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Arcelor Mittal « Terug naar discussie overzicht

Nieuws en info hier plaatsen (deel 4)

35.173 Posts, Pagina: « 1 2 3 4 5 6 ... 1026 1027 1028 1029 1030 1031 1032 1033 1034 1035 1036 ... 1755 1756 1757 1758 1759 » | Laatste

Omlaag ↓

voda 23 juli 2019 17:05

Vale Iron Ore Production in Q2 dips 34% YoY

Vale iron ore fines production and sales showed a substantial improvement in the end of 2Q19 with the increase in shipments in the Northern System and the resumption of Brucutu operations. The combined effects of both events will be felt more considerably in 2H19. Iron ore fines production totaled 64.1 million tonne in 2Q19, 12.1% and 33.8% lower than 1Q19 and 2Q18, respectively, mainly as a result of the impacts following the Brumadinho dam rupture and the unusual weather-related conditions in the Northern System in April and early May. As a result of the successful S11D ramp-up, the Northern System achieved a run rate of 215 Mtpy in June and expects to produce around 18.5 million tonne to 19.0 million tonne per month in 2H19 reaching the 230 Mtpy run rate.

Vale's pellet production totaled 9.1 million tonne, 25.5% and 29.3% lower than in 1Q19 and 2Q18, respectively, mainly due to the full stoppage of the Southern System pellet plants during the quarter, following the Brumadinho dam rupture, abnormal rain in the Northern and Southeastern Systems as well as maintenance carried out and at the Tubarão plants.

Vale made substantial progress concerning the 93 Mtpy of Iron Ore production capacity stopped in 1Q19, with the resumption of Brucutu operations on June 22nd, recovering 30 Mtpy of production capacity. Regarding the 60 Mtpy currently curbed, Vale expects that the 30 Mtpy of dry processing production will be gradually resumed starting by the end of this year and the remaining 30 Mtpy, which includes wet processing, is estimated to return in about two to three years.

Iron ore fines and pellet sales volume was 70.8 million tonne in 2Q19, 4.5% higher than in 1Q19 and 18.2% lower than 2Q18. Although the production volumes decreased quarter over quarter, sales volumes increased 3.2 million tonne due to the consumption of offshore inventories.

As a result of the Brucutu mine restart, Vale reaffirms its 2019 iron ore and pellets sales guidance of 307-332 million tonne, as previously announced, and informs that its expected sales volume will move towards the midpoint of the range.

Source : Strategic Research Institute

voda 23 juli 2019 17:08

ArcelorMittal Exosun Commissions 110.9 MW Solar Plant in Australia

ArcelorMittal Exosun, worldwide leading supplier of advanced solar tracking solutions for ground-mounted photovoltaic plants has successfully commissioned its trackers on Beryl Solar Plant located in New South Wales Australia. The 110.9MWp solar plant, built by Downer EDI Limited, a leading provider of integrated services, is equipped with 8,607 Exotrack® HZ structures. Commissioning took place just 12 months after the contract was signed.

ArcelorMittal Exosun LCOE-friendly tracking technology significantly increases the plant’s energy yield and thereby contributes to providing clean and safe electricity to Australian households & public transportation. The majority of renewable electricity produced by Beryl is being used to meet the operational electricity needs of the Sydney Metro Northwest rail link.

Source : Strategic Research Institute

voda 24 juli 2019 16:05

NCLAT Stays NCLT Order to Liquidate Adhunik Metalliks

Financial Express reported that the National Company Law Appellate Tribunal has stayed the order of the Cuttack Bench of the National Company Law Tribunal to liquidate Adhunik Metaliks after Liberty House Group moved the appellate tribunal against the liquidation order. In its order dated July 17, the NCLAT said that until further orders, operation of the impugned order of liquidation shall remain stayed. According to the order, the advocate appearing for State Bank of India, the lead lender may file reply affidavit within two weeks. Rejoinder, if any, can be filed within two weeks thereafter. The appellate tribunal has directed to list the matter on August 28.

The CoC's counsel had also requested the Bench to allow them to consider the resolution plan submitted earlier by the H2 bidder, Maharashtra Seamless.

Earlier this month, the Cuttack Bench of the NCLT had ordered liquidation of the bankrupt steel maker after cancelling the resolution plan of Sanjeev Gupta-led Liberty House Group, with the UK-based group failing to implement the resolution plan submitted by it for bankrupt AML under the corporate insolvency resolution process

Lenders to Adhunik Metaliks are SBI, PNB, ICICI Bank, IFCI, Punjab & Sind Bank, UCO Bank, Allahabad Bank, BoB, Corporation Bank and Srei Infrastructure Finance, among others.

