|
|
February 9th, 2010
- General
- Dow Wire & Cable Showcases Advanced Solutions at the 2010 Middle East Electricity Exhibition
|
|
|
|
|
February 9th, 2010
- Market Stats
Washington D,C, - Steel Imports up in December - Improvement seen in the NAFTA market trend?
|
| Imports inched up 1.3 percent in December from November based on preliminary government reporting. With the December preliminary data, imports for 2009 registered their worst year since 1991, during another recessionary period, said David Phelps, president, AIIS. Imports declined almost 50 percent in 2009, while domestic shipments (through November) were down 38 percent, reflecting weak demand in almost every steel market segment and substantial reductions in inventory throughout the supply chain. Early in 2010, however, there are some signs that demand is improving. But whether the improvement is merely a restocking of inventories or reflects a systemic improvement in demand is unknown at this time. The one positive element in the import data for December is the increase in imports from NAFTA countries, which react more quickly to demand conditions in the US market than offshore suppliers, concluded Phelps.
|
|
See
Extended Story..
|
February 9th, 2010
- Market Stats
Moscow Russia - Russian stainless steel product imports and exports in 2009
|
| According to the data issued by the Russian Special Steel and Alloys Consumers & Suppliers Association, Russia's imports of the main stainless steel products decreased by 38.7% YoY to 109,600 tonnes in 2009 and fell by 33.4% to USD 388.57 million in money terms. In particular, Russia's imports of flats went down by 44.6% to 66,500 tonnes in 2009. Imports of longs decreased by 28.3% to 12,000 tonnes, imports of wire dropped by 42.9% to 1,800 tonnes, imports of seamless tubes decreased by 39.5% to 7,800 tonnes, imports of welded tubes went down by 17.7% to 18,200 tonnes and imports of billets dropped by 16.9% to 2,450 tonnes, all compared to 2008.
|
|
See
Extended Story..
|
February 9th, 2010
- General
Kuala Lumpur Malaysia - Slower growth for Penang industrial product makers
|
| Some companies in the industrial product manufacturing sector in Penang are experiencing slower pace of growth in the first quarter, while consumer product manufacturers have been raising their output in the same period. Fastener manufacturer Chin Well Holdings Bhd is facing difficulties in increasing output due to a shortage of workers, competition from China and a smaller volume of orders, while industrial valve maker Unimech Group Bhd expects orders in the first quarter to be slow moving. Firms in the consumer product manufacturing sector, however, are expanding, taking advantage of an improving domestic economy and the implementation of Asean Free Trade Area (Afta) on Jan 1, 2010, allowing more than 1,900 items to move freely in the region.
|
|
See
Extended Story..
|
February 8th, 2010
- General
Brantford Ontario -  Wire 2010 just 2 month away
|
| Are you exhibiting at Wire 2010? Have you got all your ducks in line for this major event? Checkout your listing on wireworld's exhibitor preview
|
|
|
February 8th, 2010
- Market Stats
Istanbul Turkey - Turkish steel exports in January fall to 14 month low
|
Turkey's steel product exports in January continued their declining trend both in volume and revenue which started on November 2009, registering the lowest level since November 2008 when the global financial crisis hit the world steel markets. According to the preliminary statistics provided by the Istanbul Mineral and Metals Exporters' Association, in January this year Turkey's total steel product exports amounted to 1.22 million tonnes decreasing by 25.75% YoY. Meanwhile, the revenue generated by these exports totaled USD 681.16 million down by 29.67% compared to January 2009.
As compared to December 2009, Turkey's steel product export volumes in January declined by 5.81% while the revenue from steel product exports decreased by 19.6%.
In January, steel bar exports accounted for 25.86% of the country's total steel product exports, while section exports constituted 25.08%, exports of steel billet made up 20.42%, exports of pipes and fittings constituted 8.71%, wire rod exports accounted for 5.6% and flat steel exports for 4.07%.
