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Industry Economic And Ratings Outlook: The Credit Trend For North American Natural Resources Is Mostly Stable Jul 11

The credit outlook for North American natural resources companies varies across sectors, according to Standard & Poor's Ratings Services' base-case projection for 2011. We think building materials and products will be relatively stable, while prospects for forest products and metals and mining are slightly positive. Lower cost structures compared with previous years will enable building materials and products companies to produce modest positive cash flow and continue to navigate through an extended period of low demand, in our opinion. In forest products, we expect paper and paperboard producers to benefit from higher prices and relatively steady demand--but wood products manufacturers are likely to continue to feel the effects of low construction activity, higher raw material costs, and lower prices. Our...

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.
Companies Mentioned
- Alcoa Inc.
- Trane U.S. Inc.
- Anaconda Co. (The)
- ARMCO Inc.
- Armstrong World Industries Inc.
- Bethlehem Steel Corp.
- Materion Corp.
- Carpenter Technology Corp.
- Champion International Corp.
- Dennison Manufacturing Co.
- Falconbridge Ltd. (Old)
- Federal Paper Board Inc.
- Georgia-Pacific LLC
- Great Northern Nekoosa Corp.
- Guardian Industries Corp.
- Homestake Mining Co.
- Rayonier Inc.
- Vale Canada Ltd.
- Ispat Inland Inc.
- International Paper Co.
- James River Corp. Of Virginia
- Keystone Consolidated Industries Inc.
- LTV Corp.
- Louisiana-Pacific Corp.
- MacMillan Bloedel Ltd.
- Masco Corp.
- Mead Corp.
- National Steel Corp.
- Newmont Mining Corp.
- Nortek Inc.
- Nucor Corp.
- Owens Corning
- Freeport Minerals Corp.
- Reynolds Metals Co.
- St. Joe Minerals Corp.
- Jacuzzi Brands Inc.
- Willamette Industries Inc.
- Worthington Industries Inc.
- Wyman-Gordon Co.
- Alumax Inc.
- Bowater Inc.
- Kaiser Aluminum & Chemical Corp.
- USG Corp.
- Great Lakes Carbon Corp.
- Temple-Inland Inc.
- Coeur Mining Inc.
- Cliffs Natural Resources Inc.
- Triangle Pacific Corp.
- Maxxam Group Inc.
- Commercial Metals Co.
- Echo Bay Mines Ltd.
- Pope & Talbot Inc.
- Rio Tinto Alcan Inc.
- Domtar Inc.
- Battle Mountain Gold Co.
- Glencore Canada Corp.
- Cyprus Amax Minerals Co.
- Interface Inc.
- Gerdau Ameristeel Corp.
- BHP Copper Inc.
- Calmar Inc.
- G-I Holdings Inc.
- Weirton Steel Corp.
- Hecla Mining Co.
- York International Corp.
- Haynes International Inc.
- Bowater Canadian Forest Products Inc.
- Freeport-McMoRan Inc.
- Placer Dome Inc.
- Allegheny Ludlum Corp.
- Teck Resources Ltd.
- Westmoreland Coal Co.
- Lukens Inc.
- Teck Metals Ltd.
- Norbord Inc.
- WCI Steel Inc.
- International Comfort Products Corp. (USA)
- Glatfelter (P.H.) Co.
- Geneva Steel Co.
- Barrick Gold Corp.
- Qit-Fer et Titane Inc.
- Buckeye Technologies Inc.
- Northwestern Steel & Wire Co.
- BHP Operations Inc.
- Associated Materials LLC
- Dal-Tile International Inc.
- West Fraser Timber Co. Ltd.
- Sheffield Steel Corp.
- Republic Engineered Steels, Inc.
- Agnico-Eagle Mines Ltd.
- Bayou Steel Corp.
- Smurfit Newsprint Corp.
- Oregon Steel Mills Inc.
- Doman Industries Ltd.
- Essar Steel Algoma Inc.
- AK Steel Corp.
- AK Steel Holding Corp.
- Standard Industries Inc.
- Acme Metals Inc.
- Kinam Gold Inc.
- Newmont Gold Co.
- Santa Fe Pacific Gold Corp.
- WHX Corp.
- Warren (S.D.) Co.
- Contech Construction Products Inc.
- Rock-Tenn Co.
- Crown Vantage Inc.
- Tembec Inc.
- West Fraser Mills Ltd.
- Ivaco Inc.
- Gulf States Steel, Inc. of Alabama
- Rio Algom Ltd.
- Martin Marietta Materials Inc.
- Rio Tinto Canada Inc.
- Donohue Inc.
- Donohue Forest Products Inc.
- Ryerson Inc.
- Allegheny Technologies Inc.
- Euramax International Inc.
- FiberMark Inc.
- Uniforet Inc.
- Spinnaker Industries Inc.
- Atrium Cos. Inc.
- Safelite Glass Corp.
- Pen-Tab Industries Inc.
- Tandus Flooring Inc.
- Neenah Foundry Co.
- MMI Products Inc.
- Steel Dynamics Inc.
- Wells Aluminum Corp.
- Ainsworth Lumber Co. Ltd.
- Omega Cabinets Ltd.
- Cascades Boxboard Group Inc.
- Cascades Inc.
- Consolidated Papers Inc.