Source : Financial Express

voda 24 juli 2019 16:05

POSCO Announces Q2 Results

Posco announced operating profit of KWR 1 trillion (USD 848 million) in the second quarter of 2091, on KWR 16.3 trillion in sales, with a net profit of KWR 681 billion. Sales rose 1.5 percent, but operating profit and net income declined 14.7 percent and 14.7 percent on-year, respectively. The decline was mainly due to its sluggish steel business, which accounts for around 80% of the total operating profit. The operating profit of its steel business fell 21% on-quarter due to a price surge in iron ore

Iron Ore - Strong demand from growth of steel production, coupled with supply disruption due to Vale's dam accident in Brazil in January and cyclone in West Australia in March, resulted in tight iron ore market. Non-market factors such as overheated Chinese futures market also affected the 2Q price to record USD 100 per tonne. 3Q fine ore price expected at USD 100~110 per tonne range. While supply condition improves as Vale increases production, market will still be tight as Chinese port re-stocking is prolonged. Meanwhile, measures to cool down overheated futures market are expected, such as lifting trading fee on the Dalian Commodity Exchange, which will limit the magnitude of further price hike

Coking Coal - Coal re-stocking demand keeps strong in China and India ahead of peak season for steel. 2Q average price was USD 203 per tonne from temporary supply disruption due to port maintenance in East Australia. 3Q HCC price expected at USD 170~180 per tonne. Price is forecast to decline QoQas Chinese government puts stricter regulations regarding coal import on major ports such as Jintang and Caofeidian while operation of railways and port infrastructure in East Australia is back to normal as rainy season ended. Weakening spot trading in India with the start of monsoon period will also lower price.

Source : Strategic Research Institute

voda 24 juli 2019 16:06

ArcelorMittal Kryviy Rih Update on Searches by Security Service of Ukraine

ArcelorMittal Kryvyi Rih reported that as a result of a search of the investigation department of the Security Service of Ukraine in the Dnipropetrovsk region on July 20, a continuous casting machine for blanks No 3 and certain pieces of equipment were seized. On July 20, 18 representatives of the Security Service of Ukraine, a specialist from the State Emergency Service and the Central Inspectorate for Nuclear and Radiation Safety, were allowed on the territory of ArcelorMittal Kryvyi Rih to conduct a search of the continuous casting machine of workpiece No 3. The inspection team entered the company at 10 am 20 July and left the company at three in the morning on July 21.

The search and investigative actions lasted more than 14 hours. All this time, employees of ArcelorMittal Kryvyi Rih were forced to accompany the representatives of the Security Service of Ukraine and provide documents and comments upon request. Such actions can legitimately be considered a violation of procedural form.

ArcelorMittal Kryvyi Rih’s Chief Legal Officer Artem Filipev said “At present, it is not known how long the check of the continuous casting machine-3 and documents from the Security Service of Ukraine will last, and how events will develop further. In connection with the large dimensions of the facility, the UBS staff decided to leave the seized at the place of actual location without the possibility of sealing. At the same time, the object has no means of restricting access by unauthorized persons. Thus, ArcelorMittal Kryvyi Rih does not have the opportunity to continue construction, modernization, plan production and enter into contracts for the supply of blanks to customers. The project is frozen. Employees of ArcelorMittal Kryvyi Rih and contract organizations will not be able to carry out further work at this facility.”

Source : Strategic Research Institute

voda 24 juli 2019 16:07

SAIL Supplies Stainless Steel Rolled at SSP for Chandrayaan 2

Steel Authority of India Ltd has supplied special quality stainless steel from its Salem Steel Plant for the India’s Moon Mission Chandrayaan 2 meeting the ISRO’s requirements for stringent specifications, superior surface finish and close tolerances. For the Chandrayaan 2, SAIL’s special quality sheet has been used in the Cryogenic Engine CE20. Scientists from Liquid Propulsion System Centreof ISRO and the SAIL team at its Salem Steel Plant have closely collaborated and successfully rolled the stainless steel coils at Salem. In this, Electro Slag Remelted and forged slabs conforming to ICSS-1218-321 (12X18H10T) austenitic stainless steel slabs provided by ISRO has been successfully hot rolled in the Hot Rolling/Steckel Mill at SAIL’s Salem Steel Plant. This hot rolled coil of 4 mm thickness was further cold rolled to 2.3 mm thickness as required by ISRO. This 2.3 mm thick sheet has been used in the Cryogenic Engine of Chandrayaan mission.

