March, 24 2007
Wuhan seeks cooperation with SAIL
A four member delegation from the Chinese steel major Wuhan, led by Mr Deng Qilin chairman, called on the Dr Akhilesh Das minister of state for steel and expressed its interest for joint ventures in India.
Mr Deng Qilin apprised the minister of Wuhans technological capability in manufacturing of high grade steel and special steel particularly for use in the automotive sector. Mr Qilin appreciated the growing Indian steel market and the need for joint venture in pelletization and production of high grade steel.
Mr SK Roongta chairman of Steel Authority of India Limited who was also present during the meeting said that SAIL is embarking on an expansion plan and there is ample scope for both the companies to cooperate.
Dr Das asked both sides to work out the modalities for cooperation.
Man Industries buys steel for pipes from Wuhan
International Economic & Trading Corporation reported that Indian steel pipe maker Man Industries has reached an agreement with Wuhan Iron & Steel Company to purchase steel for manufacturing pipes.
Man Inustries began seeking long term strategic cooperation relationship with WISCO from 2006 and Mr RC Mansukhani chairman of Man Industries visited WISCO on March 19th 2007 for the purpose.
(Sourced from Mysteel.net)
Indian cement makers refuse to lower prices
It is reported that Indian cement makers have refused to lower prices after a meeting with Mr P Chidambaram finance minister of India, who has requested the cement makers for reduction in prices to curb inflation. A senior government official told reporters that "They said we have no scope for cutting prices."
Indian cement producers raised prices by INR10 to INR12 per bag of 50 kilogram from March 1st 2007 in some regions after the government raised the duty on high priced cement in its annual budget tabled on February 28th 2007. Later, the producers agreed to hold prices for one year under government pressure.
India has more than 50 big cement makers running about 365 plants with a capacity to make 165 million tonnes a year and about 30 million tonnes of new capacity is expected to come on stream in the next 2 years.
Arunachal to capitalize hydro power potential
IANS has reported that Arunachal Pradesh could become India's powerhouse after its 10 new mega power projects with a combined generation capacity of 7,500 MW become functional in the next 10 years.
Mr Dorjee Khandu power minister of Arunachal told IANS that "Arunachal Pradesh could earn about INR 70 billion as revenue by generating hydropower once the ongoing projects become functional. We are actively considering a policy to allow private investors to set up mini and micro power projects in Arunachal Pradesh."
As per report, Arunachal has the potential to generate an estimated 50,000 MW of hydropower. As many as 10 major hydropower projects are currently under way in the state and are expected to be functional between the next 2 to 10 years.
Arunachal has signed a deal with the National Thermal Power Corp, National Hydroelectric Power Corp, and the North Eastern Electric Power Corp last year for supply of 15,000 MW of power to meet current need. Reliance Energy Ltd has also signed a preliminary agreement to set up two hydropower projects of 1,000 MW and 700 MW each in the state.
The major projects currently being executed in the state include the Ranganadi Project, the Subansari Project and the Taloh Power Project.
Elecon Engineering bags 3 contracts worth INR 39.57 crore
Elecon Engineering Company Limited, one of the largest material handling equipments, industrial gears and transmission products manufacturer announced securing three orders aggregating to INR 39.57 Crores as under.
1. Order worth INR 15 crores from Chettinand Cements Corporation Ltd for their Ariyalur Cement Works for designing, manufacturing and supplying of stacker reclaimer system for limestone, correctives and coal or lignite for 2 million tonne per annum cement project.
2. Order worth EURO 2.169 million equivalent to INR 12.5 crores for fabrication and delivery of structural steel for conveyors with transfer towers & junction. The ultimate supplier is Tati Nickel Mining Company of Botswana near South Africa. The order has been received through its foreign JV in South Africa.
3. Order worth INR 12.07 crores from Indure Pvt Ltd for designing, manufacturing and supplying of Wagon Tippler with Sidearm charger and Apron feeder and screening and crushing system for Rajasthan Rajya Vidyut Utpadan Nigam Ltds 250 MW Unit 6.
Mr Prayasvin Patel chairman of Elecon said Elecon Engineering has always been in the forefront of innovations and technology in the manufacturing and engineering sector. It has been a great achievement for all at Elecon and we are truly honored to bag these prestigious orders.
India requires a further 100GW of power
As per reports, to match expected economic growth of 8% to 10% per annum till 2031, India would need to produce five to seven times more electricity than today. This requires a further 100GW of power, calling for investments of around USD 200 billion including in transmission and distribution infrastructure.