Turkey's top ten steel export destinations in January 2010 are in tonne as follows:
| Country | Volume
| | UAE | 89,245
| | Iraq | 76,608
| | Morocco | 73,926
| | Egypt | 66,124
| | Saudi Arabia | 65,729
| | Singapore | 50,491
| | USA | 49,833
| | Libya | 49,183
| | Israel | 32,287
| | Algeria | 31,822 |
|
|
|
February 8th, 2010
- Market Stats
Paris France - Frances steel product exports down 35.67 percent in 2009
|
| According to the statistics released by the French Ministry of Economy, Finance and Industry, France's basic steel product and ferroalloy exports , in 2009 amounted to a value of 7.65 billion, down 35.67 percent year on year. During the year in question, France exported 1.93 billion of steel pipes and tubes - down 33.96 percent, 209.55 million of cold rolled steel bars - down 55.04 percent, 432.9 million of cold rolled steel strip - down 43.34 percent, 229.71 million of cold drawn wire - down 38.32 percent, 710.88 million of metal structures and parts - down 13.73 percent, all compared to 2008. Meanwhile, in 2009, France's basic steel product and ferroalloy imports totaled 6.79 billion, down 45.3 percent year on year. During the period in question, France imported 1.25 billion of steel pipes and tubes - down 33.4 percent, 239.37 million of cold rolled steel bars - down 52.37 percent, 433.02 million of cold rolled steel strip - down 33.57 percent, 305.42 million of cold drawn wire - down 43.13 percent, and 1.1 billion of metal structures and parts - down 25.7 percent, all compared to the previous year.
|
|
|
February 8th, 2010
- Personnel
Portland Oregon - Lumberman takes over helm at Evraz North America
|
| Evraz Inc. NA, a division of Evraz Group S.A., today announced that Chief Executive Officer Jim Declusin will retire from the company and Mike Rehwinkel will join Evraz Inc. NA on February 10th to assume the role of CEO. Rehwinkel comes to Evraz Inc. NA from Georgia-Pacific, where he was President of the Wood Products organization, overseeing a manufacturing and sales group of 13,500 employees across 60 mills at its peak. The opportunity to join the Evraz Inc. NA team is humbling yet exciting for me personally, as it is clear that the future for our company is bright, said Mike Rehwinkel, incoming CEO of Evraz Inc. NA. Jim has established a clear vision for the company, and, together with our strong executive team and all employees, I look forward to continuing the focus on improving quality, reducing costs and being a strong partner to our customers, employees and business associates. We will also continue to further our effort to integrate our Evraz North American businesses. Declusin has served as CEO for Evraz Inc. NA and its predecessor Oregon Steel Mills for six years. His 40-year career in the steel industry also includes tenure with Kaiser Steel Corp. and California Steel Industries Inc. On behalf of the executive team at Evraz, I want to thank Jim for his dedicated service and talented leadership of Evraz Inc. NA since the companys creation, said Pavel Tatyanin, senior vice president, international operations for Evraz Group S.A. We welcome Mike to the Evraz team and are confident that with his expertise in the manufacturing sector and finance, our North American group will continue to show strong results, both financial and operational.
|
|
|
February 8th, 2010
- Projects
Lianyungang China - Chinese companies plans copper smelter and rod mill
|
| According to a report on the Lianyungang government website three copper products firms are looking to jointly build an 800,000 tonne-a-year copper smelter in China's eastern port city of Lianyungang in Jiangsu province, sources familiar with the plan said on Friday. The project would include smelter and semi-finished copper products production facilities.. Total investment was seen at 12 billion yuan, with a first phase of 400,000 tonnes of refined copper, the website said, without giving a startup date. The project still needs central government approval. "It will be official only after the project is approved," said a source with direct knowledge of the plan, who asked not to be named. If built, the smelter would be completed in two equal phases, with the first phase of 400,000 tonnes to be done three years after the approval, he said. The first phase could boost the China's smelting capacity by 8 percent in 2013, based on an estimate by state research group Antaike, which predicts China's copper smelting capacity to rise to 4.73 million tonnes in 2013 from 3.55 million tonnes this year and 3.21 million tonnes in 2009. The project requires approval from the state planner, the National Development and Reform Commission. The firms include Tiandilong Group in Yixing city in Jiangsu, which has an annual capacity of 250,000 tonnes of copper rods, and Hong Kong's Pan Asian Oasis, which trades and invests in cables and metals resources in China and overseas. The third firm is expected to be a power cable and wire producer in southeast Asia.
