August 26, 2021

Precision Castparts Corp. To Acquire Special Metals Corporation In Accretive Transaction

PORTLAND, Oregon – August 26, 2021 – Precision Castparts Corp. (NYSE: PCP) has entered into a definitive agreement to acquire Special Metals Corporation (SMC), a world leader in the production of high-performance nickel-based alloys and super alloys, for approximately $540 million in cash, including the repayment of SMC’s outstanding debt.

“The acquisition of Special Metals clearly meets all of our criteria for profitable growth and will be instrumental in driving Precision Castparts to new levels of performance” said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. (PCC). “First and foremost, it will provide us with an internal supply of nickel-based billet for our Forged Products operations, enabling us to manage our overall value stream more cost effectively from raw material to forged component. Other than producing some billet at our WASA facility in Australia, we are currently buying all of our billet on the outside. As the leading user of premium-grade nickel in the world, we can see significant top- and bottom-line benefits through increasing SMC’s volume, improving their yields, and decreasing the overall lead time to the marketplace.

“Synergies are also central to the SMC story,” Donegan continued. “Like Wyman-Gordon and SPS Technologies, SMC is an asset-intensive, process-driven, manufacturing business with many upside performance opportunities. We introduced PCC’s process control and productivity tools into Wyman-Gordon and SPS, driving significant bottom-line improvements throughout their operations. Those cost savings continue on a daily basis. With the same approach, the same tools, and the same disciplined focus, we fully expect the same type of integration success with SMC.

“Improved operational performance drives market penetration and sales increases,” Donegan said. “In addition, SMC will both strengthen and diversify our sales profile. Along with holding well-established positions in aerospace and power generation, SMC manufactures a comprehensive small-diameter pipe product line, which will enable us to continue our successful penetration of the seamless, extruded pipe market. The ability to offer these products with Wyman-Gordon’s large-diameter pipe will dramatically expand the breadth of our product line and create a much greater opportunity for us to bid on larger portions of projects. And, as with Wyman-Gordon and SPS, SMC opens up new opportunities for us in adjacent markets, such as the chemical, oil and gas, and pollution control industries, all of which present exciting growth potential. Overall, we view SMC as a key platform for organic growth, with future performance improvements comparable to those we’ve achieved and continue to achieve with our most recent acquisitions.”

The acquisition will be immediately accretive to earnings, before the impact of synergies. PCC expects to realize synergies of $10 million to $15 million in the first 12-15 months following closing of the transaction, with annual synergies reaching $30 million to $40 million in the out years, as well as significant cash generation opportunities as SMC is brought more in line with the working capital levels of PCC’s current metal-melting operations.

PCC will finance the acquisition with cash on hand and its existing credit facilities, which currently have undrawn capacity of approximately $550 million, while continuing to retain a strong balance sheet. As with the Wyman-Gordon and SPS acquisitions, PCC expects to realize significant cost reductions and synergies in SMC in the near term, along with strong cash generation from base operations, driving rapid repayment of acquisition debt and assuring a strong balance sheet and credit profile going forward.

The transaction has been approved by the boards of both companies, as well as by holders of more than 90 percent of the common stock of SMC, and is not subject to a financing contingency or approval by PCC’s shareholders. Subject to regulatory approvals, including Hart-Scott-Rodino, the transaction is anticipated to close in the third quarter of fiscal 2006.

Citigroup Global Markets served as financial advisor to PCC, Stoel Rives LLP served as legal counsel to PCC, and Jones Day served as legal advisor to SMC.

About the Companies
Precision Castparts Corp.: PCC, headquartered in Portland, Oregon, is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines. The Company is also a leading producer of highly engineered, critical fasteners for aerospace, automotive, and other markets.

Special Metals Corporation: Privately-held SMC, headquartered in Huntington, West Virginia, is the world’s largest and most diversified producer of high-performance nickel-based alloys and super alloys. The company, which has been a pioneer in developing diverse applications for nickel and in inventing such widely used alloys as INCONEL® alloy 718 and MONEL® alloy 400, manufactures the widest variety of nickel-alloy product forms, including ingot, billet, atomized powder, pipe, plate, sheet, coil, rod, and wire. Its specialty metals are used in some of the world’s most technically demanding industries and applications, including aerospace, power generation, chemical processing, and oil exploration. SMC’s 10 U.S. and European production facilities and a global distribution network supply more than 5,000 customers and every major world market for high-performance nickel-based alloys. The company employs more than 2,700 people.

SMC Financial Highlights
6 Months Ended
June 30, 2021 (1)
Revenues $474.2
Operating Income 26.5
Operating Margin 5.6%

Cash & Cash Equivalent $22.7
Total Debt (2) 245.4

Net Working Capital (3) $ 336.3

Notes:
(1) Unaudited results for six month period ending June 30, 2021
(2) Reflects total debt, excluding unamortized discount on senior notes of $14.3 mm as of 6/30/05
(3) Non-cash current assets, less non-debt current liabilities

Conference Call Information
PCC will host a live conference call to discuss the transaction on August 26, 2005, at 7:00 a.m. Pacific Daylight Time. The dial in information for audio access is 800-289-0496 (pass code 9974299). Dial *0 for technical assistance. Individuals interested in monitoring the webcast should click the link below for access to the live audio presentation:

SMC Acquisition Announcement Webcast

In order to assure the conference begins in a timely manner, please dial in 5 to 10 minutes prior to the scheduled start time. Access can also be gained through Precision Castparts Corp.'s corporate website:
http://www.precast.com/PCC/CorpPres.html


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Information included within this press release describing projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, automotive, and other general industrial cycles; the relative success of the Company’s entry into new markets; competitive pricing; the financial viability of the Company’s significant customers; the availability and cost of energy, materials, supplies, insurance, and pension benefits; equipment failures; relations with the Company’s employees; the Company’s ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.

