The World Trade Organization backed the U.S. in a dispute with China, agreeing that limits on exports of rare-earth elements used in hybrid-car batteries and wind turbines violate trade rules. A Chinese industry group said it regrets the ruling against China.
The U.S. shale-gas revolution, which has revitalized chemicals companies and prompted talk of domestic energy self-sufficiency, is attracting a wave of investment that may revive profits in the steel industry.
Cliffs Natural Resources Inc., the biggest U.S. iron-ore producer, said it will take a $1 billion writedown for the fourth quarter related to its 2011 acquisition of Consolidated Thompson Iron Mines Ltd.
Cliffs Natural Resources Inc., the largest U.S. iron-ore producer, fell the most in three months after reporting third-quarter results that missed analysts’ estimates as prices declined and costs rose.