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Still Steering Clear Of Steel Dynamics

Still Steering Clear Of Steel Dynamics

Steel producer and metals recycler Steel Dynamics ( STLD - news - people ) late Wednesday provided second- quarter guidance that fell well short of analyst expectations, sending its shares lower in premarket trading Thursday. The company said it expects second-quarter net income of 20 to 25 cents per share, which would badly miss analyst [...]

Japan’s crude steel output rises 50.2% in May

Japan’s crude steel output rises 50.2% in May

TOKYO, June 18 KYODO Japan's crude steel production in May increased 50.2 percent from a year earlier to 9.73 million tons, rising for the seventh consecutive month and topping 9 million tons for the first time in two months, an industry body said Friday.

Steel Dynamics says 2Q earnings to fall short

Steel Dynamics says 2Q earnings to fall short

Carbon steel product maker Steel Dynamics Inc. said Friday it expects its second-quarter earnings to fall short of expectations after a decline in scrap prices. Separately, the company said its board has declared a quarterly cash dividend of 7.5 cents per share. The dividend is payable July 12 to shareholders of record as of June 30. The [...]

Nucor to Flip Losses

Nucor to Flip Losses

Steel manufacturer Nucor Corporation (NUE - Analyst Report) foresees second quarter 2010 earnings in the range of 20 cents to 25 cents, in sharp contrast to a loss of 43 cents in the year-ago quarter. The forecast is also higher than the first quarter earnings of 10 cents. The Zacks Consensus Estimate for the second quarter is 24 cents. Nucor [...]

Baoshan Steel, Chinese Steelmakers Drop on Shenyin Rating Cut

Baoshan Steel, Chinese Steelmakers Drop on Shenyin Rating Cut

Baoshan Iron & Steel Co. led a decline among Chinese steelmakers after Shenyin & Wanguo Securities Co. downgraded the industry on the prospect of narrowing profit margins and difficult iron ore negotiations. Baoshan Steel, the listed unit of China’s second-biggest steelmaker, dropped 0.5 percent to 6.10 yuan as of 10:05 a.m. in Shanghai while [...]

Canadian court tosses out USS challenge of federal law

Canadian court tosses out USS challenge of federal law

U.S. Steel Corp. has lost the first part of a court battle in Canada, but the fight is not yet over. Federal Court Judge Dolores Hansen ruled in favor of the Canadian government in a suit against the Pittsburgh-based steelmaker, upholding a portion of the Investment Canada Act being challenged by U.S. Steel as unconstitutional.

Beam stability hopes fade as tags cut $25/T

Beam stability hopes fade as tags cut $25/T

Expectations of maintaining price stability through July on wide-flange beams have been dashed with Nucor-Yamato Steel Co.'s unexpected $25-per-ton price cut through next month, a move it blamed largely on competitive price cutting. The Blytheville, Ark.-based producer not only passed through a $5-per-ton reduction in its raw materials [...]

Toyota to agree steel price hike: report

Toyota to agree steel price hike: report

TOKYO — Toyota Motor has agreed to a large hike in the price it pays for steel in a deal that could lead to a substantial increase in purchasing costs for Japanese companies, a report said Wednesday. Under the agreement, Toyota will pay an additional 20,000 yen (220 US dollars) a metric ton to buy from Nippon Steel in the April-September [...]

ThyssenKrupp asks higher steel prices for Q3

ThyssenKrupp asks higher steel prices for Q3

Reuters reported that ThyssenKrupp is asking for price increases of up to EUR 100 per tonne of steel products for third quarter deliveries. A source said that customers who were asking for quotations from the German steelmaker for hot rolled coil, a key steel product used in making cars, were being quoted prices that were EUR 50 to EUR 100 [...]

Case against U.S. Steel can proceed, court rules

Case against U.S. Steel can proceed, court rules

TORONTO — The Federal Court has upheld the act governing foreign investment in Canada, potentially opening the door to a forced sale of U.S. Steel Corp.'s Canadian operations. U.S. Steel (NYSE:X) had challenged the constitutionality of the Investment Canada Act, but Justice Dolores Hansen ruled Monday the legislation does not violate the [...]

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