Posted by Industrial at 03:04 PM | Comments (0)

August 17, 2021

Precision Castparts Corp. Stock Will Split Two for One

PORTLAND, Oregon – August 17, 2021 – The Precision Castparts Corp. (NYSE:PCP) board of directors has approved a two-for-one split of its common stock in the form of a stock dividend.

Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. (PCC), announced the stock split today at the annual shareholders meeting in Portland, Oregon. Shareholders of record as of August 29, 2021 will receive one additional share of common stock for each share of common stock held on the record date. The new shares will be issued on September 8, 2005. The board also set September 16, 2021 as the record date for the quarterly dividend, to be paid on October 3, 2005, in the amount of $0.03 per share. The Board’s action to retain the dividend at $0.03 per share on a post-split basis effectively doubles PCC’s dividend payout.

“Now is an excellent time to emphasize our strong confidence in PCC’s continued profitable growth,” said Donegan. “We split the stock five years ago, only nine months after acquiring Wyman-Gordon and driving that business to record performance levels. Today, the striking success of the SPS acquisition, coupled with vigorous growth in our major end markets and very promising opportunities for additional share gain, has propelled the stock to new highs. And, armed with a solid balance sheet, PCC is ideally positioned for even further upside in both sales and earnings.”

As of August 4, 2005, PCC had approximately 66.4 million shares of common stock outstanding.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.


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Information included within this press release describing projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, automotive, and other general industrial cycles; the relative success of the Company’s entry into new markets; competitive pricing; the financial viability of the Company’s significant customers; the availability and cost of energy, materials, supplies, insurance, and pension benefits; equipment failures; relations with the Company’s employees; the Company’s ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.

Posted by Industrial at 03:06 PM | Comments (0)

August 15, 2021

Precision Castparts Corp. Will Provide Live Webcast of Annual Shareholders Meeting on August 17

PORTLAND, Oregon – August 15, 2021 – Precision Castparts Corp. (NYSE: PCP) will make the proceedings of its annual shareholders meeting available as a live audio webcast on August 17, 2005, at 9:00 a.m. Pacific Daylight Time.

Individuals interested in monitoring the webcast should paste the following address into their browser for access to the live audio link

Individuals interested in monitoring the webcast should paste the following address into their browser for access to the live audio link:

http://www.veracast.com/webcasts/pcc2/76102182.cfm.

Access can also be gained through Precision Castparts Corp.’s corporate website:

http://www.precast.com/PCC/CorpPres.html

RealNetworks Real Player™ or Windows Media PlayerTM will be required to listen to the webcast, which is scheduled to last no more than one hour.

In addition, the audio of the meeting will be available through the corporate website for one month.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, fluid management, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.

Posted by Industrial at 03:08 PM | Comments (0)

August 08, 2021

METALFORM Trade Shows Report Growth

CLEVELAND, OH—August 8, 2005—METALFORM, the most highly focused metalforming and fabricating event in the industry, has seen an increase in both the number of exhibitors and square-foot space since launching its biennial strategy in 2003. METALFORM Chicago, a large equipment show held in odd years, experienced a 23% increase in exhibitors between the 2003 and 2005 shows – nearly doubling the trade show industry average.

Regional METALFORM shows, which alternate with the Chicago show in even years and offer exhibitors limited booth sizes and lower cost, debuted in Louisville, Kentucky in 2004. The 40,000 net square foot floor plan sold out a month before the show and sparked a record 72 first-time exhibitors. Building on that success, Regional METALFORM 2006 in Nashville, Tennessee, is slated to sell 50,000 net square feet – 25% larger than Louisville. With more than seven months left before the show, 64% of the floor space is already occupied.

Also in 2004, METALFORM launched the third leg of its strategy in Mexico City, where 40 exhibitors representing 66 companies occupied approximately 6,800 net square feet of the World Trade Center. METALFORM Mexico 2005 in Monterrey has already sold more than 11,000 net square feet, with 64 exhibitors representing 104 companies – a 60% increase over the Mexico City show.

METALFORM’s overall growth reflects the findings from a recent study conducted by event marketing firm The George P. Johnson Co. and the Meeting Professionals Intl. Foundation. The study found that 53.5% of the corporate marketing professionals surveyed spend more on trade shows than on other event types – a 15% increase from 2004. One-third of those surveyed also reported that trade shows provide the best return on investment of all event types.

These findings also support results from Tradeshow Week’s November 2004 corporate exhibitor survey, in which 30% of respondents said that they planned to increase their exhibiting budgets for 2005. With METALFORM’s two-year show strategy effectively covering the entire North American metalforming market, exhibitors will have a choice as to where that money will be spent. The show will continue to track growth in both the number of exhibitors and square-foot space for all three shows. For more information on all METALFORM trade shows visit www.metalform.com.

METALFORM is sponsored by the Precision Metalforming Association (PMA), the full-service trade association representing the $41-billion metalforming industry of North America. Members companies are located in 30 countries, with the majority found in North America―in 41 states of the United States as well as Canada and Mexico. Visit www.metalforming.com for more information about PMA

Posted by Industrial at 02:24 PM | Comments (0)

July 19, 2021

Precision Castparts Corp. Reports Significant Year-Over-Year Growth in First Quarter Fiscal 2006 Financial Results

PORTLAND, Oregon – July 19, 2021 – Vigorous aerospace and industrial gas turbine (IGT) aftermarket sales in the first quarter of fiscal 2006, amplified by steady aerospace OEM growth and further market share gains, drove Precision Castparts Corp. (NYSE:PCP) to achieve significant year-over-year improvement in sales, net income, and earnings per share.

