Powder Metallurgy

Table of Contents

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

• Study Reliability and Reporting Limitations I-1
• Disclaimers I-2
• Data Interpretation & Reporting Level I-2
• Quantitative Techniques & Analytics I-2
• Product Definition and Scope of Study I-3

II. EXECUTIVE SUMMARY

1. Market Dynamics II-1

• Global Outlook II-1
• Trends and Issues II-2
• Powdered Metallurgy Market Continues to be Buoyant II-2
• Rising Prices Concerns the Industry II-2
• Powder Metal Consumption in the Auto Industry II-2 Marked Trends towards Finer Powders and Advanced PM Parts II-3
• Expanding Applications Drive Powder Metals Market II-3
• Aluminum and Titanium Base Powders Witness Growth II-4
• Nanopowders: A Major Area of Focus II-4
• Intense Consolidation: An Ongoing Process II-4
• M& A Activity in the PM Industry: 1999-2004: A Review II-5
• Competitive Landscape II-6
• GKN Dominates Fragmented PM Parts Industry II-6
• Diverse Company and Product Strategies II-6
• Powder Metallurgy and Auto Industry II-6
• Historical Relationship Between P/M and Automotive Industry II-6
• Benefits for Automotive Industry II-6
• Powder Metallurgy in Passenger Cars II-7
• Powertrain and Transmission II-7
• Carrier Housings II-7
• VVT II-7
• Prospective Applications II-7

2. Product Overview and Analysis II-9

• Metal Powders: History II-9
• Definition II-9
• Attributes II-9
• Particle Size Distribution: A Key Attribute II-10
• Metal Powders Classification II-10
• Ferrous Powders II-10
• Iron Powder II-10
• Stainless Steel Powder II-11
• Non-Ferrous Powders II-11
• History II-11
• Scope II-11
• Types of Non-Ferrous Powders II-12
• Aluminum Powder II-12
• History II-12
• Benefits II-12
• Applications II-12
• Types of Atomized Aluminum Powders II-12
• Aluminum PM Production II-12
• Aluminum Powder Metallurgy Process II-13
• Copper Powder II-13
• Nickel Powder II-14
• Titanium Powder II-14
• Refractory Metals II-14
• Tantalum II-14
• Tungsten II-14
• Powder Metallurgy II-15
• Introduction II-15
• Powder Metallurgy vs. Other Techniques (Machining,Die Casting and Forging) II-15
• Process Description II-15
• Fundamental Steps II-16
• Types of Methods II-17
• Mixing II-17
• Pressing II-17
• Forming II-17
• Sintering II-18
• Sinter Hardening II-18
• Post Sintering Operations II-19
• Re-Pressing II-19
• Hot Re-Press II-19
• Forging II-19
• Infiltration II-19
• Impregnation II-20
• Heat-Treatment II-20
• Surface Hardening II-20
• Steam Treatment II-20
• Blueing II-20
• Plating II-20
• Coating II-20
• Mechanical Treatment II-20
• De-Burring II-21
• Rapid Solidification II-21
• Advantages II-21
• Disadvantages II-22
• Applications of PM and PM Parts II-22
• Metal Powders II-22
• PM Parts II-23
• Powder Metallurgy: Suitable Technique for Parts Production and MMC II-23
• Powder Metallurgy Magnets II-23
• Powder Metallurgy in Tool Steels II-23
• Products Derived from Metal Powders II-24
• Mechanical or Structural Components II-24
• Ferrous Structural Parts II-24
• Non-Ferrous Structural Components II-24
• Exclusive High-Duty Alloys II-25
• Composite Materials II-25
• Hard Metals and Diamond Tools II-25
• Magnetic and Electric Parts II-25
• Porous Materials II-26
• Powder Metal Parts: Production Technologies II-26
• High-Potential Technologies II-26
• Direct Metal Deposition (DMD) II-26
• Dynamic Magnetic Compression (DMC) II-26
• Spray Forming II-26
• Metal Injection Molding (MIM) II-27
• Powder Injection Molding (PIM) II-27
• Traditional Methods II-28
• Hot Pressing II-28
• Isostatic Pressing II-29
• Cold Isostatic Pressing II-29
• Hot Isostatic Pressing II-29
• Extrusion II-29
• Hot Extrusion II-30
• Cold Extrusion II-30
• Roll Compaction II-30
• Other Methods II-31
• Powder Forging II-31
• Powder Rolling II-31
• Net Shape Processing II-31
• Powder Metal Processing Techniques II-31
• Atomization Process II-32
• Gas Atomization II-32
• Water Atomization II-33
• Electrolysis II-33
• Mechanical Comminution Methods II-33
• Mechanical Alloying II-33
• Chemical Methods II-34
• Diffusion Bonding II-34
• Solid State Reduction II-34
• Hydrometallurgical Process II-34
• Hunter Process II-35
• Kroll Process II-35
• Powder Metallurgy Equipment II-35
• Associations/Federations II-35
• Metal Powder Industries Federation (MPIF) II-35
• APMI International II-35

