U.S. Steel Corp. said this week it would idle two tubular plants and lay off 756 employees, becoming one of the first U.S. industrial casualties of the recent slump in global oil prices. The plant manufactures steel pipe and tube for oil and gas exploration and drilling. With global oil prices collapsing to five-year lows, [...]
Home Depot Inc.’s the world’s largest home improvement chain has reported a rise in sales and profit in its second quarter, beating top analysts expectations. Shares of Home Depot climbed more than 3% in premarket trading to $86.12, after it announced full-year-forecast based on its strong second quarter performance. Home Depot now hopes to post [...]
CIT Group, a supplier of business loaning and renting administrations, declared Tuesday that it plans to purchase Pasadena-based Onewest Bank, paying $3.4 billion in cash and stock to its hedge fund and private equity owners. IMB Holdco LLC, OneWest’s parent company, runs 73 retail branches in Southern California. The $3.4 billion cash and-stock arrangement will [...]
While constructing sector is not in the best shape, UK-based giant JCB Ltd informed that it noted record annuals earnings in 2012. It is not surprising at all that the company trots out its outstanding profits as the global construction sector is indeed going through tough times. The JCB’s results were mainly driven by increased demand in regions such as Africa and the Middle East
UK Prime Minister David Cameron arrives in India on the 18th of February with the biggest ever trade mission and will take part in three-day talks with Indian authorities. The delegation is aimed at tightening economic ties and increasing trade between the United Kingdom and India. UK Prime Minister David Cameron will be accompanied by a 100-person entourage, among which are parliamentarians and officials from companies and universities. The business delegation to India is a clear signal that the European nation is much interested in deepening relations with India which is expected to be the world’s third economy by 2050.
On the 6th of February, ArcelorMittal SA informed that it reported a big loss for the final quarter due to weak Europe’s demand for steel and write-downs in the value of its assets. However, the world’s largest steelmaker informed that demand for steel would improve in 2013. Also the company’s earnings are expected to improve during the year.
Caterpillar Inc., the world’s biggest construction and mining equipment producer, cut its 2015 earnings forecast on 24th of September. As it was stated by the company, sluggish global economic recovery and sliding commodity prices were to blame for the recent cuts in Caterpillar Inc.’s forecast for 2015.
Tata Steel in Europe, which is the second largest steel producer in the continent, utters that there is a growing desperate need for a growth strategy in the U.K. so to overcome the problems in the industry. Dr Karl Kohler, chief executive of Tata Steel in Europe, admitted that he had experienced the toughest time in his 30 years and at the same time he called for the UK to remove the obstacles to economic growth.