Steel

• Junior miner finds success in Appalachia coal Dec 12, 2011

  A junior coal miner has been successfully obtaining permits in the Appalachian basin despite a regulatory environment that is heavily weighted against applicants, according to two company executives.

• Alloys Unlimited & Processing boosts capacity Dec 12, 2011

  Alloys Unlimited & Processing Inc., a Mineral Ridge, Ohio-based steel bar processor and distributor, has increased its cutting capabilities.

• ADF banking on W. Canada as US weakness hurts results Dec 12, 2011

  ADF Group Inc.’s fiscal third-quarter results were hurt by the effects of a weak U.S. economy, a strong Canadian dollar and lower-margin contracts.

• Icahn vows to sell CMC foreign assets Dec 12, 2011

  Billionaire investor Carl Icahn would strip Commercial Metals Co. (CMC) of its "ridiculous" international assets and refocus it as a U.S. scrap company after merging it with his wholly owned PSC Metals Inc. if his CMC takeover bid is successful, he told AMM in a telephone interview.

• LME billet prices edge down as cash contract sees burst of trading Dec 12, 2011

  London Metal Exchange official three-month steel billet bid prices edged down on December 12.

• NMDC bid for majority stake in Legacy wins approval Dec 12, 2011

  Indian state-owned mining group NMDC has received approval from Australia’s foreign investment authorities for its acquisition a 50% stake in iron ore exploration company Legacy Iron Ore.

• SWAPS REPORT: OTC iron ore prices largely unchanged on thin trade Dec 12, 2011

  Trade on the OTC iron ore market on December 12 was focused around contracts for settlement in the first half of 2012, brokers told Metal Bulletin.

• Correction: Icahn formally launches CMC offer Dec 12, 2011

  A story in the Dec. 12 edition incorrectly stated the amount of the filing fee in Icahn Enterprises Holdings LP’s offer to acquire Commercial Metals Co. The filing fee should have been listed as $178,800.

• US drilling slows, Canada rises Dec 12, 2011

  The number of drill rigs running in the United States fell by six last week, led by Louisiana (down 10), while Canadian drilling activity jumped by 20 rigs compared with the previous week.

• CIS mills seek stability or increases in HRC export prices Dec 12, 2011

  CIS mills have started to see some stability, and even to seek increases, in their hot rolled coil export prices for January rolling, as they report positive booking levels for the previous month, market participants told Metal Bulletin.

• Severstal to pay $115m for full control of Putu Iron Ore project in Liberia Dec 12, 2011

  Liberia’s Putu iron ore project is to be wholly owned by Severstal affiliate Lybica Resources after it agreed to buy Affero mining’s 38.5% stake in the venture for $115m.

• SMX appoints Vaidyalingam Hariharan ceo Dec 12, 2011

  The Singapore Mercantile Exchange (SMX) has appointed Vaidyalingam Hariharan its new ceo, the exchange said in a statement on December 12.

• Stricken 480,000-tonne iron ore shipping 'mega carrier' Vale Beijing can be repaired Dec 12, 2011

  The leaking 480,000-tonne Vale Beijing iron ore carrier, can be repaired offshore and will be able to set sail, the ship’s Korean operator STX Pan Ocean said in a statement late last week.

• CHINA STEEL WRAP: Baosteel raises cold rolled steel prices for January Dec 12, 2011

  Baosteel raised its ex-works prices for cold rolled coil and electrical galvanized coil for January, responding to the bounce in automobile output and sales in November.

• Spot 63.5% Fe iron ore prices flat as market looks for direction Dec 12, 2011

  China’s imported iron ore market remained quiet on Monday, as most participants sat on the sidelines, awaiting clearer direction.

• Emirates Steel directs longs production to booming GCC construction sector Dec 12, 2011

  Abu Dhabi’s state-owned Emirates Steel continues to direct its rebar and wire rod production to other Gulf Co-operation Council (GCC) nations, acting ceo Saeed Al Romaithi told Metal Bulletin in an interview on December 12.

• Emirates Steel invests $500m in 1 million tpy heavy sections mill Dec 12, 2011

  Emirates Steel has invested $500 million in a heavy sections mill to tap into growing demand for construction steel in the Gulf Co-operation Council (GCC), acting ceo Saeed Al Romaithi told Metal Bulletin in an interview on December 12.

• Chinese steel exports up 9.9% in November Dec 12, 2011

  China’s steel exports bounced back in November as buyers came looking for cheaper material and exporters made swift deliveries in a bid to secure prices.

• China’s iron ore imports up 29% in November on restocking Dec 12, 2011

  China’s iron ore imports in November jumped by 28.6% month-on-month as Chinese steelmakers took advantage of falling prices and replenished stocks.

• US challenging EU’s claims it removed Airbus subsidies Dec 09, 2011

  The United States is formally challenging the European Union’s claims that it complied with a World Trade Organization (WTO) request to remove Airbus SAS aircraft subsidies.

• Severstal says RG didn’t make $13.5M payment Dec 09, 2011

  Severstal U.S. Holdings LLC has once again sued RG Steel LLC over finances associated with RG Steel’s acquisition of Severstal assets.

• Scrap costs drive $30/T Nucor bar product hike Dec 09, 2011

  Nucor Corp. plans to boost transaction prices for reinforcing bar, merchant bar and structural products by $30 per ton ($1.50 per hundredweight), citing raw material costs.

• Chinese steel output drops for fifth month Dec 09, 2011

  China’s crude steel output fell in November for the fifth consecutive month as mills reduced output on fewer orders amid a weak market.

• China a full WTO member on 10th year of accession Dec 09, 2011

  China will become a full member of the world’s largest trade group Sunday at the completion of its 10th year of accession.