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| 29 Jun | China, the big driver |
| The good news is that steel prices worldwide appear to be staging a rally. The bad news is that the large capacity overhang will prevent mills from making any profits. If steelmakers do not want to snuff out this long awaited recovery, they will have to be highly disciplined in coordinating a steady return of supply. |
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| 24 Jun | Xstrata goes a courting |
| Some investors in Anglo American were surprised by the short shrift given by Cynthia Carroll, Anglo American’s under pressure CEO, to Xstrata’s proposed merger. The fact that the board took less than a couple of hours to reject the idea should not have surprised anyone, given that it was an all-share merger with nil premium being offered. Moreover, it was not the first time the South African miner has turned down the advances of the Swiss-based group. |
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| 22 Jun | New alliances in auto-sector |
| In the same week that Fiat’s Sergio Marchionne announced to the staff of Chrysler the sweeping changes he plans to implement within the group, the Swedish luxury supercar maker, Koenigsegg, was given approval to acquire compatriot automaker Saab from GM. The American and European automotive industry is undergoing a breathtaking change that would have been unthinkable a year ago. |
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