First Quarter FY2006 Financial Highlights

Precision Castparts Corp. reported first quarter fiscal 2006 sales of $854.6 million, a 27.9 percent increase over sales of $668.1 million in the first quarter of last year. Net income from continuing operations grew from $50.5 million in the first quarter of fiscal 2005 to $77.7 million this year, resulting in earnings per share of $1.15 (diluted, based on 67.4 million shares outstanding), a 49.4 percent improvement over last year’s earnings per share of $0.77 (diluted, based on 65.8 million shares outstanding).

Business Highlights

Investment Cast Products: Fueled by growing aftermarket demand and increasing OEM build schedules, Investment Cast Products sales were $387.3 million in the first quarter of fiscal 2006, an increase of 27.7 percent over sales of $303.4 million during the same period last year. Year-over year operating income grew by 35.6 percent, from $55.0 million in the first quarter of 2005 to $74.6 million this year. Strong sales in the segment were driven by a number of factors, including aggressive IGT aftermarket growth; continued, year-over-year gains in the aerospace aftermarket; and rapidly escalating production of new Airbus and Boeing aircraft with significantly higher PCC dollar content. Both the increased volume and operational efficiencies yielded margin improvements during the quarter.

Forged Products: Similar market dynamics drove Forged Products sales. Segment sales increased from $145.1 million in the first quarter of fiscal 2005 to sales of $204.0 million this year, of which $21.0 million was metal pass-through. Operating income was also up year over year, from $18.4 million last year to operating income of $22.8 million in the first quarter of fiscal 2006. In addition to the surging demand for commercial aerospace OEM and aftermarket forgings, the seamless, extruded pipe market continues to expand. At the end of the first quarter, firm backlog stood at $250 million, and the combined Houston, Texas, and Livingston, Scotland, extrusion facilities have nearly doubled monthly shipments from this time last year. During the quarter, pipe sales actively expanded into Asian markets beyond China, with deliveries to Korea and a new contract award in Japan. Also contributing to top-line growth were aerospace market share gains on development and production military platforms.

Fastener Products: Vigorous aerospace OEM and replacement activity, boosted by continued market share gains, spurred Fastener Products sales in the first quarter of fiscal 2006. The Fastener Products segment reported sales of $202.6 million, compared with $164.1 million in the first quarter of last year. These sales included Air Industries Corporation’s (AIC) first full quarter of operations. The segment’s operating income was $31.1 million in the first quarter of 2006, versus $16.6 million last year. As Fastener Products enters its second year as part of Precision Castparts, there continue to be opportunities for both margin improvement and market penetration in the base business, with AIC providing an additional catalyst for both top- and bottom-line growth.

Industrial Products: Continued growth within well-defined market niches proved key to Industrial Products’ sales improvement in the first quarter of fiscal 2006. First quarter segment sales were $60.7 million, compared to sales of $55.5 million last year, while operating income was $11.7 million, versus $9.3 million in the first quarter of fiscal 2005, with operating margins improving year over year from 16.8 percent last year to 19.3 percent in the first quarter of fiscal 2006. The four businesses in this segment continue to capture market share with their highly engineered products and specialized processes, while improving productivity and increasing throughput.

“Over the past few years, we have strategically built a solid platform for long-term growth,” said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. “Our company is now extremely well-positioned for additional upside in our major end markets, and the opportunities for further growth are real and near at hand.

“The IGT aftermarket has been a primary growth driver over the past several quarters,” Donegan said. “We are currently adding capacity in Ohio and Oregon to address significant IGT schedule increases. In addition, the build rates for aerospace replacement and OEM requirements are steadily climbing, and we are ramping up production to support these accelerated schedules as well.

“Sales growth without profitability is meaningless, however,” Donegan continued. “We continue to find opportunities to improve productivity and to reduce our costs quarter after quarter in all of our operations, with Fastener Products providing abundant running room for future improvements. The addition of AIC will help to take Fastener Products to unprecedented levels of operational performance, and the segment continues to be our primary focus for further acquisition opportunities.

“As we stated at year-end, our business outlook shows steady sales and earnings improvement quarter after quarter for the foreseeable future,” said Donegan. “We are clearly focused on continued internal growth and on the strategic acquisition of businesses that strongly complement our core competencies. Throughout our operations worldwide, we remain committed to leveraging each incremental sales dollar and finding additional avenues for profitable growth.”

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.


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Information included within this press release describing projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, automotive, and other general industrial cycles; the relative success of the Company’s entry into new markets; competitive pricing; the financial viability of the Company’s significant customers; the availability and cost of energy, materials, supplies, insurance, and pension benefits; equipment failures; relations with the Company’s employees; the Company’s ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.


