Materials & Manufacturing

ArcelorMittal announces the completion of the first installment of the previously announced investment by a consortium led by POSCO and China Steel Corporation (CSC) to acquire a joint venture interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada.The consortium acquired an 11.05% interest in the joint venture for total consideration of USD 810M in cash, with ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada retaining an 88.95% interest in the joint venture. As part of its strategy to build strategic relationships with key customers, the joint venture has also entered into long-term iron ore off-take agreements with POSCO and CSC proportionate to the consortium’s joint venture interests.The second instalment of the investment by the consortium, which will increase the consortium’s interest in the joint venture to 15%, remains subject to various conditions and is expected to close in the second quarter of 2013.

The P24 model titanium pressure reducing valve available from Red Dragon Valves in the UK was originally produced to meet the rigorous demands of Statoil’s Gjoa offshore production platform.

  BTM, a leading manufacturer of carbon steel, high yield and alloy butt weld fittings for the energy and petrochemical industries has announced tot heir customers they have become a wholly owned business of Precision Castparts Corp (PCC). PCC is a Fortune 500 public company that specializes in supplying complex metal components and products.

Denbury Resources Inc. has announced that it has entered into an agreement to acquire producing property interests in the Cedar Creek Anticline (CCA) of Montana and North Dakota from a wholly-owned subsidiary of ConocoPhillips for $1.05 billion cash.

Clippard Instrument Laboratory, Inc. introduces the new Analytical Series electronic valves. Available in 2-way or 3-way, normally-closed or fully ported, the valves are designed for the specific needs of the analytical industry, and for applications where cleanliness is especially important.

Cashco, Inc. has announced that Laura Rathbun has been promoted to Purchasing Manager for the company, where she will be responsible for the purchase of raw materials and components used in the manufacturing of the diversified Cashco product lines.

CRANE Energy Flow Solutions® showed the features and benefits of the Pacific® Wedgeplug Valve and the Krombach® Metal Seated Ball Valve (MSBV) at the Safety & Reliability seminar on days 3 & 4 at the Canada Coking Conference & Exhibition, October 22-26. There are certain strategic design characteristics that make these valves remarkable.

Honeywell said that its UOP business has signed a definitive agreement to purchase a 70 percent-stake in Tulsa, Oklahoma-based Thomas Russell Co., a privately-held, leading provider of technology and equipment for natural gas processing and treating.

Denbury Resources Inc. has entered into an agreement to sell its Bakken assets in North Dakota and Montana to Exxon Mobil Corporation and its wholly owned subsidiary XTO Energy Inc.

BTU Solutions, a Sugar Land, Texas-based company that specializes in demolishing power plants has bought State Line Energy, a former coal plant at the northwestern tip of Hammond, Indiana near Lake Michigan.