Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Siemens VAI is reorganizing its Russian business. “The share of Russian value added to our projects in the iron and steel industry will more than treble in the next two years”, Werner Auer, CFO of international plant builder Siemens VAI, announced to the press in Yekaterinburg on Thursday. “By acquiring other companies, establishing joint ventures and using our own resources, we intend to expand our network for engineering, plant and maintenance services in order to be closer to the customer”, said Andreas Lemp, who is responsible for business in the Russian iron and steel industry. Siemens VAI wants to double the number of Russian engineers to around 100 by 2009 and, above all, to increase its local activities in the plant modernization business with electrical and mechanical components, innovative automation solutions and plant upgrades….more at Siemens.com