3. Product Launches II-36

• QinetiQ Develops New Stainless Steel Powder Tesimorph ES25 II-36
• Powder Metallurgy Community Launches New Property Database II-36
• Carpenter Technology Develops New Hot-Forged Tooling and Near-Net-Shape Elements II-36
• AMETEK Offers New Stainless Steel Powders Line II-36
• AMETEK Launches Ultra Power™ Nickel Strip II-36
• AMETEK Introduces High-Purity Alloy Strip II-37
• AMETEK Develops MetalMix™ II-37
• AMETEK Unveils SSF II-37
• European Research Group Generates Nickel-Free Alloy II-37

4. Recent Industry Activity II-39

• Element Six Acquires New Technology from Skeleton Technologies II-39
• Brovary Powder Metallurgy Reduces Iron Powder Output II-39
• Inco Limited, Falconbridge, and Phelps Dodge Merge to form Phelps Dodge Inco II-39
• Kennametal Divests Electronics Business, Kemmer Praezision II-39
• BHP Billiton and MMC Norilsk Nickel form Alliance to Explore Minerals II-40
• Hydropulsor Receives Contract for HVC Machines from Metec Powder Metal II-40
• Great Western Technologies to Acquire NiMH Powder Production Equipment II-40
• BorgWarner Morse' s Camshaft Sprockets Wins IPMD Competition Award II-40
• Sandvik to Acquire Stake in Gesac II-40
• Gibraltar Takes Over Two Metal Companies and Gutter Helmet' s Product Line II-41
• Mitsubishi Materials and Sinterstahl Group Enter into Merger Agreement II-41
• Sumic Nickel Netherlands Acquires 21% stake in Goro Nickel II-41
• Revere Merges with Four Companies of Charter Oak Capital Partners II-41
• Umicore to Divest its 80% Stake in Traxys II-41
• Metaldyne Signs MOU with Dongfeng Motor Co II-42
• Hoganas Divests Copper Powder Businesses II-42
• JFE Steel Markets New Iron Powder II-42
• Kobe Steel Increases Production of Iron Powder II-42
• Osprey Changes its Name II-42
• QMP Decides to Invest in China II-43
• Metal Powder Products Shifts Headquarters II-43
• Hoeganaes Purchases Ductil Iron Powder II-43
• Höganäs AB Purchases SCM Metal Products II-43
• ATW Companies Purchases Parmatech Corporation II-43
• Gasbarre Products Inc Takes Over C.I. HayesEquipment Division II-43
• Tomkins Plc Acquires Shares of Stackpole II-43
• Metalpo Industria e Comercio Ltda Purchases PowderMetallurgy Division II-44
• MPP Acquires Dynagear' s Division II-44
• PVA TePla Purchases More of MIMTech' s Shares II-44
• Plansee Purchases Polese II-44
• Several Firms Team Up for Development Project II-44
• Drever Company and Rose Corporation Sign Licensing Agreement II-44
• Lovejoy, Inc. Creates New Division for Compacting System II-45
• Reade Advanced Materials Starts New Facility II-45
• Powdermet Opens New Facility in Ohio II-45
• OM Group Divests Metal Powders Unit II-45
• Sandvik Sells Stake in Powder Business II-45
• Hyundai Motor Co Selects Powder Metal ConnectingRods for its V-6 Engines II-45
• Kawasaki Steel to Increase Iron Powder Capacity II-46
• MPP Stops Production at Coldwater Facility II-46
• EnDurAloy Corp to Change Name to Allomet Corp II-46
• Hoeganaes Changes Name of European Operations II-46
• GM to Use Planetary Gear Carrier Assemblies II-46
• GKN Sinter Completes Acquisition of MahindraSintered Products II-47
• Nooter Corporation Purchases Megamet Solid Metals II-47
• Taiwan Porite Purchases PM Operation of Maytag II-47
• Latitude Technologies Grants License for Powder Flo' s MIM to RTP Co II-47
• Japan Powder Metallurgy and Tokyo Sintered MetalsCreate New Company II-47
• Metaldyne Enters into Agreement with Mazda II-47
• Metaldyne Signs Supply Contract with Ford II-47
• Metaldyne and Honda Enter into Supply Agreement II-48
• American Chemet Expands Manufacturing Facilities II-48
• OM Group Stops Tungsten Carbide Powder Production II-48
• Kawasaki Steel and Hitachi Unisia Develop New Cold-Casting Process II-48
• Kawasaki Steel to Increase Output II-48
• Pacific Sintered Metals Acquires Alloy TechnologyInternational II-48
• NKK and Kawasaki Steel Enter into Merger Agreement II-49
• Metal Powder Plans to Expand Capacity II-49
• Ford Chooses GKN Sinter Metals for Supply ofMain Bearing Caps II-49
• Ford Selects Metaldyne Corp as Supplier II-49
• ACuPowder Acquires Pyron Metal Powders II-49
• Ametek Expands Metal Powder Plant II-49
• Hoeganaes Corp Develops Innovative Technology II-50

