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66

March 2013

Global Marketplace

Switzerland’s oldest private bank on 3 January

acknowledged that, from about 2002 to 2010, the firm

– Wegelin & Company, founded in 1741 – helped dozens of

wealthy American customers to dodge taxes by hiding more

than $1.2bn in secret accounts.

The guilty plea, in a federal district court in New York, obliges

Wegelin to pay $74mn in fines, restitution and forfeiture

proceeds to the US government.

Although Wegelin is no longer active, obtaining a guilty plea

from a company with no business operations in the US was

something of a coup for the US Justice Department.

More broadly, the admission of guilt represents a victory

for the administration of President Barack Obama in its

crackdown on Americans who use offshore banks to evade

taxes.

Steel

A stake in two Canadian mines

advances China Steel’s goal of

securing its supplies of iron ore

ArcelorMittal said in a 2 January statement that a group led

by China Steel Corp and Posco had agreed to pay $1.1bn in

cash for 15 per cent of ArcelorMittal Mines Canada Inc.

According to the ArcelorMittal website, the deal will give

the purchasers access to two open-pit mines that together

produce about 15 million metric tons of iron ore concentrate a

year and more than 9 million mt of iron oxide pellets.

The world’s largest steel maker, based in Luxembourg,

is believed to be mulling the sale of up to one-third of its

Canadian unit, which yields some 40 per cent of Canada’s

iron ore.

As noted by

Bloomberg News

(2 January), China Steel’s

stake will bring closer a goal of meeting, by 2015, 30 per

cent of its iron ore and coal needs from mines in which it

has investments. According to the Taiwan-based company’s

website, China Steel and Posco, the largest South Korean

steel maker, will share the output of the Canadian mines

proportionate to their interests in the venture.

Bloomberg

reporters Yu-Huay Sun and Michelle Yun recalled

that Posco, with the Hong Kong-based trading company

Noble Group Ltd and Korean investors, recently withdrew its

A$1.2bn (US$1.3bn) offer for Sydney-based Arrium Ltd after

the board of the Australian steel maker and iron ore producer

declined to engage with the group.

Elsewhere in steel . . .

In other news of ArcelorMittal, on 30 November the

company won a ruling in a US appeals court that

upholds its Usibor patent as applicable to cold-rolled steel

www.metallurgy-tube-russia.com

25 – 28 June 2013

Krasnaya Presnya

Moscow, Russia

in conjunction with:

RUSSIA ESSEN

WELDING & CUTTING

2013

I n t e r n a t i o n a l T r a d e F a i r

f o r M e t a l l u r g y ,

M a c h i n e r y ,

P l a n t T e c h n o l o g y

& P r o d u c t s

I n t e r n a t i o n a l T r a d e F a i r

f o r A l u m i n i u m

a n d N o n - F e r r o u s M e t a l s ,

M a t e r i a l s , T e c h n o l o g i e s

a n d P r o d u c t s

T h e I n t e r n a t i o n a l

T u b e a n d P i p e

T r a d e F a i r i n R u s s i a

Messe Düsseldorf GmbH

P.O. Box 1010 06 _ 40001 Düsseldorf _ Germany

Tel. +49(0)211/45 60-7793 _ Fax +49(0)211/45 60-7740

RyfischD@messe-duesseldorf.de www.messe-duesseldorf.de

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