OLYMPIC STEEL REPORTS LOSS OF US$ 767,000

Olympic Steel Inc. (ZEUS) on Friday reported a first-quarter loss of $767,000 , after reporting a profit in the same period a year earlier.

On a per-share basis, the Highland Hills, Ohio -based company said it had a loss of 7 cents .

The steel maker posted revenue of $258.3 million in the period.

Olympic Steel shares have climbed 86 percent since the beginning of the year. The stock has climbed 89 percent in the last 12 months.

THYSSENKRUPP'S LABOUR CHIEF WARNS OVER STEEL MERGER TALKS

Thyssenkrupp's  powerful labor chief warned its leaders not to go ahead with steel merger talks without consulting its works council first, saying steelworkers were ready to fight for their future.

Wilhelm Segerath, who represents the works council on Thyssenkrupp's supervisory board, was responding to media reports that the German industrial group is in exploratory talks with other steelmakers including Tata Steel.

Segerath said he did not believe concrete talks were happening yet, and demanded that Chief Executive Heinrich Hiesinger explain to the works council why a merger would make sense before embarking on any such negotiations.

"Consolidation talks cannot and will not take place without us, the works council, and trade union IG Metall," Segerath told Reuters on Friday. "If they are taking place, which I don't believe, then there will be big trouble."

VALE SAYS THAT EYES FORTESCUE DEALS, NOT EQUITY

Brazilian mining  Vale wants to invest in Australian iron ore assets with Fortescue Metals but says it is less keen to take the option of an equity stake in Fortescue that was worked into a deal framework between the pair last month.

In fact, Vale, which is battling Rio Tinto this year for the title of world’s biggest iron ore miner, says an option in the non-binding deal to take a 5 to 15 per cent stake in Fortescue was not something Vale had pushed for.

On Thursday night, Vale made its first detailed comments on the March 8 preliminary deal to blend iron ore with Fortescue in China, co-invest in some of Fortescue’s existing or new Australian assets and potentially take the equity stake.

Vale chief financial officer Luciano Siani said taking a stake in Fortescue was “more of a theoretical possibility” and something that the company did not now have the balance sheet to pursue.

“We didn’t especially look for it,” Mr Siani told investors on Thursday night when asked about Vale’s intention to invest in Fortescue.

NIPPON STEEL & SUMITOMO METAL PREDICTS FALL IN STEEL DEMAND IN JAPAN

Japan’s Nippon Steel and Sumitomo Metal Corporation (NSSMC) has predicted a modest but widespread fall in Japanese steel demand in the first quarter of the new financial year starting in April. Only special steel consumption is expected to show a slight improvement from the previous quarter, Kallanish notes.

A seasonal decline in steel demand in the first half of the fiscal year should turn around in the second half. This will happen on the back of better automobile output and investment for the 2020 Olympics, NSSMC believes.

NSSMC expects total steel consumption to be down -3.09% from the previous quarter and -1.7% year-on-year in the current three-month period to 15.05 million tonnes. It also expects crude steel production to be down -2.06% quarter-on-quarter and -2.36% y-o-y to 25.24mt

POSCO, FROM KOREA, SIGNS DEALS TO EXPORT TECHNOLOGY TO IRAN

Posco, a multinational steel-making company headquartered in Pohang, South Korea, is looking to enter the Iranian market through exports of proprietary technologies.

This February, Posco signed a memorandum of understanding (MoU) with Iran's Pars Kohan Diarparsian Steel (PKP) to tap into the country's high-potential market. Under the agreement, it will build a plant with an annual production capacity of 1.6 million tons in Iran's Chabahar free economic zone, Korea Joongang Daily reported.

The project will be carried out in two stages, with the first involving construction of an integrated steel mill using Finex and CEM technology. The second stage will involve the addition of a cold rolling mill and a continuous galvanizing line.

ORE 63% AT US$ 66.0; PRODUCT 65% AT US$ 71.0

Ore 63% Fe had the price of US$ 66.0 per t in Qingdao this Friday.

The product 65% was at US$ 71.0 per tonne.

The information is from TSI.

SAMARCO TEM PREJUÍZO DE R$ 5,8 BILHÕES

A Samarco registrou um prejuízo líquido de R$ 5,84 bilhões no ano passado, afetada por provisões de R$ 9,8 bilhões para o pagamento de multas e exigências do governo em relação ao desastre provocado pelo rompimento da barragem de Fundão, em Mariana (MG), em novembro.

COLD-ROLLED COIL REMAINS AT US$ 700-720 IN THE U.S.

Cold-rolled coil prices static at $700-$720/st in US market.

The information is from Platts.

U.S. HRC PRICE RISES TO US$ 520-540

US HRC price assessment rises to $520-$540/st.

The information is from Platts.

BAOSTEEL REPORTS POSITIVE RESULTS

Baosteel’s first-quarter net income of CNY 1.53 billion accounted for 35% of our full-year earnings projection, beating our expectations. 

The strong earnings are driven by a rising steel price and effective cuts in operating expenses. 

METINVEST, FROM UKRAINE, INCREASES BY 17% ITS CRUDE STEEL PRODUCTION

In the first quarter this year, Metinvest's crude steel production increased by 17 percent quarter on quarter to 1.99 million mt.

EUROPE WILL START SURVEYING STEEL IMPORTS

The European Union said Friday it would start surveying steel imports as part of the bloc’s effort to support its struggling steel sector as it grapples with global overcapacity.

