Metallurgy news

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  • 2008-08-27 10:17:41
    Mechel announces its progress in the constraction of the Elga deposit access road
    Mechel announces that its subsidiary, Yakutugol Joint Stock Holding Company, continues active construction work on the Elga coal deposit access road. In February 2008, Mechel started construction of the railway spur-track to the Elga deposit. An opening ceremony for this work was held on ...
  • 2008-08-25 11:49:22
    Norilsk Nickel buys back its shares
    The company has announced a share buyback at $254 per share, which is 27% higher than the market price at the last session’s close. “Norilsk Nickel intends to buy-back its own shares in order to support the Company’s securities, which went down in price significantly in the ...
  • 2008-08-22 15:19:07
    Severstal Resources Reaches Agreement to Acquire PBS Coals
    Through its mining division Severstal Resources,  Severstal today announced that it intends to acquire the business of PBS Coals Corporation ("PBS”) by way of an acquisition of Penfold Capital Acquisition Corporation (TSX VENTURE: PNA.P) ("Penfold") following a ...
  • 2008-08-22 12:28:36
    VSMPO-Avisma reduces titanium product supplies
    A slowdown in demand for air transportation in developed countries has translated into lower supplies of titanium products to the largest aircraft manufacturers – Boeing and Airbus. According to a statement issued by the company, the civil aircraft industry remains under pressure. The ...
  • 2008-08-22 07:48:13
    TMK-Kaztrubprom Shipments
    TMK announces that its TMK-Kaztrubprom subsidiary began shipments of oil country tubular goods (OCTG). TMK-Kaztrubprom shipped 240 tonnes of tubing with couplings. Kaztrubprom joined TMK in June 2008 and specialises in the threading and finishing of tubing and casing pipes used in the oil ...
  • 2008-08-21 16:01:49
    Optimal Plate Mill Scheduling and Plate Nesting with SteelPlanner at ArcelorMittal Asturias
    As part of a major expansion project on the heavy plate mill of Avilés, ArcelorMittal Asturias selected the AIS solution to improve scheduling and plate nesting.   BetaPlanner, the well proven AIS module for rolling mill scheduling optimization, will be implemented to increase ...
  • 2008-08-21 10:58:24
    Standard & Poor's ratings service affirms the investment grade 'BBB-' rating on MMC Norilsk Nickel with stable outlook
    MMC Norilsk Nickel announced that on August 20, 2008 Standard & Poor's Ratings Service affirmed its 'BBB -' rating on the Company following a review of its performance and recent shareholding developments. The outlook is stable. According to the agency the rating reflects the Company's ...
  • 2008-08-20 13:18:42
    Evraz Group and Raspadskaya to share Mechel’s fate
    Another “metallurgical case” seems to be drawing to a close. Head of the Russian Antimonopoly Service (FAS) Igor Artemiev reported yesterday that similar fines are to be imposed against Evraz Group and Raspadskaya as in the case of Mechel, which we view as a good news for both ...
  • 2008-08-20 12:26:46
    FAS to fine Mechel $30 mln
    In all likelihood, the Mechel affair is history, which means that metal makers and investors alike can breathe a sigh of relief. FAS will fine the metal major $33 mln and order the company to lower its coal concentrate prices by 15% starting September 1, 2008. Yesterday, the Federal ...
  • 2008-08-20 10:54:33
    MMK announces Interim Results for the Six Months ended 30 June 2008
    Magnitogorsk Iron and Steel Works today announced its consolidated financial results according to US GAAP for the six months ending 30 June 2008. Financial Highlights *        Revenue up by 41% to US$5653 million, driven by pricing and incremental ...
  • 2008-08-19 10:38:28
    Mechel Announces Launch of an Upgraded Medium-Section Mill at Mechel Targoviste
    Mechel announces the launch of a medium-section mill at its Mechel Targoviste facility (Targoviste, Romania) following the execution of fundamental renovations. Implementation of this project was performed within the scope of an extensive program for modernization of production at ...
  • 2008-08-18 22:55:05
    Metalloinvest and Chelyabinsk Pipe Rolling Plant signed a long-term agreement on supply
    Metalloinvest and Chelyabinsk Pipe Rolling Plant signed a long-term agreement on supplies of strip and tube billets. According to the agreement Ural Steel (a subsidiary of Metalloinvest holding) will deliver over 60 thousand tn of steel products monthly to Chelyabinsk Pipe Rolling Plant since ...
  • 2008-08-18 14:03:29
    PSI Expands Offerings and Market Position in the Metals Industry
    Integration of the aluminium and copper specialist 4Production The PSI AG has acquired 100 percent of the shares of 4Production AG, headquartered in Wurselen near Aachen. 4Production is a specialized provider of metals supply chain consulting and, with its production management solutions, ...