5. Focus on Select Players II-51

• ACu Powder International, LLC (US) II-51
• Alldyne Powder Technologies (US) II-51
• American Chemet Corporation (US) II-51
• AMETEK Specialty Metal Products (US) II-51
• Burgess-Norton Manufacturing Co (US) II-51
• Carpenter Powder Products (US) II-52
• Daido Steel Co Ltd (Japan) II-52
• Dowa Mining Co Ltd (Japan) II-52
• Erasteel S.A (France) II-52
• F. W. Winter Inc & Co (US) II-52
• Federal-Mogul Corporation (US) II-53
• GKN Sinter Metals (US) II-53
• Hoeganaes Corporation II-53
• H.C. Starck Inc (US) II-53
• Hawk Corporation (US) II-53
• Höganäs AB (Sweden) II-54
• Inco Special Products (US) II-54
• International Specialty Products Inc. (US) II-54
• JFE Steel Corporation (Japan) II-54
• Kawasaki Steel Corp (Japan) II-54
• Kennametal Inc (US) II-54
• Kobe Steel Ltd (Japan) II-55
• Kobelco Metal Powder of America, Inc II-55
• Metaldyne Corporation (US) II-55
• Mi-Tech Metals, Inc. (US) II-55
• MMC Norilsk Nickel (Russia) II-55
• Pometon Spa (Italy) II-56
• Quebec Metal Powders Ltd. (Canada) II-56
• Revere Industries, LLC (USA) II-56
• Sandvik Osprey Ltd. (UK) II-56
• Toyal America, Inc. (US) II-56
• Umicore S.A. (Belgium) II-57
• United States Bronze Powders Inc (US) II-57

6. Global Market Perspective II-58

• Table 1: World Recent Past, Current & Future Analysis for Metal Powders by Geographic Region - North America, Japan, Europe, and Rest of World Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) II-58
• Table 2: World 10-Year Perspective for Metal Powders by Geographic Region - Percentage Breakdown of DollarSales for North America, Japan, Europe, and Rest ofWorld Markets for Years 2000, 2006 & 2010(includes corresponding Graph/Chart) II-58
• Table 3: World Recent Past, Current & Future Analysis for P/M Parts by Geographic Region - North America, Japan, Europe, and Rest of World Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) II-59
• Table 4: World 10-Year Perspective for P/M Parts by Geographic Region - Percentage Breakdown of DollarSales for North America, Japan, Europe, and Rest ofWorld Markets for Years 2000, 2006 & 2010 (includes corresponding Graph/Chart) II-59

