October 2001

Some mills 'abusing Chapter 11', says nickel supplier

The large number of US steel mills that have declared Chapter 11 bankruptcy over the past year has had "a devastating impact" on suppliers of raw materials such as nickel, Derek Benham, president of trading firm BenMet NY, told MB's 4th Nickel & Its Markets Seminar in Manchester today.

Avesta tackles concerns over nickel price volatility

AvestaPolarit has been speaking to its customers about fixed price contracts in an attempt to address the volatility that nickel prices add to stainless prices, MB's 4th Nickel & Its Markets Seminar in Manchester heard today.

Smuggling clampdown hurts Taiwanese stainless trade

Taiwanese stainless producers are reporting difficulties in exporting their material into mainland China in the wake of the Chinese government's recent clampdown on smuggling activities

Precision Specialty Metals could be sold

Precision Specialty Metals of Los Angeles, which filed for Chapter 11 protection in the third quarter, said it has retained an investment bank, which could lead to its sell-off.

Allegheny's earnings plummet

Allegheny Technologies Inc saw its third-quarter net earnings plummet 81% compared with the same period a year ago, from $42m to $8m.

BHP Billiton dismisses strike threat

BHP Billiton has dismissed the threat of strike action at its aluminium smelters in South Africa which is being advocated by the National Union of Metalworkers of South Africa (Numsa).

Trader leaves Glencore

A Glencore ferro-alloys trader is to leave the company, a spokeswoman for the Swiss trading company has confirmed to MB.com.

US noble-alloy market remains weak

Noble-alloy sales in the USA remain weak, with market confidence further dented by the Chapter 11 filing of Bethlehem Steel.

Chinese metals traders complete merger

China's Man Bond (Hong Kong) Group has merged with Sanford Industry Co to form a new Shanghai-based trading entity.

AvestaPolarit 'on track for €100m merger savings'

AvestaPolarit is on schedule to find savings of more than €100m a year after the merger of Outokumpu and Avesta Sheffield, according to John Newborn, vp for business development and integration.