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Materials and Metals Metals and Mining

  • Oct 11- Metals company Alcoa Inc, weeks away from splitting into two, on Tuesday reported a quarterly profit that missed estimates and lowered its revenue forecast for the unit serving the auto and aerospace sectors, sending shares down 10 percent. "We are performing well despite the low pricing environment... demanding conditions on the commodity side as well as...

  • Oct 11- Metals company Alcoa Inc on Tuesday reported higher quarterly profit due to cost-cutting and lower tax provisions, but results missed expectations and its stock sank 10 percent. "We are performing well despite the low pricing environment... demanding conditions on the commodity side as well as aero industry teething problems," Alcoa Chief Executive...

  • TORONTO, Oct 11- Canada's main stock index moved slightly higher on Tuesday, helped by strong gains for energy shares catching up to higher oil prices while gold miners weighed with cheaper bullion. At 10:06 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index had gained 12.36 points, or 0.08 percent, to 14,578.62. The energy group climbed 1.1 percent,...

  • CAJAMARCA, Colombia, Oct 11- Gold mining companies have invested hundreds of millions of dollars but not extracted a gram. Whether or not President Juan Manuel Santos can salvage a peace deal with Marxist rebels that was rejected by voters on Oct. 2, legal roadblocks and high taxes are a major deterrent for companies looking to invest in Colombia.

  • Oct 11- Metals company Alcoa Inc on Tuesday reported higher quarterly profit due to cost-cutting and lower tax provisions, but the results missed expectations and sent its stock sank nearly 10 percent. "We are performing well despite the low pricing environment... demanding conditions on the commodity side as well as aero industry teething problems," Alcoa Chief...

  • Alcoa CEO: Have to work through teething problems

    Klaus Kleinfeld, Alcoa CEO, discusses his company's earnings reports and the upcoming split of its aerospace and automotive business from the traditional aluminum divisions.

  • The New York- based company reported third-quarter net profit of $166 million, or 33 cents per share, up from $44 million, or 6 cents a year earlier. Analysts, on average, expected earnings per share for the quarter of 35 cents. In premarket trading, Alcoa shares were trading at $29.88, down more than 5 percent from Monday's official closing price of $31.51.

  • LONDON, Oct 11- Global steel demand will rise by a meagre 0.2 percent this year, according to the World Steel Association. The improvement is all about China, where production and demand have been lifted by the government's latest stimulus package, another push of the infrastructure and construction buttons. Stainless steel production rebounded strongly in...

  • MELBOURNE, Oct 11- London copper was steady on Tuesday as optimism U.S. presidential candidate Hilary Clinton was pulling ahead in the polls fed risk-appetite on Wall Street, eclipsing concerns over the strength of Chinese metals demand. *Three-month copper on the London Metal Exchange was little changed at $4,850 a tonne by 0138 GMT, close to Monday's $4,860-...

  • DAKAR, Oct 10- Mining giant Rio Tinto said on Monday that the International Finance Corporation, a partner in its $20 billion Simandou iron ore project in Guinea, is selling its 4.6 percent stake. Rio has a 46.6 percent stake in the project; China's Chinalco has 41.3 percent and the Guinea government has 7.5 percent. The West African country is counting on the...

  • LIMA, Oct 10- One of Peru's top copper and zinc mines, Antamina, will likely double its zinc output to between 340,000 tonnes and 360,000 tonnes next year to take advantage of an expected rise in prices, the mine's general manager said on Monday. BHP Billiton and Glencore Plc each own 33.75 percent stakes in Antamina. Chahuan said the open-pit operation in Peru's...

  • *Funds, producers looking to sell zinc at $2,400/ T. LONDON, Oct 10- Zinc prices rose on Monday boosted by expectations of shortages due to mine closures, but analysts say the metal is still easily available and further gains could be limited. Many zinc mines have been shut or mothballed over the past couple of years, but prices did not really take off until this year...

  • *Funds, producers looking to sell zinc at $2,400/ T. LONDON, Oct 10- Zinc prices rose on Monday boosted by expectations of shortages due to mine closures, but analysts say the metal is still easily available and further gains could be limited. Many zinc mines have been shut or mothballed over the past couple of years, but prices did not really take off until this year...

  • PHILIPPINE MINISTER SAYS ENVIRONMENTAL PERMIT OF NICKEL MINER WILL BE CANCELLED AS CRACKDOWN CONTINUES.

  • *Manila has already suspended a quarter of its 41 mines. MANILA, Oct 10- The Philippines will cancel the environmental permit of a nickel miner that began operations this year, a minister said, as the government intensifies a campaign to punish mineral producers harming natural resources. The issue with the mine is it sits between Mount Hamiguitan, a UNESCO World...

  • The news poured cold water on prices that had rallied after a rash of nickel mine suspensions in the Philippines on environmental grounds threatened supply to top user China's vast stainless steel industry. "Nickel finds itself in a situation where two key producers- Indonesia and Philippines- are both in the midst of revaluating their export policies,"...

  • MELBOURNE, Oct 10- London nickel rose on Monday as Chinese markets returned after a week long break and traders bought the metal, which fell last week when Indonesian officials said they were considering reinstating nickel ore exports. *Three-month nickel on the London metal Exchange climbed 1 percent to $10,300 a tonne. *Shanghai Futures Exchange nickel fell...

  • BEIJING, Oct 9- China's Commerce Ministry has expressed concern and regret after the European Union set provisional import duties on two types of Chinese steel coming into the bloc, calling its investigation methods "unfair". China, the source of 50 percent of the world's steel and the largest steel consumer, has said the problem is a global one.

  • SAO PAULO, Oct 7- The division between the two controlling shareholders of Usinas Siderúrgicas de Minas Gerais SA risks destroying the Brazilian flat steelmaker, a senior executive at minority shareholder and rival Cia Siderúrgica Nacional SA said on Friday. The business relationship between controlling shareholders Nippon Steel& Sumitomo Metal Corp...

  • Futures Now: Not so precious week for metals

    The "Futures Now" team discusses the gold and silver markets with CNBC's Jackie DeAngelis.