Company News

International Finance Corporation, a branch of World Bank, will invest USD 30 million in Kalyani Gerdau Steels to help revive the company’s operations that were shut down for more than 18 months. A JV between the Brazilian steel firm Gerdau and India’s Kalyani group, the company discontinued operations upon realizing that they were unviable due to certain technical issues.

Petrobras Chile has received the 2010 Outstanding Company of the Year Award for its contribution to the economic development of Brazil and Chile. CEO of Petrobras Chile, Vilson Reichemback, accepted the award given by the president of the Chilean-Brazilian Chamber of Commerce, Juan Irarrázabal, and the Ambassador of Brazil in Chile, Frederico Cezar de Araújo, in Santiago.

Nordex has added the N117/2400 wind turbine to its Gamma Generation of turbines. The new turbine was designed specifically for light wind sites, creating new power generating potential for locations across the USA. The company will debut the N117/2400 for the US market at Windpower in Anaheim, California from May 2011. The new turbine will increase America’s wind potential by turning many light wind sites into feasible power producing areas.

Siemens VAI Metals Technologies (Siemens) is constructing a new rolling mill for stainless steel bar and light profiles in India for Viraj Profiles Limited (Viraj Profiles). As per the agreement, Siemens will design, engineer and deliver mechanical, electrical and automation equipment. The value of the order is estimated in the double digit million Euro range.

The Minister of Industry has approved Cliffs Natural Resources proposed acquisition of Consolidated Thompson Iron Mines Limited, under the Investment Canada Act. The acquisition was approved on the basis that the transaction will likely be a net benefit to Canada.  The Chinese Ministry of Commerce's (MOFCOM) approval is also necessary to proceed with the closing of the acquisition

Steel Authority of India Limited (SAIL) has received the SCOPE Meritorious Award for Environmental Excellence & Sustainable Development for 2009-10. CS Verma received the award and accompanying scroll of honour at a function held at Vigyan Bhawan.  Verma also received the Certificate of Maharatna Status for SAIL. The company’s environmental efforts have resulted in reduced air emissions, decreased to 1.12kg per tonne of crude steel in FY ’11, a reduction of 55%.

Siemens has started up its second COREX C 3000 Module 02, installed with a production capacity of 1.5 million tns of hot metal per year, at the steelworks of Shanghai Baosteel Pudong Iron and Steel Co Limited in Luojing. The company's decision to install a second COREX plant coincides with the company's commitment to cost effective and environmentally friendly iron production that meets the emission regulations enforced imposed by the Shanghai municipal government. Siemens VAI provided the complete process technology, and engineered and supplied key equipment and components for the COREX module.

Wescast Industries Inc will further expand the capacity of its stainless steel facility in Stratford, Ontario to more than double its previous commitment. The additional capital investment coincides with a number of production orders recently received for engine components that use the innovative manufacturing technology employed at that facility. The investment will be financed via operating cash flows.

Collins Pipe & Supply of East Windsor, CT has doubled in size and now offers much more than just pipe, valves, and fittings.

US Steel Corporation’s tubular products subsidiary, US Steel Tubular Products Inc, has entered into an agreement with Surface Enhancement Technologies, part of Lambda Technologies Group, to improve the quality of its tubular steel products. As per the agreement, US Steel has received an exclusive permit by SET to use its patented low plasticity burnishing technology