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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (5587)	8/22/2007 9:51:02 AM
From: LoneClone	Read Replies (1) of 194001

Nippon Steel to use more low-quality iron ore: report By Tokyo Bureau Last Update: 8:56 PM ET Aug 14, 2007 marketwatch.com TOKYO (MarketWatch) -- Nippon Steel Corp. (5401.TO) plans to start using only-low quality iron ore at its main facility Yahata steel works in Kitakyushu, southern Japan, from around 2010 in order to cut overall costs, the Yomiuri Shimbun reported Wednesday. Although using low-quality iron ore saves on raw material costs, the manufacturing process is usually more expensive and time consuming than using high-quality iron ore, making the total cost higher. But Nippon Steel believes its technology will allow it to use low-quality ore and still keep the overall costs lower, according to the report. In addition, the price of high-quality iron ore has been surging recently due to growing steel demand worldwide. Steel makers using low-quality iron ore usually need to add calcium oxide to solidify the material. Nippon Steel has developed an alternative ingredient that is 40% cheaper and has been using it at its Yahata steel works since October 2004. Half of the iron ore currently used at the factory is the low-quality kind, and the company plans to gradually raise that percentage in the next few years. Web site: yomiuri.co.jp -Contact: 201-938-5400 End of Story

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