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Metals and Mining Steel Producers

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  • MOSCOW, April 27- Russian steelmaker Severstal said on Monday its chief executive, Alexey Mordashov, would step down from his position and seek election as chairman of the company's board of directors. Mordashov, who joined Severstal 27 years ago and is estimated by Forbes to have a net worth of $13 billion, said he was stepping down to focus on other business...

  • MELBOURNE, April 27- London nickel extended gains by two percent to hit a one-month high on Monday, fanning a rally in Shanghai on prospects a looming deficit this year will cut feed used by China's stainless steel makers. *Three-month copper on the London Metal Exchange firmed by 0.3 percent to $6,047 a tonne, while the most traded June contract on the Shanghai...

  • Big China steel thrives, stoking export fears Sunday, 26 Apr 2015 | 12:01 AM ET

    SHANGHAI, April 26- Plunging iron ore prices are providing a lifeline for some of China's biggest steel mills, but raising the prospect of a rising tide of exports and increased friction with the European Union and countries such as India. That doesn't bode well for struggling steelmakers elsewhere in the world, which have been hoping for a shake-out of the...

  • Steelmaker Nucor's profit falls 39 pct Thursday, 23 Apr 2015 | 9:27 AM ET

    April 23- Nucor Corp, the No. 1 U.S. steelmaker by market value, reported a 39 percent drop in quarterly profit, hurt by lower selling prices. Net income attributable to Nucor fell to $67.8 mln, or 21 cents per share, in the first quarter ended April 4, from $111.0 million, or 35 cents per share, a year earlier. Net sales fell nearly 14 percent to $4.40 billion.

  • HELSINKI, April 23- Shares in Outokumpu tumbled on Thursday after the stainless steel manufacturer cut its sales forecast for its Americas operation because of exports from Asia and weak demand from distributors. However, Outokumpu said it has been hit by increasing steel imports from Asia into the Americas while demand from regional distributors has been...

  • MOSCOW, April 23- Russian steelmaker Severstal reported on Thursday its highest core earnings margin in the first quarter of 2015, helped by a weakened rouble which lowered costs and increased profitability. Severstal, Russia's second largest steel producer, and other exporters have benefited from a 50- percent decline in the rouble against the dollar...

  • Russia's Severstal reports Q1 net profit of $343 mln Thursday, 23 Apr 2015 | 2:08 AM ET

    MOSCOW, April 23- Russian steelmaker Severstal reported on Thursday net profit of $343 million for the first three months of this year, up from a net loss of $795 million in the previous quarter. The company, Russia's second largest steel producer, said revenue fell 18.5 percent quarter-on-quarter to $1.5 billion. Severstal said steel demand so far this year had...

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, April 23- While it's well-known that markets can have irrational short-term moves, the 4 percent jump in Asian spot iron ore on Wednesday must be a more extreme case. Spot iron ore jumped to $52.90 a tonne from $50.80 on April 20, continuing its rally from the record low of $46.70 reached on April 2.

  • *Says units cost now under $20/ t. "It is probably more a symbolic posturing position by BHP, but it also likely signals the bottom of the iron ore market, given this action is being taken by one of the lowest cost producers," said Mark Pervan, head of commodities for ANZ Bank. Spot iron ore prices have fallen 60 percent over the past year following a massive rise in...

  • MELBOURNE, April 22- London copper was little changed near four-week lows on Wednesday as persistently weak consumer demand from China offset concerns over lower-than-expected mine supply. *Three-month copper on the London Metal Exchange was trading flat at $5,943 a tonne by 1206 GMT, curbing losses from the previous session when it edged to a four-day...

  • *Banks to lend $100 bln for "technological renovation" in Hebei. BEIJING, April 22- Days before Beijing cut bank reserve requirements to boost lending to China's slowing economy, officials in Hebei province met with dozens of banks and steel mills to find financing to revive local industry and tackle chronic environmental problems. "Hebei is enjoying favorable...

  • SYDNEY/ MELBOURNE, April 21- Rio Tinto on Tuesday missed first quarter analyst forecasts for iron ore shipments due to bad weather and transport delays, but maintained its full year production target in a bearish sign for prices already at 10- year lows. Iron ore shipments rose 9 percent to 72.5 million tonnes, still less than it mined, following a cyclone and a...

  • These iron ore players face metal fatigue: Goldman Sunday, 19 Apr 2015 | 8:43 PM ET
    Bars of pig iron sit on the dockside ahead of export at the Port of Mariupol, one of Ukraine's biggest commercial sea ports, in Mariupol, Ukraine.

    Iron ore's price plunge is likely to start claiming corporate casualties among the industry's smaller players, Goldman Sachs said.

  • Russia's Raspadskaya Q1 coal output down 16 pct q/q Thursday, 16 Apr 2015 | 2:23 AM ET

    MOSCOW, April 16- Russian coking coal miner Raspadskaya produced 2.8 million tonnes of coal in the first quarter of 2015, down 16 percent quarter-on-quarter, the company said on Thursday.

  • Brazil court overturns election of Usiminas board members Wednesday, 15 Apr 2015 | 5:11 PM ET

    RIO DE JANEIRO, April 15- A Brazilian court on Wednesday overturned the election of two members to the board of steelmaker Usiminas, after one of the company's main shareholders argued the elections did not follow correct corporate procedure. The company is controlled by main shareholders Luxembourg- based Ternium SA, which took the election of the two board...

  • The decision is the latest twist in a struggle for control between the shareholders Luxembourg- based Ternium SA and Japan's Nippon Steel& Sumitomo Metal Corp.. Ternium said on Wednesday it would appeal the CVM decision, while Nippon said it needed to fully understand the details before making a decision. The CVM decision relates to last October, when Ternium...

  • But in many ways China doesn't really look like an economy growing at 7 percent, with exports plunging in March, power generation dropping 3.7 percent, the biggest fall since 2008, and a host of other indicators pointing to sluggish growth. The National Bureau of Statistics remains confident that China will meet its GDP growth target of 7 percent for the whole of...

  • Usiminas is controlled through a shareholder pact between Luxembourg- based Ternium SA and Japan's Nippon Steel& Sumitomo Metal Corp but the two have been at loggerheads for six months over the departure of Usiminas' former CEO, leading to a number of court cases and appeals to the regulator. Last October, Ternium increased its stake with a 616.7 million reais...

  • LONDON, April 14- Copper hit a near four-week low on Tuesday as investors eyed a strong dollar and concern grew over demand in top consumer China a day before the country gives an update on its economic growth. China, which consumes some 45 percent of the world's copper, will report gross domestic product for the first quarter on Wednesday and traders say there are...

  • *LME tin breaks below $16,000 T for first time since June 2010. MELBOURNE, April 14- London copper prices snapped key support on Tuesday to fall to a four-week low as souring sentiment over China's economic growth sapped expectations for demand. People are now probably looking to see if Chinese authorities are going to take any more significant measures to...