Metals and Mining Steel Producers

  • President Barack Obama will urge leaders of the world's major economies to use fiscal policy and other tools to boost growth while paying more attention to angry citizens who feel left behind, Treasury Secretary Jack Lew said on Wednesday. The United States will also call for the Group of 20 leading economies to keep their steel industries from getting so big...

  • SHANGHAI, Aug 31- Baoshan Iron& Steel, China's top listed steelmaker, expects the country's apparent consumption of crude steel to drop to 680 million tonnes this year from 698 million in 2015, Dai Zhihao, its general manager, told an online briefing. Dai said Baosteel's parent company, China's No. 2 steel producer- the Shanghai- based Baosteel Group, would cut 12.20...

  • *Inner Mongolia to shutter about 2.9 mln T of steel capacity. LONDON, Aug 26- Zinc hit its highest levels in 15 months on Friday as bearish speculators scrambled to close out positions, though some investors doubted that the hefty gains were entirely justified. LME zinc rallied to its highest since May 2015 at $2,327.50 a tonne before retreating to $2,321 by 1000...

  • MELBOURNE, Aug 26- London zinc touched its highest in 15 months on Friday as fresh shutdowns in China's steel sector added to mine supply concerns to ignite a short-covering rally. China plans to cut steel production by 2.91 million tonnes this year in inner Mongolia, a government official said, according to state media. As China steel mills shutter, steel prices...

  • BEIJING, Aug 26- China and the United States are still in frequent discussion about a bilateral trade pact, despite a challenging global trade environment, a Chinese commerce official said on Thursday. The United States- China's second-largest trade partner after the European Union- has imposed anti-dumping and countervailing duties on Chinese products and...

  • MELBOURNE, Aug 26- London zinc rallied to its highest in 15 months on Friday as fresh shutdowns in China's steel sector added to mine supply concerns to ignite a short-covering rally. China plans to cut steel production by 2.91 million tonnes this year in inner Mongolia, an industry group reported on its website on Friday. As China steel mills shutter, steel prices...

  • SAO PAULO, Aug 24- Nippon Steel and Sumitomo Metal Corp is working on a plan to split Usinas Siderúrgicas de Minas Gerais SA into two separate units, in a last ditch attempt to end a two-year battle with Techint Group for control of the Brazilian steelmaker, two people familiar with the matter said on Wednesday. Techint Group, the other controlling shareholder of...

  • BEIJING, Aug 24- China's northern Hebei, which accounts for a quarter of China's steel output, is lagging far behind in its plan to reduce steel and iron producing capacity, data released by the provincial state planner showed on Wednesday. The disappointing data from the Hebei Development and Reform Commission showed the difficulties that China faces trying...

  • CAPE TOWN, Aug 23- ArcelorMittal's South African business and the country's government have agreed a new pricing model aimed at bolstering the domestic steel sector and reviving the economy. The company was fined a record 1.5 billion rand on Monday for setting prices at the level consumers would have to pay for imported steel, but Trade and Industry Minister...

  • LAUNCESTON, Australia, Aug 22- A year ago it's likely you would have got better odds that Fortescue Metals Group and Bluescope Steel would go under rather than double profits, given the dire outlook for both iron ore and steel products at that time. Of course, both Fortescue, Australia's third-biggest iron ore miner, and Bluescope, the nation's most valuable steel...

  • Bluescope Results

    Bluescope Steel MD and CEO Paul O'Malley says a broad-based cost reduction program drove the company's profitability.

  • Call of the day: Steel stocks

    The "FMHR" traders and Rob Sechan, UBS Private Wealth Management, discuss KeyBanc's bearish downgrades of steel stocks.

  • *China's steel sector debt estimated at $500 billion. LONDON, Aug 18- Debt in the world's top 30 steel companies totals a record $150 billion, international accountancy firm EY said on Thursday, adding governments' action to support the sector would work only if matched with more radical industry restructuring. The debt of the top 30 companies is dwarfed by...

  • Total onshore issuance was 2.9 trillion yuan in July, the People's Bank of China data showed, 700 billion yuan less than in June. Corporate non-financial bond issuance rose 78.8 billion yuan to 716.9 billion yuan while municipal bond issuance fell sharply by 632.8 billion yuan to 395.5 billion yuan. Recent controversies surrounding repeated defaults by...

  • SAO PAULO, Aug 16- The Mexican peso continued to strengthen on Tuesday, reaching its highest in more than three months, despite comments from an influential Federal Reserve policymaker who said U.S. interest rates could rise as soon as next month. The peso had hit an over three-month high of 17.9010 per U.S. dollar during the session, but pared gains after William...

  • SHANGHAI, Aug 16- Sinosteel, the troubled Chinese steelmaker which became one of the first state-owned firms to encounter bond repayment problems in 2015, is in the final stages of completing a debt-to-equity swap plan, online financial magazine Caixin reported on Tuesday. The plan has been submitted to the State Council, China's cabinet, for approval and will...

  • SAO PAULO, Aug 15- Brazil's steelmaker Companhia Siderúrgica Nacional posted a second-quarter loss of 43 million reais, missing an analyst consensus for a profit of 38 million reais. Earnings before interest, tax, debt and amortization, a measure of operating profitability known as EBITDA, came in at 576 million reais, below a consensus estimate of 842 million...

  • Aug 12- China's average daily crude steel output fell in July from a record, government data showed on Friday, providing some respite to overseas rivals angered by a torrent of cheap steel from Chinese mills in the past year. The decline partly reflects China's efforts to address a chronic glut. In the months ahead, further capacity cuts, mostly via stricter...

  • Aug 12- China's average daily crude steel output fell in July from a record, government data showed on Friday, providing some respite to overseas rivals angered by a torrent of cheap steel from Chinese mills in the past year. Daily output averaged 2.15 million tonnes last month after a surprise increase to an all-time high of 2.32 million tonnes in June, according...

  • Aug 12- China's average daily crude steel fell in July from a record high in the previous month, government data showed on Friday, as Beijing's environmental clampdown curbed production in the world's top steel producer. Tougher environmental inspections of mills across China, including in the major producing city of Tangshan, had led to some closures, as...