Steel Making Process

Steel is made by the Bessemer, Siemens Open Hearth, basic oxygen furnace, electric arc, electric high-frequency and crucible processes.

Crucible and high-frequency methods
The Huntsman crucible process has been superseded by the high frequency induction furnace in which the heat is generated in the metal itself by eddy currents induced by a magnetic field set up by an alternating current, which passes round water-cooled coils surrounding the crucible. The eddy currents increase with the square of the frequency, and an input current which alternates from 500 to 2000 hertz is necessary. As the frequency increases, the eddy currents tend to travel nearer and nearer the surface of a charge (i.e. shallow penetration). The heat developed in the charge depends on the cross-sectional area which carries current, and large furnaces use frequencies low enough to get adequate current penetration.
Automatic circulation of the melt in a vertical direction, due to eddy currents, promotes uniformity of analysis. Contamination by furnace gases is obviated and charges from 1 to 5 tonnes can be melted with resultant economy. Consequently, these electric furnaces are being used to produce high quality steels, such as ball bearing, stainless, magnet, die and tool steels.

Acid and basic steels
The remaining methods for making steel do so by removing impurities from pig iron or a mixture of pig iron and steel scrap. The impurities removed, however, depend on whether an acid (siliceous) or basic (limey) slag is used. An acid slag necessitates the use of an acid furnace lining (silica); a basic slag, a basic lining of magnesite or dolomite, with line in the charge. With an acid slag silicon, manganese and carbon only are removed by oxidation, consequently the raw material must not contain phosphorus and sulphur in amounts exceeding those permissible in the finished steel.
In the basic processes, silicon, manganese, carbon, phosphorus and sulphur can be removed from the charge, but normally the raw material contains low silicon and high phosphorus contents. To remove the phosphorus the bath of metal must be oxidised to a greater extent than in the corresponding acid process, and the final quality of the steel depends very largely on the degree of this oxidation, before deoxidisers-ferro-manganese, ferro-silicon, aluminium-remove the soluble iron oxide and form other insoluble oxides, which produce non-metallic inclusions if they are not removed from the melt:
2Al + 3FeO (soluble) « 3Fe + Al2O3 (solid)
In the acid processes, deoxidation can take place in the furnaces, leaving a reasonable time for the inclusions to rise into the slag and so be removed before casting. Whereas in the basic furnaces, deoxidation is rarely carried out in the presence of the slag, otherwise phosphorus would return to the metal. Deoxidation of the metal frequently takes place in the ladle, leaving only a short time for the deoxidation products to be removed. For these reasons acid steel is considered better than basic for certain purposes, such as large forging ingots and ball bearing steel. The introduction of vacuum degassing hastened the decline of the acid processes.

Bessemer steel
In both the Acid Bessemer and Basic Bessemer (or Thomas) processes molten pig iron is refined by blowing air through it in an egg-shaped vessel, known as a converter, of 15-25 tonnes capacity (Fig. 1). The oxidation of the impurities raises the charge to a suitable temperature; which is therefore dependent on the composition of the raw material for its heat: 2% silicon in the acid and 1,5-2% phosphorus in the basic process is normally necessary to supply the heat. The "blowing" of the charge, which causes an intense flame at the mouth of the converter, takes about 25 minutes and such a short interval makes exact control of the process a little difficult.
The Acid Bessemer suffered a decline in favour of the Acid Open Hearth steel process, mainly due to economic factors which in turn has been ousted by the basic electric arc furnace coupled with vacuum degassing.
The Basic Bessemer process is used a great deal on the Continent for making, from a very suitable pig iron, a cheap class of steel, e.g. ship plates, structural sections. For making steel castings a modification known as a Tropenas converter is used, in which the air impinges on the surface of the metal from side tuyeres instead of from the bottom. The raw material is usually melted in a cupola and weighed amounts charged into the converter.

Open-hearth processes
In the Siemens process, both acid and basic, the necessary heat for melting and working the charge is supplied by oil or gas. But the gas and air are preheated by regenerators, two on each side of the furnace, alternatively heated by the waste gases. The regenerators are chambers filled with checker brickwork, brick and space alternating.
The furnaces have a saucer-like hearth, with a capacity which varies from 600 tonnes for fixed, to 200 tonnes for tilting furnaces (Fig. 1). The raw materials consist essentially of pig iron (cold or molten) and scrap, together with lime in the basic process. To promote the oxidation of the impurities iron ore is charged into the melt although increasing use is being made of oxygen lancing. The time for working a charge varies from about 6 to 14 hours, and control is therefore much easier than in the case of the Bessemer process.
The Basic Open Hearth process was used for the bulk of the cheaper grades of steel, but there is a growing tendency to replace the OH furnace by large arc furnaces using a single slag process especially for melting scrap and coupled with vacuum degassing in some cases.

Electric arc process
The heat required in this process is generated by electric arcs struck between carbon electrodes and the metal bath (Fig. 1). Usually, a charge of graded steel scrap is melted under an oxidising basic slag to remove the phosphorus. The impure slag is removed by tilting the furnace. A second limey slag is used to remove sulphur and to deoxidise the metal in the furnace. This results in a high degree of purification and high quality steel can be made, so long as gas absorption due to excessively high temperatures is avoided. This process is used extensively for making highly alloyed steel such as stainless, heat-resisting and high-speed steels.
Oxygen lancing is often used for removing carbon in the presence of chromium and enables scrap stainless steel to be used. The nitrogen content of steels made by the Bessemer and electric arc processes is about 0,01-0,25% compared with about 0,002-0,008% in open hearth steels.

