Category: News

  • Chinese Gold Production Explodes To Record Levels As Surging Prices Ramp Supply

    Chinese gold production for 2009 is expected to hit an all-time high of 310 tons once full statistics are released, according to the World Gold Association.

    CCTV: The world gold association predicts that global gold production in 2009 exceeded 2500 tons… 3-and-a-half percent higher than 2008. This is the first rise in world gold production in 9 years. China’s 310 tons represent an output jump of over 10 percent year-on-year. However experts stress that maintaining such robust growth in production does not necessarily mean more negative impact on the environment.

    Song Xin, Deouty GM of China National Gold Group, said, “We aim to be the world’s No.1 producer not only in production volume, but also in environmental protection. We give high priority to protecting environment in production. We put 5 percent of annual investment in building energy-saving and recycling facilities.”

    The pie charts below, from Goldsheet, show just how quickly China went from being a tiny meaningless gold producer to the world’s fastest growing and largest.

    From 0.5% (not even shown) of world production in 1990…

    Gold Chart

    To 6.2% in 1995…

    Gold Chart

    Then 10.9% by 2007…

    Gold Chart

    And 12.2% by 2008.

    Gold Chart

    Join the conversation about this story »

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  • The trouble with WCM market-sizing

    Today we received an inquiry from a research customer, and I gave what felt like a rather unsatisfying response. Here’s the question and my answer. Perhaps you can suggest other ideas via comments, below.

    The Question

    "I am the marketing manager at a consulting firm that is a CMS Watch customer. I need to establish the monetary value of the UK CMS market. Can you help?"

    My Answer

    The short answer is, "no one really knows, but probably larger than we’d first guess."

    Challenges in coming up with meaningfully accurate data include:

    • The vast majority of Web CMS vendors are privately held and do not report revenues
    • Publicly-traded software vendors who sell WCM tools typically also sell many other products, but don’t break out their WCM income in their financial reports
    • Open source tools comprise a significant portion of the market
    • Likely 70-80% of buyers’ budgets end up getting spent with integration companies like yours
    • Definitions about what constitutes CMS vary… e.g., do you include SharePoint if someone deploys an Intranet on it? What about social media technologies that incorporate some content management services?

    Every year or so, IDC (major analyst firm) comes out with well-regarded marketplace sizing estimates, but typically they cover broader marketplaces (like "content management" in general) and are global or regional in scope.

    We do know that nearly every major CMS vendor in the world wants to participate in the UK market, so at least for internationally-oriented suppliers, it is arguably the 2nd most significant national marketplace behind the USA. (Germany and Japan could also take that mantle, albeit for different reasons, but that’s another story…)

    Final Thoughts

    So, I could plausibly guess that the UK WCM marketplace totals £250m or just as easily estimate £1.5bn annually.  However, I’d reserve greatest confidence in the conclusion that both figures are wrong.

    In the end, market size is important for consultancies and investors considering where to allocate their resources. For end-user enterprises, this data is less important. Focus on the horses, and not the horse race or the total purse.

  • Florida jets fly 55,000th Noble Eagle sortie

    The quick response of two Continental U.S. NORAD Region fighter jets that
    intercepted a small airplane in Florida in late December resulted in a new and
    impressive record for CONR―its 55,000th successfully completed Operation Noble
    Eagle sortie…

  • Michigan, Kansas lead Guard efforts to stop suicide

    The National Guard has taken many steps to reduce the number of suicides within its
    ranks and has instituted a number of programs aimed at both building resiliency
    among its members and ensuring that those who need help receive the care they
    need…

  • Ohio Air Guard C-130s deliver first relief teams

    Three days before a 7.0 magnitude earthquake hit Haiti, about 45 members of the Ohio
    Air National Guard were deployed to Puerto Rico in support of a U.S. Southern
    Command mission…

