North America Metals & Minerals Industry Project Spending at $33 Billion for 2009

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Researched by Industrial Info Resources (Sugar Land, Texas)--In 2009, spending on Metals & Minerals Industry projects in North America has slowed 15.8% compared to 2008. According to the November update of Industrial Info's North American Industrial Project Spending Index, the total investment value (TIV) of projects starting construction in 2009 is at $33.34 billion, down 15.8% from $39.59 billion during the same period in 2008.

In spite of the overall decline in the industry, which was hard hit by credit, financial and economic conditions originating in 2008, there were some bright spots this year. In the U.S., regions showing growth in Metals & Minerals activity in 2009 include the Northeast region with 119% growth, the Mid-Atlantic region with 2.5% growth, and the Southeast region with 7.24% growth. In the Northeast region, for example, Allegheny Ludlum Corporation (Brackenridge, Pennsylvania), a subsidiary of Allegheny Technologies Incorporated (NYSE:ATI) (Pittsburgh, Pennsylvania), began building demolition and grading in May 2009 for the addition of a $1.2 billion, 84-inch hot strip mill at its specialty steel mill in Brackenridge, Pennsylvania.

In Canada, the Atlantic Canada region increased project activity to $2.5 billion, mainly due to beginning site construction activities on the $2.17 billion commercial-scale nickel hydrometallurgical plant being built by Vale Inco Newfoundland & Labrador Limited in Long Harbour, Newfoundland. Fluor Canada Limited (Vancouver, British Columbia) is the engineering, procurement and construction management (EPC/M) firm handling the project. The project will keep 1,600 construction laborers busy until its completion in 2013. The plant is being built to process nickel ore from the Voisey's Bay Nickel Mine in Labrador.

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