Metals and Mining Steel Producers

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  • HONG KONG, March 24- Bohai Steel Group's 2017 bonds held steady on Thursday, after bouncing from lows following reports the Chinese state-owned steelmaker was planning to restructure $29.61 billion in debt. China's steelmakers are in the eye of a storm as Beijing moves to slim down bloated industries, including steel and coal, to make the economy more efficient...

  • SAO PAULO, March 23- Brazilian steelmaker CSN and the Brazil unit of ArcelorMittal are preparing to increase the price of flat steel in April, two distributors said on Wednesday, after rival Usiminas announced a 10 percent price rise.

  • LAUNCESTON, Australia, March 23-- The improved sentiment surrounding the outlook for China's demand for natural resources is being reflected by rising imports for some major commodities, but as usual it pays to be wary when interpreting the numbers. Taken at face value this lends support to the view that China is heading for a better spring season after a gloomy...

  • *China to cut capacity in coal, steel, nonferrous metals, cement. BEIJING, March 23- China's campaign to slim down its bloated industries could be derailed by more than $1.5 trillion of debt in its steel, coal, cement and non-ferrous metal sectors, which threatens to overwhelm local banks. The debt figures, revealed in papers submitted to China's parliament this...

  • SHANGHAI, March 21- The European Union's call to step up measures on imports of Chinese steel products will not solve the problems facing the global steel industry but will affect the international trade order, China's Commerce Ministry said on Monday. The European Commission announced plans on March 16 to speed up trade defense cases against cheap imports...

  • SHANGHAI, March 21- Bohai Steel Group Co Ltd, a steelmaker based in northeast China, may be unable to make full repayment on 192 billion yuan of debt, the online financial magazine Caixin reported. The city government of Tianjin, which owns the firm, has set up a committee of creditors to help resolve the problem, Caixin said on Saturday. Creditors include the Tianjin...

  • SHANGHAI, March 21- Bohai Steel Group Co Ltd, a steelmaker based in northeast China, may be unable to make full repayment on 192 billion yuan of debt, the online financial magazine Caixin reported. The city government of Tianjin, which owns the firm, has set up a committee of creditors to help resolve the problem, Caixin said on Saturday. Creditors include the Tianjin...

  • March 18- United States Steel Corp said it would idle plants and lay off workers in Alabama, Ohio and Texas as it tries to keep a lid on costs to tackle a steep fall in steel prices. The company said the layoffs could impact 650 union and 120 non-union workers at Fairfield Tubular in Alabama, Lone Star Tubular in Texas and Lorain in Ohio, along with its Oilwell Services...

  • SAO PAULO, March 18- The board of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA decided on Friday to call a shareholder meeting on April 18 to discuss a 1 billion-real capital increase proposed by Japan's Nippon Steel& Sumitomo Corp, two sources with knowledge of the decision said. The Brazilian company's controlling shareholders, Nippon Steel...

  • action@ SAO PAULO, March 18- The Brazilian real strengthened on Friday on hopes that a change in government could lay the groundwork for an economic recovery, even after the central bank announced it would reduce its support for the currency. Brazil's lower house launched on Thursday impeachment proceedings against leftist President Dilma Rousseff by...

  • STOCKHOLM, March 18- In a country where family-run business spheres dominate the landscape, Fredrik Lundberg, often referred to as Sweden's Warren Buffett, is tackling bigger rivals on several fronts. A new centre dedicated to Sweden's Nobel Prize is planned near his company's headquarters on one of Stockholm's Baltic promenades, with funding from the...

  • NEW DELHI, March 17- India imposed quality standards on steel products sold in the country on Thursday, but delayed bringing auto-grade steel imported by car makers under the ambit of the new order by six months. Indian car makers import about 1 million tonnes of high-tensile steel annually, mainly from Japan and South Korea, and had sought an extension to avoid...

  • NEW DELHI, March 17- India imposed quality standards on steel products sold in the country on Thursday, but delayed bringing auto-grade steel imported by car makers under the ambit of the new order by six months. Indian car makers import about 1 million tonnes of high-tensile steel annually, mainly from Japan and South Korea, and had sought an extension to avoid...

  • *Rio Tinto CEO Sam Walsh to retire July 1. SYDNEY, March 17- Rio Tinto has named its copper and coal division head, Jean-Sébastien Jacques, as its chief executive, replacing veteran Sam Walsh and marking a shift for the Anglo-Australian mining major that has long focused on iron ore. The 44- year old Jacques, praised by analysts for running tough assignments such as...

  • JOHANNESBURG, March 16- ArcelorMittal South Africa will increase the prices of its steel products from April as it tries to stabilize the business amid rising input costs and after heavy losses due to competition from cheap imports, it said on Wednesday. South Africa last year slapped a 10 percent tariff on imported steel and ArcelorMittal, which had been hurt...

  • *EU may shore up trade defences if China gets market status. BRUSSELS, March 15- China has persuaded the European Commission to cut estimates of its spare steel capacity, EU documents seen by Reuters suggest, raising concerns in Europe that Brussels may be weakening its stand against cheap Chinese imports. "The figures were revised after China challenged our data,"...

  • *EU may shore up trade defences if China gets market status. BRUSSELS, March 15- China has persuaded the European Commission to cut estimates of its spare steel capacity, EU documents seen by Reuters show, raising concerns in Europe that Brussels may be weakening its hand against cheap Chinese imports. "The figures were revised after China challenged our data," the...

  • NEW DELHI, March 15- India's trade deficit narrowed in February to its lowest since Sept. 2013 as exports contracted at a slower pace, with demand remaining weak from Europe, the country's biggest market. Cheaper Chinese exports have undercut India's engineering exports, which constitute around a quarter of total goods exports. Merchandise exports, equivalent...

  • March 14- Iron ore producer Cliffs Natural Resources Inc's bondholders are suing the company over a bond exchange offer in January that was prompted by falling commodity prices, and aimed at reducing the company's debt. The plaintiffs allege that Cliffs only favored larger bondholders to participate in the offering, while reducing the value of notes of...

  • *Jan core orders +15.0 pct m/m vs forecast +3.0 pct. TOKYO, March 14- Japan's core machinery orders jumped in January, inflated by large orders from the steel industry, but economists say excluding this factor orders were probably flat from the previous month. "Excluding orders from the steel industry, machinery orders were likely flat compared to the previous...