  • 2008-08-18 10:14:08
    UC RUSAL files lawsuit against LUKOIL
    UC RUSAL has filed a lawsuit with the arbitration court against LUKOIL, the primary supplier of oil coke to UC RUSAL’s facilities, for disruptions in its supply of raw materials. Since April 2008, LUKOIL has reduced the supply of oil coke to UC RUSAL’s largest aluminium smelters ...
  • 2008-08-18 09:55:39
    Evraz secures $725 mln of bank financing
    Evraz Group S.A. announces the closing of a $550 mln five-year revolving credit facility and a $175 mln five-year term loan facility for its North American division, Evraz Inc. NA. The facilities bear the floating interest rate of LIBOR plus 2.5% and LIBOR plus 3.25% respectively and are ...
  • 2008-08-13 11:39:21
    Belon Group: Performance Results for 6 Month Period
    According to the performance results for the first six months of 2008, Belon Group achieved a significant increase in coal preparation and sales compared to the similar period of the last year. In the reported period, the volume of metallurgical ...
  • 2008-08-13 11:34:47
    Novolipetsk Steel to Acquire John Maneely Company from The Carlyle Group for $3.53 bln
    Novolipetsk Steel has signed a definitive agreement to acquire U.S. steel pipe and tube manufacturer John Maneely Company (JMC) from a shareholder group including global private equity firm The Carlyle Group and the Zekelman family for $3.53 bln, acquiring the company on a debt free, cash free ...
  • 2008-08-12 12:01:47
    VSMPO-AVISMA Corporation Board of Directors reviewed the corporate management development programs
    The scale of business carried out by Corporation, new big contracts and highly competitive titanium market make the company introduce the further advanced approaches to be applied to administration. August 05 the Board of Directors made a decision on the change in the administration as ...
  • 2008-08-12 10:36:55
    Severstal Resources takes control of Balazhal Gold Mine in Kazakhstan
    Severstal Resources, the mining division of Severstal, has taken control of Balazhal, a gold mine in East Kazakhstan, 260 km south of Semipalatinsk. The purchase of 100% of the asset was made through one of Severstal’s subsidiaries. The recoverable reserves in Balazhal are estimated at ...
  • 2008-08-11 11:48:51
    Taganrog Metallurgical Works hot-tested new PQF piercing mill
    At Taganrog Metallurgical Works (TAGMET), a part of TMK, the first hollow-billet piercing was carried out with the use of the piercing mill of a new pipe-rolling system, part of a Premium Quality Finishing (PQF) continuous mill made by SMS Meer. Annual capacity of the new system will amount to ...
  • 2008-08-11 05:28:32
    UC RUSAL and RusHydro have invested over $1.8 bln in the BEMO project
    UC RUSAL,and RusHydro have announced the two-year results of their joint BEMO project, which includes the completion of the Boguchansky hydropower plant and the construction of a greenfield aluminium smelter in the Krasnoyarsk region. Since the beginning of the project, both companies have ...
  • 2008-08-07 14:52:28
    OMZ Reports Strong Revenue and Profit Growth for 1H 2008
    OMZ OJSC announced  its financial results for the first half of 2008 in accordance with Russian Accounting Standards (RAS). The company announced strong growth in its key financial indicators for the first half of 2008 against the comparable period of 2007. The company’s net ...
  • 2008-08-05 14:55:45
    MMC Norilsk Nickel announces preliminary consolidated production results for 2nd quarter 2008
    MMC “Norilsk Nickel” announces preliminary consolidated production results for the second quarter of 2008 at its Polar and Kola Divisions in Russia and international operations in Finland, Australia, Botswana and South Africa. • Overall saleable nickel production in the ...
  • 2008-08-05 11:57:54
    Severstal completes acquisition of Esmark Incorporated
    Severstal  today announced that it has completed its acquisition of Esmark Incorporated, a manufacturer and distributor of flat rolled and other steel products. The acquisition was completed pursuant to the merger of Severstal Wheeling Acquisition Corp., a wholly-owned subsidiary of ...
  • 2008-08-04 11:02:12
    Evraz Secures JV with MCC for development of the Cape Lambert Iron Ore Project
    Evraz Group S.A. signinged of a Co-operation Agreement with China Metallurgical Group Corporation (“MCC”) for the joint development of the Cape Lambert Iron Ore Project (“the Project”) located in the Northern coastal Pilbara region of Western Australia. The Project ...
