WCA July 2012

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Industry news
Wire & Cable ASIA – July/August 2012 12
Sewedy announces profit drop
One of the Arab world’s biggest listed cable makers,
Egypt-based El Sewedy Electric, has reported a 34 per cent
fall in its consolidated net profit for 2011, a year of political
uprisings that disrupted economies in the region.
Net profit fell to 536.5m Egyptian pounds (approximately
$88.82m) from 816.6m Egyptian pounds in 2010, the
company said. On an unconsolidated basis, net income
slumped by 70 per cent.
El Sewedy – Egypt Website:
Tenova’s growth strategy has continued with the acquisition
of Envita Co Ltd.
The South Korean company, founded in 1995 and with
headquarters in Incheon (near Seoul), is active in the fields of
industrial furnaces, processing lines and heat treatment
furnaces for aluminium components in the automotive industry.
Its employees, over 100, operate in three locations in South
Korea, Vietnam (Ho Chi Minh City) and China (Yantai).
The company is well known to Tenova, who began working
with Envita in 2007. Thanks to the collaboration with Envita,
Tenova has been awarded contracts in the country with major
steelmakers like Hyundai Steel and Posco.
The acquisition marks Tenova’s first step into the sixth crude
steel producer in the world with 68.6Mt in 2011, a rise of over
16 per cent from 2010 in a country with the per capita highest
density production of steel in the world: a strategic market in
the global post-crisis scenario.
The Tenova Iron & Steel division achieves the goal of entering
South Korea through an engineering hub with excellent
references and manufacturing centres.
The combination of these factors allows the expansion of the
commercial and operating network in ASEAN countries
(Vietnam, Thailand, Indonesia, Malaysia, Philippines,
Singapore, Laos and Cambodia) and an expansion of Tenova
Iron & Steel product portfolio in the business of cold rolling and
aluminium for the automotive industry.
Tenova is a worldwide supplier of advanced technologies,
products and services for the iron and steel and mining
industries.
With about 3,100 employees, Tenova operates through more
than 30 companies in 22 countries on five continents.
Tenova – Italy
Website:
Tenova acquires
Envita and lands
in South Korea