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Jun 29, 2012

Doe Run ditches plans for U.S. lead plant

NEW YORK, June 29 (Reuters) – Doe Run Co has canceled plans
to build a primary lead smelter in Missouri and will push ahead
with the closure of its Herculaneum plant, the last primary lead
smelter in the United States, by the end of next year, it said
on Friday.

The St Louis, Mo. -based company has abandoned plans for a
new smelter, which would have replaced Herculaneum when it
closes at the end of 2013, because it did not make financial
sense.

Jun 15, 2012

Doe Run CEO Neil to retire, sees lead use growing

NEW YORK, June 15 (Reuters) – Doe Run Company President and
Chief Executive Bruce Neil will retire as of July 31 and will be
replaced by Jerry Pyatt, vice president and chief operating
officer, the privately held U.S. lead producer said on Friday.

Pyatt will take over as president and CEO on August 1, the
company said in a statement.

Jun 1, 2012

Slower US jobs growth hits oil, metals; lifts gold

NEW YORK, June 1 (Reuters) – Most commodities slid on Friday
as weak U.S. jobs data reinforced fears over slowing European
and Asian economic growth, with gold logging its biggest one-day
gain in more than two years as investors flocked to perceived
safe havens.

The yellow metal shot up more than 3 percent to its highest
since May 8 after data showed U.S. payrolls increased by far
less in May than expected.

May 15, 2012

Gold hits 4-1/2 month low, Greece heads for elections

NEW YORK/LONDON (Reuters) – Gold slipped to a fresh 4-1/2 month low on Tuesday as the euro continued to lose ground to the dollar after Greece’s failure to form a coalition government heightened concerns over Europe’s financial crisis and led investors to spurn risky assets.

After six rounds of fruitless wrangling, Greece abandoned efforts to form a government and called a new election that some investors fear may hand victory to the leftists, undo the country’s financial bailout package, and push it closer to bankruptcy and out of the euro zone.

May 14, 2012

Gold drops to 4-1/2-month low as euro sinks

NEW YORK/LONDON (Reuters) – Gold prices fell to a 4-1/2-month low on Monday, as the dollar strengthened and investors liquidated risky assets after political deadlock in Greece fed worries that the country could default, worsening the euro zone debt crisis.

“The selling is from continued concerns over Europe and particularly Greece. Gold is behaving as a risk asset. We’re obviously continuing to see upward pressure on the dollar against the euro,” said CIBC, Peter Buchanan, senior economist at CIBC World Markets in Toronto.

May 3, 2012

U.S. auto sales to drive aluminum demand -Novelis

NEW YORK (Reuters) – Novelis Inc. NVLX.UL, the world’s largest maker of aluminum sheet, said strong U.S. automotive sales this year would help drive U.S. demand for products using aluminum at a pace consistent with an expected 2 percent growth in U.S. gross domestic product.

“We look at the U.S. economy, all things considered, as stable and running at about a 2 percent GDP, maybe 2.5 percent. Nothing exciting, but still growing,” Chief Executive Phil Martens told Reuters in a recent interview.

Apr 27, 2012

Alcoa finds gold in its engineering segment

NEW YORK, April 27 (Reuters) – Alcoa Inc. (AA.N: Quote, Profile, Research) aims to
offset the impact of low aluminum prices on its earnings by
growing its downstream and engineering businesses, with a focus
on the booming aerospace industry, said global primary aluminum
business president Chris Ayers.

Ayers, who manages the company’s upstream businesses, said
Alcoa plans to offset the sluggish-at-best aluminum and alumina
prices by finding more efficient means of output and moving down
the cost curve. Its recent decisions to cut capacity at some
high-cost aluminum smelters and alumina refineries was directly
related to this goal, he said.

Apr 11, 2012

Gold dips in pause after 4-day rally, palladium off

NEW YORK/LONDON (Reuters) – Interest in gold softened on Wednesday as investors paused for more definitive reasons to keep buying after four straight sessions of gains, but the stronger euro and a bullish price outlook from metals consultancy GFMS provided support.

“The market tone is a bit better, but we have had a bit of risk-back-on in the last day or two. So, I think that is hurting gold somewhat,” said Peter Buchanan, senior economist at CIBC World Markets in Toronto.

Apr 11, 2012

Alcoa trims its aluminum demand outlook for China

NEW YORK, April 10 (Reuters) – Alcoa Inc. said on
Tuesday it lowered by 1 percentage point its outlook for China’s
aluminum consumption growth in 2012, but kept its forecast for
global demand growth at 7 percent.

In 2011, global primary aluminum use grew by 10 percent.

Alcoa now expects China’s aluminum demand will grow by 11
percent in 2012, down from the 12 percent pace it projected in
early January, Chairman and Chief Executive Klaus Kleinfeld told
analysts on the company’s first-quarter conference call.

Apr 5, 2012

Alcoa cuts alumina output as oversupply dents prices

NEW YORK (Reuters) – Alcoa Inc (AA.N: Quote, Profile, Research, Stock Buzz), the U.S. aluminum giant, plans to cut alumina production in the Atlantic region by 4 percent, becoming the first producer to take measures aimed at reducing oversupply that has lowered prices to around $300 per tonne.

The move follows a slump in prices of alumina, an intermediate ingredient in aluminum production, to levels at which many of the world’s higher-cost refiners are unprofitable.

    • About Carole

      "Based in New York, I cover all North American commodity markets, with a primary focus on metals and more specifically steel and aluminum. I have also covered economics, international economics, foreign exchange, bonds and stock markets for both TV and Reuters wire."
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