III. MARKET

1. North America III-1

• A. Market Overview III-1
• Outlook III-1
• Powder Metallurgy Industry in North America III-1
• Competitive Scenario III-1
• Table 5: Leading Players in North American Metal Powders Market for 2002-2004: Percentage Breakdown of Hoeganaes, QMP, Höganäs and Other (includes corresponding Graph/Chart) III-2
• Table 6: Leading Players in North American Metal Powder Components Market for 2002-2004:Percentage Breakdown of GKN, Federal Mogul,Masco Tech, Sumitomo, Hitachi, Mitsubishi, MBA, Stackpole (Tomkins), Keystone, Japan Powder Metal, Tokyo Shiketsu, Sinter Stahl, Hawk and Other(includes corresponding Graph/Chart) III-3
• Metal Powder Shipments III-3
• Table 7: North American Metal Powder Shipments for the Years 2000 through 2004 in Short Tons - Iron & Steel, Stainless Steel, Copper & Copper Base, Aluminum, Molybdenum, Tungsten, Tungsten Carbide, Nickel and Tin (includes correspondingGraph/Chart) III-4
• Table 8: North American Iron/Steel Powder and Copper/Copper Base Powder Shipments for theYears 2000 through 2010 in Short Tons (includes corresponding Graph/Chart) III-4
• Trends in the Market III-5
• Role of Metal Powders in Automotive Industry III-5
• Table 9: Estimated PM Parts Weight in a North American Vehicle: 1990-2003 (includescorresponding Graph/Chart) III-6
• Increase in Light Trucks and SUVs III-6
• Impact of Metal Parts on Automotive III-6
• Consumption Trends III-6
• Developments in Iron Powder Segment III-7
• Product Launches III-7
• Strategic Developments III-8
• Key Players III-15
• B. Market Analytics III-20
• Table 10: North American Recent Past, Current & Future Analysis for Metal Powders by Product Segment - Iron & Steel, Stainless Steel, Copper & Copper Base, Aluminum, Molybdenum, Tungsten, Tungsten Carbide, Nickel andTin - Independently Analyzed with Annual Sales Figuresin US$ Million for Years 2000 through 2010(includes corresponding Graph/Chart) III-20
• Table 11: North American 10-Year Perspective for Metal Powders by Product Segment - Percentage Breakdownof Dollar Sales for Iron & Steel, Stainless Steel, Copper & Copper Base, Aluminum, Molybdenum, Tungsten, Tungsten Carbide, Nickel and Tin for Years 2000, 2006 & 2010 (includes corresponding Graph/Chart) III-21
• Table 12: North American Recent Past, Current & Future Market Analysis for P/M Parts With Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-22

2. Japan III-23

• A. Market Overview III-23
• Outlook III-23
• Metal Powder Shipments III-23
• Table 13: Japanese Iron/Steel & Copper/Copper Base Powder Shipments for the Years2000 through 2010 in Short Tons (includes correspondingGraph/Chart) III-23
• Competitive Landscape III-24
• Table 14: Leading Players in Japanese Metal Powders Market for 2002-2004: Percentage Breakdown of Kobe, Kawasaki, Höganäs, QMP, and Other (includes corresponding Graph/Chart) III-24
• Table 15: Estimated PM Parts Weight in a Japanese Vehicle: 1990-2002 (includes corresponding Graph/Chart) III-24
• Strategic Developments III-25
• Key Players III-26
• B. Market Analytics III-28
• Table 16: Japanese Recent Past, Current & Future Market Analysis for Metal Powders with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-28
• Table 17: Japanese Recent Past, Current & Future Market Analysis for P/M Parts with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-28

3. Europe III-29

• A. Market Overview III-29
• Outlook III-29
• Metal Powder Shipments III-29
• Table 18: European Iron/Steel Powder and Copper/Copper Base Powder Shipments for the Years 2000 through 2010 in Short Tons (includes corresponding Graph/Chart) III-29
• Market Share Scenario III-30
• Table 19: Leading Players in European Metal Powders Market for 2002-2004 Percentage Breakdown of Höganäs, QMP, and Other (includes corresponding Graph/Chart) III-30
• European Powder Metallurgy Industry III-30
• Table 20: Estimated PM Parts Weight in a European Vehicle: 1990-2002 (includes corresponding Graph/Chart) III-30
• End-Use Markets III-31
• Obstacles Hindering Market Growth III-31
• PM Industry in Central and Eastern Europe III-31
• Russia III-31
• Bulgaria III-31
• Belarussia III-31
• Product Launches III-32
• Strategic Developments III-33
• Key Players III-36
• B. Market Analytics III-38
• Table 21: European Recent Past, Current & Future Market Analysis for Metal Powders with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-38
• Table 22: European Recent Past, Current & Future Market Analysis for P/M Parts with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-38

4. Rest of the World III-39

• A. Market Overview III-39
• Outlook III-39
• Asia-Pacific Powder Metallurgy Market III-39
• Table 23: Metal Powder Production for 2001 in Asia (Including Japan): Percentage Breakdown for Japan, China, Korea, Taiwan, India, Malaysia, Australia, Thailand and Singapore (includes corresponding Graph/Chart) III-39
• Table 24: Leading Players in Asian Metal Powders Market for 2002-2004: Percentage Breakdown of Kobe, Höganäs, Kawasaki, and Other (includes corresponding Graph/Chart) III-40
• Strategic Corporate Developments III-40
• B. Market Analytics III-42
• Table 25: Rest of World Recent Past, Current & Future MarCket Analysis for Metal Powders with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-42
• Table 26: Rest of World Recent Past, Current & Future Market Analysis for PM Parts with Annual Sales Figures in US$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-42

