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Metals and Mining Steel Producers

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  • SHANGHAI/ SYDNEY, Aug 13- Two massive explosions at the Chinese port of Tianjin that ripped through parts of the terminal have hit iron ore import operations, as well as disrupting oil tanker arrivals and departures at this gateway to northeast China. Reuters shipping data showed there were more than two dozen tankers in the Tianjin port region, either waiting to...

  • UPDATE 4-Elevators, steel drive ThyssenKrupp profit beat Thursday, 13 Aug 2015 | 12:31 PM ET

    FRANKFURT, Aug 13- German industrial group ThyssenKrupp beat forecasts with a jump in third-quarter profit driven by its elevators and European steel businesses as well as cost cuts. The result bore out the Essen- based company's shift in focus from steelmaking to higher margin industrial equipment, and was helped by streamlining and restructuring that saw...

  • *Early evidence of China steel firms jumping on devaluation. LONDON/ FRANKFURT/ VIENNA, Aug 13- Increasingly unfair competition from cheap Chinese exports is a concern for European steel companies, Europe's steel industry body Eurofer said on Thursday, after Chinese steel producers cut export prices. Chinese steel makers cut prices in response to Beijing's...

  • SHANGHAI/ SYDNEY, Aug 13- Two massive explosions at the Chinese port of Tianjin that ripped through parts of the terminal have hit iron ore import operations, as well as disrupting oil tanker arrivals and depatures at this gateway to for northeast China. Reuters shipping data showed there were more than two dozen tankers in the Tianjin port region, either waiting...

  • *China tries to calm global markets after yuan devaluation. BEIJING/ SHANGHAI, Aug 13- China's central bank said on Thursday there was no reason for the yuan to fall further given the country's strong economic fundamentals, in a bid to reassure jittery global markets after it devalued the currency earlier in the week. China's decision to devalue the currency on...

  • BEIJING, Aug 13- China's central bank has stopped "regularly" intervening in the foreign exchange market but could still conduct "effective management" of the yuan in cases of extreme volatility, its vice governor said, as policymakers tried to stem selling this week. The People's Bank of China stunned global markets on Tuesday by suddenly allowing the currency...

  • How will the yuan devaluation impact industry? Thursday, 13 Aug 2015 | 1:30 AM ET
    How will the yuan devaluation impact industry?

    Guido Kerkhoff, CFO of Thyssenkrupp, discusses how China's decision to devalue its currency may affect steelmakers and industrialists.

  • BEIJING, Aug 13- China's central bank has stopped "regularly" intervening in the foreign exchange market but allowed it could still conduct "effective management" of the yuan in cases of extreme volatility, bank officials said on Thursday. People's Bank of China Vice-governor Yi Gang, who also runs the State Administration of Foreign Exchange, was asked at a news...

  • LAUNCESTON, Australia, Aug 13- The sudden depreciation of the yuan will have flow-on effects in commodity markets, but reducing China's demand for imports is unlikely to be one of them. The depreciation was more steep in international markets, where the yuan lost about 4.8 percent of its value as investors feared China was starting a sustained depreciation,...

  • MUMBAI/ NEW DELHI, Aug 13- It took two months of courting, dozens of negotiators and final talks that ran into the early hours, but the western Indian state of Maharashtra secured its prize: a $5 billion investment commitment from iPhone maker Foxconn. The 5- year deal, announced last weekend, is a reminder of the pulling power of India's wealthiest states- even as the...

  • United Steelworkers union president Leo Gerard said: " Washington has been asleep at the switch in dealing with China" and called for action against " China's predatory practices" before more U.S. jobs were lost. That state's Republican and Democratic senators both criticized China's devaluation and linked it to the Trans Pacific Partnership trade talks, even...

  • Brazil's Gerdau considers potential asset sales Wednesday, 12 Aug 2015 | 1:44 PM ET

    SAO PAULO, Aug 12- Brazilian steelmaker Gerdau SA is re-evaluating the profitability of its joint ventures for potential future asset sales, Chief Executive Andre Gerdau Johannpeter told analysts in a conference call on Wednesday.

  • *Some firms have cut prices by $5- $10/ T for rebar, billet-sources. SHANGHAI/ MANILA, Aug 12- Chinese steel producers have already cut export prices in response to a lower yuan, industry sources said, providing some of the first evidence of how Beijing's devaluation will help companies in the world's second-biggest economy boost sales. A private mill in China's top...

  • *Steel mills may pick up production ahead of curbs in Beijing. Growth in China's factory output, fixed-asset investment and retail sales were all weaker than expected in July, adding pressure on Beijing to roll out more measures to support the struggling economy. But Beijing will shut factories to ensure clean air from Aug. 20 to Sept. 3 during events to mark the...

  • China's July steel output falls 4.6 pct on year Wednesday, 12 Aug 2015 | 1:41 AM ET

    SHANGHAI, Aug 12- Chinese crude steel output fell 4.6 percent to 65.84 million tonnes in July from a year ago, government data showed on Wednesday.

  • Nikkei falls after China weakens yuan for second day Tuesday, 11 Aug 2015 | 11:03 PM ET

    *China- related shares sold the most. TOKYO, Aug 12- Japanese share prices slid on Tuesday after the Chinese central bank lowered the yuan for a second day, fanning more worries of slowing growth in China. The Tokyo Stock Exchange's steelmaker industry subindex fell 2.8 percent, with JFE Holdings falling 4.7 percent and Nippon Steel& Sumitomo Metal dropping 2.8...

  • LAUNCESTON, Australia, Aug 11- China's imports of major commodities are holding up well, according to market consensus, but that in itself is quite concerning for the overall state of the world's second-biggest economy. The fact commodity imports haven't weakened does allow some of the more alarmist views of China's economy to be discounted.

  • *China's devaluation triggers knee-jerk profit-taking. *China- related shares outperform, steelmakers top gainer. TOKYO, Aug 11- Japan's Nikkei share average edged down on Tuesday, erasing its earlier rise to near its 18 1/ 2- year high hit earlier this year, as investors took profits after the Chinese central bank devalued the yuan.

  • *China- linked stocks hit after July PPI, exports data. Companies with heavy exposure to China such as steelmakers and some trading houses also came under pressure after Beijing released disappointing trade data at the weekend. "The market is digesting the weekend data from U.S. and China.

  • SYDNEY, Aug 6- Global miner Rio Tinto on Thursday posted sharply lower first-half profits on sliding metal prices and pledged $1 billion in cost cuts this year. Miners have been among the worst performers on London's FTSE index of blue-chip companies so far this year, hit by oversupply and slowing growth in major consumer China. The FTSE 350 mining index has...