Tuesday, May 31, 2005
Researchers Pursue Blast-resistant Steel Using New Tomograph
sciencedaily.com
EVANSTON, Ill. -- Materials scientists and engineers at Northwestern University are developing a new 'high-security' steel that would be resistant to bomb blasts such as the one that struck -- and nearly sank -- the USS Cole in Yemen in 2000. The researchers now have a state-of-the-art instrument that enables them to get a precise look at steel's composition on the nanoscale: a $2 million atom-probe tomograph that is only the fourth of its kind in the world.
Using the new Local-Electrode Atom-Probe (LEAP®) tomograph, researchers studying steel and other materials can -- at amazing speed -- pluck atoms off a material's surface one at a time, layer by layer over tens of thousands of layers, to better understand the entire nanostructure and chemical composition of the material, which is key to designing new materials effectively and efficiently.
The technology is similar to that used in CT (computed tomography) scans, which image body tissues for medical diagnosis. Consisting of a field-ion microscope plus a special time-of-flight mass spectrometer, an atom-probe tomograph takes multiple pictures and uses those slices to construct a detailed three-dimensional image of the material.
EVANSTON, Ill. -- Materials scientists and engineers at Northwestern University are developing a new 'high-security' steel that would be resistant to bomb blasts such as the one that struck -- and nearly sank -- the USS Cole in Yemen in 2000. The researchers now have a state-of-the-art instrument that enables them to get a precise look at steel's composition on the nanoscale: a $2 million atom-probe tomograph that is only the fourth of its kind in the world.
Using the new Local-Electrode Atom-Probe (LEAP®) tomograph, researchers studying steel and other materials can -- at amazing speed -- pluck atoms off a material's surface one at a time, layer by layer over tens of thousands of layers, to better understand the entire nanostructure and chemical composition of the material, which is key to designing new materials effectively and efficiently.
The technology is similar to that used in CT (computed tomography) scans, which image body tissues for medical diagnosis. Consisting of a field-ion microscope plus a special time-of-flight mass spectrometer, an atom-probe tomograph takes multiple pictures and uses those slices to construct a detailed three-dimensional image of the material.
EU to File Counter Complaint Vs. Boeing
Yahoo! News
BRUSSELS, Belgium - The European Union decided Tuesday to file a counter complaint at the World Trade Organization against the United States, claiming Boeing Co. receives illegal aid - launching a new trade war with Washington.
The move, announced by EU trade chief Peter Mandelson, reactivates a legal process at the WTO that was frozen by the EU when it entered negotiations with Washington in January to try to cut aid to U.S.-based Boeing and its European rival Airbus. It is also a reaction to Washington's decision late Monday to abandon months of talks and take the EU to a legal panel at the WTO for Airbus subsidies.
"I can assure you Europe's interests will be fully defended," Mandelson said, adding that he was "disappointed that the United States has chosen this confrontation with Europe."
Mandelson blamed the United States for escalating the dispute into a full-blown trade war.
"America's decision will, I fear, spark the biggest, most difficult and costly legal dispute in the WTO's history," he said, adding it would be "manifestly expensive and (involve) quite destructive litigation."
BRUSSELS, Belgium - The European Union decided Tuesday to file a counter complaint at the World Trade Organization against the United States, claiming Boeing Co. receives illegal aid - launching a new trade war with Washington.
The move, announced by EU trade chief Peter Mandelson, reactivates a legal process at the WTO that was frozen by the EU when it entered negotiations with Washington in January to try to cut aid to U.S.-based Boeing and its European rival Airbus. It is also a reaction to Washington's decision late Monday to abandon months of talks and take the EU to a legal panel at the WTO for Airbus subsidies.
"I can assure you Europe's interests will be fully defended," Mandelson said, adding that he was "disappointed that the United States has chosen this confrontation with Europe."
Mandelson blamed the United States for escalating the dispute into a full-blown trade war.
"America's decision will, I fear, spark the biggest, most difficult and costly legal dispute in the WTO's history," he said, adding it would be "manifestly expensive and (involve) quite destructive litigation."
Monday, May 30, 2005
US Department of State says U.S. Ready To Return Airbus Case to World Trade Organization
The United States has warned that it is going to proceed “promptly� with a World Trade Organization (WTO) subsidy case against the European Union (EU) unless the Europeans change their position on aid for the development of new Airbus aircraft.
Testifying May 25 before a House of Representatives Transportation and Infrastructure subcommittee, Deputy U.S. Trade Representative Peter Allgeier said that a negotiated agreement on ending so-called launch aid and other trade-distorting aircraft subsidies would be preferable to litigation.
But he added that the Bush administration is “fully prepared� to move forward with the 2004 WTO case and believes it has a “very strong� case.
“It is up to the Europeans to decide if they are prepared to withhold launch aid while negotiating an agreement, or if they’d rather take their chances in a WTO dispute proceeding,� Allgeier said.
Subcommittee members pressed Allgeier to explain why the Office of the U.S. Trade Representative (USTR) delayed taking the subsidy issue to the WTO, thus giving Europe's subsidized Airbus time to gain a competitive edge over its U.S. rival Boeing Company.
Allgeier replied that the U.S. aircraft industry had long favored a negotiated resolution of the dispute because of its commercial interests in Europe. But he said the administration is prepared to defend U.S. business interests if the other side does not show willingness to reach such an outcome.
“We won’t be dithering over what course to take,� he said.
He added that the United States is seeking a type of agreement that would not only stop launch aid but also require repayment of the aid that has already been provided.
Testifying May 25 before a House of Representatives Transportation and Infrastructure subcommittee, Deputy U.S. Trade Representative Peter Allgeier said that a negotiated agreement on ending so-called launch aid and other trade-distorting aircraft subsidies would be preferable to litigation.
But he added that the Bush administration is “fully prepared� to move forward with the 2004 WTO case and believes it has a “very strong� case.
“It is up to the Europeans to decide if they are prepared to withhold launch aid while negotiating an agreement, or if they’d rather take their chances in a WTO dispute proceeding,� Allgeier said.
Subcommittee members pressed Allgeier to explain why the Office of the U.S. Trade Representative (USTR) delayed taking the subsidy issue to the WTO, thus giving Europe's subsidized Airbus time to gain a competitive edge over its U.S. rival Boeing Company.
Allgeier replied that the U.S. aircraft industry had long favored a negotiated resolution of the dispute because of its commercial interests in Europe. But he said the administration is prepared to defend U.S. business interests if the other side does not show willingness to reach such an outcome.
“We won’t be dithering over what course to take,� he said.
He added that the United States is seeking a type of agreement that would not only stop launch aid but also require repayment of the aid that has already been provided.
China Minmetals, Codelco to Invest in Copper Mines in Chile
Bloomberg.com
May 30 (Bloomberg) -- China, the world's largest consumer of copper, will sign an accord tomorrow to invest in mines in Chile to secure supplies of the metal for wires and cables to distribute power in the Asian country's fast-growing economy.
China Minmetals Corp., the nation's biggest state-owned metal trading company, will sign the agreement with Codelco, the world's largest copper producer, to invest jointly in production of the metal, Miguel Poklepovic, a minister-counsellor at the Chilean embassy, said by telephone from Beijing. He declined to elaborate.
May 30 (Bloomberg) -- China, the world's largest consumer of copper, will sign an accord tomorrow to invest in mines in Chile to secure supplies of the metal for wires and cables to distribute power in the Asian country's fast-growing economy.
China Minmetals Corp., the nation's biggest state-owned metal trading company, will sign the agreement with Codelco, the world's largest copper producer, to invest jointly in production of the metal, Miguel Poklepovic, a minister-counsellor at the Chilean embassy, said by telephone from Beijing. He declined to elaborate.
Labels: Copper
George Tippins Allegheny Ludlum ex-chair led and altered steel industry
PittsburghLIVE.com
George Tippins had the focus and foresight to transform his family's machinery business and, later, the steel industry.
The former Allegheny Ludlum Steel Corp. board chairman, inventor and independent businessman died Saturday at the Presbyterian Senior Care in Oakmont after long illnesses with Alzheimer's and Parkinson's diseases. He was 79.
'George Tippins was a significant force in the steel industry both in Western Pennsylvania and around the world,' said Charles Queenan Jr., senior counsel of Kirkpatrick & Lockhart law firm, a longtime friend who served on the board of Allegheny Ludlum Steel Corp. with Mr. Tippins. 'He was very unique in developing steckle mills and rolling mills that were ahead of their times.'
Mr. Tippins was board chairman and majority owner of Allegheny Ludlum Steel Corp. from 1980 through 1986. Describing him as 'supremely focused,' Queenan said Mr. Tippins invested in the steel company 'at the right time to make sure that it survived for Western Pennsylvania.'
George Tippins had the focus and foresight to transform his family's machinery business and, later, the steel industry.
The former Allegheny Ludlum Steel Corp. board chairman, inventor and independent businessman died Saturday at the Presbyterian Senior Care in Oakmont after long illnesses with Alzheimer's and Parkinson's diseases. He was 79.
'George Tippins was a significant force in the steel industry both in Western Pennsylvania and around the world,' said Charles Queenan Jr., senior counsel of Kirkpatrick & Lockhart law firm, a longtime friend who served on the board of Allegheny Ludlum Steel Corp. with Mr. Tippins. 'He was very unique in developing steckle mills and rolling mills that were ahead of their times.'
Mr. Tippins was board chairman and majority owner of Allegheny Ludlum Steel Corp. from 1980 through 1986. Describing him as 'supremely focused,' Queenan said Mr. Tippins invested in the steel company 'at the right time to make sure that it survived for Western Pennsylvania.'
Gutierrez, Portman to Press China to Ease Trade Gap
Bloomberg.com
May 30 (Bloomberg) -- U.S. Commerce Secretary Carlos Gutierrez and Trade Representative Rob Portman are likely to press China to revalue the yuan and do more to combat product piracy to curb the swelling trade deficit during talks this week with Chinese counterparts, analysts and officials said.
Protection of intellectual property rights including for software, film and music products will top the agenda when he arrives in China on June 2, Gutierrez said in an interview. Portman will meet Commerce Minister Bo Xilai at a separate gathering of trade ministers on Korea's Jeju island, and may travel to Beijing the following week, officials said.
``It's difficult to imagine China will give any ground while the Americans are in Beijing,'' said Huang Yiping, a Hong Kong- based economist with Citigroup Inc., and a former Chinese government economist. ``While they may indicate privately what they will do on the yuan, they aren't likely'' to make any public statement this week, he said.
The Bush administration is under increasing pressure from Congress to curb the country's trade deficit with China, which totaled $162 billion in 2004 and expanded at a rate of almost 40 percent in the first quarter of this year. A surge in textile imports from China has already prompted the U.S. and the European Union to begin imposing trade restrictions, an issue likely to be debated during this week's meetings.
May 30 (Bloomberg) -- U.S. Commerce Secretary Carlos Gutierrez and Trade Representative Rob Portman are likely to press China to revalue the yuan and do more to combat product piracy to curb the swelling trade deficit during talks this week with Chinese counterparts, analysts and officials said.
Protection of intellectual property rights including for software, film and music products will top the agenda when he arrives in China on June 2, Gutierrez said in an interview. Portman will meet Commerce Minister Bo Xilai at a separate gathering of trade ministers on Korea's Jeju island, and may travel to Beijing the following week, officials said.
``It's difficult to imagine China will give any ground while the Americans are in Beijing,'' said Huang Yiping, a Hong Kong- based economist with Citigroup Inc., and a former Chinese government economist. ``While they may indicate privately what they will do on the yuan, they aren't likely'' to make any public statement this week, he said.
The Bush administration is under increasing pressure from Congress to curb the country's trade deficit with China, which totaled $162 billion in 2004 and expanded at a rate of almost 40 percent in the first quarter of this year. A surge in textile imports from China has already prompted the U.S. and the European Union to begin imposing trade restrictions, an issue likely to be debated during this week's meetings.
China has revoked a plan to sharply raise export taxes on textiles in its trade dispute with the United States.
Basically, it's a trade war. Here are some more articles, all with more or less the same content.
China to scrap textile export taxes
China said on Monday it would abolish export tariffs on 78 lines of clothing and textiles, keeping its promise to roll back the taxes if Western countries threw up barriers against its goods.
And China blasts 'protectionist' EU signals over textiles
"China is very dissatisfied with this," commerce ministry spokesman Chong Quan said in a statement posted on the ministry's website, criticizing the EU's call for formal talks.
The European Commission said Friday it had asked the Chinese authorities for formal consultations on flax yarn and T-shirts, bringing the EU a step closer to imposing limits.
Under World Trade Organization (WTO) rules, China must now take steps to drastically limit the export of the two types of clothing.
They are to fall to "a level no greater than 7.5 percent above the amount that entered the EU market during the period from March 2004 to February 2005."
Beijing has 15 days to take the measures, failing which Brussels is entitled to slap its own limits on Chinese textiles.
China to scrap textile export taxes
China said on Monday it would abolish export tariffs on 78 lines of clothing and textiles, keeping its promise to roll back the taxes if Western countries threw up barriers against its goods.
And China blasts 'protectionist' EU signals over textiles
"China is very dissatisfied with this," commerce ministry spokesman Chong Quan said in a statement posted on the ministry's website, criticizing the EU's call for formal talks.
The European Commission said Friday it had asked the Chinese authorities for formal consultations on flax yarn and T-shirts, bringing the EU a step closer to imposing limits.
Under World Trade Organization (WTO) rules, China must now take steps to drastically limit the export of the two types of clothing.
They are to fall to "a level no greater than 7.5 percent above the amount that entered the EU market during the period from March 2004 to February 2005."
Beijing has 15 days to take the measures, failing which Brussels is entitled to slap its own limits on Chinese textiles.
Sunday, May 29, 2005
Steel manufacturing company setting sights on Shreveport-Bossier
KATC
SHREVEPORT, La. Officials say a company that makes steel coils for the construction industry plans to open a 200 (M) million dollar manufacturing plant employing up to 240 people at the Port of Shreveport-Bossier.
Renee Baker is the marketing manager for Steelscape Incorporated, which produces the cold rolled, metallic coated and custom-painted coils. She says plans are definitely moving forward.
SHREVEPORT, La. Officials say a company that makes steel coils for the construction industry plans to open a 200 (M) million dollar manufacturing plant employing up to 240 people at the Port of Shreveport-Bossier.
Renee Baker is the marketing manager for Steelscape Incorporated, which produces the cold rolled, metallic coated and custom-painted coils. She says plans are definitely moving forward.
Timken reaches agreement with steel workers
wkyc
CLEVELAND -- About 3,000 employees at Timken Company?s bearings and steel plants in Canton and Wooster would be covered by a new four-year agreement reached between the company and the United Steelworkers of America.
The contract was announced in a joint statement yesterday. Neither side released details. The new contract still must be approved by the rank and file.
CLEVELAND -- About 3,000 employees at Timken Company?s bearings and steel plants in Canton and Wooster would be covered by a new four-year agreement reached between the company and the United Steelworkers of America.
The contract was announced in a joint statement yesterday. Neither side released details. The new contract still must be approved by the rank and file.
Saturday, May 28, 2005
Inco to shut copper refinery in northern Ontario
Yahoo! News
Inco Ltd. will close its Copper Cliff refinery in Sudbury in northern Ontario by the end of the year, the Toronto-based company said on Friday.
'We have made the decision final to close the copper refinery,' Inco spokesman Cory McPhee said.
He said the decision to shut the small, aging and high-cost plant will affect 140 employees, but no one will be laid off. Jobs will be found for workers in other Inco operations in the area.
The United Steelworkers of America, the union representing workers at the refinery, as well as several other Inco sites, is strongly opposed to the plant's closure.
The union has warned that labor negotiations later this year at Inco's Manitoba nickel operations will be tense if the refinery is shut.
McPhee said that about 80 of the 140 employees were near retirement age.
Like other miners, Inco has suffered from escalating costs at its operations due to higher energy and other mine input costs. But at the same time, it has been enjoying the best nickel and copper prices for more than a decade.
Inco Ltd. will close its Copper Cliff refinery in Sudbury in northern Ontario by the end of the year, the Toronto-based company said on Friday.
'We have made the decision final to close the copper refinery,' Inco spokesman Cory McPhee said.
He said the decision to shut the small, aging and high-cost plant will affect 140 employees, but no one will be laid off. Jobs will be found for workers in other Inco operations in the area.
The United Steelworkers of America, the union representing workers at the refinery, as well as several other Inco sites, is strongly opposed to the plant's closure.
The union has warned that labor negotiations later this year at Inco's Manitoba nickel operations will be tense if the refinery is shut.
McPhee said that about 80 of the 140 employees were near retirement age.
Like other miners, Inco has suffered from escalating costs at its operations due to higher energy and other mine input costs. But at the same time, it has been enjoying the best nickel and copper prices for more than a decade.
Timken to Increase Specialty Steel Prices
The Auto Channel
LATROBE, Pa., May 27, 2005 -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would increase prices by 5 to 10 percent on all remelted aerospace alloys, air melt stainless steel and tool steel grades. The price change will be effective with all new orders received beginning June 1, 2005. Raw material surcharges will remain in effect.
'This price increase will enable us to recover the increasing operational costs caused by several key factors, including higher costs for energy and manufacturing supplies, that we are experiencing throughout our entire manufacturing process,'"
LATROBE, Pa., May 27, 2005 -- Timken Latrobe Steel, a subsidiary of The Timken Company, announced it would increase prices by 5 to 10 percent on all remelted aerospace alloys, air melt stainless steel and tool steel grades. The price change will be effective with all new orders received beginning June 1, 2005. Raw material surcharges will remain in effect.
'This price increase will enable us to recover the increasing operational costs caused by several key factors, including higher costs for energy and manufacturing supplies, that we are experiencing throughout our entire manufacturing process,'"
Mexico puts anti-dumping quotas on US steel tubing
Invertia
MEXICO CITY, May 27 (Reuters) - Mexico said on Friday it was putting compensatory tariff quotas on steel tubing imported from the United States, arguing that unfair imports were hurting local industry.
Mexico''s Economy Ministry said the tariffs, to go into effect on Saturday, were the result of an anti-dumping investigation and responded to a dramatic increase in market share for steel tubing imported from the United States.
'Imports from the United States take place under conditions of price discrimination and harm national production of similar products,' said a ministry statement published in Mexico''s government journal.
Steel tubing is made from low carbon plate or rolled steel and is used in hydraulic, sanitary and oil installations.
The new tariffs range from 6.77 percent to 25.43 percent.
MEXICO CITY, May 27 (Reuters) - Mexico said on Friday it was putting compensatory tariff quotas on steel tubing imported from the United States, arguing that unfair imports were hurting local industry.
Mexico''s Economy Ministry said the tariffs, to go into effect on Saturday, were the result of an anti-dumping investigation and responded to a dramatic increase in market share for steel tubing imported from the United States.
