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Russian steelmakers: tricky times
Russian steelmakers may have bounced back from the 2008 financial meltdown, but one appears to be heading into fresh trouble as a new wave of the crisis envelops Europe. Novolipetsk Steel, Russia’s...
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Vedanta’s Sterlite sees profit fall
Quarterly profits at Sterlite Industries, London-listed Vedanta Resources’ India business, fell by a third on higher costs, depreciation and soaring interest payments, the company announced...
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MMK-Flinders: a win for the 0.001%
Minority shareholders in Russia have generally a hard time getting their voices heard. So it’s interesting to say the least that the owner of a miniscule stake in Magnitogorsk Metallurgical Combine has...
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Novolipetsk: steeling for a slowdown
Russian steel producers have been shielded from the problems besetting their European competitors thanks to their relatively low costs of labour, energy and raw materials. But a decision by Novolipetsk...
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China steel hits 2012 record low
Few things are as closely linked to the health of the Chinese economy as steel. It goes in skyscrapers, railways, cars, bridges, household appliances – just about everything that makes an economy run....
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Tata Steel: Europe hurts, India disappoints
The crisis in Europe continued to hammer Tata Steel in the quarter ended in June, for which it reported a steep fall in profits, according to its results on Monday. Tata Steel, India’s largest and...
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Iron ore tests the Chinese floor theory
Nothing says “downturn” in China quite like the freefall in prices of iron ore, the key steelmaking ingredient. Prices for the TSI benchmark 62 per cent Fe iron ore stood at $94.8 per tonne on Tuesday,...
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Russian steel: feeling the chill
Evraz, Russia’s largest steelmaker, on Thursday reported a $50m net loss for the six months to the end of June and a 28 per cent decline in ebitda to $1.2bn on a 9.1 per cent drop in revenues to...
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Techint falls foul of Cristina
It’s rare to see an Argentine business leader openly criticise a government with a reputation for bearing grudges. But Paolo Rocca, CEO of steel giant Techint, did just that this week, slamming what he...
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JSW Steel shares down on corruption allegations
Shares in JSW Steel closed down 2.76 per cent on Wednesday on news that India’s Central Bureau of Investigation had named the company’s chairman, along with other executives, among people accused of...
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ThyssenKrupp in Brazil: death by a thousand paper cuts
It’s been a(nother) tough week for CSA, ThyssenKrupp’s vast Brazilian steel mill. Rio de Janeiro’s city council ordered the company on Monday to halt operations at the iron and steel plant just outside...
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Brazil: a tough nut to crack for miners
Not so long ago, everything he touched turned to gold. Now Eike Batista’s bad luck seems to be contagious. Anglo American’s $4bn writedown on Minas-Rio in Brazil comes about five years after it bought...
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Severstal shares slip on $150m Q4 loss
Severstal on Tuesday kicked off the reporting season for Russian steel makers with a bit of a whimper, posting its worst quarterly results for more than three years. The metals and mining group...
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Mozambique coal: Nippon steps in
Anglo American may have passed on this one, but Nippon are up for it. Japan’s largest steel company, Nippon Steel and Suminato Metal Corp, was given the go-ahead on Thursday to develop the Revuboè coal...
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Serbian steel mill: firing up politics more than furnaces
Generating at its peak 13 per cent of Serbia’s export earnings, Zelezara Smederevo steel mill on the banks of the Danube is a symbol of the supposed glory days of Serbian industry. So when the plant’s...
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Mittal cancels Indian steel plant in blow to government’s reform hopes
First Posco, now Mittal. It’s not looking good for Indian FDI. ArcelorMittal, the global steel company, said on Wednesday it was pulling out of a planned investment in Keonjhar, in the Indian state of...
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Russian steel town reels in billionaires
Russia’s far flung steel producing regions are feeling the pinch as industrial growth slows down, reducing the income regions get from corporate income tax. So it’s heartening to see that the...
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Ukraine’s Zhevago turns to Brazil in latest overseas move
Ferrexpo, a London-listed Ukrainian iron ore miner, said on Wednesday it had bought a 14.4 per cent stake in Brazilian mining group Ferrous Resources do Brasil for $80m. The announcement marks...
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Vale: trimming back to the core with Norsk sale
If it’s not iron ore, then Vale is not interested, it seems. In its latest attempt to slim down and rid itself of non-core assets, the Brazilian miner said on Monday that it will sell at least half of...
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Guest post: dealing with 500m tonnes of global steel overcapacity
By Vladimir Lisin, Chairman, NLMK In the first few weeks of 2014 it has become clear that the global economy is entering a new phase of uncertainty. Emerging markets have come under renewed scrutiny,...
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