Crash of 2 freight trains kills 1 near Pittsburgh

2010-03-16T08:32:19Z

<div id="subtitle">2 freight trains crash near Pittsburgh; 1 dead, some diesel fuel leaked into creek</div><div><p>Two freight trains owned by a U.S. Steel subsidiary crashed near a Pittsburgh-area plant early Tuesday, killing one person and causing cars on one train to derail.</p><p>The cause of the crash at the company's Edgar Thompson Works in Braddock, east of Pittsburgh, is being investigated.</p>&...

ArcelorMittal plans steel plant in Iraq

2010-03-16T03:16:02Z

<div><p>The world's biggest steel maker ArcelorMittal said Tuesday it plans to build a 130-million-dollar steel plant in Kurdish northern Iraq in partnership with the Turkish company Dayen.</p><p>ArcelorMittal "signed a memorandum of understanding to establish a joint venture with Turkish partner Dayen to build a steel mini-mill with electric furnace in

China vows to support steel mills in iron ore talks

2010-03-16T02:21:40Z

<div><p>China said Tuesday it will support domestic steel mills in their thorny iron ore price negotiations with global miners even after the Australian government bluntly told Beijing to stay out of the talks.</p><p>"As the world's largest iron ore consumer, the interests of Chinese steel mills should be reflected in the negotiations," commerce ministry spokesman

Rio 'in talks' with Chinalco over huge Africa field

2010-03-16T00:16:03Z

<div><p>Rio Tinto is in talks with China's Chinalco on a massive mining project in Guinea, reports said Tuesday, raising hopes of a rapprochement that could unlock one of the world's biggest iron ore fields.</p><p>The mining giant i...

Rio, Chinalco in talks on 12 bln dlr Guinea mine: report

2010-03-15T14:16:38Z

<div><p>Anglo-Australian miner Rio Tinto is in talks with China's Chinalco on jointly developing the Simandou iron-ore field in the West African nation of Guinea, the

POSCO breaks ground for steel plant in India

2010-03-15T01:16:00Z

<div><p>South Korea's largest steelmaker POSCO said it broke ground Monday on a plant in western India that will produce galvanised steel sheets for automobiles and electronic goods.</p><p>The world's fourth largest steelmaker said it would spend about 240 million dollars to build the ...

Australia urges China to keep out of iron ore talks

2010-03-15T01:15:41Z

<div><p>Australia on Monday urged China stay out of difficult iron ore price negotiations with global mining giants after steel mills lobbied Beijing to intervene.</p><p>Trade Minister Simon Crean gave assurances Australia would also keep away from the fraught process in which steelm...

China says market forces ended Chinalco deal: report

2010-03-15T00:15:37Z

<div><p>China said market forces were behind the failure of what would have been its biggest foreign investment deal, an Australian newspaper said Monday.</p><p>Chinalco's 19.5 billion US dollar cash injection into Anglo-Australian miner Reuters) - China's steelmakers should not try draw their government into iron ore price talks with Australian miners, Australia's trade minister said on Monday, as the mills struggle to pin back soaring raw material prices.</p><p>Any overt efforts by Beijing

Power blackout hits Chile two weeks after quake

2010-03-14T22:00:11Z

<div><p>SANTIAGO (Reuters) - A major blackout left most of Chile without power for hours on Sunday, two weeks after a massive earthquake that killed hundreds and weakened infrastructure.</p><p>Electricity was restored quickly, but the failure of the South American country's main power grid was another test for conservative CANBERRA (Reuters) - Australian Trade Minister Simon Crean on Monday welcomed a report that China had cleared Rio Tinto <RIO.AX> and the Australian government of blame for the collapse of a $19.5 bi...

How China will drive silver to $250

2010-03-12T19:15:24Z

<div id="subtitle">Individual investors can make an impact on its price</div><div><p>Once upon a time, the Chinese government forbade ownership of all precious metals. </p><p> But now, the ban has been lifted. In fact, China just introduced silver bars for investment. And now, state-run China Central Television (CCTV) is running a campaign ...

Nucor CEO's pay package falls 43 percent

2010-03-12T13:45:22Z

<div id="subtitle">Nucor CEO's pay package falls 43 percent; performance bonus eliminated in difficult year</div><div><p>An Associated Press calculation finds that steel maker Nucor Corp. paid its CEO fell 43 percent last year as it eliminated cash bonuses for executives to help it weather the recession.</p><p>Chairman,

What China wants more than physical gold

2010-03-11T19:16:48Z

<div id="subtitle">Could have its sights on buying gold mines abroad</div><div><p>"A few factors limit our ability to increase [our] investment in gold," China's Chief foreign exchange regulator Yi Gang said in a speech this week. Investors have long speculated China will start buying gold and selling its hoard of U.S. dollars ...

Gold takeover offer not applauded by everyone

2010-03-11T19:16:25Z

<div id="subtitle">Yukon area plays shine in the wake of takeover offer</div><div><p>Underworld Resources (TSX: V.UW, Stock Forum) shares jumped sharply after it announced Kinross Gold (TSX: T.KGC, Stock Forum) had made a friendly takeover bid for the company. </p><p>The offer of 0.141 of a Kinross common share, plus a penny in cash per Underworld share represents a 36% premium on ...

Movie "Avatar" has few fans among mining execs

2010-03-11T13:32:56Z

<div><p>NEW YORK (Reuters) - It's enough to make a mining executive grit his teeth or his kids to give him the silent treatment.</p><p>In a case of art imitating life -- with perhaps a little poetic license -- Oscar-winning movie "Avatar" paints big mining companies as the villains of the future.</p>...

Another commodity set to fall in price

2010-03-10T19:16:45Z

<div id="subtitle">Price is still rising as supply increases</div><div><p>As I've been writing to you about the coming fall in the price of copper, I've been researching the entire base-metals complex. "Base metals" is the term used for the workhorses of the metals complex. They aren't flashy, like gold or silver. In addition to copper, we're talking zinc, tin, and nickel. These metals are used in steel production and various manufacturing applications. I think they're ...

Best ETF for rising iron ore prices

2010-03-10T19:16:42Z

<div id="subtitle">Companies may still be able to enact 80% price increases</div><div><p>With the global economy looking poised to rebound, iron ore prices are sure to benefit. In fact, they already are. Iron ore is a key ingredient in the steel making process, so it is no understatement to say that iron ore prices are intimately tied to the health of the economy at large. </p><p>Investors looking for a way to play this trend may turn to a steel-specific ETF ...

Severstal posts $162 mln net loss in Q4

2010-03-09T01:15:10Z

<div id="subtitle">Russian steelmaker Severstal's net loss narrows to $162 million in Q4, sees improvements</div><div><p>Russia's largest steelmaker Severstal on Tuesday posted a $162 million net loss in the fourth quarter of 2009 but signalled confidence in the year ahead.</p><p>Severstal's loss compares to a larger $1.2 billion loss in the year-earlier quart...

Movers roundup: Schnitzer Steel, Cisco Systems

2010-03-08T15:00:42Z

<div id="subtitle">Movers roundup: Schnitzer Steel shares fall on downgrade, Cisco stock climbs ahead of event</div><div><p>Among the stock activity stories for Monday, March 8, from AP Financial News:</p><p>NEW YORK (AP) — Shares of Schnitzer Steel Industries fell as a UBS analyst downgraded the scrap steel proc...

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