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Business Materials and Metals

  • By Barbara Lewis and Dmitry Zhdannikov. LONDON, Feb 23- Commodities trader and miner Glencore reported an 18 percent rise in 2016 profit on Thursday, buoyed by a rebound in raw material prices, and said it had never been better-placed financially, signaling a readiness for small purchases or a special dividend payout. For the trading, or marketing division that...

  • MELBOURNE, Feb 23- London copper prices slipped on Thursday, as concerns about fresh regulations that could dampen China's property boom steepened a correction that began with improving prospects for a U.S. interest rate hike in March. China's Vice Housing Minister Lu Kehua told reporters on Thursday that preparatory work was now being done for a nationwide...

  • *Philippines is world's top nickel ore exporter. MANILA, Feb 23- The Philippines' environment minister on Thursday said President Rodrigo Duterte had backed her decision to ban mining in watershed areas at a meeting earlier this week, winning his support once more for her crackdown on the sector. Don't worry, you are my cabinet secretary and I also believe that...

  • SYDNEY, Feb 23- The first attempt at an acquisition by Australia's South32 following its spinoff from BHP Billiton has raised competition concerns over control of the local coking coal market. Australia's chief competition regulator on Thursday said it was concerned South32's proposed $200 million acquisition of Peabody Energy's Metropolitan colliery...

  • SYDNEY, Feb 23- The first attempt at an acquisition by Australia's South32 following its spinoff from BHP Billiton has raised competition concerns with regulators over control of the domestic coking coal market. Australia's chief competition regulator on Thursday said it was concerned South32's proposed $200 million acquisition of Peabody Energy's...

  • STAMFORD, Conn. _ Cenveo Inc. on Wednesday reported a loss of $241,000 in its fourth quarter. The Stamford, Connecticut- based company said it had a loss of 3 cents per share. Cenveo shares have dropped 9 percent since the beginning of the year.

  • PHILADELPHIA _ Chemtura Corp. on Wednesday reported fourth-quarter profit of $22 million. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share. Chemtura shares have dropped slightly since the beginning of the year.

  • CALGARY, Alberta, Feb 22- U.S. oil major Exxon Mobil Corp has revised down its proved crude reserves by 3.3 billion barrels of oil equivalent as a result of low oil prices throughout 2016, a company filing showed on Wednesday. The de-booking includes the entire 3.5 billion barrels of bitumen reserves at the Kearl oil sands project in northern Alberta, operated by...

  • BERWYN, Pa. _ Trinseo SA on Wednesday reported fourth-quarter profit of $78.5 million. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share. For the current quarter ending in April, Trinseo expects its per-share earnings to range from $2.19 to $2.37.

  • Workers of the Escondida copper mine block a road as they strike in Antofagasta, Chile, on February 20, 2017.

    Analysts say the company's decision to give up its right to replace striking workers at its Escondida mine puts the ball in the union's court.

  • KIEV, Feb 22- The Ukrainian central bank will take "anti-crisis measures" if a rail blockade in Ukraine's war-torn east continues, resulting in lost foreign exchange earnings, the head of the regulator told Reuters. On Monday, Ukraine's largest steel producer, Metinvest, said the blockade had forced it to halt production temporarily at one of its mills and several...

  • KIEV, Feb 22- The Ukrainian central bank will take "anti-crisis measures" if a rail blockade in Ukraine's war-torn east continues, resulting in lost foreign exchange earnings, the head of the regulator told Reuters. On Monday, Ukraine's largest steel producer, Metinvest, said the blockade had forced it to halt production temporarily at one of its mills and several...

  • TORONTO, Feb 22- Canada's main stock index fell on Wednesday, pulling back from a record high hit the day before, as lower commodity prices weighed on shares of energy and materials companies and domestic retail sales fell the most in nine months. At 11:03 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index fell 43.87 points, or 0.28 percent, to 15,878.50.

  • LEVERKUSEN, Germany, Feb 22- German drugs and pesticides maker Bayer forecast a year without earnings growth for its agricultural products business on Wednesday, as it seeks to complete its $66 billion deal to take over U.S. seeds giant Monsanto. The shares were down 1.8 percent at 106.95 euros at 1319 GMT, reversing gains made over the last three trading sessions...

  • BEIJING, Feb 22- China will ratchet up planned steel production cuts and target illegal factories in an effort to reduce pollution during the winter, an official said on Wednesday. Steel producing cities in China's Hebei province must also cut production in half during the winter season and seasonal production halts on cement and casting industries in the...

  • SAO PAULO/ ESSEN, Feb 22- Thyssenkrupp AG has struck a deal to sell its loss-making Brazilian steel mill CSA to Ternium SA for 1.26 billion euros, ending a foray into the Americas that led to billions of euros in losses. Including debt, the deal announced by the two companies late on Tuesday gives CSA, the largest foreign investment project ever in Brazil, an...

  • NORTHFIELD, Ill. _ Stepan Co. on Wednesday reported fourth-quarter profit of $8.4 million. On a per-share basis, the Northfield, Illinois- based company said it had net income of 36 cents. Stepan Co. shares have decreased 3 percent since the beginning of the year.

  • LAUNCESTON, Australia, Feb 22- Something is not quite adding up in China's iron and steel markets, with the reasons for the current rally in prices for both commodities jarring uncomfortably with actual data. Iron ore futures on the Dalian Commodity Exchange on Tuesday hit the highest since the contract was launched in 2013, reaching an intraday peak of 741.5...

  • SAO PAULO, Feb 22- Brazil's Braskem SA is trimming investments this year as it winds down spending on a new plant in Mexico and cuts back strategic new projects after a bribery settlement hammered earnings last year, according to a Wednesday securities filing. Latin America's largest petrochemical company plans to invest 1.814 billion reais in 2017, down from...

  • *Freeport may take Indonesia to arbitration on Grasberg. A higher U.S. currency makes dollar-denominated metals such as copper more expensive for non-U.S. firms, potentially weakening demand, although nervousness over supplies from top producers Chile and Indonesia are expected to support it. "It's all about the disruptions in Chile and Indonesia, but we...

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