TATA Sons denies meeting of Mr Ratan Tata with Mr Blair

TATA Sons Ltd, the holding company of Tata Steel Ltd clarified that its chairman Mr Ratan Tata has not sought a meeting with Mr Tony Blair prime minister of UK and that he is not a part of Indian Prime Minister Dr Manmohan Singhs delegation to the UK.

The statement from TATA Sons follows media reports that Mr Ratan Tata is scheduled to meet Mr Blair as part of Dr Singh's visit to the UK, ahead of a possible bid from TATA Steel for Corus Group PLC.

TATA Steel had last week said that it is evaluating opportunities, including a possible approach for Corus and has led to various speculations in media.

Welspun to join race for steel plant in Orissa Report

Reuters, citing steel minister of Orissa, has reported that Welspun groups Welspun Steel & Power Ltd plans to set up a 3 million tonne per year steel plant to make ductile, spiral pipes and steel slabs at Bhadrak or Cuttack district in Orissa.

Mr Padmanabha Behera a minister of Orissa government told Reuters that the company would sign a preliminary agreement with the Orissa government this week. He told that integrated steel plant would involve an investment of 55.04 billion rupees and be completed within 4 years.

The report mentions that a Welspun group official declined to comment.

Steel ministrys PSUs excel in H1 of 2006-07

A latest performance review of 15 public sector enterprises under the Ministry of Steel revealed that the combined performance of these companies during April to June 2006 was very good with their cumulative profit touching Rs. 6,600 crore up by nearly 17% YoY over corresponding period of 2005-06.

Some of the loss making companies like Bharat Refractories Limited has also significantly scaled down their losses in the first half of the current financial year as compared to the same period in the previous fiscal. This enhancement in their combined profit figures has been realized despite a substantial reduction in the profits of the Kudremukh Iron Ore Company Limited on account of the cessation of mining of iron ore from the Eastern Ghats pursuant to the Supreme Courts orders.

Steel Authority of India Limited and the Rashtriya Ispat Nigam Limiteds saleable steel production in H1 of 2006-07 totaled to 7.571 million tonnes up by about 4% YoY as compared to the same period last year.

The production of ferro manganese by Manganese Ore India limited registered a very significant increase of more than 200% from the last years level of 1540 metric tonnes to 4960 tonnes.

Ferro Scrap Nigam Limited also registered a significant jump in its slag production figures from around 1.4 million tonnes in the first half of 2005-06 to around 1.7 million tonnes during the current half year.

Iron ore production by the public sector units also registered a significant rise to 11.98 million tonnes during the current half year from the level of 10.70 million tonnes in the comparative period in the previous fiscal.

Indian government supports TATAs move for Corus

PTI has reported that Indian government is supporting TATA Steel's proposal to buy stake in Corus citing Indian minister for industry and commerce.

Mr Kamal Nath Indian minister for industry and commerce in a response to the speculations of TATA-Corus deal said "Why not? Mr Nath said that TATA is one of our leading companies and they must go global. It's not merely a story today of trade flows, it's a question of investment, both ways."

Mr Kamal Nath has intervened earlier this year on Mittal Steels bid for Arcelor by telling the French not to be so racist if they wanted to do business with India.

SAIL announces outcome of AGM

Steel Authority of India Ltd has informed BSE that the members at the 34th Annual General Meeting of the Company held on September 22nd 2006, inter alia, have accorded to the following.

1. Adoption of the Audited Profit & Loss Account for the year ended March 31, 2006, the Balance Sheet as at that date and the Directors and Auditors Reports thereon.

2. Re-appointment of Mr KK Khanna, as Director of the Company.

3. Authority to Board to fix remuneration of Statutory Auditors of the Company for the financial year 2006-07.

4. Declaration of final dividend @ 7.5% on the paid up equity share capital of the Company.

5. Appointment of Dr SC Jain, Prof RP Sengupta, Dr Velu Annamanlai and Mr Siddharth Kak, Directors of the Company, liable to retire by rotation, for a period of three years with effect from December 29, 2005.