'Imports from the United States take place under conditions of price discrimination and harm national production of similar products,' said a ministry statement published in Mexico''s government journal.
Steel tubing is made from low carbon plate or rolled steel and is used in hydraulic, sanitary and oil installations.
The new tariffs range from 6.77 percent to 25.43 percent.
Trim Trends files Ch. 11, blames high steel costs
Crain's Detroit Business
The Chapter 11 machine has claimed another auto supplier, this one because of high raw-material costs.
Trim Trends Co. L.L.C., a Farmington Hills-based supplier of metal automotive structures and decorative trim, also was a major creditor of Tower Automotive Inc. Tower filed for bankruptcy earlier this year.
But Trim Trends was able to get on Tower?s critical vendors list, which softened that blow. What really hurt the company was its inability to recover steel prices that more than doubled in the past year.
Trim Trends sells components to tier-one suppliers such as Tower, and directly to automakers. Neither is willing to accept higher prices because of steel. That means companies such as Trim Trends often lose money on parts where prices were set before steel prices spiked.
The Chapter 11 machine has claimed another auto supplier, this one because of high raw-material costs.
Trim Trends Co. L.L.C., a Farmington Hills-based supplier of metal automotive structures and decorative trim, also was a major creditor of Tower Automotive Inc. Tower filed for bankruptcy earlier this year.
But Trim Trends was able to get on Tower?s critical vendors list, which softened that blow. What really hurt the company was its inability to recover steel prices that more than doubled in the past year.
Trim Trends sells components to tier-one suppliers such as Tower, and directly to automakers. Neither is willing to accept higher prices because of steel. That means companies such as Trim Trends often lose money on parts where prices were set before steel prices spiked.
Friday, May 27, 2005
White House Nixes New China Trade Request
Yahoo! News
The Bush administration turned down the latest request for a trade case to be brought against China over its currency system.
The announcement was made late Friday afternoon in a brief statement issued by the office of U.S. Trade Representative Rob Portman. It rejected a petition filed in April by House and Senate members asking the administration to use a provision in U.S. trade law, known as Section 301, that provides for the use of economic sanctions against unfair trade practices.
"We do not believe that a Section 301 action is appropriate or a productive way" to achieve the goal of a flexible Chinese currency system, Richard Mills, a spokesman for Portman, said in a statement.
The Bush administration turned down the latest request for a trade case to be brought against China over its currency system.
The announcement was made late Friday afternoon in a brief statement issued by the office of U.S. Trade Representative Rob Portman. It rejected a petition filed in April by House and Senate members asking the administration to use a provision in U.S. trade law, known as Section 301, that provides for the use of economic sanctions against unfair trade practices.
"We do not believe that a Section 301 action is appropriate or a productive way" to achieve the goal of a flexible Chinese currency system, Richard Mills, a spokesman for Portman, said in a statement.
Stelco sees steel prices falling
CBC News
TORONTO - Stelco Inc. — a theoretically insolvent producer that posted record first-quarter profits in a hot steel market — now warns that prices are weakening, changing its financial outlook.
Despite its return to prosperity, Stelco has remained under court protection for nearly 16 months. A court-appointed monitor reported on Thursday that the Hamilton-based company is concerned about the price situation.
"Stelco believes that market conditions for Stelco and other steel producers reflect high inventory levels which need to be reduced to strengthen customer demand. Because of these changing market conditions, Stelco is in the process of updating its financial projections."
Over the past month, the price of hot rolled steel has fallen from about $575 (U.S.) a ton to less than $540, CP said.
Companies around the world rushed to expand steel production amid runaway demand from China as it became a global manufacturing power. Recently, however, prices of steel shares on U.S. and other markets have been hit by fear that the glory days are ending.
Separately, the Canadian Press reported that Ian Delaney, chairman of Sherritt International, has expressed "rapidly diminishing" interest in Stelco. Speaking to reporters after the resource company's annual meeting in Toronto, Delaney said Sherritt had no plans to revive its offer for a restructuring of Stelco but will watch "from a distance."
TORONTO - Stelco Inc. — a theoretically insolvent producer that posted record first-quarter profits in a hot steel market — now warns that prices are weakening, changing its financial outlook.
Despite its return to prosperity, Stelco has remained under court protection for nearly 16 months. A court-appointed monitor reported on Thursday that the Hamilton-based company is concerned about the price situation.
"Stelco believes that market conditions for Stelco and other steel producers reflect high inventory levels which need to be reduced to strengthen customer demand. Because of these changing market conditions, Stelco is in the process of updating its financial projections."
Over the past month, the price of hot rolled steel has fallen from about $575 (U.S.) a ton to less than $540, CP said.
Companies around the world rushed to expand steel production amid runaway demand from China as it became a global manufacturing power. Recently, however, prices of steel shares on U.S. and other markets have been hit by fear that the glory days are ending.
Separately, the Canadian Press reported that Ian Delaney, chairman of Sherritt International, has expressed "rapidly diminishing" interest in Stelco. Speaking to reporters after the resource company's annual meeting in Toronto, Delaney said Sherritt had no plans to revive its offer for a restructuring of Stelco but will watch "from a distance."
Labels: stelco
Money Appropriated For Studying Corroded Steel Pilings
WCCO
The U.S. House of Representatives has appropriated $300,000 to investigate why steel pilings at the Port of Duluth and Superior are corroding up to 10 times faster than expected.
Congressman Jim Oberstar of Duluth, Minn. said he's confident the Senate will pass its own version of the Energy and Water Development Appropriations Bill and start the money flowing. The U.S. Army Corps of Engineers will conduct the research.
Researchers could get another $100,000 in state funding under a bill that's now in a House conference committee.
A study prepared for the Corps said replacing the steel pilings alone could cost more than $100 million.
The U.S. House of Representatives has appropriated $300,000 to investigate why steel pilings at the Port of Duluth and Superior are corroding up to 10 times faster than expected.
Congressman Jim Oberstar of Duluth, Minn. said he's confident the Senate will pass its own version of the Energy and Water Development Appropriations Bill and start the money flowing. The U.S. Army Corps of Engineers will conduct the research.
Researchers could get another $100,000 in state funding under a bill that's now in a House conference committee.
A study prepared for the Corps said replacing the steel pilings alone could cost more than $100 million.
Thursday, May 26, 2005
U.S. says China must move 'without delay' to change currency policies
MoneySense.ca
WASHINGTON (AP) - The Bush administration said Thursday that China should 'move without delay' to change currency practices that American manufacturers blame for soaring trade deficits and the loss of U.S. jobs.
Facing heavy criticism for the failure to cite China last week as a currency manipulator, Treasury Secretary John Snow told the Senate banking committee that the administration's nearly two-year effort to pressure China to stop pegging its currency tightly to the U.S. dollar was showing results.
He said the Chinese had now taken all the steps needed to prepare their financial system for the move to a more flexible currency.
"China is now ready and should move without delay in a manner and magnitude that is sufficiently reflective of underlying market conditions," Snow said in his prepared testimony.
Snow repeated a warning made in last week's currency report: China could be cited by the United States as a currency manipulator, a process that could lead to economic sanctions, if it does not act soon.
Snow made clear in his testimony that the administration was not insisting that China move immediately to a currency whose value was set totally in global currency markets, a practice known as floating.
"We are not calling for an immediate full float with fully liberalized capital markets. This would be a mistake at this time - China's banking sector is not prepared," Snow said. "What we are calling for is an intermediate step that reflects underlying market conditions and allows for a smooth transition - when appropriate - to a full float."
Snow did not elaborate on what interim steps would be appropriate but outside experts have said China could stop linking its currency only to the U.S. dollar and instead peg it to several currencies or it could allow the yuan to trade in a band rather than keeping it pegged at 8.28 yuan for each dollar.
That would allow the yuan to be revalued higher.
WASHINGTON (AP) - The Bush administration said Thursday that China should 'move without delay' to change currency practices that American manufacturers blame for soaring trade deficits and the loss of U.S. jobs.
Facing heavy criticism for the failure to cite China last week as a currency manipulator, Treasury Secretary John Snow told the Senate banking committee that the administration's nearly two-year effort to pressure China to stop pegging its currency tightly to the U.S. dollar was showing results.
He said the Chinese had now taken all the steps needed to prepare their financial system for the move to a more flexible currency.
"China is now ready and should move without delay in a manner and magnitude that is sufficiently reflective of underlying market conditions," Snow said in his prepared testimony.
Snow repeated a warning made in last week's currency report: China could be cited by the United States as a currency manipulator, a process that could lead to economic sanctions, if it does not act soon.
Snow made clear in his testimony that the administration was not insisting that China move immediately to a currency whose value was set totally in global currency markets, a practice known as floating.
"We are not calling for an immediate full float with fully liberalized capital markets. This would be a mistake at this time - China's banking sector is not prepared," Snow said. "What we are calling for is an intermediate step that reflects underlying market conditions and allows for a smooth transition - when appropriate - to a full float."
Snow did not elaborate on what interim steps would be appropriate but outside experts have said China could stop linking its currency only to the U.S. dollar and instead peg it to several currencies or it could allow the yuan to trade in a band rather than keeping it pegged at 8.28 yuan for each dollar.
That would allow the yuan to be revalued higher.
Steel stocks sink as UBS warns on pricing deterioration
marketwatch.com
'U.S. steel market fundamentals have deteriorated more quickly than we had expected to date in 2005, prompting us to lower our 2005 and 2006 sheet price estimates in line with recent spot-market corrections,' Tanners said.
So far this year, steel prices have been under pressure.
Tanners said prices for hot-rolled steel have fallen since January from $660 a ton to $540 a ton. That's below the 2005 estimate of $560 a ton, which was lowered 8%, and the estimate for next year of $465, reduced by 10%.
For benchmark sheet prices, the 2005 forecast is now $520 a ton, down from $550 previously.
Bar and plate prices have fared better, according to the analyst.
'U.S. steel market fundamentals have deteriorated more quickly than we had expected to date in 2005, prompting us to lower our 2005 and 2006 sheet price estimates in line with recent spot-market corrections,' Tanners said.
So far this year, steel prices have been under pressure.
Tanners said prices for hot-rolled steel have fallen since January from $660 a ton to $540 a ton. That's below the 2005 estimate of $560 a ton, which was lowered 8%, and the estimate for next year of $465, reduced by 10%.
For benchmark sheet prices, the 2005 forecast is now $520 a ton, down from $550 previously.
Bar and plate prices have fared better, according to the analyst.
Old smelter is worth its weight in gold
Tacoma, WA TheNewsTribune.com
When Port of Tacoma officials bought the defunct Kaiser Aluminum smelter in 2003, they knew they’d have to clean up tons of hazardous and solid waste.
But port staff members said earning money from one of the major phases of the cleanup was a nice surprise.
In the two years since it bought the property, the port has removed 6,000 pounds of waste and recycled 550,000 pounds of transformer oil from the plant’s electrical system. But the real work started in April, when workers began dismantling 400 “reduction cells� that the plant used to turn alumina ore into aluminum metal.
This phase of the cleanup – the first of two phases – will generate between 20 million and 40 million pounds of solid and hazardous waste. The hazardous waste includes contaminants such as cyanide and polycyclic aromatic hydrocarbons and will be sent to a federally approved landfill.
The solid waste, including thousands of pounds of steel, aluminum and copper from the reduction cells, has proved more valuable than your average garbage.
The port initially estimated the cost of this part of the cleanup at $6.7 million. But by selling the all that scrap metal, the port will net $909,000.
When Port of Tacoma officials bought the defunct Kaiser Aluminum smelter in 2003, they knew they’d have to clean up tons of hazardous and solid waste.
But port staff members said earning money from one of the major phases of the cleanup was a nice surprise.
In the two years since it bought the property, the port has removed 6,000 pounds of waste and recycled 550,000 pounds of transformer oil from the plant’s electrical system. But the real work started in April, when workers began dismantling 400 “reduction cells� that the plant used to turn alumina ore into aluminum metal.
This phase of the cleanup – the first of two phases – will generate between 20 million and 40 million pounds of solid and hazardous waste. The hazardous waste includes contaminants such as cyanide and polycyclic aromatic hydrocarbons and will be sent to a federally approved landfill.
The solid waste, including thousands of pounds of steel, aluminum and copper from the reduction cells, has proved more valuable than your average garbage.
The port initially estimated the cost of this part of the cleanup at $6.7 million. But by selling the all that scrap metal, the port will net $909,000.
Labels: Copper
Texas DOT switches to aluminum plates
Houston Business Journal
The Texas Department of Transportation will use recycled aluminum from beverage cans, siding and other used aluminum products to make the 8 million general-issue license plates manufactured each year.
The state began manufacturing specialty license plates from recycled aluminum in October 2004, but it continued to produce steel general-issue plates until the steel supply was exhausted. Other than being made of lighter-weight material, the aluminum plates will have the same look and embossed characters as the old ones.
Texas DOT will use approximately 2 million pounds of recycled aluminum in one year. Sources of reclaimed aluminum include gutters, storm window frames, lawn furniture and other materials.
Aluminum is the material of choice for license plates in the United States and is successfully used in 44 other states.
The Texas Department of Transportation will use recycled aluminum from beverage cans, siding and other used aluminum products to make the 8 million general-issue license plates manufactured each year.
The state began manufacturing specialty license plates from recycled aluminum in October 2004, but it continued to produce steel general-issue plates until the steel supply was exhausted. Other than being made of lighter-weight material, the aluminum plates will have the same look and embossed characters as the old ones.
Texas DOT will use approximately 2 million pounds of recycled aluminum in one year. Sources of reclaimed aluminum include gutters, storm window frames, lawn furniture and other materials.
Aluminum is the material of choice for license plates in the United States and is successfully used in 44 other states.
Worker vote scheduled on plan likely to cut Visteon pay
The Toledo Blade
Union workers at 15 Visteon Corp. auto parts plants [...] will vote next week on a plan that calls for selling most of the factories and likely will lead to lower wages for the workers who are left.
The plan, which includes a buyout offer for 5,000 of the 18,600 mostly Ford Motor Co. workers at Visteon, was endorsed yesterday by the United Auto Workers leadership, who agreed to ask workers to support it.
'It's a good agreement that's about trying to save the company and save these jobs,' said Lloyd Mahaffey, the UAW's regional director for Ohio.
Visteon, the nation's second-largest auto-parts firm, was a spinoff in 2000 from Ford, but has been unprofitable.
Under the restructuring plan that will cut costs, Visteon would give two of its plants back to Ford and transfer the other 13 into a holding company, which it then would try to sell. Two of the 13, however, would be closed or work would be transferred out.
The employees would continue making the $60 an hour in wages and benefits comparable to the Big Three until their current contract expires in September, 2007, at which point lower wages are expected to be imposed.
That is estimated to be $15 an hour, or about half the comparable Big Three wage, and more in line with pay in many independent unionized parts plants.
Bob Arheit, president of Local 1216 in Sandusky, said Visteon's finances have been so poor in recent years that the company could have gone into bankruptcy, abandoned its pension plans, or just closed the plants.
'It could have been a lot worse,' he said.
Union workers at 15 Visteon Corp. auto parts plants [...] will vote next week on a plan that calls for selling most of the factories and likely will lead to lower wages for the workers who are left.
The plan, which includes a buyout offer for 5,000 of the 18,600 mostly Ford Motor Co. workers at Visteon, was endorsed yesterday by the United Auto Workers leadership, who agreed to ask workers to support it.
'It's a good agreement that's about trying to save the company and save these jobs,' said Lloyd Mahaffey, the UAW's regional director for Ohio.
Visteon, the nation's second-largest auto-parts firm, was a spinoff in 2000 from Ford, but has been unprofitable.
Under the restructuring plan that will cut costs, Visteon would give two of its plants back to Ford and transfer the other 13 into a holding company, which it then would try to sell. Two of the 13, however, would be closed or work would be transferred out.
The employees would continue making the $60 an hour in wages and benefits comparable to the Big Three until their current contract expires in September, 2007, at which point lower wages are expected to be imposed.
That is estimated to be $15 an hour, or about half the comparable Big Three wage, and more in line with pay in many independent unionized parts plants.
Bob Arheit, president of Local 1216 in Sandusky, said Visteon's finances have been so poor in recent years that the company could have gone into bankruptcy, abandoned its pension plans, or just closed the plants.
'It could have been a lot worse,' he said.
Wednesday, May 25, 2005
The Optical Fiber Glut
This article is primarily about installing fibre in the "last mile", which has traditionally been copper. If they do much of this, that should cut down on the amount of copper used by voice, data & cable "last mile" installations, freeing it up for other purposes, and perhaps cooling down the red hot copper market.
I don't know if anyone plans to dig up or otherwise recycle the copper used in already-installed last miles. Anyone else know the economics of that?
Motley Fool
A couple weeks ago, The Wall Street Journal published an article with the headline 'Why the Glut in Fiber Lines Remains Huge.' One of the statistics cited in the story is that 85% of available fiber optic lines are currently unused. Since that is true it seems that no one would be able to give new optical fiber away these days. Why, then, did Corning recently report a strong quarter, partly because of fiber sales that were up by more than 50% over a year ago? Verizon was one of its big customers.
The fiber glut is primarily limited to long-haul routes that connect different cities and even different countries. Lots of fiber was laid on these routes during the '90s boom. After all, since the cost of installing a single fiber isn't much less than the cost of installing 100 fibers you might as well place enough that you won't run out soon. As a result, most of this fiber is sitting there unused, or "dark," as The Wall Street Journal article reported.
As you might guess, Verizon is not buying fiber to install on long-haul routes. Instead, it and some competitors are trying to eliminate the biggest bottleneck in the network; the connection of your home to the Internet. While some are skeptical about how long this can continue, Verizon has big plans to run optical fiber to the front doors of its customers (fiber-to-the-premises, or FTTP), which will enable the delivery of the "triple play": high-speed Internet, voice over Internet protocol (VoIP), and video services.
I don't know if anyone plans to dig up or otherwise recycle the copper used in already-installed last miles. Anyone else know the economics of that?
Motley Fool
A couple weeks ago, The Wall Street Journal published an article with the headline 'Why the Glut in Fiber Lines Remains Huge.' One of the statistics cited in the story is that 85% of available fiber optic lines are currently unused. Since that is true it seems that no one would be able to give new optical fiber away these days. Why, then, did Corning recently report a strong quarter, partly because of fiber sales that were up by more than 50% over a year ago? Verizon was one of its big customers.
The fiber glut is primarily limited to long-haul routes that connect different cities and even different countries. Lots of fiber was laid on these routes during the '90s boom. After all, since the cost of installing a single fiber isn't much less than the cost of installing 100 fibers you might as well place enough that you won't run out soon. As a result, most of this fiber is sitting there unused, or "dark," as The Wall Street Journal article reported.
