth quarter and $157.1 million for the 2006 fiscal year as against $14.7 million in the 2005 fourth quarter of 2005 fiscal year and $78.1 million for the 2005 fiscal year.
Mr Tommy A Valenta President and CEO said "It was a great year. These results are due to a combination of factors including, strong domestic and international demand, improvements in the non- residential construction market, consolidation in the steel industry, favorable exchange rates and most important a group of employees that focuses every day on doing things right. Based on those factors, we are optimistic about this coming year."
Chaparral Steel is the second largest supplier of structural steel products in North America with locations in Midlothian in Texas and Dinwiddie County in Virginia. Chaparral makes a wide variety of products including structural beams, specialty bar and piling products. Its two mills have a combined production capacity of 2.8 million tons of steel per year and uses 100% recycled steel primarily from shredded automobiles.
PNOC pulls out from Isabela coal project
Philippine National Oil Company has conceded to withdraw its plans for an integrated coal mining and mine mouth power plant project in Isabela after massive opposition from Isabela communities and Greenpeace. Mr Eduardo Malac President and CEO of PNOC said that they were pulling out of the project because of the lack of community support.
The coal project was supposed to have been constructed in the municipalities of Naguilian and Benito Soliven and the City of Cauayan in Isabela. All three towns have rejected the PNOCs request for endorsement of the project, acknowledging coal as a menace to the environment and human health.
Isabela Anti Coal Mine Mouth Alliance representative Father Tony Ancieta said The people of Isabela have defeated a coal plant today. This victory is a tribute to the communities in the province who have been ceaselessly working against this coal project ever since it was proposed, as well as to other communities in the country who are also working against coal.
CIC may double coal reserves at Mmamabula deposit in Botswana
CIC Energy Corp said it may within months double the estimate of coal contained in its Mmamabula deposit in Botswana, which it will use to feed a $5-billion power station it plans to build near South Africa's border.
Mr Greg Kinross CEO of Toronto based CIC told delegates at the Botswana Resource Sector Conference in Gaborone that the company's coal resource is now 652 million tons, He said Drilling is complete and we could see our measured and indicated resource more than double.
Mr Kinross also said that CIC has started negotiations with major mining companies and independent power producers over the sale of stakes in the company's mining and electricity generating units. He said We're dealing with the top mining houses and independent power producers. Those discussions are going well and they're already in the due diligence phase.
Timken to increase seamless tubes prices by 5%
The Timken Company has announced that it will increase prices by 5% on all carbon and alloy grade tubing products. The price change will be effective with shipments beginning on August 14, 2006.
Raw material and fuel surcharges will remain in effect.
Fuxing Group reported to be ahead in talks to buy Hainan Steel
Chinese Fuxing Group is reported to be running ahead to buy Hainan Iron and Steel Group although Wuhan Iron and Steel Group Co Ltd, Sinosteel Corp and Shoudu Iron and Steel Group are also reported to be in merger talks with Hainan steel.
Hainan Steel is an iron ore miner. It will open an iron ore concentrate processing line at the beginning of August with a capacity of 617,000 tons with 65% grade iron ore concentrate per year. The new production line is expected to yield 200,000 tons of high grade iron ore concentrate this year. The company's open pit mines are expected to be exhausted by 2013. To secure long term development, Hainan Steel has started prospecting for underground iron ore reserves. Initial prospecting shows that there are 70 million tons of iron ore beneath the open pit mines.
Fuxing Group is a private company involved in real estate development, information technology, pharmaceuticals and steel production. It is the controlling shareholder of the Nanjing United Steel Co Ltd.
Western Canadian receives clearance for Brule Mine PCI project
Western Canadian Coal Corp announced that it has received an Environmental Assessment Certificate from the British Columbia Environmental Assessment Office for the Brule Mine Project.
This approval in principle paves the way for WCCC to produce up to 2 million tonnes per annum of PCI coal from the Brule Mine on the Burnt River Property and approves future development of a new coal rail load out at Falling Creek Flats in the Pine River Valley along with associated roads and power lines.
