Kaiser Aluminum announced that the applicable energy surcharge for August shipments of fabricated products will be: 6xxx alloys: $0.048 per pound All other alloys: $0.066 per pound The surcharges are based on a calculation tied to indices provided by the U.S. Department of Energy and are updated on a monthly basis. Customers can view the formulas for calculating... Read more..
Aluminum producer Alcoa Inc. has recently reported that it has received official notice from Highfields Capital Management of its intention to acquire up to 8 percent of the company’s common shares. The stake includes about 2 percent of Alcoa’s common shares that Highfields’ affiliated funds already own. As of March 31, Highfields Capital Management held about 15.4 million shares,... Read more..
Siemens AG has just published a report saying that it plans to sue two former CEOs and nine other ex-executives for alleged supervisory failings in a corruption scandal that has cost the company millions in fines and damaged its reputation. Siemens’ supervisory board decided to seek damages from former chief executive Heinrich von Pierer and his successor, Klaus Kleinfeld, now the chief executive... Read more..
Industrial conglomerate Siemens AG has recently told the press that its third-quarter profit fell 31 percent from the same period a year ago, but was buoyed by better orders for power plants. The company, which makes a wide range of products including trains, light bulbs, medical equipment and power generation turbines, earned 1.42 billion euros ($2.2 billion) in the April-June period, down from 2.07... Read more..
South Korea’s LS Cable Ltd has recently announced that it has secured 93.92 percent of the shares in U.S. wire and cable manufacturer Superior Essex Inc. for a total $834 million. Seoul-based LS Cable and Superior Essex, headquartered in Atlanta, Georgia, announced in June that they agreed on a cash buyout of $45 per share by LS Cable to create the world’s third-biggest wire and cable manufacturer. Lee... Read more..
Since the start of discussions with Mr. Kleinfeld about his taking a position with Alcoa, the company and its board have sought and received extensive information regarding the Siemens matter. Alcoa continues to monitor the situation, and believes no further comment or action is warranted or necessary at this time. The board believes it is well informed of all pertinent information in this matter. Statement... Read more..
Sterlite Industries (India) Limited is reported by the media that the company has announced its results for the first quarter ended 30 June 2008 (“Q1”). Here are the highlight of the report: * Refined zinc and lead production at 128,000 tonnes and 17,000 tonnes, an increase of 38% and 27% respectively * 88,000 tpa zinc debottlenecking project successfully completed * Significant improvement... Read more..
Globe Specialty Metals, Inc. announced that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering in the United States of its common stock. A portion of the shares of common stock to be offered are proposed to be issued and sold by the Company and a portion are proposed to be sold by certain stockholders of the Company. Credit... Read more..
As reported by the media that the Tin price on the Kuala Lumpur Tin Market (KLTM) fell sharply by US$655 to US$22,540 per tonne today following a steep downtrend on the London Metal Exchange (LME), dealers said. They said expectations of a weaker economic growth has reduced demand for industrial metals, especially copper which is a key measure for economic activity as it is largely used in the construction... Read more..
It has recently reported by the media that Rio Tinto is seeking to secure power supplies for its primary aluminium smelter in Britain beyond the expiry of its present contract at the end of 2009, a company spokesman said on Thursday. (Advertisement) “We’re still negotiating and hoping we can extend our power contract beyond next year,” he said. The Anglesey smelter in Wales takes... Read more..