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Steel Producers

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  • MELBOURNE, April 30- London nickel rallied 3 percent on Thursday, echoing gains in Shanghai, as buyers rushed into the contract on pent up supply worries, forcing a flurry of short-covering ahead of a long weekend. London nickel has defied long held expectations of a deficit, slumping to six-year lows mid-month, as China's vast stainless steel industry has bought...

  • Universal Stainless posts 1Q profit Wednesday, 29 Apr 2015 | 7:21 AM ET

    BRIDGEVILLE, Pa. _ Universal Stainless& Alloy Products Inc. on Wednesday reported first-quarter net income of $125,000, after reporting a loss in the same period a year earlier. The Bridgeville, Pennsylvania- based company said it had profit of 2 cents per share. Keywords: Universal Stainless& Alloy Products, Earnings Report.

  • Don't buy U.S. Steel: Trader   Tuesday, 28 Apr 2015 | 5:30 PM ET
    Don't buy U.S. Steel: Trader

    "Fast Money" trader Brian Kelly thinks investors should get out of U.S. Steel after the company cut its 2015 guidance.

  • U.S. Steel reports 1Q loss Tuesday, 28 Apr 2015 | 4:39 PM ET

    PITTSBURGH _ United States Steel Corp. on Tuesday reported a first-quarter loss of $75 million, after reporting a profit in the same period a year earlier. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share. Eight analysts surveyed by Zacks expected $3.5 billion.

  • AK Steel reports 1Q loss Tuesday, 28 Apr 2015 | 8:39 AM ET

    WEST CHESTER, Ohio— AK Steel Holding Corp. on Tuesday reported a loss of $306.3 million in its first quarter. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 24 cents per share. Seven analysts surveyed by Zacks expected $1.79 billion.

  • LONDON, April 28- A jump in stainless steel output in top producer China drove global production to another record high last year, outstripping demand growth and weighing on prices, an industry report showed on Tuesday. China, which produces about half the world's stainless steel, saw output jump 14 percent year-on-year to 21.7 million tonnes, while the Americas...

  • LAUNCESTON, Australia, April 28- China's import volumes of iron ore and coking coal are looking increasingly disconnected despite the price of both steel-making ingredients tumbling. Chinese iron ore miners are struggling to compete with imports in the wake of collapse in the spot Asian price from above $190 a tonne in February 2011 to a record low of $46.70 on...

  • HOUSTON, April 27- The United Steelworkers union filed a charge with the U.S. National Labor Relations Board against Lyondell Basell Industries for declaring an impasse in negotiations with striking Houston refinery workers, the union said on Monday. Lyondell declared the impasse on April 14 following the rejection of its "last, best and final" contract offer...

  • MOSCOW, April 27- Russian steelmaker Severstal said on Monday its chief executive, Alexey Mordashov, would step down from his position and seek election as chairman of the company's board of directors. Mordashov, who joined Severstal 27 years ago and is estimated by Forbes to have a net worth of $13 billion, said he was stepping down to focus on other business...

  • MELBOURNE, April 27- London nickel extended gains by two percent to hit a one-month high on Monday, fanning a rally in Shanghai on prospects a looming deficit this year will cut feed used by China's stainless steel makers. *Three-month copper on the London Metal Exchange firmed by 0.3 percent to $6,047 a tonne, while the most traded June contract on the Shanghai...

  • Big China steel thrives, stoking export fears Sunday, 26 Apr 2015 | 12:01 AM ET

    SHANGHAI, April 26- Plunging iron ore prices are providing a lifeline for some of China's biggest steel mills, but raising the prospect of a rising tide of exports and increased friction with the European Union and countries such as India. That doesn't bode well for struggling steelmakers elsewhere in the world, which have been hoping for a shake-out of the...

  • PITTSBURGH— A man scammed a South Korean steel company out of $375,000 by claiming he worked with a Japanese talent agency that could help the company book a concert by musician Pharrell Williams, FBI agents in Pennsylvania said. At least one woman lost $185,000 from December 2013 to August 2014 in the scam, the FBI said. The 28- year-old Segbefia used a company he...

  • Steelmaker Nucor's profit falls 39 pct Thursday, 23 Apr 2015 | 9:27 AM ET

    April 23- Nucor Corp, the No. 1 U.S. steelmaker by market value, reported a 39 percent drop in quarterly profit, hurt by lower selling prices. Net income attributable to Nucor fell to $67.8 mln, or 21 cents per share, in the first quarter ended April 4, from $111.0 million, or 35 cents per share, a year earlier. Net sales fell nearly 14 percent to $4.40 billion.

  • HELSINKI, April 23- Shares in Outokumpu tumbled on Thursday after the stainless steel manufacturer cut its sales forecast for its Americas operation because of exports from Asia and weak demand from distributors. However, Outokumpu said it has been hit by increasing steel imports from Asia into the Americas while demand from regional distributors has been...

  • MOSCOW, April 23- Russian steelmaker Severstal reported on Thursday its highest core earnings margin in the first quarter of 2015, helped by a weakened rouble which lowered costs and increased profitability. Severstal, Russia's second largest steel producer, and other exporters have benefited from a 50- percent decline in the rouble against the dollar...

  • Russia's Severstal reports Q1 net profit of $343 mln Thursday, 23 Apr 2015 | 2:08 AM ET

    MOSCOW, April 23- Russian steelmaker Severstal reported on Thursday net profit of $343 million for the first three months of this year, up from a net loss of $795 million in the previous quarter. The company, Russia's second largest steel producer, said revenue fell 18.5 percent quarter-on-quarter to $1.5 billion. Severstal said steel demand so far this year had...

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, April 23- While it's well-known that markets can have irrational short-term moves, the 4 percent jump in Asian spot iron ore on Wednesday must be a more extreme case. Spot iron ore jumped to $52.90 a tonne from $50.80 on April 20, continuing its rally from the record low of $46.70 reached on April 2.

  • *Says units cost now under $20/ t. "It is probably more a symbolic posturing position by BHP, but it also likely signals the bottom of the iron ore market, given this action is being taken by one of the lowest cost producers," said Mark Pervan, head of commodities for ANZ Bank. Spot iron ore prices have fallen 60 percent over the past year following a massive rise in...

  • MELBOURNE, April 22- London copper was little changed near four-week lows on Wednesday as persistently weak consumer demand from China offset concerns over lower-than-expected mine supply. *Three-month copper on the London Metal Exchange was trading flat at $5,943 a tonne by 1206 GMT, curbing losses from the previous session when it edged to a four-day...

  • *Banks to lend $100 bln for "technological renovation" in Hebei. BEIJING, April 22- Days before Beijing cut bank reserve requirements to boost lending to China's slowing economy, officials in Hebei province met with dozens of banks and steel mills to find financing to revive local industry and tackle chronic environmental problems. "Hebei is enjoying favorable...