October, 05 2008
Indian steel imports in April to September surge by 50% YoY
According to the recent statement by steel ministry, Indian imports of steel during April to September have surged by 50% YoY or about 3 million tonnes.
Addressing a meeting of steel consumers in the capital, minister for steel Ram Vilas Paswan also said India is expected to continue to be a net importer of steel in the current fiscal following the huge demand supply mismatch.
Mr PK Rastogi steel secretary said that ''Whereas the demand for steel continues to be at around 11.2%, the production growth in the first half of the year has been only 5.2%. Growth of steel consumption in the country is outstripping production, and even at full capacity production, the country will still be importing an increasing quantity of steel.”
Mr Rastogi, however, said the amount of steel imports for the whole of fiscal 2009 would depend on prices and demand.
He also pointed to a likelihood of demand coming down as the real estate sector slows amidst high interest rates and a slowing economy.
Steel imports into the country totaled 6 million tonnes in 2007-08.
Indian steel makers asked for single pricing mechanism
Indian steel ministry has asked producers to refrain from having multiple pricing of their produce and directed that they must have a single pricing mechanism and publicize it for the benefit of their consumers.
The directive comes amid reports that end users were paying much higher than the factory price of various steel products.
Mr Ram Vilas Paswan union steel minister said that “In the past 2 months to 3 months, allegations have been made that there are multiple prices of a product. For example the price mutually-agreed between the buyer and the seller was one while those products being sold through the retailers were differently priced.”
Elecon Engineering bags 3 orders from SAIL
Elecon Engineering Company announced that the company has bagged 3 orders amounting to INR 517.40 million from various clients for design, engineering, manufacturing, testing, supplying, erecting and commissioning of material handling and other equipments.
Under first order amounting to INR 155 million from Techpro Systems of Chennai the company will supply one stacker bucket, one bucket wheel reclaimer and one lot drives for SAIL-RMD-BOLANI Iron Ore mines project.
The company’s second order from SAIL Durgapur Steel Plant, Durgapur valued at INR 144.57 million includes supply of one barrel type blender reclaimer for up gradation of RMHP for Sinter Mix Yard.
The third order again from SAIL DSP is valued at INR 217,805,986 and is for supply of two pusher cars for wagon tipplers 1 and 2 of RMHP for 3 million tonne expansion project.
Indian Railways clarifies on increase in freight rates
Indian Railway clarified that it has been erroneously reported in some media channels and newspapers that Indian Railways have increased freight rates by 5% to 7% wef October 1st 2008.
It said that “This is to clarify that no freight rates whatsoever have been increased by the Railways.”
The release added that “Under the dynamic pricing policy, Railways grant up to 15% discount for incremental loading in the lean season from July 1 to September 30. Indian Railways also levy busy season surcharge at the rate of 5% to 7% during the busy season starting from October 1. This is being done for the last three years and no additional surcharge has been levied. It is, therefore, absolutely incorrect to say that freight rates have been increased by the Railways.”
Directory of Shipyards and Marine Service Providers in India
The Indian maritime sector has entered a high-growth phase fuelled by the country's spectacular economic growth and rapidly increasing seaborne trade. The most striking feature of this development is the simultaneous buoyancy in all the sub sectors shipping, ports and shipbuilding. This provides tremendous opportunities for all the players in the maritime field.
With the Government encouraging private sector participation in port infrastructure development under the National Maritime Development Program, the Ports & Shipping Industry is poised for spectacular growth in order to meet the surge in demand.
Published in October 2008, 'Directory of Shipyards and Marine Service Providers' has been comprehensively researched and prepared, to bring you a fully up to date guide to Indian shipyard industry.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
Content:
This report covers name and product details of 49 shipyards and marine service providers of India in alphabetical as well as location wise order. Look at the information you'll get in the 'Directory of Shipyards and Marine Service Providers'
• Company name -49 entries
• Address-49
• Email-35
• Phone number-48
• Fax number -42 entries
• Mobile -6 entries
Format: PDF File
Total no of pages – 35
Delivery by Email on receipt of payment
Price:
USD 150 or equivalent in INR
Additional Charges would be levied for delivery of file on a CD or in printed form
How to order:
Ordering the report is simple. You can order your copy to reports@steelguru.com, who will send you an invoice of the report.
Contisteel says no to coal mining JV with Rungta
Project Monitor reported that Contisteel Ltd has refused Rungta Projects' proposal to form a JV company for mining coal from the Hurilong and Hutar Sector C coal block in Jharkhand.
The companies were allocated the coal block jointly for meeting their fuel needs for upcoming projects. Contisteel told the coal ministry that Rungta Projects had taken a firm stand and was insisting on the formation of JVC, that too with a rider that the shareholding of Contisteel in the JV would be restricted to a maximum of 49%.
In a letter to the ministry, the company said that the JV did not seem to be a workable proposition as primary issues and difficulties may arise, more so as both parties belonged to vastly different corporate cultures. The companies said that they were unlikely to make any headway in their attempts for speedy progress in coal block acquisition and development.
Contisteel has asked the ministry for allocation of Vijay Central coal block in Chhattisgarh instead of the Hurilong and Hutar Sector C coal block. Vijay Central has total geological reserves of 56.751 million tonnes of coal of which 38 million tonne is still unallocated. Although this is less than the quantity Contisteel has been allocated, it feels it has a better chance of a smooth working arrangement with the new partners of Vijay Central coal block and a speedy takeoff of the project.
(Sourced from project Monitor)
TATA Motors move may affect investments in India
Reuters reported that the decision by TATA Motors Ltd to move a factory out of West Bengal state after violent protests may affect the broader investment climate in the country, deterring foreign investors and denting economic growth.
Analysts said industrial activity which is already slowing due to tight monetary policy and weaker economic growth may be further affected by such protests.
Analysts said though the immediate impact would be limited to the state of West Bengal as the TATAs move to a more industry friendly state, it would have wider repercussions as more states may adopt a harder anti industry tone for political gains.
Mr TK Bhaumik chairman of the economic affairs committee at ASSOCHAM said that "Though West Bengal is different from other states in showing it can throw out established industrial houses for political mileage, it may be the start of a very dangerous broader trend which does not bode well for the economy.”
Directory of Overseas Scrap Suppliers to India
India is large market for import of steel scrap and this is the directory which is going to help many interested group to know this industry.
Published in September 2008, 'Directory of Scrap Suppliers to India' has been comprehensively researched and prepared, to bring you a fully up to date guide to overseas scrap supplier.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
Content:
This report covers name and product details of 1191 overseas scrap suppliers to India in alphabetical as well as location wise order. Look at the information you'll get in the 'Directory of Scrap Suppliers to India'
• Company name -1191 entries
• Address-1191 entries
• Email-1074
• Phone number-1140
• Fax number -431 entries
Format:
PDF File
Total no of pages – 545
Delivery by Email on receipt of payment
Price:
USD 500 or equivalent in INR
Additional Charges would be levied for delivery of file on a CD or in printed form
How to order:
Ordering the report is simple. You can order your copy to reports@steelguru.com, who will send you an invoice of the report.
Pipavav Port investing INR 14.2 billion to expand capacity
IANS reported that Gujarat Pipavav Port Limited is investing INR 14.2 billion to build new container yards to ramp up capacity.
AS per report, the expansion project would enable the port to handle 600,000 containers by December 2008 and an additional 670,000 by the end of 2009.
Pipavav as part of the expansion plan, the port will launch the second phase of dredging soon. The port is also acquiring two post Panamax quay cranes with twin lift facility, taking the number of such cranes to five. The port has also ordered six rubber tired gantries cranes. The port currently has 18 RTGs.
The sources added that GPPL has singed a MoU with thermal power producer Videocon Industries Ltd to set up a coal terminal to handle imported coal.
GPPL handled 11.49 million tonnes of bulk cargo and 560,000 tonnes of container cargo in 2007-08 and had reported an operating income of INR 1.9 billion during 2007-08.
SCI to acquire 10 offshore vessels
It is reported that state owned Shipping Corporation of India, the country’s largest shipping firm by fleet size and revenues is planning to acquire 10 offshore support vessels.
An internal study report said the company is mulling the acquisition of 10 anchor handling and tug supply vessels of various sizes. These would add to its offshore fleet of 10 OSVs, which it operates for Oil & Natural Gas Corporation.
Mr Umesh C Grover director technical and offshore of SCI said the proposed AHTS acquisitions would be fewer than three projects, as the company is looking at buying vessels of three different sizes. He said that “However, the specific numbers of vessels under each project is still being worked out.”
He added that SCI will appoint consultants to work out the finer details of the proposed acquisitions of these vessels.
Mr Grover said that globally, AHTS of sizes ranging from 80 tonne to 200 tonne cost anywhere between USD 25 million and USD 85 million each. He added that “All categories of AHTS have good prospects. So we would like to diversify.”
France plans to sell 1,600 MW nuclear reactors to India
BL reported that Paris October 2nd France’s nuclear energy establishment is delighted at the prospect of dealing again with India. It did not matter that the US Senate had not formally voted for the Indo-US nuclear deal the French were raring to go and their agreement with India was signed during Dr Manmohan Singh PM of India stopover in Paris on September 30th.
What France plans to sell to India is the large 1,600 MW reactor indeed the largest of kind in commercial operations in the world. The biggest reactor working in India is the 540 MW model that debuted in Tarapur, Maharashtra a couple of years ago. All other domestic reactors are 235 MW or smaller.
France is likely to be among the first off the block as the world’s nuclear industry tries to bid for a piece of the action which will see India adding up to 40,000 MW of capacity with imported reactors in the next decade.
Although there has been no formal agreement to the effect, the understanding is that Areva, the French company the majority of whose shares are owned by the Government and the one that has built all the 56 nuclear power reactors working in France will supply equipment for the four reactors that NPCIL will set up at Jaitapur a Greenfield site in Maharashtra. The French have already seen the site.
Nuclear deal vote sets ball rolling on uranium import options
BL reported that the Indo-US civilian nuclear deal clearing its final hurdle this week could set the ball rolling on the possibility of uranium imports from Nuclear Suppliers Group nations for the fuel starved domestic nuclear power program.
A government official involved in the exercise said that as an immediate impact of the developments on the nuclear front state run Nuclear Power Corporation of India Limited which is currently starving for fuel and forced to run its 17 power stations at half their total capacity of 4,120 MW could well look at fuel imports to run its existing capacity at higher efficiency.
The groundwork for reactor imports and setting up of Greenfield Light Water Reactor capacities involving global suppliers is however expected to take longer anything from two to three years even in the best case scenario.
