Company News

CEO of ThyssenKrupp, Heinrich Hiesinger, has announced that the company is splitting off its stainless division so that more of its sales fall to other divisions. As a result of the split, more than 35,000 workers will be let go. The main reason for splitting off the division comes as a result of overall debt, according to Hiesinger. The stainless steel division has been running at a loss over past few years with last year's turnover amounting to EUR 5.9 billion. 

Universal Stainless & Alloy Products Inc has appointed Dr. Vijay N Madi as Chief Technology Officer effective 2 May 2011. In his new position, Madi will greatly strengthen the company's technical support to customers; he will also provide the metallurgical expertise critical for the company’s process improvement effort and product expansion strategy. Madi will oversee the metallurgical process development at Universal Stainless and supervise all Company laboratory qualification and capability testing and analysis.

Sandvik Mining and Construction and Shandong Energy Machinery Co. have signed an agreement to form a 50/50 owned joint venture for the production and sales of coal mining equipment. Following customary regulatory approvals, the JV is expected to be finalized within 6 months. It is scheduled to be operational by the end of 2011 and will be fully consolidated in the Sandvik reporting.

REpower Systems AG has signed two contracts for Canadian wind projects. As per the contract, the company will cover the delivery, installation and maintenance of 55 REpower MM92 CCV turbines specifically designed for cold climates. 40 turbines will go to the Saint-Robert-Bellarmin wind farm located between the cities of Lac-Mégantic and Saint-Georges-de-Beauce in Quebec. The remaining 15 turbines are to be installed at the Ganaraska and Whispering Woods wind farms in Oshawa, Ontario.

Allegheny Technologies Incorporated has appointed Richard J. Harshman as the new Chairman, President and Chief Executive Officer of ATI. He will succeed L. Patrick Hassey who has retired. Harshman has also been elected to serve as a member of ATI's Board of Directors. Harshman has been with the company for 33 years; he became CFO of ATI in 2000.   

TATA Steel will invest GBP 8 million into one of its two Scottish plants, increasing its output by up to 50%. The company is set to unveil the plans for the Clydebridge plant in Cambuslang, Glasgow, which will boost its capability to produce high-strength steel plate. The plant carries out two processes, quenching and tempering, that strengthen steel plate.

SAIL intends to bring in professional global mining firms to operate its Chiria and Rowghat iron ore mines and the high grade coal blocks at Tasara. The company is looking for major mining companies who can offer the latest mining techniques with the least amount of waste and best environmental practices at Rowghat and Tasara. Big companies such as Rio Tinto and BHP Billiton could be expected to bid for these projects.

UHT of Sweden has received an order from Sandvik Materials Technology for a new gas mixing station. The new station will be installed at the company’s steel plant in Sandviken. The valve station is capable of managing all gas mixes and offers superior automation possibilities for more efficient control of the converter process. It also manages larger gas flows to reduce production time. Having made numerous deliveries of complete, factory-made and tested gas mixing stations

US-based Constellation and Exelon have announced merger plans.

Chevron has appointed Paul V. Bennett as vice president and treasurer, effective 1 May 2011. Having served in several senior corporate and operating financial positions, including oversight of Chevron's credit and receivables operations, Bennett is highly qualified to guide financing strategies for the company's overall corporate capital structure as well as their major development projects. He is broadly experienced in treasury and risk management and in his current position, Bennett played an instrumental role in helping to streamline the Downstream and Chemicals business, transforming it into a more profitable, lower-cost organization.