CHINA SAYS THAT U.S. STEEL COMPLAINT "HAVE NO FACTUAL BASIS"

China's Commerce Ministry said that the complaints "have no factual basis," and it urged the ITC to reject U.S. Steel's case.

U.S. Steel Corp. filed a trade complaint with the ITC, starting off with a traditional pricing complaint: "The Chinese industry has formed a cartel that sets purchase and sale prices, and controls production and export volumes to target export markets."

GERDAU PLANEJA INVESTIR PARA AMPLIAR CAPACIDADE NA ÍNDIA

A Gerdau planeja investir na ampliação da capacidade de sua planta em Andhra Pradesh, na Índia.

A Gerdau entrou na Índia em 2007-2008 em uma joint-venture com a Kalyani Steel.

BRAZILIAN GERDAU PLANS TO INVEST IN ADDING CAPACITY IN INDIA

Brazilian steel major Gerdau Steel plans to invest up  in adding capacity in its existing plant in Andhra Pradesh.

Gerdau Steel expects to add another two lakh tonne capacity in the next couple of years.

“We have started looking at plans to expand product portfolio and further process debottlenecking. Over the next couple of years, the capacity can be debottlenecked and another two lakh tonnes per year can be added totalling five lakh tonnes per year,” Sridhar Krishnamoorthy, Managing Director, Gerdau Steel India, told BusinessLine.

He said the total investment for de-bottlenecking and also for its product enhancement is estimated at ₹1,000 crore.

He pointed out plants like theirs which produces special steel, runs at about 85 per cent capacity so that any increase in order at a short notice can be accommodated.

Krishnamoorthy said Indian operations was performing well and has started making profits from March this year after three years. The steel maker forayed into India in 2007-08 as a joint venture partner with Kalyani Steel.

PREÇO DA SUCATA SOBE 9% NA TURQUIA, PLARA US$ 310; COTAÇÃO SOBE NOS EUA PARA US$ 259

O preço da sucata ferrosa saltou 9,5% na Turquia esta semana e teve cotação média de US$ 310 por t.

Nos Estados Unidos a alta do produto foi de 1,6%, para US$ 259 por tonelada longa.

Os preços médios nos principais mercados e variações, segundo TSI, foram:

- Turquia: US$ 310 /t (+9.5%)

- Estados Unidos: US$ 259 /t longa (+1.6%)

- Taiwan: US$ 293 /t (+9.3%)

- Índia:  US$ 273 /t (+4.2%) 

SCRAP JUMPS 9.2% IN TURKEY TO US$ 310; IN THE U.S. PRICE GOES UP TO US$ 259

The price of ferrous scrap jumped 9.5% in Turkey this week, and was at US$ 310 per tonne on Friday.

In the U.S. scrap had an increase of 1.6%, to US$ 259 per long tonne.


The average prices and variation in the week were, according to TSI:

- Turkish imports HMS #1&2 80/20 scrap, CFR Turkish port: US$ 310 /metric tonne (+9.5%)

- US domestic obsolete shredded scrap, delivered US mill: US$ 259 /long ton (+1.6%)

- Taiwanese imports HMS #1&2 80/20 scrap, CFR Taiwan port: US$ 293 /metric tonne (+9.3%)

- Indian imports obsolete shredded scrap, CFR Nhava Sheva port: US$ 273 /metric tonne (+4.2%) 

USIMINAS PICKS NEW CHAIRMAN IN RARE CONSENSUS BETWEEN NIPPON STEEL AND TERNIUM

Brazilian steelmaker Usiminas appointed Elias Brito as chairman on Thursday in a rare unified vote between two controlling shareholders that have been battling for control of the company for 18 months.

Brito will replace Marcelo Gasparino, who had been appointed last year by minority shareholders after the controllers, Japan's Nippon Steel & Sumitomo Metal Corp and Italo-Argentinian Techint, could not agree on a candidate.

Sources close to Usiminas management said the consensus between the warring factions had been formed in order to block advances by rival steelmaker CSN which received permission this week from Brazil's anti-trust body Cade to nominate two members to the board.

Nippon, Usiminas and Techint filed three different injunctions trying to block CSN's participation in the board member vote but all were rejected by judges in Belo Horizonte and Brasilia

TERNIUM FAZ ACORDO COM NIPPON PARA ESCOLHER PRESIDENTE DO CONSELHO DA USIMINAS

A Ternium, subsidiária do grupo ítalo-argentino Techint, e a japonesa Nippon Steel, que fazem parte do bloco de controle da Usiminas, se uniram na quinta-feira, 28, para escolher o presidente do conselho de administração da siderúrgica mineira. O advogado Elias Brito, indicado pela Ternium, foi eleito ao cargo, desbancando Marcelo Gasparino, que concorria novamente à vaga.

A trégua entre os sócios ocorreu em um raro momento, uma vez que os dois acionistas da Usiminas brigam desde setembro de 2014. A estratégia de Ternium e Nippon foi barrar um representante dos minoritários à principal vaga do conselho.

Na terça-feira, os principais acionistas já tinham sofrido um revés do Conselho Administrativo de Defesa Econômica (Cade), que autorizou a indicação de dois membros - Gesner de Oliveira e Ricardo Weiss - da CSN, do empresário Benjamin Steinbruch, para compor o conselho de administração da empresa. A CSN é o maior acionista minoritário fora do bloco de controle da Usiminas.