In the case of reactor imports, the collaborative efforts could be faster in the case of Russia since State owned Russian nuclear firm Atomstroyexport is already assisting Nuclear Power Corporation of India Limited in setting up 2 units at Koodankulam in Tamil Nadu as part of a deal signed in 1988. Additional reactors with Russian assistance at the Koodankulam site with 4 Light Water Reactor units of 1,000 MW each on the anvil are expected to be the first of the block following the opening up of the Indian nuclear market.
An official said that NPCIL plans to commence work on setting up four new reactors at Koodankulam with Russian assistance this December with the draft technical and economic proposals expected to be firmed up latest by March to April 2009. The utility has already carried out some of the groundwork including setting up support infrastructure and the commencement of digging of the foundation pit as well as getting necessary permissions from the Ministry of Environment and Forests for the four new reactors at Koodankulam.
Besides a fast track approach with the French utilities such as Areva SA could also be on the horizon especially for the proposed Jaitapur project in Maharashtra which was earmarked earlier for joint execution by the 2 sides. According to officials, this could however take 2 or more years in terms of actual reactor imports. An official said that “What has been signed with France is only a framework agreement for nuclear cooperation. There are more steps to be taken to operationalize the pact before utilities can sign agreements with French utilities for importing reactors.”
For US firms including GE-Hitachi combine and Toshiba owned Westinghouse entry into the Indian market could take longer.
SJK Powergen denied land in Madhya Pradesh
It is reported that Hyderabad based SJK Powergen has been denied a government land area of more than 250 acre for setting up its 1,200 MW power project in Madhya Pradesh. This was after it had acquired a private land area of 300 acre in Lalpur village of Shahdol district.
The denied land area is in close proximity with the private land. So the company now has to identify another location to set up a power plant.
The company has plans to set up two thermal power units of 660 MW each and the first unit was planned to be complete by 2011.
Essar steel plant in Orissa in troubled waters - Report
Local media reported that Essar Steel's proposed steel plant estimated at a cost of INR 22,000 crore with 6 million tonne capacity in Paradip Orissa has hit a block as it is facing problems in land and mining lease acquisitions.
The project requires 2,000 acre of which 270 acre is government land and the company has to acquire the rest from the private land owners.
In its bid to acquire land, the company has offered INR 0.95 million per acre to the local people and groups such as Paradip Krushak Manch. But they have rejected Essar's offer and the locals along with the Paradip Krushak Manch are demanding INR 2.5 million per acre.
As per reports, the company will not be allowed to start construction if it fails to fulfill the demand.
Sujana Universal to opt for demerger of four units
Sujana Universal Industries is considering demerger of its four business units namely appliances division, castings division, LEC Division and trading division. The de merger is likely to happen within two months time.
The company, which is part of the Sujana Group is taking a cue from the de merger of the towers division of another group company, Sujana Metal Products Ltd into a separate entity Sujana Towers Ltd. It currently has two facilities located in Jeedimetla on the outskirts of Hyderabad, to manufacture stator winding, rotor die casting, cover making and electro plating.
BRTS project proposed in Pune
It is reported that a bus rapid transit system is proposed to be established soon in Pune city to facilitate quick and easy movement of city and state transport buses.
An official of Pimpri Chinchwad Municipal Corporation said that "The project is for the convenience of the public. At the same time, Hinjewadi is fast emerging as an IT centre and the BRT corridor will enable the easy commute between Pune and Hinjewadi.”
The 14 kilometer long and 45 meter wide BRT corridor with around 23 small flyovers will start from Aundh and will terminate at Rawet. The transit system will have dedicated bus lanes and the frequency of city buses will be three minutes.
Work on the INR 260 crore PCMC project commenced last week and will be operational in 18 months. Being part of JNNURM, 50% of funding will come from the Central government, 20% from the state government and the balance 30% from PCMC.
The existing road towards Pune city, which is six meters wide at one point and 12 meters wide at another, will be widened to 45 meters and have 10 lanes, each 3.5 meters wide, besides separate lanes for cyclists and pedestrians. Out of these 10 lanes, two lanes will be exclusively for the movement of city and state transport buses, and the remaining lanes will be for cars and other light vehicles; 10 meters out of 45 meters will be reserved for cyclists and pedestrians.
The 14 kilometers road will consist of small flyovers every 600 meters for heavy vehicles. There will be bus shelters beneath the flyovers. The road is divided into seven parts, each two kilometers. The project has been awarded to Mumbai based Ajwani Contractor and PBA Contractor and Pune based Mhatre Contractor.
PGCIL declares dividend of INR 505.08 crore
Power Grid Corporation of India Ltd has declared a dividend of INR 505.08 Crore for the Financial Year 2007-08. This is the highest ever dividend paid by PGCIL.
A cheque of INR 247.35 crore towards final dividend for the year 2007-08 was handed over by Mr SK Chaturvedi CMD of PGCIL to the Union Minister of Power, Mr Sushi Kumar Shinde on October 3rd 2009 in the presence of Mr Anil Razdan secretary power, senior officials of Ministry of Power and PGCIL board members.
In addition to this, an interim dividend of INR 176.68 Crore was earlier paid to the Ministry of Power for the year 2007-08.
The total dividend of INR 505.08 Crore declared by PGCIL is 36.94% higher than the last year’s dividend of INR 368.82 Crore. The dividend amount of INR 505.08 Crore is approximately 35% of the profit after tax of INR 1448.47 Crore.
At present PGCIL is operating about 68,000 kilometers of transmission lines along with 116 Sub stations with transformation capacity of more than 74,000 MVA. PGCIL has registered a net profit of INR 1448.47 Crore over a turnover of INR 5081.53 crores in the FY 2007-08, registering a growth of 24% in turnover and 18% in net profit compared to FY 2006-07.
HC adjourns hearing in RIL and RNRL case
It is reported that the Bombay High Court recently adjourned the hearing in the gas supply dispute case between Reliance Industries Limited and Reliance Natural Resources Limited for October 6th.
The Division Bench of Justice Mr JN Patel and Mr KK Tated will continue to hear the case.
City gas distribution network for TN cities
Project monitor reported that the Petroleum and Natural Gas Regulatory Board will take up a proposal with the chief secretary of the Tamil Nadu government for city gas network distribution networks in 6 cities of the southern state.
Revealing this at the round table conference organized by the Confederation of Indian Industry on city or local natural gas distribution networks authorization in Chennai recently, Mr L Mansingh chairman of PNGRB said that expression of interest had been filed by Reliance Industries Limited to set up city gas distribution networks in Chennai, Madurai, Salem, Coimbatore, Trichy and Tuticorin.
Mr Mansingh said that RIL is among several expressing interest for these projects. As soon as the government approves the project, the bidding dates would be announced and entities can submit their applications, adding that the winning bidders would be allowed to set up, operate and expand the CGD network in the 6 cities.
Mr Mansingh added that the availability of gas in Cauvery basin was much less and that a recommendation had been made to lay a pipeline from Kakinada to Chennai which is awaiting the approval of the state chief secretary.
It may be noted that the regulations related to authorization of an entity to lay, build, operate or expand the local CGD network provide for a selection of an entity through open bidding process.
Third runway at IGI turns commercial
Indira Gandhi International Airport's third runway 11 to 29 opened to commercial operations on September 25th 2008 when a British Airway Boeing 777 aircraft landed there at 0618 hours.
IGI Airport is now the country's only airport with three operational runways. The runway, inaugurated on August 21, six months ahead of schedule is also India's longest runway. It is capable of handling the largest aircraft category that includes giants like Airbus A380 and Antonov An-225.
Delhi International Airport Ltd entrusted with the modernization and operation of the IGI Airport is a joint venture between the GMR Group, Airports Authority of India, Fraport, Malaysian Airport and India Development Fund.
ThyssenKrupp gives optimistic outlook for steel
Reuters reported that the top executive at ThyssenKrupp's core steelmaking division expressed confidence that emerging markets would keep the steel boom alive next year even as economic growth slows.
Mr Karl-Ulrich Koehler CEO of ThyssenKrupp Steel in a speech on in Washington DC said that "We are confident. The optimism is based on the continued favorable outlook for the global steel markets. In particular, demand from Asia, Latin America, the Near East and the Commonwealth of Independent States will increase at an above average rate in the coming years and considerably influence the world market.”
Mr Koehler said that his business in the fiscal year ended in September 2008 would not match the record pretax profit seen prior year. He said that "Operationally we will remain roughly on par with the previous year's level.”
He blamed the shortfall on start up costs for its planned increase in production capacity as well as restructuring expenses at its Metal Forming unit.
He also reaffirmed his parent group's full fiscal year forecast for revenue of around EUR 53 billion euros and earnings of more than EUR 3.2 billion before tax and major non recurring items.
Scrap, iron ore and finished steel reference prices decline
The Platts reference prices of 20 steel products declined an average of 7.3% in September 2008, following an August slide of 3.9%. Even more pronounced than the finished steel price erosion, European and US scrap prices averaged with the declining spot market for iron ore posted a substantial 27% plunge in prices.
As a group, the Platts ferrous scrap reference prices declined some 29.5% in September 2008 as compared with August 2008. During the month, the price of A3 grade was down 32.9% to USD 357.27 per tonne FOB Black Sea from August's USD 532.50 per tonne. The price of HMS dropped 27.5% to USD 394.55 per tonne FOB Rotterdam from USD 544.50 per tonne the previous month. Ferrous scrap prices in the US market during September were down 27.9% to an average of USD 409.52 per long tonne delivered to Midwest US mills from USD 568.33 per long tonne in August 2008.
The Platts reference price of iron ore continued to plunge during September, falling 24.6% to an average of USD 121.09 per dry tonne CFR North China from USD 160.57 per dry tonne in August 2008. Rebar as a group, again charted the biggest finished steel drop in September, declining an average of 15.6%. Leading the fall was the Eastern Mediterranean reference price, down by 31.1% to an average of USD 792.05 per tonne FOB Turkey, which came on the heels of a 22.17% decline from August's average of USD 1,149.00 per tonne FOB Turkey. Import prices of rebar in the US also reflected the weakening global markets, declining 15.8% to a September average of USD 931.43 per short tonne CIF Houston. Elsewhere, the export price of Chinese rebar fell 14.6% in September, closing with a monthly average of USD802.50 per tonne FOB China, down from August's USD 940 per tonne.
The Platts reference prices of hot-rolled coil in Europe, Asia and North America together posted an average decline in September of 8.5% led by a 19.4% dive in the Black Sea export price to an average of USD 825.91 per tonne from August's USD 1,023 per tonne FOB Black Sea. Also down by nearly 12% was the average price of HRC exported from China, which settled at USD 837.50 per tonne FOB Shanghai as compared with August's USD 951.25 per tonne. In the EU, imported HRC slipped 7.9% to an average of EUR 688.18 per tonne CIF Antwerp, and domestic made material fell 2.8% to EUR 735.68 ex works Ruhr. HRC in the US market declined about 6% to an average of USD 990 per short tonne ex works Indiana and dipped 3.3% to USD 996.19 per short tonne CIF Houston.
