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Relations between Rio Tinto Plc and China haven’t exactly been smooth lately, and they could be about to get much worse. Following the collapse of a planned multi-billion dollar investment in Rio by a Chinese firm, and amid conflicting reports on whether China’s steelmakers had swallowed their pride and accepted a smaller-than-hoped-for cut in iron ore prices, one of Rio’s top Shanghai-based executives has been arrested and may face charges of spying.
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Morgan Stanley Research and Standard and Poor’s Ratings Services each see a glimmer of hope on the horizon for the global metals sector, with both pointing to China as the catalyst for any turnaround.
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Morgan Stanley Research and Standard & Poor’s Ratings Services each see a glimmer of hope on the horizon for the global metals sector, with both pointing to China as the catalyst for any turnaround.
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Automakers are embracing the federal “Cash for Clunkers” program, which provides a monetary incentive to consumers to trade in their older-model, gas-guzzling vehicles for newer, more fuel-efficient models.
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In response to your July 2 story, comments from the chairman of the International Rebar Exporters Association and from the Chinese Ministry of Commerce make it painfully apparent they—and several other countries’ spokesmen—have little understanding of rules-based free trade.
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Primary and fabricated metal companies continued to shed workers in June as nonfarm payroll employment fell by 467,000, the Bureau of Labor Statistics (BLS) reported. The nation’s unemployment rate was little changed at 9.5 percent.
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Town Hall Forum moderator dies at 72
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PricewaterhouseCoopers LLP (PwC) thinks business for the world’s major miners will remain bleak in the near term, requiring management at the top 40 mining companies to make some tough decisions.
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Economic activity in the U.S. manufacturing sector failed to grow in June for the 17th consecutive month, although data trends suggest a “slow recovery” is forming for manufacturing, according to the Institute for Supply Management (ISM).
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PricewaterhouseCoopers LLP (PwC) thinks business for the world’s major miners will remain bleak in the near term, requiring management at the top 40 mining companies to make some tough decisions.
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AMM’s offices will be closed Friday in observance of Independence Day and there will be no issue dated July 3. The Steel Base Prices page, which normally appears Friday, will appear in the July 6 issue. London Metal Exchange prices for July 3 will appear in the July 7 issue.
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In an ongoing trade row, the Chinese government has again accused the United States of protectionism.
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The frequently cited case of Duferco Farrell Corp. in northwest Pennsylvania provides a compelling example of an opportunity for job preservation and creation in the United States.
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While the steel industry has reacted to the passage of climate-change legislation by reiterating its strong opposition to a “cap-and-trade” carbon emissions system, the aluminum industry is taking a very different approach.
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With the nation’s capital focused on the House of Representatives’ narrow passage of a major cap-and-trade bill late Friday, scant attention was paid to a significant announcement in Geneva that could affect trade in steel and other manufactured products over the long term.
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While the steel industry has reacted to the passage of climate-change legislation by reiterating its strong opposition to a “cap-and-trade” carbon emissions system, the aluminum industry is taking a very different approach.
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More funding may be on the way for steelmakers and other metal producers via Title III of the Defense Production Act (DPA), according to industry and government sources.
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A way with a phrase
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Primary metal shipments fell 3.1 percent to $12.11 billion last month from $12.49 billion in April and were down 46.4 percent from the same month last year, according to the latest figures from the U.S. Census Bureau.
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To the Editor:
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The ruling by an Oakland County (Mich.) Circuit Court this week ordering special bar quality producer Republic Engineered Products Inc. to continue shipping steel to American Axle & Manufacturing Inc. (AAM) appears to have satisfied both sides as the case proceeds.
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Lakshmi Mittal’s declaration in the June 24 issue of AMM that “third-party traders must be removed from the supply chain” shows a remarkably naive approach to the global steel market and its economic dynamics.
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Is this the first shot in a no-holds-barred trade war with China or just a firm nudge aimed at prodding Beijing to abide by the pledges it made before entering the World Trade Organization (WTO) eight years ago?
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China has hit back strongly over allegations that it is illegally restricting exports of some raw materials, instead saying its export taxes are designed to exert control over its domestic industry and protect the environment, and are in compliance with World Trade Organization (WTO) rules.