As you might guess, Verizon is not buying fiber to install on long-haul routes. Instead, it and some competitors are trying to eliminate the biggest bottleneck in the network; the connection of your home to the Internet. While some are skeptical about how long this can continue, Verizon has big plans to run optical fiber to the front doors of its customers (fiber-to-the-premises, or FTTP), which will enable the delivery of the "triple play": high-speed Internet, voice over Internet protocol (VoIP), and video services.
Labels: Copper
Durable Goods Orders, New Home Sales Up
biz.yahoo.com
Orders to U.S. factories for big-ticket manufactured goods rose a solid 1.9 percent last month, the best showing since November. Sales of new homes hit an all-time high.
The reports provided further evidence that the economy has recovered from its March slowdown.
Economists said the strength in both reports showed that worries of a serious slowdown from this year's oil shock were overblown.
Orders to U.S. factories for big-ticket manufactured goods rose a solid 1.9 percent last month, the best showing since November. Sales of new homes hit an all-time high.
The reports provided further evidence that the economy has recovered from its March slowdown.
Economists said the strength in both reports showed that worries of a serious slowdown from this year's oil shock were overblown.
China's small steel mills feel heat
International Herald Tribune
Xu Zhongbo makes no attempt to hide his satisfaction as he forecasts the demise of hundreds of China's small, heavily polluting and inefficient steel mills.
Many of these smaller, privately owned mills were hastily built in the last five years to cash in on soaring demand for steel from China's booming construction sector. But their slim profit margins and poor technology meant that they were unlikely to survive as competition intensified.
Domestic steel prices are now beginning to fall, and this will accelerate a shake-up in the world's biggest but deeply fragmented steel industry.
Xu Zhongbo makes no attempt to hide his satisfaction as he forecasts the demise of hundreds of China's small, heavily polluting and inefficient steel mills.
Many of these smaller, privately owned mills were hastily built in the last five years to cash in on soaring demand for steel from China's booming construction sector. But their slim profit margins and poor technology meant that they were unlikely to survive as competition intensified.
Domestic steel prices are now beginning to fall, and this will accelerate a shake-up in the world's biggest but deeply fragmented steel industry.
Tokyo Stocks Fall on Steel Demand Worries
Yahoo! News
Stocks in Tokyo fell as investors sold steel makers' shares on concerns about industry profits following news late Tuesday that Tokyo Steel plans to cut steel sheet prices from June. Tokyo Steel, JFE Holdings and Sumitomo Metal Industries slipped, as did Nippon Steel, which was also weighed down by reports that Tokyo prosecutors had raided the company's headquarters on suspicion of bid rigging for government bridge-building contracts.
The Organization for Economic Cooperation and Development's outlook for Japan discouraged buyers. In its semiannual report late Tuesday, the Paris-based OECD predicted that Japan's economy will expand an annualized 1.5 percent this year after adjustment for price changes and then grow 1.7 percent in 2006. That was less robust than growth forecasts for the United States and Europe.
Stocks in Tokyo fell as investors sold steel makers' shares on concerns about industry profits following news late Tuesday that Tokyo Steel plans to cut steel sheet prices from June. Tokyo Steel, JFE Holdings and Sumitomo Metal Industries slipped, as did Nippon Steel, which was also weighed down by reports that Tokyo prosecutors had raided the company's headquarters on suspicion of bid rigging for government bridge-building contracts.
The Organization for Economic Cooperation and Development's outlook for Japan discouraged buyers. In its semiannual report late Tuesday, the Paris-based OECD predicted that Japan's economy will expand an annualized 1.5 percent this year after adjustment for price changes and then grow 1.7 percent in 2006. That was less robust than growth forecasts for the United States and Europe.
Tuesday, May 24, 2005
India's steel demand to rise
rediff.com
India's domestic steel demand will remain buoyant despite international steel prices likely to remain firm at least for the next few years, according to an Assocham study.
'The domestic demand will remain buoyant,' the Assocham Eco Pulse sectoral study on steel said, adding global demand would grow at 7-8 per cent per annum while production was set to increase by less than 4 per cent.
The study 'The Steel Surge' said international demand would continue to come from the growing economies of China, US and Europe.
'Domestic demand is rising on the back of development in infrastructure and growth in housing and construction sectors. A large number of high rise buildings in metros is having a demonstration effect on other cities as well,' Assocham president Mahendra K Sanghi said while releasing the study.
There will be a significant demand for steel in India on account of the Commonwealth Games scheduled for 2010. Infrastructure, automotive, capital goods and construction sectors will be the major drivers for growth in domestic demand, according to the report.
Internationally, consumption is expected to grow in NIS (Newly Independent States) of the former Soviet Union as well as in OECD economies.
The Japanese economy is also expected to turn around after a prolonged recession, it added. Besides this, steel prices will continue to remain on the higher side owing to a rise in input costs, it said.
India's domestic steel demand will remain buoyant despite international steel prices likely to remain firm at least for the next few years, according to an Assocham study.
'The domestic demand will remain buoyant,' the Assocham Eco Pulse sectoral study on steel said, adding global demand would grow at 7-8 per cent per annum while production was set to increase by less than 4 per cent.
The study 'The Steel Surge' said international demand would continue to come from the growing economies of China, US and Europe.
'Domestic demand is rising on the back of development in infrastructure and growth in housing and construction sectors. A large number of high rise buildings in metros is having a demonstration effect on other cities as well,' Assocham president Mahendra K Sanghi said while releasing the study.
There will be a significant demand for steel in India on account of the Commonwealth Games scheduled for 2010. Infrastructure, automotive, capital goods and construction sectors will be the major drivers for growth in domestic demand, according to the report.
Internationally, consumption is expected to grow in NIS (Newly Independent States) of the former Soviet Union as well as in OECD economies.
The Japanese economy is also expected to turn around after a prolonged recession, it added. Besides this, steel prices will continue to remain on the higher side owing to a rise in input costs, it said.
Tokyo Steel To Cut Steel Prices For 1st Time In 4 Years
iWon Money & Investing
TOKYO -(Dow Jones)- Japan's largest electric furnace operator Tokyo Steel Manufacturing Co. (5423.TO) will cut the prices of its steel products for the first time in almost four years to better compete with imports, a company spokesman said Tuesday.
The spokesman said Tokyo Steel will trim the prices of its products sold through regular distribution channels by as much as 14% starting next month. There hasn't been any significant change in the supply and demand balance, he added.
Tokyo Steel last cut prices in July 2001, he said.
The company's products include hot-rolled steel coil, the base material for steel sheet, pickling coil and galvanized steel coil.
As the price cut is a reflection of increasing foreign competition in Japan's domestic market of general-purpose products, the cut may also affect the pricing strategies of other steel makers.
TOKYO -(Dow Jones)- Japan's largest electric furnace operator Tokyo Steel Manufacturing Co. (5423.TO) will cut the prices of its steel products for the first time in almost four years to better compete with imports, a company spokesman said Tuesday.
The spokesman said Tokyo Steel will trim the prices of its products sold through regular distribution channels by as much as 14% starting next month. There hasn't been any significant change in the supply and demand balance, he added.
Tokyo Steel last cut prices in July 2001, he said.
The company's products include hot-rolled steel coil, the base material for steel sheet, pickling coil and galvanized steel coil.
As the price cut is a reflection of increasing foreign competition in Japan's domestic market of general-purpose products, the cut may also affect the pricing strategies of other steel makers.
Sunday, May 22, 2005
Tariffs for China have pros and cons
Indystar.com
Dorothy Taylor of Indianapolis unloaded her few purchases Tuesday into her minivan in the West 86th Street parking lot of Wal-Mart, one of 2,864 stores in a chain that is the single largest U.S. importer of Chinese merchandise.
Some 70 miles to the southeast, Lester Lee of North Vernon prepared his 300,000-square-foot Shelbyville factory for final assembly of Maxim cement-mixer trucks to be imported from China.
And 120 miles to the north, Richard Herzberg, owner of a small stamping plant in Mishawaka, leafed through his collection of recent advertisements for machinery auctions at closed Midwestern factories. He will show the ads to the Precision Metalforming Association in Washington, a trade group lobbying for fewer Chinese imports.
Across Indiana, trade with China has been at once routine and welcome, controversial and political. Soon it could become something else: more expensive.
Trade groups and politicians are considering limits on imports from China. But economists say trade reform carries a cost
Dorothy Taylor of Indianapolis unloaded her few purchases Tuesday into her minivan in the West 86th Street parking lot of Wal-Mart, one of 2,864 stores in a chain that is the single largest U.S. importer of Chinese merchandise.
Some 70 miles to the southeast, Lester Lee of North Vernon prepared his 300,000-square-foot Shelbyville factory for final assembly of Maxim cement-mixer trucks to be imported from China.
And 120 miles to the north, Richard Herzberg, owner of a small stamping plant in Mishawaka, leafed through his collection of recent advertisements for machinery auctions at closed Midwestern factories. He will show the ads to the Precision Metalforming Association in Washington, a trade group lobbying for fewer Chinese imports.
Across Indiana, trade with China has been at once routine and welcome, controversial and political. Soon it could become something else: more expensive.
Trade groups and politicians are considering limits on imports from China. But economists say trade reform carries a cost
Saturday, May 21, 2005
Mining hope for Bronze Age site in Britain
The high prices of copper, in addition to creating opportunities for theft, is creating opportunities to look at old mining sites that were previously uneconomical.
BBC NEWS
Mining for copper and zinc could return to Anglesey's Parys Mountain mine after an absence of almost 100 years.
As a result of recent increases in world metal prices, owners Anglesey Mining plc are starting exploratory drilling work.
Finance director Ian Cuthbertson said they were confident of 'significant reserves' at the site, which has been mined since the Bronze Age.
It could lead to more than 100 jobs at the site, near Amlwch.
'There have been quite a number of attempts to revive [mining at the site], but the world situation now is different and we are upbeat about the prospects,' said Mr Cuthbertson.
He said that demand for metals from China was pushing up prices across the world.
BBC NEWS
Mining for copper and zinc could return to Anglesey's Parys Mountain mine after an absence of almost 100 years.
As a result of recent increases in world metal prices, owners Anglesey Mining plc are starting exploratory drilling work.
Finance director Ian Cuthbertson said they were confident of 'significant reserves' at the site, which has been mined since the Bronze Age.
It could lead to more than 100 jobs at the site, near Amlwch.
'There have been quite a number of attempts to revive [mining at the site], but the world situation now is different and we are upbeat about the prospects,' said Mr Cuthbertson.
He said that demand for metals from China was pushing up prices across the world.
Labels: Copper
UP Reports Copper Theft
More "recycling" ...
TheOmahaChannel.com
Omaha police are investigating another copper theft.
Officials with Union Pacific said someone stole 1,300 feet of copper cabling from the area of 68th and F streets. UP estimates the loss at $3,900.
Last week, someone stole copper cabling out of the 6900 Centennial diesel locomotive parked for display at Lauritzen Gardens.
TheOmahaChannel.com
Omaha police are investigating another copper theft.
Officials with Union Pacific said someone stole 1,300 feet of copper cabling from the area of 68th and F streets. UP estimates the loss at $3,900.
Last week, someone stole copper cabling out of the 6900 Centennial diesel locomotive parked for display at Lauritzen Gardens.
Labels: Copper
Stealing feeds China's need for steel
This puts recycling in a new light ...
The Honolulu Advertiser
At Belgium's biggest railway station, 770 of 800 steel luggage carts have vanished. In Pittsburgh, 400 parking meters were plucked from roadsides, and in Shanghai, manhole covers are disappearing from the streets.
From London to Kolkata, India, scavengers are plundering anything that contains iron, steel or copper, costing local governments and companies millions of dollars. Prices in the $85 billion global scrap market have tripled since 2003 as China has sucked in recycled metal from around the world.
'There is an almost insatiable global demand for scrap, mainly to feed China's steel mills and its booming economy,' says Rick Wilcox, director general of the British Metals Recycling Association in Brampton, England.
China's gross domestic product grew 9.5 percent in 2004, the fastest among the world's biggest economies, increasing demand for metal to build office towers, cars and appliances. China this year will buy almost a third of the world's steel and account for 80 percent of the growth in demand, according to the International Iron & Steel Institute, a trade group for steelmakers.
The price of heavy scrap steel in Britain nearly tripled to $265 a metric ton in December from March 2003, according to Worcester Park, England-based Metal Bulletin Plc, which publishes prices and news on metals markets.
The Honolulu Advertiser
At Belgium's biggest railway station, 770 of 800 steel luggage carts have vanished. In Pittsburgh, 400 parking meters were plucked from roadsides, and in Shanghai, manhole covers are disappearing from the streets.
From London to Kolkata, India, scavengers are plundering anything that contains iron, steel or copper, costing local governments and companies millions of dollars. Prices in the $85 billion global scrap market have tripled since 2003 as China has sucked in recycled metal from around the world.
'There is an almost insatiable global demand for scrap, mainly to feed China's steel mills and its booming economy,' says Rick Wilcox, director general of the British Metals Recycling Association in Brampton, England.
China's gross domestic product grew 9.5 percent in 2004, the fastest among the world's biggest economies, increasing demand for metal to build office towers, cars and appliances. China this year will buy almost a third of the world's steel and account for 80 percent of the growth in demand, according to the International Iron & Steel Institute, a trade group for steelmakers.
The price of heavy scrap steel in Britain nearly tripled to $265 a metric ton in December from March 2003, according to Worcester Park, England-based Metal Bulletin Plc, which publishes prices and news on metals markets.
Labels: Copper
Officials, steel leaders tour new arc furnace
Most of this article was about which public officials were there and which sent taped statements (Sen. Byrd, famous for the ammendment named after him), followed by much quoting of various officials of the company and the union thanking all and sundry. But at the end of the article was this bit about why Electric Arc Furnaces used for scrap steel and iron processing work well as an augmentation process for an integrated steel mill that I found interesting.
The Times Leader
The concept of utilizing electric furnace technology in tandem with the company's ongoing integrated operations offered an attractive option to Wheeling-Pitt. The timing for an operation that combined integrated and mini-mill technologies was enhanced because of available and proven leading edge technology.
The attractiveness of using EAF technology was highlighted by the following advantages of this process:
Scrap, as the major metallic raw material for an EAF, varies in cost with the selling price of steel. Typically, when steel prices fall, so does the cost of scrap steel. The EAF's variable cost structure helps insulate against business cycle troughs, a characteristic that cannot be realized through integrated operations.
EAFs require less sustaining capital compared to blast furnaces and coke plants that need major investments for periodic major relines and rebuilds. In addition outages necessary to complete major relines and rebuilds, significantly reduce production.
Production levels of EAF operations are more flexible than those of a blast furnace and can be turned up or down rapidly to respond to steel business cycles.
EAF technology is now available as a continuous steel making process, providing for reliable preheating of scrap, and the ability to reliably utilize molten iron as a metallic feedstock.
The Times Leader
The concept of utilizing electric furnace technology in tandem with the company's ongoing integrated operations offered an attractive option to Wheeling-Pitt. The timing for an operation that combined integrated and mini-mill technologies was enhanced because of available and proven leading edge technology.
The attractiveness of using EAF technology was highlighted by the following advantages of this process:
Scrap, as the major metallic raw material for an EAF, varies in cost with the selling price of steel. Typically, when steel prices fall, so does the cost of scrap steel. The EAF's variable cost structure helps insulate against business cycle troughs, a characteristic that cannot be realized through integrated operations.
EAFs require less sustaining capital compared to blast furnaces and coke plants that need major investments for periodic major relines and rebuilds. In addition outages necessary to complete major relines and rebuilds, significantly reduce production.
Production levels of EAF operations are more flexible than those of a blast furnace and can be turned up or down rapidly to respond to steel business cycles.
EAF technology is now available as a continuous steel making process, providing for reliable preheating of scrap, and the ability to reliably utilize molten iron as a metallic feedstock.
Indian Steel Alliance Call for duty hike to blunt steel import edge
The Telegraph - Calcutta : Business
The Indian Steel Alliance (ISA) has demanded an increase in duty to safeguard against cheap import of steel.
Domestic prices of hot-rolled coils (HRC) is about $550 a tonne compared with an average landed cost of imported steel at $470 a tonne.
There has been a 33 per cent increase in imports of steel products, which was over 2 million tonnes in 2004-05, in the last one year and a 100 per cent jump in the last two years.
The situation has worsened since March with the glut of stockpile in the European and US markets. Imports of HRC have almost doubled from then, averaging around 1.2 lakh tonnes a month in April.
More than 50 per cent of the cheap imports of HRC are originating from CIS, Russia, Ukraine and Romania. They are reaching India through the Mumbai port.
The average landed prices from CIS is even lower than the prices in the US and Europe, which is $540 a tonne and $500 a tonne, respectively.
The Indian Steel Alliance (ISA) has demanded an increase in duty to safeguard against cheap import of steel.
Domestic prices of hot-rolled coils (HRC) is about $550 a tonne compared with an average landed cost of imported steel at $470 a tonne.
There has been a 33 per cent increase in imports of steel products, which was over 2 million tonnes in 2004-05, in the last one year and a 100 per cent jump in the last two years.
The situation has worsened since March with the glut of stockpile in the European and US markets. Imports of HRC have almost doubled from then, averaging around 1.2 lakh tonnes a month in April.
More than 50 per cent of the cheap imports of HRC are originating from CIS, Russia, Ukraine and Romania. They are reaching India through the Mumbai port.
The average landed prices from CIS is even lower than the prices in the US and Europe, which is $540 a tonne and $500 a tonne, respectively.
10-year-old is striving to collect 5,000 pounds of aluminum
One of the neat things about aluminum is how easily scrap aluminum can be recovered. I recall one time going to one of my customers, themselves stampers, where they stamped out aluminum fry pans and soup pots. Of course, stamping out circles leaves a large amount of waste material in the "web". They just melted it down in the next room over, re-poured it, re-rolled it, and some short time later they were able to stamp more pots out of the scrap from their own process, without the scrap ever having left their location. Here are some other recycling stories about aluminum ...
PJStar.com
'Right now (Tayler McGillis) stands at 3,270 pounds' that have been weighed and cashed in, his mother, Denise McGillis, said Friday.
A combined can drive and chili lunch designed to further the boy's efforts to raise money for the housing organization will be from 10 a.m. to 2 p.m. today at the Toluca American Legion under sponsorship of the Toluca Coal Mine Association.
Anyone who brings in a large bag of aluminum cans or makes a $5 donation will get a chili lunch while also contributing to the Marshall County chapter of Habitat for Humanity. An international organization, Habitat for Humanity helps people of limited income acquire homes through their own 'sweat equity' as well as participation by community volunteers and donors.
The current drive is actually the second phase of a project started by Tayler about a year ago, as he made the transition from Cub Scout to Boy Scout. He collected 2,532 pounds last fall, then decided early this year to launch an effort to gather twice that much more by the end of this month.
