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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.
- Carpenter Technology Corp.
- Champion International Corp.
- 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.
- Louisiana-Pacific Corp.
- MacMillan Bloedel Ltd.
- Masco Corp.
- National Steel Corp.
- Newmont Mining Corp.
- Nortek Inc.
- Nucor Corp.
- Owens Corning
- Freeport-McMoRan Corp
- Reynolds Metals Co.
- St. Joe Minerals Corp.
- Jacuzzi Brands Inc.
- Willamette Industries Inc.
- Worthington Industries Inc.
- Wyman-Gordon Co.
- Alumax Inc.
- Bowater Inc.
- USG Corp.
- Temple-Inland Inc.
- Coeur Mining Inc.
- Cliffs Natural Resources Inc.
- Triangle Pacific Corp.
- Commercial Metals Co.
- Echo Bay Mines Ltd.
- Rio Tinto Alcan Inc.
- Domtar Inc.
- Battle Mountain Gold Co.
- Glencore Canada Corporation
- Cyprus Amax Minerals Co.
- Interface Inc.
- Calmar Inc.
- Weirton Steel Corp.
- Hecla Mining Co.
- York International Corp.
- Bowater Canadian Forest Products Inc.
- Freeport-McMoRan Inc.
- Placer Dome Inc.
- Teck Resources Ltd.
- Westmoreland Coal Co.
- Teck Metals Ltd.
- Norbord Inc.
- WCI Steel Inc.
- Glatfelter (P.H.) Co.
- Geneva Steel Co.
- Barrick Gold Corp.
- Qit-Fer et Titane Inc.
- Buckeye Technologies Inc.
- Northwestern Steel & Wire Co.
- Associated Materials LLC
- Dal-Tile International Inc.
- West Fraser Timber Co. Ltd.
- Sheffield Steel Corp.
- Republic Engineered Steels, Inc.
- Agnico-Eagle Mines Ltd.
- Smurfit Newsprint Corp.
- Essar Steel Algoma Inc.
- AK Steel Corp.
- AK Steel Holding Corp.
- Building Materials Corp. of America
- 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.
- 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.
- Euramax International Inc.
- Bethlehem Steel Corp.
- Materion Corp.
- Dennison Manufacturing Co.
- Falconbridge Ltd. (Old)
- James River Corp. Of Virginia
- Keystone Consolidated Industries Inc.
- LTV Corp.
- Mead Corp.
- Kaiser Aluminum & Chemical Corp.
- Great Lakes Carbon Corp.
- Maxxam Group Inc.
- Pope & Talbot Inc.
- Gerdau Ameristeel Corp.
- BHP Copper Inc.
- G-I Holdings Inc.
- Haynes International Inc.
- Allegheny Ludlum Corp.
- Lukens Inc.
- International Comfort Products Corp. (USA)
- BHP Operations Inc.
- Bayou Steel Corp.
- Oregon Steel Mills Inc.
- Doman Industries Ltd.
- Malette Inc.
- Crown Vantage Inc.
- Royal Oak Mines Inc.
- Allegheny Technologies Inc.
- Commonwealth 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.
- 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
- International Utility Structures Inc.
- Metals USA Inc.
- McWatters Mining Inc.
- Henry Co. LLC
- Metal Management, Inc.
- Millar Western Forest Products Ltd.
- 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.
- Therma-Tru Corp.
- Massey Energy Co.
- Plum Creek Timber Co. Inc.
- ArcelorMittal Dofasco Inc.
- Stelco Inc.
- Century Aluminum Co.
- United States Steel Corp.
- Royal Group Technologies Ltd.
- Catalyst Paper Corp.
- Appvion Inc.
- Masonite International Corp. (Old)
- 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.
- SP Newsprint Co.
- Stadacona Inc.
- Ply Gem Industries Inc.
- WII Components Inc.
- CPG International LLC
- AMH Holdings LLC
- American Rock Salt Co. LLC
- Koch Cellulose LLC
- Wise Metals Group LLC
- Alpha Natural Resources Inc.
- Norcraft Holdings LP
- United Subcontractors Inc.
- Boise Cascade Company
- Novelis Inc.
- International Coal Group LLC
- Neenah Paper Inc.
- Atrium Corp.
- Mercer International Inc.
- NTK Holdings Inc.
- Fraser Papers Inc.
- FiberMark Inc.
- Uniforet Inc.
- Spinnaker Industries Inc.
- Titanium Metals Corp.
- Fonda Group Inc. (The)
- Cascades Inc.
- Cascades Boxboard Group Inc.
- American Architectural Products Corp.
- Anchor Lamina Inc.
- Doe Run Resources Corp. (The)
- Le Groupe Forex Inc.
- Republic Group, Inc.
- Golden Northwest Aluminum Inc.
- Stillwater Mining Co.
- TimberWest Forest Corp.
- Alliance Forest Products Inc.
- James River Coal Co.
- Compass Minerals Group Inc.
- Nortek Holdings Inc.
- Blue Ridge Paper Products Inc.
- Americas Mining Corp.
- RLC Industries Co.
- Riverside Forest Products Ltd.
- MAAX Corp.
- Newmont USA Ltd.
- Boise Land & Timber Corp.
- Smurfit-Stone Container Corp.
- International Mill Service Inc.
- MAAX Holdings Inc.
- HudBay Minerals Inc
- Masonite International Corp.(Old)
- Masonite International Inc.
- Escanaba Timber LLC
- NewPage Corp.
- Alabama Metal Industries Corp.
- Packaging Dynamics Corp.
- 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
- PNA Group Inc.
- Thompson Creek Metals Co. Inc.
- JMC Steel Group 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.
- Clopay Ames True Temper Holding Corp.
- Global Brass and Copper Inc.
- New Enterprise Stone & Lime Co. Inc.
- AS America Inc.
- Griffon Corp.
- Taseko Mines Limited
- Boart Longyear Ltd.
- Longview Fibre Paper and Packaging Inc.
- SunCoke Energy Inc.
- Xinergy Corp.
- White Birch Paper Co.
- Chaparral Steel Co.
- Flakeboard Co. Ltd.
- Fibrek Inc.
- BP Metals LLC
- Bradken Inc.
- Fairmount Minerals Ltd.
- Evraz Inc. NA
- Evraz Inc. NA Canada
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