MagneGas Announces Major Customer in OneSteel Ltd.
OneSteel Ltd., One of the World's Largest Steel Companies, to begin using MagneGas™ for Metal Working
TAMPA, Fla., Feb. 27, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that new customer OneSteel Ltd. (ASX: OST) has issued its first order for MagneGas fuel to be used at one of its twelve steel recycling centers in the U.S. MagneGas™ will be used as a cost effective replacement for acetylene and propane in OneSteel Ltd.'s recycling operation.
OneSteel Ltd., one of the largest steel companies in the world, with over $7 Billion in revenue, uses large quantities of acetylene and propane in its steel recycling operations worldwide. The Company intends to start switching its six Florida locations from acetylene and propane to MagneGas,™ beginning with the first location in Tampa, FL, this week. A timetable for the rollout of MagneGas™ to OneSteel's U.S. locations outside of Florida is currently under negotiation.
"Part of OneSteel's Corporate Vision is to be an environmentally responsible Company and this was what initially led us to find MagneGas," commented Steve Ryan, General Manager of OneSteel Ltd.'s U.S. operations. "Not only is MagneGas™ cost competitive, it is a greener alternative than what we are currently using for metal working and it has exceeded our expectations in terms of its metal cutting performance.. Our commitment to the environment made the decision to switch to MagneGas the right choice for us."
"This is a major step forward for MagneGas as we continue to build out our growth strategy by expanding our footprint throughout the metal working market," stated Scott Wainwright, President of MagneGas. "We are confident that through the superior performance of MagneGas™ as well as our strategic pricing model, MagneGas will continue to penetrate the metal working market by providing value-added solutions to customers such as OneSteel."
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (OTC BB: MNGA) is the producer of MagneGas™, a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas, but with lower green house gas emissions. MagneGas™ can be used for metal working, cooking, heating, powering bi fuel automobiles and more. For more information on MagneGas, please visit the Company's website at www.magnegas.com.
About OneSteel Ltd.
OneSteel Limited manufactures and distributes steel and finished steel products in Australia and internationally. The company manufactures and distributes structural, rail, rod, merchant bar, cold finished bar, chrome plated bar, reinforcing, wire, tube, pipes, fittings, valves and actuation, rail wheels and axles, light steel beam, grinding media, and recycled metal products. It mines and sells iron ore and by-products; and collects and sells ferrous and non-ferrous metals. The company offers various products and specialized services for the construction, manufacturing, mining, and rural markets. The company has steel recycling locations in the US, Canada, Australia, Hong Kong, Philippines, Malaysia and New Zealand. OneSteel Limited is headquartered in Sydney, Australia.
The information contained herein includes forward-looking statements. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act. The Company is currently using new antifreeze, vegetable oil and ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
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