|
|
|
February 6th, 2010
- General
Corning New York - Innovation will drive future Corning suggests
|
| Martin J. Curran, senior vice president and general manager, Corning Optical Fiber, says that worldwide demand for optical fiber solutions grew significantly despite the recession. Fiber demand grew by more than 17% in 2009, driven by continued investment in the China broadband infrastructure, which itself improved by more than 70% year over year. As the China 3G network build slows this year, Corning expects that worldwide optical fiber demand will level off and be even with or down about 5% compared to last years strong performance. However, looking forward, we believe that innovation will drive future growth opportunities, Curran will say. While overall fiber-to-the-home installations have been slower than anticipated, Corning expects international government fiber network investments to create new market opportunities. We also expect the data center market to grow significantly over time, driven by video-based content creation, he will explain.
|
|
|
February 6th, 2010
- Acquisitions
Herts U.K. - Mack Brooks Exhibitions announces the acquisition of Fastener Fairs Ltd.
|
| International show organizer, Mack Brooks Exhibitions Group, has acquired the entire shareholding of Fastener Fairs Limited for an undisclosed figure. Fastener Fair, which takes place in Stuttgart, Germany, is Europes largest trade exhibition for fastener technology: 625 exhibitors and some 6,000 visitors attended the record exhibition in October 2009. A satellite event of the show, targeted to the Hungarian fastener and fixing market, will be organized again in Budapest in September 2010. With Fastener Fairs Limited, Mack Brooks also acquired the Fastener+Fixing Magazine, read by more than 30,000 fastener professionals worldwide. Mack Brooks Chairman and CEO, Stephen Brooks, commented: The highly targeted international trade show Fastener Fair fits in perfectly with the Mack Brooks portfolio of industrial trade exhibitions. We see significant potential to take forward the Fastener Fair brand as the leading event in the fastener and fixing sector.
|
|
|
February 6th, 2010
- Projects
St. Augustine, Florida - Carlisle Interconnect signs Airbus contracts
|
| Carlisle Interconnect Technologies signed two long-term supply agreements with Airbus last month, the company announced. Financial terms of the contracts were not disclosed. Under the first agreement, Carlisle Interconnect Technologies will supply airframe wire and cable to Airbus. The company said this culminates a multi]year qualification effort by Carlisle Interconnect Technologies to gain approval for all Airbus production aircraft. Production is expected to start immediately with first deliveries beginning in March. Carlisle will manufacture the Airbus airframe wire in its St. Augustine, Fla., facility. Under the second agreement ECS, which was acquired by Carlisle Interconnect Technologies last year, will supply ARINC 600 trays for all Airbus aircraft. The trays are designed and manufactured at ECS's Franklin, Wis., facility. "Both contracts represent significant expansion of our presence in the European aerospace market. We are extremely excited to be chosen by Airbus to participate in both the wire and tray business. Airbus is a strategic customer for Carlisle and we look forward to working with them for years to come,h said Carlisle Interconnect Technologies President John Berlin.
|
|
|
February 6th, 2010
- Market Stats
Singapore - Fiber broadband subscribers to total 106 million worldwide in 2014,
|
| According to ABI Research the number of fixed broadband subscribers will rise to 501 million at the end of 2014, according to new market data released by ABI Research. Of those, about 106 million will subscribe to services delivered via fiber. Fiber broadband subscribers totaled 44 million at the end of 2009. The number of fixed broadband subscribers totaled more than 422 million at the end of 2009, a 9% increase from 2008. ABI Research industry analyst Serene Fong notes that, Broadband penetration continues to increase since more service providers are offering triple-play services and driving down access prices. Among the three broadband technologies, 65% of worldwide fixed broadband consumers subscribe to DSL, 25% to cable and 11% to fiber broadband services. The number of fiber broadband subscribers is increasing fastest, showing a compound annual growth rate of 20% from 2008 to 2014.