Foram eleitos, na quinta, 11 membros para o conselho. Além de Brito, o BTG Pactual, também acionista, emplacou o advogado Francisco da Costa e Silva, ex-presidente da Comissão de Valores Mobiliários (CVM).

O jornal O Estado de S. Paulo apurou que Ternium, Nippon e Usiminas vão recorrer da decisão do Cade que autorizou a indicação de Oliveira e Weiss. Ontem, a reunião da Usiminas que elegeu o novo presidente do conselho teve a presença do procurador-chefe do órgão Victor Santos Rufino.

No dia 12 de maio, os novos conselheiros da Usiminas voltarão a se reunir para discutir o futuro da companhia, que passa por sérios problemas financeiros e corre o risco de pedir recuperação judicial.

Nesta data, vão eleger a nova diretoria executiva do grupo - ponto na qual Nippon e Ternium devem voltar a discordar. A Nippon vai defender a permanência de Rômel de Souza como presidente, segundo fontes. Já a Ternium é a favor da renovação dos quadros da companhia, sob a alegação de que os atuais executivos não conseguem conter a crise da empresa.

GERMANY VOWS HELP FOR BATTERED STEELMAKERS

Germany’s ruling coalition is backing calls from steel producers like Thyssenkrupp AG and Salzgitter AG to shield them from financial risks from the European Union’s revamp of the emissions trading system.

With signs emerging that the steel industry faces steeper carbon reduction bills from 2020, lawmakers in Berlin this week urged the government to dampen proposed changes to the emissions trading system that could bump up steel mill costs. Europe’s steel industry has been hurt by global overcapacity caused mainly by China and Russia exports and would suffer even more if carbon permits prices rise sharply, they said.

“Pour a glass of water on a man who has it up to his neck and you’ll risk drowning him,” said Social Democratic Economy and Energy Minister Sigmar Gabriel said in a speech on Thursday, referring to the risks that new costs might impose. “While steel dumping prices are the main problem, there’s a problem too with emissions trading.”

SCRAP FROM EASTERN CHINA RISES US$ 11 IN THE WEEK

Steel mills in eastern China cut their ferrous scrap buying prices in the latter half of this week after a significant increase on Monday, given domestic rebar prices started to trend downward.

Platts assessed heavy melting scrap with a thickness of 6 mm and above on Friday at Yuan 1,690/mt ($261/mt), including 17% VAT, delivered to Zhangjiagang, Jiangsu province, up Yuan 70/mt ($11/mt) from a week earlier.

Jiangsu Shagang Group, the largest scrap user in China, Friday lowered its buying price by another Yuan 30/mt after a drop of Yuan 100/mt on Thursday, a company source said.

After that, Shagang will pay Yuan 1,690/mt, including 17% VAT, delivered to Zhangjiagang, Jiangsu province, for heavy melting scrap that is of 6 mm thickness and above.

U.S. STEEL Co. FILES 3 CHARGES AGAINST CHINA: CONSPIRACY TO FIX PRICES, THEFT OF TRADE SECRETS AND FALSE LABELING

Pittsburgh-based United States Steel Corporation has formally filed three charges against several Chinese steel manufacturers: conspiracy to fix prices, theft of trade secrets, and evasion of trade duties through false labeling.

US Steel is calling on the US International Trade Commission (ITC) to block the allegedly unfairly traded Chinese steel products from the US  market, with the accused being Hebei Iron & Steel Group, Anshan Iron and Steel Group, and Shandong Iron & Steel Group Company, according to Reuters.

The ITC has 30 days to decide whether to launch an investigation. An administrative law judge will rule should the case proceed.

MINÉRIO 58% SALTA 4,8%, PARA US$ 56,60

O minério 58% Fe teve alta de 4,8% nesta sexta-feira, para US$ 56,60 por t.

O preço é para o produto negociado em Qingdao, segundo o TSI.

ORE 58% JUMPS 4.8%, TO US$ 56.6

Ore 58% Fe jumped 4.8% this Friday, to US$ 56.6 per tonne.

The price is for the product negotiated in Qingdao, according to TSI.

EM 4 SEMANAS, PREÇO DO MINÉRIO DE FERRO SUBIU 20,7%

O preço do minério de ferro recuou 0,5% esta semana, mas deu um salto de 20,7% no período de 4 semanas.

A cotação é para o produto 62% negociado em Tianjin, segundo o TSI.

IN 4 WEEKS, PRICE OF IRON ORE JUMPED 20.7%

The price of iron ore fell 0.5% this week, but in the period of 4 weeks jumped 20.7%.

The data are for the product 62% negotiated in Tianjin, according to TSI.

PREÇO DO MINÉRIO DE FERRO SOBE PARA US$ 65,20

O preço do minério de ferro subiu 3,7% nesta sexta-feira para US$ 65,20 por t.

A cotação é para o produto 62% negociado em Tianjin, segundo o TSI.

IRON ORE GOES UP TO US$ 65.2

Iron ore went up again this Friday. The price increased 3.7% to US$ 65.2 per tonne.

The price is for the product 62% negotiated in Tianjin, according to TSI.

WORLD BANK LIFTS FORECASTS FOR IRON ORE

Iron ore forecasts for the five years through 2020 have been revised higher by the World Bank after the commodity rallied in the first quarter on a surge in steel prices in China, the largest user.

The raw material is expected to trade at $US50 a metric ton this year, $US51.50 in 2017 and extend gains to $US56.20 by 2020, the lender said in its latest quarterly commodities outlook. That compares with forecasts of $US42 for this year, $US44.10 in 2017 and $US51 by 2020, according to the bank's report in January, when it said it expected iron ore to post the biggest loss among metals this year.

