Wednesday, June 30, 2004
U.S. Copper Usage Down in 2003: "The 2003 [copper usage] level of 6,984 million pounds is a 4.6% decrease from the revised 2002 level of 7,324 million pounds.
U.S. copper mine production dropped slightly by 2.0% to 2,460 million pounds from last year's 2,512 million pounds"
U.S. copper mine production dropped slightly by 2.0% to 2,460 million pounds from last year's 2,512 million pounds"
Labels: Copper
Yahoo! News - Filmmakers Want U.S. to Protect Their Jobs: "U.S. cinematographers and other film industry workers have asked the Bush administration to take action against Canadian, Australian and other government filmmaking subsidies that they say have lured away tens of thousands of jobs. "
Monday, June 28, 2004
Yahoo! News - Allegheny Technologies to Slash 650 Jobs: "Steel-maker Allegheny Technologies Inc. said Monday it will cut 650 jobs over the next two and a half years in a restructuring designed to save about $200 million a year.
Allegheny also said it expects to return to a profit in its latest quarter, thanks to improving market conditions.
The company has about 8,800 employees worldwide.
It blamed the job cuts on a restructuring at its Allgeheny Ludlum stainless-steel production plant. The revamping at the plant is designed to increase annual capacity to 700,000 tons from 478,000 tons.
The cost savings will come from both the restructuring and from the transformation of Allegheny's stainless steel business by the second half of 2006, the company said. "
Allegheny also said it expects to return to a profit in its latest quarter, thanks to improving market conditions.
The company has about 8,800 employees worldwide.
It blamed the job cuts on a restructuring at its Allgeheny Ludlum stainless-steel production plant. The revamping at the plant is designed to increase annual capacity to 700,000 tons from 478,000 tons.
The cost savings will come from both the restructuring and from the transformation of Allegheny's stainless steel business by the second half of 2006, the company said. "
Alcoa Halts Modernization Project at Baie-Comeau: "Alcoa today announced that, despite several months of hard work and good-faith negotiations between the company and the Quebec Government, the parties have not been able to generate the conditions that could lead to an agreement. As a result, Alcoa will not implement its proposed plan to modernize its Baie-Comeau smelter. "
BW Online | May 24, 2004 | U.S. Factories: Falling Behind: "In many ways, the last few years should have been a golden era for American manufacturers. Since 1997, the productivity of U.S. factories has soared, rising at a 4.6% annual average rate. That's the fastest sustained rise in manufacturing productivity in at least 40 years, and well ahead of the 1960s heyday of U.S. industrial prowess.
Yet despite these gains, the U.S. factory sector all but imploded. Domestic factory output is still down 2% from its 2000 peak, while imported goods are up 8%. Some 3 million factory jobs -- one in every six -- have been lost since the last peak in mid-2000. And while the manufacturing sector is finally expanding and hiring again -- up 37,000 jobs since January -- no one expects domestic manufacturers to ever recover the ground lost to overseas competitors."
Yet despite these gains, the U.S. factory sector all but imploded. Domestic factory output is still down 2% from its 2000 peak, while imported goods are up 8%. Some 3 million factory jobs -- one in every six -- have been lost since the last peak in mid-2000. And while the manufacturing sector is finally expanding and hiring again -- up 37,000 jobs since January -- no one expects domestic manufacturers to ever recover the ground lost to overseas competitors."
Steel plant deal puts state up in pollution: "National Steel in Ecorse, which has since been acquired by U.S. Steel, reported 13 million more pounds of zinc compounds disposed of in landfills in the 2002 report -- a huge volume that was not included the previous years.
'The steel company told us they lost their market for recycling, so we had 13 million pounds of metal we didn't have before,' said Borgelt.
It it hadn't been for that, Michigan's releases would have been down 7.2 percent.
The report ranked Wayne County sixth-highest in the country for toxic releases. More than 63 million pounds of pollution came from Wayne, home to many industries and power-generating facilities. "
'The steel company told us they lost their market for recycling, so we had 13 million pounds of metal we didn't have before,' said Borgelt.
It it hadn't been for that, Michigan's releases would have been down 7.2 percent.
The report ranked Wayne County sixth-highest in the country for toxic releases. More than 63 million pounds of pollution came from Wayne, home to many industries and power-generating facilities. "
Yahoo! News - Consumer Spending Hits Two-Year High: "The Commerce Department reported Monday that consumer spending rose by a sizable 1 percent, a considerable pickup from the 0.2 percent increase registered in April. The increase in May was the largest since October 2001, when spending rebounded with gusto after being depressed by the Sept. 11 terror attacks.