  • Army Guard selects new command sergeant major

    Command Sgt. Maj. Richard J. Burch of the Nebraska National Guard has been named the
    new command sergeant major of the Army National Guard, Guard officials announced
    this week…

  • Vermont Guardsman named to Olympic biathlon team

    Sgt. Jeremy Teela of the Vermont National Guard has been named to the five-man
    Olympic biathlon team, the U.S. Biathlon Association’s International Competition
    Committee announced Jan. 10…

  • Renault F1 Teams Up with OMP Racing

    The Renault F1 Team has signed a three-year technical partnership with OMP Racing, Italy-based motorsport equipment supplier. As part of the agreement, OMP Racing will provide safety equipment for the team’s cars, together with technical equipment and clothing for the drivers and mechanics. Maybe the most important contribution will be brought by OMP’s new weight-saving seatbelts. At the other end of the scale we find the last item mentioned on the official list, underwear for the team’s drivers… (read more)

  • 21

    21 tells the story of an mit senior student, ben who is accpeted into harvard medical school. unfortunately he cannot afford $300,000 tuition fee and expenses. so he applies for a scholarship but he is also facing fierce competition up against other well-qualified applicants who also have the same 4.0 gpa, unless he comes up with something dazzling different.

    he is invited to join blackjack team, which every weekend they will go to vegas working together as a team to gain money from blackjack game at the casinos with the special trick called “counting” that allows them to know exactly which card is going to come out next. without much choices to choose, he agrees to join the team until he can make the money enough for his med school. but everything does not always go as planned, they are not the only people who know the trick.

    the script is probably a problem here, it is like a teen drama flick in vegas. where are all the excitement and thrilling moments? no twist, everything is predictable. now i have no idea why i watched it.

    ★★★☆☆ acting
    ★★★☆☆ actors/casting
    ★☆☆☆☆ story
    ★★☆☆☆ music/sound effect
    ★★☆☆☆ direction/composition
    ★★☆☆☆ overall

    movie: 21 | director: robert luketic | release: 2008

  • Magic Wand Destroys H1N1 — and More!

    78326AFrom the folks at Hammacher Schlemmer comes this extraordinary device:

    Tests performed by an independent antimicrobial testing laboratory showed the wand destroyed 99.98% of the H1N1 virus after a five-second exposure when held 3/4″ above the contaminated surface. Also capable of killing MRSA, mold, and dust mites, the UV-C light penetrates viral and bacterial membranes and destroys their DNA, rendering the microorganisms incapable of reproduction and survival.

    It’s worth noting that this thing became available just as the number of flu cases began to plummet.

    Do we have this magic wand to thank?

  • Reverse Innovation hits Harvard’s most influential list

    The radical concept of “Reverse Innovation” — which GE introduced in the article, “How GE is Disrupting Itself,” in October’s issue of the Harvard Business Review — continues to reverberate through the R&D world. This month, with the first decade of the 2000s officially over, the Review’s editors looked at the past ten years of management thinking and chose 12 of what they dubbed the “most influential management ideas of the millennium (so far).” Reverse innovation made the critical cut, they said, because globalization is fundamentally changing when it comes to emerging markets. GE’s concept, put simply, is this: Rather than follow the historical route of developing high-end products and adapting them for emerging markets, reverse innovation focuses on developing local technologies in these regions and then distributing them globally.


    Going forward in reverse: GE Global Research, which is the company’s technology development arm, operates research centers in New York, Germany, China, and Bangalore, India, pictured above. “Why India? It’s very straightforward,” Guillermo Wille, the center’s managing director, tells The Financial Times. “There are few other countries where you can hire such large numbers of engineers so quickly. China is comparable but after that, nothing comes close.”

    Reverse innovation in action can be seen in GE’s research center in Bangalore, India — a city that is nicknamed “India’s Silcon Valley” and is helping to transform the entire country into a major center of global innovation. As The Financial Times’ Joe Leahy writes in an in-depth story this week about India’s technology metamorphosis: “Walk into [GE’s] John F. Welch Technology Centre in Bangalore and you could be forgiven for thinking you have strayed into Q division — the laboratory dedicated to inventing new gadgets — from a James Bond film.”

