Thu, May 14, 8:38 AM
- ArcelorMittal (NYSE:MT) +6.4% premarket after the European Union announces tariffs as high as 35.9% on electrical steel from the U.S., Russia, Japan, China and South Korea.
- The duties punish exporters of grain-oriented electrical steel - used in power transformers - from the five countries for allegedly having sold it in the EU below cost; they take effect today and last for six months, but could be prolonged for five years.
- EU producers that also include ThyssenKrupp (OTCPK:TYEKF) and Tata Steel suffered “material injury” as a result of the dumped imports, the European Commission says.
Aug. 27, 2014, 2:58 PM
- The U.S. will not go ahead with planned import duties on specialized steel from Japan, Germany and Poland after the U.S. International Trade Commission found the imports were not harming local industry.
- The U.S.-based public affairs lobby of the Japanese steel industry welcomes the decision, which came after a complaint lodged by AK Steel (AKS -2.9%) and others.
- The decision affects companies including Nippon Steel & Sumitomo Metal (OTC:NISTF) and Germany's ThyssenKrupp (OTC:TYEKY, OTCPK:TYEKF), which had been named in the dispute.
- Also: X -1.1%, STLD -0.4%, WOR -0.6%.
- ETF: SLX
Nov. 7, 2013, 7:46 AM
- ArcelorMittal (MT) remains interested in a potential purchase of ThyssenKrupp's (TYEKY, TYEKF) steel rolling mill in Alabama, CFO Aditya Mittal said in this morning's earnings call.
- Shares +5.7% premarket after reporting improved Q3 results and offered an optimistic outlook; analysts say the results probably would prompt market upgrades of core profit forecast by 2%-4%.
Jul. 26, 2013, 9:56 AMSiderurgica Nacional (SID +5%) pops at the open after reports say talks concerning the purchase of two ThyssenKrupp steel plants broke down; the apparent sticking point is the price of the Alabama facility. An agreement in principle to buy a ~33% stake in ThyssenKrupp's plant in Brazil could be jeopardized; SID wants control of both plants, and sources say if it cant have both, it might walk away. | Jul. 26, 2013, 9:56 AM | Comment!
May 7, 2013, 3:26 PMVale (VALE +3%) says it hasn't been contacted by ThyssenKrupp about a reported proposal to increase its stake in a troubled Brazilian steel mill. The German steelmaker is seeking to sell two plants in the Americas, including one near Rio de Janeiro in which Vale has a 27% stake. One proposal was said to have Vale increasing its stake in the mill to 33%. | May 7, 2013, 3:26 PM | Comment!
May 3, 2013, 3:31 AMThyssenKrupp AG (TYEKY.OB, TYEKF.PK) +5% in Frankfurt on news Companhia Siderrgica Nacional (SID), Brazil's No.3 steelmaker, has reportedly emerged as the leading bidder for its Brazilian and U.S. steel-plant assets. For now, ThyssenKrupp remains in parallel negotiations with Vale (VALE) and the Brazilian gov't for the assets. ThyssenKrupp has spent the last year figuring out how to dispose of the unprofitable plants. | May 3, 2013, 3:31 AM | Comment!
Apr. 30, 2013, 12:22 PMLatin American steelmaker Ternium (TX +5.1%) surges higher after saying it won’t pursue a purchase of ThyseenKrupp's (TYEKF.PK) steel plant in Rio de Janeiro state in Brazil because of its valuation and industry conditions in Brazil. TX says it is assessing alternative growth options after backing out of the bidding process. (Q1 earnings) | Apr. 30, 2013, 12:22 PM | Comment!
Jan. 9, 2013, 12:39 PMArcelorMittal (MT -3.8%) has submitted a bid to ThyssenKrupp (TYEKF.PK) reflecting its interest in purchasing the German steelmaker's steel plant in Alabama, MT's CFO says. A successful bid would strengthen MT's presence in the U.S. automotive sector while stemming losses at Krupp, which suffered huge cost overruns and massive losses during the ramp-up of the Alabama plant. | Jan. 9, 2013, 12:39 PM | Comment!
Nov. 30, 2012, 3:11 PMBrazilian steelmaker CSN (SID -6.6%) is offering to buy ThyssenKrupp's plants in the Americas for ~$3B, Bloomberg reports. ThyssenKrupp announced in May that a sale of its U.S. and Brazilian plants is among strategic options amid rising building costs and project delays. | Nov. 30, 2012, 3:11 PM | Comment!
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