Americans' incomes, meanwhile, went up by a strong 0.6 percent in May for the second straight month. The growth in incomes in the last two months was especially heartening because that powers spending in the future. The income and spending figures are not adjusted for price changes. "
Americans' incomes, meanwhile, went up by a strong 0.6 percent in May for the second straight month. The growth in incomes in the last two months was especially heartening because that powers spending in the future. The income and spending figures are not adjusted for price changes. "
Thursday, June 24, 2004
Yahoo! News - New-Home Sales Surge to Record High: "National Association of Manufacturers President Jerry Jasinowski said he viewed the declines as a temporary pause. 'New orders for durable goods have taken a quick breather after a year-long sprint,' he said.
In a second report from the department, new-home sales surged by 14.8 percent last month to a seasonally adjusted annual rate of 1.37 million, an all-time monthly high. The showing, which was stronger than analysts expected, came after sales sagged by 7.9 percent in April.
An improved job climate is helping to offset a recent rise in mortgage rates, which still remain low by historical standards. Some economists predict new-home sales for all of 2004 will come in near record highs. "
In a second report from the department, new-home sales surged by 14.8 percent last month to a seasonally adjusted annual rate of 1.37 million, an all-time monthly high. The showing, which was stronger than analysts expected, came after sales sagged by 7.9 percent in April.
An improved job climate is helping to offset a recent rise in mortgage rates, which still remain low by historical standards. Some economists predict new-home sales for all of 2004 will come in near record highs. "
Yahoo! News - Durables Orders Post Surprise Drop in May: "The Commerce Department said orders for durable goods -- those meant to last at least three years -- fell 1.6 percent in May after a revised 2.6 percent decline in April. Excluding transportation-related orders, however, orders were off a smaller 0.7 percent, Commerce said.
The slide took Wall Street by surprise. Analysts had been looking for a 1.4 percent gain in May.
Separately, the Labor Department said first-time claims for unemployment insurance rose 13,000 to 349,000 in the June 19 week. The pickup was partially attributed to the delayed filing of applications due to the closure of government offices to honor the death of former President Ronald Reagan.
The declines in May and April durables orders were the first back-to-back monthly drops in durables orders since November and December 2002, according to Commerce, and may raise doubts about the U.S. factory sector's recent revival. Many analysts, however, see the durables report as very volatile and subject to large revisions. "
The slide took Wall Street by surprise. Analysts had been looking for a 1.4 percent gain in May.
Separately, the Labor Department said first-time claims for unemployment insurance rose 13,000 to 349,000 in the June 19 week. The pickup was partially attributed to the delayed filing of applications due to the closure of government offices to honor the death of former President Ronald Reagan.
The declines in May and April durables orders were the first back-to-back monthly drops in durables orders since November and December 2002, according to Commerce, and may raise doubts about the U.S. factory sector's recent revival. Many analysts, however, see the durables report as very volatile and subject to large revisions. "
Wednesday, June 23, 2004
Yahoo! News - Stelco, Steelworkers union clear hurdle over grievance procedures: "Union leaders said the grievance protocol, hammered out in last-minute hallway discussions ahead of an Ontario Superior Court hearing, will maintain their contract grievance procedures during the restructuring.
The grievance issue was one of the reasons for delays in working out the final wording of a court order to appoint a former judge as an intermediary between Stelco's management and unionized workers.
Justice James Farley, who has been overseeing the Stelco restructuring since January, signed a formal order Wednesday that puts into effect a decision he handed down June 14.
That decision will give former Ontario judge George Adams a key role in resolving the labour disputes between Stelco and its unions while the company restructures under the Companies' Creditors Arrangement Act.
The order also provides for a 90-day warning before a strike or lockout.
That was one of the key requirements of General Motors, Stelco's biggest customer, which had threatened to find other sources of steel for itself and its suppliers if it couldn't get an assured supply from Stelco. "
The grievance issue was one of the reasons for delays in working out the final wording of a court order to appoint a former judge as an intermediary between Stelco's management and unionized workers.
Justice James Farley, who has been overseeing the Stelco restructuring since January, signed a formal order Wednesday that puts into effect a decision he handed down June 14.
That decision will give former Ontario judge George Adams a key role in resolving the labour disputes between Stelco and its unions while the company restructures under the Companies' Creditors Arrangement Act.
The order also provides for a 90-day warning before a strike or lockout.