The group of Platts cold rolled coil prices declined an average of 6.5% in September compared with August led by a 13.9% drop to USD 935.91 per tonne FOB Black Sea from August's level of USD 1,087.25 per tonne. Imported CIF Antwerp and domestic CRC prices in Europe also declined 6.5% and 4.2%, respectively. In the US, CRC September prices were down 3.1% for imported material and off 4.6% for CRC ex works Indiana.
The prices of imported and domestic plate in the US market, however, were up by an average of 6.2%, helping to drive an overall 1.4% up tick for this product. Plate prices in Europe lost a little ground in September.
ArcelorMittal sees big growth potential in construction sector
ArcelorMittal, which currently supplies some 39 million tonnes of steel to the construction sector worldwide, hopes to raise this tonnage to 50 million tonnes by 2010, as it has identified significant growth potential in this market.
It is estimated that world steel consumption stands at about 1400 million tonnes and about 45% of that, about 600 million tonnes per year, is used for steel construction, leaving more room for growth in this sector, as opposed to steel for the automotive market, for example.
ArcelorMittal has made it a priority to enhance the construction steel market, by increasing demand, though teaching engineers and architects to work with the metal, as well as developing its offer to the market, through developing more sophisticated products with significant added value.
In enhancing the market and increasing demand, it would promote the use of steel among developers, investors, architects, contractors, regulators and end customers, which, in many cases have displayed a reluctance to use the metal for construction.
Besides the strength, quick assembly time and recyclability of steel, ArcelorMittal places an emphasis on the material’s ability to create striking and architecturally intriguing structures.
The concerns about constructing with steel are that there is fragmentation, concerns regarding fire safety, price volatility, material shortages, a weak supply chain, regulations and corrosion. However, perhaps the biggest obstacle to steel construction is the lack of skilled expertise in the industry.
All steel products are used in the construction, including flat products namely sheets, coils plates and tubes, and long products beams, angles, concrete reinforcement and stainless steel. They are also used in all construction applications, from foundations, structures, cladding, roofing, floors, partitions, as well as equipment such as heating ventilation and cooling systems, lift, stairs, doors, windows, and decorations. These products can be used in all manner of structures and infrastructure.
Of the 39 million tonnes of steel product that ArcelorMittal produces for the construction market, 15 million tonnes is long steel, 11 million tonnes reinforcing bars, 11 million tonnes flat steel products, 2 million tonnes tubes and less than 0.5 million tonnes stainless steel.
Vietnam Steel Association calls for ban on iron ore export
VietNamNet Bridge reported that the Vietnam Steel Association has asked that the government bans export of iron ore so that local companies can use it for production.
The appeal comes as at least four companies have stopped producing steel ingots because they are sitting on huge stockpiles that remain unsold although prices are falling. Vietnam presently has nearly one million tons of steel ingots worth USD 1 billion in stock
Mr Dinh Huy Tam general secretary of VSA said that steel prices have dropped very quickly and producers ae caught between decreasing domestic demand and the government’s unreasonable tariffs.
Suggesting the ban on iron ore exports, the association said many steel producers have built blast furnaces to produce pig iron since the demand for iron ore has increased more and more. VSA said that “Just three companies: Hoa Phat, Van Loi and Dinh Vu, each needs millions of tonnes of iron ore per annum.”
The Finance Ministry had last Monday cut export tariffs on steel products to 10% against 5% proposed by the Ministry of Industry and Trade.
Solar paint on steel could generate renewable energy - Report
It is reported that, in three years, buildings covered in steel sheets could be generating large amounts of solar electricity, thanks to a new photovoltaic paint that is being developed in a commercial partnership between UK university researchers and the steel industry.
As per report, these new solar cells also have the advantage of being able to absorb across the visible spectrum. That makes them more efficient at capturing low radiation light than conventional solar cells, and so well suited to the British climate with its many cloudy days.
The photovoltaic paint is made up of a layer of dye and a layer of electrolytes and can be applied as a liquid paste. Altogether, the sheets of steel get four coats of solar paint namely an undercoat, a layer of dye-sensitized solar cells, a layer of electrolyte or titanium dioxide as white paint pigment and, finally, a protective film. The paste is applied to steel sheets when they are passed through the rollers during the manufacturing process. The four layers of the solar cell system are built up one after the other in rapid succession.
Light hits the dye sensitized solar cells, exciting the molecules that act as a light absorber or sensitizer. The excited molecules release an electron into the nanocrystalline titanium dioxide layer, which acts as an electron collector and a circuit. The electrons finally move back into the dye, attracted by positively charged iodide particles in a liquid electrolyte. The solar electricity that the area covered with paint generates is collected and provides power for whatever application it is connected to.
A laboratory built to develop the new solar technology that replicates plant's photosynthesis is due to start work on October 30th 2008 in Shotton, North Wales.
Mr Steve Fisher spokesperson of the Corus Group, that is believed to be pouring tens of millions of euros into the venture, said that "If the solar cell paint can be successfully brought to the market, it could spell big changes when it comes to the future production of electricity."
Mr Stephen Fisher said that Corus was developing the photovoltaic paint as part of its commitment to reducing greenhouse gas emissions. He added that "Although typical CO2 emissions per tonne of steel are now around 50% lower than they were 40 years ago, the steel industry is still a significant contributor to global CO2 emissions. We invest significant amounts every year reducing the environmental impact of our processes and work hard to ensure we continuously improve our performance beyond mere compliance."
Rautaruukki confident on outlook
Reuters reported that Finnish steel maker Rautaruukki struck a confident tone on its outlook, unveiled a new cost savings drive and raised its operating margin target, sending its shares sharply higher.
Rautaruukki in its capital markets day statement said that "Rautaruukki's management expects continued growth in the company's main market areas, especially in Central Eastern and Eastern Europe. The impact of the current general factors of uncertainty in the global economy is likely to be less in its core market areas such as the Nordic countries, Central Eastern Europe and especially in Russia and Ukraine."
Rautaruukki has generally been confident on its outlook, saying its growing business in Russia and Eastern Europe, especially in the non-residential construction market, should help offset softness in more mature, Western markets. It estimated a compound annual growth rate of 8% to 12% in its Central Eastern European construction market, and 10% to 18% in Commonwealth of Independent States countries between 2008 and 2011.
Rautaruukki said its other financial targets such as sales growth of over 10% annually, a return on capital employed of over 20% and gearing of under 60% and its dividend policy remained the same. It aims to pay an annual dividend of 40% to 60% of net profit, taking into account business needs.
Directory of Construction Companies in India
One can have an idea about the importance of the construction industry in India from the fact that it is the second largest contributor to the GDP after agriculture. The industry provides employment to more than 3% of the population. Its market size is around USD 55 billion and is growing at around 7% to 8% per annually, faster than the GDP growth. As the Construction sector is growing faster than the country’s project GDP growth, there exist a tremendous potential for development in the related area.
“Directory of Construction Companies in India” is one of the top sources of information available on a construction companies in India. It is one of the most comprehensive and accurate directory of construction companies in India that ever published. This powerful directory is your connection to the entire construction companies in India.
Published in August 2008, “Directory of Construction Companies in India” has been comprehensively researched and prepared, to bring you a fully up to date guide to Indian Construction companies.
Whether you are a product manager, in charge of marketing, raw material seller, in equipment business or simply interested to remain in touch with the latest developments in the construction companies in India, this directory will save you time and effort in finding the information you need. This report will enable you to profile construction companies in India, build new business prospects, generate new customers, discover who your competitors are and make vital contacts. You would save the time, money and effort of doing your own research. This directory has been especially compiled to assist with market research, strategic planning, as well as contacting prospective clients or suppliers. It is also an indispensable guide to India’s construction sector.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
This report covers name and product details of 1000 Construction Companies in India in alphabetical as well as location wise order. Look at the information you'll get in the 'Directory of Construction Companies in India’
1. Company name -1000 entries
2. Address-1000 entries
3. Phone number-951
4. Fax number -652 entries
5. Mobile number-349
6. Email -749 entries
7. URL – 593
Format - PDF File (Total no of pages – 545), delivery by Email on receipt of payment of USD 950 or equivalent in INR. Additional charges would be levied for delivery of file on a CD or in printed form
How to order
Ordering the report is simple. You can order your copy to reports@steelguru.com for getting an invoice for the report.
Future Metals announced 8th distribution center in Singapore
Future Metals Inc has announced its selection of Singapore to open its 8th global distribution center this year.
Mr Frank Ruggiero director of sales & marketing at Future Metals Inc said that "We have signed a letter of intent and expect to begin operations in Singapore by December 1st 2008.”
He added that “The growing demand for stocking distributors of compliant aircraft metals in the region justifies the move. Singapore is a primary gateway to Asia, has a free trade agreement with the US and a business friendly government making it our choice to begin regional operations in this growing and significant aerospace manufacturing and maintenance hub."
Future Metals is a stocking distributor of primary fabricated aircraft quality metal products such as tubing, bar, sheet, extrusions and roll formed stringers, in aluminum, titanium, stainless steel and nickel alloys for the aerospace industry.
50% renewable energy needed by 2050 -- IEA Report
The International Energy Agency has estimated that nearly 50% of global electricity supplies will have to come from renewable energy sources if we want to halve carbon dioxide emissions by 2050 in order to minimize significant and irreversible climate change impacts.
IEA said that "This is a huge challenge and part of the entire energy revolution we need to achieve. Meeting these very ambitious objectives will require unprecedented political commitment and effective policy design and implementation."
The IEA released a new report this week, comparing the performance of various renewable promotion policies around the world. The study encompasses 35 countries, including all OECD members and the BRICS and addresses the three relevant sectors electricity production, heating and transport. In 2005, these 35 countries accounted for 80% of total global commercial renewable electricity generation, 77% of commercial renewable heating cooling (excluding the use of traditional biomass) and 98% of renewable transport fuel production.
Mr Nobuo Tanaka executive director of IEA said that "Only a limited set of countries have implemented effective support policies for renewable and there is a large potential for improvement. Several countries have made important progress in recent years in fostering renewable, with renewable energy markets expanding considerably as a result. However, much more can and should be done at the global level in OECD member countries, large emerging economies and other countries--to address the urgent need of transforming our unsustainable energy present into a clean and secure energy future."