IV. COMPETITION

• 1. A&M Tungsten Powders Ltd. (UK) IV-1
• 2. A. Van Lerberghe NV (Belgium) IV-3
• 3. ACL Powder Metallurgy Company (Tasmania) IV-4
• 4. Active Metals Ltd. (UK) IV-4
• 5. Acu Powder International LLC (USA) IV-5
• 6. Alcoa, Inc. (USA) IV-6
• Table 27: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-7
• Table 28: Annual Sales Analysis: 2003-2005 (In US$ million) IV-7
• Table 29: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-7
• Table 30: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-8
• Alcoa Aluminio SA (Brazil) IV-18
• Alcoa Inespal SA (Spain) IV-18
• Alcoa Transformación De Productos SL (Spain) IV-18
• 7. Allegheny Technologies, Inc. (USA) IV-19
• Table 31: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-20
• Table 32: First Quarter Sales Analysis by Segment: 2005-2006 (In US$ million) IV-20
• Table 33: Annual Sales Analysis: 2003-2005 (In US$ million) IV-21
• Table 34: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-21
• Table 35: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-21
• Alldyne Powder Technologies (USA) IV-23
• Allegheny Ludlum Corporation (USA) IV-25
• ATI Metalworking Products (USA) IV-27
• 8. Allomet Corporation (USA) IV-29
• 9. Almatis Bv (The Netherlands) IV-29
• 10. Aluminium Powder Co., Ltd. (UK) IV-30
• 11. Alutherm Cz S.R.O. (Czech Republic) IV-31
• 12. American Chemet Corporation (USA) IV-31
• 13. Ametek, Inc. (USA) IV-32
• Table 36: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-33
• Table 37: First Quarter Sales Analysis by Segment: 2005-2006 (In US$ million) IV-33
• Table 38: Annual Sales Analysis: 2003-2005 (In US$ million) IV-33
• Table 39: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-33
• Table 40: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-34
• Table 41: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-34
• Ametek Specialty Metal Products Division (USA) IV-41
• 14. Advanced Powder Materials, Inc. (USA) IV-43
• 15. Arquimex Sac (Argentina) IV-43
• 16. Arya Powder Metallurgy Group Co. (Iran) IV-44
• 17. Asbury Graphite And Carbon, Inc. (USA) IV-45
• 18. Askania AB (Sweden) IV-46
• 19. Atomising Systems Ltd. (UK) IV-47
• 20. ATW Companies (USA) IV-48
• 21. Aubert & Duval Holding (France) IV-49
• 22. Avisma Titanium And Magnesium Combine (Russia) IV-50
• 23. Bahrain Atomisers International BSC (C) (Bahrain) IV-51
• 24. Belmont Metals, Inc. (USA) IV-52
• 25. Bender Armaturen GmbH & Co., KG. (Germany) IV-53
• Benda-Lutz Skawina SP.Z.O.O. (Poland) IV-53
• 26. BHP Billiton Limited (Australia) IV-54
• Table 42: Half Yearly Sales Analysis: 2005-2006 (H1) (In US$ million) IV-56
• Table 43: Half Yearly Sales Analysis by Segment: 2005-2006 (H1) (In US$ million) IV-56
• Table 44: Annual Sales Analysis: 2004-2005 (In US$ million) IV-57
• Table 45: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-57
• Table 46: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-57
• 27. Bimetal Bearings Ltd. (India) IV-62
• 28. Boart Longyear (USA) IV-63
• Boart Longyear Ltd. (UK) IV-65
• Boart Longyear (The Netherlands) IV-65
• 29. BorgWarner, Inc. (USA) IV-67
• Table 47: First Quarter Sales Analysis by Segment: 2005-2006 (In US$ million) IV-68
• Table 48: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-69
• 30. Brookside Metal Company Ltd. (UK) IV-70
• 31. Brovary Powder Metallurgy (Ukraine) IV-71
• 32. BSA Metal Powders Ltd. (UK) IV-72
• 33. Buffalo Tungsten, Inc. (USA) IV-73
• 34. Burgess-Norton Manufacturing Company (USA) IV-74
• 35. Cabot Supermetals KK (Japan) IV-76
• 36. Carbide India (India) IV-77
• 37. Carpenter Technology Corporation (USA) IV-78
• Table 49: Nine Months Sales Analysis: 2005-2006 (Nine Months Ended, March) (In US$ million) IV-81
