Archive for December, 2009
U.N. climate chief cashes in on carbon credit from Corus shutdown
Tied to conglomerate that stands to make hundreds of millions in emissions scheme NEW YORK – A story emerging out of Britain suggests “follow the money” may explain the enthusiasm of the United Nations to pursue caps on carbon emissions, despite doubts surfacing in the scientific community about the validity of the underlying global warming [...]
Tokyo Steel to Cut Prices as Construction Declines
Dec. 14 (Bloomberg) — Tokyo Steel Manufacturing Co., Japan’s largest maker of construction girders, will reduce prices for the second time in three months as manufacturers cut back investment and the government reviews public works spending. Prices of H-beams will drop 2,000 yen, or 3.1 percent, to 63,000 yen ($711) a metric ton for January [...]
Brazil Vale President: No Rush On Iron Ore Price Talks
RIO DE JANEIRO (Dow Jones)–Roger Agnelli, president of Brazilian mining company Vale SA (VALE, VALE5.BR) said the company had no reason to speed up iron ore term-price negotiations, the Estado news agency reported Monday. “There are contracts valid through April. There’s no reason to want to accelerate negotiations. You have to do it calmly,” Agnelli [...]
China adds Steel Capacity !?!
Didn’t we just report that China was reducing capacity? Yes we did. Here is another side of the story…. So much for Beijing’s resolve to trim steel capacity. Two months ago, we wrote about Beijing playing the mother-in-law to try to corral its sprawling, disobedient steel industry. In recent months, high-level authorities in the central government, [...]
China Pushes to Slice Steel Capacity
The Chinese government stepped up the pressure on excess capacity in the steel sector, signaling its intention to more quickly eliminate obsolete capacity and diminish the country’s role as a top global supplier. The government is likely to shut plants with 16 million metric tons of annual capacity this year, said Jia Yinsong, an inspector [...]
Wuhan Steel to invest US$400m in MMX
Wuhan Iron & Steel Group, the country’s third-biggest steelmaker, agreed to pay US$400 million for a stake in Brazil’s MMX Mineracao e Metalicos to broaden its supply of iron ore. Wuhan Steel, based in Hubei province, will become the second-biggest shareholder in MMX and will appoint two members to the company’s board, according to a [...]
Steelmakers Downsize Once Again
HENNEPIN, Ill.—The U.S. steel industry is quietly shrinking. Plants that were spared liquidation and changed hands through past recessions are shutting down in a bid to create a smaller, more efficient industry. Leading the move is ArcelorMittal, which bought out a multiplant U.S. producer a few years ago and figures it can do more with [...]
