WASHINGTON, Oct 21- The U.S. Department of Commerce will terminate a 15- year-old deal sheltering Russian flat-rolled steel producers from high import duties, it said in a letter to Russian authorities. Duties will apply beginning Dec. 16, according to the letter from Ronald K. Lorentzen, the Commerce Department's deputy assistant secretary for enforcement and...» Read More
The headwinds faced by China's massive steel sector- falling profit margins and growing dependence on handouts- are shared by other key industrial and infrastructure-related sectors, including aluminium, cement and coal.
TORONTO, Sept 18- United States Steel Corp's Canadian unit had sought a wide ranging set of relief measures from the Ontario government before it filed for creditor protection in Canada earlier this week, according to a source familiar with the matter.
Sept 17- Nucor Corp shares rose to a six-year high on Wednesday after the steelmaker said it would report higher-than-expected third-quarter earnings. Nucor said it expected to post a third-quarter profit of 70 cents to 75 cents per share.
trading higher on Wednesday as the best performing of the 10 major S&P sectors heading into the midpoint of the session, led by gains in DuPont and Nucor Corp..
Nucor said on Monday it would buy Gallatin Steel, the U.S. joint venture between ArcelorMittal and Gerdau, for $770 million to expand into flat-rolled steel market in the growing pipe and tube business. In the current quarter ending Sept. 30, Nucor also expects to gain from write down of assets and high levels of imports due to downward pressure on pricing.
Shares of U.S. Steel are surging after the company announced its Canadian unit will go into creditor protection. CNBC's Sara Eisen has the details.
Sept 17- Steelmaker Nucor Corp said it expects higher third-quarter profit, citing a rise in profitability from some steel products. The company forecast third-quarter profit of 70- 75 cents per share. It posted a profit of 46 cents per share for the third quarter last year.
NEW YORK, Sept 17- Auxilium Pharmaceuticals shares surged in brisk premarket trading Wednesday, a day after receiving an unsolicited offer from Endo International. Analysts said the offer could complicate Auxilium's buyout of Canadian eye drug maker QLT Inc, whose U.S. shares were down 11.3 percent in light trading.
Sept 16- United States Steel Corp said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities. Steel Canada, formerly known as Stelco, accounts for about $1 billion of U.S.
BEIJING, Sept 17- Nearly four years after a massive state-run steel mill on the outskirts of Beijing was closed to help cut smog in the Chinese capital, little has been done to clean up the contaminated site.
HONG KONG, Sept 15- Shanghai shares eked out modest gains to end at their highest in more than 1-1/ 2 years on Monday, underpinned by prospects of further government stimulus to buttress a slowing economy. The CSI300 of the leading Shanghai and Shenzhen A-share listings ended down 0.1 percent. Inner Mongolia BaoTou Steel Union led gains among steel-makers.
SHANGHAI, Sept 13- China's power output, a bellwether for economic activity, posted its first annual decline in more than four years in August, adding to evidence that the world's second-largest economy is losing momentum after a brief rebound in the second quarter.
BEIJING, Sept 11- China's consumer inflation cooled more than expected in August, further evidence after a fall in imports that the economy is losing momentum, but giving policymakers room for more stimulus measures if needed.
LONDON, Sept 10- Copper prices rose on Wednesday but remained near a one-month low due to concerns about growth in top consumer China and a strong dollar, while nickel slipped as supply worries eased.
LONDON, Sept 10- Copper prices steadied on Wednesday near a one-month low, after hefty falls in the previous session, as the dollar's surge against a basket of currencies stabilized, while nickel slipped as supply worries eased.
MOSCOW, Sept 10- Russian indebted coal-to-steel group Mechel is considering selling its core assets and hopes to earn between $2 billion and $3 billion over two or three years, its chief executive Oleg Korzhov told Vedomosti newspaper.
LONDON, Sept 9- Nickel shed over 5 percent on Tuesday after worries faded about a squeeze on supply from the Philippines, and other metals were knocked by a robust dollar that hit a 14- month high. Three month nickel on the London Metal Exchange ended at $18,925 a tonne, down 5.04 percent and making for the biggest one day price fall since May 15.
LONDON, Sept 9- Nickel shed 2 percent on Tuesday after worries faded about a squeeze on supply from the Philippines and other metals were knocked by a robust dollar that hit a 14- month high. Three month nickel on the London Metal Exchange slipped 1.8 percent to $19,580 a tonne by 0951 GMT, having hit its highest since July 3 at $19,940 on Monday.
SYDNEY, Sept 9- London nickel slipped from near two-month highs on Tuesday as the dollar rose, sparking profit-taking across metals, but gains were underpinned by prospects of an ore export ban from the Philippines.
LONDON, Sept 8- Everyone knew this was going to be a difficult year in the iron ore market. Expansions by existing producers such as Rio Tinto and BHP Billiton and ramp-ups by newer players in Australia and West Africa were widely expected to generate a wall of supply in the sea-borne market.