The report shows that there are still significant barriers which hamper a swift expansion and increase the costs of accelerating renewable transition into the mainstream. If these were removed, it could allow the great potential of renewable to be exploited much more rapidly and to a much larger extent.
Mr Tanaka emphasized that "Governments need to do more. Setting a carbon price is not enough. To foster a smooth and efficient transition of renewable towards mass market integration, renewable energy policies should be designed around a set of fundamental principles, inserted into predictable, transparent and stable policy frameworks and implemented in an integrated approach."
Directory of Autopart Makers in India
'Directory of Autoparts Makers in India' is one of the top sources of information available on auto part makers in India. It is one of the most comprehensive and accurate directory of auto part makers in India.
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This report covers name and product details of 431 of Indian auto part makers in alphabetical as well as location wise order.
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• Company name -431 entries
• Address-431 entries
• Phone number-431 entries
• Fax number -418 entries
• Email -403 entries
Report Summary:
1. Published: May 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages – 241
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Harsco announces new contracts worth more than USD 3 million
Harsco Corporation has announced several new contracts totaling more than USD 3 million to support new project starts in key segments within the North American infrastructure sector.
The contracts are led by a substantial new award valued in excess of USD 1 million to provide and install rental formwork throughout most of 2009 during the construction of several new structures that are part of a new 70 acre wastewater treatment plant for the city of Seattle. The plant, scheduled for completion in 2010, is the city's largest such project in 40 years.
Additional Harsco contracts in the water treatment segment include rental formwork for three major wastewater treatment plant expansion projects in Virginia, all scheduled for completion in 2009. It has also been selected by worldwide contractor Balfour Beatty to supply formwork for the construction of a new water intake structure in California. It is Harsco's second project of this type with Balfour Beatty.
In the transportation segment, Harsco is supporting the construction of a new control tower at the Reno Tahoe International Airport, where Harsco's design and engineering of a unique scaffolding and platform installation will allow contractors to build the elevated cab section of the tower without the need for ground up support. Harsco is also supporting the refurbishment of a large concrete shipping dock in Portland, Oregon, providing the work platform structure to enable work crews to access the dock for repairs and upgrades.
In the highway and bridge segments, Harsco engineering will play a key role in the lane expansion of an interstate highway bridge on I 80 with a unique shoring installation that will enable work to continue throughout the fall and winter of this year.
Thailand to be developed as regional logistics hub
Exim News Service reported that Thailand aims at improving its logistics scenario by lowering its logistics cost per GDP and steering the country to become the logistics hub in Asean, Indochina and South China.
This was highlighted at the Thailand International Logistics Fair 2008 held here early last month. Organized by the Department of Export Promotion of Thailand’s Ministry of Commerce, the event was one of the grandest, most comprehensive logistics expositions ever staged in Asean with 181 leading companies exhibiting their logistics capabilities and innovations in 324 booths.
Mr Bunyin Tangpakorn deputy minister of commerce said that “The Royal Thai government has denoted logistics development as a national agenda, especially in the area of logistics trade which is an area of interest in the eyes of foreign investors. Policies have also been issued to accommodate for projected trade and investment growth, to ensure that Thailand is a country with a logistics infrastructure of international standard, as well as to facilitate regulations to be easier for overall logistics operations.”
He said that “In 2005, Thailand’s logistics cost per GDP was approximately 19%. The National Logistics Development Plan aims to reduce this figure to 16% in 2011 as well as develop Thai logistics to be more reliable and efficient in satisfying customers’ logistics needs.”
Thailand’s main world class port facility Laem Chabang is among the 20 busiest container ports in the world. Much of the international shipping reaching Thailand goes through this port.
RWE considers bidding for Poland privatizations
Reuters reported that Germany's RWE may take part in the sell off of state owned power companies in Poland. Mr Filip Thon CEO of RWE's business in Poland said that RWE would bid in a sale if it was able to obtain a majority in any potential target.
He added that "One condition for participating in the privatization of companies such as Enea, Polska Grupa Energetyczna and Tauron Polska Energia is that we are able to influence the company's business. We are prepared to take a minority stake if there is the clear perspective to get a majority later."
Mr Thon said that RWE has secured access to additional wind power projects with 300 MW of generation capacity in Poland, taking the pipeline of projects to 500 MW in total. He added that RWE also plans to expand by building new power plants in Poland and aims for a generation capacity of 2,000 MW to 3,000 MW by 2018.
He reiterated that RWE still aimed to build a second coal fired power plant in addition to the 800 MW, coal fired plant it planned to build with Poland's largest miner Kompania Weglowa and was interested in principle in gas fired power production. He added that "We want to offer power not only in Warsaw but in the whole country in the future."
Thai shipping rates heading down sharply
Bangkok Post reported that shipping rates have fallen sharply over the past few days on weak demand, with shippers expressing fears that a likely global depression could keep the Baltic Dry Index at very low levels for up to two years.
According to the SET listed shipping firm Precious Shipping Plc, the BDI, a global benchmark for dry bulk shipping rates, has dropped 70% over the past four months from a peak of 11,930 points mainly due to slowing demand from China.
Mr Khalid Hashim MD of PSL said that China in recent years has accounted for about half of the world's iron ore demand. Given the impact of the US financial crisis, which could cause demand destruction globally, it was possibly that the BDI would stay between 1,000 and 3,000 points for the next 12 to 24 months. He added that ''We will see clearly what's going on in the world market in the next three to six months.''
Thoresen Thai Agencies expects its new supply of dry bulk vessels to start coming in next year to reach its peak in 2010. The higher supply is contrast to slowing demand as the world's economy has been affected by the US financial turmoil, which is slowing transport activities globally.
Mr Suwit Ratanachinda president of the Thai International Freight Forwarders Association said that the shipping industry would embrace the worst situation in the decade next year given slowing demand and rising competition. He added that ''Export import shipments are expected to decline in the fourth quarter toward next year. Exporters have seen slow orders from abroad.''
Global firms investing heavily in Vietnam maritime sector
Viet Nam Seaports Association reported that leading international marine giants are investing heavily in Viet Nam’s seaports, but there are muted concerns that they hold too much power and could ultimately harm the interests of traders.
As per report, in the Southern Key Economic Zone, foreign investors pumped money into the construction of 10 large container ports, slated to begin operations from 2009-2010. Investors include the Hong Kong International Terminals of China, SSA Marine of the United States and France’s CMA CGM Group.
In 2006, the Dubai World Corporation began building a deep water port near the Hiep Phuoc Industrial Park in Nha Be district, earmarked to be one of HCM City’s main shipping routes. In addition, some 20 overseas enterprises are looking to invest in the Cai Mep Thi Vai Seaport in the southern Ba Ria Vung Tau Province as joint ventures or wholly foreign invested firms.
Overseas giants are deepening their interests in large seaports in the country, making the most of their superior financial power, world class experience and management skills.
Mr Ho Kim Lan general secretary of VPA said that "Many big domestic firms have conceded management rights to international giants in joint ventures, as they mainly contributed land."
VPA predicted that by 2010 foreign investors would still only hold a stake of no more than 45% in each JV, but that their management power would reach around 56%.
According to VPA, most of the small seaports are owned by local companies, while overseas businesses hold stakes in large ones. While domestic firms lack capital and experience, powerful overseas giants will be able to speed up development of the national port system, turning them into world-class facilities capable of attracting lucrative customers.
South Korean shipyards have lax technology security control - Report
Yonhap reported that South Korean shipyards' security regimes are relatively lax, a concern as vital technology may be targeted for theft.
A report compiled by experts in the ministry of knowledge economy & national intelligence service showed local shipbuilders getting an average 3.71 points out of a possible 5 points in terms of security control.
Keppel Shipyard secures 2 conversion projects worth SGD 150 million
Keppel Shipyard, a wholly owned subsidiary of Keppel Offshore & Marine, has secured contracts from repeat customers amounting to SGD 150 million for the upgrading, modification and conversion of two vessels. Work on the vessels is expected to commence in October 2008.
Mr Nelson Yeo executive director of Keppel Shipyard said that "We are pleased to again be entrusted with new projects from owners who have worked with us before. We will continue strengthen our partnership, providing safe and high quality services, especially in the current tight market conditions."
The first contract is from Single Buoy Moorings Inc for the upgrading and conversion of a tanker into a floating production, storage and offloading vessel. This will be the tenth FPSO conversion project that Keppel has undertaken for SBM since 2000. To be converted from the 255,272 DWT VLCC MT Accord, the spread moored P 57 FPSO will be capable of gas compression of 71 million cubic feet of gas per day.
Keppel Shipyard’s scope of work includes the hull and marine conversion, spread mooring aids installation, accommodation block extensions refurbishment, fabrication & installation of marine pipe rack, topside module supports as well as part of the topside modules installation. To be supplied in a fixed lump sum contract by SBM to Petrobras SA, the vessel is expected to leave Keppel Shipyard in the fourth quarter of 2009 for Brazil where the remaining work will be completed, which will account for 65% of the whole project. The vessel will subsequently be deployed in the deepwater Jubarte field in the Campos Basin.
The second contract is from Golar LNG, for the conversion of Golar Winter VT1, a Membrane LNG Carrier into a Floating Storage Re gasification Unit. This comes on the back of Keppel Shipyard’s recent delivery of the world’s first FSRU Golar Spirit (VT2) to Golar LNG.
The scope of work includes the installation of a re-gasification plant system, the upgrade of control systems, electrical systems and marine systems.
When completed in the second quarter of 2009, the FSRU Golar Winter will be capable of re-gasifying 14 million cubic meters of natural gas per day. Like the Golar Spirit, it will be operated by Brazilian state-run oil company Petrobras SA, and moored at a pier in the Guanabara Bay, off Rio de Janeiro. Golar Spirit has been moored at the Port of Pecem, northeast of Brazil.
DANA to set up service center and tube mill in Northern Emirates
DANA GROUP’S Dana Steel Processing Industries LLC, under its expansion plan, has announced an investment of 100 million for its New Coil Service Center & Tube Mill project in Emirates Modern Industrial Area Umm-Al-Quwain. This new initiative is to cater to the construction boom of Northern Emirates. This is in addition to its already existing fully automatic coil service center in Al Quoz, Dubai.
DANA Group’s New Coil Service Center CTL machine will have capabilities of handling coils up to max thickness of 18mm and a max width of 2000mm.The maximum coil handling is up to 30 tonne.
With this it will become one of its kinds in the UAE. Its main target segment will be Oil & Gas sector, PEB manufacturing Units, Heavy engineering firms & fabricators.
