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Steel Producers

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  • China uses more than a billion tonnes of iron ore a year to make steel- 14 times the consumption of the United States- but Beijing's efforts to shift the economy to consumer-led growth means steel consumption is peaking faster than expected. "It's clear China can no longer consume all the iron ore that's out there, so something's got to give," said James Wilson, a...

  • NEW DELHI, July 2- For years Indian businesses have lobbied for a nationwide sales tax, hoping to replace a chaotic structure that inflates costs and halts their trucks at state borders for duty payments, and to unify the country into one of the world's largest single markets. India's top business groups are now calling for a slowdown in the process as they try to...

  • LAUNCESTON, Australia, July 1- "New normal" is a term coined about China's transition to slower but hopefully more sustainable economic growth, but it can be equally applied to many commodity markets. The big picture is that Australia is receiving less money for its commodity exports, with the value dropping 11 percent to A $174 billion in the 2014-15 fiscal year...

  • LONDON, June 30- Nickel tumbled to a six-year low on Tuesday and other metals also fell as speculators sold off on worries over excess supply, uncertainty in top metals consumer China and the Greek debt crisis. The CTAs are looking to run the metals down where they can, "said Robin Bhar, head of metals research at Societe Generale in London. "Things are very volatile...

  • BEIJING, June 29- Northern China's Hebei, the country's biggest steelmaking province, produced 16.11 million tonnes of the material in May, down 2.4 percent on the year, hit by weak underlying demand and a seasonal construction downturn. China's Ministry of Industry and Information Technology is about to release details of a plan to curb nationwide capacity by...

  • HOUSTON, June 26- Union workers at Exxon Mobil Corp's Beaumont, Texas, refinery agreed to an unusually long six-year contract on Thursday night, which sources say the company pushed to assure no work stoppages during a contemplated multibillion-dollar expansion. Members of United Steelworkers union Local 13 -243 voted by secret ballot on the contract offer,...

  • HOUSTON, June 26- Unionized workers at Exxon Mobil Corp's Beaumont, Texas, refinery agreed to an unusually long six-year contract on Thursday night, which sources say the company pushed to assure no work stoppages during a contemplated multibillion-dollar expansion. Members of United Steelworkers union Local 13 -243 voted by secret ballot on the contract...

  • "We now see little prospect of a sustainable nickel price or stainless stocking upturn ahead of the July/August holiday period," Citi said. But it is also symptomatic of a reassessment of the bullish supply story that has been bubbling away in the nickel market since Indonesia banned nickel ore exports at the start of 2014, at a stroke cutting the raw materials...

  • June 22- Steel Dynamics Inc forecast a drop in second-quarter adjusted profit, citing a fall in average selling prices due to steel imports staying higher than anticipated. The steelmaker said it expected adjusted earnings of 20- 24 cents per share for the current quarter, significantly less than the 31 cents per share it earned in the same period a year ago.

  • Steel Dynamics forecasts fall in quarterly profit Monday, 22 Jun 2015 | 7:53 AM ET

    The steelmaker said it expected adjusted earnings of 20- 24 cents per share for the current quarter, significantly less than the 31 cents per share it earned in the same period a year ago.

  • TOKYO, June 22- The Bank of Japan said it expects factory output to fall for the first time in three quarters in April-June on weak Asian demand, underscoring the fragile nature of the economic recovery. Industrial production rose 1.5 percent in January-March from the previous quarter, helping the world's third largest economy expand much faster than expected.

  • *Copenhagen stocks rise after Denmark election result. LONDON, June 19- European shares gained ground on Friday, boosted by a rise in French telecom stocks and at steelmaker Thyssenkrupp, although persistent concerns over Greece kept a lid on the overall progress. Thyssenkrupp also advanced 2.7 percent after Citigroup upgraded its rating on the stock to "buy"...

  • European shares advance, Greek concerns linger Friday, 19 Jun 2015 | 3:15 AM ET

    LONDON, June 19- European shares rose in early trading on Friday, buoyed by gains overnight in Wall Street and at steelmaker Thyssenkrupp, although persistent concerns over Greece kept a lid on the overall progress. Thyssenkrupp climbed 1.5 percent after Citigroup upgraded its rating on the stock to "buy" from "neutral". Richard Griffiths, associate director at...

  • MELBOURNE, June 19- London copper eased on Friday and was on track for a fifth weekly fall, with a seasonal ebb in Chinese demand expected to keep eroding prices. *The most-traded copper contract on the Shanghai Futures Exchange was flat at 41,910 yuan a tonne. *The United States said on Thursday it would not "paper over" differences between the United States and China...

  • June 18- Nucor Corp, the No. 1 U.S. steelmaker by market capitalization, forecast a fall in quarterly profit as cheaper steel imports continue to weigh on average selling prices of the metal. Imports accounted for about 32 percent of the finished steel market in the first five months of 2015, compared with about 26 percent in the same period last year, Nucor said on...

  • Nucor forecasts fall in quarterly profit Thursday, 18 Jun 2015 | 9:21 AM ET

    June 18- Nucor Corp, the No. 1 U.S. steelmaker by market capitalization, forecast a fall in quarterly profit, citing a drop in selling prices. The company said it expects earnings of 20- 25 cents per share for the current quarter. The company earned 46 cents per share for the second quarter last year.

  • SHANGHAI/ SINGAPORE, June 18- Some Chinese steelmakers are selling their output abroad at a loss, according to traders and a producer, as a group of global industry bodies urged governments to take action over rising shipments from China. China exports around 10 percent of its annual steel output from hundreds of steelmakers and it was unclear the quantity of...

  • LAUNCESTON, Australia, June 17- Something has to give in the Chinese steel sector, given the disconnect between record low steel prices and a recent strong rally in iron ore. While Dalian Commodity Exchange iron ore futures did drop on Tuesday, falling 1.4 percent to end at 442.5 yuan a tonne, the contract rallied 21 percent between its record low on April 10 this...

  • WILMINGTON, Del, June 15- The U.S. Supreme Court ruled on Monday that bankruptcy attorneys must bear the expense of defending their fees, which could make it harder for lawyers to get paid for their often-costly Chapter 11 work. Baker Botts was eventually awarded $117 million for its work, which was considered particularly successful because creditors were...

  • SHANGHAI, June 15- China stocks fell sharply on Monday, hit by a run of bad news over the weekend, including fresh tightening of margin financing and signs of stepped-up IPO issuance. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 2.1 percent, to 5,221.17, while the Shanghai Composite Index lost 2.0 percent, to 5,062.99 points.