Global Metals & Mining Industry Recovers in Some Sectors, Struggles in Others Jun 02
Standard & Poors, June 2002
Abstract
(Editor's note: The following article is a summary of remarks made by six credit analysts on Standard & Poor's Metals & Mining team, at the teleconference, "Global Sector Review: Metals & Mining Industry" on June 11, 2002.) Prices are rising for gold and U.S. and European steel products, while producers of other metals are slower to recover from price, credit, and production stresses. Latin American steel, for example, suffers from domestic economic woes and companies in that region are looking to increase exports. Despite production cutbacks, aluminum and copper prices continue to suffer from high inventory levels and the global economic malaise. Nickel prices are recovering despite volatile steel industry conditions, and spot coal prices have meaningfully declined due to...
Companies mentioned in this report are: Alcoa Inc.,Falconbridge Ltd. (Old),Nucor Corp.,Rio Tinto Alcan Inc.,Xstrata Canada Corp.,Barrick Gold Corp.,AK Steel Corp.,Commonwealth Industries Inc.,Newmont Australia Ltd.,Acindar Industria Argentina de Aceros S.A.,Steel Dynamics Inc.,Ternium Mexico S.A. de C.V.,Corporacion Nacional del Cobre de Chile,Ormet Corp.,Golden Northwest Aluminum Inc.,California Steel Industries Inc.,Massey Energy Co.,Minera Escondida Ltda.,Arcelor S.A.
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.
Alcoa Inc.,Falconbridge Ltd. (Old),Nucor Corp.,Rio Tinto Alcan Inc.,Xstrata Canada Corp.,Barrick Gold Corp.,AK Steel Corp.,Commonwealth Industries Inc.,Newmont Australia Ltd.,Acindar Industria Argentina de Aceros S.A.,Steel Dynamics Inc.,Ternium Mexico S.A. de C.V.,Corporacion Nacional del Cobre de Chile,Ormet Corp.,Golden Northwest Aluminum Inc.,California Steel Industries Inc.,Massey Energy Co.,Minera Escondida Ltda.,Arcelor S.A.
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