Austria's VA Technologie AG said Monday that its Voest-Alpine Industrieanlagebau unit, or VAI, was awarded a 12 million euro contract for the modernisation of the two-strand slab caster No. 1 at Ispat Sidex in Galati, Romania. VAI's scope of supplies and services comprises the modification of the ladle turret, the increase of the tundish capacity (from 18 to 40 tonnes), as well as renewal of the complete strand guiding system. VA Tech Hydro is the general contractor for the modernisation of the Portile de Fier (Iron Gates) I and II hydropower plants, following two contracts signed with Hidroelectrica and worth 202 million Swiss francs and $125 million respectively. Commissioning of the modernised plant is scheduled for December 2003, after a project period of only twelve months. Anglo-Indian LNM Holdings acquired the main stake in steel & iron plant Ispat Sidex Galati in 2001. Ispat Sidex Galati officials were estimating last year that the company would make some 3.5 million tonnes of finished products by the end of 2002, up 30% since 2001, when it made only 2.7 million tonnes. The Galati-based plant posted $279 million losses and $743 million turnover in 2001. The Privatisation Authority sold the Sidex Galati plant to LNM Holdings BV under a $500 million deal, with the Romanian State cashing $70.6 million for its stake. Sidex shareholders last year approved an expansion of the company's core business as to include publishing of books and periodicals, production of engines, electrical transformers and generators, electrical power production, telegraphy and data transmission services. ZF
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