6. Appointment of Mr Nilotpal Roy, Mr V Shyamsundar, Mr BN Singh, Mr VK Srivastava and Mr G Ojha, as Directors of the Company, liable to retire by rotation.

7. Appointment of Mr Shyamal Ghosh, Mr SNPN Sinha, Mr Mohammad Yusuf Khan and Prof Deepak Nayyar, as Directors of the Company, liable to retire by rotation, for a period of three years with effect from July 10, 2006.

Indian ports plans 168% jump in traffic by 2103

Experts from Indian shipping industry, on the 1st day of 2 days India Shipping Summit, outlined various issues related to plans to achieve global levels in Indian ports by 2013. The issues include drafts of the major ports to accommodate new generation vessels and increasing port capacities.

Mr AK Mohapatra secretary ministry said that Indian ports, including non major ports, which handle 568 million tonnes of traffic, may have to handle about 1.5 billion tonnes by 2013 with minor port accounting for 400 million tonnes. He assured that the Indian government has chalked out a roadmap to achieve this target.

Ms Rani Jadhav chairwoman of Mumbai port and the Indian Ports Association said that on a conservative estimate, the Indian port sector was projected to handle 1,225 million tonnes by 2013-14, including 391 million tonnes by minor ports.

Ms Jadhav said that the ports together will take up 276 projects involving an investment of Rs 55,803 crore over 5 years. Of this investment, the share of private investment was likely to be Rs 34,505 crore, internal resources of ports Rs 13,771 crore and Budgetary support Rs 3,609 crore.

TATAs investment proposal put on hold by Bangladesh

It is reported that the present government of Bangladesh has put TATAs $3 billion invest proposal on hold due to upcoming general elections in the country and that the same would be considered after a new government comes to power following the January 2007 polls. Mr Mahmudur Rahman chief of Bangladeshs board of investments told reporters "I hope the government which is formed after the elections can take a decision.

Mr M Saifur Rahman finance and planning minister of Bangladesh however has advocated for the TATA investment proposal saying the investment would bring ample economic benefits to Bangladesh. He said "The next elected government, no matter whichever party assumes power, should implement the investment proposal for the betterment of the economy.

TATA has suspended work on their proposed projects in Bangladesh in July this year citing uncertainties on government approval to its plans to invest in a 1000MW gas based power plant, 500MW coal based thermal power plant, 2.4 million tonne steel plant and a fertilizer plant.

Indian government to invite EoI for 2 shipyards

It is reported that Indian government may soon invite expressions of interest from interested contractors to build two shipyards of international standards, one each on east coast and at west coast through Ennore Port & Mumbai Port.

The plans indicate that each shipyard, spread over 4 million to 5 million square meters, will have a capacity of 300,000 DWT and envisage investment of Rs 3,000 crore each. Each of these shipyards will have a water depth of 12 meters and capability to build at least 8 ships each year in the first phase. Later on, the capacity will be raised to 24 ships along with steel fabricating capacities of 60,000 tonne annually. To be built in phases, the yards will be operational in 3 years from the time the contract is awarded.

Indian shipbuilding industry is witnessing a boom with its order books jumping from Rs 1,500 crore in 2002 to Rs 13,700 crore in September 2006. Mr Anand V Sharma a consultant with i-maritime expects the order book to reach Rs 81,000 crore by 2018. Indian shipyards are competitive on account of low labor costs.

NTECL seeks help for coal linkage for Ennore project

FE has reported that NTPC and Tamil Nadu Electricity Boards JV NTPC Tamil Nadu Energy Co Ltd has sought the power ministrys help for expediting long term linkage of 4.7 million tonne per annum of washed coal for Ennore project.