The project is to be commissioned in two phases; the first phase of the project is the coil slitting facility, which is currently under commissioning at the sprawling 30,000 square meters industrial complex in Emirates Modern Industrial Area UAQ. The slitting line is specially designed for high precision and is fully plc controlled. It has capabilities of handling 0.2mm to 3.5mm and a maximum width of 1600mm in GI, CR & HR coils.
Under the second phase, a High speed, High Precision ERW pipe manufacturing line will be commissioned by end of November 2008.With capabilities of making pipes & hollow sections up to 3 inches, it is intended to cater principally to the scaffolding industry and fabricators.
Dr BS Dana chairman of DANA Group said that "The massive growth potentials of Northern Emirates region, has made it key for DANA Group to expand in that region, in order to serve it’s customers in a more better & efficient manner. This New facility will remarkably increase our Steel handling abilities to up to 15,000 tonnes per month. Our large scale imports of steel products from India, China, Taiwan, Korea, Ukraine, Russia, India, Saudi Arabia and Iran, will then be processed to address varying customer requirements. We endeavor to maintain our position as a reliable & leading supplier of processed steel and foresee a strong growth in the regional steel industry in the coming years."
Ghadir DRI plant to come on stream by 2010
It is reported that Iranian Ghadir Iron and Steel's construction of its new Midrex direct reduced iron plant is roughly 35% complete. Construction of the project began in July 2007 and should be brought on stream during 2010.
The plant will have an 800,000 tonne per year capacity. The DRI plant is located on an 86 hectare site close to Ardakan city in Yazd province of central Iran.
The report added that the plant's output of sponge iron will supply first and foremost, Iran Alloy Steel Co a shareholder in Iranian Ghadir with the rest to be sold to other steel plants in the region, although most of these are still under construction.
The report said that Iranian Ghadir Iron and Steel's DRI plant is being set up under an engineering, procurement and construction contract through a consortium of Iritek and Irasco. Both are Iranian engineering companies registered in Germany and Italy respectively. Iriteck, which holds a Midrex license from Kobe steel, will supply local equipment, about 60% of the total, while Irasco will source foreign equipment, about 40% of the total.
Ezz Steel announces second price reduction for rebars
Ezz Steel has announced a new price reduction by about EGP 550 per tonne for the sale of its rebars to the domestic market making its selling price for October at EGP 5150 including the sales tax. This is the second reduction announced by the company within less than two months.
In August, the first reduction of EGP 820 was announced which was effected from September 2008. It is expected that this reduction will encourage other producers in the market to reduce the prices to the domestic market. These reductions take place amongst expectations of more reductions in the prices of the rebars in the world markets which have seen sharp decline during which they lost approximately one third of their value within less than two months.
Eng Ahmad Ezz has asserted in a meeting of the staff that the sales value of the company in 2008 will reach EGP 22 billion denoting that the total return on sales amounted to 9.2%.
He also pointed out that the Group will initiate new investments in addition to investments of USD2 billion in Algeria. He also confirmed that the reinforcing steel market in Egypt is open for the entry of new producers, as over the past five years 5 new producers entered the market and acquired 15% of the total production capacity. The market is also free from any impediments against imports.
The prices of the reinforcing steel in the Egyptian market are now between EGP 5900 to EGP 6500 per tonne amidst expectations of having more price reductions of this product next month.
Pakistan forms body to finalize sites for shipyards at Karachi and Gwadar
Business Recorder reported that Mr Syed Yousuf Raza Gilani PM of Pakistan has constituted a committee under the chairmanship of minister for ports and Shipping Qamar Zaman Kaira to finalize the sites for building shipyards at Karachi and Gwadar.
The Prime Minister constituted the committee following a meeting to review the progress on the development of shipbuilding industry in the country here on Tuesday. Members of the committee include Secretary of Port and Shipping; Secretary, Defense Production, Managing Director of Karachi Shipyard, Chairmen of Port Qasim Authority and Gwadar Port Authority.
Mr Gilani expressed the government's resolve for the development of shipbuilding industry in the country, saying that setting up of two shipyards in Karachi and Gwadar would go a long way in catering to domestic as well as international needs.
He stressed that the need for making Pakistan a leading shipbuilding country of the region, thus contributing towards economic development and poverty alleviation. Highlighting Pakistan's unique geo-strategic location and trained manpower, the Prime Minister said that this advantage needed to be leveraged to enter the shipbuilding industry in a big way through joint ventures with reputable international shipyards.
He said that shipyards not only generated employment opportunities, but also developed wide range of ancillary industries. Earlier the Managing Director of Karachi Shipyard briefed the Prime Minister about the progress made on the development of shipbuilding.
He also said that two world class shipyards on joint venture basis were proposed to be built at Gwadar and Port Qasim. These projects would attract major investment from foreign sources.
DP World hikes port tariff by 10.3%
Dubai's DP World has affected a 10.3 percent hike in tariff at its Jawaharlal Nehru Port container handling terminal in Navi Mumbai in India from October 1st 2008 after regulatory approval.
The new rates are effective till September 30th 2009.
DP World had earlier noted that two downward revisions in rates had substantially and adversely affected its potential to earn a reasonable return. If the tariff is not increased, the only alternative will be to reduce losses by reducing volumes.”
It said that “Due to the acute capacity crunch at the port, the tariff regulator said there was a "need to reward performance that enhances cargo volumes due to efficient use of resources."
Mr Brahm Dutt chairman of Tariff Authority said that "Tariff fixation cannot be a mere arithmetic exercise but one which balances the interests of port users and port operators. It needs to take into account the long-term financial viability of operators so as to encourage flow of much needed private investments into the ports sector.”
4 Chinese steel makers considering output cuts - Xinhua
It is reported that 4 large Chinese steel firms have been in talks to reduce their crude steel output by a total 20% or up to 20 million tonnes in a bid to cut ore imports and support prices.
Xinhua in a report posted on its website, quoting a source from the steel producing town of Handan, said that senior officials from Shougang Steel in Beijing, Angang Steel and two newly formed groups Shandong Iron and Steel and Hebei Iron and Steel decided that cuts would be based on current capacity. It did not give a time frame for the cuts to take effect.
All four steel mills are state owned firms in northern China. Angang already sources most of its iron ore domestically, while the Shandong and Hebei groups are in the process of forming in mergers directed by the central government.
Cuts would help the firms control the rhythm of raw material purchases, the rate of consumption of stockpiles and encourage raw material prices to return to a rational level.
The report said it would also avoid disordered competition between different regions and markets and relieve pressure on world iron ore markets.
COD and sulphur emission in China reduces in H1 of 2008
According to Chinese Ministry of Environment Protection, National Bureau of Statistics and National Development and Reform Commission during the first half of 2008, the COD emission in China totaled 6.742 million tonnes down by 2.48% from that of the same period in 2007 and sulfur dioxide emission totaled 12.133 million tonnes down by 3.96%.
During January to June 40.60 million KW coal based desulfurizing power stations launched operation and 8.36 million KW small coal based power stations were shut down.
And the structure adjustment of high energy consumption and high emission industries, including iron and steel, coking and so on made progresses.
SDB halts share sale plan with Baosteel
China Knowledge reported that Shenzhen Development Bank Co partly owned by the US equity firm Newbridge Capital, announced in a statement filed with the Shenzhen Stock Exchange recently that the company board has approved to terminate the share sale plan signed with Baosteel Group in 2007.
At the end of 2007, Baosteel, China's largest steel maker by output had agreed to buy 120 million common shares through a private placement from the Shenzhen-based lender, at the price of CNY 35.15 apiece. However, the Shenzhen-based bank's share price plunged to CNY 14.99 recently amid the financial turmoil in the global stock market, which means Baosteel would suffer a book loss of CNY 20.16 per share.
According the statement, the lender has secured approval from board to issue subordinated bonds worth up to CNY 10 billion on the interbank bond market in a bid to consolidate its capital base.
FPSO conversions in COSCO Dalian Shipyard
It is reported that COSCO Dalian Shipyard has signed 4 tanker-based FPSO conversion projects with MODEC. One of these, SONG DOC PRIED MV19 has already been delivered to TSJOC and another VLCC, Apollo Shoju has been renamed.
On September 10th 2008, the Naming Ceremony for the Petrobras Opportunity Oil FPSO Conversion was held in COSCO Dalian Shipyard. During the ceremony, Apollo Shoju was renamed as FPSO Cidade de Niteroi MV18. After delivery, the FPSO will join the Petrobras fleet in the Campos Basin. Mr Kenji Yamada, President of MODEC, Mr Figueiredo & Mr. Sanches Executive Managers from Petrobras and Mr Wang Xingru, President of COSCO Shipyard Group witnessed the ceremony.
The work scope for this VLCC conversion included repair & life extension, specialist FPSO structure construction, topsides module installation and integration as well the fitting of steel structure, cable pulling and piping work.
Up to now, COSCO Dalian Shipyard has achieved outstanding safety results a total of 4 million man hours have been spent on the two MODEC projects without any time being lost due to injury.
China Energy Recovery completes another waste heat recovery system
China Energy Recovery Inc, a leader in the waste heat energy recovery sector of the alternative energy industry, announced the completion of another waste heat energy recovery system for Two Lions Fine Chemical Co Ltd.
The waste heat recovery system is intended for Two Lions' new sulfuric acid facility located in Jiangsu, China which is expected to have an annual output capacity of one million tonnes and electric power generation of 50 MW utilizing the recovered waste heat energy. The contract value of the system is CNY 21.8 million. Two Lions' new plant is expected to come online before the end of 2008.
According to the release, this is the second waste heat energy recovery system CER has provided to Two Lions. CER provided the system and detailed engineering design services for Two Lions' first one million ton annual capacity sulfuric acid facility completed in 2005. As previously announced, Two Lions was able to attain a payback period of less than two years for the first waste heat energy recovery system from energy cost savings resulting from the system. Additionally, as previously announced, Two Lions was approved to sell carbon credits with an estimated annual value of more than USD 2.5 million resulting from the first waste heat energy recovery system.
Mr. Qinghuan Wu Chairman of the Board & CEO of China Energy Recovery said that "We at China Energy Recovery are very pleased with the success we continue to enjoy with our client, Two Lions. We continue to do business with this impressive company and together have been very pleased with the joint cooperation and continued improvements we're making together. We look forward to many more successful projects and to the new facility going online around the end of this year which we expect will demonstrate the improvements we continue to make in our systems."
Ukrainian steel output in 9 months down by 1% YoY
Ukrainian Journal reported that Ukraine's steel industry reduced finished roll output 1% YoY in the first nine months of 2008 to 26.601 million tonnes.
According to the report, roll production continues to slow it jumped 6%YoY in the first half of 2008, but 4% in the first seven months and just 2% in the first eight months.