|
|
See
Extended Story..
|
February 5th, 2010
- Acquisitions
Milan Italy/Seoul Korea - Taihan sells stake in Italy's Prysmian
|
| Taihan Electric Wire Co Ltd sold its 9.9 percent stake in Italian cable maker Prysmian SpA on Thursday, crushing speculation that the South Korean company could buy more shares. Taihan said in a statement it raised about 400 billion won ($384 million) with the sale, which would help improve its financial base. Traders said the price was about 12.75 euros per share, a 6.7 percent discount on Wednesday's closing share price.It was not immediately clear who bought the shares, but the traders said Bank of America Corp was arranging the sale. Prysmian declined to comment
|
|
See
Extended Story..
|
February 5th, 2010
- Market Stats
Washington D.C. - Steel import licenses rise in January
|
| January Imports Increased 80% from last year's low. January import licenses rose 10.1% to 1,394,611 tonnes from preliminary December imports of 1,266,392 tonnes to the second highest level in the past 12 months. Nearly 85% of the increase in the month was due to a surge in slab imports, which rose 63% in tandem with a decline in flat-rolled tonnage, which fell 6%. The combination is remarkable primarily because slab imports are running up in part due to lower sheet imports which are in turn driving sheet prices to year highs.
|
|
See
Extended Story..
|
February 5th, 2010
- Projects
Taipei Taiwan - CSC to complete wire rod mill
|
| Taiwan's China Steel Corp. (CSC) said that the company will complete construction of its new wire plant project earlier than its original schedule had estimated. The designed annual capacity of this new wire plant is 1mln tons. CSC said that once the new wire rod plant has started its official operation, the company will be able to supply higher quality wire products to its buyers, and its wire supply quantity will be able to replace imports The company added their supply quantity will not cause an over-supply situation to happen in Taiwan's domestic market.
|
|
|
February 5th, 2010
- Acquisitions
Bhubaneshwar India - Orissa govt considering to pump in Rs 95 crore as equity in NINL
|
| Orissa government is considering to contribute Rs 95 crore towards its share of equity for the expansion of Nilachal Ispat Nigam Ltd [NINL] promoted by MMTC Limited along with the state government. For quite some time there was a move for merger of the 1.1 million tonne capacity integrated iron and steel plant (NINL) at Kalinga Nagar in Jajpur district either by Steel Authority of India Limited (SAIL) and Rastriya Ispat Nigam Limited (RINL). But now the State Government is keen not to dilute NINLs ownership by contributing its share for developing facilities for steel making. The NINL's 1.1 million tonne capacity pig iron plant is located in Duburi of Jajpur district and started pigiron production in 2002 Orissa government has 26% of equity stake in the PSU's total equity of Rs 399.79 crore, while MMTC, being the major promoter, has 49.78 per cent stake in the company The annual production capacity of the plant is 4.92 lakh pig iron, 2.76 lakh tons of billets and 3 lakh tons of wire rod. It also has a 62.5 mega watt captive power plant.
|
|
See
Extended Story..
|
February 4th, 2010
- General
Mnchengladbach Germany - SMS group increases investment in times of crisis
|
| As a result of the global financial and economic crisis, the order intake of the SMS group in 2009 will take a dive to less than half of the previous years result (2008: EUR 5.15 billion). So far, capacity utilization has hardly been affected, because the company is still working its way through a high stock of orders from the boom years. That also explains why sales in 2009 are set to match the previous years level of EUR 3.6 billion. However, short-time work has already started in some areas, and it looks likely to spread in the course of next year. Well use the crisis to boost our technological development and efficiency, Dr. Heinrich Weiss, Chairman of the SMS group stated. Our investment programs will go ahead as planned, with budgets increased anti-cyclically so we can make the most of low purchase prices. Next to our headquarters in Hilchenbach, Germany, our family-owned company, founded over 130 years ago, is building one of Europes most modern heavy machinery construction shops. Going green is just one reason our technological development will focus on resource-saving machine and plant construction strategies. That, in turn, means our customers will benefit from increased competitiveness.