That was one of the key requirements of General Motors, Stelco's biggest customer, which had threatened to find other sources of steel for itself and its suppliers if it couldn't get an assured supply from Stelco. "
Labels: stelco
Yahoo! News - U.S.: Reform Key to China Market Economy: "China has lobbied hard for its trading partners, especially the United States and Europe, to grant [market economy status] in the hope it would cut the number of anti-dumping cases brought against it.
In a speech praising China for its economic progress to date, U.S. Commerce Secretary Don Evans said the export giant [...] needed to cooperate more on issues including rampant piracy and its fixed currency regime.
'China must significantly reduce government micromanagement of its economy and introduce a far higher level of transparency -- among other changes -- before it can achieve a full transition to a market-driven economy,' Evans said in a speech to the American Chamber of Commerce in Beijing.
Market forces would not dominate China's booming economy until Beijing substantially rolled back controls over raw materials, the financial system, real estate and large enterprises, he said during a four day visit to China.
[M]embers of the [WTO] can treat China as a 'non-market economy' until 2016. "
In a speech praising China for its economic progress to date, U.S. Commerce Secretary Don Evans said the export giant [...] needed to cooperate more on issues including rampant piracy and its fixed currency regime.
'China must significantly reduce government micromanagement of its economy and introduce a far higher level of transparency -- among other changes -- before it can achieve a full transition to a market-driven economy,' Evans said in a speech to the American Chamber of Commerce in Beijing.
Market forces would not dominate China's booming economy until Beijing substantially rolled back controls over raw materials, the financial system, real estate and large enterprises, he said during a four day visit to China.
[M]embers of the [WTO] can treat China as a 'non-market economy' until 2016. "
Tuesday, June 22, 2004
Yahoo! News - More Japan Currency Intervention Seen Difficult: "Most analysts agree that the yen's five-percent rise against the dollar in the past month to its highest in two months is unlikely to herald any action from the Finance Ministry.
But even if it did, they said, the rising cost of financing intervention and the difficulty of explaining why it is needed as the economy powers ahead will put a brake on the kind of heavy yen-selling that Japan carried out last year. "
But even if it did, they said, the rising cost of financing intervention and the difficulty of explaining why it is needed as the economy powers ahead will put a brake on the kind of heavy yen-selling that Japan carried out last year. "
Sunday, June 20, 2004
Yahoo! News - Ontario to unveil five-point plan to slash smog-causing pollutants: "The province's iron and steel producers, cement manufacturers, oil refineries and pulp and paper mills will join the list of industries required to limit nitrogen oxide and sulphur dioxide emissions, The Canadian Press has learned. "
Friday, June 18, 2004
Yahoo! News - Side Lines - rigidities of industrywide unions have doomed many an American job, notably in steel and autos: "How Many Teamsters does it take to screw in a lightbulb? A few too many. The movie industry, which employs 3,000 truck drivers in California, is drifting away. [...] the next King Kong remake is going to be filmed in New Zealand. The nice scenery down there is just part of the picture. Union work rules have something to do with it."
Yahoo! News - Rusty SteelmakersTake a Shine: "As an integrated steel manufacturer, U.S. Steel (26.8 million tons annual capacity) is well positioned for higher demand, with a rich product mix, favorable raw materials costs and profitable plants in Europe. The company mines its own iron ore and produces its own coke. Abrupt increases in the prices of coke and scrap metal have pounded minimills like Nucor, offsetting their advantages in labor costs. "
Yahoo! News - House Votes 251-178 for Tax, Tobacco Bill: "The core of the legislation works to end a trade standoff with Europe that has provoked imposition of punishing tariffs on some U.S. exports.
The bill replaces a tax break declared an illegal subsidy in international trade courts with new tax breaks for American producers.
'It will encourage companies to manufacture more goods and keep more goods in the United States while maintaining the global competitiveness of the American economy,' said House Majority Leader Tom DeLay, R-Texas.
Treasury Secretary John Snow said the vote marked an 'important step toward ending the burden of the tariffs currently being imposed on U.S. exports.' "
The bill replaces a tax break declared an illegal subsidy in international trade courts with new tax breaks for American producers.
'It will encourage companies to manufacture more goods and keep more goods in the United States while maintaining the global competitiveness of the American economy,' said House Majority Leader Tom DeLay, R-Texas.
Treasury Secretary John Snow said the vote marked an 'important step toward ending the burden of the tariffs currently being imposed on U.S. exports.' "
House of Representatives > Small Business Committee: "House Small Business Committee Chairman Don Manzullo today voted against the corporate tax bill on the House floor because it provides vast benefits for large corporations while actually increasing taxes on many small manufacturers in America who need assistance the most. "
Thursday, June 17, 2004
Yahoo! News - Wholesale Inflation Up, Job Claims Off: "The Labor Department reported that U.S. producer prices shot up a hefty and more-than-expected 0.8 percent last month, the biggest jump since March 2003, as prices received for food and energy shot up.