  • 2008-07-21 11:46:39
    Chelyabinsk Zinc Plant Reports 5.5% Production Increase for the H1 2008
    Chelyabinsk Zinc Plant announces its production results for the first half of 2008. January through June 2008, Chelyabinsk Zinc Plant (CZP) produced 84,816 tn of SHG zinc and zinc based alloys, an increase of 5.5% as compared to the same period of 2007 (80,385 tn). 51.9% of salable metal was ...
  • 2008-07-17 12:42:48
    PSI Awarded Additional Important Contract by the ArcelorMittal Group
    PSProduction management solution for the Canadian steel producer Dofasco PSI has been charged by the Canadian Dofasco Inc. with the delivery of a complete Manufacturing Execution System (MES) for all production areas from hot rolling to finishing at the site in Hamilton, Ontario. Dofasco ...
  • 2008-07-17 09:54:23
    UC RUSAL announces H1 2008 results
    Highlights - Bauxite mining reached 9,044,615 tonnes, up 6.5% compared to the first half of 2007 - Alumina production rose by 1.4%, amounting to 5,659,921 tonnes - Aluminium production increased by 7.8% to 2,196,262 tonnes - Output of high value-added casthouse products increased by ...
  • 2008-07-16 09:43:10
    MMK Announces Operational Trading Update and H1 2008 Results under Russian Accounting Standards
    Key Financial Highlights - Sales  increased by 31% to RUR 121,730 billion (compared to RUR 93,220 billion in H1 2007) - Operating income rose by 18% to RUR 32,003 billion (RUR 27,023 billion for H1 2007) - Net income¹ grew by 18% to RUR 25,249 billion (opposed to RUR 21,353 billion H1 ...
  • 2008-07-15 17:30:52
    Metalloinvest declines comment on Kazakhmys talks
    Russian mining giant Metalloinvest has failed to confirm or deny reports it is in discussion to buy a controlling stake of Kazakhstan’s largest copper producer, Kazakhmys. While Kazakhmys has confirmed its is in preliminary discussions with a third party over a possible ...
  • 2008-07-15 14:23:10
    CIS CR exporters raise offers but face weak demand
    Demand for CIS cold rolled coil exports has slackened as producers begin to make offers for August production, market sources told MB. Russia’s Magnitogorsk Iron and Steel Works is offering CRC at $1,280 per tonne cfr, Turkey, August production and Severstal is offering ...
  • 2008-07-11 11:31:32
    OMZ Special Steels Receives Det Norske Veritas Certificatation
    OMZ-SpecStal (St.-Petersburg), a part of OMZ (Uralmash-Izhora Group) has received an Approval Certificate from Det Norske Veritas (DNV), a Norwegian classification organization, for the production of carbon, carbon-manganiferous and low-alloyed steel forgings. The certification for forgings ...
  • 2008-07-10 14:33:48
    Severstal completes acquisition of WCI Steel
    Severstal on July 8 completed its previously announced acquisition of WCI Steel, a market leader in the production of value-added steel products based in Warren, Ohio. WCI Steel will be known as Severstal Warren, Inc. Severstal acquired all of the outstanding equity of WCI for a total cash ...
  • 2008-07-10 12:38:51
    ChTPZ Group Ferrous Division - Reduce By 10%
    Chelyabinsk Tube-Rolling Plant and Pervouralsk New Pipe Plant shipped 867.8 thousand tn of pipe products to customers in the first six months of 2008, a decrease of 10% as compared to the same period of 2007 (969.5 thousand tn). January through June 2008, Chelyabinsk Tube-Rolling Plant ...
  • 2008-07-09 12:28:21
    Mechel announces preliminary 2008 IQ financial results
    Consolidated net revenue in the first quarter of 2008 is expected to exceed $2.3 bln, an increase of more than 60% when compared with consolidated net revenue of $1.4 bln in the first quarter of 2007. Consolidated net income in the first quarter of 2008 is expected to be about $500 mln, an ...
  • 2008-07-07 13:33:56
    NLMK signs contract to build new power plant
    Within the framework of NLMK’s Phase 2 Technical Upgrading Programme, the company has signed a contract to build a new 150 MW Power Plant at its main production site in Lipetsk. Commissioning additional power facilities will allow NLMK to increase its Lipetsk production site electrical ...
  • 2008-07-04 14:52:27
    Annual General Meeting of Shareholders Assessed PSC VSMPO-AVISMA Corporation Performance for 2007
    The Annual General Meeting of PSC VSMPO-AVISMA Shareholders was held in Verkhnaya Salda on June 30, 2008. PSC VSMPO-AVISMA shareholders adopted the annual report, the annual accounting including the Company income statement for 2007. Vladislav Tetyukhin, the Company Director General, ...
