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ArcelorMittal’s White-Knuckle Ride
ArcelorMittal is a barometer of the global economy. But if its third-quarter results appear to signal more settled conditions ahead — thanks to a surprisingly swift China-led rebound in steel demand, it reported a much better than forecast 30% quarter-on-quarter rise in Ebitda to $1.6 billion — the world’s biggest steelmaker is determined to keep [...]
Credit crunch forces Britain’s richest man Lakshmi Mittal to rent property
If you think only you are struggling to sell your property during this tough credit crunch, think again. Even the richest man of Britain has found no success in finding a buyer for his luxurious property. Steel magnate Lakshmi Mittal, is now looking to rent his property after failing to sell it. The lush property [...]
China Seeks Solution on Iron Ore Talks
BEIJING — Quashing speculation that a resolution was imminent or had been secretly reached over troubled iron ore price talks between global miners and China, a senior official of the China Iron and Steel Association said Friday the talks were still ongoing. China, the world’s biggest iron ore importer, hopes annual iron ore talks will [...]
Vale agrees pellet price cut of 48 pct with Nu-Iron
RIO DE JANEIRO, June 26 (Reuters) – Vale agreed with Nu-Iron Unlimited, a unit of U.S.-based Nucor, a reduction of 48.3 percent in the price of iron pellets for 2009, the Brazilian mining firm said Friday. The reference price agreed for 2009 is $1.2523 per tonne, Vale said. The price cut is in line with [...]
The G-20 and GM: Economics, Politics and Social Stability
An interesting analysis of the current global financial crisis by Dr. George Friedman, founder of Strategic Forecasting, Inc. Reprinted (in part) with permission. By George Friedman Recession and the U.S. Auto Industry For the United States, this choice has been posed in stark terms with regard to the dilemma of whether the U.S. government should [...]
