ECONOMY INDUSTRIAL CORPORATION

NEWS RELEASE                   16 January 04

For immediate release                 More info:  Tom  Allen
                                                                     (1) 724-266-5720

MAGNESIUM FERROSILICON CASTING MACHINE
COMMISSIONED AT ELKEM CANADA

AMBRIDGE, PA,  January 16, 2004

Using technology similar to the Economy Industrial casting machine installed earlier in its very successful foundry alloy plant in Bjoelvefossen, Norway, Elkem Metals Canada installed a new casting machine and ladle tilter designed and built by Economy Industrial Corporation. The machine was successfully hot commissioned in December 2003, and began production in January 2004.

The casting process minimizes the contact of the molten alloy with air, which produces rapid oxidation. The rapid solidification of the alloy results in a fine grain structure and eliminates the alloy segregation that normally occurs when the alloy is slowly cooled.

The machine casts slabs, approximately 300 x 900 x 30 mm. thick, and utilizes Economy's proprietary automatic control system. The highly automated machine reduces manpower requirements, by operation of the mould cooling and mould coating systems by the plant's distributed control system. A common control console provides the operator with fingertip control of both caster and ladle tilter. An advanced PLC system and HMI screen is used both for control and monitoring of the machines systems.

Automated mixing and application of the mould wash is provided by a bulk bag feed system, with flow controlled by monitoring the density of the mould wash. As the density of the mould wash changes, water or mould wash powder is added as needed to obtain the desired specific gravity. 

Economy's development program, based on its patented technology, purpose-designs the mould mass ratio, cooling time cycle, and water cooling application rate and method to minimize the steady-state peak temperatures  of the moulds. Since allowing mould temperatures to reach high levels shortens their life, this process design results in longer mould life, with lower operating costs.

In addition to its matte, ferro-alloy and pig iron  casting machine installations, Economy Industrial has supplied a number of machines to cast stainless and alloy steel  for certified alloy producers,  brass and aluminum casters for  primary ingot production, and zinc slab casters.  A machine at the U.S. Navy Puget Sound shipyard is being used to convert high-strength alloy steel plate from de-commissioned Polaris submarines into ingots.  Economy has also been active in building casting machines for brass and aluminum re-cycling, serving several clients in the Middle East, in addition to the domestic market. 

A two strand pig iron casting machine, with each strand capable of casting 127 metric tons per hour, is currently under construction for a new direct reduction plant in Western Australia. The plant is planned to be commissioned in 2004. A smaller machine was commissioned at a mineral sands plant in early 2003, at Ticor S-A, in Empangeni, KZN, South Africa earlier this year. 

Economy expects a growing market from additional mineral sands plants scheduled for construction in the coming years. While the plants' prime product is titanium dioxide, the sale of pig iron, produced as a by-product, is an important source of revenue for producers. 

The recent rise in scrap and pig iron prices has renewed interest in domestic pig iron production by basic steel plants

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