DCI to invest Rs 900 crores to acquire & charter new dredgers

It is reported that the Dredging Corporation of India will invest about Rs 900 crore over the next 3 years to acquire new dredgers and also charter 10 to 12 dredgers from international companies to meet the dredging needs in the country. DCI has last week secured Rs 2,000 crore dredging works of Sethusamudram ship canal project.

Captain NK Gupta CMD of DCI expressed confidence that the company would complete about 70 million cubic meters of Sethusamudram dredging work within 3 years.

DCI has 12 dredgers now but has placed orders in October 2005 with Mazagon Docks for procurement of a number of cutter suction dredgers of 2,000 cubic meters solids per hour capacity.

DCI has executed maintenance dredging contracts were executed at Kolkata, Haldia, Kandla, New Mangalore, Paradip, Visakhapatnam, Jawaharlal Nehru Port, Mormugao Port, Southern Naval Command, Cochin Port, Sanghi Industries, Sanghipuram, and capital dredging of a stretch of the Sethusamudram project last year.

Forbes list Number of Indian billionaires grow by 76%

Forbes has reported last month that making a billion just isnt what it used to be. In its inaugural ranking of the worlds richest people 20 years ago FORBES uncovered some 140 billionaires, just three years ago it found 476 and this year the list is a record 793, up 102 from last year. They are worth a combined $2.6 trillion, up by 18% since last March. Their average net worth: $3.3 billion.

Mr Bill Gates retains his title as the worlds richest person for the twelfth straight year with his fortune estimated at $50 billion.

Strong stock markets in India with BSE SENSEX up by 54% in past 12 months has contributed to a surge in wealth in India and has added 10 new billionaires, more than any other country besides the US. The total fortune of $98.8 billion spread across 23 persons of Indian origin accounts for 3.8% and 2.9% of global share respectively in terms of value and number of billionaires. But the number of billionaires has surged by 76.9%.

Out of total 23 billionaires, 4 of them are residing overseas and account for $31.1 billion wealth or 31.4% of total.

Mr LN Mittal of Arcelor Mittal continues to top the list.

Source Forbes
Net worth in $ billion

Kokata & Haldia port to increase handling capacity

It is reported that government has planned to spend Rs 400 crore to increase the cargo handling capacity of the docks of Kolkata Port & Haldia Port and to enhance the rail & road links to increase the traffic through eastern India.

The traffic at Kolkata is projected to increase to 16.60 million tons per annum by 2013-14 from its existing level of 9.95 million tonnes and at Haldia to 56.74 million tonnes from the current level of 36.21 million tonnes.

OMC & APMDC to share Nuagaon-Telisahi coal

It is reported that union ministry of coal has in principle approved the 50:50 sharing of Nuagaon-Telisahi Coal block by OMC Ltd and Andhra Pradesh Mineral Development Corporation.

The Nuagaon-Telisahi block is spread over 15 square kilometers with an estimated reserve of 733 million tons of E&F grade Coal.

The OMC proposes to use the coal to meet the requirement of small end users of the state and the upcoming steel & aluminium industries in the state of Orissa.

HCC to construct 2 hydel power plants for NHPC in J&K

Hindustan Construction Co Ltd has recently bagged 2 contracts from National Hydroelectric Power Corporation Ltd worth Rs 794 crore in Jammu and Kashmir.

44 MW Chutak hydroelectric project is located in Kargil district of Jammu and Kashmir on Indus Rivers tributary Suru. The 410.54 crore project is scheduled for completion in 50 months and involves a 47.5 kilometers long barrage with two intake tunnels and an underground powerhouse.

Rs 383.90 crore Nimo Bazgo hydel project is located near Leh and is scheduled for completion within 45 months.

HCCs order book currently stands at Rs 10,000 crore, out of which 45% is from the power sector, 40% from the transportation sector and 12% from water and environment projects.

Outstanding CEO Award for BEML CMD Mr VRS Natrajan

Mr VRS Natarajan CMD of Bharat Earth Movers Ltd has been conferred the Outstanding CEO Award by the Indian Institution of Industrial Engineering.

A BEML release said that the award recognizes Mr Natarajan's efforts in raising the overall performance of the company.

Mr Natarajan, who took charge four years ago as the head of the Rs 2,200 crore company, has been credited with bringing in the metro coaches technology to work in the Indian context, introducing organizational restructuring and creation of strategic business units for improving efficiency, productivity and profitability of the company.