• Table 50: Nine Months Sales Analysis by Quarter: 2005-2006 (Nine Months Ended, March) (In US$ million) IV-81
• Table 51: Nine Months Sales Analysis by Segment: 2005-2006 (Nine Months Ended, March) (In US$ million) IV-82
• Table 52: Annual Sales Analysis: 2003-2005 (In US$ million) IV-82
• Table 53: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-82
• Table 54: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-82
• Table 55: Annual Sales Analysis by Product: 2004-2005 (In US$ million) IV-83
• Table 56: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-83
• Carpenter Powder Products/Metal Powder And Specialty P/Mproducts (USA) IV-85
• 38. Centro Sviluppo Materiali SpA (Italy) IV-86
• 39. Chemalloy Company, Inc. (USA) IV-87
• 40. Chemetall GmbH (Germany) IV-89
• Chemetall PLC (UK) IV-91
• 41. Chongqing Smelter (Group) Corporation Ltd. (China) IV-93
• 42. Cima Nanotech Israel Ltd. (Israel) IV-93
• 43. Cogne Acciai Speciali Srl (Italy) IV-94
• 44. Cogne Technologies Srl (Italy) IV-96
• 45. Combustol & Metalpó Group (Brazil) IV-97
• 46. Connecticut Engineering Associates Corporation (USA) IV-98
• 47. Daido Steel Co., Ltd. (Japan) IV-100
• 48. Debdale Metal Powders Ltd. (UK) IV-103
• 49. Dentallin Metalli & C. Snc (Italy) IV-103
• 50. Dowa Mining Co., Ltd. (Japan) IV-104
• 51. Dr. Fritsch Sondermaschinen GmbH (Germany) IV-106
• 52. Ecka Granulate GmbH & Co., KG. (Germany) IV-107
• Ecka Granules Poudmet SAS (France) IV-107
• 53. Eckart GmbH & Co., KG. (Germany) IV-108
• Eckart America LP (USA) IV-109
• Eckart Switzerland SA (Switzerland) IV-109
• Eckart UK Ltd. (UK) IV-110
• 54. Element Six (Pty.,) Ltd. (South Africa) IV-111
• 55. Entraco Metals Pvt., Ltd. (India) IV-113
• 56. Eramet Agroup (France) IV-114
• Erasteel SA (France) IV-115
• Eurotungstene Poudres (France) IV-116
• 57. Fine Sinter Co., Ltd. (Japan) IV-117
• 58. F. W. Winter, Inc. & Co. (USA) IV-119
• 59. F.J. Brodmann & Co., LLC (USA) IV-122
• 60. Falconbridge Ltd. (Canada) IV-124
• Table 57: Annual Sales Analysis: 2004-2005 (In US$ million) IV-127
• Table 58: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-127
• Table 59: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-127
• Table 60: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-128
• 61. Federal-Mogul Corporation (USA) IV-131
• 62. Fukuda Metal Foil & Powder Co., Ltd. (Japan) IV-133
• 63. Gasbarre Products, Inc. (USA) IV-135
• 64. Gibraltar Industries (USA) IV-136
• Table 61: Half Yearly Sales Analysis: 2005-2006 (In US$ million) IV-137
• Table 62: Half Yearly Sales Analysis by Segment: 2005-2006 (In US$ million) IV-137
• Table 63: Annual Sales Analysis: 2004-2005 (In US$ million) IV-138
• Table 64: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-138
• Table 65: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-138
• Alabama Metal Industries Corporation (USA) IV-140
• 65. GKN Sinter Metals (USA) IV-142
• 66. Great Western Minerals Group Ltd. (Canada) IV-144
• 67. Greenville Metals, Inc. (USA) IV-146
• 68. H.C. Starck GmbH (Germany) IV-147
• H. C. Starck, Inc. (USA) IV-147
• H.C. Starck Ltd. (UK) IV-149
• 69. Hawk Corporation (USA) IV-150
• Table 66: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-152
• Table 67: First Quarter Sales Analysis by Business Segment: 2005-2006 (In US$ million) IV-152
• Table 68: Annual Sales Analysis: 2004-2005 (In US$ million) IV-153
• Table 69: Annual Sales Analysis by Business Segment: 2004-2005 (In US$ million) IV-153
• Table 70: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-153
• Table 71: Annual Sales Analysis by Geographical Region: 2004-2005 (In US$ million) IV-153
• 70. Hitachi Powdered Metals Co., Ltd. (Japan) IV-156
• 71. Hoeganaes Corporation (USA) IV-157