With this major breakthrough, SAIL is optimistic of leveraging other aerospace grades of stainless steel for the space launch vehicle components in future.

Source : Strategic Research Institute

voda 24 juli 2019 16:09

Mr Pramod Mittal & 2 Others Held in Bosnia

Daily Mail reported that Mr Pramod Mittal was arrested in Bosnia for suspected fraud in a case related to the running of a coking plant in the northeastern town of Lukavac, which Mr Pramod Mittal has co-managed since 2003. Prosecutor Cazim Serhatlic, rom the Tuzla cantonal prosecution department, told reporters "Police, who acted upon the order of the prosecutor, arrested the president of the supervisory board of GIKIL, Pramod Mittal. Two other company officials GM Paramesh Bhattacharyya and Razib Dash member of the supervisory board were also arrested. They are arrested on suspicion that they have committed a criminal act of organised crime and abuse of office and authority since 2003. If found guilty, the suspects could get jail sentences of up to 45 years.

He added “An arrest warrant has been issued for a fourth man considered to be a member of this organized criminal group with Pramod Mittal on top."

The suspects will appear before a judge on Wednesday.

According to the Zurnal.info website which covers organized crime, the suspects were believed to have embezzled at least five million marks (EUR 2.5 million)

Global Ispat Koksna Industrija Lukavac was founded in 2003 and is co-managed by Pramod Mittal's Global Steel Holdings and a local public company KHK. The coking plant in Lukavac employs a thousand people.

Source : Daily Mail

Bijlage:

voda 24 juli 2019 16:10

ATI Completes Sale of Titanium Investment Castings Business

Allegheny Technologies Incorporated announced it has completed the sale of its Cast Products business unit to Consolidated Precision Products Corp of Cleveland, OH. Robert S Wetherbee, President & CEO, said “We are pleased to finalize the sale of our Cast Products business to CPP and we wish the employees success moving forward.”

This transaction further sharpens ATI’s strategic focus on materials science and advanced process technologies, which offer the company the best combination of growth, profitability and corporate synergies. A post-casting machining facility in Salem, OR remains with ATI to provide services to CPP and others.

The gross cash proceeds will be used to further ATI’s capital deployment priorities, principally focused on improving its balance sheet by reducing corporate debt levels and funding its pension obligations, as well as building its strategic cash reserves over time. ATI’s third quarter 2019 results will include a modest gain from this transaction.

Source : Strategic Research Institute

voda 24 juli 2019 16:11

BISRA Stone Lime to resume mining

Business Line reported that Rashtriya Ispat Nigam Ltd subsidiary BISRA Stone Lime Company will resume mining operations after a brief hiatus. BSLC had to cease operations from July 2019 due to a cash crunch. Steel Authority of India Limited and RINL agreed to provide trade advances to BSLC for immediate resumption of its mining activities.

This decision was taken during a meeting headed by Steel Minister Dharmendra Pradhan.

BSLC has been mining and marketing limestone in Sundargarh since 1910.

Source : Business Line

voda 24 juli 2019 16:11

Steel Dynamics Reports Second Quarter 2019 Results

Steel Dynamics, Inc announced second quarter 2019 financial results. The company reported second quarter 2019 net sales of USD 2.8 billion and net income of USD 194 million. Comparatively, prior year second quarter net income was USD 362 million with net sales of USD 3.1 billion. Sequential first quarter 2019 net income was USD 204 million, with net sales of USD 2.8 billion. Mr Mark D Millett, President and Chief Executive Officer said that "Our second quarter 2019 consolidated operating income was USD 285 million and adjusted EBITDA USD 365 million. The team delivered a solid second quarter performance in a challenging steel pricing environment. A weakening scrap price environment coupled with steel inventory destocking led to steel buying hesitancy. Despite these challenges, supported by the addition of United Steel Supply and the continued ramp-up of Heartland, our steel platform shipments improved. As underlying steel demand remains constructive and scrap prices have steadied, we have recently seen stabilization and improvement in flat roll steel prices, resulting in increased flat roll order activity and improved order backlogs. However, structural, merchant bar, and reinforcing bar steel pricing remain pressured from domestic and import market competition. Underlying domestic steel demand remains intact, and we are seeing continued positive activity across most of the steel consuming sectors, including automotive, energy and industrial customers. Additionally, as evidenced by our strong steel fabrication backlog, strength continues in non-residential construction."