Iron ore soared "in February-March on a spike in steel prices and restocking at Chinese mills ahead of the construction season" the bank said. "In addition, there were some disruptions to iron ore seaborne supply, which further tightened the market. Prices continued to rally in April driven by renewed growth prospects in China."

ANGLO AMERICAN SELLS ASSETS IN BRAZIL FOR US$ 1.5 BILLION IN CASH

Anglo American has agreed to sell its niobium and phosphates businesses in Brazil to China Molybdenum for $1.5 billion in cash, it said on Thursday, as it seeks to cut debt in a radical restructuring of the global mining group.

Anglo American shares rose more than 8 percent, outperforming the sector as analysts said the price was higher than expected and boded well for further deals.

"The proceeds from this transaction ... will enable us to continue to reduce our net debt towards our targeted level of less than $10 billion at the end of 2016," Anglo's chief executive Mark Cutifani said.

The niobium and phosphates businesses consist of mines, plants, processing facilities, chemical complexes and deposits.

ANGLO AMERICAN VENDE ATIVOS NO BRASIL PARA CHINESES POR US$ 1,5 BILHÃO

A Anglo American informou nesta quinta-feira que vendeu, por US$ 1,5 bilhão, em dinheiro, as operações de nióbio e fosfato que tem em Goiás para a companhia estatal China Molybdenum Co. (CMOC). 

O valor foi considerado bem acima da expectativa. 

Esse foi o primeiro grande desinvestimento da mineradora com sede em Londres desde que anunciou planos para cortar débitos e dar a volta por cima. A empresa chinesa tem ativos totais de US$ 4,95 bilhões, diz relatório trimestral.

TATA STEEL UK NOT WILLING TO SPLIT ASSETS

Tata Steel has sought more help from the British government to find a buyer for its steel plants in the UK. 

Bimlendra Jha, chief executive officer of Tata Steel UK told a committee of British lawmakers there were "structural disadvantages" in the steel industry in the UK which made production unprofitable and added Tata Steel was not prepared to split up its main British assets, such as its Port Talbot steel plant, as part of a plan to divest its UK steelmaking operations.

U.S. STEEL CHARGES THAT CHINESE GOVERNMENT STOLE COMPANY SECRETS

U.S. Steel Corp accused the Chinese government of hacking into a company computer to steal the blueprints for new lightweight steel technology so that Beijing-based auto producers could expand their reach into America.

The Wall Street Journal reported Thursday that U.S. Steel filed a complaint with the International Trade Commission earlier this week accusing the Xi government of working on the behalf of Chinese auto companies to swipe proprietary plans for the new steel.

The Pittsburgh-based company alleges the hack infiltrated a researcher’s computer in 2011.

TATA STEEL UK'S PENSION DEFICIT SCARES POTENTIAL BUYERS

Tata Steel’s pensions deficit of nearly £500million is putting off potential buyers, the Business Secretary said.

Sajid Javid was grilled by MPs alongside Tata’s UK boss Bimlendra Jha over the future of the company’s assets, after it announced its withdrawal from the UK in March, putting thousands of jobs at risk.

The British steel industry has fallen apart in the last year due to a glut of Chinese imports and rising energy costs, with one in six steel jobs axed since August.

Javid said: ‘A number of the potential buyers have said that we won’t have much interest if we have to take over the current pension plan as it is.’

Jha said: ‘If this pension fund liability is not taken care of, there is no buyer sitting out there to buy this business. 

TERNIUM VAI À JUSTIÇA CONTRA DECISÃO DO CADE A FAVOR DA CSN

A acionista controladora da Usiminas, Ternium, irá recorrer na Justiça contra a decisão do Conselho Administrativo de Defesa Econômica (Cade), que deu aval para que a Companhia Siderúrgica Nacional (CSN) indique membros ao Conselho de Administração da siderúrgica mineira, disse uma fonte ao Broadcast, serviço de notícias em tempo real da Agência Estado. A AGE que elegerá os membros do colegiado ocorrerá nesta quinta-feira, 28, à tarde, em Belo Horizonte.

A CSN é a maior acionista da Usiminas fora do bloco de controle, formado, além da Ternium, pela japonesa Nippon Steel e a Previdência Usiminas. Em 2012, após a companhia presidida por Benjamin Steinbruch obter fatia relevante na Usiminas depois de compras em bolsa, o Cade esterilizou os direitos políticos da empresa mineira, por ferir o direito de concorrência.

Neste ano, no entanto, o órgão antitruste acatou pedido da CSN, que justificou que a Usiminas estava em situação muito diferente da vista em 2012 e que a briga societária entre os controladores piorava a situação já difícil da empresa por conta do mercado enfraquecido.

STEEL CUT FOR NEW U.S. NAVY DESTROYER

A Huntington Ingalls Industries shipyard has begun construction of a new Arleigh Burke-class (DDG 51) destroyer for the U.S. Navy.

A ceremony marking the cutting of the first 100 tons of steel for the future Frank E. Peterson Jr. took place Wednesday at a company shipyard in Mississippi.

The guided-missile destroyer honors Frank Emmanuel Petersen Jr., the first African American aviator and general officer in the United States Marine Corps.

"With this milestone, Ingalls is now in various stages of production on five Arleigh Burke-class destroyers," said Capt. Mark Vandroff, DDG 51 class program manager, Program Executive Office (PEO) Ships. "DDG 121 will greatly benefit from the serial production of those earlier ships and once delivered, will be the 70th destroyer of its class to join the U.S. Fleet.