    For example, at one end of the million square foot center, you’ll find scientists “testing a special ‘pedestrian-safe’ bumper bar for cars, which can hit people at speed without maiming them,” the paper notes. Elsewhere, researchers are “working on locomotive engines that run on methanol extracted from grass growing alongside India’s railway lines, and on super-compact medical equipment that costs a fraction of the price of similar products in the west.”



    In the video clip above, GE’s Mano Manoharan describes some of GE’s work in Bangalore.

    Professor Vijay Govindarajan of the Tuck School of Business at Dartmouth College — and chief innovation consultant at GE – co-authored the Harvard Business Review article with GE’s Chairman and CEO Jeff Immelt. Explaining the concept of reverse innovation, VG, as he is known, tells the FT: “We are at the cusp of a new paradigm in which innovation will happen in India and China first and then it’ll go to the rich countries. Companies, if they don’t realize it, will be toast.”

    The FT notes that it’s not just GE that sees Bangalore as a bright spot. Today, 200 multinationals have R&D centers in India, and household names such as Microsoft, Intel, Google, and IBM are all opening facilities there. Although GE’s Bangalore center mostly develops global products, “it has begun to focus on innovations suitable for the developing world,” the paper observes. “The best-known such product is a handheld electrocardiogram unit that costs about $1,000 to make — about one-tenth of the cost of a standard machine. This suits rural India, where poverty and weak transport links make it virtually impossible for many people to get to hospital… But these technologies are now also making their way back to developed markets. The electrocardiogram is being sold in the US” – which is exactly how the reverse innovation model is designed to play out.


    Innovation engine: GE’s Bangalore research center, pictured above, opened in 2000 with 275 scientists and engineers and today employs 4,300. To learn about one of the technologies that has jumped from GE’s lab in India to the marketplace, read “New Technology to Trap Killer Sparks” on IEE Spectrum, which features the work being done by T. Asokan, senior scientist at GE’s research center in Bangalore. The team’s work resulted in an arc flash absorber innovation. It’s practical application can be seen in a video in our GE Reports story, “Shock and awe: GE unveils arc flash explosion blocker.”

    * Read HBR’s ranking, “The decade in Management Ideas,” and comment on their blog
    * Read Part 1: “Reverse innovation: How GE is disrupting itself” on GE Reports
    * Download a free full copy of GE’s HBR article: “How GE is disrupting itself”
    * Read Part 2: “Reverse innovation: Building GE’s local growth model” on GE Reports
    * Read Joe Leahy’s full story, “India: A nation develops,” in The Financial Times
    * Read “Cheers! To a decade of innovation at GE’s labs “ on GE Reports
    * Hear more from VG in our story, “Winning micro customers in mega markets
    * Read our follow-up VG story, “Localized breakthroughs go global
    * Sign up for VG’s newsletter and read his blog at: vijaygovindarajan.com

  • A Moratorium on Mongolia’s Death Penalty

    Citing his country’s dignity, Mongolia’s president called for a moratorium on the death penalty in a speech to Parliament today.

    “Mongolia is a dignified country … and our citizens are dignified people,” President Tsakhia Elbegdorj said in a speech to Mongolia’s parliament. “Therefore, I ask Mongolia to put behind us this death penalty which degrades our dignity to death.”

    The BBC reported that one person was executed in Mongolia in 2008 and nine people are believed to be on the country’s death row. Although abolishing the death penalty outright seems to be an uphill political battle for Elbegdorj, he has the power to commute sentences to life and to prevent any executions from taking place on his watch.

