Stocks fell Monday as investors continued to fret about the potential impact of rising oil prices amid further unrest in Libya, while the technology sector was also hurt by an analyst downgrade.
The Dow Jones industrial average 79.85 points, or 0.7%, dropping to 12,090.03. Chip giant Intel was one of the weakest components of the measure, off 35 cents, or 1.6%, to $ 21.21 after Wells Fargo cut its view of the semiconductor sector to “market weight” from “overweight” for the first time in over two years. Still, the bank called the move “one more indication of a more moderate though still optimistic vision of the sector rather than an active concern about chip stocks as a group.” Read more
NMDC Ltd, the third largest iron ore producer, Asia could buy four coking coal mines controlled by Mikhail Prokhorov Russian billionaire, securing raw material supplies for the two planned steel plants in India. Talk to the OOO Kolmar mines, those reserves of around 400 million tonnes in Siberia, Yakutia region, purchase can be completed in December, Finance Director NMDC Swaminathan Thiagarajan said today in a telephone interview, with no price details. Read more
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Windsurfing subcommittee recommended the South Korean company POSCO largest steel group get 74 percent equity in the company SAIL joint venture. Give shares on the basis of patented technologies FINEX and funding provided by the South Korean government for the construction of the steel plant in Jharkhand. months of windsurfing subcommittee approved a proposal to establish common ground steel joint venture of Bokaro Steel Plant (BSP). Read more
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China’s largest Coal producers, China Shenhua Energy Co., has been publishing profits made by companies has risen sharply to 16.5 per cent. Increased corporate profits due to a sharp increase in domestic demand. Earnings for the quarter ended March 31 was 09.02 billion yuan (1.3 billion dollars each), or 0:46 yuan (6 U.S. cents) per share, the company announced. Revenues rose 20.8 percent a year earlier to 32.8 billion yuan (4.8 billion dollars). Read more
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The process of resolving disputes with Kumba Iron Ore (KIO) has started, ArcelorMittal South Africa (AMSA) CEO Nonkululeko Nyembezi-Heita, said Tuesday. As Nyembezi-Heita told a press conference that it could be assumed that AMSA would enter a battle with KIO arbitration, the South African government heaped criticism on the South African steel producer to impose a R600 ” Sishen supplement “on each ton of steel it sells in South Africa, 1 May Read more