CLIFFS NATURAL RESOURCES WILL REOPEN ITS NORTHSHORE MINING OPERATION

Cliffs Natural Resources will reopen its Northshore Mining operation in Silver Bay before the end of June and reopen its idled United Taconite operation in Forbes and Eveleth later this year, officials said Thursday while reporting positive first quarter results.

Cliffs, which operates United Taconite, Hibbing Taconite and the non-union NorthShore Mining on Minnesota’s Iron Range, reported first quarter revenue fell 32 percent to $306 million. Profits however, jumped to a positive $117 million, or 62 cents a share for the quarter, compared to the year-ago loss of $762 million or $4.26 a share. The company lost $54 million as recently as the fourth quarter, but appears to be making a come back.

VALE ESTÁ COM MINÉRIO DE FERRO GRAÇAS À RECUPERAÇÃO DA CHINA

O mercado global de minério de ferro neste ano está em condições melhores do que o esperado, com o bom desempenho na China, maior importador global, e o fechamento de minas chinesas menos competitivas, avaliaram executivos da Vale, maior produtora global da matéria-prima do aço.

O presidente da Vale, Murilo Ferreira, revelou nesta quinta-feira, em teleconferência com analistas, que retornou em março de uma viagem ao gigante asiático com sua visão mais otimista do mercado desde 2014, quando os preços do minério começaram a declinar.

"Minha percepção, a partir de observações com uma frequência bastante grande, é que o mercado físico está em uma posição bem melhor do que eu mesmo podia imaginar, se me fizessem uma pergunta em agosto e setembro do ano passado", afirmou Ferreira, ao comentar os resultados da empresa no primeiro trimestre.

VALE SEES CHINA'S APPETITE FOR IRON ORE PICKING UP

Brazilian mining giant Vale SA, the world’s largest iron-ore producer, sees China’s appetite for the commodity picking up this year on the back of government stimulus measures, possibly helping to offset a wave of new supply.

IRON ORE FALLS AS CHINA HAMMERS SPECULATORS

Iron ore retreated for a fourth day after commodity exchanges in China intensified a crackdown on speculative trading in raw materials that's pushed volumes to record levels in the world's biggest user and driven prices beyond levels that may be justified by underlying fundamentals.

Ore with 62 per cent content delivered to Qingdao fell 2.7 per cent to $US61.09 a tonne on Wednesday, after sliding 11 per cent in the previous three sessions, according to Metal Bulletin. While the fourth straight decline is the longest run this month, it still leaves prices 40 per cent higher this year.

Iron ore had surged as China added stimulus, presiding over a rebound in the property sector that then helped to ignite a frenzy of speculative trading in the nation's commodity markets. Goldman Sachs expressed concern about the upsurge, and BMI Research flagged the risk of a collapse in speculation as rules were tightened. China's Dalian Commodity Exchange, which trades iron ore futures, has boosted trading charges, vowing a clampdown on what it termed "excessive speculation."

ACIONISTAS AMPLIAM CONSELHO E ELEGEM INDICADO PELA TERNIUM COMO PRESIDENTE

A assembleia de acionistas da Usiminas ampliou de 10 para 11 lugares o Conselho de Administração da companhia, que terá como presidente Elias Brito, candidato indicado pela Ternium, disseram à Reuters duas fontes próximas do assunto.

O novo conselho da Usiminas passa a incluir dois conselheiros indicados pela rival CSN. A outra vaga de acionistas minoritários ficou com representante indicado pelo BTG Pactual, com apoio da massa falida do Banco Econômico, disseram as fontes, que pediram anonimato.

SHAREHOLDERS OF USIMINAS CHOOSE BRITO AS CHAIRMAN

Shareholders in Usinas Siderurgicas de Minas Gerais SA picked Elias Brito, the candidate endorsed by one of the Brazilian steelmaker's controlling partners, as chairman, replacing Paulo Penido Marques, two sources with direct knowledge of the decision said on Thursday.

At an assembly, shareholders in the company known as Usiminas raised the number of board seats to 11 from 10, and elected three independent members that were endorsed by minority shareholders Cia Siderurgica Nacional SA and Grupo BTG Pactual SA, the sources added.

CLIFFS NATURAL RESOURCES RECOVERS WITH NET PROFIT OF US$ 117 MILLION

Cliffs Natural Resources Inc. (NYSE: CLF) reported first-quarter 2016 results before markets opened Thursday. The iron ore and coal miner posted earnings per share (EPS) of $0.62 on revenues of $306 million. In the same period a year ago, the company reported a loss per share of $4.26 on revenues of $446 million. The consensus estimates called for a net loss of $0.10 per share on revenues of $271.8 million.

The company reported net profit of $117 million, compared with a year-earlier loss of $762 million. During the quarter, it recorded a $179 million gain on debt restructuring and extinguishment.

VENDAS DE MINÉRIO DE FERRO E PELOTAS DA VALE CRESCE PARA 74,2 MILHÕES DE T

As vendas de minério de ferro e pelotas da Vale nos três primeiros meses do ano somaram 74,277 milhões de toneladas, aumento de 0,9% em relação ao volume de um ano antes. Em relação ao último trimestre do ano passado o recuo das vendas foi de 19%, lembrando que sazonalmente o primeiro trimestre do ano é mais fraco.