PJStar.com
'Right now (Tayler McGillis) stands at 3,270 pounds' that have been weighed and cashed in, his mother, Denise McGillis, said Friday.
A combined can drive and chili lunch designed to further the boy's efforts to raise money for the housing organization will be from 10 a.m. to 2 p.m. today at the Toluca American Legion under sponsorship of the Toluca Coal Mine Association.
Anyone who brings in a large bag of aluminum cans or makes a $5 donation will get a chili lunch while also contributing to the Marshall County chapter of Habitat for Humanity. An international organization, Habitat for Humanity helps people of limited income acquire homes through their own 'sweat equity' as well as participation by community volunteers and donors.
The current drive is actually the second phase of a project started by Tayler about a year ago, as he made the transition from Cub Scout to Boy Scout. He collected 2,532 pounds last fall, then decided early this year to launch an effort to gather twice that much more by the end of this month.
Aluminum Beverage Can Recycling Rate Rising; First Time Since 1997
Press Release
51.2 Percent of Aluminum Cans Recycled in 2004
The aluminum beverage can is the most recycled consumer beverage container in the United States. It amounts to more than twice the recycling rate for beverage packages of other materials.
51.2 Percent of Aluminum Cans Recycled in 2004
The aluminum beverage can is the most recycled consumer beverage container in the United States. It amounts to more than twice the recycling rate for beverage packages of other materials.
Friday, May 20, 2005
Maytag Agrees to Go Private in $1.13B Deal
Perhaps people are starting to recognize that Wall Street's emphasis only on last quarter earnings is not a good model for manufacturing ...
DES MOINES, Iowa (AP) -- Maytag Corp. has agreed to be bought by a group of investors that would take the well-known appliance maker private, hoping to fix its myriad woes away from Wall Street's sharp scrutiny.
The company, based in Newton, produces appliances under the Maytag, Amana, Hoover, Jenn-Air and Magic Chef brand names.
In a statement, Ripplewood founder and CEO Timothy C. Collins said the deal offers the group a "legendary company, with a portfolio of world-class brands and a long history of producing high-quality, innovative products."
Yet it also gives the consortium a company with significant problems, analysts noted.
In the past year Maytag's profits have slumped steeply, it cut 1,100 salaried workers, closed a western Illinois refrigerator plant and faces the prospect of shuttering two more of its costliest domestic factories. Earlier this year, Best Buy Stores Inc. dropped Maytag as a major appliance supplier, giving its retail floor space over to brands that have shown more consumer appeal, from rivals such as LG Electronics Inc. and Samsung Electronics Co. of South Korea, Siemens AG and Whirlpool Corp.
Analyst David MacGregor of Cleveland-based Longbow Research said a privatization may help the new owners accomplish their goals of using Maytag as a platform to build a lower-cost global enterprise.
"The kind of work these guys need to be doing is best done behind closed doors and out of the limelight," he said. "These are the types of challenges that are very difficult to execute when you're living in a 90-day revolving time frame such as is the case for publicly traded companies which must be accountable to Wall Street."
He said fixing some of Maytag's most glaring problems would likely take at least five years.
"You really need to just go away and straighten yourself out and turn yourself around and if they can build a global model, then they can bring this company public again in five years. But it's a five year job make no mistake about it," he said.
DES MOINES, Iowa (AP) -- Maytag Corp. has agreed to be bought by a group of investors that would take the well-known appliance maker private, hoping to fix its myriad woes away from Wall Street's sharp scrutiny.
The company, based in Newton, produces appliances under the Maytag, Amana, Hoover, Jenn-Air and Magic Chef brand names.
In a statement, Ripplewood founder and CEO Timothy C. Collins said the deal offers the group a "legendary company, with a portfolio of world-class brands and a long history of producing high-quality, innovative products."
Yet it also gives the consortium a company with significant problems, analysts noted.
In the past year Maytag's profits have slumped steeply, it cut 1,100 salaried workers, closed a western Illinois refrigerator plant and faces the prospect of shuttering two more of its costliest domestic factories. Earlier this year, Best Buy Stores Inc. dropped Maytag as a major appliance supplier, giving its retail floor space over to brands that have shown more consumer appeal, from rivals such as LG Electronics Inc. and Samsung Electronics Co. of South Korea, Siemens AG and Whirlpool Corp.
Analyst David MacGregor of Cleveland-based Longbow Research said a privatization may help the new owners accomplish their goals of using Maytag as a platform to build a lower-cost global enterprise.
"The kind of work these guys need to be doing is best done behind closed doors and out of the limelight," he said. "These are the types of challenges that are very difficult to execute when you're living in a 90-day revolving time frame such as is the case for publicly traded companies which must be accountable to Wall Street."
He said fixing some of Maytag's most glaring problems would likely take at least five years.
"You really need to just go away and straighten yourself out and turn yourself around and if they can build a global model, then they can bring this company public again in five years. But it's a five year job make no mistake about it," he said.
STEEL CONSUMERS CALL FOR END TO DUTIES ON STAINLESS STEEL IMPORTS AT ITC's SUNSET REVIEW HEARING
Press Release
The Precision Metalforming Association (PMA) urged the International Trade Commission (ITC) to terminate duties on stainless steel sheet and strip imports from France, Germany, Italy, Japan, Korea, Mexico, Taiwan, and the United Kingdom, testifying that U.S. manufacturers are suffering from stainless steel shortages while the U.S. industry is healthy, profitable and strong.
The Precision Metalforming Association (PMA) urged the International Trade Commission (ITC) to terminate duties on stainless steel sheet and strip imports from France, Germany, Italy, Japan, Korea, Mexico, Taiwan, and the United Kingdom, testifying that U.S. manufacturers are suffering from stainless steel shortages while the U.S. industry is healthy, profitable and strong.
Family business to close after 50 years
Another small business loses the fight between low cost and quality, and low cost wins
This really begs the question, why has north american purchasing, both retail and commercial, become a race for the bottom? And are we wise to be doing so?
The Morning Journal - News - 05/20/2005 (Cleveland)
''I poured my heart and soul into this business,'' said Bill Watkins, owner of Lorain Aluminum, as he wiped tears from his eyes yesterday. ''It is hard for me to give this up. I love this place. But there's nothing I can do.''"
At 5 p.m. today, Watkins will padlock the doors to a company he took over from his parents more than 30 years ago. In turn he will lose not only a job he loved, but his home and savings in the wake of a business driven into the ground, he said, by the economy and customers more focused on saving money than buying quality.
''It's not just losing a business. It's been a big part of my life. I've always loved what I've done,'' said Watkins, who notified his 33 employees about two weeks ago that Lorain Aluminum was forced to close.
Watkins said he has always based Lorain Aluminum, which installs siding, windows, doors and patio enclosures for homes, schools and businesses, on giving customers quality in products and service.
''But people aren't after quality any more. Today this is a throw-away society we live in,'' Watkins said.
''I used to get people in here saying, 'Show me your lines of windows.' Now people come in and say, 'Show me your cheapest window,''' Watkins said.
And though Watkins said he could have better competed price-wise with other companies, it would have meant compromising his beliefs and downgrading his products for cheaper materials.
''It's hard to stop selling quality when you've built your reputation on quality,'' Watkins said.
This really begs the question, why has north american purchasing, both retail and commercial, become a race for the bottom? And are we wise to be doing so?
The Morning Journal - News - 05/20/2005 (Cleveland)
''I poured my heart and soul into this business,'' said Bill Watkins, owner of Lorain Aluminum, as he wiped tears from his eyes yesterday. ''It is hard for me to give this up. I love this place. But there's nothing I can do.''"
At 5 p.m. today, Watkins will padlock the doors to a company he took over from his parents more than 30 years ago. In turn he will lose not only a job he loved, but his home and savings in the wake of a business driven into the ground, he said, by the economy and customers more focused on saving money than buying quality.
''It's not just losing a business. It's been a big part of my life. I've always loved what I've done,'' said Watkins, who notified his 33 employees about two weeks ago that Lorain Aluminum was forced to close.
Watkins said he has always based Lorain Aluminum, which installs siding, windows, doors and patio enclosures for homes, schools and businesses, on giving customers quality in products and service.
''But people aren't after quality any more. Today this is a throw-away society we live in,'' Watkins said.
''I used to get people in here saying, 'Show me your lines of windows.' Now people come in and say, 'Show me your cheapest window,''' Watkins said.
And though Watkins said he could have better competed price-wise with other companies, it would have meant compromising his beliefs and downgrading his products for cheaper materials.
''It's hard to stop selling quality when you've built your reputation on quality,'' Watkins said.
Chile, Biggest Copper Producer, Approves Mine Tax
Bloomberg.com: Latin America May 19
Chile, the world's biggest copper producer, approved a tax increase on miners, taking advantage of a surge in demand for the metal to boost government revenue.
A bill on the levy, which taxes miners' operating income by as much as 5 percent, passed the lower house of Congress last night, following approval in the Senate, according to the lower house's Web site. The new tax will make mining in Chile costlier for such companies as Phelps Dodge Corp., the world's second- biggest copper producer, and BHP Billiton Plc, the largest miner.
``We're charging companies for using a non-renewable resource as mining countries across the world do,'' Jaime Gazmuri, vice president of the Senate, said in a telephone interview. ``We need these funds for research to become a more developed economy.''
The government said that the tax, part of which will be used for research and development, will help the country prepare for the time its copper deposits run out. Miners such as Antofagasta Plc, which produces about 10 percent of the nation's copper, said that the tax discriminates against the industry and will make Chile less attractive for investment.
Chile, the world's biggest copper producer, approved a tax increase on miners, taking advantage of a surge in demand for the metal to boost government revenue.
A bill on the levy, which taxes miners' operating income by as much as 5 percent, passed the lower house of Congress last night, following approval in the Senate, according to the lower house's Web site. The new tax will make mining in Chile costlier for such companies as Phelps Dodge Corp., the world's second- biggest copper producer, and BHP Billiton Plc, the largest miner.
``We're charging companies for using a non-renewable resource as mining countries across the world do,'' Jaime Gazmuri, vice president of the Senate, said in a telephone interview. ``We need these funds for research to become a more developed economy.''
The government said that the tax, part of which will be used for research and development, will help the country prepare for the time its copper deposits run out. Miners such as Antofagasta Plc, which produces about 10 percent of the nation's copper, said that the tax discriminates against the industry and will make Chile less attractive for investment.
Labels: Copper
Manufacturers Lobby Congress Against China's Currency
May 19 (Bloomberg) -- A group of 50 U.S. manufacturers is lobbying Congress this week for legislation that sets duties on Chinese imports to compensate American companies for any subsidy that exporters in China realize from their nation's currency peg.
The U.S. Treasury in report two days ago said China must stop pegging its currency to the dollar or risk being accused of manipulating exchange rates. The manufacturers, all members of the Precision Metalforming Association, said the report fell short of the outright declaration of malfeasance they were they were looking for and spurred them to go to Congress for action.
``The administration is looking out for the interests of these large multinational companies, but they aren't looking out for our interests,'' said Jim Zawacki, chairman of GR Spring & Stamping Inc. in Grand Rapids, Michigan. ``We're losing our manufacturing base in the United States.''
The U.S. Treasury in report two days ago said China must stop pegging its currency to the dollar or risk being accused of manipulating exchange rates. The manufacturers, all members of the Precision Metalforming Association, said the report fell short of the outright declaration of malfeasance they were they were looking for and spurred them to go to Congress for action.
``The administration is looking out for the interests of these large multinational companies, but they aren't looking out for our interests,'' said Jim Zawacki, chairman of GR Spring & Stamping Inc. in Grand Rapids, Michigan. ``We're losing our manufacturing base in the United States.''
Steel Consumers Tell Members of Congress That Problems Still Abound Since Termination of Section 201 Steel Tariffs
WASHINGTON, May 19 /PRNewswire/ -- Members of the Precision Metalforming Association (PMA) met with Members of Congress today to ask for specific help in ending unnecessary trade protection for the steel industry in the form of import duties on almost 200 steel products which are contributing to severe steel supply problems, shortages and high prices. Specifically, steel consumers stressed the importance of gaining full representation in trade cases by obtaining 'Interested Party' status during antidumping and countervailing duty (AD/CVD) proceedings.
Wednesday, May 18, 2005
U.S. Limiting Chinese Clothing Imports
Yahoo! News
The Bush administration said Wednesday it will impose new limits on imports of clothing from China. The action follows complaints that a surge of Chinese apparel to the United States was hurting U.S. companies.
The Bush administration said Wednesday it will impose new limits on imports of clothing from China. The action follows complaints that a surge of Chinese apparel to the United States was hurting U.S. companies.
China hits back in yuan, textiles war of words
Reuters.com
China on Wednesday dismissed U.S. criticism of its fixed currency peg and attacked European and U.S. steps to curb Chinese textile exports as unfair.
The war of words reflects growing political unease on both sides of the Atlantic over jobs that are being lost because of a relentless increase in low-cost imports from China -- many of them made in factories built by U.S. and European companies
China on Wednesday dismissed U.S. criticism of its fixed currency peg and attacked European and U.S. steps to curb Chinese textile exports as unfair.
The war of words reflects growing political unease on both sides of the Atlantic over jobs that are being lost because of a relentless increase in low-cost imports from China -- many of them made in factories built by U.S. and European companies
Dad Charged With Beating Coach With Bat
Another example of how sometimes you don't get the news you want ... another use for scap aluminum ...
Yahoo! News
The father of a high school softball player was arrested Tuesday after police said he beat his daughter's coach with an aluminum bat during practice.
Seriously, I saw a movie recently called "Crossing the Line" about parents getting too involved in their childrens sports and getting violent. So I know it's an issue. I just put this article here because Yahoo keeps sending me articles where Aluminum is not the subject. In this one, it's barely the object ... one wishes Yahoo would do more to actually understand the content of their news ...
Yahoo! News
The father of a high school softball player was arrested Tuesday after police said he beat his daughter's coach with an aluminum bat during practice.
Seriously, I saw a movie recently called "Crossing the Line" about parents getting too involved in their childrens sports and getting violent. So I know it's an issue. I just put this article here because Yahoo keeps sending me articles where Aluminum is not the subject. In this one, it's barely the object ... one wishes Yahoo would do more to actually understand the content of their news ...
Robbery as a recycling method
The Seattle Times: Snohomish County News: Incidents from law-enforcement agencies around the county
Sunday: Burglary. Someone broke into a truck-repair business in the 6300 block of Glenwood Avenue and stole scrap aluminum.
Sunday: Burglary. Someone broke into a truck-repair business in the 6300 block of Glenwood Avenue and stole scrap aluminum.
CHINA’S CURRENCY POLICY COSTS U.S. JOBS
Press Release
U.S. Senator Olympia J. Snowe and Congressman Donald Manzullo, Chairs of the Senate and House Small Business Committees, issued the following statement:
“The Treasury Department has once again failed to recognize what the evidence demonstrates: the Chinese government wrongfully manipulates its currency at the expense of American jobs. Although China continues to offer vague promises for change at some undetermined time in the future, our nation’s patience has worn thin. We cannot allow China to dictate the terms and the time-frame for complying with their international obligations. We must act immediately to ensure the viability and integrity of our manufacturing industry base, which is vital to job creation and a strong national defense,� said Snowe.
Manzullo added, “I’m very disappointed that the Treasury Department has again given China and others a pass on being labeled currency manipulators. Such a designation would have given our government more tools to force these countries to end their currency manipulation practices, which put U.S. manufacturers at a tremendous disadvantage and cost Americans their jobs. Congress needs to quickly pass the legislation Senator Snowe and I introduced last week to better define currency manipulation and make it easier to label an offending country and seek remedies.�
U.S. Senator Olympia J. Snowe and Congressman Donald Manzullo, Chairs of the Senate and House Small Business Committees, issued the following statement:
“The Treasury Department has once again failed to recognize what the evidence demonstrates: the Chinese government wrongfully manipulates its currency at the expense of American jobs. Although China continues to offer vague promises for change at some undetermined time in the future, our nation’s patience has worn thin. We cannot allow China to dictate the terms and the time-frame for complying with their international obligations. We must act immediately to ensure the viability and integrity of our manufacturing industry base, which is vital to job creation and a strong national defense,� said Snowe.
Manzullo added, “I’m very disappointed that the Treasury Department has again given China and others a pass on being labeled currency manipulators. Such a designation would have given our government more tools to force these countries to end their currency manipulation practices, which put U.S. manufacturers at a tremendous disadvantage and cost Americans their jobs. Congress needs to quickly pass the legislation Senator Snowe and I introduced last week to better define currency manipulation and make it easier to label an offending country and seek remedies.�
Steel official bids train to stop
Every day I have Yahoo send me all the news containing the words Steel or Copper or Aluminum.
Mostly this works well, but every once in a while it pulls up an article about another production of Steel Magnolias at some local theatre company, or how the skiing is at copper kettle ... or this article, which made the front page (!) of the Calcutta Telegraph today.
The Telegraph - Calcutta : Frontpage
May 17: A top official of Durgapur Steel Plant was arrested at Howrah station this morning for stopping a train “without any valid reason by pulling the chain� so that he could board it.
DSP’s executive director, finance, Siddheswarnath Srivastava, and his son were booked by the Railway Protection Force when they stopped Poorva Express just as it was pulling away from the station.
They were later released after paying a fine.
According to the RPF, Srivastava was returning from a visit to Bhilai and wanted to take Poorva back to Durgapur without wasting time in Calcutta. His son was waiting at the station to receive him and put him on Poorva Express.
However, Mumbai Mail by which Srivastava was returning to Howrah was late and he reached the station just as Poorva was beginning to pull away at 9.10 am from platform number 9.
Desperate to take the train, he asked his son to rush and pull the emergency chain of Poorva so that he could board it.
Mostly this works well, but every once in a while it pulls up an article about another production of Steel Magnolias at some local theatre company, or how the skiing is at copper kettle ... or this article, which made the front page (!) of the Calcutta Telegraph today.
The Telegraph - Calcutta : Frontpage
May 17: A top official of Durgapur Steel Plant was arrested at Howrah station this morning for stopping a train “without any valid reason by pulling the chain� so that he could board it.
DSP’s executive director, finance, Siddheswarnath Srivastava, and his son were booked by the Railway Protection Force when they stopped Poorva Express just as it was pulling away from the station.
They were later released after paying a fine.
According to the RPF, Srivastava was returning from a visit to Bhilai and wanted to take Poorva back to Durgapur without wasting time in Calcutta. His son was waiting at the station to receive him and put him on Poorva Express.
However, Mumbai Mail by which Srivastava was returning to Howrah was late and he reached the station just as Poorva was beginning to pull away at 9.10 am from platform number 9.