Second quarter 2019 operating income for the company's steel operations was USD 295 million, or six percent lower than sequential first quarter 2019 results. The decline in earnings resulted from metal spread compression which more than offset the three percent increase in overall steel shipments related to the ramp-up of the Heartland facility and the recent addition of United Steel Supply. The sequential earnings decline was primarily driven by lower shipments and product pricing within the company's long product steel operations. The second quarter 2019 average external product selling price for the company's overall steel operations decreased USD 23 sequentially to USD 879 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased USD 22 to USD 316 per ton.

The company's steel processing locations (Heartland, Techs, United Steel Supply and Vulcan) represented 16 percent of the shipment mix in the second quarter 2019, compared to 13 percent in the sequential quarter and nine percent in the prior year second quarter. These locations use steel products as their primary raw material, and the associated steel procurement cost represented 18 percent of the steel operations cost of goods sold for the second quarter 2019, 15 percent for the sequential quarter, and nine percent for the prior year second quarter.

Second quarter 2019 operating income from the company's metals recycling operations decreased to USD 11 million, compared to USD 20 million in the sequential first quarter, as a result of both lower nonferrous shipments and ferrous selling values. Both prime and obsolete scrap indices fell almost USD 90 per gross ton from March to June 2019. As scrap flows started to slow based on lower procurement values, scrap pricing appears to have stabilized in July.

Second quarter 2019 operating income from the company's steel fabrication operations was a strong USD 31 million, or 49 percent higher than sequential first quarter results. Earnings improved as higher shipments and lower raw material steel input costs, resulted in expanded profit margins. The steel fabrication platform order backlog remains strong, and customers remain optimistic concerning non-residential construction projects.

Source : Strategic Research Institute

voda 24 juli 2019 16:12

ArcelorMittal Indiana Harbor fined for Worker Death

NWI Times reported that Indiana has fined ArcelorMittal USD 14,000 after the death of a steelworker in a fatal train accident at the ArcelorMittal Indiana Harbor steel mill in East Chicago in April. Railroad operator Mr Edwin L Fleming, a 49 year-old Schererville man who had worked at the mill for nearly 17 years, was killed at the Indiana Harbor’s No. 7 blast furnace raw materials yard on April 2 when the engine he was operating struck a railcar on an adjacent track. The Indiana Department of Labor Occupational Health and Safety Administration found two serious safety violations took place and fined the company USD 7,000 for each.

The state agency said in a safety order that "The employer did not establish and maintain conditions of work which were reasonably safe and healthful for employees, and free from recognized hazards that were causing or likely to cause death or serious physical harm to employees in those employees were exposed to crush hazards. Employees were exposed to struck-by and caught-between injuries when indexing railcars."

State inspectors suggested that ArcelorMittal correct the hazard by following rail safety procedures, assessing operating switches before throwing them, and providing employees with training on the requirements of the rail safety program and specific operating procedures for the department.

Under Indiana law, ArcelorMittal has 15 days to pay the fine unless it chooses to contest the safety order.

ArcelorMittal spokesman William Steers said that “ArcelorMittal has robust programs in place within all US operations to address workplace exposures in compliance with OSHA standard. While we cannot comment on the specifics of this pending matter, we are working with IOSHA to resolve the citations.”

Source : NWI Times

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voda 24 juli 2019 16:16

EUROFER Update on Apparent Steel Consumption in Q1 and Forecast

Apparent steel consumption concerns the supply of all steel products delivered to the EU28 market by domestic producers in the EU and by third country exporters. EU28 apparent steel consumption fell by 2.5% year-on-year in the first quarter of 2019 and amounted to 42.6 million tonnes. Stock building in the distribution chain was lower than in the same quarter of 2018, which exacerbated the negative trend in final steel use. This should be seen in context of the development of the inventory cycle in the second half of last year which was characterised by lower than usual seasonal inventory reductions and therefore relatively high stock levels in the EU steel distribution chain at the start of 2019.

The negative trend in steel demand at the start of this year has primarily hurt domestic steel producers in the EU. In the first quarter of 2019 domestic deliveries from EU mills to the EU market fell by 4% compared with the same period of 2018. Meanwhile, third country imports decreased only by 1% year-on-year and amounted to 10 million tonnes, accounting for 23.6% of EU steel demand.

