ArcelorMittal: Steel sector to face great future
Publish on 5/22/2009 06:05:07 PMThe economic downturn, the worst after World War II, would still continue this year, but its end would soon come, said Mike Rippey, president and CEO, ArcelorMittal USA. "There''s a great future for the steel industry and manufacturing companies in the U.S.," he added. Rippey noted that the economic distress in the world and low steel demand were caused by many factors like low car sales and production, housing starts, commercial construction and manufacturing investment.
Mitsubishi braces for new investments in Chile
Publish on 5/22/2009 06:05:20 PMJapan-based Mitsubishi Corp. is looking closely to its Chile investment plans, particularly in copper and iron ore assets after the recession ends. Masaki Kurita, chairman of Mitsubishi Chile, said he is determined to invest in Chilean mines and other metal resources if the economic situation begins to recover. "As far as this global situation goes, we need to be very careful with our investment," he added. "We will take a very cautious approach, but I''d like to make further investments in a steady way.
SKF India builds bearing plant in Haridwar
Publish on 5/22/2009 06:05:00 PMSKF India Ltd, a solutions provider of bearings, seals and related products, has started constructing a manufacturing site in Haridwar, Uttarakhand, which is expected to be operational by January 2010. The 1,500-million INR project, is anticipated to employ more than 200 people. Situated over an area of 10 acres, the factory will have a production capacity of 40 million deep groove ball bearings for the automotive and manufacturing sector.
Two giants team up in steel procurement deal
Publish on 5/22/2009 06:05:55 PMShipping giant AP Moller - Maersk has inked a three-year steel procurement contract with Baosteel, China''s biggest steel producer. The deal states that Baosteel will supply steel products to Maersk for its shipping needs covering containers, ships and petroleum systems. Having been partners for more than 10 years, both firms agreed to collaborate on strategic operations in the future with the procurement details contained in the contract.
Steel capacity in Iran surpasses 15M tonnes
Publish on 5/22/2009 05:05:08 PMIran''s aggressive move in the metal industry has resulted in achieving over 15 million tonnes in its steel production capacity, according to Mohammad Masood Sameie Nejad, deputy industries and mines minister for mining and mining industries affairs of Iran.
Dubai exec graces opening of aluminium show
Publish on 5/22/2009 05:05:50 PMSheikh Hamdan Bin Rashid Al Maktoum, deputy ruler of Dubai and UAE minister of finance, has opened the exhibition of Aluminium Dubai 2009. Schmidt + Clemens (S+C) of Lindlar / Germany, a manufacturer of high-grade extrusion press tools, was one of its exhibitors. The subsidiary S+C Marker GmbH has highlighted its multiple products in the event. Having the hallmark, "Made in Germany," S+C Marker has been stationed at the German pavilion. On display are extrusion press tools for the aluminium industry.
Dubal, Vale to build alumina refinery
Publish on 5/22/2009 05:05:41 PMDubai Aluminium Co. Ltd (Dubal) has commenced a deal with Vale to establish a greenfield alumina refinery located in Brazil''s northern State of Par? The contract seeks to secure the raw materials necessary to drive Dubal''s future growth strategy, according to reports. Dubal will have a 19% equity stake in Companhia de Alumina do Par?(Cap), the joint venture firm, while Vale will take 61% and Hydro Aluminium 20%.
$200M deal for world biggest smelter complex inked