International Business News - Steel 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 U.S. Steel Corp.'s shares briefly hit a 3-year low Friday as an analyst downgraded the steel maker's stock and the broader market faltered. U.S. Steel shares fell $1.80, or 3.9 percent, to close at $44.59. Earlier in the session, they dipped to $39.30, their lowest level since November 2005. http://www.ibtimes.com/articles/20081010/us-steel-shares-sink-to-3-year-low.htm Fri, 10 Oct 2008 19:51:08 EDT A Goldman Sachs analyst sharply cut his forecast for steel prices Thursday, saying steel buying has come to a near halt worldwide, but there could be buying opportunities ahead for some steel stocks. http://www.ibtimes.com/articles/20081009/ahead-of-the-bell-analyst-sees-lower-steel-prices.htm Thu, 09 Oct 2008 09:23:45 EDT Union officials say Russian steelmaking giant OAO Severstal plans to temporarily lay off hundreds of workers due to the economic downturn. United Steelworkers Local 1190 President Ken Aspenleiter said Wednesday about 800 workers will be idled at Severstal Wheeling's facilities in Steubenville and Mingo Junction, while operations will continue at the company's coke plant in Follansbee, W.Va. http://www.ibtimes.com/articles/20081008/union-says-severstal-announces-temporary-layoffs.htm Wed, 08 Oct 2008 18:35:25 EDT Shares of steel companies tumbled Monday as fears of a possible global economic slowdown shook financial markets around the world, triggering a widespread sell-off. http://www.ibtimes.com/articles/20081006/sector-wrap-steel-companies-sink-with-markets.htm Mon, 06 Oct 2008 16:58:33 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 The steel industry was battered in the third quarter, as shares of major steel companies fell sharply over the three-month period on sinking prices and projections of weaker demand. http://www.ibtimes.com/articles/20080930/steel-shares-drop-in-q3-on-weaker-demand-outlook.htm Tue, 30 Sep 2008 16:52:14 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 Reports that China will reduce or end iron ore imports from Brazil are nonsense, the chairman of the world's largest mining company said Friday. Roger Agnelli, who heads Rio de Janeiro-based Companhia Vale do Rio Doce, said China's steel industry would grind to a halt without Brazil's iron ore. http://www.ibtimes.com/articles/20080926/vale-chief-china-iron-cutback-talk-is-nonsense.htm Fri, 26 Sep 2008 15:41:13 EDT China will cut back on imports of iron ore from Brazil after Companhia Vale do Rio Doce, the world's biggest iron ore miner, sought price increases from Asian customers, a report said Friday. http://www.ibtimes.com/articles/20080926/report-china-steelmakers-may-cut-iron-ore-imports.htm Fri, 26 Sep 2008 15:02:35 EDT United States Steel Corp. and metal processing company Worthington Industries Inc. announced Tuesday that the two companies have agreed to changes in their joint steel-processing venture in Michigan. http://www.ibtimes.com/articles/20080923/us-steel-worthington-to-modify-joint-venture.htm Tue, 23 Sep 2008 13:57:32 EDT Steel maker Steel Dynamics Inc. said its board of directors declared a quarterly cash dividend of 10 cents per share. The dividend is payable Oct. 10 to shareholders of record at the close of business Sept. 30. http://www.ibtimes.com/articles/20080923/steel-dynamics-oks-dividend-of-10-cents-per-share.htm Tue, 23 Sep 2008 09:40:37 EDT Steel Dynamics Inc. said Tuesday its board of directors approved an increase of 5 million shares to its buyback program. Since an Aug. 16 authorization of an additional 10 million shares, which increased the number of shares that could be repurchased to 11 million, the steel maker has repurchased 9.7 million of its shares. http://www.ibtimes.com/articles/20080923/steel-dynamics-raises-share-buyback-by-5m.htm Tue, 23 Sep 2008 09:24:13 EDT Air Products & Chemicals Inc. said Monday it signed a long-term contract to supply industrial gasses to an expansion project of Ann Joo Steel Berhad. Air Products said it will build, own and operate a unit providing gaseous oxygen, nitrogen and argon to an Ann Joo steel mill at Prai in northwest Malaysia. The unit will begin operating in mid-2009, the Pennsylvania company said. http://www.ibtimes.com/articles/20080922/air-products-wins-deal-with-malaysian-steel-maker.htm Mon, 22 Sep 2008 13:25:02 EDT Officials have broken ground on a new $1.65 billion steel plant in northern Minnesota. Gov. Tim Pawlenty joined officials from India's Essar Steel Holdings Ltd. at a ceremony Friday in Nashwauk. http://www.ibtimes.com/articles/20080919/essar-steel-breaks-ground-on-minnesota-plant.htm Fri, 19 Sep 2008 14:59:02 EDT Steel industry shares slid Wednesday as the world's largest steelmaker unveiled plans to cut costs by $4 billion over the next five years through smarter investments and job cuts. http://www.ibtimes.com/articles/20080917/sector-snap-steel-shares-decline-with-markets.htm Wed, 17 Sep 2008 12:39:40 EDT Investors waited to see which direction AK Steel Holding Corp. stock would turn on Wednesday, a day after shares of the country's third-largest steel producer tumbled nearly 3 percent. http://www.ibtimes.com/articles/20080917/ahead-of-the-bell-investors-watch-ak-steel.htm Wed, 17 Sep 2008 08:51:05 EDT Shares of most steel companies continued to drop Tuesday after the Federal Reserve announced no change in its benchmark federal funds rate. Despite a market upheaval following the collapse of Lehman Brothers, the central bank said it would keep its target for the federal funds rate at 2 percent. http://www.ibtimes.com/articles/20080916/steel-companies-dip-after-fed-holds-rate.htm Tue, 16 Sep 2008 14:45:08 EDT Shares of AK Steel Holding Corp. fell nearly 3 percent Tuesday, a drop an analyst said was likely the result of a stronger dollar chasing investors away from commodities and the recent sale of stock by a major investor. http://www.ibtimes.com/articles/20080916/analyst-ak-steel-shares-drop-on-stronger-dollar.htm Tue, 16 Sep 2008 20:18:46 EDT Shares of North American steel companies sank Monday as analysts predicted weaker demand and said the industry needed to cut production. UBS Investment Research analyst Timna Tanners wrote in a client note: "As we refresh our outlook on steel stocks, we lower our production forecasts to reflect weak demand, but we also lower scrap and natural gas to reflect the recent sharp correction." http://www.ibtimes.com/articles/20080915/sector-snap-shares-of-steel-companies-drop.htm Mon, 15 Sep 2008 14:29:10 EDT China's net steel exports soared 63.3 percent in August to a record monthly high despite weaker global demand and government curbs, according to data reported Saturday. http://www.ibtimes.com/articles/20080913/chinas-august-steel-exports-rise-63-percent.htm Sat, 13 Sep 2008 06:19:17 EDT