Desperate to take the train, he asked his son to rush and pull the emergency chain of Poorva so that he could board it.
Labels: Copper
WESTERN EUROPE STEEL DEMAND DETERIORATING
MEPS STEEL NEWS
The outlook for steel demand in Western Europe is deteriorating. At the start of the year there had been hopes that economic growth might reach 2 percent in the Euro-zone nations. Recently published figures show that it was only 1.6 percent in the first quarter. In some countries – including the largest steel consumers Germany and Italy – it is weaker still and the outlook is negative.
In a global market, which is doing little to favour European manufacturing industry, the continuing strength of the Euro is eroding competitiveness. Higher costs for raw materials and energy are adding to the difficulties of steel-using manufacturers.
The domestic EU-15 economy is not much better. There is no sign of an increase in private capital investment nor of industrial output. Top steelmaker, Arcelor, has forecast growth in industrial production of no more than 1.4 percent this year.
The outlook for steel demand in Western Europe is deteriorating. At the start of the year there had been hopes that economic growth might reach 2 percent in the Euro-zone nations. Recently published figures show that it was only 1.6 percent in the first quarter. In some countries – including the largest steel consumers Germany and Italy – it is weaker still and the outlook is negative.
In a global market, which is doing little to favour European manufacturing industry, the continuing strength of the Euro is eroding competitiveness. Higher costs for raw materials and energy are adding to the difficulties of steel-using manufacturers.
The domestic EU-15 economy is not much better. There is no sign of an increase in private capital investment nor of industrial output. Top steelmaker, Arcelor, has forecast growth in industrial production of no more than 1.4 percent this year.
Tuesday, May 17, 2005
Treasury Dept. and Bush Administration Warns China on Currency, threatens Sanctions
Yahoo! News
WASHINGTON - The Bush administration, in its hardest stance yet, warned China on Tuesday that it likely will be accused of manipulating its currency to gain an unfair trade advantage over the United States — unless Beijing acts swiftly to overhaul its currency system.
The administration has been prodding China in earnest over the last two years to stop linking its currency, the yuan, to the U.S. dollar. Manufacturers and other critics, including Democratic and Republican lawmakers in Congress, contend that China's currency system puts U.S. companies at a big competitive disadvantage and has contributed to the loss of U.S. factory jobs.
The Treasury Department issued the warning as part of its twice-a-year report to Congress. However, it stopped short of finding that China — or any other major trading partner of the United States — was engaging in unfair currency practices.
But the administration clearly stepped up the pressure on China, saying it could be branded a manipulator of currency if the country doesn't switch soon to a flexible exchange system — something advocated not only by the United States but also by other economic powers.
A 1988 law requires the department to analyze countries' exchange rate policies and determine whether manipulation to gain unfair trade advantages is occurring. The law has economic sanctions that can be imposed on countries found in violation.
"If current trends continue without substantial alteration, China's policies will likely meet the statute's technical requirements for designation" of currency manipulation, the Treasury Department's report said.
WASHINGTON - The Bush administration, in its hardest stance yet, warned China on Tuesday that it likely will be accused of manipulating its currency to gain an unfair trade advantage over the United States — unless Beijing acts swiftly to overhaul its currency system.
The administration has been prodding China in earnest over the last two years to stop linking its currency, the yuan, to the U.S. dollar. Manufacturers and other critics, including Democratic and Republican lawmakers in Congress, contend that China's currency system puts U.S. companies at a big competitive disadvantage and has contributed to the loss of U.S. factory jobs.
The Treasury Department issued the warning as part of its twice-a-year report to Congress. However, it stopped short of finding that China — or any other major trading partner of the United States — was engaging in unfair currency practices.
But the administration clearly stepped up the pressure on China, saying it could be branded a manipulator of currency if the country doesn't switch soon to a flexible exchange system — something advocated not only by the United States but also by other economic powers.
A 1988 law requires the department to analyze countries' exchange rate policies and determine whether manipulation to gain unfair trade advantages is occurring. The law has economic sanctions that can be imposed on countries found in violation.
"If current trends continue without substantial alteration, China's policies will likely meet the statute's technical requirements for designation" of currency manipulation, the Treasury Department's report said.
Inco Says China Stainless-Steel Use to Double by 2010
Bloomberg.com
Inco Ltd., the world's second-largest nickel producer, expects Chinese demand for stainless steel to double in five years as the nation's economic growth brings more prosperity and demand for products containing the metal.
``China's growth is transforming the world economy,'' and will help sustain rising demand for nickel and other metals, Peter Jones, president of Toronto-based Inco, said today during a presentation to investors in New York. ``The fact is that 1.3 billion people want a better life, and that means higher nickel consumption.''
Chinese demand for nickel, the metal used to harden stainless steel, rose more than 75 percent in the first quarter from a year earlier, Jones said. Stainless steel demand in the Asian nation is expected to rise 800,000 metric tons above the 4.5 million tons sought last year, Inco estimates.
Demand will only increase as more Chinese gain affluence and greater spending power, Jones said. Some 300 million Chinese now earn more than $2,000 a year, a level that has historically accelerated stainless steel demand in other nations, he said.
``China could be consuming 10 million tons of stainless steel per year by 2010,'' Jones said.
Inco Ltd., the world's second-largest nickel producer, expects Chinese demand for stainless steel to double in five years as the nation's economic growth brings more prosperity and demand for products containing the metal.
``China's growth is transforming the world economy,'' and will help sustain rising demand for nickel and other metals, Peter Jones, president of Toronto-based Inco, said today during a presentation to investors in New York. ``The fact is that 1.3 billion people want a better life, and that means higher nickel consumption.''
Chinese demand for nickel, the metal used to harden stainless steel, rose more than 75 percent in the first quarter from a year earlier, Jones said. Stainless steel demand in the Asian nation is expected to rise 800,000 metric tons above the 4.5 million tons sought last year, Inco estimates.
Demand will only increase as more Chinese gain affluence and greater spending power, Jones said. Some 300 million Chinese now earn more than $2,000 a year, a level that has historically accelerated stainless steel demand in other nations, he said.
``China could be consuming 10 million tons of stainless steel per year by 2010,'' Jones said.
Labels: nickel
Inco’s profits up but Steelworkers’ morale sinking
NorthernLife.ca - Greater Sudbury on the Web
Apparently money can’t buy happiness between Inco Ltd. and its largest union.
Despite company profits of $800 million (US) in 2004 and unionized workers sharing the largest nickel bonus cheques in history, the relationship between Local 6500 of the United Steelworkers of America (USWA) and Inco management is at its lowest point in almost 30 years, says Local 6500 president John Fera and USWA regional co-ordinator Dan O’Reilly.
Apparently money can’t buy happiness between Inco Ltd. and its largest union.
Despite company profits of $800 million (US) in 2004 and unionized workers sharing the largest nickel bonus cheques in history, the relationship between Local 6500 of the United Steelworkers of America (USWA) and Inco management is at its lowest point in almost 30 years, says Local 6500 president John Fera and USWA regional co-ordinator Dan O’Reilly.
Labels: nickel
Inco copper refinery may be shut
The Globe and Mail
SUDBURY, ONT. -- The closing of Inco Ltd.'s Copper Cliff copper refinery is 'very likely,' a top company official said Friday.
Mark Cutifani, president of Ontario operations, said a 12-month process to dramatically reduce costs at the refinery was successful on some levels, but fell well short of company targets.
A 20-per-cent cost reduction was achieved, he said, but it would have taken double that to make copper refining competitive for Inco.
Mr. Cutifani spoke to workers Thursday, letting them know that the company was strongly leaning toward closing the refinery.
Copper refining, he said, is a small part of Inco's operations, representing just 3 per cent of the business.
Copper will continue to be processed to the anode stage, but the refining process will most likely be eliminated.
SUDBURY, ONT. -- The closing of Inco Ltd.'s Copper Cliff copper refinery is 'very likely,' a top company official said Friday.
Mark Cutifani, president of Ontario operations, said a 12-month process to dramatically reduce costs at the refinery was successful on some levels, but fell well short of company targets.
A 20-per-cent cost reduction was achieved, he said, but it would have taken double that to make copper refining competitive for Inco.
Mr. Cutifani spoke to workers Thursday, letting them know that the company was strongly leaning toward closing the refinery.
Copper refining, he said, is a small part of Inco's operations, representing just 3 per cent of the business.
Copper will continue to be processed to the anode stage, but the refining process will most likely be eliminated.
Labels: Copper
Monday, May 16, 2005
Steel entrepreneur inches closer to building new steel processing mill in Kentucky
There are predictions that we'll go from steel shortage to steel glut inside of 2 years... China is worried about overcapacity, so is India in this article from Rediff.com India
This is not the first time that Indian steel companies have announced grand plans to increase capacities.
They did so with a vengeance in the mid-nineties, and the result was a steel glut that depressed steel prices and led several steel producers to the brink of bankruptcy. Are we going to see a repeat of that story?
According to conservative estimates, the total outlay for the country's steel expansion plans is likely to be above Rs 75,000 crore (Rs 750 billion).
That outlay is justified on the grounds of an anticipated doubling of demand in the next eight years and strong internal cash flows of steel companies.
However, recent reports suggesting a slowdown in steel prices are a cause for concern. Also some industry experts have pointed out that steel capacity is increasing all over the world, which could lead to global over capacity a few years down the line.
And Russia too: Russian steel capacity poses further threat to global prices
MOSCOW. May 16 (Interfax) - Russian steel producers' recent investments to increase domestic capacity threaten to push down an already weakening steel cycle, says a report titled "Market and Institutional Uncertainties Weigh On Russian Steel Companies," published on May 16, 2005, by Standard & Poor's Ratings Services.
"The 2003-2005 sales bonanza, enjoyed by steelmakers worldwide, enabled Russia's largest steel producers to achieve almost full capacity utilization, and they are investing a significant portion of the resulting windfall cash flows to eliminate production bottlenecks and further increase output," an S&P press release quoted credit analyst Elena Anankina as saying.
"Yet, although Russia's domestic market has been growing, this growth is insufficient to absorb the increased capacity, and local steel supply exceeds demand by a factor of two--a situation that is unlikely to change in the foreseeable future. Consequently, Russian steelmakers will remain heavy exporters, which may impact steel prices given the turndown already evident in Europe."
So then we have this guy building into a forecast glut ... I hope for his sake he knows what he's doing.
Pittsburgh Business Times
A steel entrepreneur said this week he could have financing in hand within 60 days to build a midsized steel processing mill along the Ohio River in Louisville, Ky.
Matthew Botsford, who through his company LEO Inc. has been trying to pull together a deal in Kentucky for the past three years, said he has signed a contract with Yang Chang Heng, chairman of Chinese manufacturing contractor China Metallurgical Construction Group that will provide $340 million, or approximately 85 percent of the money needed to build a $402 million steel coil facility on 81 acres in the Jefferson Riverport International industrial park in Louisville. The proposed mill would produce approximately 1.5 million tons of hot or cold steel rolled coils per year.
To make the deal fly, Mr. Botsford must still find another $60 million to complete the construction package. He also has to find investors to buy out the Chinese once the mill is up and running. "They don't want to be the owners of this thing," Mr. Botsford said. Mr. Botsford said construction of the mill could be completed in 18 months to two years.
Mr. Botsford said the domestic steel industry's extremely successful year in 2004 and continued success in the first quarter of 2005 has increased the financial community's interest in his project. He wouldn't name the three financial institutions with which he is currently negotiating. He said the mill would work with slabs made from domestic producers as well slabs from foreign blast furnace products, such as those produced in iron ore-rich Brazil.
A local analyst said the concept could work, but Mr. Botsford might get slapped down if he tries to go head-to-head with the big boys in marketing to the auto and appliance industries.
This is not the first time that Indian steel companies have announced grand plans to increase capacities.
They did so with a vengeance in the mid-nineties, and the result was a steel glut that depressed steel prices and led several steel producers to the brink of bankruptcy. Are we going to see a repeat of that story?
According to conservative estimates, the total outlay for the country's steel expansion plans is likely to be above Rs 75,000 crore (Rs 750 billion).
That outlay is justified on the grounds of an anticipated doubling of demand in the next eight years and strong internal cash flows of steel companies.
However, recent reports suggesting a slowdown in steel prices are a cause for concern. Also some industry experts have pointed out that steel capacity is increasing all over the world, which could lead to global over capacity a few years down the line.
And Russia too: Russian steel capacity poses further threat to global prices
MOSCOW. May 16 (Interfax) - Russian steel producers' recent investments to increase domestic capacity threaten to push down an already weakening steel cycle, says a report titled "Market and Institutional Uncertainties Weigh On Russian Steel Companies," published on May 16, 2005, by Standard & Poor's Ratings Services.
"The 2003-2005 sales bonanza, enjoyed by steelmakers worldwide, enabled Russia's largest steel producers to achieve almost full capacity utilization, and they are investing a significant portion of the resulting windfall cash flows to eliminate production bottlenecks and further increase output," an S&P press release quoted credit analyst Elena Anankina as saying.
"Yet, although Russia's domestic market has been growing, this growth is insufficient to absorb the increased capacity, and local steel supply exceeds demand by a factor of two--a situation that is unlikely to change in the foreseeable future. Consequently, Russian steelmakers will remain heavy exporters, which may impact steel prices given the turndown already evident in Europe."
So then we have this guy building into a forecast glut ... I hope for his sake he knows what he's doing.
Pittsburgh Business Times
A steel entrepreneur said this week he could have financing in hand within 60 days to build a midsized steel processing mill along the Ohio River in Louisville, Ky.
Matthew Botsford, who through his company LEO Inc. has been trying to pull together a deal in Kentucky for the past three years, said he has signed a contract with Yang Chang Heng, chairman of Chinese manufacturing contractor China Metallurgical Construction Group that will provide $340 million, or approximately 85 percent of the money needed to build a $402 million steel coil facility on 81 acres in the Jefferson Riverport International industrial park in Louisville. The proposed mill would produce approximately 1.5 million tons of hot or cold steel rolled coils per year.
To make the deal fly, Mr. Botsford must still find another $60 million to complete the construction package. He also has to find investors to buy out the Chinese once the mill is up and running. "They don't want to be the owners of this thing," Mr. Botsford said. Mr. Botsford said construction of the mill could be completed in 18 months to two years.
Mr. Botsford said the domestic steel industry's extremely successful year in 2004 and continued success in the first quarter of 2005 has increased the financial community's interest in his project. He wouldn't name the three financial institutions with which he is currently negotiating. He said the mill would work with slabs made from domestic producers as well slabs from foreign blast furnace products, such as those produced in iron ore-rich Brazil.
A local analyst said the concept could work, but Mr. Botsford might get slapped down if he tries to go head-to-head with the big boys in marketing to the auto and appliance industries.
Chinese steel may create global glut
Asia Times Online
BEIJING - After a long period of pulling in huge imports of steel and thus boosting the world market, China is gearing up for a new role as a net steel exporter that may turn recent global shortages of steel into oversupply and depress regional and global prices.
China's output of steel products this year is set to outpace consumption, driving up exports and building up stocks. The feared scenario is that Chinese steelmakers may be blamed as the country's surplus products begin to flow in the international market, pushing down prices and possibly sparking a rash of bankruptcies in the global steel industry. Because of this, Chinese economic planners are preparing to deal with a glut of steel on the world market as early as the end of this year. Their plans also include aggressive measures to arrest surging steel exports and attempts to cool down the overheated industry.
Under a ban effective May 19, Beijing will prohibit factories in China from making steel goods for foreign clients with imported iron ore provided by overseas firms. 'The measure is in line with the state's macroeconomic controls and the development policy for related industries,' the Ministry of Commerce said in a statement this week.
The iron and steel processing trade in China is now free from tariffs and value-added taxes on material imports and finished product exports. The ban on the iron and steel processing trade is the third consecutive action taken by the Chinese government within less than two months to tame the nation's skyrocketing steel exports, according to China Daily. On April 1, China eliminated a 13% tax rebate for steel billet and ingot exports. It also slashed the tax rebate for exports of some steel products to 11% from 13% on May 1.
BEIJING - After a long period of pulling in huge imports of steel and thus boosting the world market, China is gearing up for a new role as a net steel exporter that may turn recent global shortages of steel into oversupply and depress regional and global prices.
China's output of steel products this year is set to outpace consumption, driving up exports and building up stocks. The feared scenario is that Chinese steelmakers may be blamed as the country's surplus products begin to flow in the international market, pushing down prices and possibly sparking a rash of bankruptcies in the global steel industry. Because of this, Chinese economic planners are preparing to deal with a glut of steel on the world market as early as the end of this year. Their plans also include aggressive measures to arrest surging steel exports and attempts to cool down the overheated industry.
Under a ban effective May 19, Beijing will prohibit factories in China from making steel goods for foreign clients with imported iron ore provided by overseas firms. 'The measure is in line with the state's macroeconomic controls and the development policy for related industries,' the Ministry of Commerce said in a statement this week.
The iron and steel processing trade in China is now free from tariffs and value-added taxes on material imports and finished product exports. The ban on the iron and steel processing trade is the third consecutive action taken by the Chinese government within less than two months to tame the nation's skyrocketing steel exports, according to China Daily. On April 1, China eliminated a 13% tax rebate for steel billet and ingot exports. It also slashed the tax rebate for exports of some steel products to 11% from 13% on May 1.
Sunday, May 15, 2005
The Coming Manufacturing Revolution
from the superfactory blog
Be afraid. Be very afraid. Or salivate at the opportunity.
A revolution is coming. A manufacturing revolution like nothing seen in history. Far more of an impact than Ford's creation of flow production and the effects of Toyota's lean manufacturing genius. The first few years of the internet era have created incredible change... but this revolution has only just begun. During the next decade or two the manufacturing world, and business in general, will witness a cataclysmic change.
Thomas Friedman's new book, The World Is Flat, describes how digital technologies have broken down trade, economic, geographical, and political barriers... in effect flattening the world. When you combine a new leveled playing field with new business practices for an interconnected world, and the masses of people who have never been allowed or capable to compete or collaborate before, you have the recipe for a revolution.
Be afraid. Be very afraid. Or salivate at the opportunity.
A revolution is coming. A manufacturing revolution like nothing seen in history. Far more of an impact than Ford's creation of flow production and the effects of Toyota's lean manufacturing genius. The first few years of the internet era have created incredible change... but this revolution has only just begun. During the next decade or two the manufacturing world, and business in general, will witness a cataclysmic change.
Thomas Friedman's new book, The World Is Flat, describes how digital technologies have broken down trade, economic, geographical, and political barriers... in effect flattening the world. When you combine a new leveled playing field with new business practices for an interconnected world, and the masses of people who have never been allowed or capable to compete or collaborate before, you have the recipe for a revolution.