|
|
See
Extended Story..
|
February 4th, 2010
- Reports
Kangdian Town Gongyi China - China's wire rod producers' profit up by 27% in 2009
|
| The yearly report for 2009 issued by Henan Hengxing Science&Technology last week, showed that its net profit increased by 27% year on year reaching the historic highest, 98.97mln yuan.Hengxing stated that China government increased the investment in express roads and railways, which provided the wide market for the PC steel strand in 2009. The initiative scale of steel strand is 100,000 tons per year, and it is planed to double and increase by twice in the future. Its another main product, steelcord also benefited from the significantly increasing auto industry last year. China's auto production and consumption in 2009 reached 13.79mln tons and 13.64mln tons, correspondingly, up by 48% and 46% year on year. Through the expansion of production, Hengxing doubled its steelcord production to 40,000 tons in 2009, and it intends to increase to 60,000-80,000 tons in the future. The profit of steelcord is highest among Hengxing products, its gross profit rate reaches 23%. The gross profit rate of PC steel strand, galvanized steel wire and galvanized steel strand is 14%, 16% and 14%, respectively. Hengxing's galvanized steel wire and galvanized steel strand are mainly used for the grid construction, and the production capacity totals to 200,000 tons.
|
|
|
February 4th, 2010
- General
Santa Ana California - Calmont Wire and Cable, Inc. reignites brand identity
|
| Calmont Wire and Cable, Inc., a custom wire and custom cable manufacturer for a broad range of industries, announces the re-launch of the Calmont brand. Calmonts new brand identity captures the essence of Calmont Wire and Cable's capabilities, mission, and vision: innovation. The opportunity in 2010 to reignite the Calmont Wire and Cable brand further supports the companys mission and new business strategy. We are revamping our brand image to be consistent with what we deliver to our customers, said Bobbe Monteleone, President of Calmont Wire and Cable. Based in Santa Ana, CA, Calmont Wire and Cable, Inc., was founded in 1958 by Bill Chilcote. One of its early successes was developing extrusion technology to produce the first Hula Hoops for Wham-O. Currently, Calmont designs and manufactures custom wire and cable for medical, aerospace, military, robotics, test & measurement and other precision applications. With the re-launch of brand identity and to portray the innovative and unique culture at the company, Calmont also has a new positioning statement: Discover. Design. Deliver. We feel this statement really conveys to our customers what we do for them everyday at Calmont, said Gordon Dunn, Calmonts VP of Sales and Marketing.
|
|
|
February 4th, 2010
- General
Atlanta, Georgia - Superior Essex selects EKA for its risk management operations in North America, Europe and Asia
|
| Eka Software, the leading provider of commodity trading and risk management software, announced today that Superior Essex has selected Eka for its risk management activities for its operations across North America and Europe. In the face of its growing global presence and the sheer complexity of managing operations on such a large scale, Superior felt the compelling need for a robust risk management platform - functionally rich, technologically advanced yet intuitive and easy to use. After a very thorough evaluation process that demanded very high functional and technical standards, they selected Eka.
|
|
See
Extended Story..
|
February 3rd, 2010
- Press Releases
Horgen, Switzerland - Dow Europe GmbH Announces Price Increase for Wire and Cable Products in India, Middle East and Africa
|
 Dow Europe GmbH is announcing a price increase of up to U.S.
$200 per metric ton for its wire and cable products across India, Middle East and Africa. This increase will
be of immediate effect, or as contract terms allow.
