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Metals and Mining Steel Producers

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  • Shares in the South African division of ArcelorMittal slumped 23 percent in Johannesburg to a 13- year low of 9.01 rand after the news. ArcelorMittal said in a statement that trading conditions had continued to worsen since it started reviewing its long steel business in July, adding that higher South African import duties would only bring relief over the...

  • ArcelorMittal said in a statement that trading conditions have continued to worsen since it started reviewing its long steel business in July, adding that the higher import duty will only bring relief over the medium to long term. ArcelorMittal said it had started discussions with unions about the closure of two mills, cutting as many as 400 jobs, at its plant in...

  • So the last week was spent riding the wave of volatility and now people are starting to have a deeper think about what the fall in China really means for Japan. " "Weak demand from China is expected to continue to weigh on Japan's production going forward so China worries may persist," said Masaru Hamasaki, head of market& investment information department at Amundi...

  • Steelworkers plan to form a "practice picket line" on Tuesday at ArcelorMittal Minorca in Virginia, Minnesota. "People are a bit anxious now because it's coming down to the wire," said Harold Anderson, an ArcelorMittal electrician who has worked in the 310- employee Minorca taconite plant in Virginia for nearly eight years. Steel and ArcelorMittal— the world's...

  • German car makers are reviewing how many vehicles to send to China or the U.S., and U.S. dealers say they expect to get more Mercedes, Audi and BMW sport utility vehicles to sell as a result. Most global automakers have significant manufacturing operations in China they want to keep running. Before the market declines and the currency devaluation, demand for SUVs...

  • BRACKENRIDGE, Pa.— The United Steelworkers union planned to six rallies for workers locked out of Allegheny Technologies Inc. plants in western Pennsylvania and five other states. Industry analysts say that's a precursor to a tax on employee health plans that's set to take effect in 2018 under the Affordable Care Act championed by President Barack Obama.

  • TOKYO, Aug 27- Japan's Nikkei share average extended the previous day's gains on Thursday after a strong rebound on Wall Street and continued calm in Chinese markets eased investors' fears of a prolonged global market rout. North America and Europe are doing just fine and that's what really drives things as far as Japan is concerned--the shopping malls of rich...

  • SAO PAULO, Aug 26- While many of Brazil's largest companies have grown savvy about hedging their debt against big currency swings, an increasing number could feel the heat from the real's plunge to a more than 12- year low due to poor planning and rising debt, bankers said. Debt refinancing and hedging costs are rapidly rising as Brazil's economy falls into...

  • COLUMN-Worried about China? Ask a metals trader: Andy Home Wednesday, 26 Aug 2015 | 10:36 AM ET

    LONDON, Aug 26- Everyone's worried about China. But while the rest of the world seems shocked that all is not as it should be in the industrial powerhouse that is China, metal traders have been grappling all year with the implications of a Chinese slowdown. Right now sentiment is king across all markets with fear and panic breeding more fear and panic, but industrial...

  • VIENNA, Aug 26- Austrian high-end steel maker Voestalpine might not stick to its plan to start building a specialised steel plant in China this year but still wants to expand there in the long term, its chief executive told Reuters in an interview. Voestalpine has been relatively shielded from the slump in Chinese markets and cheaper Chinese steel exports as it...

  • --Clyde Russell is a Reuters columnist. The scaling back of BHP's China steel forecast leaves Sam Walsh, the chief executive of rival Rio Tinto, as one of the last holdouts for a peak above 1 billion tonnes. Walsh is starting to cut a lonely figure when it comes to China's peak steel, with the market consensus increasingly swinging behind the view of the China Iron&...

  • MELBOURNE, Aug 25- BHP Billiton promised to keep its dividends even as it reported its worst underlying profit in a decade on Tuesday, hurt by plunging iron ore, copper, coal and oil prices. BHP and its peers have been hit after they hiked output of iron ore, copper and coal just as demand growth slowed in China, the top global metals consumer, and have been slashing costs...

  • Nikkei tumbles 4 percent after wild day of trading Tuesday, 25 Aug 2015 | 2:49 AM ET

    TOKYO, Aug 25- Japanese stocks fell for a sixth consecutive day on Tuesday in a volatile session that saw indexes seesaw between losses and gains before retreating late in the session on worries about China's slowing economy. The benchmark index opened down 2 percent, clawed its way back into the black by lunch and then fell sharply again in afternoon as...

  • TOKYO, Aug 25- Japan's Nikkei share average dropped sharply in extremely volatile conditions in late afternoon trade, pressured by European investors' selling as the market is still haunted by fears of a hard-landing in China. This risk has now come to the forefront, "Rie Shigekawa, portfolio manager at Fidelity Worldwide Investment in Japan.

  • TOKYO, Aug 25- Japan's Nikkei share average changed course in extremely volatile trading and rose on Tuesday morning after solid U.S. stock futures eased concerns a global stock rout rooted in China worries would continue. At the outset, after shares plunged in New York, the Nikkei touched a fresh six-month low. The selloff in risk assets gathered pace, with U.S....

  • SHANGHAI, Aug 24- Baoshan Iron& Steel, China's biggest listed steel company, reported a modest increase in first-half profit on Monday, citing easing demand in its domestic market. China's steel sector is grappling with chronic overcapacity, tougher environmental measures and an economic slowdown that is hitting demand for industrial metals.

  • LONDON, Aug 24- Copper prices tumbled to six-year lows on Monday alongside Shanghai equities on growing nervousness about economic activity and demand prospects in top industrial metals consumer China. The metal used in power and constriction was at $4,897 a tonne at 1121 GMT from $5,055 at Friday's close. The perception that the Chinese government can...

  • *Iron ore miners hit hard by economic slowdown in China. SYDNEY, Aug 24- Australia's Fortescue Metals Group on Monday said annual profit dropped nearly 90 percent to $316 million, the latest iron ore miner to report sharply lower earnings on weak prices for the steel-making ingredient as China's economy slows. At 0036 GMT, Fortescue was 7 percent lower at A $1.78.

  • Drawing new price tags, "said retired farmer Daulet Ishimbayev who supplements his pension by selling fruit and vegetables in a makeshift kiosk in an Almaty suburb. Heaps of melons from Uzbekistan and crates with Kyrgyz grapes contrasted with modest-looking tomatoes and cucumbers from southern Kazakhstan, the only local produce on sale.

  • *China flash PMI shrinks at fastest pace in nearly 6-1/ 2 years. *China refined nickel imports nearly double in July. LONDON, Aug 21- Copper tumbled on Friday, heading for a seventh consecutive weekly loss, as poor factory data in China sparked alarm in global markets and fanned fears of a slide in metals consumption in the world's top copper buyer.