Business Materials and Metals

  • *EU has 7 ongoing investigations into China steel imports. BRUSSELS, June 22- China's failure to curb its steel output could prompt the European Union to consider new trade sanctions against Beijing, the European Commission said on Wednesday, joining U.S. calls for over-capacity to be dealt with swiftly. In an EU document aimed at framing the bloc's China policy...

  • WASHINGTON, June 22- The U.S. International Trade Commission said on Wednesday it had found that imports of cold-rolled steel flat products from China are injuring U.S. producers, paving the way for the institution of final trade duty orders. The Commerce Department had previously slapped Chinese steelmakers with import duties of 522 percent on the products,...

  • WASHINGTON, June 22- A U.S. program meant to encourage coal mining on federal land is open to industry abuse and costs taxpayers billions of dollars in lost revenue every year, a White House study to be released on Wednesday concluded. Roughly 40 percent of U.S. coal comes from federal land and taxpayers are being short changed on those sales due to lax oversight and...

  • CHICAGO, June 22- Dupont and Bayer AG have teamed up to invest in a new fund that will back agricultural technology startups, becoming the latest companies to pile into the multibillion-dollar industry as farm profits shrink. The two chemical and seed companies along with venture capital firm Finistere Ventures and two others have launched a $15 million...

  • TORONTO, June 21- Canada's main stocks edged lower on Tuesday as losses for gold ahead of a vote by Britain on its European Union membership weighed on mining stocks, offsetting gains for financial and energy stocks. Spot gold fell 1.9 percent as U.S. and European shares rose amid receding expectations that Britain could vote to leave the European Union in...

  • BETHUNE, Saskatchewan, June 21- German fertilizer and salt producer K&S AG will adjust potash production from its new Canadian mine according to price and demand, and will not necessarily maximize output during the industry's worst slump in nearly a decade, Chief Financial Officer Burkhard Lohr said on Tuesday. The fifth-largest global potash producer,...

  • NEW DELHI, June 21- India's cash-rich state coal, power and oil firms will jointly invest nearly $3 billion to revive three mothballed fertilizer plants, a government official said on Tuesday, as the country aims to increase local production of crop nutrients and cut imports. India produced 24.5 million tonnes of urea in the financial year ended March 2016, but...

  • BERLIN, June 21- Germany's coalition government agreed to ban fracking for shale gas indefinitely on Tuesday, after years of fractious talks over the issue, but environmental groups said the ban did not go far enough and vowed to fight the deal. If the law is approved by parliament, Germany will follow France, which has banned fracking, whereas Britain allows it...

  • BERLIN, June 21- Germany's coalition government agreed to ban fracking for shale gas indefinitely on Tuesday, after years of fractious talks over the issue, but environmental groups said the ban did not go far enough and vowed to fight the deal. If the law is approved by parliament, Germany will follow France, which has banned fracking, whereas Britain allows it...

  • BERLIN, June 21- Germany's coalition government agreed to ban fracking for shale gas indefinitely on Tuesday, after years of fractious talks over the issue, but environmental groups said the ban did not go far enough and vowed to fight the deal. If the law is approved by parliament, Germany will follow France, which has banned fracking, whereas Britain allows it...

  • BERLIN, June 21- Germany's coalition government agreed to ban fracking for shale gas indefinitely on Tuesday, after years of fractious talks over the issue, but environmental groups said the ban did not go far enough and vowed to fight the deal. If the law is approved by parliament, Germany will follow France, which has banned fracking, whereas Britain allows it...

  • TORONTO, June 21- Canada's main stock index slipped on Tuesday as lower commodity prices weighed on energy and mining stocks, while industrials also fell after one of the country's major railways said it expected revenue to decline due to lower volumes and a major wildfire. At 10:35 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index was down 29.61...

  • By James Regan and Barbara Lewis. SYDNEY/ LONDON, June 21- Rio Tinto replaced the head of its main profit-making iron ore division in a reshuffle by new Chief Executive Jean-Sebastien Jacques, who will run the mining giant from the start of July with a focus on the lowest costs in the business. "A big departure, but not a great surprise given that Andrew must have been...

  • NEW YORK, June 21- Global demand for palladium in automobiles will rise nearly 3 percent to a record in 2016 on growing Chinese demand for small cars and as lower oil prices have spurred U.S. sales of light trucks, CPM Group said on Tuesday. But demand for platinum in automobiles will be flat, the market research firm said in a report. "The Volkswagen diesel vehicle...

  • SYDNEY, June 21- Rio Tinto on Tuesday replaced the head of its iron ore division, its biggest profit maker, as part of a sweeping management reshuffle by incoming Chief Executive Jean-Sebastien Jacques, who takes over next week. However, investors were relieved that another possible contender for the top job, chief financial officer Chris Lynch, would stay on in...

  • LONDON, June 21- European shares steadied on Tuesday after a sharp rally in the previous session, although commodities-related stocks came under pressure following a drop in mining and energy shares. Britain's commodity-heavy FTSE 100 index dropped 0.2 percent after a fall in the prices of industrial metals, with copper slipping 0.5 percent on concerns...

  • SYDNEY, June 21- Rio Tinto on Tuesday replaced the head of its iron ore division, its biggest profit maker, as part of a sweeping management reshuffle by new Chief Executive Jean-Sebastien Jacques, who will take over the reins next week. Iron ore division head Andrew Harding- once tipped as a contender to lead the company- will leave Rio as of July 1, the company said in a...

  • CHICAGO, June 20- The U.S. Department of Justice has opposed a plan by coal producer Alpha Natural Resources to sell valuable assets to its creditors, which it said puts significant mine cleanups at risk, according to a court filing on Monday. The government does not plan to approve the transfer of any federal lease or contract unless cleanups are assured, the...

  • SAO PAULO, June 20- Brazilian mining company Samarco Mineração SA and owners Vale SA and BHP Billiton Plc have hired banks to sound out creditors on a potential renegotiation of $3.8 billion in debt, after a deadly dam spill led to the shutdown of a key mine, a source with direct knowledge of the plan said on Monday. Bloomberg News first reported the hiring of the...

  • SAO PAULO, June 20- Brazilian mining company Samarco Mineração SA and owners Vale SA and BHP Billiton Plc have hired banks to sound out creditors on a potential renegotiation of $3.8 billion in debt, after a deadly dam spill led to the shutdown of a key mine, a source with direct knowledge of the plan said on Monday. Bloomberg News first reported the hiring of the...

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