Ukraine produced 31.618 million tonnes of crude steel in the nine months down by 1% YoY.
Azovmash to supply 150 tonne converter to Dunaferr
Ukrainian Journal Staff reported that Azovmash will supply a 140 tonne converter to Hungary’s Dunaferr in middle 2009.
Currently, under the realization of a corresponding contract, the design of the converter has been completed and Azovmash has started building it.
Gazprom and Ukraine to start talks on gas supplies
Kommersant reported that Russia’s gas monopoly Gazprom and Naftogaz Ukraine are set for a new round of negotiations related to the gas supplies to Ukraine.
The foundation is draft agreement of the parties, while the key moment is Ukrainian transition to the market prices. Forecasting the end price is yet impossible, as there will be a downside ratio and the size of discount is the subject of further negotiations. One of the main conditions of success is settlement of USD 1.8 billion debt by Ukraine.
As per report, Mr Vladimir Putin prime minister of Russia negotiated in Moscow yesterday with his Ukrainian counterpart Ms Yulia Tymoshenko. The meeting was attended by Naftogaz CEO Mr Oleg Dubina and Gazprom CEO Mr Alexei Miller. In the end, the parties announced they agreed on the terms of gas cooperation memorandum, but didn’t specify the document’s destiny.
A source close to Ukrainian delegation said the plans were to consider and, perhaps, sign two documents the gas cooperation memorandum of the RF government and Ukrainian cabinet and the agreement on guidelines for further development of gas relations.
The first document sets forth political guarantees, including the exclusion of gas intermediaries and transfer to direct settlement of Gazprom and Naftogaz, as well as sanctioning Ukrainian company to re-export gas to Europe together with the Russian one.
The second draft spells out detailed agreements of both companies for gas supplies to Ukraine. It specifies that Ukraine will have the market prices instead of agreed ones, benefiting, however, from the downside ratio to European gas prices. Under this draft, Naftogaz undertakes to pay off the arrears generated from gas supplies in 2008. The matter at stake is clearing the aggregate debt to RosUkrEnergo and Ukrgazenergo worth USD 1.8 billion through the book debt buyout from Gazprom. Besides, Naftogaz undertakes to return to Gazprom 11 billion cubic meters from the underground storage facilities and assist Russia’s monopoly in acquiring assets in Ukraine.
The sources with Ukrainian delegation say both drafts were agreed on in Gazprom and Naftogaz, but their signing depends on political will of Mr Putin and Ms Tymoshenko. According to the sources with Gazprom, there were no plans to sign the drafts recently and their agreement would take “from two months to indefinite time.”
Interpipe to supply pipes for new cruise liner
It is reported that Interpipe Corp signed a contract with Finnish company Finnish Ore Oy to supply pipes for a new cruise liner GENESIS II "Charm of Seas". This liner will be a twin of the biggest cruise-liner GENESIS I "Oasis of Seas".
According to the contract Interpipe will supply seamless hot deformed construction pipes for deck structure construction. Prior to the contract signing representatives of Ore Oy visited Interpipe plants to make an inner audit of production techniques and quality standards. Interpipe has already started pipe shipment to the shipbuilding company warehouses.
Millennium capital analyst said “ We see this event as POSITIVE for Interpipe plants particularly for NITR and NIKO Tube as seamless pipe producers not only because of the economic effect of this contract but also because participation in projects like this one is a good sign for the company.”
(Sourced from Millennium Capital)
Ukrainian president concerned about situation in energy field
Mr Victor Yushchenko president of Ukraine while addressing at that National Security and Defense Council meeting expressed concerns about the situation in gas industry, particularly with talks with Russian Gazprom on gas imports in 2009. He said “I demand the Government to begin official talks.”
He also expressed concerns about problems with NJSC Naftogaz of Ukraine, particularly the unbalanced financial plan of the company. “Neither the NSDC decision of February 1st 2008 nor the financial plan of the company, adopted half of the year late are implemented by the Government.”
Mr Victor Yushchenko as the result the deficit of funds of the company currently amounts to UAH 9.1 billion. He said that means the problems of year 2008 will remain in 2009 because only 8.7 billion is foreseen by draft Budget 2009 to cover the deficit of the company which is clearly not enough to even deal with this years deficit.
Mr Victor Yushchenko “That means either that consumer prices for gas will be altered next year or that the volume of funds provided for compensation of the difference is understated. Beside that, when speaking about problems in gas field, He said that the prices for energy do not correspond economically founded levels.”
He said that when forming prices for energy the state should make them lower for vulnerable strata of society and higher for large businesses and companies not vice versa.
Rosneft to spend USD 30 billion on Russian offshore fields
RIA Novosti reported that Russia's largest oil company Rosneft plans to invest around USD 30 billion on the development of Russian offshore deposits, a top company official said on Friday.
Mr Mars Khasanov Rosneft science director during the 12th Annual Sakhalin Oil & Gas Conference in Yuzhno-Sakhalinsk said that "The development of Russian shelf is a strategic goal of Rosneft. The company has full potential to realize this project. We have years of experience at northern latitudes and of cooperation with major global operators working on the shelf."
He also said Rosneft has set out a program for Russia's continental shelf through 2030, envisaging the drilling of 75 exploratory wells.
Georgia opposes construction of Russia to South Ossetia railway
Kommersant reported that Georgia opposes potential construction of the railway from Russia to South Ossetia, threatening that Russian Railway will deal with international courts if the project is implemented. The statement was made by Mr Nika Rurua deputy head of defense and security committee at Georgia’s parliament.
Georgia’s parliament passed August 28 a resolution that calls South Ossetia and Abkhazia the territories occupied by Russia. The September 26 resolution of the parliament restricts business activities there, along with nonresident investments.
Mr Mikheil Saakashvili president of Georgia’s pledged to impose sanctions on nonresident corporations and/or individuals investing in the Abkhaz and Tskhinval regions, which are the integral parts of Georgia.
According to Mr Saakashvili, Georgia is consulting with European states and the United States about imposing sanctions on companies that will invest in Abkhaz and Tskhinval regions.
RZD is studying the project of constructing a railway from Russia to South Ossetia; the matter at stake is the 149 kilometer railway with four tunnels.
Dneproenergo plans to increase electricity generation
It is reported that Dneproenergo intends to increase electricity generation by 38% to 24.6 billion kilowatt hour by the end of 2021. The company also plans to decrease gas consumption by 8 times to 100mn cubic meters.
Millennium Capital analyst said that “We consider this news as NEUTRAL for the company’s share price. The reduction in gas consumption is a two side effect as it means that the company plans to switch to coal consumption which is likely to increase by 1.5 times.”
(Sourced from Millennium Capital)
Converteam bags major contract for ThyssenKrupp Alabama plant
Converteam has been awarded a major orders by Fives Lille Industries Inc and SMS Demag for the supply of the complete electrical and automation systems for ThyssenKrupp's Greenfield combined carbon and stainless steel plant to be constructed in Mount Vernon.
Renowned for its expertise in industrial processes and global project management, Converteam will supply full electrical and automation systems for three single stand reversing mills and one Skin Pass Mill designed for the stainless steel plant four continuous galvanizing lines, one tandem cold mill coupled with a pickle line and one stand alone continuous pickle-line designed for the flat carbon steel plant.
The scope of supply runs from engineering design, controls, automation, drives, manufacture, delivery, installation, commissioning and customer training. Converteam will work in close cooperation with major partners SMS Demag and Fives DMS who will supply the mechanical portion.
Design work is well under way, and the new Alabama facilities will start production in the first quarter of 2010. The plant will manufacture and process carbon and stainless steels for high value applications throughout North America. When fully operational, the plant will employ around 2,700 people and will supply industries including automotive, packaging, construction, electrical and utility, in addition to serving manufacturers of appliances, precision machinery and engineered products.
Ms Nathalie Renard senior VP communications at Converteam said that "This contract confirms Converteam's leading position in the metals market and utilizes our in-depth knowledge of our customer's processes, requirements and values. Converteam's supply is jointly handled by our French, German and North American units, drawing on their specific strengths, expertise and skills and illustrates the Group's maturity in dealing with global projects."
Taiwanese stainless steel market to revive in Q1 of 2009
Since nickel and stainless steel prices have dropped a lot in Taiwan’s domestic market, Taiwan’s Ta Chen International Inc said that they can only wish that the stainless steel market will have the chance to revive in the first quarter of 2009.
Moreover, now that more downstream operators are looking for low and non-nickel stainless steel to substitute for the 300 series (8% nickel included) product, the demand for nickel has greatly decreased.
The stainless steel market, meantime, is suffering from the sluggish recession. Accordingly, the rebound of Taiwan’s steel industry is not expected until next first quarter of 2009, in around 3 months to 4 months according to Ta Chen’s earlier prediction.
(Sourced from Yieh.com)
Northern Shield update on exploration at nickel and PGE properties
Northern Shield Resources Inc announced that an airborne VTEM survey has just been completed by Geotech Limited over its 100% owned Wabassi property which is being explored for nickel copper mineralization.
In addition, Impala is funding an airborne VTEM survey over a portion of the Highbank Lake Property, which is believed by Northern Shield's management to be the most prospective for PGEs within the Highbank Property. The survey is expected to commence next week and is being flown by Geotech Ltd at 150 meter spaced lines.
Drilling is continuing on the Max property which is adjacent to the Wabassi Property. Assays are still pending on previous holes. Two VTEM survey lines will also be flown over Northern Shield's 100% owned Eastbank property. These survey lines will provide a geophysical cross section through the interpreted intrusion which will help guide the diamond drill program at Eastbank which is planned to commence upon the completion of work at Max and Wabassi. Northern Shield interprets the concentric magnetic pattern at Eastbank to represent the ultramafic portion of very large layered intrusive complex. Fragments of peridotite and grains of chromite with exceptional high chrome to iron ratios have been found in the overburden overlying the target. Chromitite boulders and strong PGE anomalies have also previously been identified in till samples collected down ice from the Eastbank and Highbank properties.
The Max nickel copper-PGE prospect is located adjacent to Northern Shield's 100% owned Wabassi property in northwestern Ontario. Under Northern Shield's option agreement with East West Resource Corporation, Northern Shield is the operator and manager of exploration at Max and has the right to option to earn up to 66% interest in the property. Northern Shield is exploring its Wabassi property for nickel copper mineralization, and believes that the Wabassi north and East West's Max targets are parts of a feeder conduit to the main Wabassi intrusion.
Northern Shield is an innovative, results driven Canadian company focused on diamond and Platinum Group Element exploration in Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment.