Mahanadi Coalfields Limited had earlier agreed in principle to supply 5 million tonne per annum of coal for the project from Talcher & Ib valley coalfields, but the linkage has not been accorded so far.

NTECL projects feasibility study has been completed and clearance from state pollution control board is expected soon. NTECL plans to place the award for the main plant by March 2007 and schedules commissioning in 2010-11.

However, the company said there should be no uncertainty over the availability of the coal and, thus, has sought the power ministrys intervention.

Bihar Tubes unveils expansion plans

Business Line has reported that UP based Bihar Tubes plans to set up a 0.4 million tonne steel strip mill in its existing tubes complex at an investment proposal of Rs 100 crore. Mr Sanjay Gupta MD of Bihar Alloys told Business Line that the unit is likely to be finalized by early next year when Bihar Tubes also expects its current capacity expansion and products diversification program to be in place.

Mr Gupta said the company was planning to set up another unit in Maharashtra with an investment of Rs 10 crore and that it is also doubling the capacity in its Sikanderabad unit to 0.1 million tonne per annum for manufacturing galvanized pipes and hollow sections.

As per reports, Bihar Tubes is also planning to launch stainless steel pipes manufactured by high frequency induction welding process.

Elecon to supply handling equipments to Madras Cement

Elecon Engineering announced that it has bagged order worth Rs 367.5 million from Madras Cements for supplying material handling equipments such as stacker, reclaimers and wagon tippler for their Jayanthipuram Line 2 project and Ariyalur project.

Elecon Engineering was established in 1951 to manufacture mechanical handling equipment. It operates in the three main areas such as material handling plants, industrial gears and windmills.

China puts cap on lead & zinc capacity

China hopes to cap the production capacity of refined lead and zinc by 2010 to cool investment and ease raw material shortages.

Chinas State Administration of Taxation said in a statement that the government wants to limit annual capacity of refined lead to 4 million tons and that of zinc to 5 million tons by closing polluting plants and restricting new projects.

Evraz Groups crude steel product up by 17.6% in 9months

Evraz Group announced that its output of rolled metal products increased by 22.3% YoY during January to September 2006 to 10.8 million tons, steel output rose by 17.6% YoY to 12 million tons and hot metal production was up 13.8% YoY at 9.7 million tons.

The quarterly and nine months numbers are as under

The total volume of rolled steel products excludes those re-rolled at other Groups plants. These volumes are eliminated as inter company sales for purposes of Evrazs consolidated operating results. Operational results of Palini e Bertoli are consolidated into the Group since September 2005 and of Vitkovice Steel since December 2005. Mine 12 operational results are consolidated into the Group since April 2005. Operational results of Yuzhkuzbassugol are consolidated into the Group since December 31, 2005.

Evraz Group's principal assets include three of the leading steel plants in Russia Nizhny Tagil in the Urals region and West Siberian and Novokuznetsk in Siberia, as well as the Nakhodka commercial sea port, Palini e Bertoli in Italy and Vitkovice Steel in the Czech Republic. Its mining businesses comprise the Raspadskaya coal mine, Yuzhkuzbassugol, Neryungriugol coal company, Evrazruda, the Kachkanarsky and Vysokogorsky iron ore mining complexes.

In 2005, Evraz Group increased its crude steel production by 1.2% to 13.85 million tons. The production of rolled metal grew by 0.6% to 12.23 million tons.

Corus shares drops after TATAs denial of meeting with UKs PM

Shares of Corus Group Plc fell the most in three months after TATA Sons denied a report in London's The Times that its chairman Mr Ratan Tata will meet Mr Tony Blair prime minister of UK. Shares of Corus fell by 18 pence or 3.6% to 476 pence as of 11:35AM London time.

Mr Tom Muller an analyst with Amsterdam-based Theodoor Gilissen Securities said in an interview with Bloomberg that This is all adding to the uncertainty regarding a possible Tata bid. We haven't heard anything official from Tata or Corus on whether they've actually had talks or not.''