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PRECISION CASTPARTS CORP.
SUMMARY OF RESULTS (1)
(In millions, except per share data)

(unaudited)
Three Months Ended

July 3, June 27,
2005 2004

Net sales $854.6 $668.1
Cost of goods sold 662.3 519.0
Selling and administrative expenses 63.8 58.6
Interest expense, net 10.6 14.6

Income before income taxes and minority interest 117.9 75.9
Provision for income taxes 39.9 24.9
Minority interest in net earnings of consolidated entities (0.3) (0.5)

Net income from continuing operations 77.7 50.5
Net (loss) income from discontinued operations (0.3) 3.1

Net Income $77.4 $53.6


Net income per share from continuing operations - basic $1.17 $0.78
Net income per share from discontinued operations - basic - 0.05

$1.17 $0.83


Net income per share from continuing operations - diluted $1.15 $0.77
Net income per share from discontinued operations - diluted - 0.04

$1.15 $0.81

Average common shares outstanding:
Basic 66.2 64.7
Diluted 67.4 65.8
(unaudited)
Three Months Ended

July 3, June 27,
2005 2004

Sales by Segment
Investment Cast Products $387.3 $303.4
Forged Products 204.0 145.1
Fastener Products 202.6 164.1
Industrial Products 60.7 55.5

Total $854.6 $668.1

Operating Income (Loss) by Segment (2)
Investment Cast Products $74.6 $55.0
Forged Products 22.8 18.4
Fastener Products 31.1 16.6
Industrial Products 11.7 9.3
Corporate Expense (11.7) (8.8)

Consolidated segment
operating income 128.5 90.5
Interest expense, net 10.6 14.6

Income before income taxes and minority interest $117.9 $75.9

(1) Reported results for the three months ended June 27, 2021 have been restated for discontinued operations.

(2) Operating income represents earnings before interest and income taxes.

Posted by Industrial at 03:10 PM | Comments (0)

July 14, 2021

Metalworking Manufacturers Applaud Reps. Ryan and Hunter's Leadership

CHINESE CURRENCY ACT OF 2005 SURPASSES 100 CONGRESSIONAL CO-SPONSORS

Washington, D.C.—July 14, 2005—The Metalworking Manufacturing Coalition (MMC) applauded Rep. Tim Ryan (D-OH) and Rep. Duncan Hunter (R-CA) today for their leadership on the Chinese Currency Act of 2005, as co-sponsorship for the bill crossed the 100 mark and now has 105 cosponsors as of today.

The Chinese Currency Act of 2005, H.R. 1498, was introduced by Reps. Ryan and Hunter in April 2005. The Act intends to, “clarify that exchange-rate manipulation by the People's Republic of China is actionable under the countervailing duty provisions and the product-specific safeguard mechanisms of the trade laws of the United States.” It allows U.S. industries harmed by currency manipulation to seek relief under existing U.S. trade statutes. Additionally, it holds China and other countries accountable for currency manipulation, defines currency manipulation as a prohibited export subsidy, and includes a national security component that can restrict certain Chinese products.


“We commend Rep. Ryan and Rep. Hunter for their initiative on the Chinese currency situation,” said William E. Gaskin, President of the Precision Metalforming Association, a member of MMC. “Manufacturers—especially small and medium-sized businesses—are losing jobs and business because of China’s currency manipulation.”

He continued, “We also thank the 105 Republicans and Democrats who have signed on to support the bill. Domestic manufacturers should be afforded all means available under international agreements to force China to live up to its obligations. We believe that the China Currency Act of 2005 is an appropriate and reasonable step to expedite a realistic solution to the issue of currency manipulation.”

In a June 30th press release, Congressman Ryan said, "I am extremely pleased with the support our bill has received. This should be a clear warning to the Chinese government and, frankly, to our own administration, that Congress is serious about fixing this problem."

Added Congressman Hunter, "China has freely manipulated and undervalued its currency for far too long. Congress needs to address this issue and take the action necessary to ensure the vitality of our nation's economy and manufacturing base.”

Since 1994, China has illegally manipulated its currency to gain an unfair advantage over American manufacturers. By regulating its currency rate at approximately 8.28 yuan to every U.S. dollar, Chinese manufacturers are able to produce relatively inexpensive products in comparison to U.S. exports.

The undervaluation of the yuan is partly responsible for the loss of approximately 1.5 million jobs to China between 1989 and 2003, as well as the record $162 billion U.S. trade deficit with China last year. Economists estimate that China’s currency manipulation has resulted in substantial undervaluation of the yuan, perhaps by 40 percent or more. Evidence of this undervaluation can be found in the large and growing annual trade surpluses of the People's Republic of China, foreign-direct investment in China, and rapidly increasing aggregate amount of foreign-currency reserves.

In a June 22nd letter to Reps. Ryan and Hunter, MMC members wrote, “Our companies are convinced that we can compete against the low-wage countries because of our entrepreneurship, innovation and skills. However, the playing field is severely slanted in favor of the currency manipulating countries. Given the length of supply lines and U.S. excellence, our companies welcome the opportunity to compete for business given a fair chance that would be provided by the legislation you have introduced.”

The Metalworking Manufacturing Coalition (MMC) is a coalition of 11 manufacturing trade associations, and represents more than 10,000 individual manufacturing companies with more than 500,000 employees. Members include the American Foundry Society, Forging Industry Association, Industrial Fasteners Institute, Metals Service Center Institute, National Tooling & Machine Assoc., Non-Ferrous Founders’ Society, Precision Machine Products Association, Precision Metalforming Association, Spring Manufacturers Institute, Steel Founders’ Society of America, and Tooling & Manufacturing Association.

For more information please contact Dara Klatt at (202) 466-6210 or [email protected]

Posted by Industrial at 02:19 PM | Comments (0)

June 02, 2021

Steel Consumers Troubled By Decrease in Hot-Rolled and Cold-Rolled Steel Imports

Washington, D.C.—June 2, 2005—Precision Metalforming Association (PMA) President William E. Gaskin expressed concern over the Department of Commerce (DOC) announcement that April imports for hot- and cold-rolled sheets – the raw materials important for steel-consuming companies – decreased from March levels. The DOC reported hot-rolled steel imports for April at 267,000 metric tons (a 13% decrease compared to March) and cold-rolled steel imports at 180,000 metric tons (a one percent decline compared to March levels).