Oxygen processes

The high nitrogen content of Bessemer steel is a disadvantage for certain cold forming applications and continental works have, in recent years, developed modified processes in which oxygen replaces air. In Austria the LID process (Linz-Donawitz) converts low phosphorus pig iron into steel by top blowing with an oxygen lance using a basic lined vessel (Fig. 2b). To avoid excessive heat scrap or ore is added. High quality steel is produced with low hydrogen and nitrogen (0,002%). A further modification of the process is to add lime powder to the oxygen jet (OLP process) when higher phosphorus pig is used.

By 1980, BCCI was reported to have assets of over $4 billion with over 150 branches in 46 countries. Bank of America was "bewildered"[8] with BCCI and reduced its holding in 1980, and the company came to be held by a number of groups, with ICIC owning 70%. By 1989, ICIC's shareholding was reduced to 11% with Abu Dhabi groups holding almost 40%, however large numbers of shares were held by BCCI nominees. It was very common for Middle Eastern elites to use nominees to hold their stock, as they did not want the public to know the details of their holdings.

BCCI expanded rapidly in the 1970s, pursuing asset growth over profits, seeking high net-worth individuals and regular large deposits. The company itself divided into BCCI Holdings with the bank under that split into BCCI SA (Luxembourg) and BCCI Overseas (Grand Cayman). BCCI also acquired parallel banks through acquisitions: buying the Banque de Commerce et Placements (BCP) of Geneva in 1976, and creating KIFCO (Kuwait International Finance Company), Credit & Finance Corporation Ltd, and a series of Cayman-based companies held together as ICIC (International Credit and Investment Company Overseas, International Credit and Commerce [Overseas], etc.). Overall, BCCI expanded from 19 branches in five countries in 1973 to 27 branches in 1974, to 108 branches in 1976, with assets growing from $200 million to $1.6 billion. This growth caused extensive underlying capital problems. By 1977, BCCI was in sufficiently dire financial straits that the Guardian later wrote that at this time that it was most likely insolvent.[7]. It was using cash from deposits to fund operating expenses, rather than making investments, taking on the attributes of a Ponzi scheme. Nevertheless BCCI continued to expand, moving into the African markets in 1979, and Asia in the early 1980s. They were among the first foreign banks awarded a license to operate in the Chinese Special Economic Zone Shenzhen. Some of China's largest state banks were depositors in BCCI's Shenzhen branch.
The internal structure of the bank was unusual. There was rigid compartmentalization; the 248 managers and general managers reported directly to Abedi and the CEO Swaleh Naqvi. It was structured in such a way that a single country didn't have overall regulatory supervision over it. Its two holding companies were based in Luxembourg and the Cayman Islands--two jurisdictions where banking regulation was notoriously weak. It was also not regulated by a country that had a central bank. On several occasions, the Office of the Comptroller of the Currency told the Fed in no uncertain terms that BCCI must not be allowed to buy any American bank because it was poorly regulated.

Parties to contract

Parties to contract

There is a difference between the insured and the policy owner (policy holder), although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the guarantee and he or she will be the person who will pay for the policy. The insured is a participant in the contract, but not necessarily a party to it.

The beneficiary receives policy proceeds upon the insured's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner may change the beneficiary unless the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary must agree to any beneficiary changes, policy assignments, or cash value borrowing.

In cases where the policy owner is not the insured (also referred to as the cestui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an "insurable interest" in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The "insurable interest" requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)).

Life insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump sums (so-called "paid up" insurance). There may be designs in some countries where: (Assets, Bills, and death expenses plus catering for after funeral expenses should be included in Policy Premium. Anyone whose assets equal more than the value of their primary residence should not be compensated beyond that value in case they cannot sell their house. In the case of those whose lost their spouse should be compensated also for one full year the wages of their spouse which would or should be included to avoid lawsuits.) However in the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.

Insured events that may be covered include:

* death
* accidental death
* sickness

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Microsoft Corporation (NASDAQ: MSFT) (SEHK: 4338), or often just MS,[4] is an American multinational computer technology corporation with 79,000 employees in 102 countries and global annual revenue of US $51.12 billion as of 2007.[2] It develops, manufactures, licenses, and supports a wide range of software products for computing devices.[5][3] Headquartered in Redmond, Washington, USA, its best selling products are the Microsoft Windows operating system and the Microsoft Office suite of productivity software. These products have prominent positions in the desktop computer market, with market share estimates as high as 90% or more as of 2003 for Microsoft Office and 2006 for Microsoft Windows. One of Bill Gates' key visions is "to get a workstation running our software onto every desk and eventually in every home".[6][7][8][9][10][11][12][13]
Founded to develop and sell BASIC interpreters for the Altair 8800, Microsoft rose to dominate the home computer operating system market with MS-DOS in the mid-1980s. The company released an initial public offering (IPO) in the stock market, which, due to the ensuing rise of the stock price, has made four billionaires and an estimated 12,000 millionaires from Microsoft employees.[14][15][16] Throughout its history the company has been the target of criticism for various reasons, including monopolistic business practices—both the U.S. Justice Department and the European Commission, among others, brought Microsoft to court for antitrust violations and software bundling.[17][18]
Microsoft has footholds in other markets besides operating systems and office suites, with assets such as the MSNBC cable television network, the MSN Internet portal, and the Microsoft Encarta multimedia encyclopedia. The company also markets both computer hardware products such as the Microsoft mouse and home entertainment products such as the Xbox, Xbox 360, Zune and MSN TV.[5] Known for what is generally described as a developer-centric business culture, Microsoft has historically given customer support over Usenet newsgroups and the World Wide Web, and awards Microsoft MVP status to volunteers who are deemed helpful in assisting the company's customers.[19][16] The company's official website is one of the most visited on the Internet, receiving more than 2.4 million unique page views per day according to Alexa.com, who ranked the site 18th amongst all websites for traffic rank on September 12, 2007.[20]