Company News

OAO Severstal has acquired a 25% stake in the Brazilian company SPG Mineração. SPG owns highly prospective iron ore exploration licenses in Amapa, Brazil. The total cost of the deal is USD 49 million, payable in performance related installments with a portion of the amount to be directed to finance the first stage of geologic exploration which aims to re-confirm the attractive geologic potential of the target’s properties.

Brazil's Rio de Janeiro state ordered ThyssenKrupp to halt its plan to expand its USD 6.5 billion Rio de Janeiro slab mill until work on pollution control systems is complete. The state's environment secretary, Carlos Minc, announced the work embargo on 11 May 2011. The company has been given one month to cover a pit used to hold hot metal, coal and gases in an emergency.

As part of its Klöckner & Co 2020 strategy, Klöckner & Co has begun its planned entry into emerging markets by acquiring a 70% share of the Frefer Group, the third-largest independent steel and metal distributor in Brazil. This acquisition will allow the company to create its first foothold in the emerging markets of South America. The acquisition is taking place at a cost that is 6.5 times the projected average EBITDA 

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

R. Joseph Stratman, executive vice president of Nucor Corp., Charlotte, N.C., USA, has been appointed president of the Association for Iron & Steel Technology (AIST) for 2011–2012. He will succeed former president William P. Breedlove, executive vice president, marketing and business development, Harsco Metals and Minerals, Seven Fields, Pa., USA. Stratman has been an Executive Vice President of Nucor since September 2007 

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

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

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

US-based Constellation and Exelon have announced merger plans.

MATHESON has successfully acquired the assets and business of Quimby Welding Supplies, Inc., based in Portland, Oregon. Quimby is the biggest independent welding supply business in the greater Portland, Oregon and southern Washington areas. With this purchase, MATHESON will add four new locations to its network; the acquired business will become a part of the MATHESON Packaged Division.