Metals and Mining Steel Producers

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  • 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...

  • SAO PAULO/ BRASILIA, March 11- The board of Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA on Friday approved a 1 billion reais capital increase proposed by shareholder Nippon Steel& Sumitomo Metal Corp, a source with direct knowledge of the matter said. Three board members representing the other controlling shareholder, Italian-Argentinian...

  • FRANKFURT, March 11- The consortium of companies planning to build the Nord Stream 2 subsea pipeline to bring Russian gas to Europe said on Friday it has awarded steel pipe delivery contracts for 2,500 kilometers to three firms, completing a tender. Gazprom-led Nord Stream 2, due to open in 2019, should double the amount of gas directly shipped from Russia to...

  • BRASILIA, March 11- Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA said on Friday that shareholder Nippon Steel& Sumitomo Metal Corp was ready to inject up to 1 billion reais as part of a proposed capital increase. Usiminas' other controlling shareholder, Italy's Techint Group, has notified the company that it would buy up to 500 million reais in...

  • MELBOURNE, March 11- London copper rose on Friday, lifted by surprise stimulus from Europe's central bank, but was still facing its first weekly loss in four amid jitters over consumption growth in top metals user China. *Shanghai Futures Exchange copper trended down by 0.1 percent to 37380 yuan a tonne. *The euro held hefty gains in Asia on Friday after the European...

  • WASHINGTON, March 9- The European Union must maintain solid trade defences even if it decides to grant China market economy status, EU Trade Minister Cecilia Malmstrom said on Wednesday. Malmstrom told reporters in Washington that the discussion within the EU on China's trading status did not alter the need for China to deal with its excess steel production...

  • BEIJING, March 10- China's plan to close 100 million-150 million tonnes of poorly performing steel capacity in the next five years is unlikely to be enough to drag the stricken sector out of the doldrums, a parliamentary delegate and steel mill head told Reuters. But Zhang Wuzong, head of Shandong province's Shiheng Special Steel Group, said the targets laid out...

  • TOKYO, March 10- Japanese firms sitting on more than $3 trillion of cash are buying back their own shares at a record rate, while turning a deaf ear to calls from Prime Minister Shinzo Abe to step up spending on wages and investment to support the economy. Japan's largest companies are under pressure to boost meager returns for their investors, but the volume of cash...