SAILs RSP revamping Rourkela Township

Steel Authority of India Limiteds Rourkela Steel Plant has increased its efforts to improve the quality of life of the people living in the steel township of Rourkela.

It is reported that RSPs town engineering department has been working in this direction for the past 6 months. New measures and techniques have been introduced to restore various buildings and installations in several decade old townships.

GFMS sees firm European market for hot band but sees US as big weakness

GFMS Metals Consulting predicts that hot-rolled coils, presently at $ 660 levels in Europe are likely to increase in the next couple of months and sees North America as the only area of weakness in global steel pricing.

Mr Neil Buxton MD of GFMS Metals Consulting during an exclusive CNBC-TV18 interview said that the European market is strong and the steel producers have been successful in putting forward yet another increase in price. But he cautioned that the prospects going forward are more to do with the North American market as they are set to play a critical role in the global steel industry, given the amount that the US imports every year. Mr Buxton said In addition to some of the weaker economic numbers coming out of the US, particularly pertaining to the construction sector, we are also seeing a rise in inventories and also a slight dip in prices. Later in the year we could have a slight domino effect, which could lead to lower prices in other markets in Asia and Europe. At the moment we recognize that North America is the only area of weakness.

Mr Buxton added that If one looks at Europe, we would say that the prices of Hot-Rolled coils are at around $660 per tonne and they are likely to increase in the next couple of months. Asian steel prices are quite lower, roughly around $525 to $550 per tonne. So at the moment the difference between Asia and North America makes the North American market attractive, but one might see a narrowing of that differential as US prices fall.

China adds 15.021 million tonnes steel to global availability in 8 months

As per statistics, China exported 3.86 million tons of steel products in Aug 2006 and 24.52 million tons for the first eight months up 69.8%. Its imports amounted to 1.626 million tonnes in August and 12.565 million tonne sin January to August 2006 down by 28.2% YoY

Source Mysteel.com

Thus China has added 15.021 million tonne of steel in the global system during the first 8 months of 2006 in comparison to the corresponding period lat year.

The strong demand from US & Europe and lesser exports by CIS countries has to some extant negated the effect of this large chunk of additional availability thus preventing a price crash.

Mittal Steel Temirtau workers may go on strike

Interfax has reported that the Metallurgy Union of steel workers with Mittal Steel Temirtau has decided that its members may go on strike. Mr Vladimir Dubin deputy leader of Metallurgy Union told Interfax "The next step could be the full stoppage of the metallurgy plant and the organization of a strike.


However, Mr Vladimir Dubin clarified that the possibility of a strike will be discussed at a meeting on October 4.

It was reported earlier that about 2,000 metallurgy workers and miners from Mittal Steel Temirtau held a rally in Temirtau to demand salary increase and better working conditions on Saturday. It is also reported that coalminers from all the eight mines belonging to Mittal Steel Temirtau held a similar rally with similar demands in Shakhtinsk on the same day.

Mr NC Choudhary GD of Mittal Steel Temirtau has urged the demonstrators not to complicate the situation.

Bangladesh government to work on scrapping Asia Energy deal

As per reports, Bangladesh government has finally decided to find ways for scrapping the Asia Energy's contract on Phulbari coalmine development as the Prime Minister's office asked the Energy Division to prepare enough ground for scrapping the agreement after scrutinizing all legal aspects.

The move came after at least six people were killed by police during violent protests in august demanding that the government scrap the deal.

The Asia Energy planned to invest US$2.5 billion to develop the Phulbari mine to do open cast mine at Phulbari coal deposits. Protesters said the mine development scheme would displace more than 40,000 villagers and damage the environment in and around the mine site.

Kazak SSGPO increases iron ores ale by 50% in 8 months

Kazakhstan's biggest iron ore producer Sokolov-Sarbai Mining Production Association has increased iron ore sales by nearly 50% YoY during January to August 2006 to 10.977 million tonnes.

SSGPOs ore production increased by 33.6% YoY in the eight months to 25.898 million tonnes and SSGPO processed 25.958 million tonnes of ore up by 33.7%.

SSGPOs August sales increased by 44.3% YoY to 1.42 million tonnes and iron ore production rose by 130% to 1.4 million tonnes and crude ore production 150% to 3.381 million tonnes.

Fortune 500 List 9 steel companies featured

Fortunes Global 500 list of companies for 2005 raised the bar to get into it to $13.7 billion in revenue up from $12.4 billion in 2004. Profits for the 500 companies jumped 30%. Total revenues for the Global 500 in 2006 add up to $18.9 trillion, a third of the world's GDP.

