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Re: FWL - Ferrowest Limited
Relating to today's announcement, this is what I dug up from Cleveland Cliff's webiste. I've highlighted in blue some 'interesting points':
Any comments on the similarites?
Will be interesting to see what the capex comes out at for the similarly sized Cleveland & Ferrowest projects.
Cleveland, OH””June 19, 2007””Cleveland-Cliffs Inc (NYSE: CLF) today announced that it has entered into an alliance whereby Kobe Steel agreed to license its patented ITmk3 ® iron-making process to Cleveland-Cliffs. The alliance, which has a 10-year term, covers use of the proprietary process in the United States and Canada, Australia and Brazil, and may be expanded to include other geographic regions.
Used for the production of high-purity iron nuggets containing more than 96% iron, the ITmk3 process provides the means to create high-quality raw material for electric arc furnaces (EAFs). Steel producers utilizing EAFs currently account for nearly half of North America's steelmaking capacity.
Commenting on the new alliance, Cliffs Chairman, President and Chief Executive Officer Joseph A. Carrabba stated: "One of Cliffs' major strategic initiatives is to sustain its leadership position in pioneering processes related to metallics. By constructing a commercial-scale facility that will produce iron in nearly pure form, we will further that mission and be able to offer North America's non-integrated steel mills a consistently available and very high-quality domestic metallic feed, which is similar in quality to imported pig iron. Moreover, as Cliffs currently sells the majority of its pellets to integrated steel companies in North America, this opportunity has the potential to open a new market.
"We have been very interested in this technology since successfully testing the process in a pilot plant located at our Northshore facility. The alliance with Kobe moves us closer to realizing our mutual goal of commercializing and exploiting this innovative process."
The Company also announced that the two parties have agreed to participate on a joint-venture basis as strategic equity partners in a 500,000 ton per annum iron nugget facility to be constructed at one of Cliffs' United States mining properties. The timing of this project and the site location will ultimately depend on permitting issues.
Relating to today's announcement, this is what I dug up from Cleveland Cliff's webiste. I've highlighted in blue some 'interesting points':
Any comments on the similarites?
Will be interesting to see what the capex comes out at for the similarly sized Cleveland & Ferrowest projects.Cleveland, OH””June 19, 2007””Cleveland-Cliffs Inc (NYSE: CLF) today announced that it has entered into an alliance whereby Kobe Steel agreed to license its patented ITmk3 ® iron-making process to Cleveland-Cliffs. The alliance, which has a 10-year term, covers use of the proprietary process in the United States and Canada, Australia and Brazil, and may be expanded to include other geographic regions.
Used for the production of high-purity iron nuggets containing more than 96% iron, the ITmk3 process provides the means to create high-quality raw material for electric arc furnaces (EAFs). Steel producers utilizing EAFs currently account for nearly half of North America's steelmaking capacity.
Commenting on the new alliance, Cliffs Chairman, President and Chief Executive Officer Joseph A. Carrabba stated: "One of Cliffs' major strategic initiatives is to sustain its leadership position in pioneering processes related to metallics. By constructing a commercial-scale facility that will produce iron in nearly pure form, we will further that mission and be able to offer North America's non-integrated steel mills a consistently available and very high-quality domestic metallic feed, which is similar in quality to imported pig iron. Moreover, as Cliffs currently sells the majority of its pellets to integrated steel companies in North America, this opportunity has the potential to open a new market.
"We have been very interested in this technology since successfully testing the process in a pilot plant located at our Northshore facility. The alliance with Kobe moves us closer to realizing our mutual goal of commercializing and exploiting this innovative process."
The Company also announced that the two parties have agreed to participate on a joint-venture basis as strategic equity partners in a 500,000 ton per annum iron nugget facility to be constructed at one of Cliffs' United States mining properties. The timing of this project and the site location will ultimately depend on permitting issues.
