Wednesday, June 30, 2004
U.S. copper mine production dropped slightly by 2.0% to 2,460 million pounds from last year's 2,512 million pounds"
Monday, June 28, 2004
Allegheny also said it expects to return to a profit in its latest quarter, thanks to improving market conditions.
The company has about 8,800 employees worldwide.
It blamed the job cuts on a restructuring at its Allgeheny Ludlum stainless-steel production plant. The revamping at the plant is designed to increase annual capacity to 700,000 tons from 478,000 tons.
The cost savings will come from both the restructuring and from the transformation of Allegheny's stainless steel business by the second half of 2006, the company said. "
Yet despite these gains, the U.S. factory sector all but imploded. Domestic factory output is still down 2% from its 2000 peak, while imported goods are up 8%. Some 3 million factory jobs -- one in every six -- have been lost since the last peak in mid-2000. And while the manufacturing sector is finally expanding and hiring again -- up 37,000 jobs since January -- no one expects domestic manufacturers to ever recover the ground lost to overseas competitors."
'The steel company told us they lost their market for recycling, so we had 13 million pounds of metal we didn't have before,' said Borgelt.
It it hadn't been for that, Michigan's releases would have been down 7.2 percent.
The report ranked Wayne County sixth-highest in the country for toxic releases. More than 63 million pounds of pollution came from Wayne, home to many industries and power-generating facilities. "
Americans' incomes, meanwhile, went up by a strong 0.6 percent in May for the second straight month. The growth in incomes in the last two months was especially heartening because that powers spending in the future. The income and spending figures are not adjusted for price changes. "
Thursday, June 24, 2004
In a second report from the department, new-home sales surged by 14.8 percent last month to a seasonally adjusted annual rate of 1.37 million, an all-time monthly high. The showing, which was stronger than analysts expected, came after sales sagged by 7.9 percent in April.
An improved job climate is helping to offset a recent rise in mortgage rates, which still remain low by historical standards. Some economists predict new-home sales for all of 2004 will come in near record highs. "
The slide took Wall Street by surprise. Analysts had been looking for a 1.4 percent gain in May.
Separately, the Labor Department said first-time claims for unemployment insurance rose 13,000 to 349,000 in the June 19 week. The pickup was partially attributed to the delayed filing of applications due to the closure of government offices to honor the death of former President Ronald Reagan.
The declines in May and April durables orders were the first back-to-back monthly drops in durables orders since November and December 2002, according to Commerce, and may raise doubts about the U.S. factory sector's recent revival. Many analysts, however, see the durables report as very volatile and subject to large revisions. "
Wednesday, June 23, 2004
The grievance issue was one of the reasons for delays in working out the final wording of a court order to appoint a former judge as an intermediary between Stelco's management and unionized workers.
Justice James Farley, who has been overseeing the Stelco restructuring since January, signed a formal order Wednesday that puts into effect a decision he handed down June 14.
That decision will give former Ontario judge George Adams a key role in resolving the labour disputes between Stelco and its unions while the company restructures under the Companies' Creditors Arrangement Act.
The order also provides for a 90-day warning before a strike or lockout.
That was one of the key requirements of General Motors, Stelco's biggest customer, which had threatened to find other sources of steel for itself and its suppliers if it couldn't get an assured supply from Stelco. "
In a speech praising China for its economic progress to date, U.S. Commerce Secretary Don Evans said the export giant [...] needed to cooperate more on issues including rampant piracy and its fixed currency regime.
'China must significantly reduce government micromanagement of its economy and introduce a far higher level of transparency -- among other changes -- before it can achieve a full transition to a market-driven economy,' Evans said in a speech to the American Chamber of Commerce in Beijing.
Market forces would not dominate China's booming economy until Beijing substantially rolled back controls over raw materials, the financial system, real estate and large enterprises, he said during a four day visit to China.
[M]embers of the [WTO] can treat China as a 'non-market economy' until 2016. "
Tuesday, June 22, 2004
But even if it did, they said, the rising cost of financing intervention and the difficulty of explaining why it is needed as the economy powers ahead will put a brake on the kind of heavy yen-selling that Japan carried out last year. "
Sunday, June 20, 2004
Friday, June 18, 2004
The bill replaces a tax break declared an illegal subsidy in international trade courts with new tax breaks for American producers.
'It will encourage companies to manufacture more goods and keep more goods in the United States while maintaining the global competitiveness of the American economy,' said House Majority Leader Tom DeLay, R-Texas.
Treasury Secretary John Snow said the vote marked an 'important step toward ending the burden of the tariffs currently being imposed on U.S. exports.' "
Thursday, June 17, 2004
The government also reported that initial jobless claims dropped more than expected to 336,000 but the Labor Bureau said some of that fall in filings for unemployment insurance was due to government offices having been closed on Friday for the funeral of former President Ronald Reagan. "
Increasing Chinese demand for commodities, lack of new metals supply and consolidation in the industry provided 'an opportune environment to review our options' to increase value for Brascan and Noranda shareholders, said Bruce Flatt, Brascan chief executive.
Brascan made clear two years ago that it wished to sell its stake in Noranda to focus on real estate, power generation and asset management. Brascan said yesterday it was 'supportive' of Noranda's efforts to find a buyer. "
Wednesday, June 16, 2004
Monday, June 14, 2004