Poptops add up for kids of St. Jude
[it's good to see someone recycling the little things ... amongst other things, they're sharp as a knife, and I often wonder whether animals are hurt on the ones that get left outdoors]
It is hard to imagine a pound of the little metal rings off the top of soda cans, but sophomores at Lausanne Collegiate School began an altruistic project over a year ago and made it a competitive venture with the other Upper School classes.
The students who collect the most poptops win the largest number of pride points (which ultimately allows for a day off for the winning class). Though this in itself is a noble venture, the purpose of this collection is that for each pound of aluminum poptops, a cancer treatment is provided for a child at St. Jude Children's Research Hospital through Ronald McDonald House.
It is hard to imagine a pound of the little metal rings off the top of soda cans, but sophomores at Lausanne Collegiate School began an altruistic project over a year ago and made it a competitive venture with the other Upper School classes.
The students who collect the most poptops win the largest number of pride points (which ultimately allows for a day off for the winning class). Though this in itself is a noble venture, the purpose of this collection is that for each pound of aluminum poptops, a cancer treatment is provided for a child at St. Jude Children's Research Hospital through Ronald McDonald House.
Steel-and-foam construction gaining ground in Residential construction
SouthBendTribune.com
NILES -- In terms of home building, this steel-and-foam wall system is being described as 'innovative' and 'cutting edge.' To some in the industry, it simply makes a lot of sense.
Walls are constructed using light gauge steel studs, instead of wooden two-by-sixes, and filled in between with polystyrene, a material similar to Styrofoam and referred to in the industry as EPS.
The galvanized steel has a high strength-to-weight ratio, is quick and easy to install and the steel is 100 percent recyclable if the house is ever taken down in the future.
The EPS insulation is an outstanding insulating material -- "the best insulating material money can buy" according to a Longmeadow flier. EPS has a natural radiant barrier and absorbs less than 1 percent of its volume in moisture. It is also moisture-impervious and reflects UV rays. This wall system will not attract mold or termites.
Chicago architect Kelly Andereck summed up perhaps the biggest advantage, explaining, "The EPS system keeps cool air inside during the summer and in the winter, it keeps inside air warm and moist. The energy costs are one-third of a typical home."
While the initial cost may be comparable to a wood-frame house, these advocates indicate that savings will be realized in the long run, particularly on heating and cooling.
NILES -- In terms of home building, this steel-and-foam wall system is being described as 'innovative' and 'cutting edge.' To some in the industry, it simply makes a lot of sense.
Walls are constructed using light gauge steel studs, instead of wooden two-by-sixes, and filled in between with polystyrene, a material similar to Styrofoam and referred to in the industry as EPS.
The galvanized steel has a high strength-to-weight ratio, is quick and easy to install and the steel is 100 percent recyclable if the house is ever taken down in the future.
The EPS insulation is an outstanding insulating material -- "the best insulating material money can buy" according to a Longmeadow flier. EPS has a natural radiant barrier and absorbs less than 1 percent of its volume in moisture. It is also moisture-impervious and reflects UV rays. This wall system will not attract mold or termites.
Chicago architect Kelly Andereck summed up perhaps the biggest advantage, explaining, "The EPS system keeps cool air inside during the summer and in the winter, it keeps inside air warm and moist. The energy costs are one-third of a typical home."
While the initial cost may be comparable to a wood-frame house, these advocates indicate that savings will be realized in the long run, particularly on heating and cooling.
Russia MMK says forced to cut steel output
Yahoo! Asia News
Russian steel firm Magnitogorsk (MMK) plans to shut three of its eight furnaces due to shortages of raw materials caused by a loss of key suppliers, a spokesman for MMK said on Saturday.
'The decision has been taken officially,' Ivan Senichev said. Although an official order had not yet been signed, one furnace might be halted as early as Monday, another on June 1, and the third on June 10.
MMK, which consumes around 500,000 tonnes of iron ore pellets a month, used to receive around 70 percent of them from Sokolov-Sarbai ore enrichment plant (GOK), Kazakhstan's biggest iron ore producer, and the rest from Russia's Mikhailovsky GOK.
On Friday Mikhailovsky announced it was stopping deliveries to MMK, after MMK declined to sign a new contract citing very high prices. Sokolov-Sarbai stopped supplies to MMK on May 9.
Russian steel firm Magnitogorsk (MMK) plans to shut three of its eight furnaces due to shortages of raw materials caused by a loss of key suppliers, a spokesman for MMK said on Saturday.
'The decision has been taken officially,' Ivan Senichev said. Although an official order had not yet been signed, one furnace might be halted as early as Monday, another on June 1, and the third on June 10.
MMK, which consumes around 500,000 tonnes of iron ore pellets a month, used to receive around 70 percent of them from Sokolov-Sarbai ore enrichment plant (GOK), Kazakhstan's biggest iron ore producer, and the rest from Russia's Mikhailovsky GOK.
On Friday Mikhailovsky announced it was stopping deliveries to MMK, after MMK declined to sign a new contract citing very high prices. Sokolov-Sarbai stopped supplies to MMK on May 9.
JS Online: For the steel industry, it's innovate or die
JS Online
With parts from microwave ovens bought at a discount store, Jim Hwang is trying to change the steel industry.
Hwang, an engineering professor at Michigan Technological University in Houghton, has built a small iron ore smelter that's about six times faster than a conventional blast furnace at reducing iron oxide to iron, and then making steel.
In his laboratory, Hwang can produce steel in minutes, when normally it would take hours. His goal is to build a larger microwave smelter that can create a ton of steel in about an hour, at half the normal cost.
With parts from microwave ovens bought at a discount store, Jim Hwang is trying to change the steel industry.
Hwang, an engineering professor at Michigan Technological University in Houghton, has built a small iron ore smelter that's about six times faster than a conventional blast furnace at reducing iron oxide to iron, and then making steel.
In his laboratory, Hwang can produce steel in minutes, when normally it would take hours. His goal is to build a larger microwave smelter that can create a ton of steel in about an hour, at half the normal cost.
Saturday, May 14, 2005
In a hiring mood: U.S. Steel CEO says steelmaker needs to replace aging workers
Pittsburgh Post-Gazette
After years of downsizing, a profitable U.S. Steel Corp. is ready to start hiring again, Chief Executive Officer John Surma said yesterday.
"In our company, our industry and in manufacturing in general, we have the one thing that people entering the work force want, which is opportunity," Surma said
While that's good news for Pittsburgh, where this newspaper is, I found some of the tail of the article of more general interest.
Both Surma and Engler cited a need for the United States to better train young workers to meet the competitive needs of the future for an economy that is becoming more global.
"In my time in business, about 30 years, everything has become more competitive, faster, harder. Competition is tougher. The world is getting smaller and everybody is in everybody's business these days," Surma said. "We've got to be bringing in people who are better than we are today or we're going to fall behind in the race."
Engler was in Pittsburgh to promote NAM's current legislative agenda, which the organization claims will reduce business costs, encourage investment, create jobs and give the economy a $1 trillion boost over the next five years.
The NAM plan includes:
Enacting a national energy strategy to increase domestic supply, stabilize prices and encourage the development of new, clean sources of power. Those elements are contained in the Bush administration energy plan that has been approved by the U.S. House and sent to the Senate.
Approving "Clear Skies" legislation that would streamline Environmental Protection Agency rules that NAM says hinder the investment in new technologies by utility companies.
Ending asbestos litigation with a victim compensation program.
Passing a federal highway bill to boost spending on roads and bridges.
Modernizing telecommunication law to help speed deployment of broadband for voice, video and data.
Taking a cue from smaller manufacturers that belong to NAM, Engler also said the United States needs to reduce the nation's $162 billion trade deficit with China.
Engler called the association's political agenda doable.
"I think they can all be done,' he said. "I think Congress is fully capable of doing hard things."
You can read more of Engler's message on the NAM web site. We also have links to the NAM web site on the left, under Solid Metal Links.
After years of downsizing, a profitable U.S. Steel Corp. is ready to start hiring again, Chief Executive Officer John Surma said yesterday.
"In our company, our industry and in manufacturing in general, we have the one thing that people entering the work force want, which is opportunity," Surma said
While that's good news for Pittsburgh, where this newspaper is, I found some of the tail of the article of more general interest.
Both Surma and Engler cited a need for the United States to better train young workers to meet the competitive needs of the future for an economy that is becoming more global.
"In my time in business, about 30 years, everything has become more competitive, faster, harder. Competition is tougher. The world is getting smaller and everybody is in everybody's business these days," Surma said. "We've got to be bringing in people who are better than we are today or we're going to fall behind in the race."
Engler was in Pittsburgh to promote NAM's current legislative agenda, which the organization claims will reduce business costs, encourage investment, create jobs and give the economy a $1 trillion boost over the next five years.
The NAM plan includes:
Enacting a national energy strategy to increase domestic supply, stabilize prices and encourage the development of new, clean sources of power. Those elements are contained in the Bush administration energy plan that has been approved by the U.S. House and sent to the Senate.
Approving "Clear Skies" legislation that would streamline Environmental Protection Agency rules that NAM says hinder the investment in new technologies by utility companies.
Ending asbestos litigation with a victim compensation program.
Passing a federal highway bill to boost spending on roads and bridges.
Modernizing telecommunication law to help speed deployment of broadband for voice, video and data.
Taking a cue from smaller manufacturers that belong to NAM, Engler also said the United States needs to reduce the nation's $162 billion trade deficit with China.
Engler called the association's political agenda doable.
"I think they can all be done,' he said. "I think Congress is fully capable of doing hard things."
You can read more of Engler's message on the NAM web site. We also have links to the NAM web site on the left, under Solid Metal Links.
US Steel and National Association of Manufacturers pushing manufacturing legislation
Pittsburgh Business Times [emphasis mine ... Michael]
The president of a national manufacturer's organization teamed with the president of the U.S. Steel Corp. Friday to renew pressure on the U.S. Congress to pass a collection of bills they said will solidify the future of manufacturing in the United States.
"It's an environment today with a lot of uncertainty and we need to clean up these things," said John Engler, president of the National Association of Manufacturers. In the past week, Mr. Engler has been touring manufacturing centers around the country in support of a five point legislative plan that the NAM says will give the U.S. economy a $1 trillion boost.
On Friday, Mr. Engler and U.S. Steel president John Surma led a tour of the U.S. Steel Corp.'s Irvin Works in West Mifflin, where steel slabs from the company's Edgar Thomson Works in Braddock are lengthened and compressed into rolled coils weighing 40 tons or more. The mill employs more than 1,000 people and has a 2.9 million ton capacity, according to company spokesman John Armstrong.
Mr. Engler said passage of bills to streamline asbestos litigation, air pollution and telecommunications law, and measures to increase highway spending and domestic fuel exploration are in reach.
"I think it will be done in the next 30 to 60 days," Mr. Engler said.
But equally pressing, according to Mr. Surma and Mr. Engler, is the shortage of qualified workers to take the place of an increasingly aging industrial workforce. "We've got to attract people that are better then we are today," Mr. Surma said. "We have to do a better job at marketing ourselves," Mr. Surma said.
Mr. Engler said the $400 billion being spent on primary and secondary education nationally needs to be adjusted to focus more on technical training. He said an investment of $6 billion, or about 1.5 percent of the total, could make a big difference.
The president of a national manufacturer's organization teamed with the president of the U.S. Steel Corp. Friday to renew pressure on the U.S. Congress to pass a collection of bills they said will solidify the future of manufacturing in the United States.
"It's an environment today with a lot of uncertainty and we need to clean up these things," said John Engler, president of the National Association of Manufacturers. In the past week, Mr. Engler has been touring manufacturing centers around the country in support of a five point legislative plan that the NAM says will give the U.S. economy a $1 trillion boost.
On Friday, Mr. Engler and U.S. Steel president John Surma led a tour of the U.S. Steel Corp.'s Irvin Works in West Mifflin, where steel slabs from the company's Edgar Thomson Works in Braddock are lengthened and compressed into rolled coils weighing 40 tons or more. The mill employs more than 1,000 people and has a 2.9 million ton capacity, according to company spokesman John Armstrong.
Mr. Engler said passage of bills to streamline asbestos litigation, air pollution and telecommunications law, and measures to increase highway spending and domestic fuel exploration are in reach.
"I think it will be done in the next 30 to 60 days," Mr. Engler said.
But equally pressing, according to Mr. Surma and Mr. Engler, is the shortage of qualified workers to take the place of an increasingly aging industrial workforce. "We've got to attract people that are better then we are today," Mr. Surma said. "We have to do a better job at marketing ourselves," Mr. Surma said.
Mr. Engler said the $400 billion being spent on primary and secondary education nationally needs to be adjusted to focus more on technical training. He said an investment of $6 billion, or about 1.5 percent of the total, could make a big difference.
Friday, May 13, 2005
U.S. Re-Imposes Quotas on Chinese Clothing
[It's not steel, but it's another example where no one can figure out what the administration policy on trade really is ... ]
Yahoo! News
The Bush administration is re-imposing quotas on three categories of clothing imports from China, responding to complaints from domestic producers that a surge of Chinese imports was threatening thousands of U.S. jobs.
The administration action will impose limits on the amount of cotton trousers, cotton knit shirts and underwear that China can ship to this country. American retailers say that will drive up prices for U.S. consumers.
In announcing the decision Friday, Commerce Secretary Carlos Gutierrez said a government investigation had found that a surge in shipments from China since global quotas were eliminated on Jan. 1 was disrupting the domestic market.
The action will mean that shipments in the three categories will be permitted to increase this year by just 7.5 percent, compared with shipments over a 12-month base period.
U.S. retailers had fought against the re-imposition of quotas on China, arguing that it will mean higher costs for American consumers.
Laura Jones, executive director of the United States Association of Importers of Textiles and Apparel, said the administration was going ahead with the action even though the latest trade data showed that clothing and textile imports from China actually declined in March after surging in January and February. She said the administration chose to ignore all the comments filed by U.S. retailers arguing against the action.
Yahoo! News
The Bush administration is re-imposing quotas on three categories of clothing imports from China, responding to complaints from domestic producers that a surge of Chinese imports was threatening thousands of U.S. jobs.
The administration action will impose limits on the amount of cotton trousers, cotton knit shirts and underwear that China can ship to this country. American retailers say that will drive up prices for U.S. consumers.
In announcing the decision Friday, Commerce Secretary Carlos Gutierrez said a government investigation had found that a surge in shipments from China since global quotas were eliminated on Jan. 1 was disrupting the domestic market.
The action will mean that shipments in the three categories will be permitted to increase this year by just 7.5 percent, compared with shipments over a 12-month base period.
U.S. retailers had fought against the re-imposition of quotas on China, arguing that it will mean higher costs for American consumers.
Laura Jones, executive director of the United States Association of Importers of Textiles and Apparel, said the administration was going ahead with the action even though the latest trade data showed that clothing and textile imports from China actually declined in March after surging in January and February. She said the administration chose to ignore all the comments filed by U.S. retailers arguing against the action.
Thursday, May 12, 2005
SMALL BUSINESS CHAIRS SNOWE, MANZULLO INTRODUCE BILL TO FIGHT CURRENCY MANIPULATION BY CHINA, OTHERS
press release
U.S. Senator Olympia J. Snowe and U.S. Representative Don Manzullo, Chairs of the Senate and House Small Business Committees, introduced legislation in the Senate and House that combats ongoing foreign currency manipulation, an unfair trade practice that puts American businesses, particularly manufacturers, at a competitive disadvantage with China and other nations.
The Fair Currency Practices Act of 2005 (S. 984 and H.R. 2208) would strengthen the tools the U.S. Treasury Department uses to a) formally designate offending countries as currency manipulators; and b) enter into negotiations to force offending nations to live up to their international obligations and stop undervaluing their currencies.
'As a Senator from a state with a rich manufacturing tradition that has experienced numerous job losses in recent years, I am keenly aware of the impact that the unscrupulous trade practices of China and other nations have had on our manufacturing sector,' said Snowe. 'Countries that manipulate their currencies pose a substantial threat to our nation?s manufacturing base, and clearly it?s time that we force them to play by the rules. American manufacturers - who are integral to our economic security and national defense - needlessly struggle to compete with countries that disregard their international obligations. Our legislation is one important step on the path of corrective action.'
Manzullo added, "All nations, most particularly China, must let the free markets determine the value of their currency, not use government resources to artificially depress the value of their currency to boost their economic growth. This scheme costs U.S. manufacturers billions of dollars in lost exports and decreased market share in the U.S. each year while putting American workers on the unemployment lines. Americans stand ready to compete with anyone in the world. But the competition must be fair. The legislation Senator Snowe and I introduced today will give our government the tools necessary to hold all nations of the world accountable for currency manipulation, including China, and level the playing field for our workers."
U.S. Senator Olympia J. Snowe and U.S. Representative Don Manzullo, Chairs of the Senate and House Small Business Committees, introduced legislation in the Senate and House that combats ongoing foreign currency manipulation, an unfair trade practice that puts American businesses, particularly manufacturers, at a competitive disadvantage with China and other nations.
The Fair Currency Practices Act of 2005 (S. 984 and H.R. 2208) would strengthen the tools the U.S. Treasury Department uses to a) formally designate offending countries as currency manipulators; and b) enter into negotiations to force offending nations to live up to their international obligations and stop undervaluing their currencies.
'As a Senator from a state with a rich manufacturing tradition that has experienced numerous job losses in recent years, I am keenly aware of the impact that the unscrupulous trade practices of China and other nations have had on our manufacturing sector,' said Snowe. 'Countries that manipulate their currencies pose a substantial threat to our nation?s manufacturing base, and clearly it?s time that we force them to play by the rules. American manufacturers - who are integral to our economic security and national defense - needlessly struggle to compete with countries that disregard their international obligations. Our legislation is one important step on the path of corrective action.'
Manzullo added, "All nations, most particularly China, must let the free markets determine the value of their currency, not use government resources to artificially depress the value of their currency to boost their economic growth. This scheme costs U.S. manufacturers billions of dollars in lost exports and decreased market share in the U.S. each year while putting American workers on the unemployment lines. Americans stand ready to compete with anyone in the world. But the competition must be fair. The legislation Senator Snowe and I introduced today will give our government the tools necessary to hold all nations of the world accountable for currency manipulation, including China, and level the playing field for our workers."
Wednesday, May 11, 2005
OSHA beefs up steel mill inspections
Post-Tribune (Northwest Indiana)
Indiana’s Commissioner of Labor Miguel R. Rivera is beefing up inspections at local steel mills after a man was killed at Beta Steel on Friday and three workers were injured at U.S. Steel’s Gary Works on Monday.
Five men have died in Northwest Indiana’s steel mills in less than a year. In the most recent accident, William “Bill� Maffitt died Friday when he was cleaning a furnace byproduct from Beta Steel in the company’s collection hopper.
“These two incidents are right on the heels of one another,’’ Rivera said. “I’m not going to wait around for something else to occur.�
Steel and union officials contacted Tuesday said they welcome the beefed-up inspections, noting safety is a major concern for them as well.