A China foi destino de 57,8% das vendas de minério de ferro e pelotas da Vale no primeiro trimestre, ante uma fatia de 50,1% no mesmo período do ano anterior. As vendas para a China somaram 42,930 milhões de toneladas, aumento de 16,4% em relação ao primeiro trimestre de 2015.

"Espera-se que a demanda de minério de ferro continue forte no segundo trimestre enquanto os estímulos do governo chinês continuem a ter efeito", destaca a companhia no relatório que acompanha o demonstrativo financeiro da mineradora. A Vale cita que apesar da expectativa de aumento da oferta de minério de ferro ao longo de 2016 devido à sazonalidade de retomada de maiores embarques no segundo trimestre, a exaustão maior do que esperada nas minas também deve contribuir com uma parcela importante para o balanceamento do mercado.

Ainda no primeiro trimestre do ano os preços do minério de ferro apresentaram recuperação, fato que ajudou no resultado da companhia no período. "O preço maior que o esperado do minério de ferro decorre de melhores indicadores econômicos vindos da China", explica a companhia.

AK STEEL ANNOUNCES OFFERING OF COMMON STOCK

AK Steel Holding Corporation, the parent company of AK Steel Corporation, announced that it has commenced a registered offering of 52,000,000 shares of its common stock. In connection with this offering, AK Holding has granted the underwriters a 30-day option to purchase up to an additional 7,800,000 shares of common stock. AK Holding intends to use the net proceeds from the sale of the common stock to repay outstanding borrowings under AK Steel's $1.5 billion asset-based revolving credit facility. The offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC").

Credit Suisse, Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers. The co-managers for the offering are BTIG, Fifth Third Securities, ING, PNC Capital Markets LLC and Regions Securities LLC.

VALE CANCELA LISTAGEM NA BOLSA DE HONG KONG

A Vale comunicou na noite desta quarta-feira que seu conselho de administração aprovou o cancelamento da listagem de seus recibos de ações (HDRs) na bolsa de valores de Hong Kong (HKEx).

Segundo a mineradora, a saída deste mercado está em linha com a estratégia de simplificação da companhia.

TATA STEEL WARNS OF PENSION TIMEBOMB IF BUYER NOT FOUND

Britain faces an “economic and social disaster” if the pension issues facing Tata Steel UK cannot be solved and a buyer is not found, the boss of the steel company has warned.

Bimlendra Jha , chief executive of Tata Steel UK , told MPs there would be “very bad consequences for the taxpayer” if the pension liabilities of almost £15bn facing the business are not dealt with.

Jha was addressing the Business, Innovation and Skills committee as they investigate the demise of theUK steel industry. Around 40,000 jobs are at risk after Tata Steel announced last month that it plans to pull out of the UK , including the Port Talbot steelworks.

The Tata Steel UK boss insisted the company has set no fixed deadline to find a buyer, amid concerns that there may not be enough time to find a saviour.

INDIA BANS IMPORTS OF STEEL AND ELECTRONIC DEVICES FROM CHINA

The government of India banned the importation of milk products, steel, and some electronic devices from China, citing “quality concerns.”

Among the electronic imports banned were “mobile phones not bearing the International Mobile Station Equipment Identity number or other security features,” according to Zee News.

In the course of explaining the ban to the lower house of the Indian Parliament, Union Commerce Minister Nirmala Sitharaman seemed to tip her hand that more was at stake than “quality concerns.”

GERMANY WANTS EUROPE TO BE TOUGH IN DEALING CHINA IN A DISPUTE OVER STEEL PRICES

The European Union should take a tough stance in dealing with China in a dispute over low steel prices, German Economy Minister Sigmar Gabriel said on Thursday.

European steelmakers have been hit by a plunge in steel prices which they blame largely on a surge in cheap exports from China, where overcapacity has been exacerbated by declining domestic demand.

India's Tata group announced plans last month to quit its entire British steel operation.

"What is really at stake in the EU is whether we have the courage to take an aggressive position against China," Gabriel said in the German Bundestag lower house of parliament, adding that he would be in favor of taking such a stance.

U.S. IMPORTED PRICES CONTINUE TO CLIMB AND REACH US$ 455-464

US imported rebar prices continued to climb this week as Turkish import offers to the US have jumped in recent days, market sources said Wednesday. 

Platts raised its US rebar import price assessment to $455-$464/st CIF Houston on Wednesday, up from $432-$441/st CIF. 

One US-based trader said Turkish offers to the US were up as high as $525/mt CFR ($482/st CIF) Wednesday, but no bookings had been seen at this level. Most buyers won't buy any higher than $500/mt CFR ($459/st CIF), said a buy-side source. Another buyer said they recently made a purchase at $505/mt CFR ($464/st CIF), but said $525/mt CFR seems unobtainable.

VALE SELLS SINTER FEED AT US$ 64.50

Vale sold sinter feed this Thrusday at US$ 64.50 per tonne.

The information is from NMB.

VALE VENDE SINTER FEED A US$ 64,50

A Vale vendeu sinter feed quinta-feira por US$ 64,50 a tonelada.

A informação é da NMB.

MINÉRIO DE FERRO REAGE E SOBE A US$ 62,90

O preço do minério reagiu nesta quinta-feira e teve alta 3%, para US$ 62,90 por t.

A cotação é para o produto 62% negociado em Qingdao, segundo o Metal Bulletin.

IRON ORE REACTS AND GOES UP TO US$ 62.90

Iron ore reacted this Thrusday and went up 3% to US$ 62.90 per tonne.

