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The Senate voted 71-25 to reverse a 25-year-old moratorium on offshore drilling of oil and natural gas in limited areas in the Gulf of Mexico, setting up a showdown with a broader, more controversial bill passed by the House.
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The Senate is expected to vote late Tuesday afternoon on a bill that would allow for offshore drilling of oil and natural gas.
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Legislation introduced last week to provide tax credits for investment in railroad infrastructure is receiving mixed reviews from metals and mining interests.
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Canadian metals distributor Russel Metals Inc. said a strong steel pricing environment had led to near record margin levels in reporting a 97 percent jump in second quarter net earnings to Canadian $46.4 million ($41.1 million) and a 6 percent rise in revenues to C$686 million ($606.3 million).
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The Senate Commerce Committee continued confirmation hearings Monday for Charles “Chip” Nottingham, who is expected to be cleared for the job of chairman of the Surface Transportation Board (STB) within a few days.
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Canadian metals distributor Russel Metals Inc., Mississauga, Ontario, said a strong steel pricing environment had lead to near record margin levels in reporting a 97 percent jump in second quarter net earnings to Canadian $46.4 million ($41.1 million) and a 6 percent rise in revenues to C$686 million ($606.3 million).
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Walter Industries Inc., Tampa., Fla., has downsized its coal production estimate for the year.
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Appliance manufacturer Fedders Corp., Liberty Corner, N.J., is considering the possible sale of its global indoor air-quality businesses, which aren’t considered core to the company’s principal heating, ventilation and air-conditioning businesses.
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With U.S. Trade Representative Susan C. Schwab looking on, President Bush told a meeting of the National Association of Manufacturers (NAM) that the United States is still committed to fair trade and a successful Doha Round of World Trade Organization (WTO) talks.
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"Today there are only losers," Pascal Lamy, director-general of the World Trade Organization, said at a press conference in Geneva after announcing that the Doha Round would be suspended indefinitely due to a breakdown in talks between major industrialized countries.
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Negotiations between the New York Mercantile Exchange and its Comex division over the sale of Comex’s electronic trading rights reportedly have collapsed, with the two sides far from agreeing to a deal.
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North American production of family vehicles totaled 1,465,621 in June, up 2.7 percent from 1,427,327 units the previous month and 2.9 percent ahead of 1,424,637 in June 2005, according to data from Ward’s Automotive Group, and year-to-date production of 8,232,545 vehicles was 1.7 percent higher than 8,093,506 in the first six months of last year.
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Shipments of iron ore from U.S. and Canadian ports on the Great Lakes/St. Lawrence Seaway system destined for the region’s steelmakers totaled slightly more than 6 million net tons in June, a 3-percent increase from the same month last year.
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President Bush has voiced strong support for the House version of a bill that would allow drilling for oil and natural gas in locations on the outer continental shelf that are currently off limits.
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The New York Mercantile Exchange announced trading hours for the platinum and palladium futures contracts and energy futures contracts that will migrate to the Chicago Mercantile Exchange’s Globex electronic trading platform Aug. 7.
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President Bush has voiced strong support for the House version of a bill that would allow drilling for oil and natural gas in locations on the outer continental shelf that are currently off limits.
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Higher North American steel imports were cited for a 30-percent spike in the number of ocean vessels entering the St. Lawrence Seaway so far this year.
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Higher North American steel imports were cited for a 30-percent spike in the number of ocean vessels entering the St. Lawrence Seaway so far this year.
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The Canadian Steel Producers Association (CSPA) has lent its voice to the chorus of North American steel producers concerned about the rapid expansion of China’s steel industry.
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Gibraltar Industries Inc., Buffalo, N.Y., has expanded it transportation outsourcing by adding dedicated contract carriage (DCC) services for three subsidiaries.
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U.S. manufacturers and steel producers are relieved that world trade talks in Geneva have been indefinitely suspended, saying that it was better for U.S. trade negotiators to come away with no deal than to return with an agreement that would have harmed U.S. businesses.
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The New York Mercantile Exchange said Monday that its in-house clearing system ClearPort set an all-time high for weekly volume last week.
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China is now poised to cut export tax rebates for products, including steel, “around September or October,” the state-run China Daily newspaper reported Monday.
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Looking to boost its position in the growing international power generation market, Universal Stainless & Alloy Products Inc. is taking its show on the road.