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Jeff Fettig

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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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    Shares of Whirlpool (NYSE:WHR) slumped more than 6% Tuesday morning after the washing machine manufacturer failed to show top-line growth during the second quarter o...

  2. Whirlpool Swings To Profit, Affirms Outlook

    Home-appliance maker Whirlpool Corp. said Tuesday that it swung to a second-quarter profit of $113 million, or $1.43 per share, from a loss of $161 million, or $2.10...

  3. Whirlpool Surges On Profit Outlook

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  4. Whirlpool Wows Wall Street With Outlook, 4Q

    Whirlpool (NYSE:WHR) unveiled on Wednesday a 20% jump in fourth-quarter profits amid higher North American sales and projected 2012 results that would blow away Wall...

  5. Whirlpool Axes Guidance, 5K Jobs Due to 'Recessionary' Demand

    Whirlpool (NYSE:WHR) posted a third-quarter earnings dud and slashed its full-year outlook on Friday, prompting the world’s largest appliance maker to announce plans...

  6. Companies see slack second-half demand

    By Martinne Geller and Brad Dorfman"The modest pickup in total consumer spending almost all U.S. businesses saw earlier in the year has reversed in the past several ...

  7. Whirlpool 3Q Net Sinks 9.2%; Adjusted Profit Tops Estimates

    Whirlpool (NYSE:WHR) revealed a stronger-than-expected adjusted profit for the third quarter on Wednesday, but the big appliance maker warned of turbulence ahead.The...

  1. Whirlpool 1st-Quarter Net Expands On Higher Margins

    Whirlpool Corp.'s (WHR) first-quarter profit soared, as the company continued to refrain from aggressive price discounting in the pursuit of higher profit margins on...

  2. Whirlpool CEO Compensation Up 29% in 2012

    Whirlpool Corp. (NYSE:WHR) said Chairman and Chief Executive Jeff Fettig's 2012 compensation rose 29% on sharply higher cash bonuses linked to the appliance maker's ...

  3. Whirlpool's Core Earnings on Appliances Improve in 4th Quarter

    Whirlpool Corp.'s (WHR) fourth-quarter profit sank 40% from one-time charges, but income from the company's core appliance business expanded as lower costs and highe...

  4. Cost cuts help Whirlpool counter weak demand

    Whirlpool Corp reported a higher-than-expected quarterly profit and gave a strong outlook for 2013 on Thursday as price increases and cost cuts helped the world's la...

  5. Whirlpool quarterly profit tops estimates; sales miss

    Whirlpool Corp reported a higher-than-expected quarterly profit on Thursday as price increases and cost cuts helped the world's largest appliance maker counter lackl...

  6. Whirlpool Net Off 40% on Charges; Core Earnings Improve

    Whirlpool Corp.'s (WHR) fourth-quarter profit sank 40% as the home appliances company was bogged down by one-time charges, although core earnings improved sharply an...

  7. Whirlpool Net Down 58% on Currency Impacts

    Whirlpool Corp.'s (NYSE:WHR) third-quarter profit slid 58% as the home appliances company continued to be hit by currency impacts and also recorded an income tax exp...

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