Gordon Moffat News
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Europe’s program to halt climate change is in disarray, with lawmakers in the region expressing concern the drift is undermining the planet’s most significant effort to combat global warming.
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ThyssenKrupp AG, Germany’s largest steelmaker, is among producers considering whether to use derivatives to fix future iron-ore costs after the collapse of a four-decade-old system that set prices annually.
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BHP Billiton Ltd. , Vale SA and Rio Tinto Group , the world’s three largest mining companies, are set for record profit totaling $52 billion as they accelerate earnings growth at the expense of their biggest customers.
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A European Union plan known as the roadmap to set aside carbon permits starting in 2013 and slash emissions through 2050 amounts to “confiscation,” said a steel-industry lobby group.
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Glencore International Plc won European Union approval for its $33 billion takeover of Xstrata Plc after offering to end a zinc-purchase agreement with Nyrstar NV and to sell its stake in the largest producer of the metal.
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European steelmakers group Eurofer filed an anti-subsidy complaint with the European Commission alleging that increases in imports of Chinese organic coated steel stem from illegal government aid.
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European Union apparent steel demand rose almost 16 percent in the first quarter, compared with a year earlier, industry group Eurofer said.
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ArcelorMittal and competitors in Europe will probably curb steel production to support prices as they struggle to pass on higher raw-material costs, just as a regional debt crisis and rollbacks in state spending cut demand.
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ArcelorMittal , the largest steelmaker, said quarterly iron-ore supply contracts, which replaced four- decade-old annual benchmark prices, are here to stay.
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