Projects:
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Euro Forming Services
EFS extension in Bitburg
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Boulder Steel owns 50% of Euro Forming Services GmbH (EFS) based in Bitburg, Germany.
EFS processes tubular steel products largely for the automotive industry using its own technology, including hot and cold forging as well as rotary forming of tubes.
EFS’ products include air bag cylinders, shock absorbers, truck axles, gas dampening systems, cam shafts and hydraulic aircraft cylinders. The products are used in Mercedes Benz sedans, BMW, VW, Porsche, Renault, Bentley and Audi.
Customers: DaimlerChrysler, BMW, Breed Technology, Hydac, Autoliv & Rotec and others. There is a high and growing demand for EFS products.
Certified for ISO 9001 and the German automotive quality standard VDA 6.1.
EFS is currently experiencing a significant growth phase. Net profits were made first in 2004 when revenue reached € 8.6 million. Revenue in 2007 was € 13.4 million.
EFS will commission its new production facility at Heiligenkreuz in Austria in mid-2008.
Queensland Iron and Steel Projects - Australia
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Boulder Steel is currently looking at developing a Pig Iron Production Facility
in Queensland, Australia.
Background
The pig iron markets are strong and demand is expected to continue to grow worldwide.
The project will replace Australia's imports of pig iron and supply the growing Pacific Rim market. There are currently no pig iron producers in Australia.
Substantial benefits will be provided to both domestic and regional customers by significantly reducing their inventory and lead times for product delivery.
Location
The location in Gladstone, Queensland offers good infrastructure, competitive raw material supplies and minimal transport costs to market, which will, among other things, result in the project being a low cost and efficient producer.
Latest Developments
Following the announcement on 30 June 2008 to move the expanded Australian Project to a new location near to Gladstone Queensland the following matters have progressed:
A site selection study was undertaken by the company’s consulting engineers. Sites in the Aldoga and Targinie Precincts near Gladstone were studied to consider aspects including availability of services, transport, port, hydrology, contours, air quality and noise. The report recommended an appropriate 400hec site within the Gladstone State Development Area.
During September the Company's Board of Directors approved commencement of the EIS. The company’s consulting engineering firm proposal was accepted and work started. The draft Initial Advice Statement has been lodged with the Queensland Coordinator-General.
Negotiations have commenced to secure major utility services and these negotiations are proceeding to plan.
The plant facilities model indicates that a co-generation power station should be considered as the plant's off-gasses are sufficient to supply all the electricity requirements with surplus capacity available for sale to the grid. This will reduce the 'carbon footprint' of the plant.
Discussions have also commenced with the major suppliers of iron ore, coal and fluxes. Plant specifications and standards are being prepared in order to obtain proposals and pricing from suppliers.
Discussions have commenced with the Gladstone Port Corporation as a new berth will need to be constructed for the discharge of iron ore.
Whilst there have been significant changes to the costs of raw materials and to the prices for the semi-finished products that the project will produce, updates of the feasibility studies indicate that the project will provide robust returns to the company. Ongoing and more detailed review of project feasibility will be undertaken regularly.
Expansion into the United Arab Emirates (UAE)
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Seamless Tube Finishing Plant
State-of-the-art finishing plant for seamless tubes located in the UAE.
Will initially process seamless tubes acquired from third parties.
Boulder has acquired land for this operation in the Hamriyah Free Zone in Sharjah.
Technical concept and plant layout have been finalised
in the December Quarter 2007.
Land levelling commenced in March 2008 and was completed in June 2008 at the Finishing Plant Project site in the Hamriyah Free Zone, Sharjah, UAE. The work was carried out by UAE contractor Al Sahel General Transport Est.
The Final Feasibility Report has been received from Mc Lellan.
"Environment Permit" was received from HFZA on 14 September 2008.
Geotechnical Investigation of the land was completed and the report
received during September 2008.
Following the 2008 Annual General Meeting, the Sharjah Finishing Plant Project was put on hold, while the Company evaluates alternatives concerning the future of the project. |
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