Archive for October, 2009
Arcelor Shows New Weakness in Steel Sector
LONDON — ArcelorMittal, the world’s largest steelmaker by volume and revenue, on Wednesday saw its third-quarter results improve sequentially and top expectations, even though net income was still low compared to the previous year due to weak steel demand. The Luxembourg-based steelmaker now expects fourth-quarter earnings to improve compared to the third quarter. Shipments and [...]
Changes Coming in 2010?
It has been an interesting year, just as was 2008. Both years had changes in momentum. In 2008, there were record steel shipments and prices escalating to the highest point in history, for about 9 1/2 months. This was followed by a lack of business and a steady decline in pricing into the new year. [...]
Miner Vale upbeat on metals markets, sees recovery
Brazilian miner Vale on Thursday predicted continued growth in metals markets driven by strong demand from China and global economic recovery, a day after reporting a year-on-year profit loss of 65 percent. Vale (VALE.N)(VALE5.SA), the world’s largest iron ore producer, on Wednesday reported third-quarter net earnings of $1.68 billion, down from the commodities boom highs [...]
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 [...]
BHP Iron-Ore Output Dispels Fears Regarding China
MELBOURNE, Australia— BHP Billiton posted record iron-ore and petroleum output for its fiscal first quarter and said it is seeing improvements in demand for steel-making materials. Increased shipments of Australian iron ore and coking coal to Asian steelmakers has been common among miners recently, and analysts said the BHP numbers should dispel lingering fears that [...]
China’s Losing Position on Iron Ore
The lesson is clear: The divide-and-conquer strategy works when it comes to price negotiations with China’s steel industry. Next month, iron ore miners and China’s steel mills are expected to start trying to set the 2010 benchmark price for one of the world’s most crucial industrial ingredients. Effort’s to set a 2009 price collapsed after [...]
China’s Steel-Demand Forecast Raises Eyebrows
BEIJING — An unexpectedly low projection for China’s steel demand next year, a crucial factor in iron ore price talks, surprised even ArcelorMittal Chief Executive Lakshmi Mittal, the World Steel Association’s outgoing chairman. China’s massive measures to stimulate its economy have revived the appetite for steel in the country, which in turn prompted the global [...]
Mittal considering JV with Vale in Brazil
ArcelorMittal (MT) is considering a tie-up with Brazilian mining company Vale SA (VALE, VALE5.BR) to jointly build a 5 million metric ton flat steel plant, the Valor newspaper reported Friday. Aditya Mittal, the company’s chief financial officer, is currently in Brazil evaluating investment plans. “We’re interested in analyzing projects of this type, however, I can’t [...]
Brazil Vale Ore Exports To Europe Returning To Normal
RIO DE JANEIRO (Dow Jones)–Brazilian mining mammoth Vale SA’s (VALE, VALE5.BR) iron ore exports to Europe hit 6 million metric tons in September, the Valor newspaper reported Wednesday. According to Valor, shipments at this level haven’t been seen since before the global financial crisis. Last year, Vale sold 72 million tons of iron ore to [...]
Huge Pipeline Delivers Bonanza to Towns on Route
Work Provided a Mini-Stimulus From Colorado to Ohio ZANESVILLE, Ohio — To the energy industry, REX is the king of pipelines. For this town’s struggling work force, REX is the king of jobs. The last leg of one of the largest natural-gas pipelines built in 25 years — stretching 1,679 miles from Colorado to Ohio [...]
