By Kishori Krishnan Exclusive to Iron Investing News Rio Tinto Ltd. (LON:RIO) gave a gloomy assessment of global commodity markets Tuesday, saying there is unlikely to be much of a rebound this year and warning the downturn will continue to hit its profits. The downbeat outlook reinforces the company’s message that it needs to proceed [...]
By Kishori Krishnan Exclusive To Iron Investing News The closure of major steel operations in the Hamilton area are set to reverberate around the economy, potentially affecting everyone from iron ore producers in Quebec and Labrador to coal companies in Western Canada. Pittsburgh-based United States Steel Corp. has said it will indefinitely idle operations at [...]
Steep drop in iron ore prices in the global market may dent Sesa Goa’s profitability. For full story, click here
Profit declined by 24.7% at India-focused miner Vedanta Resources in the 6 months to 30 September and earnings fell 7%. The company posted record volumes in its iron ore business. Anil Agarwal, chairman of Vedanta Resources, said: In these challenging and uncertain markets, the group has produced a strong performance and we continue to make progress on our [...]
One Steel Ltd. reported a 57 percentjump in H2 profit, driven by increased iron ore sales and higher steel prices. For more information, click here For company’s website, click here
By Melissa Pistilli – Exclusive to IronInvestingNews.com Economic woes in the U.S. and Western Europe may be stalling growth in the construction sector and lessening demand for materials like iron ore, aluminum, and copper; however, “prospects for the iron ore market remain positive,” says Chris Griffith, CEO of Kumba Iron Ore. One of the main [...]
PORTMAN’S first half net profit has more than doubled to $137.1 million due to rise in iron ore prices. The company said: It expects to produce 8 million tonnes of iron ore in 2008, with 7.7 million tonnes coming from its Koolyanobbing operation and 300,000 tonnes from Cockatoo Island. Click here for full story
Vedanta Resources’ first quarter profit shoots up 6.3% due to record production of iron ore. The London-based company reported that: Earnings before interest, tax, depreciation and amortization gained to $739 million in the three months ended June 30, from $695.4 million a year earlier. For full news, click here
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