• 72. Hoganas AB (Sweden) IV-159
• North American Hoganas, Inc. (USA) IV-162
• 73. Homogeneous Metals, Inc. (USA) IV-163
• 74. Inco Limited (Canada) IV-164
• Table 72: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-165
• Table 73: First Quarter Sales Analysis by Business Segment: 2005-2006 (In US$ million) IV-165
• Table 74: First Quarter Sales Analysis by Product Segment: 2005-2006 (In US$ million) IV-166
• Table 75: Annual Sales Analysis: 2004-2005 (In US$ million) IV-166
• Table 76: Annual Sales Analysis by Business Segment: 2004-2005 (In US$ million) IV-166
• Table 77: Annual Sales Analysis by Product Segment: 2004-2005 (In US$ million) IV-166
• Table 78: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-166
• Inco Special Products (Canada) IV-170
• Inco Special Products (USA) IV-173
• Inco - Goro Nickel (France) IV-173
• Inco Europe Ltd. (UK) IV-173
• 75. Industrial Metallurgical Holding (Russia) IV-174
• 76. Inframat® Advanced Materials™ LLC (USA) IV-175
• 77. International Specialty Products, Inc. (USA) IV-176
• 78. JFE Steel Corporation (Japan) IV-186
• JFE Steel USA (USA) IV-190
• 79. Jiangsu Dongtai Fengfeng Tungsten & Molybdenum Material Co, Ltd. (China) IV-191
• 80. Jinchuan Group Limited (JNMC) (China) IV-192
• 81. Kawasaki Steel Corporation (Japan) IV-193
• 82. Kennametal, Inc. (USA) IV-194
• Table 79: Nine Months Sales Analysis: 2005-2006 (Nine Months Ended, March) (In US$ million) IV-195
• Table 80: Nine Months Sales Analysis by Segment: 2005-2006 (Nine Months Ended, March) (In US$ million) IV-196
• Table 81: Annual Sales Analysis: 2004-2005 (In US$ million) IV-196
• Table 82: Annual Sales Analysis by Segment: 2004-2005 (In US$ million) IV-196
• Table 83: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-196
• 83. KLT Carbide Co., Ltd. (China) IV-201
• 84. Kobe Steel Ltd. (Japan) IV-203
• Table 84: Annual Sales Analysis: 2004-2005 (In ¥ billion) IV-211
• Kobelco Metal Powder of America, Inc. (USA) IV-218
• 85. Kovohuty Dolny Kubin Ltd. (Slovakia) IV-219
• 86. Latitude Manufacturing Technologies (USA) IV-219
• 87. Lovejoy, Inc. (USA) IV-220
• 88. Maharastra Metal Powders Ltd. (India) IV-220
• 89. Metal Powder Products Company (USA) IV-221
• 90. Metaldyne Corporation (USA) IV-222
• Table 85: Nine Months Sales Analysis: 2004-2005 (Nine Months Ended, September) (In US$ billion) IV-223
• Table 86: Nine Months Sales Analysis by Quarter: 2004-2005 (Nine Months Ended, September) (In US$ billion) IV-223
• Table 87: Nine Months Sales Analysis by Segment: 2004-2005 (Nine Months Ended, September) (In US$ billion) IV-223
• 91. Mi-Tech Metals, Inc. (USA) IV-226
• 92. Mitsubishi Materials Corporation (Japan) IV-228
• Table 88: Annual Sales Analysis: 2004-2005 (In ¥ million) IV-229
• Table 89: Annual Sales Analysis by Segment: 2004-2005 (In ¥ million) IV-229
• Table 90: Annual Sales Analysis by Geographic Region: 2004-2005 (In ¥ million) IV-230
• 93. Mining and Metallurgical Company Norilsk Nickel (Russia) IV-232
• 94. Nippon Atomized Metal Powders Corporation (Japan) IV-232
• 95. OM Group, Inc. (USA) IV-233
• Table 91: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-235
• Table 92: First Quarter Sales Analysis by Business Segment: 2005-2006 (In US$ million) IV-235
• Table 93: Annual Sales Analysis: 2004-2005 (In US$ million) IV-235
• Table 94: Annual Sales Analysis by Business Segment: 2004-2005 (In US$ million) IV-235
• Table 95: Annual Sales Analysis by Geographical Region: 2004-2005 (In US$ million) IV-235
• Table 96: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-236
• 96. Osram Sylvania, Inc. (USA) IV-239
• Osram Bruntal Spol S.R.O. (Czech Republic) IV-241
• 97. Pacific Particulate Materials Ltd. (Canada) IV-242