The overall trend in total imports hides distortive developments in imports at the individual product level which are allowed under the current quota modalities and management. This situation has created, for several products, a rush for quota consumption including stock building and import concentration, disrupting the stagnating EU steel market, notably by Turkey and China. The most affected products are metallic coated sheets for automotive applications, rebar and wire rod.

Apparent steel consumption forecast 2019-2020
The EU steel market is facing severe challenges which are expected to have a negative impact on apparent steel consumption. Following a decline in the first half of 2019, real steel consumption is expected to stabilise just above the year earlier level, leading to a total reduction in final steel use by 0.4% over the whole year. Meanwhile, flaws in the design and functioning of the current safeguard measures do not reflect the reality of an EU steel market being squeezed between negative final steel use developments while facing the continuous serious threat of import deflection triggered by the US Section 232 import tariff in a context of persisting global overcapacity. The system still permits abnormal behaviours by exporters, which have the potential to lead to serious market distortions. The expected reduction of apparent steel consumption in 2019 of 0.6% year-on-year is therefore expected to come mainly at the expense of EU steel producers.

Even though market conditions in 2020 are expected to improve moderately, risks related to import distortions continue to threaten the stability of the EU steel market. The 5% increase in safeguard quota from July 2020 – following a 5% rise in February and in July 2019 – is once more not aligned with expected growth in real steel consumption of just 1.1% in 2020. The EU market therefore remains at risk of being destabilised by third country imports, at the expense of EU domestic producers. Nevertheless, the mild increase in final steel use is expected to lead to apparent consumption growing by 1.4% in 2020.

zie pdf

Source : Strategic Research Institute

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voda 24 juli 2019 16:19

GMS Market Commentary on Shipbreaking in Turkey in Week 29
- SLIPPING IN?

With the subcontinent markets struggling to maintain stability and prices from these locations diminishing by the week, it may be an unsurprising turn of events to see the Turkish Market slip back into the buying. Of course the shortage of tonnage does present a major hurdle of its own, however, the narrowing price-gap with the subcontinent should give Owners of potential units opening up in the area, a strong enough pause to take another look at Turkey.

Yet, local fundamentals aren’t strong enough to justify a price increase on their own at this time. Local steel plate prices remain suspended at region USD 290/MT whilst the Turkish Lira recorded a minor improvement to TRY 5.6X levels (similar to those from a couple of weeks ago).

Just how much longer this market can sustain this way is anyone’s guess. However, should the subcontinent markets continue to slide, things might turn around for Turkey in the near future.

Source : Strategic Research Institute

voda 24 juli 2019 16:19

Abad Urges Pakistan Government to Take Action against Steel & Cement Cartels

The News reported that Muhammad Hassan Bakshi, the chairman of the Association of Builders and Developers of Pakistan, has urged the government to take stern action against the alleged cartels of cement and steel manufacturers, which, according to him, had severely affected the construction industry. Abad chairman said steel bars were being sold at PKR 95,000 per tonne and a 50-kilogramme bag cement at PKR 550 just two months ago but now the costs of a ton of steel and the cement bag had risen to PKR 120,000 and PKR 700 respectively.

Bakshi said in this situation, Prime Minister Imran Khan’s dream of building five million affordable houses would never come true as the cost of construction had reached its all-time high in Pakistan.

He said Abad had time and again requested the government to take stern action against the cement and steel cartels as they had been inflicting huge losses on the national economy by destroying the construction sector. He claimed that the construction sector was the second largest job provider in the country after agriculture.

The Abad chairman called for the government to take stringent action through the Competition Commission of Pakistan to stop the cartels of cement and steel as they were inflicting misery on the common people.

Source : The News

voda 24 juli 2019 16:20

Southland Steel to Hire 70 for its New Facility in Louisiana

KLFY reported that Southland Steel Fabricators Incc will conduct a Hammond job fair Thursday, August 8, to identify potential employees for welding positions at its new manufacturing facility in Amite, Louisiana. The job fair will take place from 11 a.m. to 6 p.m. at the Northshore Technical Community College campus in Hammond, located at 111 Pride Drive. Joey Lombardo President of Southland Steel Fabricators said “We are excited about our new facility and the opportunities it allows us to offer our community. We will be hiring over 70 new team members in the coming months.”

Southland Steel says its looking to hire structural welders, flux-core welders, combination welders and welder-fitters.