Corus stocks have gained almost 88% in the past year and had surged by 16% on October 5th when TATA Steel said that it is evaluating various opportunities including Corus.

CISA indicates ban on foreign control of Chinese steel mills

Reuters has reported that China will maintain strict barriers to foreign control of large steel mills although Ms Xie Qihua chairwoman of Bao Steel last week in Buenos Aires had indicated otherwise that the ban on foreign control was a good idea but might be revised or updated as the Chinese economy develops.

Mr Qi Xiangdong vice secretary general of the China Iron and Steel Association told Reuters "I think the national policy won't change.

Chinas reluctance of foreign control had been a way to keep outsiders at bay while China's fragmented and outdated industry consolidated and upgraded its mills. But regional protectionism has so far prevented the industry from consolidating as fast as Beijing had hoped and many Chinese officials warn that forced mergers are creating an industry that is 'big but not strong.

The immediate matter depending upon this policy is the approval of Arcelors proposed buying of 38% stake in Laiwu Steel, which if approved will give Arcelor Mittal near controlling stake sin Chinas 2 out of top 10 steel mills.

TMKs pipe shipments up by 3.2% YoY in 9 months

Russian pipe major TMK has announced the results of its production activities for January-September 2006.

TMKs units shipped 2.229 million tonnes of pipes up by 3.2%YoY as compared to the same period of 2005. TMK produced 1.633 million tonnes of steel and shipped 0.421 million tonnes of saleable stock material.

Esmark confident of change of Wheeling Pittsburgh board

Esmark Inc retreated that it expects a majority of Wheeling-Pittsburgh Corps shareholders to support its plans to merge the two companies thwarting an offer from a Brazilian CSN.

Mr Craig Bouchard president and cofounder of Esmark said that Esmark is proposing an alternative slate of directors at Wheeling-Pitt's annual shareholder meeting on November 17th, which, if elected, will strike down its proposed merger with Companhia Siderurgica Nacional. He said "Going into the November 17 meeting, our goal is to have 70% of Wheeling-Pittsburgh's shareholders voting for our slate of directors. Given our visits with investors, we are highly confident that we'll have that."

Peabodys purchase of Excel Coal approved by Australian court

Peabody Energy announced that the Federal Court of Australia has formally approved Peabody's acquisition of Excel Coal. Excel shareholders overwhelmingly approved the sale to Peabody last week, clearing the way for Peabody to assume management of the company on October 11th 2006.

Mr Gregory H Boyce president & CEO of Peabody said "We can now move with full speed to implement a seamless integration of Excel's high-quality assets and people into Peabody's organization. With the new operations and late stage growth projects, we look forward to tripling our Australian production at a time when demand from the world's largest coal exporting country is growing dramatically."

Peabody Energy is the world's largest private sector coal company, with 2005 sales of 240 million tons of coal and $4.6 billion in revenues.

Pacific Steels EAF stops due to transformer failure

It is reported that the Pacific Steel Mill at Otahuhu in south Auckland of New Zealand is out of action after an electric arc furnace transformer failed on last Saturday. However, Pacific Steel's rolling mill and wire mill have not been impacted by the fault and both remain in full production.

As per reports, the steel mill will be inoperative while the transformer is replaced. The company had planned to carry out this upgrade early next year but will now be looking to have the timetable advanced and repair could take up to three months.

Pacific Steels parent company, Fletcher Challenge, says it is covered by standard machinery breakdown and business interruption insurance. It says it does not expect the plant failure to have an impact on its 2007 financial results.

Platts to publish weekly HRC & Rebar benchmark prices by year end

Platts has announced plans to publish weekly steel US and European prices by the end of the year and daily prices, along with additional pricing points, by the first quarter of 2007.

LME has selected Platts as the partner for the development of steel market price assessments in May. Platts will publish prices for flat and long products in Europe and the US. Price and market analysis will be available via a daily publication and in real time through major third party vendors and LME channels.