“While overall steel import levels rose by nine percent in April 2005 compared to March 2005, the decrease in hot- and cold-rolled sheets causes concern for the metalforming industry,” said Gaskin. “These are the products most used by PMA members, and it is critically important that they are able to obtain the necessary quantity of steel at globally competitive prices.”

Gaskin continued, “If imports of hot- and cold-rolled steel continue at the same pace of the first four months of this year, the projected total for these imports in 2005 will be nearly 5.5 million metric tons—approximately 11% lower than the 6.2 million metric tons of this material that was imported last year.”

Gaskin explained that last month, dozens of PMA members joined together on Capitol Hill to brief Members of Congress on the problems that steel consumers have experienced with steel supply over the past several years including severe market disruptions after termination of the Section 201 steel tariffs 18 months ago.

“To keep our steel-consuming industry vital and strong, we need access to steel imports. Currently, there are dozens of unnecessary import duties on steel products in place that continue to distort the U.S. market for steel. This is an issue that must be addressed by our elected officials if U.S.-based manufacturers are to compete at a global level.”

The Precision Metalforming Association (PMA) is the full-service trade association representing the $41-billion metalforming industry of North America—the industry that creates precision metal products using stamping, fabricating and other value-added processes. Its nearly 1,200 member companies include metal stampers, fabricators, spinners, slide formers and roll formers as well as suppliers of equipment, materials and services to the industry. Members are located in 30 countries, with the majority found in North America—in 41 states of the United States as well as Canada and Mexico. Additional information on PMA can be found at www.metalformingadvocate.org

Posted by Industrial at 02:26 PM | Comments (0)

April 06, 2022

Gold-MiningStocks.com Reports – Industry Expert Forecasts for Gold Stock Investment Strategies

Economic Indicators for Gold Stock Investors to Consider: Currency Fluctuation, Production Costs, and Exploration Activity

POINT ROBERTS, WA; Delta, B.C. (PRWEB) April 6, 2022 -- Gold-MiningStocks.com (GMS) is pleased to offer investors an exclusive report regarding the type of environment that market participants are forecasting for the gold industry. Industry experts discuss several economic and financial indicators which should figure highly in a Gold Stock investment strategy. GMS offers investors information on gold stocks, mining stocks, precious metals stocks, mineral exploration/development and provides industry research. GMS also features a growing list of participating public and private companies.


The GMS website does not make recommendations, but offers a unique free information portal to research news, exclusive articles, interviews, investor conferences and a growing list of participating public companies in the Gold sector.

Article Excerpt: Gold-MiningStocks.com Reports – Industry Expert Forecasts For Gold Stock Investment Strategies

By Brian Eriksen Noer, Gold-MiningStocks.com
April 2005

Stock market investors in the gold mining sector should be aware of three areas of focus when planning an investment strategy. The three interconnected financial metrics of: US dollar fluctuations, production costs for mining corporations, and exploratory activity, each affect the market in different ways and the following report outlines the type of environment that market participants are forecasting for this industry.

Investors in the gold sector should take note of the supply and demand dynamic. “The supply dynamic has been challenged due to the lack of investment and exploration when the gold price was low,” said Greg Martin, Director, Investor Relations with Placer Dome (TSX, NYSE: PDG). “It was expected that if the price of gold went over $450/oz then new projects would materialize and the market would be revitalized. The reality however is that the US is a small proportion of global supply, and we have seen reductions from companies based in other countries. Therefore the supply side of the market will remain challenged.”

Conversely, according to recent demand numbers (collated by Goldfields Mineral Services), demand was robust in 2004, up about 6% on a global basis, showing that the fundamental gold market is in a very positive position for continued longer term strength. Investors realize that gold is also a financial instrument, trading off of other financial metrics than merely supply and demand, and due to the state of the US economy, this environment provides a very positive macroeconomic backdrop to the gold market. Placer Dome’s Martin stated that these parameters are currently aligned in terms of being supportive to the gold market.

“Production costs and ore grade are the major considerations for a company in the gold mining industry,” said Marc Cernovitch, V.P. of corporate Development with Halo Resources (HLOSF.OB). “Small scale mines, are very sensitive to the intensive upfront capital requirements. It is most important to engineer an optimum production scenario, which ensures that the operation is mining the highest possible grade of ore. Narrow vein gold mines in general, need to focus on selective small scale mining methods and allowing a mine to produce at its natural rate.”

“We think that the gold price is consolidating at the moment and will continue to track the US dollar,” said Running Fox (TSX-V: RUN) President, Michael Meyers. We believe that the US dollar is going to be on a further decline as the US is looking to pay back debt (originated when the dollar was high) in lower valuated dollars. Gold is still a profitable market to be in.”

Click here to read the full article: http://www.gold-miningstocks.com/Gold_Stocks/Articles/Investment_Strategies.asp

To be added to our current list of Gold Stocks, Mining Stocks, Precious Metals Stocks, Mineral Exploration/Development and Industry Research, contact: e-mail protected from spam bots

About GMS Featured Client: (GMS is compensated by profiled Featured
Company)
Running Fox Resource Corp. (TSXV: RUN; OTC.PK: RFXRF) (Corporate Profile, News and Info) Gold Stock - A Vancouver, Canada based resource exploration company which is developing the Brett Project in British Columbia, Canada. Exploration work carried out to date on the Brett Property has confirmed the presence of a number of significant gold bearing mineralized zones, associated with northerly trending altered shear/ fracture zones. Previous work consists of geochemical surveys, trenching, 10,000 meters (32,900 feet) of diamond drilling and 459 meters (1506 feet) of underground development.

