CAIRO (Egypt) - ArcelorMittal, the world's largest steelmaker, said yesterday it would invest up to $1bn in Egypt after winning a licence to build direct reduced iron (DRI) and billet steel factories. ArcelorMittal, which will pay 340m Egyptian pounds ($61.2m) for the licence, beat India's Essar Global and Al Ghurair of the United Arab Emirates in the auction. “The bid was intense. It was about 81 rounds,”…

The Archer Creek Foundry in Campbell County has a new owner, but no immediate prospects to reopen. Virginia Casting Industries Inc. bought the foundry in Campbell County and another one in Radford from Lynchburg Foundry Co., part of the bankrupt Intermet Corp., in May. Just a few days later, the state announced that VCI would reopen the Radford plant, investing $9.1 million and hiring up to 300 people. The…

In view of the challenging situation in the automotive sector in the east of France, the Ardennes foundry has been awarded a contract by Stellantis for the production of new parts. This decision, which involves an investment of 8.6 million investment of 8.6 million euros, is expected to secure significant activity at the site with 2,200 employees until 2030. In addition, the transition to the production of…

As die casting requires little cutting during machining, it is being regarded as an optimal way for cleaner production. It also enjoys more opportunities in the automotive sector as lightweight cars are increasingly seen as products that enable energy saving. Last year, China's die casting production increased 16.1% from the previous year, amounting to 1.19 billion tons, including 963 million tons of…

December 2013 reported sales booming above 30% allowing at the Argentinian car market to hit the new all-time record, first time over 0.9 million. Fiat was voted Brand of the Year, ahead of Peugeot and Renault. Duster voted the Model of the Year, followed by Ecosport and Palio. Accordingly with data released by ADEFA and ACARA, the Argentinian Associations of Car Manufacturers and Dealers, in December 2013…

SAN MATEO, Armco Metals Holdings, Inc. ("Armco Metals") (NYSE MKT: AMCO), a distributor of imported metal ores and a steel recycler in China, today announced that it entered into a steel scrap supply agreement with Midland Resources (China) Company Limited ("Midland"), a Hong Kong-based joint venture with Shagang Steel Group ("Shagang Steel"). Midland serves as the exclusive agent for Shagang Steel for the…

Interfax reported that Armenian metals company Armenian Copper Program is discussing additional funding with Russia's VTB for its project to develop the Tekhut copper-molybdenum field in northern Armenia. Mr Gagik Arzumanian ACP's general director said ACP signed a deal with VTB on May 27th 2008 to raise a 12-year loan of USD 249.5 million for the project, and is now looking to increase the loan facility to…

The Supervisory Board of KSPG, a member of the Rheinmetall Group, has elected Armin Papperger as its new Chairman. Since January 1, 2013 CEO of Rheinmetall AG, he succeeds Klaus Eberhardt who after almost 15 years in office, has stepped down from the positions of Board Chairman and Board member. The Supervisory Board thanks Klaus Eberhardt for his longstanding and successful work on behalf of the company.…