This week, the United Steel Workers released a report showing that work-related accidents nearly quadrupled from 13 in 2003 to 51 in 2004. And on Monday and Tuesday, union workers and managers discussed ways to improve safety during the United Steelworkers’ annual health and safety conference.
Rivera said 2003 data from the Bureau of Labor Statistics showed that one-third of deaths at steel plants across the country occurred in Indiana.
Contrast this with reaction to safety concerns in China, for example ...
Indiana’s Commissioner of Labor Miguel R. Rivera is beefing up inspections at local steel mills after a man was killed at Beta Steel on Friday and three workers were injured at U.S. Steel’s Gary Works on Monday.
Five men have died in Northwest Indiana’s steel mills in less than a year. In the most recent accident, William “Bill� Maffitt died Friday when he was cleaning a furnace byproduct from Beta Steel in the company’s collection hopper.
“These two incidents are right on the heels of one another,’’ Rivera said. “I’m not going to wait around for something else to occur.�
Steel and union officials contacted Tuesday said they welcome the beefed-up inspections, noting safety is a major concern for them as well.
This week, the United Steel Workers released a report showing that work-related accidents nearly quadrupled from 13 in 2003 to 51 in 2004. And on Monday and Tuesday, union workers and managers discussed ways to improve safety during the United Steelworkers’ annual health and safety conference.
Rivera said 2003 data from the Bureau of Labor Statistics showed that one-third of deaths at steel plants across the country occurred in Indiana.
Contrast this with reaction to safety concerns in China, for example ...
Strike averted in German steel sector as unions, employers reach pay deal
Yahoo! News
An all-out strike has been averted in the German steel sector, with employers and unions finally reaching a wage agreement after six hours of overnight last-ditch talks, the powerful labour union IG Metall said.
Under the terms of the deal, struck in the early hours of Wednesday morning, 85,000 west German steel workers will see their wages increased by 3.5 percent pay from September 1.
And for the period from April to August, they will receive a one-off payment of 500 euros (645 dollars).
"We're very satisfied," said IG Metall's chief negotiator Detlef Wetzel. This was "an extraordinarily good result and a fair compromise."
No other sector had reached a comparable agreement. But the talks had been very hard, Wetzel said.
The union had originally been demanding wage increases of 6.5 percent in view of the current worldwide steel boom and companies' runaway profits. And it had even said Tuesday it would ballot its members over going an all-out strike later this month in pursuit of those demands.
The ballot was to have taken place between May 13 and 19, with the walkouts scheduled to start as early as May 23 in what would have been the first full-scale industrial action in the sector in more than 25 years.
Employers, who had been offering a pay rise of 2.4 percent over 19 months and a one-off payment of 800 euros, were less satisfied with the result.
"We would have sensibly wanted to reach a different compromise," said the head of the employers association, Helmut Koch. "Unfortunately, we were not able to achieve what we wanted."
But the employers could live with the wage deal, Koch added.
"What's important is that we've been able to avoid labour dispute in our industry."
Later reporting included this interesting comment from ThyssenKrupp:
One of the biggest employers in the industry, ThyssenKrupp Steel AG, a unit of industrial conglomerate ThyssenKrupp AG (TKA.XE), said: "In the current economic environment ThyssenKrupp Steel regards the settlement as painful and just about justifiable in order not to jeopardize supplies to customers."
An all-out strike has been averted in the German steel sector, with employers and unions finally reaching a wage agreement after six hours of overnight last-ditch talks, the powerful labour union IG Metall said.
Under the terms of the deal, struck in the early hours of Wednesday morning, 85,000 west German steel workers will see their wages increased by 3.5 percent pay from September 1.
And for the period from April to August, they will receive a one-off payment of 500 euros (645 dollars).
"We're very satisfied," said IG Metall's chief negotiator Detlef Wetzel. This was "an extraordinarily good result and a fair compromise."
No other sector had reached a comparable agreement. But the talks had been very hard, Wetzel said.
The union had originally been demanding wage increases of 6.5 percent in view of the current worldwide steel boom and companies' runaway profits. And it had even said Tuesday it would ballot its members over going an all-out strike later this month in pursuit of those demands.
The ballot was to have taken place between May 13 and 19, with the walkouts scheduled to start as early as May 23 in what would have been the first full-scale industrial action in the sector in more than 25 years.
Employers, who had been offering a pay rise of 2.4 percent over 19 months and a one-off payment of 800 euros, were less satisfied with the result.
"We would have sensibly wanted to reach a different compromise," said the head of the employers association, Helmut Koch. "Unfortunately, we were not able to achieve what we wanted."
But the employers could live with the wage deal, Koch added.
"What's important is that we've been able to avoid labour dispute in our industry."
Later reporting included this interesting comment from ThyssenKrupp:
One of the biggest employers in the industry, ThyssenKrupp Steel AG, a unit of industrial conglomerate ThyssenKrupp AG (TKA.XE), said: "In the current economic environment ThyssenKrupp Steel regards the settlement as painful and just about justifiable in order not to jeopardize supplies to customers."
Tuesday, May 10, 2005
Stelco reports results for first quarter 2005
Stelco press release
Stelco Inc. today reported net earnings of $49 million ($0.48 per common share) in the first quarter ended March 31, 2005. This record level of first quarter earnings for the Company is compared to a net loss of $37 million ($0.36 per common share) in the first quarter of 2004 and net earnings of $1 million ($0.01 per common share) in the fourth quarter of 2004.
Stelco Inc. today reported net earnings of $49 million ($0.48 per common share) in the first quarter ended March 31, 2005. This record level of first quarter earnings for the Company is compared to a net loss of $37 million ($0.36 per common share) in the first quarter of 2004 and net earnings of $1 million ($0.01 per common share) in the fourth quarter of 2004.
Labels: stelco
Toyota Boosts Spending After Steel Costs Cut 4th-Qtr Profit
Bloomberg
Toyota Motor Corp., reporting a 17 percent decline in fourth-quarter profit on higher steel costs, plans to increase investment by 30 percent this year as it wins market share from General Motors Corp. and Ford Motor Co.
President Fujio Cho boosted U.S. sales of Prius gas-electric vehicles and Scion cars, helping Toyota weather increased costs better than GM, which posted a $1.1 billion loss in the quarter. Toyota said it plans to raise annual capital spending to 1.25 trillion yen, about 48 percent more than GM, which has $200 billion of junk-rated debt.
Toyota Motor Corp., reporting a 17 percent decline in fourth-quarter profit on higher steel costs, plans to increase investment by 30 percent this year as it wins market share from General Motors Corp. and Ford Motor Co.
President Fujio Cho boosted U.S. sales of Prius gas-electric vehicles and Scion cars, helping Toyota weather increased costs better than GM, which posted a $1.1 billion loss in the quarter. Toyota said it plans to raise annual capital spending to 1.25 trillion yen, about 48 percent more than GM, which has $200 billion of junk-rated debt.
Nickel Rises in London on Demand From Stainless Steel Makers
Bloomberg.com: Canada
Nickel futures rose to a seven-month high in London as demand from stainless steel producers, the largest users of the metal, caused a shortage.
Prices for immediate delivery traded $1,000 higher than the three-month price, the largest gap since 1989, according to Standard Bank London. In a market with adequate supply, forward prices exceed nearby prices due to storage and interest costs.
``There won't be much new production until 2007 and stainless steel production is increasing very quickly in China,'' Philip Joly, the spokesman of Eramet SLN, said by phone from Paris. Eramet is the world's largest producer of ferronickel.
Nickel for delivery in three months on the London Metal Exchange rose as much as 2.8 percent today to a seven-month high
Nickel futures rose to a seven-month high in London as demand from stainless steel producers, the largest users of the metal, caused a shortage.
Prices for immediate delivery traded $1,000 higher than the three-month price, the largest gap since 1989, according to Standard Bank London. In a market with adequate supply, forward prices exceed nearby prices due to storage and interest costs.
``There won't be much new production until 2007 and stainless steel production is increasing very quickly in China,'' Philip Joly, the spokesman of Eramet SLN, said by phone from Paris. Eramet is the world's largest producer of ferronickel.
Nickel for delivery in three months on the London Metal Exchange rose as much as 2.8 percent today to a seven-month high
Labels: nickel
Monday, May 09, 2005
U.S. officials ditch quiet diplomacy for tougher stance on China's currency
canada.com
WASHINGTON (AP) - Two years of quiet diplomacy by the U.S. administration did not persuade China to change its currency system. So the United States now is turning up the volume, even enlisting the help of financial heavyweights such as Federal Reserve chairman Alan Greenspan.
Critics contend it will take more than just talk to force China to scrap a system they blame for America's soaring trade deficit and the loss of nearly three million U.S. manufacturing jobs over the past five years.
Since 1994, the Chinese have pegged their currency, the yuan, to the U.S. dollar in a narrow range in which 8.28 yuan will buy $1 US.
American manufacturers say this system has undervalued the yuan by as much as 40 per cent. The weaker yuan makes Chinese goods cheaper in the United States and American products pricier in China.
The administration has hoped its diplomatic efforts since 2003 would convince Beijing that it should allow market forces to set the yuan's value. U.S. officials also have said they understood China needed time to prepare for such a switch.
But the administration suddenly toughened its rhetoric last month. Treasury Secretary John Snow let it be known the United States now feels that China has made all the preparations necessary and could switch immediately to a flexible exchange rate.
In support, Greenspan told a congressional committee that China's current system represented an increasing threat, including higher inflation, to the Chinese economy. Also making that point are economists at the International Monetary Fund and the World Bank.
U.S. manufacturers are worried that China will continue to stonewall as America's trade deficit soars and more U.S. manufacturing jobs are lost.
For that reason, they are lobbying the administration to single out China as a country that is intentionally manipulating its currency to gain unfair trade advantages. The administration is required by law to report to Congress on this matter twice a year. It has yet to brand China as a currency manipulator.
[emphasis mine...Michael]
WASHINGTON (AP) - Two years of quiet diplomacy by the U.S. administration did not persuade China to change its currency system. So the United States now is turning up the volume, even enlisting the help of financial heavyweights such as Federal Reserve chairman Alan Greenspan.
Critics contend it will take more than just talk to force China to scrap a system they blame for America's soaring trade deficit and the loss of nearly three million U.S. manufacturing jobs over the past five years.
Since 1994, the Chinese have pegged their currency, the yuan, to the U.S. dollar in a narrow range in which 8.28 yuan will buy $1 US.
American manufacturers say this system has undervalued the yuan by as much as 40 per cent. The weaker yuan makes Chinese goods cheaper in the United States and American products pricier in China.
The administration has hoped its diplomatic efforts since 2003 would convince Beijing that it should allow market forces to set the yuan's value. U.S. officials also have said they understood China needed time to prepare for such a switch.
But the administration suddenly toughened its rhetoric last month. Treasury Secretary John Snow let it be known the United States now feels that China has made all the preparations necessary and could switch immediately to a flexible exchange rate.
In support, Greenspan told a congressional committee that China's current system represented an increasing threat, including higher inflation, to the Chinese economy. Also making that point are economists at the International Monetary Fund and the World Bank.
U.S. manufacturers are worried that China will continue to stonewall as America's trade deficit soars and more U.S. manufacturing jobs are lost.
For that reason, they are lobbying the administration to single out China as a country that is intentionally manipulating its currency to gain unfair trade advantages. The administration is required by law to report to Congress on this matter twice a year. It has yet to brand China as a currency manipulator.
[emphasis mine...Michael]
Bridgestone's Profit Falls 6.8% as Steel Costs Rise
Bloomberg.com
Bridgestone Corp., the world's largest tiremaker by sales, said its first-quarter profit fell 6.8 percent after the costs of raw materials such as steel and oil rose.
Bridgestone Corp., the world's largest tiremaker by sales, said its first-quarter profit fell 6.8 percent after the costs of raw materials such as steel and oil rose.
Sunday, May 08, 2005
Mill worker killed by falling debris
Northwest Indiana News: nwitimes.com
William Maffitt enjoyed fishing with his sons and never shied away from work that was dirty, hazardous or hard.
While working on just such a job Friday, Maffitt, 45, was killed when a chunk of debris fell on him from above, slamming his head against the 30-foot high hopper he was working in.
'He was just an excellent worker, which is what probably got him killed in the first place,' his mother, Toni Maffitt, said Saturday.
Maffitt, 45, died of blunt force trauma to his head and neck, which was broken by the force of the blow, according to Porter County Deputy Coroner Martin Moeller.
He then fell into the fine powder he had been vacuuming out of the hopper, which had a 'quicksand effect' and swallowed him up, Moeller said.
William Maffitt enjoyed fishing with his sons and never shied away from work that was dirty, hazardous or hard.
While working on just such a job Friday, Maffitt, 45, was killed when a chunk of debris fell on him from above, slamming his head against the 30-foot high hopper he was working in.
'He was just an excellent worker, which is what probably got him killed in the first place,' his mother, Toni Maffitt, said Saturday.
Maffitt, 45, died of blunt force trauma to his head and neck, which was broken by the force of the blow, according to Porter County Deputy Coroner Martin Moeller.
He then fell into the fine powder he had been vacuuming out of the hopper, which had a 'quicksand effect' and swallowed him up, Moeller said.
Chinese Steel & Iron Sector Seeking for Signpost
I don't think I understand this piece. I'm not sure what it's really saying. How can a cyclic economy lead to sustained growth? What is the "imminent irrational lay-out of the industry"? What signpost are they seeking (in the title)? Can anyone make it out?
People's Daily Online
Ma Kai, Minister of the State Development and Reform Commission, has pointed out recently that the cyclic economy is the only way to sustain the growth of China's iron & steel industry which is seeking to develop more muscle.
He noted that the macro-control in the sector would be focused on a reasonably designed scale, improved structure, exports adjustment and curbing the rising prices of rolled steels.
He urged steel giants to beef up their partnership with foreign resources suppliers by placing long term orders.
He required that steel makers conduct clean and efficient production and reduce waste drainage as much as possible.
He warned about the excessive production capacity for the anticipated domestic demand which he thinks should be the purpose of the capacity.
He encouraged steel makers to create group corporations through mergers, acquisitions and share holding.
As he is deeply concerned about the imminent irrational lay-out of the industry, he strongly advised transformation and extension in areas with advantages in resources, energy and transportation.
It is the pressing task, he said, to turn out steel products for high-market and discard obsolete techniques.
He highlighted the significance of innovation and intellectual property rights.
He supports listing on the overseas market with less state-ownership. However, he stressed at the same time on the necessary power of the state shares.
According to the news release by China Iron & Steel Association by the end of last month showed shrinking domestic demand and fixed asset investment, more products for high-market, higher exports, narrowing price disparity between home and world market and good corporate performance in China??s iron and steel industry for the 1st quarter
People's Daily Online
Ma Kai, Minister of the State Development and Reform Commission, has pointed out recently that the cyclic economy is the only way to sustain the growth of China's iron & steel industry which is seeking to develop more muscle.
He noted that the macro-control in the sector would be focused on a reasonably designed scale, improved structure, exports adjustment and curbing the rising prices of rolled steels.
He urged steel giants to beef up their partnership with foreign resources suppliers by placing long term orders.
He required that steel makers conduct clean and efficient production and reduce waste drainage as much as possible.
He warned about the excessive production capacity for the anticipated domestic demand which he thinks should be the purpose of the capacity.
He encouraged steel makers to create group corporations through mergers, acquisitions and share holding.
As he is deeply concerned about the imminent irrational lay-out of the industry, he strongly advised transformation and extension in areas with advantages in resources, energy and transportation.
It is the pressing task, he said, to turn out steel products for high-market and discard obsolete techniques.
He highlighted the significance of innovation and intellectual property rights.
He supports listing on the overseas market with less state-ownership. However, he stressed at the same time on the necessary power of the state shares.
According to the news release by China Iron & Steel Association by the end of last month showed shrinking domestic demand and fixed asset investment, more products for high-market, higher exports, narrowing price disparity between home and world market and good corporate performance in China??s iron and steel industry for the 1st quarter
China's rolled steel price begins to drop in 1st quarter of 2005
People's Daily Online
Chinese production of rolled steel was up 22.39 percent in Q1 2005 compared to last year, while consumption during the same period rose 11.01 percent.
These figures were provided by the China Iron and Steel Association, which expects the rolled steel price to drop in the light of the present supply-demand situation.
Meanwhile, Chinese demand for rolled steel has risen by an annual average of some 20 percent in the past five years as more and more people in China buy cars and refrigerators and the country builds in preparation for the Beijing 2008 Olympics Games.
[moderately edited]
Chinese production of rolled steel was up 22.39 percent in Q1 2005 compared to last year, while consumption during the same period rose 11.01 percent.
These figures were provided by the China Iron and Steel Association, which expects the rolled steel price to drop in the light of the present supply-demand situation.
Meanwhile, Chinese demand for rolled steel has risen by an annual average of some 20 percent in the past five years as more and more people in China buy cars and refrigerators and the country builds in preparation for the Beijing 2008 Olympics Games.
[moderately edited]
Steel prices fall, Output slowed to reduce inventories; '05 outlook stable
Northwest Indiana Times Business
A retreat from the steep steel prices that shocked the industry and its customers in 2004 could mean lower profits for producers. Lower steel prices also could squeeze margins for service centers and distributors that still are holding high-priced inventory.
A retreat from the steep steel prices that shocked the industry and its customers in 2004 could mean lower profits for producers. Lower steel prices also could squeeze margins for service centers and distributors that still are holding high-priced inventory.
In the short term, steel users and consumers aren't likely to benefit from the lower costs because most steel used in consumer products is bought on contract, and a large percentage of contracts were renegotiated in 2004 during the height of the price hikes, according to steel analyst Charles Bradford, of New York-based Bradford Research/Soleil.
Service centers, small manufacturers and the construction industry buy their steel on the spot market.
Steel spot prices soared from late 2003 to the fourth quarter of 2004 on heavy Chinese and steady domestic demand. Hot rolled steel prices moved from a low of $300 a ton in mid 2003 to more than $756 a ton by the following September.
Since the high point in late 2004, spot prices have declined steadily and in April were $575 a ton, according MEPS, a Great Britain-based global steel industry consulting company.
'U.S. transaction prices are still trending downwards,' the company said in its April market report.
'Mills are reducing production or bringing forward maintenance outages in the face of high service center inventories. Some manufacturing activity has also declined. ... Producers have tried to hold the line on prices, but volumes are dropping fast and, some further discounting has taken place."
Tom Stundza, executive editor of "Purchasing Magazine," reported that April spot prices for many carbon steel grades have continued their a seven-month slide.
"It's also now obvious the big turnaround from far rosier forecasts of just a few months ago could continue through summer," he stated.