    (more…)

  • Commonwealth Utilities – Fall/Winter 2010 Preview

    commonwealthu-main

    Commonwealth Utilities is now previewing their Fall/Winter 2010 collection. Styled by Andrew Keagan, the range exudes a certain simplistic cool with pieces dominated by wool. A standout in the collection is a wool suit, as well as a few of the outerwear pieces. Also expect unique detailing on shirts, knits, and trousers for the Fall/Winter 2010 line.

    Continue reading for more images.









  • Cox’s Wireless Service To Go Live In March, Starts ‘Unbelievably Fair’ Ad Blitz


    Cox Communications

    More details about Cox Communications’ forthcoming wireless service, as the company is trying to build some buzz with a new ad campaign. The service goes live in March, in the three markets it began testing this winter: Hampton Roads, Va., Omaha, Neb. and Orange County, Calif. The first set of TV and video ads will be targeted there.

    The campaign focuses on common gripes like unforeseen service charges and minutes that go to waste, promising that Cox’s new service will be “unbelievably fair.” To illustrate how “unfair” other service providers can be, Cox created fake kiosks in a mall and recorded consumer reactions to their proposed contract terms.

    The company launched a new site that will serve as an information hub and storefront for the service, and the video ads are also running on YouTube. Release.

    Related

  • The Crazies Reminisce About Old Arizona Club Over Lunch at a Downtown Staple

    Since my initial blogs on Crazy Good Phoenix Food, posted when this new site was launched several months ago, the “Crazies” and I haven’t lunched as regularly as we are oft inclined.  The holidays kept us busy with menu planning for our own tables. 

    If you are not up to speed on the “Crazies” you can check out our older postings under the “blog” section in this Web site [Editor’s Note: Here and Here, for instance].  There, you can get a brief history on the “Crazies” and a little glimpse into their personas.

    We did manage a few lunches over the holiday season, including a visit to Tom’s Restaurant and Tavern, a great joint in downtown Phoenix that has been serving since 1929. 

    Over lunch, we enjoyed some fun discussion about the early days of the Arizona Club.

    Consider yourself served…

    Tom’s Restaurant and Tavern

    TomsThis longtime Phoenix standby has had a few locations since it originally started in the late 1920’s. It exists to this day, serving many of the mainstay recipes that it has offered from its humble beginnings.

    The restaurant was opened in 1929 by Tom Higley at 136 W. Adams St, which had previously housed the city morgue.  By the late 1980’s, the restaurant was located to One Renaissance Square. 

    From the beginning, Tom’s has attracted Arizona politicians, attorneys and dealmakers. Now celebrating its 80th anniversary, it is a place worth checking out, if not for the food, then to take in all the photographs of decades’ worth of leaders, lawmakers and mover-and-shakers that have graced the restaurant.

    The service here has always been solid. This day is no different. Our server is friendly, prompt, helpful and polite. 

    Tom’s fare is mostly diner and comfort food – the standard burgers, melts, Rueben’s, and more – with “vanilla” salads and sandwiches, plus some requisite health-conscientious food for good measure.

    At our lunch visit, the Crazies and I enjoy one of the old standbys – Tom’s Spaghetti Red, a concoction of angel hair pasta topped with red chili and a garlic toast on the side.  It is good enough, but nothing to come back for, these days, anyway. 

    We also shared the fish and chips on our visit.  This serving is not what it used to be – not crisp at all and not much flavor.  The tartar sauce works overtime on this dish to give it some kick. Malt vinegar and lemon are put to hard labor to make the dish more palatable.

    Arizona_Club“Daddy was a fan of the Spaghetti Red, but it was the burger with pickled onions that he raved about,” said Helen.  “The pickled onions have been off the menu forever, but I think they should bring them back.”

    Anyway, the somewhat-par-food -withstanding, we enjoy a nice chat while we lunch.  From the restaurant, you can see the original Arizona Club, which had its origins atop the Luhrs Building, located at 11 West Jefferson.