The government also reported that initial jobless claims dropped more than expected to 336,000 but the Labor Bureau said some of that fall in filings for unemployment insurance was due to government offices having been closed on Friday for the funeral of former President Ronald Reagan. "
The government also reported that initial jobless claims dropped more than expected to 336,000 but the Labor Bureau said some of that fall in filings for unemployment insurance was due to government offices having been closed on Friday for the funeral of former President Ronald Reagan. "
Yahoo! News - Noranda enters buyout talks: "Toronto-based Noranda, 43 per cent owned by Canadian conglomerate Brascan, is the world's third-biggest zinc producer and ninth-biggest copper producer. It also produces nickel and primary aluminium.
Increasing Chinese demand for commodities, lack of new metals supply and consolidation in the industry provided 'an opportune environment to review our options' to increase value for Brascan and Noranda shareholders, said Bruce Flatt, Brascan chief executive.
Brascan made clear two years ago that it wished to sell its stake in Noranda to focus on real estate, power generation and asset management. Brascan said yesterday it was 'supportive' of Noranda's efforts to find a buyer. "
Increasing Chinese demand for commodities, lack of new metals supply and consolidation in the industry provided 'an opportune environment to review our options' to increase value for Brascan and Noranda shareholders, said Bruce Flatt, Brascan chief executive.
Brascan made clear two years ago that it wished to sell its stake in Noranda to focus on real estate, power generation and asset management. Brascan said yesterday it was 'supportive' of Noranda's efforts to find a buyer. "
Wednesday, June 16, 2004
Yahoo! News - Industrial Production Rose Sharply in May: "The Fed said industrial production rose a larger-than-expected 1.1 percent in May after a 0.8 percent gain in April. The May increase was the biggest since a 2.0 percent rise in August 1998. "
Monday, June 14, 2004
Former judge named to iron out Stelco-union dispute
CBC News:Former judge named to iron out Stelco-union dispute: "Justice James Farley ruled that George Adams, who has extensive labour relations experience, will have sweeping powers as an officer of the court and as both a conciliator and 'special officer' under provincial labour laws to seek an end to the standoff. "
Labels: stelco
Farley expected to appoint former judge to ease Stelco, union stalemate: "While Justice James Farley adjourned an often testy hearing without formally announcing his decision, it was clear from his remarks in court Monday that he favoured the appointment of George Adams to help end the stalemate."
Labels: stelco
Judge chastises all sides in Stelco dispute
CBC News:Judge chastises all sides in Stelco dispute: "An Ontario Superior Court judge [...] said Monday there seemed to be 'a complete lack of communication, co-operation and common sense by everyone.' "
Labels: stelco
General Motors moves to end supply contract with restructuring Stelco "steel giant Stelco Inc. says it's at risk of losing its biggest customer after General Motors Corp. moved to terminate its supply contract over concerns about a potential strike next month by 1,000 workers at a key Stelco facility"
Labels: stelco
Thursday, June 03, 2004
Yahoo! News - Productivity Rises 3.8 Percent in 1Q: "The increase in productivity ? the amount an employee produces for every hour on the job_ was up from an initial estimate of a 3.5 percent growth rate for the January-to-March quarter and exceeded the 2.5 percent pace registered in the final quarter of 2003"
Yahoo! News - OPEC Agrees to 2 Million Bpd Oil Increase: "OPEC agreed [to] a compromise deal raising oil output by two million barrels a day immediately with more to come "
House of Representatives > Small Business Committee: Visa Reforms Necessary to Make American Companies More Competitive : "Post 9/11 changes in the handling of business and tourist visa applications have led to long delays and unexplained denials. The visa backlog has plunged some U.S. companies into bankruptcy and damaged exporting opportunities for many others, because many of their foreign trading partners have been prevented from entering the U.S. to inspect products for purchase. "
Wednesday, June 02, 2004
ISM index rose in May, higher than expected - Jun. 1, 2004: "index of manufacturing activity rose to 62.8 in May from a revised 62.4 the prior month. Economists, on average, expected an ISM index of 61.5, according to Briefing.com"
Yahoo! News - Allegheny Technologies Buys Out Rival: "Allegheny Technologies Inc. has completed the buyout of competitor J&L Specialty Steel, which union and company officials have said could lead to significant consolidation in the domestic stainless steel industry. "
