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Industry Report Card: Prospects Continue To Recover For EMEA Metals And Mining Groups, But Steel Producers Lag Behind Miners Jul 10

  • ID: 1711774
  • July 2010
  • Region: EMEA
  • Standard & Poors
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  • ArcelorMittal
  • Ferrexpo PLC
  • MMC Norilsk Nickel OJSC
  • Norsk Hydro ASA
  • Rio Tinto PLC
  • MORE

In Standard & Poor's Ratings Services' opinion, credit quality in the Europe, Middle East, and Africa (EMEA) metals and mining sector has broadly stabilized in recent months. However, we continue to see a divergence of operating performance, credit metrics, and rating outlooks between the mining sector--which has rebounded quickly--and the steel sector, which in our view faces more challenging market conditions. Furthermore, we see a number of ongoing downside risks, in particular from a potential slowdown in economic growth, which we believe could lower demand in industrial end markets during the second half of 2010 and possibly into 2011. After a high number of negative rating actions in 2009 reflecting the sharp downturn in mining and steel sectors, we took...

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.

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- Rio Tinto PLC
- Norsk Hydro ASA
- Glencore International AG
- SGL Carbon SE
- ArcelorMittal
- Vale S.A.
- ThyssenKrupp AG
- Anglo American PLC
- Eco-Bat Technologies Ltd.
- Xstrata Ltd
- PAO Severstal
- MMC Norilsk Nickel OJSC
- Eregli Demir ve Celik Fabrikalari T.A.S.
- Evraz Group S.A.
- The New Reclamation Group Pty Ltd.
- Zlomrex S.A.
- New World Resources N.V.
- Gold Fields Ltd.
- Eurasian Natural Resources Corporation Ltd.
- Severstal Columbus LLC
- AngloGold Ashanti Ltd.
- Ferrexpo PLC

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