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Industry Report Card: Global Metals & Mining Oct 03 Product Image

Industry Report Card: Global Metals & Mining Oct 03

  • ID: 1824353
  • October 2003
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • AK Steel Holding Corp.
  • Century Aluminum Co.
  • Freeport-McMoRan Inc.
  • Massey Energy Co.
  • Oglebay Norton Co.
  • Steel Dynamics Inc.
  • MORE

Abstract
Despite a slight rebound in metals prices from the lows earlier this year, the near-term outlook for credit quality in the global steel and base metals industries remains stable to negative. Given current industry fundamentals, credit quality among U.S. metals and mining companies will retain a stable to negative bias, at least for the near term. Indeed, of the 75 metal and mining companies that Standard & Poor's Ratings Services rates globally (with the exception of Asia), the outlook distribution is 46 stable outlooks, or 61%; 24 negative outlooks, or 32%; and five positive outlooks. Following a very difficult 2001, when Standard & Poor's downgraded 68 companies and upgraded only 11 in the sector globally, the downgrade-to-upgrade ratio for 2002...

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.
- Carpenter Technology Corp.
- Newmont Mining Corp.
- Nucor Corp.
- Oglebay Norton Co.
- Freeport-McMoRan Corp
- Quanex Corp.
- Worthington Industries Inc.
- NS Group Inc.
- Coeur Mining Inc.
- Commercial Metals Co.
- Gerdau Ameristeel Corp.
- Hecla Mining Co.
- Haynes International Inc.
- Freeport-McMoRan Inc.
- Consol Energy Inc.
- Jorgensen (Earle M.) Co.
- Oregon Steel Mills Inc.
- AK Steel Holding Corp.
- GrafTech International Ltd.
- WHX Corp.
- International Wire Group Inc.
- Ryerson Inc.
- Allegheny Technologies Inc.
- Commonwealth Industries Inc.
- Titanium Metals Corp.
- Steel Dynamics Inc.
- Metallurg Inc.
- USEC Inc.
- Peabody Energy Corp.
- Texas Industries Inc.
- Arch Coal Inc.
- California Steel Industries Inc.
- Better Minerals & Aggregates Co.
- Stillwater Mining Co.
- Massey Energy Co.
- Century Aluminum Co.
- United States Steel Corp.
- Lone Star Technologies Inc.
- Compass Minerals Group Inc.
- ArcelorMittal USA Inc.
- Aleris International Inc.

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