International Business News - GNA http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif Moody's Investors Service on Friday cut its outlook for steel to "Negative" from "Stable" because of weakened economic conditions, declining demand, falling prices and the industry's high costs. http://www.ibtimes.com/articles/20081121/analyst-note-steel-industrys-outlook-dims.htm Fri, 21 Nov 2008 15:10:54 EST Steel company stocks tumbled Thursday as declining demand has led to inventory reduction, sharply lower sales and falling product prices, an analyst said. http://www.ibtimes.com/articles/20081120/sector-snap-steel-stocks-bend-on-weak-demand.htm Thu, 20 Nov 2008 14:58:16 EST Steel prices may fall next year because of weakening demand and lower iron ore and coking coal costs, an analyst warned Monday. Goldman Sachs analyst Sal Tharani said a stronger dollar, falling freight costs and low prices for coking coal and iron ore should boost steel imports over the next few months, forcing the price of steel "to hover close to industry's cash cost." http://www.ibtimes.com/articles/20081117/ahead-of-the-bell-steel-prices-heading-down.htm Mon, 17 Nov 2008 09:35:25 EST Shares of steel producers fell hard Wednesday as the global financial turmoil slashed demand, resulting in production cuts as well as diminished profit margins due to inventories becoming more expensive, an analyst said. http://www.ibtimes.com/articles/20081112/sector-snap-steel-producers-share-prices-decline.htm Wed, 12 Nov 2008 12:19:58 EST Steel producer Gerdau Ameristeel Corp. said Wednesday its third-quarter profit more than doubled as prices climbed and revenue from newly acquired businesses boosted volumes, offsetting higher materials cost. http://www.ibtimes.com/articles/20081105/gerdau-ameristeel-books-huge-3q-profit-gain.htm Wed, 05 Nov 2008 08:03:20 EST Shares of steel producers were mostly lower Friday as the broader market followed global stocks lower and automakers on both sides of the Atlantic disclosed fresh woes. http://www.ibtimes.com/articles/20081024/sector-snap-shares-of-steel-producers-falling.htm Fri, 24 Oct 2008 15:05:25 EDT Shares of steel makers tumbled Wednesday amid expectations that demand for their products will fall in Europe and North America. Goldman Sachs analyst Sal Tharani, in a client note about United States Steel Corp., warned about "deteriorating European and U.S. markets and our expectations of declining ... prices" for the steel pipes used in drilling for crude oil and natural gas. http://www.ibtimes.com/articles/20081022/sector-snap-steel-off-on-lower-price-expectations.htm Wed, 22 Oct 2008 11:41:48 EDT Steel producer shares sank Wednesday on fresh evidence of slowing U.S. manufacturing and an analyst's prediction of subdued demand for the rest of the year. http://www.ibtimes.com/articles/20081001/sector-snap-steel-producers-shares-retreat.htm Wed, 01 Oct 2008 11:43:58 EDT Shares of steel producers fell hard Monday after buyers virtually suspended purchases in the expectation that the cost of steel product will fall. "There's actually a buyers' strike at the moment," Soleil analyst Charles Bradford said in a telephone interview. http://www.ibtimes.com/articles/20080929/sector-snap-steel-shares-down-on-buyers-strike.htm Mon, 29 Sep 2008 15:19:08 EDT Shares of Gerdau Ameristeel Corp. rose Thursday after the steel maker's second-quarter results topped Wall Street expectations. The company, a unit of Brazil-based Gerdau SA, said Wednesday its profit surged 88 percent and sales vaulted 92 percent during the three months ended in June. http://www.ibtimes.com/articles/20080807/gerdau-ameristeel-shares-rise-on-strong-2q-results.htm Thu, 07 Aug 2008 19:59:26 EDT Among the earnings stories for Wednesday, Aug. 6, from AP Financial News: HOUSTON (AP)--Oilfield services company Flotek Industries Inc. on Wednesday said second-quarter profit rose 5 percent as revenue jumped by half, outpacing higher costs. http://www.ibtimes.com/articles/20080806/earnings-roundup-flotek-industries-wpt.htm Wed, 06 Aug 2008 17:45:14 EDT Gerdau AmeriSteel Corp. said Wednesday its second-quarter profit leapt 88 percent as shipments increased and revenue soared. For the period ended June 30, the steel producer posted profit of $262.1 million, or 60 cents per share, compared with earnings of $139.1 million, or 45 cents per share, in the year-ago period. http://www.ibtimes.com/articles/20080806/gerdau-ameristeel-2q-profit-jumps-88-percent.htm Wed, 06 Aug 2008 15:20:02 EDT Shares of steel producers rose Wednesday, a day after Nucor Corp. announced two scrap metal acquisitions, a move that will reduce the company's need to go to the open market to obtain increasingly expensive scrap. http://www.ibtimes.com/articles/20080806/sector-snap-steel-makers-up-after-acquisitions.htm Wed, 06 Aug 2008 11:49:13 EDT Shares of Nucor Corp. fell more than 11 percent Thursday after the big steel maker's third-quarter guidance missed Wall Street expectations. Other U.S. steel makers also declined, though not as much as the Charlotte, N.C.-based company. http://www.ibtimes.com/articles/20080717/nucor-falls-as-market-focuses-on-3q-guidance.htm Thu, 17 Jul 2008 19:31:39 EDT Standard & Poor's Ratings Services said Wednesday it raised its outlook on steel producer Gerdau Ameristeel Corp. to "Stable" from "Negative" because of its recent strong performance. http://www.ibtimes.com/articles/20080702/s-p-hikes-outlook-on-gerdau-ameristeel-to-stable.htm Wed, 02 Jul 2008 15:37:46 EDT Shares of steel producers rose Monday after an analysis of the sector concluded that the price of the commodity has significantly further to climb. Barclays Capital analyst Amrita Sen said demand for the commodity has yet to peak--which means this year's price increases will likely be followed by more such gains. http://www.ibtimes.com/articles/20080630/sector-snap-analyst-says-steel-prices-yet-to-peak.htm Mon, 30 Jun 2008 15:01:14 EDT Shares of steel producer Gerdau Ameristeel Corp. hit an all-time high Thursday before retreating on a severe downdraft in the broader market. Gerdau's shares, which have ranged from $9.60 to $19.67 in the last 52 weeks, climbed to a record $19.79 shortly after the opening bell before easing back 51 cents to $18.93 in afternoon trading. http://www.ibtimes.com/articles/20080626/shares-of-steel-maker-gerdau-ameristeel-hit-record.htm Thu, 26 Jun 2008 13:42:07 EDT Shares of steel companies rose Thursday as price hikes for certain products surprised investors who had thought that such prices had reached a top. CIBC World Markets analyst Michael Willemse said North American steel prices last month for rebar (reinforcement bar), merchant bar and wire rod were higher than anticipated. http://www.ibtimes.com/articles/20080612/sector-snap-steel-producers-gain-on-price-hikes.htm Thu, 12 Jun 2008 10:42:15 EDT