Allegheny Technologies announces management changes
Allegheny Technologies Incorporated has announced several executive organizational changes designed to simplify and streamline the reporting relationships and leadership of ATI's key manufacturing operations. The following changes are effective immediately
Mr Lynn D Davis, currently business unit president of ATI Wah Chang has been given expanded responsibilities and named to the newly created position of group president of ATI Primary Metals & Exotic Alloys. Mr Davis will continue to report to Mr L Patrick Hassey ATI's chairman, president & CEO. In his new capacity, the following operations will report to Mr Davis
1. ATI Wah Chang
2. ATI's Albany, OR Titanium Operations
3. ATI's Richland, WA Electron Beam Titanium Operations
4. ATI's soon to be completed Premium Titanium Sponge Operation
Mr John D Sims currently VP of operations at ATI Allvac has been named business unit president of ATI Wah Chang. Mr Sims will report to Mr Lynn Davis.
Mr Hunter R Dalton has been named to the newly created position of group president of ATI Long Products and remains business unit president of ATI Allvac. Mr Dalton will continue to report to Mr Hassey.
Mr Terry L Dunlap has been named to the newly created position of group president of ATI Flat Rolled Products and remains business unit president of ATI Allegheny Ludlum. Mr Dunlap will continue to report to Mr Hassey.
Mr David M Hogan remains serving as group president of ATI Engineered Products and Business Unit President of ATI Metalworking Products reporting to Mr Hassey.
Indian Steelmakers Directory 2008
The fast developing Indian steel industries are continuing beyond what most believed was possible. As one of the world's fastest growing economies, India has become the most happening place among world steel market over last few years and thus is in the radar of not only Indian but most of global players associated with steel industry. But due to fragmented nature of industry, a comprehensive list of smaller steel makers is not readily available.
"Indian Steelmakers Directory 2008' is one the top sources of information available on steel making companies in India! 'Indian Steelmakers Directory' is one of the most comprehensive and accurate directory of Indian steel companies that have ever been published. This powerful directory is your connection to the entire Indian steel industries sector.
Published in February 2008, “Indian Steelmakers Directory 2008” has been comprehensively researched and prepared, to bring you a fully up to date guide to India's rapidly growing steel makers. This Directory will be extremely useful to businesses that deal specifically with companies in the iron and steel industry, ferro alloys, consumable suppliers, raw material sellers, equipment makers and others.
Whether you are a product manager, in charge of marketing, raw material seller, in equipment business or simply interested to remain in touch with the latest developments in the Indian steel industries, this directory will save you time and effort in finding the information you need.
Why spend hundreds of hours searching for new contacts? Invest in a copy TODAY!
This directory covers name and details of 720 of Indian steelmakers in Alphabetical as well as location wise order.
Look at the information you'll get in the 'Indian Steelmakers Directory'
• Company name -723 entries
• Address-723 entries
• Phone number-723 entries
• Fax number -590 entries
• Email -446 entries
Report Summary:
1. Published: Feb 2008
2. Format PDF File (Delivery by Email on receipt of payment)
3. Total no of pages – 396
Price: USD 1250 or equivalent in INR
(Additional Charges would be levied for delivery of file on a CD or in printed form)
You can order your copy to reports@steelguru.com
Wrabacon Inc manufactures SS packaging line for Ocean Spray
It is reported that Wrabacon Inc manufactures stainless steel packaging line for Ocean Spray. This line will consist of stainless steel conveyor equipment to transport fresh cranberries received from the bogs, which are cleaned, optically inspected, sorted, and sent directly to 7 vertical bagging machines.
When Ocean Spray Cranberries has decided to expand its production and packaging of its dried cranberry products, they turned to Selecpac Inc.
During several preliminary meetings with Mr Kim Dax of Selecpac and Mr Bob Lowder of Ocean Spray a scope of project was developed to insure that the proper packaging and conveying equipment was specified to meet the rates that were required to maintain a steady flow of product from the production/process area to the packaging line.
Wrabacon Inc manufactured the packaging line stainless steel wash down duty conveyors to the Ocean Spray specification for cleanliness and sanitation. All conveyors were manufactured with wash down duty components including motors, drives bearings and plastic belting. Once the conveyors were completed they were set up in the Wrabacon Inc. manufacturing facility for a Factory Acceptance Test by Selecpac. Upon completion of the FAT the conveyors were crated and shipped to the Ocean Spray facility in Wisconsin Rapids, WI, where they were integrated into the packaging line.
Selecpac provided installation of the packaging machinery along with the Wrabacon conveyors. Again Selecpac provided an on time and trouble free packaging line for Ocean Spray.
Credit crisis seen cutting global mining output - Report
Reuters reported that global metals output will take a medium term hit as the global credit crisis cuts financing to Latin America's booming metals sector, forcing smaller miners to shelve new projects. Mining stocks around the world took a beating as the US Senate prepared to vote on a revised USD 700 billion plan to rescue the shaky financial sector. The downturn hit prospectors and mid-size miners as well as mining giants.
Mr Joanne Freeze CEO at Canada's Candente Resources said that "We have already all been hit in our market caps." He added that small mining companies with limited cash flow would be hardest hit as the credit crisis widens.
Mexico's largest copper producer Grupo Mexico said that it was still moving forward with mine expansion plans. With a solid cash position and no net debt, it said it had little immediate need for external financing.
Analysts said that copper may fall further as the credit crisis raises concerns about global demand, depresses commodity prices in general and crimps earnings outlooks for mining companies. Even giant mining companies could delay investments.
Investors in small miners in Peru were alarmed last week after Australian miner Strike Resources Limited said it delayed funding for two iron ore projects in that country, citing credit crisis concerns.
Coal mine explosion kills 6 people in Luhansk Region of Ukraine
Ukrinform reported that recently a gas explosion took place on the mine Duvanna of OJSM KrasnodonVuhillia in the town of Sukhodolsk of Luhansk region.
According to preliminary data, six miners died after the explosion. Only six people were working in the coalface at that time. The rest 119 people were taken on the surface. Twelve mine rescue subdivisions are involved in liquidation of the accident.
The blast at a depth of 1,700 feet caused no fire and the remaining 113 workers were safely evacuated to the surface.
The press-service of the Cabinet of Ministers reported because of the accident Ms Yulia Tymoshenko PM of Ukraine canceled her working visit to Chernivtsi. By order of the Mr Oleksandr Turchynov First Vice premier, a commission is established for investigating the reasons of the accident and providing assistance to injured and families of the dead people. Emergency officials say a methane blast at a coal mine in eastern Ukraine has killed six miners.
The Emergency Situations Ministry said that blast hit the Duvanna mine in the eastern Luhansk region shortly after midnight on Friday.
Cleveland Cliffs nears Alpha Natural Resources buyout
The decks for Cleveland Cliffs proposed buying of Alpha Resources have been cleared with the shareholders approval to bar its largest shareholder Harbinger Capital Partners from increasing stake as Harbinger Capital Partners will no longer be able to block a deal.
On Friday, Cleveland Cliffs announced that 80.0% of shareholders voted against the request by Harbinger Capital Partners to increase its stake in the company to 33% in order to block Cleveland-Cliffs' USD 4 billion proposed buyout of coal miner Alpha Natural Resources.
Harbinger has publicly stated that it believes the deal is too risky. Many Cleveland-Cliffs investors are unhappy that their iron ore play will get a great deal of coal exposure if a buyout deal goes through. The acquisition will also make the company bigger and more expensive for potential acquirers.
BHPB leads commodity stocks lower on recession concern
Bloomberg reported that BHP Billiton Limited and Incitec Pivot Limited led drops in commodity stocks on concern looming recessions in the US, Europe and parts of Asia will further cut raw material prices and demand.
BHP slipped as much as 5.6% to an 18 month low and Incitec Pivot slumped to the lowest since July 2003 on the Australian Stock Exchange. Commodity supplier Noble Group Limited fell in Singapore, taking the week's losses to 17%.
Commodities are heading for the biggest weekly decline in more than 50 years on concern the spreading financial crisis may slash demand. US raw material producers, including Alcoa Inc and Monsanto Co sank as investors fretted a USD 700 billion bank bailout won't be enough to stimulate growth.
Mr Andrew Sekely head of Australian equities at Intersuisse Limited said that "We are already seeing metal prices down and that is taking metal stocks down. A US recession will slow demand.''
Macarthur Coal Limited fell 9.5% to AUD 8.96, its lowest since January 24th 2008. Other Australian coal producers also declined with Centennial Coal Co dropping as much as 8.7% to AUD 3.36 and Gloucester Coal Limited declining 11.7% to AUD 6.41. Aquila Resources Limited also developing AUD 3.9 billion iron ore mine, fell 10.5 percent to AUD 7.90.
US bailout bill has USD 2.5 billion tax credit for coal - Report
Bloomberg reported that the USD 700 billion US Senate financial market rescue package includes tax breaks worth about USD 2.5 billion for companies that use technology to capture carbon dioxide emissions and bury them underground.
Mr Kurt Waltzer carbon storage development coordinator for the Clean Air Task Force said that the credits cover CO2 from power plants and factories. Projects that use CO2 to help pump more crude oil out of wells are also eligible.
The bailout legislation, approved 74-25 in the Senate, now faces a vote probably tomorrow in the House of Representatives, which fell 12 votes short of passage on September 29th 2008. Governments worldwide are proposing ways to finance carbon capture, considered by some environmentalists as well as utilities to have the best chance to eliminate pollution linked to global warming.
Separately, lawmakers are debating legislation that would place a fee on coal based power plants to create a USD1 billion annual fund to help develop the carbon capture and storage systems technology. Power plants that burn coal, the dirtiest fossil fuel, supply about half of US electricity demand.
The bailout bill offers a credit of USD 20 for every ton of CO2 captured from industry and buried in geologic formations. Heat trapping CO2 used for enhanced oil recovery is eligible for a USD 10 a tonne tax break.
Those provisions could be worth about USD 1.1 billion over 10 years. A separate credit worth about USD 1.4 billion would go to developers of advanced coal-fired power plants that capture a portion of CO2 emissions.
Mr Erich Pica director of domestic programs for Friends of the Earth said that "Coal is dirty no matter how you use it. We should be figuring out ways to get off of coal rather than ways to prolong its use.''
Sphere appoints UBS for Guelb el Aouj Iron Ore Project
Sphere Investments Limited and 50% joint venture partner state owned Mauritanian iron ore producer Société Nationale Industrielle et Minière announced the appointment of UBS Investment Bank to run the trade sale process for a strategic stake in the Guelb el Aouj Iron Ore Project at Mauritania in West Africa.
The decision to appoint an international investment bank is based on the level of interest in the Project from major mining houses and steelmaking companies. UBS was selected by the partners from a strong field of international investment banks following a comprehensive review and negotiation process. Work is due to commence immediately.
