Metals and Mining Steel Producers

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  • BRASILIA, March 31- Brazilian prosecutors charged Joseph Safra, ranked as the world's richest banker, in connection with an alleged scheme to pay bribes to government officials in return for waiving up to $500 million in corporate tax debts, the prosecutors' office said in a statement on Thursday. Safra, the majority owner of the Brazilian bank Banco Safra SA, was...

  • *China consider developing CDS market- sources. *More bond defaults being allowed in China, but cautiously. SHANGHAI, March 31- In a sign China is exploring ways to allow more bond defaults without destabilizing the market, a state body has circulated plans to introduce credit-default swaps and other derivatives, sources said, so investors can hedge risk in its...

  • BRASILIA, March 31- Brazilian prosecutors charged Joseph Safra, the world's richest banker, in connection with an alleged scheme to pay bribes to government officials in return for waiving $500 million in corporate tax debts, the prosecutors' office said in a statement on Thursday. Safra, the majority owner of the Brazilian bank Banco Safra SA, was not directly...

  • LONDON/ PORT TALBOT, Wales, March 31- Prime Minister David Cameron said there was no guarantee a buyer could be found for Britain's biggest steel producer after Tata Steel announced it was pulling out, and a state takeover was not the answer. Tata's biggest plant in Port Talbot, south Wales, is losing around $1.4 million a day as a result of depressed steel prices and...

  • *Comes at a time when China facing anti-dumping complaints. BEIJING/ SHANGHAI, March 31- China's top listed steelmaker Baosteel expects output this year to rise about 20 percent, even as the country steps up efforts to slash a huge overcapacity that has boosted cheap exports and caused some producers elsewhere to shut. "Of course China is the epicentre where...

  • LONDON, March 31- British Prime Minister David Cameron will hold an emergency meeting to tackle the crisis hitting the country's steel industry on Thursday after India's Tata Steel said it would pull out, putting thousands of jobs at risk. The move leaves 15,000 workers at plants including the country's largest steel works in Port Talbot, south Wales, facing an...

  • March 31- Japan plans a wave of new coal-fired power stations as the country's electricity retail market opens up from April 1, allowing new entrants to compete for a market of 85 million customers with sales of about $70 billion. In the biggest shakeup in the industry's history in Japan, regional utilities are losing their monopoly rights for the most lucrative...

  • BEIJING/ SHANGHAI, March 31- China's top listed steelmaker Baoshan Iron and Steel Co. Ltd expects its total output to rise about 20 percent in 2016, even as the country steps up efforts to slash a massive capacity glut amid a rise in anti-dumping complaints. Total steel capacity in China is estimated at around 1.2 billion tonnes and is expected to further...

  • SHANGHAI, March 31- China stocks held steady on Thursday morning after the previous session's 2 percent jump, as markets took comfort in the likely prospect that U.S. interest rates will rise at a slower pace. Federal Reserve Chair Janet Yellen's remarks earlier in the week that the United States should proceed cautiously as it looks to raise rates continued to...

  • SHANGHAI, March 31- China's top listed steelmaker Baoshan Iron and Steel Co. Ltd said its total output will rise about 20 percent in 2016, even as the government steps up efforts to cut capacity amid a rise in anti-dumping complaints. Total steel capacity in China is currently estimated at around 1.2 billion tonnes and that is expected to further increase this...

  • *Shedding UK could enable Tata Europe-Thyssenkrupp merger. Since the multi-billion-euro takeovers of Europe's Arcelor and Corus by Indian giants Mittal and Tata in 2006 and 2007, dealmaking in Europe's steel industry has been all but paralysed as cash-starved producers battled the global economic crisis and a slowdown in China that encouraged it to...

  • LONDON, March 30- British business minister Sajid Javid said he did not think that Tata Steel's British steel-making assets should be nationalised and there was more that the European Union could do to help the industry via import tariffs. Javid told BBC television that the steel industry had asked for higher import tariffs and the EU had responded.

  • BRITISH BUSINESS SECRETARY- THERE IS MORE THE EU CAN DO WITH IMPORT TARIFFS TO HELP BRITISH STEELMAKERS-BBC.

  • LONDON, March 30- The iron ore market has had a good first quarter. That speculative frenzy, fueled by massive trading activity on China's Dalian Exchange, has abated. China, the iron ore market's demand driver, lifted import volumes by 6.4 percent in the first two months of the year.

  • LONDON/ MUMBAI, March 30- India's Tata Steel is seeking to sell Britain's biggest steelmaking business, putting thousands of jobs at risk in an industry that once dominated Britain but has been brought low by falling prices, high costs and Chinese competition. After a marathon board meeting in Mumbai, Tata said it would draw a line under its almost decade-long...

  • MUMBAI, March 30- India's Tata Steel, Britain's largest steelmaker, put its entire UK business up for sale to stem heavy losses, a move that would draw a line under its almost decade-long foray into Britain's declining steel industry. After a marathon board meeting in Mumbai, the steel giant said the financial performance of its UK arm had deteriorated sharply in...

  • SHANGHAI/ HONG KONG, March 30- Yields on some short-term Chinese bonds stayed high on Wednesday after spiking in the previous session after steelmaker Dongbei Special Steel Group Co Ltd a missed payment on short-term commercial paper, the latest casualty of the country's prolonged industrial slowdown. Yields on Dongbei's bonds and some other AA-rated...

  • *UK arm's performance deteriorates sharply- Tata. MUMBAI, March 30- India's Tata Steel, Britain's largest steelmaker, is considering the sale of its entire UK business to stem heavy losses, a move that would draw a line under its almost decade-long foray into Britain's declining steel industry. Blaming high manufacturing costs, domestic market weakness and...

  • MUMBAI, March 30- India's Tata Steel, Britain's largest steelmaker, is considering the sale of its entire UK business to stem heavy losses, a move that would draw a line under its almost decade-long foray into Britain. After a marathon board meeting in Mumbai, the Indian steel giant said in a statement in the early hours of Wednesday that the financial performance...

  • *Dongbei Special Steel Group misses payment on short-term debt. SHANGHAI, March 29- Dongbei Special Steel Group Co Ltd, an unlisted steel manufacturer based in northeast China, has missed a payment on an 800 million yuan short-term note several days after the group's chairman was found dead in an apparent suicide. In a separate statement on Friday, Dongbei said...