Business Materials and Metals

  • FRANKFURT, April 29- Thyssenkrupp's powerful labour chief warned its leaders not to go ahead with steel merger talks without consulting its works council first, saying steelworkers were ready to fight for their future. Segerath said he did not believe concrete talks were happening yet, and demanded that Chief Executive Heinrich Hiesinger explain to the...

  • TORONTO, April 29- Canada's main stock index rose on Friday as mining and energy stocks firmed on higher commodity prices, while shares of its largest airline jumped after quarterly results were reported. The most influential movers on the index included Barrick Gold Inc, which rose 5.1 percent to C $23.15, and First Quantum Minerals Ltd, which advanced 13.5...

  • LONDON, April 29- Gold and silver prices rallied to their highest since January last year on Friday as the Bank of Japan's decision the previous day to hold off expanding monetary stimulus weighed on stock markets and the dollar. Spot gold was up 1.4 percent at $1,283.20 an ounce at 1400 GMT, having reached a 15- month high of $1,286.36. "All the precious metals are up...

  • Rusal, which last year was overtaken by China's Hongqiao as the world's biggest aluminium producer, has been hit by weak prices for the metal. However, limited restarts of smelters in China were helping the market, it said. Rusal's first-quarter sales rose 2.7 percent on the same period last year to 957,000 tonnes and included 39,000 tonnes produced in a trial run...

  • Rusal, which last year was overtaken by China's Hongqiao as the world's biggest aluminium producer, has been hit by weak prices for the metal. However, limited restarts of smelters in China were helping the market, it said. Rusal's first-quarter sales rose 2.7 percent on the same period last year to 957,000 tonnes and included 39,000 tonnes produced in a trial run...

  • SHANGHAI/ MANILA, April 29- China's Baosteel Group said on Friday that accusations by U.S. Steel Corp against the company, including that it had stolen commercial secrets, were groundless and vowed to protect its legal rights. China's second-biggest steelmaker and the world's fourth is the first Chinese steel producer to respond to U.S. Steel, which launched a...

  • SYDNEY, April 29- Five years ago floods linked to a La Nina weather pattern nearly brought Australia's coal industry to a standstill. Over several months in late 2010 and early 2011, during the last La Nina event, around 85 percent of Australia's coal mines across a region bigger than Texas either had to restrict output or close as record rains fell.

  • SHANGHAI, April 29- China's Baosteel Group said on Friday that three accusations by U.S. Steel Corp against the company, including that it had stolen commercial secrets, were groundless and not based on facts. "In particular, the charges claiming that Baosteel stole commercial secrets from U.S. U.S. Steel Corp on Tuesday launched a campaign to prevent imports from...

  • *Comes despite China's efforts to control speculative trading. MANILA/ SHANGHAI, April 29- Commodity futures linked to China's vast steel sector rebounded sharply on Friday, led by iron ore and rebar, as robust construction demand spurred buying even as the country's regulator ordered exchanges to rein in speculative trading. Big bets on Chinese commodities...

  • *Prices tumble as Asia takes Colombian cargoes. SINGAPORE/ SEOUL, April 29- Australian thermal coal prices for delivery in June have dropped to 10- year lows as Colombian miners start sending large volumes into Asia for the first time, adding cargoes to an already oversupplied market. In thermal coal markets, by contrast, an unusual new trade route has opened as low...

  • *Comes despite China's efforts to control speculative trading. MANILA/ SHANGHAI, April 29- Commodity futures linked to China's vast steel sector rebounded sharply on Friday, led by iron ore and rebar, as robust construction demand spurred buying even as the country's regulator ordered exchanges to rein in speculative trading. In response, the exchanges in...

  • April 29- Russia's Rusal Plc reported a 1.7- percent rise in first quarter aluminium production from a year earlier and said there were signs metal prices were improving thanks to global output cuts. Rusal, which slipped last year to world No.2 aluminium producer behind China's Hongqiao, has been hit by a slump in metal prices, but said production cuts outside...

  • TORONTO, April 28- Canada's Goldcorp Inc on Thursday said its computer network had been compromised and the gold mining company was working to determine the scope and impact of the data breach. Vancouver- based Goldcorp's internal security team and independent technology security firms are gathering facts and informing affected employees, but Chief...

  • TORONTO, April 28- Canada's Goldcorp Inc confirmed on Thursday that its computer network had been "compromised" and the gold mining company was working to determine the scope and impact of the data breach. Vancouver- based Goldcorp's internal security team is working with independent technology security firms to gather facts and inform affected employees,...

  • LONDON, April 28- Anglo American has agreed to sell its niobium and phosphates businesses in Brazil to China Molybdenum for $1.5 billion in cash, it said on Thursday, as it seeks to cut debt in a radical restructuring of the global mining group. Anglo American shares rose more than 8 percent, outperforming the sector as analysts said the price was higher than...

  • LIMA, April 28- Southern Copper Corp's net profit dropped 34.5 percent to $185.1 million, or $0.24 per share, in the first quarter on slumping metal prices, the company said Thursday. The Phoenix, Arizona- based company said it produced 24.8 percent more copper in the first quarter compared with the same quarter in 2015 thanks to its expansion at its Buenavista mine...

  • *Cuts 2016 EPS to 60- 80 cents from 90 cents- $1.20/ share. *Sees Q2 EPS 15- 25 cents vs estimate of 27 cents. Near term, cutting the dividend may be the best option, although Potash should weigh alternatives, such as selling stakes in other fertilizer companies, said Ryan Bushell, portfolio manager at Leon Frazer& Associates, which owns shares.

  • BERLIN, April 28- The European Union should take a tough stance in dealing with China in a dispute over low steel prices, German Economy Minister Sigmar Gabriel said on Thursday. "China can't get market economy status if China does not stick to the rules of a market economy," he said, adding that those who do not respect the rules of free trade could not be guaranteed...

  • LONDON, April 28- Copper prices slipped on Thursday as the market waited for confirmation of stronger demand in top consumer China, while a lower dollar helped to limit losses. Benchmark copper on the London Metal Exchange was down 0.2 percent at $4,893 a tonne at 1020 GMT. "Markets are waiting to see if there is a basis for the recent rally," said Danske Bank analyst...

  • Potash prices have fallen sharply over the past year due to overcapacity, declining farm income and weak currencies in major consumers such as India and Brazil. The company cut its 2016 earnings forecast to 60 cents- 80 cents per share from 90 cents- $1.20 per share. The company's net earnings fell to $75 million, or 9 cents per share, in the three months ended March 31,...

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