As per release, Platt will initially start with hot rolled coil and rebar as per following

Europe HRC
EN 10025 structural grades
3mm to 15mm thickness in widths of 1200mm to 500mm
EXW Ruhr - FOB Black Sea - CIF Antwerp/Rotterdam

North America HRC
ASTM A 1011 commercial type B/C
0.836 inches to 0.625 inches thickness in widths of 48 inches to 60 inches
Ex-mill Indiana and CIF Gulf Coast

Europe rebars
B500B/C
16mm to 22mm in diameter and 12meter in length
Ex-works NWE, FOB East Mediterranean basis Turkey

North America rebar
ASTM 615 and A60
#7-#11 and 20 feet
Ex-works US Southeast States and CIF Gulf Coast

Pricing will be determined by talking to the whole supply chain producers, consumers, service centers, stockiest and traders and by factoring in market fundamentals.

RathGibson acquires Greenville Tube Co

It is reported that RathGibson of Janesville in Wisconsin has acquired Greenville Tube Co of Greenville in Pennsylvania. Its management team and the company name remain intact.

Greenville Tube was founded in 1950 and has a manufacturing facility at Clarksville in Arkansas. The company's products include seamless, welded, drawn and as welded tubing in both straight lengths and coils. It is a supplier of specialty stainless steel and nickel alloy tubing to the oil and gas, chemical, petrochemical, transportation, agriculture, medical, and food and beverage industries.

RathGibson, a global supplier of engineered stainless steel, nickel and titanium tubing, is owned by Castle Harlan Partners IV an affiliate of Castle Harlan Inc a private equity investment firm in New York.

Bolivia to release plan for controlling natural resources

Following clashes last week between tin miners, the Bolivian Government is planning to take greater control of the mining industry and would unveil a plan on October 31st for returning to the Bolivian state the unrestricted use of all natural resources.

Mr Guillermo Dalence new mining minister of Bolivia told in a speech "On October 31st you are going to have news about mining policy in Bolivia because it is the anniversary of the nationalization of the mines."

The move follows the re nationalization of the energy sector in May.

Bolivias mining industry was nationalized in 1952.

Iron ore loading to resume on October 19th at Saldanha port

Kumba Resources announced that it expects to resume iron ore exports through the port of Saldanha around October 19th after Transnet re starts one of its two ship loaders.

Kumba had earlier announced on September end that exports of iron ore from Saldanha port, operated by South Africa Port Operations, a division of state logistics group Transnet, had been disrupted following the failure of ship loader No 2.

Transnet had said earlier that it expects to commence loading iron ore for exports on October 19th. Transnet said one of two ship loaders at the Saldanha export terminal would resume operations, while a second one that broke down in late September was still being repaired.

ThyssenKrupp develops Nirosta Gritline for architectural use

ThyssenKrupp Stainless AGs subsidiary ThyssenKrupp Nirosta GmbH has developed a new product finish called Nirosta GritLine to help meet the attractive finish requirements for stainless steel used in buildings and architecture. Nirosta GritLine will be premiered at the company's booth at the Bau 2007 show in Munich during January 15th to 20th 2007.

Nirosta GritLine is produced by roll embossing to provide a regular structure and a unique style. The gentle embossing process retains the unbroken surface of the bright annealed stainless steel and provides less expensive stainless materials with virtually the same corrosion resistance as ground, conventional stainless steels.

Nirosta GritLine is developed by ThyssenKrupp Nirosta in Krefeld and is marketed in Europe by ThyssenKrupp Nirosta GmbH.

Russian coal exports up by 15.8% YoY in January to August

According to the Federal Customs Service, exports of Russian black coal grew by 15.8%YoY to 58.161 million tonnes during January to August 2006 as against 50.217 million tonnes during January to August 2005. In revenue terms it grew by 14.7%YoY to $2.723 billion from $2.374 billion.

