Tuesday, September 30, 2008
Copper Leads Decline in Metals in London on Outlook for Demand
And yet, Copper is still multiples of it's price a mere 5 years ago.
Bloomberg.com
Copper fell in London, heading for the biggest quarterly decline in more than two decades, on concern that worsening financial turmoil will slow global growth and crimp demand for industrial metals.
Copper has lost 25 percent this quarter, the worst performance since at least 1986
Bloomberg.com
Copper fell in London, heading for the biggest quarterly decline in more than two decades, on concern that worsening financial turmoil will slow global growth and crimp demand for industrial metals.
Copper has lost 25 percent this quarter, the worst performance since at least 1986
Labels: Copper
Saturday, September 27, 2008
Copper Drops to One-Week Low in New York as Bailout Plan Stalls
Of course, a one week low when it's already too high is of more interest to speculators than manufacturers, but it is interesting to see how these things are all intertwingled.
Bloomberg.com
Copper fell to a one-week low after the U.S. government's $700 billion plan to bail out the finance industry faltered and regulators seized lender Washington Mutual Inc., raising concerns that economic growth will stall.
Bloomberg.com
Copper fell to a one-week low after the U.S. government's $700 billion plan to bail out the finance industry faltered and regulators seized lender Washington Mutual Inc., raising concerns that economic growth will stall.
Labels: Copper
Saturday, September 20, 2008
Sheffield Steel plant to close
Yorkshire Post
Finnish metals group Outokumpu Oyj has said it will close a stainless steel plant in Sheffield, laying off all 230 workers, because of oversupply.
Finnish metals group Outokumpu Oyj has said it will close a stainless steel plant in Sheffield, laying off all 230 workers, because of oversupply.
Steel firms deny price fixing
The implications of such a suit, if it was to proceed, and especially if it were certified as a class-action law suit (which seems to be what the article is implying) would be vast.
journalgazette.net
A steel company customer has accused eight major steel manufacturers, including Fort Wayne-based Steel Dynamics Inc., of colluding to scale back production to force up prices.
A spokesman for Steel Dynamics on Friday denied the allegation made in a lawsuit filed last week. Also named in the suit is Nucor Corp., which operates plants in St. Joe and Waterloo. ArcelorMittal USA Inc. and its parent company, Luxembourg-based ArcelorMittal, are listed separately, making eight companies and nine defendants.
The suit was filed in U.S. District Court in Chicago by Standard Iron Works of Scranton, Pa.
journalgazette.net
A steel company customer has accused eight major steel manufacturers, including Fort Wayne-based Steel Dynamics Inc., of colluding to scale back production to force up prices.
A spokesman for Steel Dynamics on Friday denied the allegation made in a lawsuit filed last week. Also named in the suit is Nucor Corp., which operates plants in St. Joe and Waterloo. ArcelorMittal USA Inc. and its parent company, Luxembourg-based ArcelorMittal, are listed separately, making eight companies and nine defendants.
The suit was filed in U.S. District Court in Chicago by Standard Iron Works of Scranton, Pa.
Labels: manipulation, steel
Saturday, September 06, 2008
Minority-Owned Suppliers Suffer: Tight Credit, Auto Slump Hurt Firms
There's a lot more to this article, more about Lapeer and other small and medium sized stampers, but I found this part interesting. They are phrasing it in terms of minority suppliers, but in my experience it's true of many small suppliers, regardless of their minority status.
HispanicBusiness.com
Dave Bing, CEO of Detroit-based Bing Group, said Lapeer's problems illustrate the bind facing many minority automotive suppliers as steel prices escalate and customer volumes decline.
Most minority suppliers are small to mid-size companies with weak balance sheets that find it difficult to fund expansions without additional financing, Bing said. But the banking industry is reluctant to invest in the troubled automotive industry.
'Gerry and I have been friendly competitors for the last 30 years,' Bing said. 'I'm sorry to see what he is going through, but it is not different than what all of us are going through.'
HispanicBusiness.com
Dave Bing, CEO of Detroit-based Bing Group, said Lapeer's problems illustrate the bind facing many minority automotive suppliers as steel prices escalate and customer volumes decline.
Most minority suppliers are small to mid-size companies with weak balance sheets that find it difficult to fund expansions without additional financing, Bing said. But the banking industry is reluctant to invest in the troubled automotive industry.
'Gerry and I have been friendly competitors for the last 30 years,' Bing said. 'I'm sorry to see what he is going through, but it is not different than what all of us are going through.'
Lapeer Metal Stamping in Sebewaing closing
Huron Daily Tribune
Right before Labor Day, this town has received news no town wants to hear — one if its largest employers will be closing its doors.
According to a Lapeer Metal Stamping representative from the Lapeer corporate office, Lapeer Metal Stamping in Sebewaing will be shutting down by the end of 2008. The representative stated he did not want to comment at this time about the reason behind the impending closure. The representative would not give his name because the company requested that employees not talk about the closure.
Right before Labor Day, this town has received news no town wants to hear — one if its largest employers will be closing its doors.
According to a Lapeer Metal Stamping representative from the Lapeer corporate office, Lapeer Metal Stamping in Sebewaing will be shutting down by the end of 2008. The representative stated he did not want to comment at this time about the reason behind the impending closure. The representative would not give his name because the company requested that employees not talk about the closure.
Labels: stamping
