South Africa's Afripalm Resources has signed an agreement with Steel Authority of India (SAIL) to build a steel mill in South Africa, according to a report in the Business Day newspaper.

The paper said the two companies would carry out a feasibility study for a R21 billion plant with a production capacity of between three to five million tonnes of steel a year.

Under the terms of the agreement, Afripalm will also establish a distribution business for SAIL’s products in South Africa, the paper said.

Business excellence in Canada was rewarded today with the announcement of Canada's 50 Best Managed Companies.

Established in 1993, Canada's 50 Best Managed Companies is the mark of excellence for Canadian-owned and managed companies with revenues over $10 million. They are not ranked in order, however.

The Best Managed program is the country’s leading business award, recognizing the efforts of the entire organization towards overall business performance and sustained growth, as well as financial performance.

Altair Engineering, a global provider of simulation technology and engineering services, today announced an expansion of its presence in Huntsville, Alabama, one of the major centres of aerospace research and development in the United States.

The new office, only a short distance from NASA's Marshall Space Center, will provide local aerospace engineers with free training courses on Altair’s HyperWorks computer-aided engineering tools, along with technical services support.

Industrial products supplier Affinia Group has relocated and expanded its west coast Global Brake & Chassis Distribution Center after continued growth in the western United States and Canada.

Distribution services have been moved from a 150,000-square-foot facility in Modesto, California to a new 390,000-square-foot facility in Patterson, California.

Royal Dutch Shell is receiving bids for stakes in four of its Nigerian oil fields, according to a report by Bloomberg.

Companies bidding include Essar, Afren and Perenco, said the report. Essar is bidding with Nigeria’s Energy Equity Resources, and French company Perenco has teamed up with Switzerland’s Addax & Oryx Group and Oando. The UK’s Heritage Oil is also said to be bidding alongside the Nigerian contractor Shoreline Energy International.

Private equity firms are also thought to have expressed interest in the stakes.

Low-cost gold producer Goldcorp today signed a collaboration agreement with local communities in northern Quebec regarding the development and operation of its Eléonore gold project.

The signing ceremony, involving the Cree Nation of Wemindji, the Grand Council of the Crees (Eeyou Istchee) and the Cree Regional Authority, took place in Wemindji, Quebec.

Chinese telecomms equipment maker Huawei has changed its mind about the controversial acquisition of US server manufacturer 3Leaf, after national security concerns had been raised in the US.

Huawei purchased intellectual property from 3Leaf in May 2010 for $2 million but the deal caused concern in the US government, as it had not been cleared through the Committee on Foreign Investment in the United States (CFIUS).

Huawei initially rejected the CFIUS's recommendation to voluntarily divest from acquisition, but has now had a change of heart.

UK drinks company Diageo has announced the acquisition of Turkish spirits firm Mey Icki Sanayi & Ticaret for £1.3 billion.

Mey is one of the largest alcohol producers in Turkey, controlling around 80 per cent of the market for the Turkish national drink, raki. It also controls around 65 per cent of the country’s vodka market.

The deal will give Diageo access to Mey’s extensive distribution network as well as its production facilities. The Istanbul-based company currently has 50,000 retail outlets across Turkey.

Global mining and oil & gas giant BHP Billiton announced $10.5 billion profits for the final six months of 2010, a 71.5 per cent increase on the previous year. Half yearly revenue rose 39 percent to $34.1 billion.