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Metals and Mining Steel Producers

  • SHANGHAI, Aug 23- China's main stock indexes ended little changed on Wednesday, with profit taking in steel firms offsetting a rise in banks ahead of earnings reports that could set the tone for financials for the rest of the year. A statement from the China Iron and Steel Association that it saw little room for further price surges dragged on the sector and...

  • *Final dividend rises to $0.43 from $0.14. It generated more cash than even in some years of the mining boom, slashed net debt by nearly $10 billion to $16.3 billion and tripled its final dividend to $0.43 a share. Underlying profit of $6.7 billion was below expectations for $7.4 billion, according to Thomson Reuters I/B/E/S, but the market focused on the lower debt...

  • LONDON, Aug 22- Copper hit a three-year high and nickel touched its strongest in eight months on Tuesday as mostly technical signals prompted speculators and funds to pour more cash into base metals. "There's nothing really fundamental to drive things onwards from here, so I think it's a bit of misplaced euphoria and trend-following buyers jumping on the...

  • *Final dividend rises to $0.43 from $0.14. It generated more cash than even in some years of the mining boom, slashed net debt by nearly $10 billion to $16.3 billion and tripled its final dividend to $0.43 a share. "Net debt looks very impressive... so the cash looks like it was applied to deleveraging versus extra dividends," Shaw and Partners analyst Peter O'Connor...

  • *Final dividend increased to $0.43 from $0.14. SYDNEY, Aug 22- Global mining giant BHP Billiton committed to quitting its underperforming U.S. shale oil and gas business on Tuesday, as it posted a surge in annual underlying profit to $6.7 billion. The world's biggest mining house, which was buoyed by a recovery in industrial commodities markets, pleased...

  • SYDNEY, Aug 22- Global mining giant BHP Billiton posted a surge in annual underlying profit to $6.7 billion on Tuesday, but missed forecasts, and said it was putting its U.S. shale assets up for sale. "Net debt looks very impressive.. so the cash looks like it was applied to deleveraging versus extra dividends," Shaw and Partners analyst Peter O'Connor said.

  • BHP tripled its final dividend to $0.43 a share, also below expectations, but pleased shareholders with a focus on reducing net debt, which was cut by nearly $10 billion. "Net debt looks very impressive.. so the cash looks like it was applied to deleveraging versus extra dividends," Shaw and Partners analyst Peter O'Connor said. Fund managers including Elliott...

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  • Paul O'Malley, managing director, Bluescope Steel says rising energy costs are a major reason for a profit warning.

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  • The rally in zinc, used for galvanising steel, comes as China steps up plans to develop infrastructure while capacity cuts in its steel industry reform boost prices, said analyst Daniel Hynes of ANZ in Sydney. "There a fair level of scepticism at the start of the year when China's infrastructure projects were announced but we're seeing much...

  • MELBOURNE, Aug 16- London zinc was edging towards its highest in a decade on Wednesday, boosted as a months-long rally in steel prices also pushes up markets for steelmaking raw materials. *LME aluminum hit its highest since November, 2014 at $2,065 a tonne as Chinese capacity cuts extend to the sector as Beijing tries to clean up its skies ahead of the winter...

  • BEIJING, Aug 15- The International Monetary Fund on Tuesday urged China to set more ambitious targets for its coal and steel industries to cut excess production capacity and bring more efficient plant on line as Beijing bids to steps up economic reforms. China, the world's top steel and coal producer, has vowed to launch a campaign to cut excess capacity in...

  • *U.S. steel stocks down 10 pct since July tariff delay. LONDON/ WASHINGTON, Aug 15- U.S. "Based on Ross's recent statements and our discussions with trade lawyers engaged in section 232, we still expect measures that will have a positive impact on U.S. steel prices," said Seth Rosenfeld, a steel industry analyst at Jefferies in London.

  • BEIJING/ MANILA, Aug 14- China was pressuring its iron ore traders to stop buying the commodity from North Korea even before a United Nations Security Council vote this month to ban the trade as punishment for Pyongyang's missile tests, two traders said. The U.N. Security Council unanimously passed a resolution on Aug. 6 banning North Korea's exports of coal, iron,...

  • BEIJING, Aug 14- The typical summer lull across China's steel sector never arrived this year as mills have churned out record volumes in a rush to fill a supply gap caused by government-mandated closures and to cash in on high margins. China typically sees a slowdown in steel output because construction demand slows as building activity drop during the high...

  • *China July activity indicators all grow less than expected. BEIJING, Aug 14- China's strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled, though activity levels generally remained solid, propped up by a year-long construction spree. But economists do not expect any hard landing,...

  • *Market brushes off data indicating slowing China growth. SHANGHAI, Aug 14- China stocks were higher at the end of the morning session Monday following sharp falls on Friday, largely shrugging off official data indicating slowing growth in the world's second-largest economy. The Shanghai index fell 1.6 percent on Friday, its worst daily performance this year.

  • BEIJING, Aug 14- China's steel output hit a monthly record in July at 74.02 million tonnes, up 10.3 percent on a year ago as mills in the world's top producer continued to ramp up production even as Beijing intensified its war on smog. "However, due to Beijing's crackdown on low-end rebar and capacity cutbacks in the steel sector, mills are spurred by rallying profits...