In other words, the drop in prices may mean steel companies won't see profits double as they did from 2003 to 2004.
A retreat from the steep steel prices that shocked the industry and its customers in 2004 could mean lower profits for producers. Lower steel prices also could squeeze margins for service centers and distributors that still are holding high-priced inventory.
A retreat from the steep steel prices that shocked the industry and its customers in 2004 could mean lower profits for producers. Lower steel prices also could squeeze margins for service centers and distributors that still are holding high-priced inventory.
In the short term, steel users and consumers aren't likely to benefit from the lower costs because most steel used in consumer products is bought on contract, and a large percentage of contracts were renegotiated in 2004 during the height of the price hikes, according to steel analyst Charles Bradford, of New York-based Bradford Research/Soleil.
Service centers, small manufacturers and the construction industry buy their steel on the spot market.
Steel spot prices soared from late 2003 to the fourth quarter of 2004 on heavy Chinese and steady domestic demand. Hot rolled steel prices moved from a low of $300 a ton in mid 2003 to more than $756 a ton by the following September.
Since the high point in late 2004, spot prices have declined steadily and in April were $575 a ton, according MEPS, a Great Britain-based global steel industry consulting company.
'U.S. transaction prices are still trending downwards,' the company said in its April market report.
'Mills are reducing production or bringing forward maintenance outages in the face of high service center inventories. Some manufacturing activity has also declined. ... Producers have tried to hold the line on prices, but volumes are dropping fast and, some further discounting has taken place."
Tom Stundza, executive editor of "Purchasing Magazine," reported that April spot prices for many carbon steel grades have continued their a seven-month slide.
"It's also now obvious the big turnaround from far rosier forecasts of just a few months ago could continue through summer," he stated.
In other words, the drop in prices may mean steel companies won't see profits double as they did from 2003 to 2004.
Saturday, May 07, 2005
Big steel renews push into home building
Yahoo! News
The steel industry, which struggled for decades, doesn't want to miss its chance for a piece of the booming housing market. Having consolidated in recent years, larger and better-managed steel companies are on a quest to create new markets and to better exploit existing ones.
Home building is "one of the targets steel has had in its sights for more than a decade now," says Don Moody, general manager of NuconSteel, a unit of Nucor Corp. About 1.6 million new homes go up each year, he says. "If every house is framed in steel in the United States, that would be a 14 million-ton market per year. The steel industry hasn't had a new opportunity like that since the invention of the automobile."
The industry is pushing steel's ability to withstand hurricanes, termites and earthquakes, and to keep a house cool. Although steel framing makes up less than 2 percent of new, single-family home construction in the U.S., it accounts for 72 percent in Hawaii, where insects wreak havoc on wood. And steel makers are teaming up with concrete suppliers to push the idea of homes with concrete exterior walls and steel interior walls.
Still, high prices remain an obstacle. Steel prices have come down a bit this year, after doubling in 2004, and supplies remain spotty in some areas. Meanwhile, wood prices are climbing steadily, rising 20 percent in the 12 months that ended in October, according to a weekly composite index of wood prices. Steel companies have had a hard time persuading consumers that steel is a better value. The rising price of steel "has greatly damaged their potential for picking up a larger share," says Michael Carliner, an economist with the National Association of Home Builders.
The steel industry, which struggled for decades, doesn't want to miss its chance for a piece of the booming housing market. Having consolidated in recent years, larger and better-managed steel companies are on a quest to create new markets and to better exploit existing ones.
Home building is "one of the targets steel has had in its sights for more than a decade now," says Don Moody, general manager of NuconSteel, a unit of Nucor Corp. About 1.6 million new homes go up each year, he says. "If every house is framed in steel in the United States, that would be a 14 million-ton market per year. The steel industry hasn't had a new opportunity like that since the invention of the automobile."
The industry is pushing steel's ability to withstand hurricanes, termites and earthquakes, and to keep a house cool. Although steel framing makes up less than 2 percent of new, single-family home construction in the U.S., it accounts for 72 percent in Hawaii, where insects wreak havoc on wood. And steel makers are teaming up with concrete suppliers to push the idea of homes with concrete exterior walls and steel interior walls.
Still, high prices remain an obstacle. Steel prices have come down a bit this year, after doubling in 2004, and supplies remain spotty in some areas. Meanwhile, wood prices are climbing steadily, rising 20 percent in the 12 months that ended in October, according to a weekly composite index of wood prices. Steel companies have had a hard time persuading consumers that steel is a better value. The rising price of steel "has greatly damaged their potential for picking up a larger share," says Michael Carliner, an economist with the National Association of Home Builders.
Volkswagen may buy steel in China to cut purchasing costs
Forbes.com
FRANKFURT (AFX) - Volkswagen AG may buy steel in China in response to surging raw material prices, Frankfurter Allgemeine Zeitung said in a report to be published tomorrow, citing Franciso Javier Garcia Sanz, management board member in charge of purchasing for VW.
'We are seriously thinking about getting steel from China,' Garcia Sanz said, adding the company is already in talks with Chinese steelmakers.
As part of the company's ForMotion cost-cutting programme, Garcia Sanz hopes to cut production costs by 1 bln eur this year and by an additional triple-digit mln eur amount next year.
Volkswagen may also form a 'steelpool', meaning it will purchase steel for its suppliers, thereby raising order volumes and cutting costs, he said.
FRANKFURT (AFX) - Volkswagen AG may buy steel in China in response to surging raw material prices, Frankfurter Allgemeine Zeitung said in a report to be published tomorrow, citing Franciso Javier Garcia Sanz, management board member in charge of purchasing for VW.
'We are seriously thinking about getting steel from China,' Garcia Sanz said, adding the company is already in talks with Chinese steelmakers.
As part of the company's ForMotion cost-cutting programme, Garcia Sanz hopes to cut production costs by 1 bln eur this year and by an additional triple-digit mln eur amount next year.
Volkswagen may also form a 'steelpool', meaning it will purchase steel for its suppliers, thereby raising order volumes and cutting costs, he said.
Friday, May 06, 2005
Bayh touts pending legislation against unfair trade
News-Tribune.net
Eight months after visiting a Jeffersonville manufacturer to locally introduce his fight against unfair trade, Sen. Evan Bayh returned to provide an update on his pending legislation.
Known as the Stopping Overseas Subsidies Act, Bayh's proposal seeks to impose tariffs on goods imported from China, end illegal subsidies some foreign countries provide to their businesses and to enforce U.S. trade laws.
'We have to do our part and live up to our responsibilities,' said Bayh, D-Indiana, during a press conference at Jeffersonville's Steel Dynamics.
Bayh claims China's currency is artificially undervalued by as much as 40 percent, that many Chinese companies are receiving subsidies from their government including free rent and utilities and that enforcement of trade laws has fallen by 75 percent during the past four years.
Steel Dynamics plant manager Jeff Baumann said illegal foreign business practices have had a dramatic effect on domestic steel companies.
'The steel industry is very strongly a world economy,' he said, adding that in little more than a year steel prices have doubled and in the past four years about 30 percent of the nation's steel companies have filed for bankruptcy and a number of them have consolidated.
Baumann said in 2001, when foreign economies were generally struggling, Chinese manufacturers flooded the U.S. with steel and caused domestic steel prices to plummet. Since last year, China's steel manufacturers have imported as much steel as possible, causing a materials shortage and increased prices in the United States.
'We've had both extremes,' Baumann said. 'Both of them cause problems.'
Eight months after visiting a Jeffersonville manufacturer to locally introduce his fight against unfair trade, Sen. Evan Bayh returned to provide an update on his pending legislation.
Known as the Stopping Overseas Subsidies Act, Bayh's proposal seeks to impose tariffs on goods imported from China, end illegal subsidies some foreign countries provide to their businesses and to enforce U.S. trade laws.
'We have to do our part and live up to our responsibilities,' said Bayh, D-Indiana, during a press conference at Jeffersonville's Steel Dynamics.
Bayh claims China's currency is artificially undervalued by as much as 40 percent, that many Chinese companies are receiving subsidies from their government including free rent and utilities and that enforcement of trade laws has fallen by 75 percent during the past four years.
Steel Dynamics plant manager Jeff Baumann said illegal foreign business practices have had a dramatic effect on domestic steel companies.
'The steel industry is very strongly a world economy,' he said, adding that in little more than a year steel prices have doubled and in the past four years about 30 percent of the nation's steel companies have filed for bankruptcy and a number of them have consolidated.
Baumann said in 2001, when foreign economies were generally struggling, Chinese manufacturers flooded the U.S. with steel and caused domestic steel prices to plummet. Since last year, China's steel manufacturers have imported as much steel as possible, causing a materials shortage and increased prices in the United States.
'We've had both extremes,' Baumann said. 'Both of them cause problems.'
Wednesday, May 04, 2005
Manzullo: Visa Reforms Needed to Boost U.S. Exports, Create Jobs
Press release from House of Representatives Small Business Committee
Manzullo [...] said the federal government’s beefed-up visa policy is thwarting legitimate business deals with foreign buyers. According to one private sector study, U.S. businesses lost nearly $31 billion in sales between 2002 and 2004 because foreign business executives, especially those from China, could not get into the United States to purchase American goods and services and to attend U.S. trade shows.
“I applaud our government for its actions to protect our citizens since 9/11, but we must also maintain our economic security through a healthy business climate,� Manzullo said. “Right now, foreign customers can’t get into our country to buy our goods and services. Multinationals are setting up shop overseas to avoid our arbitrary visa process. We are losing vast business opportunities. Our technological edge is threatened. We need balance.�
Manzullo [...] said the federal government’s beefed-up visa policy is thwarting legitimate business deals with foreign buyers. According to one private sector study, U.S. businesses lost nearly $31 billion in sales between 2002 and 2004 because foreign business executives, especially those from China, could not get into the United States to purchase American goods and services and to attend U.S. trade shows.
“I applaud our government for its actions to protect our citizens since 9/11, but we must also maintain our economic security through a healthy business climate,� Manzullo said. “Right now, foreign customers can’t get into our country to buy our goods and services. Multinationals are setting up shop overseas to avoid our arbitrary visa process. We are losing vast business opportunities. Our technological edge is threatened. We need balance.�
National Steel Mill production
nwitimes.com
Nationally, domestic mills produced 2.15 million tons of steel last week, up 2 percent from the 2.1 million tons made during the same period in 2004. U.S. steel mills operated at 93.6 percent capacity last week vs. 90.3 percent capacity during the previous week.
For the year to date, U.S. steel mills produced 34.99 million tons of steel vs. 35.1 million tons during the comparable 2004 period.
Nationally, domestic mills produced 2.15 million tons of steel last week, up 2 percent from the 2.1 million tons made during the same period in 2004. U.S. steel mills operated at 93.6 percent capacity last week vs. 90.3 percent capacity during the previous week.
For the year to date, U.S. steel mills produced 34.99 million tons of steel vs. 35.1 million tons during the comparable 2004 period.
Ohio steel industry enjoys banner 2004
The Tribune Chronicle
Steel production was 14.9 million tons, the most since 2000 when production was 17.3 million tons, the council said. Production in 2004 was up 13.6 percent over 2003.
Shipments totaled 15.3 million tons, up 8.8 percent from 2003 and the most since 15.9 million tons in 2000.
Capital investment spending shot up 143 percent from 2003 to $351.5 million, a five-year high, the council said.
The improvements stemmed from a resurgence in worldwide steel markets, industry consolidation and efficiencies gained through technology, along with work force training and reorganization, the council said.
Steel production was 14.9 million tons, the most since 2000 when production was 17.3 million tons, the council said. Production in 2004 was up 13.6 percent over 2003.
Shipments totaled 15.3 million tons, up 8.8 percent from 2003 and the most since 15.9 million tons in 2000.
Capital investment spending shot up 143 percent from 2003 to $351.5 million, a five-year high, the council said.
The improvements stemmed from a resurgence in worldwide steel markets, industry consolidation and efficiencies gained through technology, along with work force training and reorganization, the council said.
Evan Bayh for President?
I guess metal stamping shops are the new political battlegrounds ...
Senator Evan Bayh played up fair trade legislation and downplayed speculation on his presidential ambitions Tuesday at an Indianapolis metal stamping plant. [...] Bayh visited the plant to tout agreements he had won from the Senate's Republican leadership. They have agreed this summer to consider Bayh's legislation that would allow the U.S. to apply anti-subsidy laws against China and other communist nations.
[I didn't realize that the only subsidy problems the US had were with communist nations ... ]
Senator Evan Bayh played up fair trade legislation and downplayed speculation on his presidential ambitions Tuesday at an Indianapolis metal stamping plant. [...] Bayh visited the plant to tout agreements he had won from the Senate's Republican leadership. They have agreed this summer to consider Bayh's legislation that would allow the U.S. to apply anti-subsidy laws against China and other communist nations.
[I didn't realize that the only subsidy problems the US had were with communist nations ... ]
Tuesday, May 03, 2005
BMW posts drop in quarterly profit, citing weak U.S. dollar, steel prices
Canadian Business
Automaker BMW reported its first drop in profit in nearly two years Tuesday, blaming a weaker U.S. dollar and higher steel prices, but said its outlook for 2005 remained good.
Automaker BMW reported its first drop in profit in nearly two years Tuesday, blaming a weaker U.S. dollar and higher steel prices, but said its outlook for 2005 remained good.
Arcelor Will Cut Steel Output to Support Sales Prices
Bloomberg
Arcelor SA, which lost its place as the No. 1 steelmaker to Mittal Steel Co. NV last month, will reduce production in Europe to protect prices amid slowing demand.
The company will cut European carbon steel output by 1.5 million tons in the first half of 2005, helping to prevent a drop in prices, Luxembourg-based Arcelor said today in a statement.
``There is no scenario where we can increase our prices before the fourth quarter,'' Chief Executive Guy Dolle said today in an interview with Bloomberg. Arcelor will cut production ``in order to help all the inventory pipe to be emptied.''
Arcelor SA, which lost its place as the No. 1 steelmaker to Mittal Steel Co. NV last month, will reduce production in Europe to protect prices amid slowing demand.
The company will cut European carbon steel output by 1.5 million tons in the first half of 2005, helping to prevent a drop in prices, Luxembourg-based Arcelor said today in a statement.
``There is no scenario where we can increase our prices before the fourth quarter,'' Chief Executive Guy Dolle said today in an interview with Bloomberg. Arcelor will cut production ``in order to help all the inventory pipe to be emptied.''
Monday, May 02, 2005
China Lowers Export Rebate Rate on Steel Products
Yahoo! Asia News
China will lower the export rebate rate on a number of steel products to 11 per cent starting from May 1, 2005, according to a circular issued jointly by the Ministry of Finance and the State Administration of Taxation.
It isn't clear to me from this announcement what exactly "steel products" means. Is this steel products like steel bar, steel plate, steel coil, or is this steel products like finished goods made from steel, like pliers, hammer heads, springs, clips, etc.
China will lower the export rebate rate on a number of steel products to 11 per cent starting from May 1, 2005, according to a circular issued jointly by the Ministry of Finance and the State Administration of Taxation.
It isn't clear to me from this announcement what exactly "steel products" means. Is this steel products like steel bar, steel plate, steel coil, or is this steel products like finished goods made from steel, like pliers, hammer heads, springs, clips, etc.
Sunday, May 01, 2005
ABCs of NYC: Pittsburgh steel built the still-awesome Brooklyn Bridge
Pittsburgh Post-Gazette
Huge girders and tightly wrapped cables of Pittsburgh steel were used to erect many of the major structures related to [New York] city's expansion, business growth and, eventually, its tourism hot spots.
According to the Library of Congress Web site (http://www.americaslibrary.gov), "Pittsburgh steel was used to build some of the most important structures of the modern age: the Brooklyn Bridge, the Panama Canal locks, the Empire State Building, Rockefeller Center, the Oakland Bay Bridge and the United Nations. During World War II, southwestern Pennsylvania became known as America's "Arsenal of Democracy," because its mills were working around the clock to make enough steel for America and its allies."
Huge girders and tightly wrapped cables of Pittsburgh steel were used to erect many of the major structures related to [New York] city's expansion, business growth and, eventually, its tourism hot spots.
According to the Library of Congress Web site (http://www.americaslibrary.gov), "Pittsburgh steel was used to build some of the most important structures of the modern age: the Brooklyn Bridge, the Panama Canal locks, the Empire State Building, Rockefeller Center, the Oakland Bay Bridge and the United Nations. During World War II, southwestern Pennsylvania became known as America's "Arsenal of Democracy," because its mills were working around the clock to make enough steel for America and its allies."
Labels: steel
Westchester 9/11 Memorial Hits New Snag - Steel Shortage
The Journal News
The families of the 109 Westchester residents killed in the Sept. 11, 2001, terror attacks will gather around a mostly unfinished memorial on the upcoming anniversary because a worldwide shortage of steel has left contractors without the materials to finish the structure on schedule.
"We're trying to meet their wishes in the best way we can," Spano said about the families of Westchester residents who were killed in the attacks. "We think what will be there on Sept. 11 will be very appropriate for their loved ones and the people they lost. I'm sure they understand what the predicament is."
The families who gather on Kensico Dam Plaza in Valhalla for the dedication in four months will see the memorial's circular granite base, inscribed with quotations they chose about the people they lost. Missing will be the structure that gives the design its drama — 109 steel rods, one for each county resident killed in the attacks, that will rise from around the base and intertwine like a maypole to form a slim, 80-foot tower.
Spano said a second dedication will be held when the memorial is completed, now scheduled for next spring.
"It's kind of heartbreaking," said Rosaleen O'Neill, a Rye resident who lost a son in the attacks and served on the committee that chose the design. "But if it's going to be done in 2006, we'll have to do it when we can do it. It has to be done. We'll just have to have patience.
The families of the 109 Westchester residents killed in the Sept. 11, 2001, terror attacks will gather around a mostly unfinished memorial on the upcoming anniversary because a worldwide shortage of steel has left contractors without the materials to finish the structure on schedule.
"We're trying to meet their wishes in the best way we can," Spano said about the families of Westchester residents who were killed in the attacks. "We think what will be there on Sept. 11 will be very appropriate for their loved ones and the people they lost. I'm sure they understand what the predicament is."
The families who gather on Kensico Dam Plaza in Valhalla for the dedication in four months will see the memorial's circular granite base, inscribed with quotations they chose about the people they lost. Missing will be the structure that gives the design its drama — 109 steel rods, one for each county resident killed in the attacks, that will rise from around the base and intertwine like a maypole to form a slim, 80-foot tower.
Spano said a second dedication will be held when the memorial is completed, now scheduled for next spring.
"It's kind of heartbreaking," said Rosaleen O'Neill, a Rye resident who lost a son in the attacks and served on the committee that chose the design. "But if it's going to be done in 2006, we'll have to do it when we can do it. It has to be done. We'll just have to have patience.