The Company will make a determination as to whether to proceed with plans to initially develop and operate the Brule Mine Project in a manner similar to the operation at the Dillon Mine, if the Company is satisfied that PCI coal prices and transportation costs will support the development of the project and the necessary permits are obtained. On this basis the Company estimates that, with minimal additional capital, production at the Brule Mine could be up to 1 million tonnes per annum.
Work is being completed on identifying areas of high quality coal that can be accessed by a low stripping ratio and could be mined and processed using the existing Dillon Mine plant facilities. This would enable the Brule mine project to provide a continuity of production from the Burnt River properties following the depletion of the Dillon Mine reserves in late 2006.
Cleveland-Cliffs announces organizational changes
Cleveland Cliffs Inc announced that that it is realigning management roles and creating a business unit corporate structure to support the Company's ongoing growth strategy. Mr Joseph A Carrabba President and COO of Cliff said "Under this new organizational model, each unit will be responsible for its own operational activities, with shared support from the Company's central service groups. As we continue to grow our Company, this structure provides the requisite flexibility to align our organization most effectively with potential new opportunities."
The Company's primary business unit North American Iron Ore will be led by Mr Donald J Gallagher who has been promoted to President North American Iron Ore. He will continue to serve as CFO and Treasurer until a replacement is named.
Mr William R Calfee has been named Executive Vice President, Commercial, North American Iron Ore. He was formerly Cliffs' Executive VP Commercial. In addition to overseeing the unit's sales and marketing activities, he also will now head a newly formed Marketing Committee with global commercial sales coordination for all Cliffs' operations.
Mr Duke D Vetor has been appointed as VP Operations, North American Iron Ore. In this capacity, he will retain his current responsibilities as head of safety initiatives while supervising the unit's operating activities.
Mr William R Calfee and Mr Duke D Vetor would be reporting to Mr Gallagher in his new capacity.
Cleveland-Cliffs Inc, headquartered in Cleveland, Ohio, is the largest producer of iron ore pellets in North America and sells the majority of its pellets to integrated steel companies in the United States and Canada. Cleveland-Cliffs Inc operates a total of six iron ore mines located in Michigan, Minnesota and Eastern Canada. The Company is majority owner of Portman Limited, the third largest iron ore mining company in Australia serving the Asian iron ore markets with direct-shipping fines and lump ore.
POSCO may need to expand Nippon Steel alliance
POSCO may need to expand its strategic alliance with Japan's Nippon Steel, the steel maker's chief financial officer said on Wednesday.
Mr Lee Dong-hee also said in a briefing to analysts and reporters that the company's operating margin was likely to improve to about 21% in the second half from 18% in the first six months of 2006.
Petrovskiy increases steel production by 11.3% in H1 of 2006
Ukrainian Privat Group controlled Petrovskiy Steelworks increased rolled steel output to 0.6 million tonnes in January to June 2006 up by 11.3% YOY over January to June 2005. Crude steel production in this period also increased by 7.1% YOY to 0.65 million tonnes but pig iron production reduced by 7.7% YOY 0.70 million tonnes.
DMZP produced 1.1 million tonnes of rolled steel and 1.25 million tonnes of crude steel in 2005.
TMK's Seversky increases pipe sales by 15% in H1
Russian Pipe Metallurgical Company TMKs Seversky Tube Works has increased pipe sales by 15% YOY in January to June 2006 to 321,700 tonnes.
Kazakhstan's crude steel output down by 2.6% in H1
Kazakhstans national statistics agency said the country has reduced crude steel production by 2.6% YOY in January to June 2006 to 2.055 million tonnes.
However production of flat steel products grew by 15.7% to 1.502 million tonnes which includes 99,932 tonnes of tin plates up by 2.7% YOY and 300,986 tonnes of galvanized steel up by 23.2% YOY.
NFP ferroalloy production down by 7% in H1
Ukraine's biggest ferroalloy producer Nikopol Ferroalloy Plant has reduced ferroalloy production by 7% YOOY in January to June 2006 to 406,500 tons.
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