Company News

Wärtsilä Corporation finalised its acquisition of the Germany-based L-3 Marine Systems International (MSI), and control of the company will be transferred to Wärtsilä with effect from 1 June 2015. In December 2014, Wärtsilä announced an agreement to acquire MSI from NYSE-listed L-3 Communications Holdings using financing from existing cash resources and credit facilities.

Outotec has won an order from Bafgh Mineral Complex Iron and Steel Industry Company (B-MISCO) for the design and delivery of technology and services for a new iron ore pelletizing plant in Bafgh, Yazd Province, Iran.

Russian steel manufacturer NLMK Group has begun the supply of plates rolled from low-alloyed abrasion-resistant Quard© steel to Russian mining companies including the Urals Mining and Metallurgical Company. Quard plates are supplied to companies that mine ore including iron, polymetallic and copper; and coal that produce varying degrees of wear-and-tear on equipment.

German manufacturer of drilling rigs and oilfield equipment, Bentec, announced three major multi-million dollar contract wins.

PAO Severstal announced Vadim Larin, previously COO of Severstal Management, as CEO of Severstal Management in line with company’s plans announced earlier on 27 April 2015.

Sellafield, the company responsible for delivering decommissioning of the UK’s nuclear legacy announced that Darchem Engineering has been awarded a contract potentially valued at up to GBP 50M, for the provision of high-integrity steel storage containers for nuclear waste.

Metinvest Group’s Ilyich Iron and Steel Works of Mariupol has begun the next stage of the reconstruction of its sinter plant.

PEDEVCO Corp. d/b/a Pacific Energy Development entered into an agreement and plan of reorganisation (merger agreement) with Dome Energy to acquire all the US oil and gas assets of Dome. This transformational business combination with Dome Energy is expected to pay off existing senior debt of the company and lower cost of capital with a 3.75% bank credit facility.

AK Steel received a Deal Maker of the Year award from the Association for Corporate Growth (ACG) for the company’s USD 690M acquisition of Severstal Dearborn.

Avantha Group Company CG, along with other consortium partners Cofely Fabricom and lemants, has been awarded the contract for the turnkey supply and installation of HV offshore substation for the 400MW Veja Mate Offshore Project.