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IRON & STEEL REVIEW

February 2010

Refractory congress justifies its theme: future of refractories – challenges & opportunities

SAIL signs MoU with IIIT (Bangalore), BIMTECH (Greater Noida) and IMT (Ghaziabad)
Steel Authority of India Limited (SAIL) has signed Memorandum of Understanding (MoU) for academic collaboration with Birla Institute of Management and Technology (BIMTECH), Greater Noida and Institute of Management Technology (IMT), Ghaziabad and is also entering into an agreement with International Institute of Information Technology (IIIT), Bangalore, for endowment of SAIL Chair, on January 14, 2010 in the presence of Shri G Ojha, Director (Personnel), SAIL. The MoUs were signed with the focus of strengthening Industry-Academic interface keeping the objective of fostering collaboration between the two institutions to promote academic and research interactions.

SAIL Q3 yoy PAT nearly doubles to Rs. 1676 crore
• Q3 sales at 2.94 million tonnes; 25% growth
• Q3 PBT grows 102% to Rs.2536 crore
• Q3 capex 114% higher at Rs. 2793 crore
The unaudited financial results of Steel Authority of India Limited (SAIL) for October-December (Q3) of FY ’10, taken on record by the company’s Board of Directors here today,

VIEWPOINT
Refractory congress justifies its theme: future of refractories – challenges & opportunities
And we come back from Irefcon 2010 held during early part of this month gathering an enriching treasure of latest information and knowledge about the currents trends of the refractory industry, along with steel industry being the largest consumer industry of nearly 70% of refractories in the country, and its probable growth path in the coming years amidst a gala ceremonial atmosphere engulfed with music, dance, merry making and business networking efforts; which is always the usual outcome of this international refractory seminar and conference held every two years effortlessly by the Indian Refractory Makers Association, with this time the venue for the 8th India International Refractories Congress 2010 being in Kolkata, the densely populated colourful city regarded as the most important steel hub of India today.

FACE TO FACE
Industries need energy-efficient clean solutions and we are there with technologies, solutions and core products which can be applied to these problems
Emphasizing the fact that Outotec is providing clean technology and sustainable solutions for the areas in and related to mining and metallurgy, the company has a lot more to offer from its product basket for the energy sector and industrial water treatment segments, said Pertti Korhonen, CEO, Outotec, in an interview with our editor, Santosh Mahanti.

Outotec strengthening service business and new areas like energy and water treatment business to balance the cyclicity of commodities markets
Not being geographically limited operating globally in the true sense of the term, Outotec can serve any market. Not all continents are in recession; especially China and India are growing strongly and the company is already established in these markets. At the same time, not all metals are in downturn and a company like Outotec, having operations in all metals’ technologies areas, can defend this situation quite well, said a confident Tapani Jarvinen, Former President & CEO, Outotec, while talking to our editor, Santosh Mahanti.

STEEL MARKET
Positive signs for steel in developing countries, rising scrap costs lead to higher long product prices, world flat products steel price falls as US market stagnates
In China, demand has improved noticeably now that construction activity is getting into full swing for seasonal reasons. Stocks have reduced considerably and prices are steady or firming. Market players are anticipating a small up tick in building work in Japan, where the severe financial downturn led to the cancellation or postponement of numerous developments. South Korean conditions have improved amidst expectations that government spending plans will stimulate steel demand quite soon. Similarly, state funded projects should help the recovery of consumption over the next few months in Taiwan. A lack of sales and a surfeit of offers has contributed to lower prices in Eastern Europe. Construction activity continues to decline in several West European countries. Nonetheless, producers have been able to implement increases on the back of escalating scrap charges.

Steel production forecasts to slip by 12% this year, 68% of steel prices in developing markets go positive
Until mid-June, Turkish long product quotations exhibited some stability. Since then, domestic offers have risen due to supply-side issues and upward movements in semi-finished and scrap values. Local demand remains subdued though. Sentiment in the flat products segment has improved. Erdemir has responded with new basis prices and has curbed its discounts. There is still a scarcity of some flat products but any shortfall has been covered by imported material. Prices have not yet firmed to a level that would justify an expansion of production.

FOCUS
Stainless steel prices to rise in 2010, but increased supply may undermine Q4 prices
Stainless steel prices have recorded large declines over the last twelve months. However, the bottom of the price cycle was reached early in the second quarter of this year. Between August 2008 and this point, transaction values for cold rolled coil type 304 in North America dropped by approximately 60 percent. In the EU, selling figures tumbled by over 52 percent and Asian numbers reduced by around 47 percent.

Steel prices move higher in most developing markets, gradual upturn in world steel prices over next 12 months
Global Steel production in the first seven months of this year was 664 million tonnes – down almost 20 percent on the equivalent period in 2008, according to World Steel Association. A marked upturn was recorded in July, down by just 11 percent on the previous year at 106 million tonnes.

Steel prices in developing markets continue to increase
The UAE market is now relatively quiet. Sentiment is mixed amongst local steel merchants. The more positive are forecasting improved trading activity at the end of Ramadan. The emergence of material from Mainland China has checked the spike in import values. Local rebar producers have raised their domestic offers in response to higher billet and scrap values. As distributors and consumers rebuilt their inventories, delivery leadtimes grew and the mills began to feel they were missing out on possible sales. Some have, therefore, decided to increase their output in the final quarter of 2009.