Exports of coal to the CIS countries grew by 8.9%YoY to 5.752 million tonnes and to other destinations increased by 16.6% YoY to 52.408 million tonnes.

Russia also imported 16.884 million tons of black coal worth $252.1 million during January to August 2006 up by 17% YoY.

Canales Clariond family to stick by Imsa investment plans

BNAmericas has reported that the Canales Clariond family, which recently secured 88% of Mexican steel and industrial conglomerate Grupo Imsa for around $1bn, intends to uphold the company's anticipated investment plans.

An Imsa executive told BNamerica "The Canales Clariond family has confidence in the company and wants to keep betting on this business and that is why it made the decision. The idea is that the company continues with planned growth. Those plans are already on the table and we are going to move ahead with them."

The Canales Clariond family, which previously held 43.55% of the steelmaker, purchased the additional shares from the Clariond Reyes Retana family last week via investment vehicle Tarida.

Outokumpu increases profit forecast for Q3

The Finnish steel maker Outokumpu has raised its Q3 operating profit forecast to Euro 230 million up by 56% as compared to the previous quarter. Outokumpu had previously limited its Q3 figures to matching Q2 operating profit as August and September are key months for plant maintenance, but rising steel prices and gains on nickel inventories have improved financial performance in Q3.

Strong demand combined with supply constraints have pulled the reference price for cold rolled steel up by Euro 205 a tonne to Euro 1,640 a tonne between June and September although deliveries in the period were 393,000 tonnes as against 467,000 in the second quarter because of the maintenance schedule.

The price of nickel soared by 50% to $30,000 a tonne in the third quarter and that has delivered a major inventory gain to Outokumpu.

CVRD to install worlds largest Fe-Ni smelting furnaces

CVRDs subsidiary Minerao On Puma Ltda has placed an order with SMS for the installation of the two large ferro nickel smelting furnaces for producing 275,000 tonnes of Fe-Ni. The commissioning of the furnaces has been scheduled for the second half of 2008. The second furnace will be put into operation three months after the commissioning of the first furnace.

The two rectangular submerged arc and smelting furnaces are 36.4 meters x 13.4 meters in dimension and have a nominal furnace capacity of 85 MW each.

The scope of supply for the furnaces includes the basic and detail engineering as well as the supply of the calcinating material handling system, the gas lines including a dust collecting facility for each furnace as well as the requisite auxiliary facilities, such as tap hole guns and drills.

Lao Cai, VSC & Kunming mining & steelmaking JV launched

Vietnam China Minerals and Metallurgy Co Ltd, a JV of Vietnams Lao Cai Province, Vietnam Steel Corporation and Chinas Kunming Iron and Steel, has launched the project to develop Quy Sa iron mine and build a steel plant in Lao Cai.

The project expects to mine iron ore from Quy Sa mine at a rate of 1.5 million tonnes a year by 2008 in the 1st phase. As per plans, the projects second phase will be finished in late 2010 when capacity would be 2.5 million tonnes to 3 million tonnes per year. Construction would begin in 2008 on a steel plant in Tang Loong Industrial Zone in Bao Thang District.

Mr Nguyen Ngoc Kim deputy chairman of the Vietnams Peoples Committee, while speaking at the launching ceremony reminded project partners to pay attention to environmental protection, infrastructure and resettlement needs.

Northwest Pipe to supply pipes for water supply project in Mexico

Northwest Pipe Company announced that it has been selected to supply approximately 27 miles of 54 and 60 diameter steel pipe worth $22 million to Administradora de Obras Y Concesiones for the Rio Colorado project at Baja California in Mexico. The pipes will be delivered during the first three quarters of 2007.

These pipes will be primarily manufactured at Northwest Pipe's Adelanto California plant with some components produced at the Company's Monterrey Mexico facility.