Southland Steel, which employs 176 in Greensburg, says it plans to fill 70 new positions in Amite with an average annual salary of USD 46,000, plus benefits.

Source : KLFY

voda 24 juli 2019 16:20

GMS Market Commentary on Shipbreaking in Pakistan in Week 29 - EXCUSES EXCUSES!

End buyers in Pakistan continue to find a variety of excuses to avoid being competitive on any available market tonnage. As such, port reports have conveyed such sentiments, via the diminished number of vessels arriving into a starved Gadani market. Iranian billets continue to undercut (any!) local inventory, in one of the biggest negatives affecting local sentiments, along with a currency that has depreciated drastically over the last year or so.

Nevertheless, with India and Bangladesh also underperforming over these summer / monsoon months, there is a possibility for Gadani buyers to secure some tonnage, especially now that the Alang market is weaker than Gadani.

NO MARKET SALES REPORTED

Source : Strategic Research Institute

voda 24 juli 2019 16:21

AISI Update on Raw Steel Production in US in Week 29

In the week ending on July 20, 2019, domestic raw steel production was 1,872,000 net tons while the capability utilization rate was 80.4%. Production was 1,838,000 net tons in the week ending July 20, 2018 while the capability utilization then was 78.4%. The current week production represents a 0.3% increase from the same period in the previous year. Production for the week ending July 20, 2019 is up 1.1% from the previous week ending July 13, 2019 when production was 1,867,000 net tons and the rate of capability utilization was 80.2%.

Adjusted year-to-date production through July 20, 2019 was 54,197,000 net tons, at a capability utilization rate of 81.1%. That is up 5.0% from the 51,593,000 net tons during the same period last year, when the capability utilization rate was 77.0%.

Broken down by districts, here's production for the week ending July 20, 2019 in thousands of net tons: North East: 205; Great Lakes: 685; Midwest: 204; Southern: 697 and Western: 81 for a total of 1872.

Source : Strategic Research Institute

voda 24 juli 2019 16:27

Klockner & Co SE Lowers Guidance for Full Year on Weaker Economy

Klockner & Co SE said that based on preliminary figures the operating income EBITDA for the 2nd quarter 2019 is expected to be EUR 51 million before material special effects and therefore at the lower end of the previously published guidance range. However, against the background of a further weakening outlook for the general economic development, Klöckner & Co SE lowers its previous guidance and is expecting an EBITDA of between EUR 140 and EUR 160 million for the full year before material special effects. It said “This adjustment is mainly driven by the negative impact on demand, particularly in the European automotive and machinery sector, as well as unexpected high negative price effects in the United States.”

The final results for the second quarter 2019 will be published, as planned, on July 31, 2019.

Source : Strategic Research Institute

voda 24 juli 2019 16:35

End of Strike at Hayange's British Steel Plant

A return to work agreement was found on Tuesday, between the management and the unions at the Hayange (Moselle) British Steel plant after employees blocked the all entry and exit to the plant since Monday afternoon. According to a union source, a hundred people went on strike, a quarter of the 420 or so employees of the plant. They protested against the deterioration of their working conditions and to show their concern about the future of the company.

According to a union source, the dispute was about a disagreement with management about incentive bonuses for next year, related to goals to be achieved as management has presented goals so unachievable that the premium will be very far from what is customary to have.

Source : Strategic Research Institute

voda 24 juli 2019 16:35

IRCON to Upgrade Rail Line in Sri Lanka

ZeeBiz reported that Indian Railways engineering and construction firm IRCON International Limited has reached an agreement with the Sri Lankan government to upgrade around 130 kilometer long Maho-Omanthai rail line which is over 100 years old. The railway line is being upgraded under Indian concessional financing, and this is the first time that the track is being upgraded in 100 years. The contract agreement, worth USD 91.26 million, was signed in Colombo.

IRCON Chairman Mr Sunil Kumar Choudhury and LP Jayampathy, Secretary, Ministry of Transport and Civil Aviation of Sri Lanka, signed the agreement in the presence of Arjuna Ranatunga, Minister of Transport and Civil Aviation of Sri Lanka. The upgradation will include modification of 12 crossing stations, seven halt stations and 78 level crossings.

Addressing the gathering in Colombo, Mr Ranatunga said that at present, trains are running with speed restrictions of 40 kmph on this section. The travel time too between Maho and Omanthai is about three hours with a maximum sanctioned speed of 60 kmph.

Source : ZeeBiz

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Vertraagd	22 mei 2024 11:56
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