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Tuesday, January 12, 2010
Today's News Headlines
* CSN chief executive in Portugal aiming to convince shareholders to sell Cimpor - Brazil
* Alcoa posts Q4 loss of US$277mn - Regional
* Iochpe Maxion sells 500 railcars to Cosan - Brazil
* Alfa reports record Ebitda for 2009, Q4 - Mexico
* Copper jumps to new recent high of US$3.486/lb on Chinese trade data - Regional
* Gold rises to new yearly high of US$1,153/oz - Regional
* IN BRIEF Lupatech pays US$6.79mn interest on bonds - Brazil
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* CSN chief executive in Portugal aiming to convince shareholders to sell Cimpor - Brazil
The CEO of Brazilian steelmaker CSN (NYSE: SID), Benjamin Steinbruch, is in Portugal trying to convince the majority shareholders of cement manufacturer Cimentos de Portugal (Cimpor) to sell up, SLW market analyst Pedro Galdi told BNamericas.
Brazil's third largest steelmaker has been attempting since December to purchase the Lisbon-based cement maker.
"Benjamin [Steinbruch] is testing the market before doing the public tender offer," Galdi said. "The worst that could happen would be for the majority shareholders not to accept and eventually CSN would have to make a new offer," Galdi said.
Cimpor majority shareholders are construction firm Teixeira Duarte with 22.9% and French cement manufacturer Lafarge with 17.3%.
Manuel Fino, an individual, holds a 10.7% stake, Caixa Geral Depósitos owns 9.6% and Banco Comercial de Portugal pension fund has a 10% stake.
Last week, Cimpor's board rejected the 3.86bn-euro (US$5.5bn) offer from CSN.
Cimpor is one of the world's largest cement companies with production capacity of 35Mt/y. It has operations in Portugal, Spain, Brazil, Peru, China, India, Mozambique, South Africa, Cape Verde, Egypt and Morocco, among others.
By Claudio Mendonça
Business News Americas
* Alcoa posts Q4 loss of US$277mn - Regional
US aluminum maker Alcoa (NYSE: AA) reported an attributable net loss of US$277mn for the fourth quarter of 2009, a reduction from the US$1.191bn net loss posted in 4Q08 but slipping from profits of US$77mn in 3Q09.
The Q4 loss includes a negative impact of US$275mn due to restructuring, special items and discrete tax items, Alcoa said in a statement.
Sales amounted to US$5.433bn last quarter, inching down from US$5.688bn year-on-year but rising 17.7% compared to US$4.615bn in the third quarter.
Alcoa reported that it finished 4Q09 free cash flow positive for the first time since Q208.
Primary aluminum production in the fourth quarter amounted to 897,000t, down 7.6% from 971,000t year-on-year, while alumina output grew 3.2% to 3.90Mt from 3.78Mt.
In Latin America and the Caribbean, Alcoa has operations in Chile, Peru, Argentina, Colombia, Jamaica and Brazil, the last of which represents the bulk of its earnings from the region.
By Business News Americas staff reporters
* Iochpe Maxion sells 500 railcars to Cosan - Brazil
Brazilian metal transport and railroad parts manufacturer Iochpe-Maxion's (Bovespa: MYPK3) subsidiary Amsted Maxion Fundição e Equipamentos Ferroviários sold 500 railcars to Cosan Operadora Portuária for the transportation of sugar and grains.
Deliveries are due to begin in March.
The new sales add to the 3,588 railcars Amsted Maxion is due to deliver over the next two years. Out of this total, 1,500 will be delivered in 2010 for or the equivalent to 328mn reais (US$190mn). In 2011, Amsted Maxion is expected to deliver 2,058 rail cars, valued at 398mn reais.
Amsted Maxion is a 50-50 joint venture between Iochpe-Maxion and Illinois-based Amsted Industries.
By Business News Americas staff reporters
* Alfa reports record Ebitda for 2009, Q4 - Mexico
Mexican conglomerate Alfa made US$2.37bn in revenues and US$290mn in Ebitda for the fourth quarter last year, both being records for the company, according to a statement with preliminary financial results sent to the Mexico City stock exchange BMV.
The company estimated its sales for all of 2009 totaled US$8.54bn and its Ebitda US$1.06bn, 9% more than the Ebitda for 2008 and also a record in Alfa's history.
Alfa owns Nemak, an aluminum castings subsidiary that specializes in auto parts.
The conglomerate also includes the Sigma food products division, Alestra in telecommunications and Alpek in petrochemicals.
Net earnings figures were not provided.
By Business News Americas staff reporters
* Copper jumps to new recent high of US$3.486/lb on Chinese trade data - Regional
The price of copper on the London Metal Exchange (LME) rose to US$3.486/lb cash Monday from US$3.377/lb day before, the metal's highest price since having reached US$3.550/lb on August 7, 2008.
The increase was despite a rise in LME stocks by 4,575t Monday to 515,200t.
According to the daily report by investment bank Barclays Capital, the jump in the copper price was mainly driven by news that China's December imports of the metal had risen 27% month-on-month to 369,000t, which sparked bullish sentiment.
By Business News Americas staff reporters
* Gold rises to new yearly high of US$1,153/oz - Regional
The price of gold on the London Bullion Market (LBM) has continued to rise since the start of the year and closed Monday at US$1,153/oz, up from US$1,127/oz the previous trading day.
Meanwhile the US dollar showed further weakness against the euro, the Japanese yen, British pound and other currencies Monday.
Silver on the LBM has also not let up, rising to US$18.84/oz Monday from US$18.12/oz on Friday.
By Business News Americas staff reporters
* IN BRIEF Lupatech pays US$6.79mn interest on bonds - Brazil
Brazilian industrial valves and metal products maker Lupatech (Bovespa: LUPA3) said Lupatech Finance Limited, a fully controlled subsidiary, has transferred US$6.79mn to Bank of New York Mellon.
The sum is related to the company's quarterly interest payment on the Lupatech Finance Limited 9.875% guaranteed perpetual bonds, whose principal amount equaled US$275mn.
Funds were credited to bondholders as of Monday and transferred January 8, the company said in a statement.
By Business News Americas staff reporters
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In-deph interview
* "It's sad to say this but scrap collectors, who gather inputs for the steel industry, are being pushed aside"
José Arévalo Jr
President
Cofarja
Brazil
http://www.bnamericas.com/interviews/metals/Jose_Arevalo_Jr_,Cofarja,/169479580
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Main companies covered in today's news
* Xstrata PLC
http://www.bnamericas.com/company-profile/en/Xstrata_PLC-Xstrata/169479580
* Comisión Chilena del Cobre
http://www.bnamericas.com/company-profile/en/Comision_Chilena_del_Cobre-Cochilco/169479580
* Corporación Nacional del Cobre de Chile
http://www.bnamericas.com/company-profile/en/Corporacion_Nacional_del_Cobre_de_Chile-Codelco/169479580
* Alcatel Lucent S.A.
http://www.bnamericas.com/company-profile/en/Alcatel_Lucent_S,A,-Alcatel_Lucent/169479580
* ALFA S.A.B. de C.V.
http://www.bnamericas.com/company-profile/en/ALFA_S,A,B,_de_C,V,-ALFA/169479580
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