HOME > INDUSTRY METALS > IRON AND STEEL

IRON AND STEEL

Metalloinvest predicts 20-30% fall in 2012 sales

Thursday , 02 Feb 2012
The Russian miner has forecast a 20 to 30% fall in sales this year due to depressed iron ore prices, adding that it has no immediate plans to revisit IPO ambitions.

BHP Billiton earmarks $779m to expand Australia iron ore port

Thursday , 02 Feb 2012
The expansion will enable BHP Billiton to boost annual iron ore shipments from Port Hedland in northwest Australia by 100 million tonnes, the company said.

Iron ore steady after hitting 2-month high; buyers apply caution

Thursday , 02 Feb 2012
A weak outlook for steel demand in top buyer China has trimmed appetite for iron ore, which gained a modest 3% in January after falling 19% in 2011.

Australia's iron lady on road to be world's wealthiest woman - Forbes

Thursday , 02 Feb 2012
According to Forbes magazine, Gina Rinehart, who signed a deal last month that will see POSCO take a 15% stake in her Roy Hill iron ore mine, could soon become the world's wealthiest woman.

Outokumpu loss highlights need for merger

Wednesday , 01 Feb 2012
The company posted an operating loss of 71 million euros for the last three months of 2011, highlighting the need for what the company says is a tie-up that will boost production of higher margin products.

China stainless steel output up 11.1% in 2011 - but could be 20% higher

Wednesday , 01 Feb 2012
As another indicator of Chinese industrial growth output of stainless steel there rose by 11.1% to 12.5 million tonnes but could actually have been 20% higher.

Vale/China iron ore ship dispute deepens

Wednesday , 01 Feb 2012
China closed off its ports on Tuesday, denying Brazilian miner Vale access to berth its giant iron ore carriers, a move likely to worsen the growing trade dispute between the two countries.

Ezz Steel's third-quarter net income surges

Tuesday , 31 Jan 2012
The Egyptian firm reported Tuesday that its third-quarter net income surged from a year earlier, when lower prices and soaring costs hammered profit margins.

Xstrata's coal ops deliver in 2011, copper dips

Tuesday , 31 Jan 2012
The miner posted record output from its Australian thermal coal operations in 2011, but saw a reduction in copper output as several of its mines approach the end of their operating life.

Severstal's Q4 crude steel output down 6% vs. Q3

Tuesday , 31 Jan 2012
Russia's steel major Severstal reported on Tuesday that its crude steel output fell 6% in the fourth quarter of 2011 compared with the third quarter.

African Minerals plans bond issue to fund Tonkolili

Tuesday , 31 Jan 2012
The iron ore miner, which said last week it was in advanced talks over funding for the expansion of its Tonkolili mine in Sierra Leone, says it will issue up to $350 million of convertible bonds to complete the task.

Outokumpu to buy ThyssenKrupp's Inoxum in 2.7bn euro deal - paper

Tuesday , 31 Jan 2012
Germany's Die Welt newspaper, citing company sources, reported on Monday that Outokumpu will buy Inoxum for around 2.7 billion euro to form a new market leader in stainless steel.

Union clash over cuts complicates ThyssenKrupp/Outokumpu tie-up

Monday , 30 Jan 2012
The potential merger of ThyssenKrupp and Outokumpu's stainless steel units will need deep production cuts to resolve the sector's crippling overcapacity, but union resistance could yet complicate the deal.

Europe's steel demand for steel to drop in 2012 - Kloeckner

Monday , 30 Jan 2012
In an interview with the Financial Times Deutschland published on Monday, Kloeckner & Co's CEO Gisbert Ruehl said he expects steel demand in Europe to drop significantly this year.

JFE Steel downgrades FY profit outlook 60%

Monday , 30 Jan 2012
After reporting a 58% decline in its April-December profit as exports fell and prices sagged, the Japanese steelmaker has downgraded its full-year profit outlook by 60%.

ThyssenKrupp to decide on stainless steel merger next week

Friday , 27 Jan 2012
The German steelmaker said Friday it will make its decision on the possible merger of its stainless steel unit with Finnish group Outokumpu at a supervisory board meeting next week.

Cliffs trims 2011 iron ore volumes outlook

Friday , 27 Jan 2012
The miner forecast 2011 sales of 7.4 million tons in its Eastern Canadian iron ore segment, down from its prior estimate of 8 million tons, hurt by lower pellet sales and delayed shipments.

Cyclone Iggy heading towards Australia's Pilbara?

Friday , 27 Jan 2012
Cyclone Iggy is seen strengthening as it moves towards Australia's northwest coast on Friday, threatening the region's rich mining fields after shutting down some offshore oil production facilities.

Iron ore swaps extend gains ahead of China's return

Friday , 27 Jan 2012
Iron ore forward swaps extended gains early Friday, reflecting hopes that spot prices will bounce back when China returns next week from its Lunar New Year break.

Nippon Steel cuts 2012 outlook by one-third

Friday , 27 Jan 2012
After booking a 44% fall in quarterly profit on Friday as exports and prices tumbled, Japan's Nippon Steel Corp cut its outlook for this year by one-third.

Lucchini picks Rothschild to advise on potential sale

Thursday , 26 Jan 2012
The Italian steelmaker has appointed investment bank Rothschild to advise it on a potential sale, two sources familiar with the decision said Thursday.

German labour in talks with Outokumpu, ThyssenKrupp - sources

Thursday , 26 Jan 2012
Two sources familiar with the matter say that German labour representatives met up with both companies to hammer out a deal that would secure German jobs under a merger scenario.

Vale's iron ore carriers head to Philippines with China shut

Thursday , 26 Jan 2012
With China yet to fully open its ports to the massive ships after domestic ship owners strongly protested their arrival, Vale has diverted two of its vessels to the Philippines.

Iron ore swaps rise on hopes of China restocking

Thursday , 26 Jan 2012
Prices of iron ore forward swaps rose on Thursday as investors bet Chinese steelmakers are likely to replenish stockpiles at the end of the Lunar New Year break.

Essar UK destocks ahead of FY year-end

Wednesday , 25 Jan 2012
The Indian steel conglomerate is reducing stocks at its Dudley plant in the West Midlands ahead of the financial year-end and will restock once market demand improves.

Tata Steel to overhaul EU tube units; 200 job cuts

Wednesday , 25 Jan 2012
The steelmaker has announced plans to restructure its European steel tubes unit in the wake of difficult economic conditions and weakening demand, with 200 job losses expected.

Atlas Iron sees strong China demand

Wednesday , 25 Jan 2012
Australia's No.4 iron ore miner, Atlas Iron, says China's iron ore consumption rate is as strong as ever and expects it to pick up after the Chinese New Year.