Iron ore to hit $US70, says MorningstarThu, 30 Oct 2014 22:03:04 GMT
Analysts at research house Morningstar have become the latest to significantly lower their iron ore forecasts, flagging there's more pain to come for local miners.
Business › Japan's top steelmaker says half-year profit down ...Thu, 30 Oct 2014 20:58:12 GMT
Nippon Steel & Sumitomo Metal, one of the world's biggest steelmakers, said on Thursday that its half-year profit slipped 2.9%, as it pointed to still-high production by Chinese mills.The firm's net profit in the April-September period fell to 112.2 billion yen, saying its net profit a year earlier was…
Schnitzer Board Declares Quarterly DividendThu, 30 Oct 2014 20:30:00 GMT
Business Wire - The Board of Directors of Schnitzer Steel Industries, Inc. declared a cash dividend of $0.1875 per common share, payable on November 24, 2014, to shareholders of record on November 10, 2014.
General Steel Receives NYSE Notification Regarding ...Thu, 30 Oct 2014 20:30:00 GMT
PR Newswire - BEIJING, Oct. 30, 2014 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (GSI), a leading non-state-owned steel producer in China, announced today that the New York Stock Exchange (the "NYSE") has notified the Company that it has fallen below the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share over a 30 consecutive trading day period. As of October 21, 2014, the 30 trading-day average closing price of the Company was $0.99. Pursuant to NYSE rules, the Company has a cure period of six months from receipt of the notification on October 24, 2014, to cure its non-compliance of the minimum share price standard.
High-cost iron ore producers surviving price slump - ValeThu, 30 Oct 2014 17:05:00 GMT
Iron ore production in the third quarter - excluding Vale, BHP Billiton 50:50 JV Samarco's attributable production of 3.8 Mt - was 85.7Mt, the highest output in Vale's history, with gains in all production systems.
Vale posts surprise loss, shares diveThu, 30 Oct 2014 16:41:58 GMT
Vale posted a surprise $1.44 billion loss, and its shares tumbled to a 5-1/2-year low as investors worried about the cost of the Brazilian miner's expansion plans and a possible cut to its dividend in a new era of lower iron ore prices. Vale SA cited low iron ore prices and a weak local currency for the third-quarter loss. Shares (Berlin: DI6.BE - news) in Vale, the world's largest producer of ...
NWR says Q4 coking coal price up 4 pct from Q3Thu, 30 Oct 2014 16:39:19 GMT
Czech coal miner NWR said on Thursday its average agreed price for coking coal deliveries in the fourth quarter of 2014 rose 4 percent from the previous three months to 85 per tonne. NWR completed a capital ...
Serbia to launch fresh bid to sell loss-making ...Thu, 30 Oct 2014 15:41:22 GMT
Reuters - * Esmark Europe interested in plant * Serbia trying to offload state firms BELGRADE, Oct 30 (Reuters) - Serbia will launch a fresh bid to sell its loss-making state-owned steel mill on Friday, the government said, with the state offering to take on its huge debts to sweeten the deal. Serbia bought back the Zelezara Smederevo steel plant from U.S.
Vale posts surprise loss as iron ore price, currency biteThu, 30 Oct 2014 12:13:00 GMT
Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency. The performance will be taken as an ominous sign by some as Vale competes with Australian rivals Rio Tinto (Xetra: 855018 - news) and BHP Billiton to increase production and cut costs in the face of an iron ore price near five ...
TransAlta Reports Third Quarter 2014 ResultsThu, 30 Oct 2014 11:54:16 GMT
TransAlta Corporation today reported third quarter 2014 Comparable EBITDA of $212 million with 92.0% availability and continued improved performance from all our operations, including our Canadian Coal ...
Walter Energy Announces Third Quarter 2014 ResultsThu, 30 Oct 2014 11:30:00 GMT
Walter Energy, Inc. , a leading, publicly traded "pure-play" producer of metallurgical coal for the global steel industry, today announced results for the quarter ended September 30, 2014.
Nippon Steel H1 profit inches up on low iron ore costs - ReutersThu, 30 Oct 2014 09:17:33 GMT
China's woes have led to iron ore prices dropping to five-year lows this year as supplies of the primary steel-making material build up. "A pullback in domestic demand after a national sales tax hike in April is slowly subsiding. Steel demand for ...
Chinese iron ore slips, buyers cautious ahead of output cutsThu, 30 Oct 2014 08:05:15 GMT
Iron ore prices dipped further overnight, with little sign that Chinese buyers would risk big purchases, faced with uncertain demand and the risk of steel capacity cuts for environmental reasons when a ...
Nippon Steel H1 profit inches up on low iron ore costsThu, 30 Oct 2014 07:20:18 GMT
Nippon Steel & Sumitomo Metal Corp , Japan's biggest steelmaker, said on Thursday its first-half recurring profit rose 1.5 percent as lower material costs boosted margins and offset appraisal losses on its high-priced stockpiles. The world's No.2 steelmaker by output stuck to its full-year forecast of 400 billion yen in recurring profit, which is pre-tax before one-off items, compared with the 403.77 billion yen mean estimate of 16 analysts polled by Thomson Reuters I/B/E/S.
Sangang Minguang sees lower operating revenue in Jan-SeptThu, 30 Oct 2014 06:01:00 GMT
Fujian Province-based Chinese steelmaker Sangang Minguang Co. Ltd has announced a net loss of RMB 18.9484 million ($3.09 million) for the January-September period of the current year, compared to a net loss of RMB 13.4277 million in the same period of 2013 ...