    The Luhrs Building was built at a cost of $553,000 by local businessman George Luhrs and opened on April 1, 1924. The building’s four upper floors housed the facilities of the Arizona Club, including dining rooms, lounges, a library, and bedrooms for club members. The ground floors were leased as office space. When the Arizona Club moved out of the Luhrs Building in 1971, the upper floors were also converted to offices.

    The Luhrs Building is faced with brown brick, with elaborate marble ornamentation on the uppermost two floors.  The Luhrs Tower, adjacent to the Luhrs Building, was built five years later.  A magnificent tribute to Art Deco architeture, located at First Avenue and Jefferson Street, it was considered a “skyscraper” in its day, with 11 floors and a height of 185 feet.  The Crazies’ father [see photo] officed his insurance business in this building for several years.

    Back to the Arizona Club.

    “All the men of establishment in town went to the Arizona Club,” says Ann.  “At that time, the Phoenix Country Club was considered more of a ‘family’ place, but the Arizona Club was where the men congregated.”

    According to the Crazies, in its earliest days, the top floor of the Arizona Club housed a dining room. “It was a great big place with huge picture windows looking on the east and west – it was very elegant,” said Helen.  “It had a big ‘round’ table that the men joined each other for lunch — sort of the ‘old guard table’.  It was considered prestigious to sit at the table and I remember Daddy always sat there with lots of other old-timers,” Helen added.

    “We celebrated more than a few family events at the Arizona Club,” said Ann.  “We had great fun at my son’s 13th birthday party at the Club,” she said.  “And we had a huge family reunion at the club the Thanksgiving before I was married,” said Helen.

    Another floor of the original Arizona Club were the “men’s quarters” explains Helen. “It was a place for men to live and ONLY men were allowed there,” she says. “It was mostly bachelors or men who had been recently divorced.  Plenty of movers and shakers lived there.”

    “Yes, and lots of men-of-position would live there during the summer when their families moved to cooler locations to escape the heat,” says Ann.

    “You have to remember in those days, most homes didn’t have refrigeration, or air-conditioning as you might call it, so many families essentially closed up their homes for the summer,” Helen said. “Women and children would leave for cooler climates in June and return when school started in September.  The men would take up living at the men’s quarters at Arizona Club.  It was much like a fraternity house – plenty of camaraderie, card games, and drinking,” she added.

    “When Daddy was older and not well, we would still drive him almost daily to the Arizona Club to enjoy a meal, but by then it had moved to the First National Bank (now the Wells Fargo Building),” Helen said.  “He still ate at the round table with some of the old-timers and some of the younger members at the table kindly looked after him,” she said.  “Fond times for our dad and great memories for us.”

    The great conversation this day rounds out the average food for a nice lunch experience.

    Next week, we visit The District at the Sheraton Phoenix Downtown Hotel.

  • T1 screening for relatives of T1…thoughts?

    what do you think about this? we are considering having my son tested, but i’m nervous…

    thoughts? opinions? has anyone done this sort of thing?

    TYPE 1 DIABETES NATURAL HISTORY STUDY UNDERWAY
    in collaboration with The Hospital for Sick Children (Toronto)

    The Hospital for Sick Children (SickKids) has teamed up with the Diabetes Education Centre at The William Osler Health Centre in Brampton to explore whether relatives of people with Type 1 Diabetes are at risk for developing the disease.

    SickKids is part of an international network called TrialNet which is dedicated to the study, prevention and early treatment of type 1 diabetes. TrialNet screening involves a simple blood test for the presence of diabetes-related antibodies that may appear years before Type 1 Diabetes develops. First-degree blood relatives (siblings, children of parents) who are one to 45 years of age as well as second-degree blood relatives (cousins, uncles, aunts, nieces, nephews, grandparents or half-siblings) who are one to 20 years of age may be screened to determine their risk of developing Type 1 Diabetes.