• 98. Pacific Sintered Metals (USA) IV-242
• 99. PBW Metal Products Ltd. (UK) IV-243
• 100. Phelps Dodge Corporation (USA) IV-244
• Table 97: First Quarter Sales Analysis: 2005-2006 (In US$ million) IV-245
• Table 98: Annual Sales Analysis: 2004-2005 (In US$ million) IV-246
• Table 99: Annual Sales Analysis by Quarter: 2004-2005 (In US$ million) IV-246
• Table 100: Annual Sales Analysis by Geographic Region: 2004-2005 (In US$ million) IV-246
• Climax Engineered Materials (USA) IV-248
• Climax Molybdenum Company (USA) IV-249
• 101. Plansee AG (Austria) IV-250
• Table 101: Annual Sales Analysis: 2004-2005 (In € million) IV-251
• 102. Pometon SpA (Italy) IV-254
• 103. Porite Corporation (Japan) IV-256
• Porite Taiwan Co., Ltd. (Taiwan) IV-256
• 104. Powder Alloy Corporation (USA) IV-257
• 105. Powdermet, Inc. (USA) IV-258
• 106. QinetiQ Group PLC (UK) IV-261
• Table 102: Annual Sales Analysis: 2004-2005 (In £ million) IV-262
• Table 103: Annual Sales Analysis by Segment: 2004-2005 (In £ million) IV-262
• Table 104: Annual Sales Analysis by Geographic Region: 2004-2005 (In £ million) IV-262
• 107. Quebec Metal Powders Ltd. (Canada) IV-266
• 108. Reade Advanced Materials (USA) IV-268
• 109. Reading Alloys, Inc. (USA) IV-269
• 110. Revere Industries LLC (USA) IV-271
• 111. RTP Company (USA) IV-272
• 112. Sandvik AB (Sweden) IV-273
• Table 105: Annual Sales Analysis: 2004-2005 (In Sk million) IV-276
• Table 106: Annual Sales Analysis by Segment: 2004-2005 (In Sk million) IV-276
• Table 107: Annual Sales Analysis by Geographic Region: 2004-2005 (In Sk million) IV-276
• Sandvik Hard Material (Sweden) IV-279
• Sandvik Osprey Ltd. (UK) IV-280
• 113. Sarda Industrial Enterprises (India) IV-281
• 114. Sas Solea (France) IV-282
• 115. Schlenk-Both Metallic Pigments (USA) IV-282
• 116. SCM Metal Products, Inc. (USA) IV-283
• 117. Se-Jong Materials Ltd. (Korea) IV-284
• 118. Shaanxi Fengxiang Titanium Powder Plant (China) IV-285
• 119. SUAL-PM (Russia) IV-285
• 120. Sumic Nickel Netherlands (The Netherlands) IV-286
• 121. Sumitomo Titanium Corporation (Japan) IV-287
• Table 108: Annual Sales Analysis: 2004-2005 (In ¥ million) IV-287
• 122. Super Electronics Co., Ltd. (Taiwan) IV-288
• 123. TaeguTec Co. (Korea) IV-289
• 124. Teck Cominco Limited (Canada) IV-291
• Table 109: First Quarter Sales Analysis: 2005-2006 (In Can$ million) IV-294
• Table 110: First Quarter Sales Analysis by Segment: 2005-2006 (In Can$ million) IV-294
• Table 111: Annual Sales Analysis: 2004-2005 (In Can$ million) IV-294
• Table 112: Annual Sales Analysis by Quarter: 2004-2005 (In Can$ million) IV-294
• Table 113: Annual Sales Analysis by Segment: 2004-2005 (In Can$ million) IV-294
• Table 114: Annual Sales Analysis by Geographic Region: 2004-2005 (In Can$ million) IV-295
• 125. The Metal Powder Company Ltd. (India) IV-296
• 126. Timcal Graphite and Carbon (Switzerland) IV-297
• 127. Titan International, Inc. (USA) IV-298
• Table 115: Annual Sales Analysis: 2004-2005 (In US$ million) IV-298
• 128. TLS Technik GmbH & Co., Spezialpulver KG. (Germany) IV-299
• 129. Toho Titanium Co., Ltd. (Japan) IV-300
• 130. Toyo Aluminum KK (Japan) IV-301
• Toyal America, Inc. (USA) IV-301
• Toyal Europe SA (France) IV-301
• 131. Tungsten Heavy Powder, Inc. (USA) IV-302
• 132. ULBA Metallurgical Plant JSC (Kazakhstan) IV-302
• 133. Umicore SA (Belgium) IV-303
• Umicore Canada, Inc. (Canada) IV-304
• 134. United States Bronze Powders, Inc. (USA) IV-305
• Makin Metal Powders (UK) IV-306
• 135. Ural Electrochemical Integrated Plant (Russia) IV-307
• 136. Wall Colmonoy Corporation (USA) IV-308
• Wall Colmonoy Ltd. (UK) IV-309
• 137. William Rowland Ltd. (UK) IV-310
• 138. Yoojin Material Ind. Co., Ltd. (Korea) IV-311