9 steel companies featured in the list, with erstwhile Arcelor securing the top spot among steelmakers.

Source Fortune 500
Revenue & profits in $ billion

The Global 500 list is an annual ranking of the world's largest corporations by revenues.

Indo Mines gets 30% stake in Yogyakarta Ironsands pig iron project

Indo Mines announce that it has now earned a 30% interest in the Yogyakarta Ironsands Pig Iron Project in Central Java region of Indonesia after the release of the final JORC Code compliant resource statements for the Project.

Indo Mines said that it has reached an agreement with Indo Mines' partner in the Project, PT Jogja Magasa Mining, to vary the original Earn In Agreement, so that Indo Mines can now earn an initial 30% interest in the Project upon completion of a Measured JORC Code compliant resource. Previously, Indo Mines could only earn equity at the end of the earn in phase, which was a 70% interest upon completion of a positive Feasibility Study.

Indo Mines still has to complete the Bankable level Feasibility stage to earn a further 40% in the Project, whereby it will have an outright 70% interest in the Project. A Feasibility Study is scheduled to commence next month by Outokumpu and subject to a positive outcome, the ironsands deposit at Yogyakarta will be used as the basis for the establishment of a pig iron making facility in the Yogyakarta Region to provide feedstock for major regional steel producers.

Carolina based CRG and Atlantic Scrap announce merger

Carolinas Recycling Group LLC and Atlantic Scrap & Processing LLC have reached an agreement to merge the companies into a consolidated entity that is expected to handle more than 1.2 million tons of ferrous scrap and 230 million pounds of nonferrous scrap annually. The transaction is expected to close in the first quarter of 2007, subject to conditions.

The merger will create a scrap processing company that will employ more than 500 people in 16 locations throughout the Carolinas and Georgia and help set in motion plans for continued growth and investment.

Mr Marvin Siegel CEO of CRG said that "CRG is very excited to become partners with Atlantic Scrap. This merger is a perfect fit as both companies share such similar management styles and operating philosophies. The result will be a new, larger entity operating five shredders and 16 locations that is more capable of providing services to its customers with the same high standards that we have come to expect from ourselves.

Mr Frank Brenner president of Atlantic Scrap said In the five short years since the inception of Atlantic Scrap & Processing LLC I have seen our business develop into the largest recycler in North Carolina. We are excited to be merging with CRG, who we feel shares the same ideals as Atlantic Scrap. We look forward to this merger and to continued growth and success.

EPA cites Nucor for clean air violations

The Environmental Protection Agency has cited steel manufacturer Nucor Corp for alleged clean air violations at its Crawfordsville, Ind., steel mill. The EPA alleged that Nucor exceeded limits on carbon monoxide emissions from one of its furnace stacks. The alleged violations were discovered during tests conducted June 14 by a company contractor.

In such situations, the EPA may issue a compliance order, assess an administrative penalty or bring suit against Nucor.

The EPA said exposure to high levels of carbon monoxide can impair vision, learning ability and performance of complex tasks, and can cause death.

Nucor has 30 days from receipt of the EPA notice to discuss a resolution of the issue.

Karaganda coal miners strike reduces Mittal Steel Temirtau production Report

Reuters has reported that strike at Mittal Steel Temirtaus Karaganda region based coal mines in Kazakhstan has slightly reduced steel output at Temirtau works.

Reuters has cited some sources at Mittal Steel Temirtau as saying that "There has been a small drop in production. The unrest of the workers, of course, does not help the good organization of factory output."

A blast at one of the mines near the city of Karaganda in recently killed 41 miners. Workers at all 8 of coal mines are now on strike, demanding better pay and safety standards.

Mittal Steel Temirtau produces around 6 million tonnes of steel a year and its coal mines produce around 12 million tonnes of coal every year.

Hunan Zhuye and Baiyin Nonferrous to undertake capital repair

It is reported that 2 of China's 4 biggest zinc producers are scheduled to close part of their smelting capacities in October for annual equipment repairs and maintenance.

A company official at Hunan Zhuye Torch Metals Co, China's largest zinc producer with 340,000 tons capacity, said "We'll close a smelting line with an annual capacity of 200,000 tonnes for equipment repair and maintenance, which will last for about a month. It should have been done during the summer, but the high prices have kept our lines operating at full capacity.

