Industry Report Card: Ratings Activity In European Metals And Mining Sector Expected To Be M&A Driven In 2007 Feb 07
Standard & Poors, February 2007
Abstract
The ratings on Standard & Poor's Ratings Services European metals and mining portfolio continue to have generally stable outlooks as we enter 2007, and the key market themes are broadly unchanged. Market conditions remain strong overall for mining groups active in base metals and bulk commodities, despite recent falls in copper prices, and generally healthy for steel producers, despite recently agreed higher benchmark iron ore prices. Nevertheless, market price volatility and cost pressures persist across the rated portfolio, which will continue to act as negative factors on business risk profiles and constraints on ratings for many companies. Against this backdrop, M&A activity continues to reshape both the mining and steel industries. Producers seek to enhance business risk profiles notably by...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Rio Tinto PLC
- Corus Group PLC
- SSAB AB
- Glencore International AG
- SGL Carbon SE
- Alrosa OJSC
- ArcelorMittal
- ThyssenKrupp AG
- OAO Magnitogorsk Metallurgical Kombinat
- Arcelor S.A.
- Anglo American PLC
- Eco-Bat Technologies Ltd.
- Xstrata PLC
- OAO Severstal
- MMC Norilsk Nickel OJSC
- OAO TMK
- Tata Steel Ltd.
- Eregli Demir ve Celik Fabrikalari T.A.S.
- NLMK OJSC
- Evraz Group S.A.
- JSC Azovstal Iron and Steel Works
- Pipe Acquisition Ltd.
- The New Reclamation Group Pty Ltd.
- Zlomrex S.A.
- Sual International Ltd.
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