Currently, India is the 6th largest electricity generating country and accounts for about 4% of the world's total annual electricity generation. It is also ranked 6th in annual electricity consumption, accounting for about 3.5% of the world's total annual electricity consumption.
Annual electricity generation and consumption in India have increased by about 64% in the past decade.
GE to fund Binani Cements captive power plant at Sirohi
GE Energy Financial Services has decided lend INR 75 crores (USD 17 million) to Binani Cement Ltd for construction of a 22.3 MW thermal power plant and associated facilities at Sirohi in Rajasthan.
This will enable Binani Cement to meet its enhanced power requirement to expand cement production by April of this year from 2.25 million tons to 5.3 million tons annually.
Colleen Harkness MD and head of global growth at GE Energy Financial Services said "This finance package will cut costs for Binani by nearly USD 4 million annually and provide a highly reliable electricity source.
Binani Cement also plans to build a second 22.3 MW power plant.
Recent HRC price downslide in Chinas domestic market
According to Mysteel database, China's steel market uptrend started to ease in recent days with flat products showing more notable price decline than the construction steel. 4.75mm HRC price lost nearly CNY 100 per tonne on average across China. It has touched the bottom of CNY 3950 per tonne in Shanghai market at a sharp fall of CNY 200 per tonne.
Endless price hike by leading mills has also had adverse impact on domestic market. Currently EXW price for HRC prevails at over CNY 4000 per tonne or even CNY 5000 per tonne and steel traders are facing higher risk and capital cost following price increase driven by steelmakers, so they opt for pressing down market price to ease the pressure.
Mounting supply and insufficient market demand are also weighing on domestic market. Chinas domestic steel output has turned out phenomenal growth in particular for flat products despite booming steel export. Usually, higher offer price by steel mills could help prop up market price. However, the market participants would panic in view of excessive price gains pushed by steel producers since the market often fails to catch up. Rapidly rising market inventory of flat products has also shaken the market sentiment.
Export rebate may be the biggest mystery looming ahead for domestic steelmakers. The proposed rebate cut has been in the air since the end of last year and the market participants are more concerned this time since it's widely expected that the cut would be far more dramatic while the export front may soften as a result of the rebate change, putting downward pressure on domestic price upraise.
(Sourced from Mysteel.net)
Russian steel exports quota to EU for 2007 likely to increase
RIA Novosti citing a Russian economics ministry official source reported that the quotas on Russian steel exports to the European Union are expected to grow up by 15% in 2007 due to the inclusion of Russia's steel deliveries to its traditional partners Romania and Bulgaria which have recently become members of the EU.
Ms Veronika Nikishina chief expert on access to foreign markets at the ministry's trade negotiations department said that the European Commission's corresponding agreement for 2007-2008 could be signed in April. She added that the quota will be up 15% from 2.2 million tonnes of steel products exported last year and that there would another increase in 2008.
She noted that "We want to sign the agreement in April. There is understanding between us and the European Union and we think we should speed up the signing of the agreement."
Ms Nikishina said that the wording of the agreement, which had already been coordinated with the European Commission, should be initialed by all 27 members of the European Union.
China may levy 5% additional export tax on LAM coke
Xinhua has reported that the Chinese government is considering imposition of a 5% extra export duty on coke.
Sources with the National Development and Reform Commission and the General Administration of Customs said the levy would protect the country's diminishing coke resources and the tax ratio was yet to be fixed. Mr Hou Shiguo an NDRC official said that the NDRC was studying the feasibility of cutting exports by an extra levy.
Mr Zhang Bingzheng an official with China Customs said that the energy consuming coking industry had attracted government attention as it strives to cut power consumption and tighter control of exports was expected to help reduce the country's soaring trade surplus. Mr Zhang added that "Among the three measures of export control, the extra levy is easier to operate compared with raising the standards of exported products and cutting export quotas."
Chinese government has levied a 5% tax on coke exports since November 1st 2006 but it proved ineffective in suppressing rising exports which rose by 38% in January 2007. The average price of China's exported coke was USD 150.3 per tonne in January 2007 as against USD 171 per tonne globally. Insiders estimate coke exports this year could be reduced to around 10 million tons with a 20% tax and 7 million tonnes with a 50% tax.
Chinese coke is imported in huge quantities by Indian steel mills. Indias decision to raise duty on iron ore added USD 7 to production cost in China while the proposed Chinese move would push up cost at Indian steel mills by USD 9 per tonne.