Northwest Pipe Company, headquartered at Portland in Oregon with 9 manufacturing facilities across the US and Mexico manufactures welded steel pipe for 3 business segments Water Transmission Group, Tubular Products Group and Fabricated Products Group.

Arcelor Laminados to modernize & double capacity

Arcelor Mittals Arcelor Laminados SA at Zaragoza in Spain has decided to relocate and modernize its two rolling mills to the outskirts in the Lez Soriano Recycling Technology Park to double its current production capacity of approximately 325,000 tonnes.

It has awarded an order to SMS Meer for dismantling, transport, supply of new equipment as well as erection and commissioning of both rolling mills.

The new equipment to be supplied comprises an 80 tonnes per hour pusher type furnace for Rolling Mill No 1 enabling a future production of 90 tonnes per hour. In Rolling Mill No 2, the existing 80 tonnes per hour pusher type furnace will be revamped and transferred to the new premises. In addition, the scope of supply includes finishing stands for Rolling Mill No 1, roughing and finishing stands for Rolling Mill No 2 as well as cooling beds and various equipments for the finishing areas of both mills. The auxiliary facilities for the two rolling mills and the electrical and automation systems will also come from SMS Meer.

Arcelor Laminados SA is a steel manufacturer specialized in angles and flat bars fundamentally for the construction sector, machinery industry and electrical distribution sub sector.

Kuzbassrazrezugols coal production by 2.9% YoY in 9 months

AK&M has reported that Kemerov based Kuzbassrazrezugol Coal Company has increased its coal production to 30.8 million tonnes during January to September 2006 up by 2.9% YoY as compared to 29.92 million tonnes in January to September 2005.

Coal deliveries during this period to consumers grew by 2% to 29.47 million tonnes from 28.88 million tonnes, including deliveries for carbonization by 3.2% to 2.98 million tonnes from 2.89 million tonnes.

Its coal exports increased by 4.3% YoY to 13.57 million tonnes in January to September 2006 as compared to 13.01 million tonne sin January to September 2005.

Dowa Mining aims for 45.4% jump in zinc production in H2

Japanese Dowa Mining plans to increase its output of refined zinc by 45.4%YoY to 13,046 tonne per month during October 2006 to March 2007 as against 8,976 tonne per month during October 2005 to March 2006.

The output has increased due to Dowa's acquisition of Nippon Mining's stakes in the 200,000 tonnes per year Akita Seiren zinc smelting plant in 2005. Dowa Mining currently holds an 81% stake in Akita Seiren, as compared to 57% before the acquisition.

A Dowa spokesman said "The output growth represents our increased stake in the Akita plant, rather than rises in the physical capacity of the plant facility.

Angang Steel announces name change

China's biggest HK listed steelmaker by market value Angang New Steel Co has changed its name to Angang Steel Co to reflect the acquisition of assets from the parent company.

Angang Steel or Ansteel said in a statement that it has government approval for the change.

Ansteel issued 2.97 billion yuan denominated A shares in December to parent Anshan Iron & Steel Group to fund the purchase. The acquisition was completed on January 1.

ABB secures 6 more contracts for FACTS from steel mills

ABB has received 6 orders worth $15 million to install flexible AC transmission systems in several steel plants around the world.

Baoshan Iron & Steel Company has ordered a static var compensator rated at zero to 180 Megavolt amperes to mitigate electric disturbances emanating from the steel making process. Another contract in China was awarded through a major Japanese contractor. A contract for an SVC from a steel mill in Oman is said to represent a breakthrough for ABB in this business in the Middle East. The remaining three orders were from Spain and Turkey.

All contracts are based on ABB's SVC technology, one of a number of technologies known collectively as FACTS, which are said to improve the security, capacity and flexibility of power transmission and distribution systems.

ABB has delivered more than 200 FACTS installations to steel makers worldwide, including an SVC in Turkey last year for one of the biggest electrical arc furnaces ever made.