The price is for the product 62% negotiated in Qingdao, according to Metal Bulletin.

IRON ORE AND STEEL FUTURES STEADY AS EXCHANGE BOOSTS ANTI-SPECULATION MOVES

Steel and iron ore futures in China steadied on Thursday, while other commodities fell as a key Chinese exchange stepped up measures to combat speculative froth behind a recent market surge.

Financial investors have charged into Chinese commodities futures this year, driving up contracts including iron ore, rebar, cotton and even eggs, leading many to warn of similarities with a boom in the country's stock markets, which reversed into a sharp crash last summer.

This week has seen a marked pullback as exchanges raised the cost of trading to avoid mirroring the outcome in stocks.

Coking coal futures were the hardest hit on Thursday, falling by the downside limit of 6 percent, after the Dalian Commodity Exchange imposed higher transaction fees for the fourth time in a week.

"In general, there will still be some volatility, but not as much as we have seen recently because there's more vigilance from the exchanges," said Helen Lau, analyst at Argonaut Securities in Hong Kong.

The Dalian exchange said the series of steps it took this week were meant to reduce speculation and market risks.

ARCELORMITTAL AND UNION REACH TENTATIVE DEAL IN THE U.S. AFTER YEARS OF TALK

About 10,000 union steelworkers at ArcelorMittal mills in Northwest Indiana and Riverdale have been working without a contract for eight months, but the steelmaker and the United Steelworkers union have finally reached a tentative pact.

The union and the Luxembourg-based steelmaker have been at the bargaining table for a year trying to negotiate a new contract. The new pact, which would expire in September 2018 , is expected to result in the idling of some finishing lines at ArcelorMittal Indiana Harbor in East Chicago , and more investment in others as ArcelorMittal seeks to make a dent in the overcapacity problem that's dogged the industry globally.

Union leaders say the pact "preserves our economic security and other contractual protections." The USW had been holding out against ArcelorMittal's proposals to shrink health care benefits, increase retiree premiums, weaken severance pay, and scrap incentives for employees in Labor Grade 1 jobs.ArcelorMittal , which has been looking to cut costs after losing $8 billion last year, already backed off proposals for two-tier wages and health care, and to slash vacation pay, sickness and accident benefits.

No one is currently disclosing what concessions either side made in the tentative pact.

STEEL MAGNATE JUMPED TO DEATH AFTER COLLAPSE OF HIS COMPANY

A steel magnate jumped from his penthouse home after blaming himself for the “catastrophic” collapse of his company, an inquest heard today

Angad Paul was pronounced dead after being discovered outside the property at Portland Place on November 8.

The 45-year-old businessman’s steel company Caparo had been enduring large-scale job cuts as administrators tried to salvage the firm amid the collapse in steel prices.

Mr Paul was the son of Lord Paul, who founded the business in 1968 and helped  turn it into a multi-billion pound enterprise. The peer was at today’s inquest.

His wife Michelle, a lawyer, told Westminster Coroners’ Court: “He had been the most balanced, calm clever person. But everything became catastrophic. He was paranoid. He closed the blinds and turned off his phone.”

TATA STEEL'S UK CEO SAYS THAT THE FIRM "CANNOT CONTINUE TO BLEED" CASH AT PORT TALBOT

Tata Steel's UK boss warned this Thursday that the firm "cannot continue to bleed" cash at Port Talbot as he pressed the need for a quick sale.

Chief executive Bimlendra Jha told MPs no deadline had been fixed for a pull out, but underlined the company will not allow the South Wales site to survive indefinitely.

"There is no dead drop time that has been given, though you will appreciate with the kind of losses that there are, urgency is important," he told the Commons Business select committee.

INDIAN GOVERNMENT IS NOT PREPARED "TO TAKE MORE THAN A 25% EQUITY STAKE IN TATA STEEL'S ASSETS"

Tata Steel has said that there are "structural disadvantages" in the steel industry in Britain that makes production unprofitable, which has forced the firm to sell its assets.

Bimlendra Jha, Tata Steel's new chief executive, told a committee of MPs that the government will probably have to do more to help the firm find a buyer for UK steel plants.

The government is not prepared to take more than a 25% equity stake in Tata Steel's assets, the business secretary has told a committee of MPs today.

He warned the country faces a "huge economic and social disaster" if steps are not taken to solve Port Talbot's pension fund liability.

Business Secretary Sajid Javid has appeared before MPs and admitted he should have flown to a Tata Steel meeting in Mumbai to discuss the steel crisis, rather than flying to Australia on a trade mission.

U.S. REBAR MILLS STILL PUSHING TRANSACTION PRICES UPWARD

Mild predictions for the May scrap trend has apparently not stopped US domestic rebar mills from pushing transaction prices upward.

VALE REACTS AND REPORTS A NET PROFIT OF US$ 1.78 BILLION

Brazilian miner Vale SA on Thursday reported a first-quarter net profit of $1.78 billion, beating analyst forecasts and returning to profit for the first time in three quarters, helped by higher iron ore prices and a stronger Brazilian real.

Analysts polled by Reuters had expected a net profit of $1.06 billion.

The world's largest producer of iron ore, hurt by a slump in prices .IO62-CNI=SI, reported its largest ever loss in 2015.

But an 8.7 percent appreciation of the real against the dollar during the first quarter provided relief to the heavily indebted miner, resulting in a foreign exchange gain of $1.6 billion.