Dow Wire & Cable, a business unit of The Dow Chemical Company, is a leading global provider of products, technology, solutions and expertise that the power industry can count on for reliability, longevity, efficiency,
ease of installation and protection in the transmission, distribution and consumption of power, voice and
data.
|
|
See
Extended Story..
|
February 3rd, 2010
- General
Brussels Belgium - EU quota utilization levels of Russia and Kazakhstan
|
| European Union (EU) advised that Russia utilized five percent of its new steel quota of 3,184,445 tonne allocated to it for the current year, while Kazakhstan utilized zero percent of its allocated EU quota of 205,000 tonne. According to the latest figures, Russia exported a total of 159,241 tonne of steel products to the EU in the first month of the current year. Specifically, Russia used 10.88 percent of its hot rolled coil quota (118,299 of the allotted 1,087,397 tonne), 1.78 percent of its plate quota (5,132 of the allotted 288,922 tonne), 5.37 percent of its other flat products quota (33,560 of the allotted 625,122 tonne), 0.05 percent of its alloyed CR and coated sheet quota (60 of the allotted 115.569 tonne), and 0.41 percent of its long products quota (excluding beams and wire rod) (2,190 of the allotted 532,667 tonne).On the other hand, during the first month of the current year Kazakhstan did not supply any steel products to the EU. As SteelOrbis previously reported, within the framework of the agreement signed between the EU and Russia on October 26, 2007 regarding the trade of certain steel products, the renewed quota allocated to Russia for 2010 increased by 2.5 percent compared to 2009, to 3,184,445 tonne.
|
|
|
February 3rd, 2010
- General
Shijazhuang Hebei - Songding Steel starts production at No. 1 wire rod line
|
| Hebei Province-based Chinese steelmaker Songding Steel has commenced production operations at its No. 1 high-speed wire rod production line, which has a designed annual capacity of 350,000 mt. The construction of the new line started on August 11, 2009 and lasted for nearly five and a half months. Meanwhile, the construction of the company's No. 2 high speed wire rod line, with a planned annual capacity of 450,000 mt, is still continuing. This second line is expected to be put into production in March this year. As more rod mills come on stream competition gets tougher as mills try to fill their order books prices fall.
|
|
|
February 3rd, 2010
- Acquisitions
Zwevegem Belgium - Bekaert accelerates growth strategy through acquisition
|
| Bekaert, worldwide technological and market leader in drawn wire products and advanced coatings, announced the acquisition of two Bridgestone tire cord plants and a multi year supply agreement. The integration of the two plants will strengthen Bekaert's position in the tire cord market, while the long-term supply agreement further enhances Bekaert's status as an important external supplier of tire cord to Bridgestone. Bekaert and Bridgestone signed an agreement for the purchase by Bekaert of BMI, Sardinia (Italy) and BSSH, Huizhou (Guangdong Province, China). The share deal includes all of the personnel and assets of the two manufacturing sites. As part of this transaction, Bekaert and Bridgestone have entered into a long term supply agreement of tire cord to Bridgestone. The transaction, with an enterprise value of approximately EUR 70 million, is subject to customary closing conditions and is expected to close in the second quarter of 2010. Mr Bert De Graeve CEO of Bekaert said Bekaert has always enjoyed an outstanding relationship with Bridgestone. This agreement will lead to enhanced cooperation and supply with a leading customer and will significantly advance Bekaert's strategy of building and growing a global tire cord business.
|
|
|
February 3rd, 2010
- Projects
Milford, New. Hampshire - Hendrix Wire and Cable completes Clark Energy Stanton project
|
| Hendrix Wire & Cable, a provider of high quality overhead and underground power distribution products, announces the completion of a project for Clark Energy Cooperative, a non-profit electric utility headquartered in Winchester, Ky. Clark Energy needed to add a circuit to an existing double circuit bare wire system out of a substation in Stanton, Ky. The project spanned 4,416 circuit feet and was originally conceived to be a conventional triple bare wire circuit. Hendrix worked with Clark Energy and designed a spacer cable system that could be built under the existing double circuit bare wire system. After detailed engineering analysis Clark elected to go with the spacer cable alternative. Todd Peyton, manager of engineering at Clark Energy commented that the Stanton Projects actual cost, including make ready which involves moving transformers, installing anchors, etc. was $19.58/ft. This is less than 30 percewnt the cost I estimated to rebuild the existing double circuit with conventional triple circuit wire.