  • 2008-07-04 11:59:41
    Norilsk Nickel Announces Preliminary Results of Annual General Shareholders’ Meeting
    On June 30, 2008 the Annual General Shareholders’ Meeting of MMC Norilsk Nickel was held in Moscow to review the Company’s results for 2007. As Denis Morozov, General Director and Chairman of the Management Board of Norilsk Nickel, noted in his report, 2007 featured a ...
  • 2008-07-04 11:00:57
    Severstal begins preparatory work at future Severstal Russian Steel construction site
    Severstal begin preparatory works at a future construction site for the Balakovo Long Product Plant in Balakovo (Saratov Oblast) by creating a circular greenbelt around the site. When complete, the $ 85.3 mln environmental project will provide for waste treatment facilities and nature ...
  • 2008-07-03 12:06:13
    NLMK successfully passes Quality Management System audit
    NLMK has successfully passed a supervision audit of the compliance of its Quality Management System with the international standard ISO/TU 16949:2002 «Quality Management Systems. Specific requirements to the application of ISO 9001:2000 in the automotive industry and by spare parts ...
  • 2008-07-02 12:50:59
    Mechel Announces Results of its Annual General Shareholders’ Meeting
    The Annual General Shareholders’ Meeting adopted the following resolutions: • To approve a dividend of RUR 26.38 per one ordinary registered book-entry share (about USD 1.12 per one ADR 1) based on the company’s operational results for 2007. The total dividend recommended by ...
  • 2008-06-30 16:31:31
    TMK Annual General Meeting of Shareholders
    TMK announces that the Annual General Meeting of Shareholders of the Company was held in Moscow on June 27, 2008.   The AGM approved a 2007 dividend of 1.03 RUR per TMK share (about $ 0.17 per 1 GDR*, 1 GDR = 4 shares). A total of RUR 899,191,030.00 (around $ 37.7 mln) shall be paid ...
  • 2008-06-30 12:21:31
    Chelyabinsk Zinc Plant Holds AGM
    On Friday, June 27,Chelyabinsk Zinc Plant has held its Annual General Shareholders’ Meeting. Participants in the AGM, including shareholders and their representatives, control 87.18% of the Company’s voting shares.   On behalf of the Board, Vsevolod Geikhman, General ...
  • 2008-06-27 16:11:38
    Basic Element increases assets and revenues
    Basic Element’s revenues in 2007 were $26.8 bln, up 45% on the previous year, while the value of its assets almost doubled to $45 bln. In addition to the increase in assets, an important driver in Basic Element’s revenue growth was the improved production performance of its sectors, ...
  • 2008-06-27 11:43:06
    OMZ Oil and Gas Projects Wins International Tender
    OMZ Oil and Gas Projects (Izhorskiye Zavody) division has won an international tender by NAFTAN OJSC, Belarus, for the production and supply of six reactors for hydrofining of diesel fuel. The value of the contract is more than RUR800 mln. The equipment will be produced by OMZ production ...
  • 2008-06-25 11:37:37
    Severstal to invest $16 bln in 2008-2012
    In 2008-1012, Severstal plans to invest more than $16 bln in its assets. Furthermore, the company is mulling the acquisition of a coal company in the USA. We view this news as a positive for the metal maker. According to its Eurobond issue memorandum, over the period of 2008-2012, Severstal ...
  • 2008-06-23 11:38:38
    Decisions of the Board of Directors of Belon
    The Board of Directors of  Belon has held its meeting. It has been made the resolutions in relation to the Company’s plans of expansion into international stock markets. The Board of Directors has concluded that IPO need to be carried out ...
  • 2008-06-20 03:45:34
    Rimera Has Acquired Drilling Company “Taimyrnefterazvedka”
    Rimera Company, an oilfield service division of ChTPZ Group, has acquired 100% of the shares in the largest drilling company in Taimyr Autonomous Okrug of Krasnoyarsk Krai – Taimyrnefterazvedka JSC. Today Taimyrnefterazvedka accounts for 70% of exploration drilling in Taimyr ...
  • 2008-06-19 13:51:43
    $1,5 bln medium term facility for Norilsk Nickel
    On June 17, 2008 OJSC “MMC “Norilsk Nickel” and a group of western financial institutions signed a $1,5 bln credit facility agreement. The facility was arranged and fully underwritten by the Bank of Tokyo- Mitsubishi UFJ Ltd, Bayerische Hypo- und Vereinsbank AG (a member of ...
  • 2008-06-18 12:51:49
    UC RUSAL invests more than $ 2 mln
    UC RUSAL announced plans to invest more than $ 2 mln to find the best new applications for aluminium and to develop innovative products. As part of this Global Technology and Innovation Research Project UC RUSAL and the International Aluminium Institute (IAI) are inviting leading universities ...