Client News Release

Ahead of the Bell: Steel prices heading down (AP) and Mechel Attends Metal Expo' 2008 Annual Exhibition (PR Newswire)

City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/20/2008 - Steel and Iron industry news provided by Financial News USA (OTC: FNWU). NEW YORK (AP) -- Steel prices may fall next year because of weakening demand and lower iron ore and coking coal costs, an analyst warned Monday.Goldman Sachs analyst Sal Tharani said a stronger dollar, falling freight costs and low prices for coking coal and iron ore should boost steel imports over the next few months, forcing the price of steel "to hover close to industry's cash cost." In response, Tharani lowered his 2009 price forecast for hot rolled coil steel, a common industry metric, by 17 percent to $560 per ton.Production cuts should ultimately bring supply in line with demand, and some easing in credit markets and inventory de-stocking would bring buyers back to the market, perhaps resulting in a first quarter 2009 bounce in steel prices, "which in our view would not last for long."Tharani said Steel Dynamics Inc. remains a "Conviction Buy." For short-term investors he recommends buying shares of Nucor Corp. [Read the full article]

MOSCOW, November 17 /PRNewswire/ -- Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, attended the 14th annual Metal Expo' 2008 international specialized exhibition held at the Crocus Expo International Exhibition Center in Moscow, Russia on November 11-14, 2008. The Metal Expo' 2008 exhibition featured the products and achievements of more than 700 companies from 30 countries worldwide in metals and steel as well as other related industry areas. The exhibition was attended by nearly 30,000 business leaders of various companies in steel making and processing, machinery, construction and other industries.The integrated corporate booth of Mechel presented the products of the Group's subsidiaries, including Chelyabinsk Metallurgical Plant OAO,
Beloretsk Metallurgical Plant OAO, Urals Stampings Plant OAO, Izhstal OAO,
Vyartsilya Hardware Plant ZAO, Kasli Plant for Art Castings OOO. [Read the full article]


WITH ALL OF THE COMPANIES UNDER OUR [diversified industrials] coverage universe having reported quarterly results, we wanted to highlight some of the key takeaways and themes. Additionally, we have revisited our prior valuation work analyzing current share prices of select companies that we follow against revised expectations and prior trough multiples.

Uncertainty and limited visibility in regard to the full impact of the credit crisis and related global economic slowing has caused many companies to offer cautious or no outlook for the fourth quarter. Few offered a 2009 outlook and those that did remain guarded with a ... [Read the full article]

CLEVELAND & ABINGDON, Va.--(BUSINESS WIRE)--Cliffs Natural Resources Inc. (NYSE: CLF) and Alpha Natural Resources, Inc. (NYSE: ANR) today announced that the boards of directors of both companies have approved settlement of litigation brought by Alpha in Delaware Chancery Court and termination of the previously announced definitive merger agreement, under which Cliffs would have acquired all
outstanding shares of Alpha. The companies said each boardâ€(TM)s decision was made after considering various issues, including the current macroeconomic environment, uncertainty in the steel industry, shareholder dynamics and risks and
costs of potential litigation. [Read the full article]

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