Industry Report Card: EMEA Mining Margins Are Growing On Emerging Market Demand, But Slower Growth In Europe Is Restraining Steel Mar 11
Standard & Poors, March 2011
Abstract
Credit quality in the metals and mining sector in Europe, the Middle East and Africa (EMEA) should stay broadly stable throughout 2011, supported by an improved global economic environment, in Standard & Poor's Ratings Services view. Yet, this masks diverging operating and financial performance between mining companies and steel producers that we expect will continue throughout the year. While we anticipate that mining companies will generate strong earnings through 2011 on the back of growing emerging market demand, we believe steel producers' margins will be held back by only slowly recovering demand in the European market, on which they most depend. This broad outlook is reflected in the outlook distribution of the 27 companies that we rate in the sector....
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
- Norsk Hydro ASA
- SSAB AB
- Glencore International AG
- SGL Carbon SE
- Alrosa OJSC
- ArcelorMittal
- ThyssenKrupp AG
- Anglo American PLC
- Eco-Bat Technologies Ltd.
- Xstrata PLC
- OAO Severstal
- MMC Norilsk Nickel OJSC
- OAO TMK
- Eregli Demir ve Celik Fabrikalari T.A.S.
- Kloeckner & Co. S.E.
- NLMK OJSC
- Evraz Group S.A.
- The New Reclamation Group Pty Ltd.
- Zlomrex S.A.
- New World Resources N.V.
- Gold Fields Ltd.
- Eurasian Natural Resources Corp. PLC
- Severstal Columbus LLC
- AngloGold Ashanti Ltd.
- OAO Koks
- Ferrexpo PLC
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