The US Department of Commerce has announced that it has preliminarily decided to implement a range of anti-dumping (AD) measures against Chinese steel wheel producers/exporters ranging from 110.58 to 193.54 per cent ad valorem. According the department, for the purposes of AD investigations, dumping means “a foreign company sell[ing] a product in the United States at less than fair value.” Official reports show that the petitioners for this investigation were Accuride Corporation and Hayes Lemmerz International Inc. The final determination is scheduled to be made in March 2012. European authorities levelled a similar determination against Chinese alloy wheel makers in 2010.
De-listed Chinese firm ShengdaTech has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. In announcing this action, the nano-precipitated calcium carbonate manufacturer says the Chapter 11 process will “facilitate the company's financial and operational restructuring, with the objective of restoring the company to financial health.” Under Chapter 11, ShengdaTech is permitted to continue trading and managing its assets as usual. Also announced on 22 August was the appointment of Michael Kang, a managing director at global professional services firm Alvarez & Marsal, as Shengdatech’s chief restructuring officer. In this capacity Kang will “lead the company’s restructuring effort.”
News sources in Wales have reported the arrest by South Wales Police of a 42-year old man from Swansea in connection with the tyre fire on the Fforestfach industrial estate in the south Wales town, which burned for 22 days in June and July. The Environment Agency said 5,000 tonnes of shredded tyres were being stored on the former Mettoys factory; the arrest strongly suggests the waste was held there illegally.
The European Commission has cleared the proposed acquisition of German chemical company Evonik’s carbon black business under the EU Merger Regulation. This approval under the EU Merger Regulation means that the business’ purchase by US based firm Rhône Capital and Jersey’s Triton is not considered one that will significantly alter the structure of the carbon black market or significantly impede effective competition in the European Economic Area (EEA); the Commission reached this decision as neither firm has any existing ownership interests in any business that manufactures or sells carbon black.
Despite being informed that Keyuan Petrochemicals’ stock may be delisted from the NASDAQ, company chairman and CEO Chungfeng Tao states demand for its products “remains strong”. The Chinese petrochemical product manufacturer disclosed on July 11 that it received a letter from the NASDAQ regarding a delisting of its stock based on a review of the company and pursuant to NASDAQ Listing Rule 5101 and Listing Rule 5250 (c)(1). Keyuan says it has requested a hearing to appeal this decision and adds that its management is “working diligently with all relevant authorities to regain compliance with its regulatory requirements.”
On 27 June Karen Bradley, the Conservative MP for Staffordshire Moorlands, asked Secretary of State for Environment, Food and Rural Affairs the Rt Hon Caroline Spelman MP “what regulations govern the use of tyre bales for land engineering.” While not riveting for those already in the know, their exchange shows that these issues are discussed in the halls of the palace of Westminster and gives some clarity to the interpretation and processes associated with these rules.
A request for continued listing on the Nasdaq submitted by nano-precipitated calcium carbonate manufacturer ShengdaTech, Inc. has been turned down. According to the Nasdaq Listing Qualifications Panel determination, the Nasdaq trading of shares in the China-based company was suspended as of the opening of business on June 10, pending the formal delisting of the company's securities from the exchange. As a result the ShengdaTech’s common stock commenced trading on the over-the-counter market at the opening of trading on June 10, 2011. ShengdaTech says it intends to appeal the Panel's determination to the Nasdaq Listing and Hearing Review Council.
A Goodyear blimp crashed in Reichelisheim, near Frankfurt on Sunday evening, killing the Australian pilot who had previously helped his three passengers to safety. The blimp, which was operated by Lightship Europe Ltd and leased by Goodyear, reportedly caught fire during a flight organised for journalists to take pictures of the state of Hessen. Goodyear Dunlop Germany expressed its sadness and sympathy for the family of the pilot. Aviation authorities have initiated an investigation into the cause of the crash.
Wiltshire news sources have reported a fire at Cooper Avon’s Melksham facility over the weekend; while crews worked in “difficult conditions” to put the fire out according to the Wiltshire Fire & Rescue Service, Cooper Avon stated that the “damage was minimal and because there are no weekend shifts at present, there were no injuries to staff.” Operations at the plant were not affected, according to the company.
Michelin’s missing one-of-a-kind stained glass windows may have end up in Oz. The focus of Michelin's window hunt has moved to Australia following tip-offs that the glassware featuring the Michelin man Bibendum could have been shipped down under. The antipodean link has emerged out of information submitted to Michelin through its stained glass amnesty, issued over four months ago. Michelin set up a confidential hotline and amnesty web page to allow people to leave their clues anonymously in the search for the original stained glass windows that once adorned the Michelin House building in London.
Failure to heed prior Environment Agency warnings has led to a 12 month prison sentence for Staffordshire man Mark Watts. On February 14 the 41-year old Burntwood resident was sentenced at Mold Crown Court for charges relating to the illegal deposit and keeping of controlled waste; namely, the illegal depositing and storage of used tyres on rented land at Abercynllaith and at Broad Oak Business Park, Whitchurch.
The Environment Agency reports the January 20 arrest of three men suspected of illegally exporting waste tyres into Vietnam and Hong Kong – destinations to which the export of waste tyres is prohibited. The trio – a 60 year old from Chelmsford, Essex, a 32 year old from Spalding, Lincolnshire and a 61 year old from Swanscombe, Kent – were arrested on suspicion of a number of fraud offences.
The team set up by Michelin to track down three original stained glass windows missing from London's iconic Michelin House building are reportedly “closing in” on the missing windows. In order to find the iconic relics of Michelin’s history the company set up a confidential hotline and webpage offering a “window amnesty” in exchange for information as to the stained-glass creation’s whereabouts. Now in the latest instalment in this tale of intrigue, Michelin is reporting that the phone lines have “proved busy with calls and tip-offs from across the UK.”
The tyre giant issued the amnesty two weeks ago in an attempt to get back the three missing original stained glass windows that once adorned the sumptuous Art Deco inspired Michelin House building on the Fulham Road, London. Michelin reports that the hotline and web pages have been “hot with rumour and speculation, with over 300 visits a day to the website since the amnesty was announced and a host of phone tip-offs that are helping to close the net on the missing windows.” Information including sightings has so far centred on the windows being last seen in the 1980s at Michelin storage facilities, a possible link to them being whisked out of the country to Australia and an anonymous call claiming they were sold onto a memorabilia collector based in the South East.
The National Multi-Commodity Exchange of India has dismissed allegations of rubber future price manipulation. Despite claims from Automotive Tyre Manufacturers' Association director-general Rajiv Budhraja regarding “evidence for the price manipulation of natural rubber on the NMCE,” the commodity exchange states prices for the raw material have risen due to an imbalance between demand and supply.
An eight-month mystery has come to a grisly close, yet the discovery of Uwe Gemballa’s body in South Africa opens the door to a number of fresh questions. The 51-year old owner of the German company Gemballa, best known for its Porsche tuning parts, disappeared shortly after arriving in South Africa in February. Late that month media reports indicated Gemballa had telephoned his wife, instructing her to transfer a million euros into his bank account. It was suggested he had been involved in an accident of some sort.