Company News

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.

Cleeve Technology, supplier of wire & cable and interconnect products to electronics markets, has expanded its operations into Western Canada. This further enhances the company’s servicing abilities for its clients in the Mountain and Pacific Time Zones. Established 12 years ago, Cleeve operates worldwide with offices in the United Kingdom, The Netherlands, Germany and Australia.

POSCO approved a USD 1.98 billion investment plan at its shareholders' meeting. The investment is for the construction of its third FINEX blast furnace, a No. 4 wire rod plant and a new stainless steel plant. Building the third FINEX blast furnace will improve its competitiveness, while constructing the No. 4 wire rod plant will allow the company to meet the rising demand for wire rod.