Metals and Mining Steel Producers

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  • MILAN, Feb 5- European equities were steady on Friday as a rise in the shares of major banks and industrial companies offset a fall in stocks such as defense group Finmeccanica and steelmaker ArcelorMittal. Data on Friday showed that U.S. non-farm payrolls increased by 151,000 jobs last month and the unemployment rate was at 4.9 percent, the lowest since...

  • LONDON, Feb 5- Zinc is the stand-out amid the general industrial metals gloom right now. It helps that big mines such as Century in Australia and Lisheen in Ireland have just reached the end of their natural lives. Now a new, largely unexpected, ingredient has been thrown into the supply mix in the form of Horsehead Holding's shuttering of its zinc plant in North...

  • Arcelormittal in troubled waters Friday, 5 Feb 2016 | 6:30 AM ET
    Arcelormittal in troubled waters

    The company aims to raise $3b to reduce 15.7b in net debt

  • BRUSSELS, Feb 5- ArcelorMittal, the world's largest steelmaker, launched plans on Friday for a $3 billion share issue to help reduce debt and cut costs, having been hit by a plunge in steel prices which it blamed on a surge in cheap exports from China. The company, twice the size of its nearest rival, reported that its core profit dropped by 32 percent last year to $5.2...

  • BRUSSELS, Feb 5- The European Union's top trade official has urged China to take measures to curb overcapacity of its steel industry and warned it that it will open three new anti-dumping investigations this month on steel imports from China. The call comes as the European Union begins a debate into whether to relax trade defences against China as Beijing...

  • MILAN, Feb 5- European shares were little changed in choppy trade on Friday with investors reluctant to take up big positions before a key U.S. jobs report that could provide clues on the Federal Reserve's monetary policy outlook. "With the focus on the jobs report in the U.S., we don't expect a very dynamic market today in Europe," Johannes Mayr, head of economic...

  • BRUSSELS, Feb 5- ArcelorMittal, the world's largest steelmaker, launched plans on Friday to raise $3 billion from a share issue to reduce debt, as it continues to suffer from the Chinese industry's overcapacity which it says has driven down world prices. Chief Executive Lakshmi Mittal said that 2015 had been a very difficult year for the steel and mining...

  • TOKYO, Feb 5- Plunging commodity prices are expected to drive losses of around $13 billion on assets held by Japanese trading houses, oil refineries and steelmakers in the current financial year, dealing another blow to a government push to reignite growth. The expected total losses of about 1.54 trillion yen break down to roughly 760 billion yen for oil...

  • MILAN, Feb 5- European shares opened slightly higher on Friday although investors remained cautious before a key U.S. jobs report that could provide clues on the Federal Reserve's monetary policy outlook. BNP Paribas was among the top gainers, up 4 percent, after France's biggest bank presented plans to cut investment banking costs in a bid to bolster...

  • World's largest steelmaker in troubled waters Friday, 5 Feb 2016 | 2:59 AM ET

    ArcelorMittal launched plans to raise $3 billion in fresh capital in a bid to reduce debt in the face of weak steel and mining sectors.

  • LUXEMBOURG— The world's largest steel producer, ArcelorMittal, says it hopes to raise $3 billion in fresh capital and sell a minority stake in automotive engineering company Gestamp to reduce its debt, amid a troubled outlook for the global industry. CEO Lakshmi Mittal said Friday the Luxembourg- based company hopes to reduce net debt to less than $12 billion.

  • *China, HK market head into Chinese Spring Festival. SHANGHAI, Feb 5- China stocks dipped on Friday morning with participants taking the view that government moves to raise investment ceilings for overseas investors won't lead to an immediate surge in foreign buying of Chinese equities. China unveiled new rules on Thursday that would allow investors under the...

  • *Coming Up: U.S. Factory orders Dec at 1500 GMT. MELBOURNE, Feb 4- London copper rose for second day to the most in a month as a falling U.S. dollar spurred interest in commodities, including oil, that prompted investors shorting the market to close their positions ahead of the Lunar New Year holiday. China's copper imports surged by 18 percent in December and reached...

  • Some 50 million tonnes of excess steel capacity was shut last year in China, which produces about half the world's 1.6 billion tonnes of steel, and whose major steelmakers lost 53.1 billion yuan from January to November.. China steel rebar prices have gained 1.7 percent this year to 1,826 yuan a tonne following the cutbacks. Outside China, another 20 millions...

  • NEW DELHI/ MANILA, Feb 3- State-run Indian company KIOCL is considering building an iron ore pellet complex in Iran at a cost of about $59 million and is in talks to sell more than 2 million tonnes of the steelmaking raw material to the Gulf country now free from trade sanctions. Companies such as KIOCL and aluminium maker NALCO, which is considering setting up a $2...

  • LONDON, Feb 3- The crisis in the British steel industry risks becoming a "death spiral", according to Angela Eagle, business spokeswoman for the country's opposition Labour Party. Of the top 10 national producers only one, India, raised production last year, according to the World Steel Association. In Europe, debate is raging about whether to grant China market...

  • China's investments were now focused on fixing weak points and structural adjustments, including infrastructure in the central and western regions, education and healthcare sectors, he said. Xu also said that China's basic infrastructure investment growth increased 15 percent last year. Beijing's attempts to curb overcapacity will increase...

  • LONDON, Feb 1- The U.S. economy eked out anemic growth in the final three months of 2015, and the struggling performance of the oil and gas sector was a major contributor to the slowdown. Real gross domestic product rose at an annualized rate of 0.7 percent in the fourth quarter, down from 2.0 percent in the third and 3.9 percent in the second, the Bureau of Economic...

  • *To rationalise production in Europe and Brazil. The restructuring announced on Monday includes the closure of two rolling mills in France, one threading line in Germany and a heat treatment line in Scotland, leading to the loss of about 1,000 jobs on top of previously announced cuts. "Our plan significantly adjusts our industrial footprint in Europe to address...

  • SHANGHAI, Feb 1- Activity in China's manufacturing sector contracted at its fastest pace in almost three-and-a-half years in January, missing market expectations, an official survey showed on Monday. "In the meantime, China has started an aggressive capacity reduction in many sectors, which could add downward pressure on the bulk commodity prices over time."