wiredinUSA December 2012

Fushi Copperweld Inc has announced its financial results for the third quarter 2012, ended 30 th September. Revenues in the third quarter were $72.6 million, a decrease of 2.3 percent compared to $74.3 million in the prior year quarter. The decrease was primarily due to lower unit selling prices as a result of the decrease in raw material prices in the third quarter of 2012, compared to prices in 2011. Gross profit was $18.9 million, or 26.1 percent of revenues, compared to $19.9 million, or 26.8 percent of revenues, in the same period last year. Joe Longever, co-CEO of Fushi Copperweld, said: “Following on previous trends, sales to the telecom market in China remained soft, but wehave seen signs that volumes in this market may be nearing a sustainable level, as sales improved over second quarter 2012 levels. “In Europe, the ramp-up of operations at our new facility in Liege continued, and we continue to make progress and further expand our presence through our sales and innovation center in Milan.” Fushi Copperweld results

The Islamic Republic of Iran, in partnership with the Republic of Armenia, has begun work on the construction of the large Meghri hydroelectric power station. The dam will be built on the Aras River, near the southern Meghri town on the Iran-Armenia border. The governments of the two countries have signed an agreement stipulating a hydropower complex to utilize the two 130MW Ghare Chiler and Meghri power stations, on the Iranian and Armenian side respectively. Each station is projected to generate an annual 793 million kilowatt hours of electricity. Construction is expected to take five years, at an estimated cost of $323m. Aras River power station

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wiredInUSA - December 2012