For more information contact:
Dawn Van Zant / Trevor Ruehs / Brian Noer
Toll free: 800-665-0411
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Posted by Industrial-Manufacturing at 04:26 AM | Comments (0)

March 28, 2022

Steel Industry Portal Completes Successful Site Upgrade

Steel sector news and information portal www.steelonthenet.com completes technical reconstruction and successful site relaunch.

London, U.K. (PRWEB) March 28, 2022 -- Steelonthenet.com is pleased to announce the successful redesign, reconstruction and relaunch of its website. The news and information portal, originally launched in 2001, has just completed a major upgrade involving technical modernisation of site structure and site architecture, as well as significant improvements to general W3C conformance.

Commenting on the site’s reconstruction, CEO Andrew M Kotas said “We have been aware of the need for this investment for some time. The upgrade will bring many benefits such as easier site navigation, a more modern appearance, faster data retrieval and friendlier web browsing. The modernisation also gives us much greater 3rd party advertising capacity, which is important from the commercial perspective.”

Adds Martin Bailey, Technical Director of SheetMetalWorld.com and author of Marketing your Business “From the technical standpoint, it was important for Steelonthenet.com to take advantage of many of the functions and technical structures that we have utilised on Sheetmetalworld.com.” Notes Bailey, who oversaw the entire design and implementation of the steel portal’s relaunch “The upgrade means that the site is now substantially quicker to load and more ‘search engine friendly’ – resulting in higher rankings. It also make it much quicker to add or modify site content.”

Continues CEO Kotas “All too often, companies build a website and then become a little complacent as technology and technical capability move on. If businesses are to stay in the game, they need to keep their ears to the ground – and to continually learn, adapt and move ahead. Whilst our own journey is by no means over, with Bailey’s assistance our eyes are certainly more open now to the technical world around us, and our journey has at least begun.”

The upgraded Steelonthenet.com information portal went online on 24th March 2005.

Posted by Industrial-Manufacturing at 04:46 AM | Comments (0)

March 09, 2022

Doe Run Smelter Featured As Example of Environmental Progress

International visitors tour facility to learn about latest technology and processes.

HERCULANEUM, MO (PRWEB via PR Web Direct) March 9, 2022 – The Doe Run Company recently demonstrated its commitment to environmental innovation and continual improvement to a globally diverse audience.

On Friday, Feb. 18, international visitors from Ethiopia, Ghana, Nepal and Serbia traveled to the Herculaneum smelting facility as part of the World Affairs Council International Visitor Program. Accompanied by Doe Run employees Stan LaFollette, maintenance manager – primary smelting, and Aaron Miller, environmental manager – primary smelting, the visitors participated in a facility tour, presentation and question-and-answer session designed to showcase the company’s advanced technology and improvements.

In cooperation with the U.S. State Department and eight private organizations, the International Visitor Program provides a unique opportunity for citizen ambassadors to share their homes, workplaces and classrooms with students, prominent politicians and professionals from abroad.

Volunteer participants learn firsthand about cultural differences while deepening their understanding of the United States.

“We were pleased to participate in this professional exchange program,” said LaFollette. “The visitors were very interested in our processes and the environmental challenges we have faced over the last few years. We are always seeking ways to improve, and collaborative programs like this allow us to share our expertise and knowledge with others in similar situations.”

Visits to manufacturing plants such as Doe Run’s smelter often highlight environmental safeguards, technologies and investments needed for meeting established company and government environmental standards.

In addition to having met the National Ambient Air Quality Standard (NAAQS) for 10 consecutive quarters, the smelter passed the annual Maximum Achievable Control Technology (MACT) stack test conducted by the Missouri Department of Natural Resources (MDNR) in 2004. Replacing a 300-foot baghouse duct was one of the 2004 projects that contributed to the smelter’s air improvement program.

“The international visitors appreciated Doe Run taking the time to speak with them about environmental issues and providing them a plant tour,” commented Barbara Morley, director of the International Visitor Leadership Program World Affairs Council-St. Louis. “They were impressed with how the citizens of Herculaneum and the company work together to address the environmental problems and cleanup, and plan to use information obtained during their visit in their respective countries.”

During their three-week visit in the United States, the visitors were scheduled to make other visits in Buffalo, N.Y.; Baltimore; Gary, Ind.; and Washington, D.C.

The Doe Run Company, along with its subsidiaries, is a privately held natural resource company focused on environmentally sound mineral production, recycling and metals fabrication. Based in St. Louis, the company and its subsidiaries serve as North America’s largest integrated lead producer and third-largest total lead producer worldwide, employing more than 4,000 people.

The company and its employees are committed to keeping its operations and communities clean and safe while producing essential raw materials – lead, zinc, copper, gold and silver – that are needed for everyday life. Doe Run and its subsidiaries have U.S. operations in Missouri, Washington and Arizona, and South American operations in Peru. For more information, visit http://www.doerun.com

Note: A Photo of the international visitors is available in JPG format. Please contact Kristin Saunders at 314-469-3500 for the file.

Contact:
Angie Nations
http://www.doerun.com
573-518-1508

Posted by Industrial at 05:09 AM | Comments (0)

February 20, 2022

Andean American Achieves 35% Increase in Gold Sales for Quarter Ended December 31, 2021

Gold sales in the quarter reached 5,000 ounces, up 35% from the previous quarter.

Vancouver, B.C., February 20, 2005. Andean American Mining Corp. (TSX-V:AAG) is pleased to provide operations results for the period ending December 31, 2021 for its 100% owned Santa Rosa Mine located in Southeastern Peru.