    The Natural History study is being done to learn more about what causes Type 1 Diabetes and to better define predictors of the disease process. Relatives of those afflicted with Type 1 Diabetes have about a 3 to 4 percent chance of testing positive for antibodies associated with diabetes. Results will be available within a 4 to 6 week period.

  • Alien Math Shows Why Grad Student Doesn’t Have a Girlfriend | Discoblog

    single-guyIf you are a single male, please answer the following questions:

    Repellent body odor? No?

    Superfluous and abundant body hair?

    Socially awkward? No again…?

    Then why are you still single? And what are the odds of you finding a girlfriend this year?

    Economics grad student Peter Backus of the U.K.’s University of Warwick pondered that question, and put his mathematical skills to good use to calculate his chances of hooking up in 2010. As Backus found, the odds of him finding an appropriate love interest on any given night out are 1 in 285,000. Backus used the Drake equation to calculate these odds of finding love and wrote it up as “Why I don’t have a girlfriend: An application of the Drake Equation to love in the UK.”

    As New Scientist explains:

    For the uninitiated, the Drake equation was set out by Frank Drake, one of the founders of the Search for Extraterrestrial Intelligence. It estimates the number of alien civilisations we should expect to find in our galaxy.

    New Scientist describes how Backus used a similar equation to estimate the number of university educated, age-appropriate women who he finds physically attractive that he should expect to find in his environs:

    He calculates that there are 10,510 people in the UK that satisfy these basic criteria. That amounts to 0.00017% of the UK’s population, or 0.0014% of Londoners. As he says, that “doesn’t seem so bad” – especially if, as Londonist notes, he actually socialises in groups that are biased towards his own age and education level, which seems likely.

    But the calculations aren’t over. Backus also estimates that only 1 in 20 women in his potential dating pool will find him attractive (a percentage he calls “depressingly low”), only half are single, and he only gets along with 1 in 1o. Once those factors are taken into account, his number of potential girlfriends shrinks to… 26 women.

    Yikes. It looks like single men have only a slightly better chance of of finding a girlfriend than they do of finding an intelligent alien society in the sky.

    Related Content:
    Discoblog: Social Network for Beautiful People Kicks Out 5,000 “Fatties”
    Discoblog: Can Pheromone Body Wash Make You More Desirable?
    80beats: Are Birth Control Pills Changing the Mating Game?

    Image: iStockphoto

  • Detroit 2010: Transportation Secretary LaHood ponders another round of cash-for-clunkers

    Filed under: , , ,

    Cash-for-Clunkers was among the more watched auto-related story lines of 2009. With the industry hurting, the government provided cash vouchers of between $3,500 and $4,500 to anyone who turned in a vehicle that was eight (or more) years-old and with between two and 10 miles-per-gallon worse fuel economy numbers than the new car or truck with which it was replaced. The program went from fledgling idea to a done deal in a matter of a few months, showing that the U.S. government is capable of move quickly when it really wants to, albeit with the help of a big fat $3 billion check.

    The feat was reportedly so impressive to Department of Transportation Ray LaHood that he openly wondered whether the program should be reincarnated for 2010. Motor Trend reports that LaHood told reporters at the Detroit Auto Show that Clunkers was “the most wildly successful program ever, selling 800,000 cars in less than 30 days.” It sounds like LaHood was really impressed with how C4C panned out, but will the program and its multi-billion dollar price tag resurface in 2010? LaHood says the DOT won’t be begging for any spending money, and he insists that any decisions will need to be made by Congress in the year ahead.

    Motor Trend
    says that despite LaHood’s hands-off approach to Clunkers, there are persistent rumors that C4C could resurface in the second quarter of 2010 with perhaps less bountiful tax incentives and a less exorbitant price tag. We have no idea if C4C has any chance of making a cameo in 2010, though we’re thinking that the consistent uptick in sales after Clunkers expired shows that the industry is beginning to improve without additional government intervention. Why spend money propping up an industry that seems to be doing a swell job of helping itself? Let us know what you think by heading over to the Comments and giving us your two-cents.