The initial 7 million tonne per annum Guelb el Aouj Project will include an open cut mine, a beneficiation plant and a pelletising plant to produce high grade Direct Reduction pellets for export, utilizing joint venture partner SNIM's existing iron ore railway and port infrastructure. Expansion options of up to 28 million tonne per annum can be assessed by interested parties given the scale of the deposits within the mining license and scalability of the transport infrastructure.
Vale market value drop by 34% since May
Brazilian daily O Globo reported that Brazilian miner Vale has seen its market value drop by 34% since May, when company shares on the São Paulo Bovespa Stock Exchange began declining.
According to the report, in May Vale was valued at BRR 299 billion while recently its market cap rang in at BRR 198 billion.
According to Mr Antonio Carlos Goes an analyst at Senso Corretora in Rio de Janeiro, the stock has been dropping because there is an excess of Vale shares being sold by foreign investors due to uncertainties in the US economy and its ripple effect around the world.
He said that "All that has to happen is for companies to start have problems exporting. There is a lot of uncertainty out there and there is not a company in Brazil that can withstand this crisis. People are afraid of risk."
Mr Goes said even the US government's USD 700 billion bailout package for investment banks would not be enough to calm markets. He said that "In principle, the bailout package is not going to save America. What the US really has to do is to resolve its real estate market problems."
Mount Gibson unaware of takeover bid
ABC North West reported that Kimberley iron ore miner Mt Gibson Iron Limited is unaware of any Chinese takeover bid for the company.
Mt Gibson Iron Limited in a statement to the stock exchange said it is not in discussions with any third party nor is it aware of any approach having been made to take over the company.
Earlier this year, two Chinese groups fought for a controlling stake in the company, but a final sale was blocked by the Federal Government which, in recent months, has moved to restrict Chinese investment in other mid-west iron ore projects.
Rio Tinto persist with target of USD 10 billion in divestment
It is reported that Rio Tinto Ltd, the world's third largest mining company is continuing to target USD 10 billion in divestments.
Mr Tom Albanese CEO of Rio Tinto's said that "We continue to target USD 10 billion in divestments announced in 2008.”
He said that the company was comfortable with discussions with the government of Guinea to resolve issues threatening its mining concession in that country. He added that "I am comfortable we have a good set of discussions underway."
Mr Tom Albanese said that the BHP Billiton bid for the company undervalued Rio Tinto. He said the market for its products remained robust despite the global financial crisis. He added that "The market for Rio Tinto's products remain in good shape."
Mr Tom Albanese said that demand from China was still robust although a slowdown in its GDP growth was expected.
He said that there was a role for iron ore benchmark pricing. He added that "We see a role for one year benchmark pricing provided it continues to evolve."
Indian mining firm to invest in Zambian mining sector
Platts reported that Sande sara Mining Group of India has signed a MoU with the Zambia Development Agency to invest USD 100 million in the Zambian mining sector and has already registered a Zambian subsidiary company. A ZDA official said that Sande-Sara Mining Company is waiting for a mining license from the Zambian Ministry of Mines and Minerals Development.
The report added that Sande Sara plan to open up a new large scale copper and cobalt mining operation in North-Western Province of Zambia which already hosts Equinox Minerals' 169,000 tonne per year Lumwana Copper project, which comes on stream in December 2008, and First Quantum Minerals' Kansanshi Copper Mine already in operation.
ZDA public relations officer told Platts that the company is currently engaged in the area doing scoping to identify an area for the mining operation.
Mr Nitin Sande-Sara chairman of Sande-Sara Group said that the group had decided to invest an initial USD 100 million with the view to supplementing efforts by the Zambian government to develop the mining sector. He said that Zambia has a conducive business environment.
The Sande-Sara Group would be the second Indian mining company to invest heavily in the Zambian mining sector after Vedanta Resources which has a majority interest in Zambia's largest copper producer, Konkola Copper Mines.
Tinpo withdraws offer to buy Western Prospector
Tinpo Holdings Industrial Co Limited has withdrawn its offer to acquire Western Prospector Group Limited, saying it became aware of an unpublished resolution instructing the Mongolian government to explore the full nationalization of the country's uranium industry.
As of December 31st 2007, Western Prospector held 6 coal exploration licenses in four different regions of Mongolia. All the company's mineral properties are located in Mongolia.
Tinpo said that it remains interested in Western Prospector and hopes the situation in Mongolia will evolve in a way that would permit a transaction to occur in the future.
Separately, Western Prospector said that Tinpo had no right to withdraw the offer and that it plans to vigorously pursue all of its rights and remedies against Tinpo.
Tinpo Holdings had offered CAD 1.34 per share for Western Prospector, valuing the company at CAD 74 million, topping an earlier offer made by Khan Resources Inc.
Tinpo Holdings' offer was set to expire on September 30th 2008. As of September 26th 2008, about 73% of Western Prospector's shares were tendered, representing a support for the deal.
Teck secures financing for Fording takeover
Teck Cominco Limited has received the final stamp of approval on USD 10 billion in financing needed for its takeover of Fording Canadian Coal Trust.
Teck said that it has entered into definitive credit agreements for a USD 4 billion senior term loan facility and a USD 5.81 billion senior bridge loan facility.
Emami to invest in coal mining and power sector
Reuters reported that India’s Emami Ltd board has approved investments in coal mining, power generation and distribution.
The report added that Emami would also seek shareholders' nod to invest a further 4.3 billion rupees in the acquisition of Zandu Pharmaceuticals Works Ltd.
Consol fined USD 400,000 for water pollution violations
AP reported that mine operator Consol Energy has agreed to pay USD 400,000 to settle some 270 water pollution violations in West Virginia.
The state Department of Environmental Protection said that Consol has reached 6 separate agreements covering various subsidiaries, including Consolidation Coal, which would pay USD 252,000 for 115 violations of water pollution permits.
Consol is the third coal company to settle water pollution cases with the agency recently. It operates mines in Virginia, Pennsylvania, West Virginia, Kentucky, Ohio and Utah.
Celtic Energy creates 25 Jobs in Welsh Coal Mining
It is reported that Celtic Energy is creating 25 coal mining jobs on the back of growing demand for coal. The jobs are being created at its East Pit drift mine in Gwaun Cae Gurwen in the Swansea Valley, where Celtic Energy has spent a total of GBP 4 million gearing up for production including GBP 1.4 million on a new excavator and the introduction of a double shift in order to meet growing demand.
In total the number of jobs provided at the site will rise from 23 to 86, with 38 staff moving from other Celtic Energy sites. A recruitment drive had been launched to attract local people to fill the remaining positions.
East Pit will be able to produce about 2 million tonnes of coal in the next 6 to 7 years, helping to address the UK's growing energy gap with supplies of reliable fuel.
Mr Wayne Evans site manager at East Pit said that "We are due to be at full production capacity by the end of September at which point we will require around 86 people in total to work the site. In preparation, we have been undertaking a recruitment drive which has resulted in 25 new jobs. I am extremely proud to be working in an industry that is growing, providing more jobs for local people and investment in the local area."
He added that "Many people said that coal mining in Wales would die, but we are able to provide new life for sites across South Wales, helping to provide secure energy supplies and prosperity."
Mr Richard Walters MD of Celtic Energy said that "We are delighted that favorable market conditions allow us to open up East Pit to full capacity. Before preliminary works began last year, the site had been dormant since 2001. But with gas supplies becoming increasingly expensive and susceptible to disruption, coal has a vital role to play in ensuring that we can keep the lights on in years to come."
C&MM cancels South Korean coal contracts as talks fail
It is reported that South Korean operator C & Merchant Marine is continuing with efforts to remove itself from a number of loss making contracts of affreightment with one of the country’s largest power companies.
C&MM has cancelled contracts with Korea Western Power that covered the transportation of 6.5 million tonnes of coal over a period of five years and 3 million tonnes over ten years.
The contracts became live in May and August 2007. The cancellation, which became effective on September 25th, left 7.6 million tonnes of cargo outstanding.
C&MM cancelled another contract with Korea Western Power in September. On that occasion the initial contract was for the carriage of 6.5 million tonnes of coal from 2007 to 2011. At the time of the contract cancellation, C&MM was said to have hauled just 620,000 tonnes.
C&MM said at the time of the first cancellation that the prime reason was a breakdown in talks with the power company over freight rate adjustments, which it was discussing in relation to a number of other COAs it had with the customer.
RWE renames Polish subsidiary as part of wider strategy
German utility major RWE Energy has announced that its subsidiary RWE Stoen is changing its name to RWE Polska as part of the company's wider development and expansion strategy in Poland.
RWE supplies almost one million customers in Poland with electricity, mainly around Warsaw. RWE Polska will now offer electricity throughout the country. Furthermore, RWE is investing in environmentally friendly, low emission power generation based on fossil fuels and renewable energy in the country.
In Silesia, RWE plans to partner with Kompania Weglowa, the country's largest coal mining company, to build what will reportedly be Poland's most modern hard coal power plant with an installed capacity of 800 MW, accounting for an investment volume of EUR 1.5 billion.
Currently, two wind parks are being constructed with 80 MW of installed capacity, with plans to expand this generation capacity by 500 MW in the future.
Mr Filip Thon CEO of RWE Polska said that "The Polish market is of great significance for RWE. Our investments have a total value of some EUR 2.5 billion, which makes RWE the largest single foreign investor in Poland."
Genesis Power may face NZD 220 million annual emission bill
Genesis Power Limited, operator of New Zealand's only coal fired generator, said that the nation's proposed emissions trading program may cost it as much as NZD 220 million a year depending on rainfall and energy demand.
Government owned Genesis gets about 46% of its power from the 1,000 MW coal fired Huntly power station. Coupled with output from its two gas fired plants, it will need to source emission credits for 3.5 million to 5.5 million tons of carbon dioxide a year, costing NZD 140 million to NZD 220 million, based on an emission cost of NZD 40 a tonne.
New Zealand plans to make power companies liable for all their emissions from 2010, arguing that generators will be able to pass all the cost on to consumers. Genesis, a critical supplier during the country's four power shortages in the past seven years, is trying to replace coal with gas while also investigating wind and geothermal plants.
Genesis said that recent policy announcements present a range of significant operational challenges. Key uncertainties include the cost and availability of carbon credits and whether power prices will rise enough for the company to recover that cost.
Genesis also reported an 11% increase in full year profit to NZD 99.1 million after drought early this year pushed power prices to records and increased demand for its coal fired generation. Sales rose by 40% to NZD 2.48 billion in the year ended June 30th 2008, while the company's coal and gas bill fuel increased 28% to NZD 401.5 million.