|
|
See
Extended Story..
|
February 2nd, 2010
- Wire Dusseldorf
CHASSE-SUR-RHNE, France - Technological excellence & eco-friendly lubricants - CONDAT At WIRE Dsseldorf 2010 - Hall 10 D 56
|
 CONDAT will introduce at WIRE Dsseldorf its wide range of lubricants including non-reactive coatings, dry powder lubricants, oils, pastes, greases, protective products and other coating products designed for all wire and tube drawing applications.
The show will provide the opportunity for CONDAT to display its advanced solutions in terms of high tech and eco-friendly lubricants.
The spirit of excellence that has driven the company since 1854 allows CONDAT to offer its customers lubricants at the evolutionary limit of technology and regulations.
|
|
See
Extended Story..
|
February 2nd, 2010
- General
Washington D.C. - US steel wire manufacturers report evidence of antidumping duty evasion schemes
|
| Evidence that certain companies are deliberately evading the antidumping duties to which they are subject will be presented to members of Congress, the US Department of Commerce, and US Customs and Border Protection by a coalition of US manufacturers of steel wire products. The Coalition for Enforcement of Antidumping and Countervailing Duty Orders accuse certain foreign manufacturers of such evasive schemes as falsely designating a third country as the country of origin for shipments, modifying products in third countries to avoid duties, or displaying false country of origin labels on products.
|
|
See
Extended Story..
|
February 2nd, 2010
- Reports
New Delhi India - Steel Authority of India reports $362 million net profit in Q3 FY 2009-10
|
On January 27, Indian steelmaker Steel Authority of India Limited (SAIL) issued its unaudited financial results covering the October-December period of 2009 or the third quarter of the financial year 2009-10 (FY 2009-10). The company reported a net profit of Rupees 16.76 billion ($362 million), marking an improvement of 99 percent over the corresponding period of last year. The company's net turnover during Q3 was Rupees 96.97 billion ($2.06 billion), 11 percent higher year on year. In volume terms, sales at 2.9 million mt during the quarter were 24.5 percent higher than in Q3 of the year before. The lower growth in turnover as compared to volume growth was primarily due to the 12 percent year-on-year drop in the value of sales in Q3. The substantially improved Q3 performance helped SAIL to keep its net profit for the first nine months (April-December) of FY 2009-10 at Rupees 46.69 billion ($1 billion), merely 0.4 percent lower year on year. In spite of sales growth of 14 percent in volume terms during April-December of 2009, the net turnover of Rupees 285.96 billion ($6.17 billion) for this period was about nine percent lower year on year, primarily on account of the drop in the value of sales.
On January 29 Pittsburgh-based US Steel reported Tuesday a net loss of $267 million for the fourth quarter of 2009, compared with a third-quarter loss of $303 million and a net income of $290 million in the fourth quarter of 2008.
|
|
See
Extended Story..
|
February 2nd, 2010
- Personnel
Irving, Texas - CMC announces resignation of Executive VP/President of Americas Division
|
| Commercial Metals Company announced Monday the resignation of Russell B. Rinn, Executive Vice President of CMC and President of the CMC Americas Division, effective Friday, Feb. 5, 2010. Rinn worked for the company for 31 years, and led the CMC Americas Division since 2007. Murray McClean, Chairman of the Board, President, and Chief Executive Officer said, CMC wishes Russ all the best and greatly appreciates his loyalty, dedication and contributions to the company. Mr. McClean announced that Tracy L. Porter, the head of CMCs Rebar Fabrication Division within CMC Americas, will step in on an interim basis while internal and external candidates for the position are considered. Following his resignation, Rinn plans to pursue his private businesses and other interests.
|
|
|
|
Wire &
Plastic Machinery
Pan
Chemicals
Bongard Machines
view
the archive by month... |
|
|