    [Source: Motor Trend | Image: Justin Sullivan/Getty]

    Detroit 2010: Transportation Secretary LaHood ponders another round of cash-for-clunkers originally appeared on Autoblog on Thu, 14 Jan 2010 11:29:00 EST. Please see our terms for use of feeds.

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  • Report: Asian automakers closing in on 50% share of U.S. auto sales

    Filed under: , , , , , , , , , , , ,

    While it may come as no surprise that Asian car companies are constantly gaining market share in the U.S. market, the actual numbers are quite amazing. Ten years ago, companies like Toyota, Honda, Nissan, Hyundai and the rest accounted for a little more than one-quarter of total light-vehicle sales in the States. By 2005, that figure stood at 36.6 percent. By 2007? 41.9 percent. In 2009, Asian automakers sold a full 47.9 percent of the cars and light trucks we Americans bought.

    These numbers come from the latest report by Ward’s Auto. Perhaps predictably, that same dispatch tells us that American automakers were hurt the most by those Asian gains. General Motors, Ford and Chrysler were once part of an American auto industry that accounted for nearly 70 percent of sales in 1999. The Detroit Three had just a 44.8 percent market share a decade later. The European automakers have also gained a bit in the U.S. over the past decade. Still, they only account for 7.3 percent of the market right now.

    If the Japanese and Korean manufacturers post gains for 2010 that are similar to the 2009 increases, they will pass the 50 percent mark for the first time in history. Individually, companies like Toyota have fared the best, nearly doubling their slice of the American pie, going from 8.7 to 17 percent since 1999. While Ford shared the biggest gain last year compared to 2008, they were also one of the decade’s biggest losers, dropping 8.3 percent. Maybe last year’s gain is a sign of recovery for the domestic automakers, but the troubles at GM and Chrysler don’t bode well for the group. Check out the full breakdown by clicking the Ward’s source link below.

    [Source: Ward’s Automotive]

    Report: Asian automakers closing in on 50% share of U.S. auto sales originally appeared on Autoblog on Thu, 14 Jan 2010 11:01:00 EST. Please see our terms for use of feeds.

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  • Hyundai-Kia stamps out own steel plant… celebrates with awesomely bad video?

    Filed under: , , , ,

    Hyundai Steel – Click above to view video after the jump

    Most of the big automaker players have gotten out of the steel-making business, but according to Automotive News, the HyundaiKia Automotive Group is just getting into it. More to the point, Hyundai and Kia have bought into a $5 billion steel mill operated by sister chaebol company Hyundai Steel. The mill’s aim is to “boost synergy effects among affiliates by creating a circular production and recycling link between steel manufacturing, steel processing and car making.”

    With an in-house operation, the two companies can be more assured of getting the quality and quantity of high-tensile steel that they need to build their cars at more stable prices. Hyundai’s stake in the plant is 12.6 percent, Kia’s is 21.4 percent, and between them, they’ll use 50 different types of steel from among the 225 types manufactured at the environmentally friendly plant. The other steels will reportedly be used for ships and electronics.

    The first blast furnace was lit last week and will be able to provide four million tons of steel annually. The second furnace is expected to be finished early next year, and will provide the same amount again. Even so, Hyundai said it will need steel from other sources.

    Remember when the word “Hyundai” meant “Excel,” and not “juggernaut?” While you ponder that thought, be sure to click on the jump to watch an amazing so-bad-it’s-good promotional video from the folks at Hyundai Steel.

    [Sources: Automotive News – sub req’d; Hyundai Steel]

    Continue reading Hyundai-Kia stamps out own steel plant… celebrates with awesomely bad video?

    Hyundai-Kia stamps out own steel plant… celebrates with awesomely bad video? originally appeared on Autoblog on Thu, 14 Jan 2010 10:30:00 EST. Please see our terms for use of feeds.

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