- Inland Fiber Group LLC
- Scotsman Industries Inc.
- Metallurg Inc.
- Werner Holding Co. (DE) Inc.
- Abitibi-Consolidated Inc.
- Bear Island Paper Co. LLC
- American Architectural Products Corp.
- International Utility Structures Inc.
- Anchor Lamina Inc.
- Metals USA Inc.
- McWatters Mining Inc.
- Doe Run Resources Corp. (The)
- Henry Co. LLC
- Metal Management, Inc.
- Millar Western Forest Products Ltd.
- Le Groupe Forex Inc.
- Republic Group, Inc.
- Ispat Inland L.P.
- Ispat Sidbec Inc.
- Crestbrook Forest Industries Ltd.
- Texas Industries Inc.
- Grant Forest Products Inc.
- Arch Coal Inc.
- IPSCO Inc.
- Mohawk Industries Inc.
- Builders FirstSource Inc.
- Pacifica Papers Inc.
- Trussway Holdings Inc.
- California Steel Industries Inc.
- Panolam Industries Ltd.
- Tembec Industries Inc.
- NCI Building Systems Inc.
- American Plumbing & Mechanical Inc.
- Rayonier Forest Resources L.P.
- Polypore Inc.
- Dayton Superior Corp.
- Valmont Industries Inc.
- Stillwater Mining Co.
- Therma-Tru Corp.
- Massey Energy Co.
- Plum Creek Timber Co. Inc.
- TimberWest Forest Corp.
- Alliance Forest Products Inc.
- ArcelorMittal Dofasco Inc.
- Stelco Inc.
- Century Aluminum Co.
- United States Steel Corp.
- Royal Group Technologies Ltd.
- Catalyst Paper Corp.
- James River Coal Co.
- Appvion Inc.
- Masonite International Corp. (Old)
- Compass Minerals Group Inc.
- Lennox International Inc.
- MeadWestvaco Corp.
- Walter Energy Inc.
- Kerr Group Inc.
- Compass Minerals International Inc.
- ArcelorMittal USA Inc.
- Graphic Packaging International Inc.
- Aleris International Inc.
- Norcraft Cos. L.P.
- Goodman Global Holdings Inc.
- Nortek Holdings Inc.
- SP Newsprint Co.
- Blue Ridge Paper Products Inc.
- Americas Mining Corp.
- Stadacona Inc.
- RLC Industries Co.
- Ply Gem Industries Inc.
- WII Components Inc.
- Riverside Forest Products Ltd.
- CPG International LLC
- AMH Holdings LLC
- American Rock Salt Co. LLC
- Koch Cellulose LLC
- Wise Metals Group LLC
- MAAX Corp.
- Alpha Natural Resources Inc.
- Newmont USA Ltd.
- Norcraft Holdings LP
- United Subcontractors Inc.
- Boise Cascade Company
- Boise Land & Timber Corp.
- Smurfit-Stone Container Corp.
- Novelis Inc.
- International Mill Service Inc.
- International Coal Group LLC
- Neenah Paper Inc.
- HudBay Minerals Inc
- MAAX Holdings Inc.
- Atrium Corp.
- Mercer International Inc.
- Masonite International Corp.(Old)
- Masonite International Inc.
- NTK Holdings Inc.
- Fraser Papers Inc.
- White Birch Paper Co.
- Escanaba Timber LLC
- NewPage Corp.
- Alabama Metal Industries Corp.
- Packaging Dynamics Corp.
- Chaparral Steel Co.
- Tube City IMS Corp.
- Claymont Steel Inc.
- The Tensar Corp.
- Revere Industries LLC
- Gibraltar Industries Inc.
- Indalex Holding Corp.
- Wilton Brands LLC
- JMC Steel Group
- Continental Alloys & Services Inc.
- Verso Paper Holdings LLC
- Flakeboard Co. Ltd.
- PNA Group Inc.
- Fibrek Inc.
- Thompson Creek Metals Co. Inc.
- BP Metals LLC
- JMC Steel Group Inc.
- Bradken Inc.
- Reliance Steel & Aluminum Co.
- KGHM International Ltd.
- Metals USA Holdings Corp.
- BMS Holdings Inc.
- Verso Paper Finance Holdings LLC
- Domtar Corp.
- Noranda Aluminum Holding Corp.
- Goldcorp Inc.
- Barzel Industries Inc.
- Vulcan Materials Co.
- Goodman Global Inc.
- Resolute Forest Products Inc.
- Clearwater Paper Corp.
- Masonite International Corp.
- Goodman Global Group, Inc.
- Patriot Coal Corp.
- Fairmount Santrol Inc
- Clopay Ames True Temper Holding Corp.
- Global Brass and Copper Inc.
- New Enterprise Stone & Lime Co. Inc.
- Evraz Inc. NA
- Evraz Inc. NA Canada
- AS America Inc.
- Griffon Corp.
- Xinergy Corp.
- Taseko Mines Limited
- Boart Longyear Ltd.
- Longview Fibre Paper and Packaging Inc.
- SunCoke Energy Inc.
- Golden Northwest Aluminum Inc.
- Malette Inc.
- Royal Oak Mines Inc.
- Commonwealth Industries Inc.
- Titanium Metals Corp.
- Fonda Group Inc. (The)
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