Gold sales in the quarter reached 5,000 ounces, up 35% from the previous quarter, a new record and a milestone achievement for Hector Campos, Jose Antonio Rado, Jorge Alejos and their team at the Santa Rosa Mine. The substantial improvements came about through sharply improved recoveries averaging 69.97% recovery of gold for the 108,269 metric tonnes processed in the quarter.

(PRWEB) February 20, 2022 -- Gold stacked on the leach pads was 6,760 ounces in the quarter, up 21% over the same period last year, but down 22% from the previous quarter. Gold grades averaged 1.94g/t for the quarter down by 8% from the previous quarters. Gold sales at 5,000 ounces (4,730 gold and 270 from gold equivalents) were up 120% over the same quarter last year.

Despite difficulties in the quarter surrounding the ongoing development of the new Southern Structure Pit, the New Carelo Pit and the expansion activities to the ADR plant, record gold sales were achieved, reinforcing the continuous improvement of the last 4 quarters.

Silver stacked on leach pads was 140,411 ounces in the quarter holding an average grade of 40.3g/t. 16,270 ounces were sold in the quarter. A new record up 50 + % from the previous quarter.

Fresh ore mined, crushed, agglomerated and placed on pads in the quarter was 108,269 tonnes down 11% from the previous quarter but up 26% over the same quarter in 2003.

Gold and Silver Recoveries
Gold:
The introduction of higher concentrations of leachate has had the desired effect: more gold in solution. The enriched pregnant solution combined with the improvements in the adsorption, desorption, recovery (ADR) plant resulted in an average of 70% gold recovery for the quarter. Even though the ADR plant only worked at 88% efficiency in the Quarter.

This is for once-through processing of fresh ore. The recycling program finally got underway in late December. The recycle program, when in full swing, will substantially improve the overall recoveries.

It is important to note that the company has conservatively estimated an overall 69.7% recovery of gold after two recovery cycles (fresh and one recycle). Not sufficient recycling has been accomplished to date to change the basic calculation yet, however early indications from January will cause this overall recovery number to be pushed well into the 80% range.

For business purposes, all inventory calculations are based on 69.7% of gold stacked on pads as recoverable. Inventory is then the difference between actual sales and the 69.7% number. All gold in inventory is valued at basic production costs (lower of cost or market rule) and silver is not valued at all.

At December 31, 2004, greater than 35,000 ounces of gold and 1 million ounces of silver remain stacked on the pads awaiting recovery. Inventory values are in the books at less than $4.5 million Canadian. If recoveries are achieved as currently indicated the potential for substantial holding profits exists, as less than 17,000 ounces of gold are “on the books” as inventory and no silver is “on the books”.

Silver:
The company has decided to implement the “nacient chloruant” method for silver recoveries. Although this method is new to our company it is a proven system initially developed by a bright, then young, metallurgist named J.O. Marsden.

In 1992 John Marsden won the MPD Outstanding Young Engineer Award. He currently sits as chair of the MPD Nominating Committee for the Society for Mining Metallurgy and Exploration (SME). Mr. Marsden has several publications to his credit including a joint work with Frank McQuiston Jr. Mr. Marsden has been associated with over 40 gold silver plants and 80 odd heap leaching operations.

This “aqua rejia” approach is used in more than 20 mines for silver recovery. Each metallurgical solution is unique to the particular chemistry, PH, and mineralogy of each mine. The metallurgical team in Peru is diligently implementing this approach. Test results have yielded 90 – 95 % recovery with this method. This contrasts favorably with the previous method and should create an opportunity to improve recoveries by 1 to 2 hundred percent.

When the first full pad in the recycle program has been completely stripped of recoverable gold, it will be flushed with water, neutralized with hydrogen peroxide and then the new leachate be introduced. Recovery will take place over a 30 - 45 day period. This is expected in the 3rd calendar quarter.

Capital Expansion Projects:
ADR Plant:
December saw the commissioning of the new thermal regeneration oven, the new boiler, the completed carbon columns, the acid wash facility and the expanded electrolytic cells. The ADR plant now has 12 – 1000 kg carbon columns, plus 4 – 350 kg carbon columns.

It is now possible to operate at 96% efficiency, which, after thorough training will become our new objective. This 9% gain will have the additional benefit of occurring without added cost and should lower the cost of a produced ounce of gold by the same increment.

Initial PIT Development:
Major expenditures continued in the initial pit development of the Southern Structure and Carelo zone. The addition of a new D8 in January should substantially aid in timely completion and substantial cost reduction for the initial pit development of the Southern Structures. The sulfides at Carelo are being stockpiled as they are encountered, small amounts of oxide ores are being tested for recoveries with favorable results.

Conclusion:
A quarter filled with progress and frustrations as all programs seem to take longer than planned. Production was a little off due to both mechanical problems and slightly lower grade.

The recycle program finally started but only just late in December. The anticipated improvement in cash position will not be realized until the recycle program gets to 50,000 tonnes per month.

The completion of the last 3,000 square meters of Pad 5C has been stalled due to weather. Likewise the first 10,000 square meters of Pad 6. This directly affects the recycle program and can potentially handcuff fresh production if we do not get a weather window soon to allow completion.

The big victories in the quarter were:
- Continued growth in gold sales
- Completion of the expanded ADR plant
- Substantial improvements in gold recovery
- Solid progress on preparing 2 new pits
- Slightly surpassing overall recovery rates for gold (69.7% versus 69.97%).

