Archive for September, 2009
Lakshmi Mittal Takes the Pedal Off the Metal
Lakshmi Mittal, head of the world’s largest steelmaker and one of the world’s richest men, has a new mantra: Slow and steady wins the race. ‘We will be much more selective,’ says Mr. Mittal, CEO of ArcelorMittal, the world’s biggest steelmaker. This from a man who created a steel giant by collecting mills around the [...]
Vale Pressured by Lula to Invest as Brazil Recovers
Brazilian President Luiz Inacio Lula da Silva is pressuring Vale SA, the world’s biggest iron- ore producer, to build steel mills that will create more jobs. Shareholders say he’s putting politics ahead of their profits. “This pressure is a bother for Vale,” said Regis Abreu, who helps manage 2.5 billion reais ($1.4 billion) in assets, [...]
September’s real steel market
Yesterday’s Wall Street Journal article provided a good example of what an outsider believes is happening in the steel market. I think this article is a bit ahead of itself. In today’s current market, wire rod is currently being offered with a 6 to 8 week lead time. Longer lead times are for the highest [...]
Steel Prices Drop, Reversing Course in Sign Mills Ramped Up Too Quickly
After a brief, summer-long stretch of rising demand, steel prices are starting to decline, indicating that moves to increase production may have been too much too soon. Hot-rolled steel, a benchmark grade that typically is processed into cars, building structures or appliances, cost about $600 to $620 a metric ton in August. Now it can [...]
India July Industrial Output Up 6.8%
NEW DELHI — India’s industrial output growth in July slowed from a 16-month high in June, but manufacturing continued to hum, signaling that a recovery in Asia’s third largest economy is still on track. Analysts said demand ahead of the upcoming festival season will ensure industrial activity expands at a steady clip, while a late [...]