Chinese iron ore market firm
It is reported that Chinese iron ore price has climbed by nearly CNY 100 per tonne as a combined effect of imposition of export tax by Indian government from March 1st 2007 and highest ocean freight rates in last two years, which are reported at USD 44.72 per tonne from Brazil and 17.31 per tonne from Australia and that BCI index is at 7411 point. As a result, 63.5% Indian ore spot prices have risen from USD 85 per tonne CNF to current USD 94 per tonne CNF.
Increase in the freight rate is being attributed to
1. Benchmark ore price for 2007 will be carried out since April 1st 2007, thus Chinese enterprises hurry to import resources before the deadline. As long as the ocean freight rate hike does not exceed the 9.5% rise of contracted ore price, ocean freight rate will further soar.
2. Due to hurricane attacks, Australia's major export ports were shut down temporarily and shipments are delayed for over ten days, driving ocean freight rate upward.
3. Chinese steelmakers generally report insufficient inventories. Those in South China even have seldom seen any inventories. Though Indian ore price jumps after the release of export tariff, Chinese steelmakers and traders all keep wait and see, hoping to take countermeasures after the stabilization of India's policy.
Against such a backdrop steelmakers cut Indian ore imports and demand for domestic ore increases remarkably. Market price goes up by CNY 20 per tonne to CNY 30 per tonne yet suppliers are in anticipation of further price hike.
(Sourced from Mysteel.net)
Elk Valley announces coking coal prices & volumes for 2007
Teck Cominco Limited and Fording Canadian Coal Trust announced recently that Elk Valley Coal has completed negotiations for approximately 90% of its anticipated coal sales for the 2007 coal year commencing April 1st 2007.
It said if the remainder of the contracts is settled on similar terms the average contracted coal price for the 2007 coal year is forecast to be approximately USD 91 per tonne down from USD 107 per tonne in 2006. The weighted average price of 2007 calendar year coal sales is expected to be approximately USD 96 per tonne down from USD113 per tonne in 2006. The 2007 calendar year average price includes approximately six weeks of carryover tonnage from the 2006 coal year.
Mr Boyd Payne president of Fording Canadian Coal Trust said "Overall, the 2007 coal year price settlements represent continuation of a strong seaborne coking coal market. Although hard coking coal prices have declined from 2006, they remain nearly double historical levels. The price differential between hard coking coal and semi-hard and other lower-quality coals is narrowing and should reduce the amount of substitution that has occurred in recent years.
The release adds that For the 2007 calendar year, sales volumes are expected to be in the range of 21.5 to 23 million tonnes. Reduced sales volumes for the first quarter and low port inventory levels have restricted Elk Valley Coal's ability to maximize sales volumes for the calendar year while maintaining product quality targets.
Teck Cominco is the managing partner and has a 40% direct interest in the Elk Valley Coal Partnership with balance 60% with Fording Canadian Coal Trust. Elk Valley Coal Partnership is the world's second largest exporter of metallurgical coal, supplying high quality coal products to the international steel industry.
Al Rajhi commissions new steel melt shop at Jeddah
Saudi Arabias Al Rajhi Steel new melt shop at Jeddah has recorded a successful first heats at the end of January 2007 thus marking the start of one of the most modern plants of this type in the region.
The new steelmaking and casting plant is basically made up of a 100 tonnes full platform EAF equipped with Danarc modules, a ladle furnace and a 5/6 strand billet caster as well as additives, ferroalloys and DRI handling system, off gas treatment plant, scrap yard, casting and charging EOT cranes and an advanced automation system for process and equipment control.
The turnkey supply by Danieli was completed by all other auxiliary plants and equipments such as MV/LV distribution system with SVC and saturable reactor on MV line to EAF, LPG and CFO storage and distribution systems, HVAC system, fire fighting system, DRI dedusting plant, compressed air production plant, water treatment plant as well as all piping, cabling and related structures.
Al Rajhi Steel now has an 850,000 tonnes per year capacity of 100 mm to 160 mm billets and is designed to feed the Rajhi Steel merchant long products hot rolling mill division.
Shenhua 2006 Profit Rises 12% on China's Growing Coal Demand
China's biggest coal producer Shenhua Energy Co said that its 2006 profit rose by 12% after it increased production to meet increased demand from power generators and steelmakers. Its net income in 2006 climbed to CNY 17.5 billion (USD 2.3 billion) from CNY 15.6 billion in 2005.
