Industrials

Pentagon, industry seek answers on issue that grounded F-35B

Pentagon and industry officials worked through the weekend to determine what caused the failure of a fuel line on the Marine Corps version of Lockheed Martin Corp's s F-35 fighter jet that prompted the plane's grounding on Friday.

Bumi says Indonesia probe fails to prove misconduct

London-listed coal miner Bumi Plc said an independent probe had not been able to prove misuse of funds at its Indonesian units, as documentary evidence had been obtained illegally and key witnesses had refused to cooperate.

Thyssen chairman admits to mistakes but won't quit

ThyssenKrupp AG Chairman Gerhard Cromme admitted on Friday to making mistakes that contributed to massive losses at the German steelmaker, but didn't bow to pressure from some shareholders to step down.

EU's China ambassador says no trade war with Beijing

The European Union will not be drawn into a trade war with China, the EU's ambassador to the country said on Wednesday, a day after trade sources said the European Commission found that Beijing illegally subsidizes Chinese steel producers.

SKF to cut 2,500 jobs as European markets weaken

SKF , the world's biggest bearings maker, is cutting 2,500 jobs to cope with weaker demand, underscoring the bleak outlook for manufacturers as Europe drives through austerity measures to reduce its debts.

Alcoa says output cuts drive cost reduction

Production cuts and closures carried out this year have helped Alcoa Inc , the world's largest aluminum producer, to move 4 percentage points down the aluminum smelting cost curve, its chief executive said on Tuesday.

Budget deal leaves U.S. defense sector in limbo

Pentagon officials and weapons makers on Wednesday expressed relief after Congress approved a two-month delay in huge budget cuts, but warned that a longer-term fiscal solution is urgently needed to lift the uncertainty hanging over the sector.

Steel sanctions cut deep into Iran's economy

Iranian manufacturers and builders face serious shortages of steel and other metals as a new European Union export ban adds to troubles for an economy already reeling from sanctions on its finances and oil exports.