Planned Production and Related Gold Equivalents
Quarter Ending Total Tonnage ¹ Total Gold Equivalent Ounces ²
March 31, 2022 145,000 5,500
June 30, 2021 300,000 8,000
September 30, 2021 375,000 12,000
December 31, 2021 450,000 9,500

March 31, 2022 450,000 15,000
June 30, 2021 450,000 15,000
September 30, 2021 450,000 15,000
December 31, 2021 600,000 15,000

March 31, 2022 600,000 20,000
June 30, 2021 600,000 20,000
September 30, 2021 600,000 20,000
December 31, 2021 600,000 15,000

¹ Includes fresh minerals and recycled minerals which have been leached once previously.

² Gold equivalents are calculated based on $400.00 gold and $6.70 silver to generated an equivalent ounce of gold for each 60 ounces of silver.

Note: This is planned production and planned gold and silver recoveries. This is neither guaranteed production nor recoveries. There is no guarantee the price assumptions will be in effect at the actual time of sales. There is technical risk associated with the final silver recovery method. There are all the normal risks associated with mining.

Andean American, producing, profitable, expanding and exploring. For further information contact John Huguet, President or Hai Van Le at: (604) 681-6186 or toll free: 1-888-356-4784 or visit our website at www.andeanamerican.com

On behalf of Andean American Mining Corp.,
“John Huguet”
John Huguet
President & CEO

Posted by Industrial at 09:03 PM | Comments (0)

February 07, 2022

Gold and Technology

Crowne Gold, Inc www.crowne-gold.com an international industry leader in the Gold market place, announced today that it has completed contracts with Megasol Technologies KB of Sweden

Panama City, Republic de Panama (PRWEB) February 7, 2022 -- Crowne Gold, Inc www.crowne-gold.com an international industry leader in the Gold market place, announced today that it has completed contracts with Megasol Technologies KB of Sweden.

Crowne Gold provides an easy secure way to buy, sell, store, or transfer Gold via their internet site www.crowne-gold.com. Crowne Gold will utilize Megasol’s OdysseySuite Active Access technology to enhance the security of their Gold account holders.

“OdysseySuite ActivAccess Token is designed for financial institutions and banks whose clients are up-market and very high worth, or who do not have access to GSM SMS/Text messaging facilities,” said Paul M. de Freitas, Director of Customer Services for Megasol Technologies. “Crowne Gold’s clients will be supplied with a token/key fob which generates a one-time random password on request. This password can be used to authenticate access, payments transactions, secure messages and other instructions. A special secure server application is capable of generating the same password which is then used to authenticate what the client has entered.”

“We at Crowne Gold pride our selves on being at the cutting edge of technology.” said Sean Trainor, President and CEO of Crowne Gold www.crowne-gold.com. “The complementary nature of Megasol’s technology and skill set combined with our core capabilities will further extend our unique value in the world’s Gold exchange market place. This agreement provides upscale security for our clients that will allow us to continue to outpace our antiquated banking competition.”

About Crowne Gold
Crowne Gold, Inc, is an industry leader with nearly 30 years of experience and expertise in Gold, Gold Exchange and alternative exchange systems. Crowne Gold offers electronic transaction processing utilizing Gold and Silver. Its electronic Gold funds exchange can be utilized by any user of “money”. The gold exchange system operates parallel to the banking system providing access to ones wealth 24/7/365 and providing exchanges of gold with in 12 seconds. Committed to providing excellent customer service and award-winning products, Crowne Gold enables its clients to work with an alternative currency designed to offer a private medium of exchange with today’s global market place and the need for private instant wealth exchange in mind www.crowne-gold.com

Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations and such variations could be material and adverse.

Posted by Industrial at 02:38 AM | Comments (0)

January 11, 2022

Before there was Wall Street, there was Gold...and When Wall Street is Gone, there will Still be Gold

Increasing demands on the gold market are expected to affect retail prices within the year.

Arnstein, Ontario (PRWEB) January 11, 2022 -- Paper burns and large companies can go bankrupt, but if you want a piece of the solid rock, go for Gold. Financial experts agree that the rising value of gold, which has climbed since 2001 to a 16 year high of $456 (U.S.) an ounce, is going to be spurred on in 2005. Precarious world situations, from political turmoil to flailing currencies, are taking a toll on the trade markets. The cry for stability and future security is high on the priority list for North Americans and can also be heard pulsating around the globe. Gold, along with the precious metal industries, is emerging as a reliable anchor for many investors at home and abroad.

In his well documented publication '15 Reasons To Own Gold' analyst John Embry, from the Sprott Gold & Precious Metals Fund, states that on a global scale, "Gold as Money is Gaining Credence." Indeed, many countries including India, China, Russia and the Middle East are moving towards a secure hold on gold supply and a serious interest in the incorporation of gold into their monetary systems.

Economist Dr. Gary North overviews the many ways to buy gold, and advises people that when looking to invest, "Promises to pay are never as reliable as gold in hand." Whether conscious or subconscious the public mind seems to agree with this persuasion. The growing trend towards gold can be seen at the grass roots level with the consumer demand for fine jewelry. According to The World Gold Council, the demand for jewelry is rising faster than the production of gold.

The jewelry industry, though generally steady in its revenues, has been more of a 'buyers market' in past years, with highly competitive price war campaigns and marketing strategies. These tables may now be about to turn, as the increasing demands on the gold market are expected to affect retail prices within the year. Tom McDonald of goldmisers.ca says, "Now is the time to buy!" Gold Misers is an online jewelry outlet which sells high quality fine jewelry at wholesale prices to the public. "Being at the root level of the jewelry industry it's easy to see the coming market trend. I would advise anybody to invest in a little golden nest egg."

Posted by Industrial at 08:17 PM | Comments (0)