Shenhua's coal sale in 2006 is up by 18.5% YoY to 171.1 million tonnes while commercial coal production was up by 12.5% YoY to 136.6 million tonnes.
Shenhua which also operates 10 power plants said that electricity output was up by 41% to 55.4 million MWH last year and power sales rose by 42% to 51.7 million MWH.
Mr Huang Qing board secretary of Shenhua said on Jnauary 30th 2007 that it will raise coal prices under long term contracts by at least CNY 15 per tonne. The company had agreements to supply 75% of its output under long term contracts last year. Coal producers and power generators in China agreed an increase in coal contract prices of as much as 10% in January 2007.
Shenhua has reserves 2nd only to the world's biggest publicly traded coal producer Peabody Energy Corp.
RBCT resumes operations
Reuter has reported that South Africas Richards Bay Coal Terminal resumed operations recently after being shut down for 3 days because of poor weather conditions. Ports at Durban and Richards Bay had been closed since early Sunday, with all shipping and bunker operations suspended owing to bad weather.
Ms Di Harvey spokeswoman for the RBCT said the terminal did not suffer any material export backlog as there were only a few ships waiting to berth but 11 ships had been delayed from leaving the terminal by sea swells as high as 5 meters. She said "Vessels departing the port were handled first and arriving vessels have been berthed 0400 GMT Ms Harvey said RBCT did not have a backlog and was able to handle all requirements.
However another report mentions that stocks at RBCT were 3.8 million tonnes on Friday up from 3.2 million tonnes a week ago due to the closure of RBCT for four days due to severe weather.
The Richards Bay terminal exports over 68 million tonne per year of coal to buyers worldwide plans to boost its export capacity to 91 million tonne per year from 72 million tonne per year at a cost of ZAR 1.16 billion in an expansion project due to be completed by 2009.
Kentucky passes new law to make coal mines safer
It is reported that the coal mines in Kentucky would get increased scrutiny from state inspectors under new legislation signed into law by Governor Ernie Fletcher.
The new law stipulates
1. Inspectors from the Office of Mine Safety and Licensing to double their visits to underground coal mines from 3 to a minimum of 6 per year.
2. Two of the annual inspections must focus on electrical work inside mines.
3. At least one member of every underground crew to have a detector to monitor for the explosive gas methane.
4. Miners working alone also would have a detector.
5. Ventilation fans that force air through the underground tunnels must stay on at all times.
6. Coal operators are required to keep a vehicle near working crews to get injured miners to the surface quickly.
7. To have two emergency medical technicians on duty on every shift.
8. To give state regulators 48 hours notice before doing retreat mining, so that state regulators get time to visit the mine to ensure that all the miners are thoroughly trained in the proper way to do the work.
The law authorizes the Office of mine Safety and Licensing to hire up to 15 additional mine safety analysts to perform inspections, to mentor miners on safety and to appoint liaisons to keep miners' families informed during accident investigations.
Governor Fletcher said that "I want to commend not only the General Assembly for its work but also the efforts of the families of mine accident victims who were instrumental in the passage of the bill."
The law follows one of the deadliest years in recent history for Kentucky coal miners. In all, 16 miners were killed in 2006, five in a methane gas explosion in Harlan County in May.
Harscos MultiServ awarded 2 contracts in Brazil
Harsco Corporation announced that its global MultiServ mill services division has been awarded two multi year agreements in Brazil that include more than USD 16 million in added services.
MultiServ will expand its role at the Acos Villares steel mill in Mogi das Cruzes under an 8 year add on agreement that includes new on site material handling responsibilities for the mills finished and semi finished products and raw materials that was previously performed by a local contractor.
MultiServ has also been awarded a 6 year extension to its ongoing services at Usiminas. The award continues MultiServs ongoing role as the mills principal services provider and awards additional responsibilities for on site slag processing services.
Harsco Corporation is a leading diversified industrial services company serving major customers in the global non residential construction, steel and metals, energy and railway industries. The Company posted 2006 revenues of USD 3.4 billion and employs approximately 21,500 people worldwide.
Shanxi coal producers to pay new safety and development fund
Xinhua has reported that coal producers in Chinas Shanxi province have started paying a sustainable development fund this month to benefit miners and their communities and that the fund ranging from CNY 5 per ton to CNY 40 per ton depending on the coal quality is expected to reach CNY 12.5 billion to CNY 15 billion annually.