"Vale enters the second quarter with a fair amount of optimism, but we won't let down our guard," Chief Financial Officer Luciano Siani said in a video on the company's website.

Iron ore prices, which rose nearly 25 percent during the quarter, combined with lower freight rates to help Vale improve margins and generate cash.

Paul Gait, an analyst at Bernstein, pointed to Vale's earnings before interest, taxes, depreciation and amortization (EBITDA) of $2 billion as a highlight of the quarter. It rose 13 percent from a year earlier and 44 percent versus the final quarter of 2015.

"This is quite a result, driven largely by improved EBITDA margins in the iron ore business," Gait wrote in a note to clients.

But Gait expressed concern over a rise in Vale's net debt, which rose to $27.7 billion, from $25.2 billion at the end of 2015. The jump was due to the stronger real, which increased the value of Brazil-denominated debt in dollars, and iron ore sales for which payment had not yet been received.

VALE REAGE E TEM LUCRO DE R$ 6 BILHÕES NO 1o. TRIMESTRE

A Vale anunciou nesta quinta-feira (28) ter registrado lucro de R$ 6,31 bilhões no primeiro trimestre deste ano, depois de contabilizar um prejuízo de R$ 33 bi no 4o. trimestre de 2015. No primeiro trimestre do ano passado a mineradora teve perdas de R$ 9,538 bilhões.

A receita líquida recuou e totalizou R$ 22,067 bilhões, em função dos menores volumes de venda de finos de minério de ferro, metais básicos e fertilizantes. No entanto, essa redução foi parcialmente compensada por maiores preços de venda e pelo impacto positivo da valorização do dólar em relação ao real.

Os investimentos também sofreram redução e chegaram a US$ 1,449 bilhão no primeiro trimestre, uma redução de US$ 744 milhões em comparação com o último trimestre do ano anterior.

De acordo com o balanço, a dívida bruta da mineradora caiu R$ 669 milhões, para R$ 111,997 bilhões em 31 de março de 2016, "principalmente pela depreciação ponta a ponta do real contra o dólar".

VALE DESISTE DE TERMINAL NO URUGUAI PARA ESTOCAGEM DE MINÉRIO DE FERRO

A Navios South American Logistics disse, no relatório anual, que a Vale não vai cumprir acordo, assinado em 2013, para usar terminal fluvial que está sendo construído próximo a Nueva Palmira, no Uruguai, para estocagem e transbordo (transhipment) de minério de ferro na hidrovia Paraná-Paraguai.

O terminal tem investimento avaliado em US$ 150 milhões.

CSN CLAIMS NIPPON STEEL CONTRACTS HURT USIMINAS

An Usiminas (USIM5.SA) shareholder has filed a legal claim alleging that contracts with controlling shareholder Nippon Steel & Sumitomo Metal Corp, which inexplicably rose ten-fold in the past five years, damaged the ailing Brazilian steelmaker's finances, sources familiar with the matter said on Wednesday.

The claim, filed on Monday, questioned the nature of 19 billion reais (£3.7 billion) of so-called related-party contracts between Usinas Siderúrgicas de Minas Gerais SA and subsidiaries of Nippon Steel , said the sources, who spoke under condition of anonymity.

They said the legal action was attached to a lawsuit already filed by minority shareholder Cia Siderúrgica Nacional SA, which wants courts to block a capital injection plan approved by the board of Usiminas last week.

BRAZIL'S ANTITRUST BODY APPROVES CSN NOMINATING USIMINAS BOARD MEMBERS

Brazil's antitrust body Cade ratified on Wednesday a decision to allow steelmaker CSN to nominate two members to the board of its rival Usiminas in which it is a shareholder.

Usiminas will hold a shareholder meeting on Thursday to appoint new board members.

CADE RATIFICA INDICAÇÃO DE CONSELHEIROS DA CSN PARA USIMINAS

O Conselho Administrativo de Defesa Econômica (Cade) ratificou nesta quarta-feira, em seu plenário, decisão da presidência do órgão antitruste que permite que a CSN indique dois membros titulares e suplentes para o Conselho de Administração da rival Usiminas, em assembleia marcada para a quinta-feira.

A decisão representa uma flexibilização por parte do Cade dos termos de acordo acertado entre o órgão de defesa da concorrência e o grupo siderúrgico de Benjamin Steinbruch e que impedia a siderúrgica de ter direitos políticos sobre os rumos da Usiminas.

"Essa medida é uma exceção. O que mudou? O mercado mudou. Há uma crise setorial e uma crise macroeconômica. Além disso, houve um aumento do conflito entre os acionistas controladores da Usiminas", disse a jornalistas o conselheiro Márcio de Oliveira Júnior. O conselheiro presidiu a sessão desta quarta-feira no lugar do presidente do Cade, Vinicius de Carvalho, que está fora do Brasil em viagem oficial.

"Havia o risco de não participação de minoritários no Conselho de Administração (da Usiminas) e essa participação é importante”, acrescentou Oliveira Júnior.

A decisão, porém, não foi unânime, mas aprovada por 3 votos a 2, incluindo, entre os votos vencedores, o despacho do presidente do Cade, Vinicius de Carvalho, favorável à flexibilização, que foi considerado como um voto.

Os conselheiros indicados pela CSN terão obrigações para garantir a independência. Eles terão, por exemplo, de entregar relatórios trimestrais com suas atividades, colaborar com as autoridades quando forem solicitados, não podem divulgar estratégias e informações confidenciais da Usiminas e não podem ter vínculos com concorrentes.