China's 4th largest zinc producer, Baiyin Nonferrous Metal (Group) Co, will close a line with annual capacity of 100,000 tons in October. Baiyin's annual zinc output is around 130,000 tonnes to 140,000 tonnes.

Coruss Ijmuiden pellet plant under major repair

It is reported that Corus has commissioned ThyssenKrupp Anlagenservice to carry out major repair work in the pellet factory at the Ijmuiden Works in Netherlands. The total job is worth over Euro 8 million and so far the Oberhausen based ThyssenKrupp Anlagenservice's biggest ever repair project.

During a 4 week shutdown from mid September to mid October, a 60 meter tall stack with a diameter of more than 6 meters will be installed. Other jobs include pipework, the complete installation of conveyor belts including the electrical instrumentation and the replacement of bearings on the slag wagon drives.

Arcelor Mittals management profile 15 Mr Alain Bouchard

Mr Alain Bouchard has been appointed in Arcelor Mittals management committee board last month as Head of Purchasing Worldwide.

Mr Alain Bouchard has been Arcelors executive VP Purchasing since 2004. He was before in charge, at Arcelor and Usinor, of the Cockerill-Sambre works in Lie (Belgium) and at Sollac Lorraine.

From 1993 to 1999, he held various positions in the realm of production planning, customer services, IS-IT and reengineering of support functions within Usinors Flat Carbon Steel business in Paris. Earlier (1989-1993), he worked at Usinors plant of Fos-sur-Mer, after joining the IRSID Steel Research and Development Institute in 1973.

Mr Alain Bouchard is an IT engineer, graduate of the Ecole Nationale Supieure dInformatique et Mathatiques Appliqus de Grenoble, and a physics engineer, graduate of the ENSPG, Ecole Nationale
Supieure de Physique de Grenoble.

HCC blames non payment for reduced coal production

Zimbabwes Hwange Colliery in a document released last week "Update on Coal Supply Situation" said that country's coal crisis, which is threatening to cripple economic activity, is due to government's non payment of coal supplies to power utility Zesa and steel company Ziscosteel, which put together consumes 66% of national coal output.

Without making a candid reference to government, the HCC said that the supply of adequate coal to all industries in Zimbabwe is well within the company's capacity as a permanent solution that addresses the non payment by major customers is being put in place with the involvement of all stakeholders".

Mr Clifford Nkomo marketing and public relations manager of HCC last week said that the firm was facing cash flow problems and had obsolete equipment and that the production had plummeted due to Zesa and Ziscosteel's failure to make timely payments for coal supplies.

Zesa's Hwange power station and its old thermal power stations consume 2.7 million tonnes of coal annually, 55% of national output estimated at 4.945 million tonnes. Ziscosteel consumes 0.54 million tonnes of coal per annum accounting for about 11% of total production. Other customers accounting for balance 34% include coal distributors, cement companies, mines, brick makers, agriculture and general industry.

Wuhan Steel's 4# coke oven put into operation

It is reported that Wuhan Steel's coke oven no 4 was officially put into operation on September 28th 2006.

The new battery is designed with annual capacity of 0.55 million tonnes of coke and will take Wuhan Steel as one of the top three coke makers in China's coking industry.

Aker Braila reports surge in profits in H1 of 2006

Aker shipbuilder at Braila in Romania has posted Euro 20.7 million turnover in the first six months of 2006 down by 5.3% as against H1 of 2005. Its profits in H1 of 2006 are reported at RON 1.07 million as against losses of RON 0.623 million in H1 of 2005.

Aker Braila supplied in 2006 4 ships and an oiltanker of 3,500 DWT in H1 of 2006.

The Aker Yards Group, controlled by the Norwegian Aker Holding Co, is one of the first five biggest shipbuilders all around the world, with 17 yards in seven countries Aker Yards control, through their subsidiary Aker Brattvaag, 70% of the shipyards in the Romanian port cities of Braila and Tulcea.

Arch Coals Black Thunder mine wins Good neighbor award

The US Department of the Interior's Office of Surface Mining has honored Arch Coal for its involvement of its Black Thunder mine with the community in Wyoming by presenting with the 2006 National Good Neighbor Award.

Black Thunder was named a Good Neighbor for its community involvement including its response to a tornado in nearby Wright last year. Black Thunder provided emergency responders, helped dispose of 500 truckloads of debris and gave free meals to more than 300 homeless residents and disaster relief volunteers.

Arch Coal said the mine employs about 1,000 people and produces more than 8% of the US coal supply each year.