Recovery in stainless steel production, but no bonanza in sight: MEPS
Several regional mills plan to lift output later in the year. We now expect 2009 production to reach 5.7 million tonnes - 27 percent below the 2008 figure. The monthly average cash nickel value is expected to climb by almost $US1000 per tonne in July - mainly due to speculative buying by investors and reports of a recovery in stainless steel output. However, LME inventories remain above 100000 tonnes, despite a modest decrease during the second half of July.

COVER STORY
Efficient & sustainable innovations at lower operating costs reaching wider spectrum of customers
Outotec is a worldwide technology leader providing innovative and environmentally sound solutions and services for a wide variety of customers in minerals and metals processing as well as related process industries. Outotec solutions and services enable customers to refine metals and raw materials efficiently, sustainably and with lower operating costs. Outotec Oyj is listed on the Nasdaq OMX Helsinki. www.outotec.com

Prime focus on innovative environmentally sound technology for minerals & metals plants, process, equipment & services
Outotec is an international developer and provider of technologies focusing on minerals and metals that offers innovative and environmentally sound plants, processes, equipment and services to its customers worldwide. Its expertise covers most metals and the whole process chain of processing minerals into metals. Each technological solution is tailored according to the customer’s needs.

ENVIRONMENTAL PROTECTION
Recovery of acid and oxide by-products from spent pickling liquor
The recovery of hydrochloric acid from spent pickling liquor by pyrohydrolysis is not only environmentally advantageous in that it removes the need to neutralise and dispose of spent acid and that it reduces water consumption. It is also highly cost-effective, as it eliminates disposal costs, reduces the cost of replacement acid and generates a valuable oxide byproduct.

STEEL TECHNOLOGY
Chatter, danger for equipment and product quality
Rolling mills often have to face the problem of self excited chatter, which is a serious danger for the production process itself and the quality of the final product. The difficult economic situation in the steel market world wide adds even more weight to the load rolling mill operators already have to cope with. Making the most out of the existing plants and keeping production costs low is the challenge of today. Modern chatter monitoring systems, like vatron’s MCM, can help in this matter.

IRIS - the infrared-based method of slag detection during converter/EAF tapping
IRIS accurately differentiates between steel and slag during tapping. In combination with an efficient slag stopper system (gate unit), slag carry-over is thus minimized and steel output increased. Moreover, the IRIS system can also be used to detect residual steel during slag dumping, thus enabling the steel to be left in the converter to enhance yield.

REFRACTORY
Recent trends in the Refractory Raw Materials : an overview in Indian context
India has a huge wealth of industrial minerals assets. With the minerals formed and plenty in stock, and the markets ready, the obvious question that why such a mineral rich country have low production ? Is it due to the rough primitive methods of mining or non-uniform mining policies across the country and sometimes even within the states. In 1924, E.M. Forster [1] in his novel ‘A Passage to India’ depicted India as a muddle in its mining climate because of the diversity of the vast country’s religious and cultures. This 85 years old analysis still holds true today for the reason that 28 states of India have individual mining laws & policies and this is further complicated by the 600 district sub-divisions. On the other hand, rest of the world recognized China, the best mining investment centre. It has been reported that RHI will invest U$ 50 million in a magnesite beneficiation & magnesia production plant in Dashiquiao, China which is renowned for its 2600 million tonne magnesite reserves amounting 20% of global magnesite deposits.

Developments in the refractory technology of electric arc furnaces in the last decade
While integrated steel plants require both hot metal from a blast furnace and scrap for cooling, the EAF is more flexible because it can either be charged with scrap or DRI or a combination of both. EAF steel plants can be operated in various sizes, from mini-mills with 20- tons furnaces to large-scale producers with several 200- tons vessels, though the bigger furnaces have certainly be proven more to be more economical. In the last years, several new developments have been made and progresses have been achieved regarding refractories for the EAF covering both, DC- and AC-furnaces.

STEEL INTERNATIONAL
Preliminary result of Outotec's mandatory public tender offer for Larox shares
IThe offer period under the mandatory public tender offer by Outotec Oyj ("Outotec") for all the series A and B shares issued by Larox Corporation ("Larox"), which are not in the ownership of Outotec or which Larox does not own, as well as for the unused subscription rights relating to the 1994 bonus issue by Larox (the "Subscription Rights")(the "Tender Offer") expired on January 22, 2010.

Outotec to deliver precious metals plant for Baiyin Non Ferrous Group in China
Outotec has signed a contract with Baiyin Non Ferrous Group for the design and delivery of a new precious metals plant in Gansu Province, China. The contract value is approximately EUR 6 million.

More than 90% of all Larox shares and votes tendered to Outotec
According to preliminary information received by Outotec Oyj ("Outotec"), Outotec has, by January 21, 2010, been offered in its mandatory public tender offer for Larox Corporation ("Larox") (the "Tender Offer") an amount of Larox shares, which together with the Larox shares already owned by Outotec represents approximately 90.2% of all the Larox shares and approximately 98.1% of all the votes attached to the Larox shares.

Usiminas (Brazil) ordered from Fives Stein a new Digit@l Furnace® and the implementation of Level 2 system
Usiminas is one of the largest steel producers in the Americas, with major steel mills in Brazil for a total capacity of 9.5 million metric tons of steel per year. The company accounts for about 30 % of total steel output in Brazil.

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