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Steelmakers Pinched by Price Plunge

Steel prices have slumped this month, setting off a scramble among steelmakers to maintain prices and market share despite a nationwide glut.The rapid price decline, at a point in the year when prices traditionally rise, prompted several major steelmakers to send out letters last week notifying customers that they would no longer offer discounts on the index prices published by data companies.The effort to halt rampant undercutting faces challenges from other steelmakers that continue to offer discounts and special deals, including offers to pay freight.The battle between steelmakers has been welcomed by customers. Brad Clark, director of steel trading for Katanam Metals LLC, St. Louis-based company that bought and sold 150,000 tons of steel last year, said Germany's ThyssenKrupp AG has been regularly offering prices 3% lower than other firms on steel made at its plant in Alabama. The German steelmaker, which is trying to sell the plant, is under pressure to keep production going to ge...

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  1. Nucor 4th-Quarter Net Down 0.1% on Lower Revenue, Costs

    Nucor Corp.'s (NUE) fourth-quarter profit edged down 0.1% as the steelmaker's softer revenue was balanced out by lower input costs.The bottom-line came in well ahead...

  2. Nucor Beats the Street

    FBN's Diane Macedo breaks down Nucor's 4Q earnings.

  3. Big Business Splits Over Gas Exports

    The debate over whether the U.S. should export its abundant new supplies of natural gas is creating divisions within powerful groups that represent some of the natio...

  4. Arcelormittal, Others Bid For ThyssenKrupp's U.S. Operations

    A handful of bidders have emerged as leading contenders for ThyssenKrupp AG's (TYEKY, TKA.XE) massive steel operations in the Americas.ArcelorMittal (MT, MT.AE, MT.F...

  5. ArcelorMittal Interested In Alabama Mill

    ArcelorMittal (MT) has submitted a bid to ThyssenKrupp AG (TKA.XE) that reflects its interest in purchasing the German steelmaker's steel plant in Calvert, Alabama, ...

  6. S&P Lukewarm on Some Materials ETFs

    Despite signs of slowing growth in some emerging markets, there are also signs the U.S. economy is rebounding and China has delivered plenty of signals in recent wee...

  7. Nucor Forecasts 4th-Quarter Per-Share Profit Below Analysts' Views

    Nucor Corp. (NUE) projected fourth-quarter earnings below analysts' expectations as the steelmaker's bottom line is expected to be hurt by lower steel margins.The se...

  8. Nucor Sees Q4 Profit Of 25c To 30c a Share

    Nucor Corp. said Tuesday it expects to report a fourth-quarter profit of 25 cents to 30 cents per share, below the estimate of 35 cents a share in a survey of analys...

  9. U.S., Russia reach draft deal on hot-rolled steel trade

    The U.S. Commerce Department on Friday said it had reached a draft agreement with the Russian government to revise a 13-year-old deal governing imports of hot-rolled...

  10. Nucor Promotes COO John Ferriola To CEO

    NEW YORK (MarketWath) -- Nucor Corp. said Friday John Ferriola will become chief executive officer of the Charlotte, N.C., steel maker on Jan. 1. He is currently chi...

  11. Soros Adds to Gold Miner ETF Positions, Raises GLD Stake

    Billionaire investor George Soros, who as recently as late 2011 said gold was an asset bubble, now appears quite bullish on the yellow metal and the companies that e...

  12. Nucor 3rd-Quarter Profit Down 39% on Lower Production, Prices

    Nucor Corp.'s (NUE) third-quarter profit fell 39% as lower production and lower average prices weighed on the steelmaker's revenue.The second-largest U.S. steelmaker...

  1. Nucor Net Down 42% on Lower Production, Prices

    Nucor Corp.'s (NUE) first-quarter profit dropped 42% as the steelmaker's production and selling prices declined, though input costs were also down.Nucor, the second-...

  2. Nucor 1st-Quarter Net Down 42% on Lower Production, Selling Prices

    Nucor Corp.'s (NUE) first-quarter profit dropped 42% as the steelmaker's production and selling prices declined, though input costs were also down.Nucor, the second-...

  3. Big Problems For Steel ETF

    Signs just keep on creeping up that the materials sector is in trouble and in today's episode of "As Materials ETFs Tumble," the Market Vectors Steel ETF (NYSE:SLX) ...

  4. Final Offers for Thyssen Unit Well Below Book Value

    Final offers for ThyssenKrupp AG's (TKA.XE) massive steel plants in Brazil and Alabama are well below the company's expectations as the German conglomerate enters th...

  5. Nucor Sees Downbeat 1Q Profit on Steel Mill Weakness

    Nucor Corp. (NUE) forecast downbeat first-quarter earnings as the company said its steel mills haven't experienced the seasonal improvement that is typical in the fi...

  6. Nucor Predicts Downbeat 1st-Quarter Profit on Steel Mill Weakness

    Nucor Corp. (NUE) forecast downbeat first-quarter earnings as the company said its steel mills haven't experienced the seasonal improvement that is typical in the fi...

  7. ThyssenKrupp Prefers Cash for Americas Steel Plants; To Sign Deal in May

    Germany's largest steel maker ThyssenKrupp AG (TKA.XE) prefers offers based on cash rather than shares when reviewing bids for its two Americas steel plants, senior ...

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