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December 2, 2008 4:59:32 AM CST

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Analysis

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

New York Times New York Times Nov 23, 08 2:09 PM CST
(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New York Times. Could the same be true of the auto industry? More »

More about:  Financial Crisis • bailout • US economy • auto industry • General Motors • Ford • Chrysler • steel

Manhole Cover Thieves Hit Streets of Philadelphia

Scrap metal prices result in 25-fold spike

New York Times New York Times Jul 23, 08 8:47 AM CDT
(Newser) - These days you have to watch your step in Philadelphia. The City of Brotherly Love is suffering from an epidemic of manhole-cover theft, as rising scrap metal prices have led to a 2,500% increase in stolen covers and grates. Thieves are selling the covers for $5 to $10 at junkyards, reports the New York Times, and some streets now have so many orange cones marking off danger zones that they look like a slalom course. More »

More about:  Philadelphia • theft • metal prices • steel • iron

 Booming China
 Flexing Its
 M&A Muscle 

Chinese companies snap up $42B in foreign assets so far in 2008

New York Times New York Times Jul 15, 08 10:00 AM CDT
(Newser) - Chinese companies are on a buying binge, snapping up $42 billion worth of foreign assets in the first 6 months of 2008. That's a 500% increase over the previous year, and equal to the combined value of takeovers from 2000 to 2006, reports DealBook in the New York Times. And, where Chinese companies once shied away from hostile takeovers, that appears to no longer be the case. More »

More about:  China • mergers and acquisitions • commodities • hostile takeover • steel

Oil, Steel Fuel Surge in Asian Markets

Near-record crude prices outweigh
fears of US skid

Bloomberg Bloomberg Sep 11, 07 4:14 AM CDT
(Newser) - Crude climbed within 50 cents of a record today, and that meant Asian stock indexes were climbing as well with the Nikkei rising 0.3% and the Asia-Pacific index up 0.1% after big losses Friday. Steel joined oil as a big mover when South Korean producers announced a price increase. Those prices, coupled with demand from China, are outweighing fears about a US slowdown. More »

More about:  China • Japan • South Korea • crude oil • Asian markets • Asian stocks • Nikkei 225 Stock Average • steel

US Steel Buys Canadian Rival

$1.1B deal for Stelco consolidates market, makes Pittsburgh giant fifth largest

Pittsburgh Post-Gazette Pittsburgh Post-Gazette Aug 28, 07 6:02 AM CDT
(Newser) - US Steel's agreement to buy Canadian competitor Stelco for $1.1 billion, making it the world's fifth-largest steelmaker, is the company's second major acquisition this year, but not necessarily the last, CEO John Surma said yesterday. In the face of breakneck growth by Indian and Russian steel producers, the Pittsburgh giant has sought to consolidate the North American market to stay competitive. More »

More about:  merger • steel • US Steel

Feds Spot Bridge Support Flaw

Same metal plates are used by hundreds of other bridges

New York Times New York Times Aug 9, 07 5:28 AM CDT
(Newser) - Federal experts investigating the Minneapolis bridge disaster have identified a structural flaw that may have led to the collapse, reports the New York Times . Investigators suspect that steel gusset plates used to connect the girders weren't strong enough to support the bridge right from the start. Federal authorities immediately warned states to be careful to calculate added weight when assigning construction crews to work on bridges. More »

More about:  Minnesota • Minneapolis • collapse • bridge collapse • bridge • steel • NTSB

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