The fund approved by the Chinese state council last year is being piloted in Shanxi and will be administered by the provincial government and will be spent on improving safety, accident compensation, promoting energy efficiency and developing alternative industries in mining regions.
Mr Guo Yuelong a senior official with the local branch of China Power Fuel Company said that "This collection may not raise coal prices since Shanxi stopped collecting the energy fund which had similar rate this year. This fund will be used to build a better monitoring system for work safety, improve working conditions, protect the local environment and help mining regions develop other industries as coal reserves are exhausted."
Mr Li Yizhong head of the State Administration of Work Safety has called for the government to increase the standard compensation of CNY 200,000 per death for coal miners' families. China had 4,746 people publicly reported killed in coal mine accidents in 2006.
Ferriere Nord starts final phase of expansion
It is reported that Pittini Groups Ferriere Nord has undertaken the final expansion and modernization project of its 3 phase expansion of its wire rod mill to increase its capacity, enhance product quality and reduce production costs.
Its original Danieli wire rod mill, with a rated capacity of approximately 0.5 million tonnes per annum, started operation at the end of the 70s and underwent a first modernization approximately ten years later with the upgrading of the controlled cooling lines and coil finishing facilities. A further, most significant plant modification was the replacement of the original 8 pass finishing blocks with two 10 pass DWB Delta type high speed blocks in early 2003, and the installation of a new 6 stand compact double strand pre finishing mill which started operation in June 2004.
Phase A mill upgrade included replacing the old billet reheating furnace with a 150 tonnes per hour Danieli Centro Combustion Walking hearth unit of 180 tonnes per hour in hot charge and installation of two new roughing stands for rolling larger size billets has operated successfully since January 2006.
The Phase B contract awarded to Danieli Morgdshammar in April 2006, involves the complete re arrangement and modernization of the mill finishing end started operation in January 2007. This included the upgrade of the DSC lines after the wire rod finishing blocks by extension of the water cooling lines & controlled cooling conveyors, the installation of two HSS high speed cropping shears before the loop laying heads, new Oil Film Bearing laying heads and a new SundCo-V vertical coil handling and finishing line.
Phase C involves installation of 2 additional roughing stands and replacement of the old intermediate mill with a new one made up of the latest generation housing less stands. Start up will take place between the end December 2007 and early January 2008.
The project will result in an increased coil weight to 2.5 tonnes, an increase in finishing speed to 100 meters per second and in a production capacity close to 1 million tonnes per annum of quality wire rod coils. The product range is 5mm to 20 mm diameter wire rods for deep drawing purposes, welding wire and weld able grades for reinforced concrete applications.
Prominvest to build ferroalloys plant in Krasnoyarsk Krai
FIS reported that Prominvest Company is planning to construct a ferroalloys plant in Sosnovoborsk. Ore production is to start by 2008 and ferroalloy plant is to start operations in 2009.
Investments into the project on the exploration and production of manganese ores and plant construction will total USD300 million.
European Nickels Caldag production to be delayed
European Nickel Plc announced that its Turkish project, which will supply nickel to BHP Billiton Ltd, may start producing later than expected because of delays in obtaining a government license.
Mr Andrew Lindsay finance director said that European Nickel is still seeking a license from the Turkish government to clear 100,000 trees at its Caldag project so it can build a processing plant and that thus may delay production earlier forecast to begin in early 2008. Mr Lindsay said the process had been painfully drawn out.
Delays to Caldag, which is forecast to produce 20,400 tonnes of nickel a year, may exacerbate a shortfall of the metal that has pushed prices to a record. BHP Billiton has agreed to buy all the nickel produced at Caldag as well as about 1200 tonnes a year of cobalt.
Canam to take 39.2% stake in United Steel Structures of China
It is reported that construction materials specialist Canam Group Inc is paying USD 7.7 million for a 39.2% stake in United Steel Structures Ltd of China. The transaction is still subject to approval by Chinese regulatory authorities.
The Chinese company operates a bridge and structural steel fabrication plant at Guangzhou in southeastern China. USSL's factory has an annual production capacity of 40,000 tons and relies primarily on export markets. Guangzhou Shipyard International Co Ltd is the majority shareholder.
Mr Marcel Dutil chairman and CEO of Canam said expansion of the company's area of operation in emerging countries is part of its long term development strategy. He said This venue for additional production capacity in China will allow Canam Group to take greater advantage of economic activity in North America and could eventually give Canam Group's value added products access to the Chinese market.
Canams international business unit already has a minority interest in Canam Asia Ltd which operates a plant in Dammam in Saudi Arabia, and another in Ra's Al Khaymah in the United Arab Emirates and which is setting up a plant in Ho Chi Minh City in Vietnam. Canam International also has minority interests in Canam Russia Ltd, Canam Romsa de Mexico SA and Canam SA which respectively operate plants in Stary Oskol, in Monterrey, Mexico and at Niort in France. Canam Group Inc. operates 11 factories specialized in the design and fabrication of construction products and employs close to 3,000 people in Canada, the United States, Romania and India.
Shanghai Futures to start zinc trading on March 26th 2007
Metals Insider has reported that the China Securities Regulatory Commission has approved plans by the Shanghai Futures Exchange to trade zinc futures and is expected to start on March 26th 2007.
The move has been well flagged by the media and zinc now looks set to join aluminum and copper futures trading in Shanghai.
Panzhihua commences titanium plant construction
Shanghai Daily reported that Panzhihua Iron & Steel Group parent of the world's 3rd largest maker of vanadium steel used for railway tracks has started building a plant for titanium products which is used in the aerospace industry.
Mr Hu Kejun director of Panzhihua's information and research department said at a conference in Foshan Guangdong Province that phase one of the plant is set to produce 3,000 tonnes of titanium products a year and phase 2 will increase annual output to 10,000 tonnes but he did not give a timetable for the expansion.
Skyes Guatemalan ferronickel output likely in late 2009
Platt reported that Canada's Skye Resources Inc aims to start commercial production from its Fenix ferronickel project in Guatemala in the latter part of 2009
Mr Ian Austin company president and CEO said "In April Skye's Guatemalan subsidiary was granted an exploitation license for an initial term of 25 years that allows mining to take place at the Fenix project.
Skye received the feasibility study for the ferronickel smelting project and the preliminary assessment for an expansion project using hydrometallurgical processing in September 2006. The ferronickel project would produce about 50 million pound per year of nickel over its first 20 years of operations.
Mitsuis Australian JVs to expand iron ore capacities
Subsequent to BHPBs announcement, Mitsui & Co Ltd announced that it will spend approximately AUD 190 million through its Australian subsidiaries to increase the capacity of iron ore operations in Western Australia, jointly operated with BHP Billiton and Itochu Corporation to 155 million tons per annum.
The announced expansion is to further increase the capacity by 26 million tons per annum to 155 million tons per annum, mainly by enhancing Newman operation. The initial production is expected to commence in the first half of 2010. The capital expenditure for the expansion will total approximately AUD 2.7 billion. Staged expansion program has been implemented to comply with strong global demand for iron ore, and the capacity expansion to 129 million tons per annum is currently underway.
Mitsui is engaged in the business through three iron ore JVs Mt Newman, Yandi and Mt. Goldsworthy. The participating interests of BHP Billiton Itochu and Mitsui in these JV are 85%, 8% and 7%, respectively.
Ternium Hylsa examining coating steel potential
Mexicos steel mill Ternium Hylsa is now studying the market analysis to prepare the installation of their coated equipments.
Mr Regulo Salinas president of Ternium Hvlsa said that "Because of the supply quantity of coated steel product is seriously insufficient, especially for automobile and home electrical equipment industries usage those industries require higher quality on the coated steel products. He said we are now analysis if we are able to extend our business in this market.
Although this project may not possible to get the start in this year, but the companys president said the company is looking for the way for development.
Schnitzer announces executive appointments
Schnitzer Steel Industries Inc announced the appointment of Mr Richard D Peach as deputy CFO of the company with effect from March 30th 2007. Mr Peach will serve as the Companys principal accounting officer and will be responsible for the Companys accounting functions. He will report to Mr Gregory J Witherspoon CFO of the company.
Mr Peach was the CFO of and senior VP with PacifiCorp from 2003 to 2006. Previously and has served in a variety of executive positions with Scottish company headquartered in Glasgow.
Mr Peach replaces Ms Vicki A Piersall former VP and corporate controller who was promoted to VP of strategic planning and chief administrative officer for Schnitzer's metals recycling unit.
Schnitzer Steel Industries Inc is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 32 operating facilities located in 11 states throughout the country, including six export facilities located on both the East and West Coasts and in Hawaii. With an annual production capacity of over 750,000 tons the Companys steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. It commenced its 101st year of operations in 2007.
