Baoshan, Angang Shares Surge After Brokerages Raise Steel-Price Forecasts

(Bloomberg) -- Chinese steel shares, including
Baoshan Iron & Steel Co. and Angang Steel Co., rose for a third
day after brokerages including JPMorgan Chase & Co. raised
forecasts for steel prices.

Shares of Baoshan Iron & Steel, China's largest steelmaker,
rose as much as 5.2 percent to 12.70 yuan, the highest since May
29, and traded at 12.61 at 10:38 a.m. in Shanghai. Angang Steel
surged as much as 19 percent to HK$21.70 in Hong Kong. Its yuan-
denominated shares rose as much as 9.4 percent to 21.38 yuan in
Shenzhen.


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Steel Dynamics' second-quarter profit slips

(Reuters) - In May, Steel Dynamics warned that second-quarter earnings
would be at the low end of its forecast range due to softness
in the flat-rolled steel market. The company had in April
forecast earnings of 95 cents to $1 a share.




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Asian Shares Rise, Led by BHP Billiton, Posco, on Metals Prices, Takeovers

(Bloomberg) -- Asian stocks climbed, led by BHP
Billiton Ltd., on higher commodity prices and speculation of
further takeovers in the metals industry.

Rio Tinto Group, the world's third-largest mining company,
rose to a record after the Times of London said it's set to bid
for Alcan Inc. South Korea's Posco paced a rally in steelmakers
after Chaparral Steel Co. agreed to be bought for $4.22 billion.


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U.S. Stocks Rebound on Takeovers; Yum!, Steelmaker Shares Lead Advance

(Bloomberg) -- U.S. stocks rose after takeover
speculation swept through the metals industry and Federal
Reserve officials said the economy will weather the home loan
crisis.

Nucor Corp. and Alcoa Inc. led the Standard & Poor's 500
Index to its sixth gain in seven days after Chaparral Steel Co.
agreed to be bought for $4.22 billion and the Times of London
reported Alcan Inc. may be the target of a bidding war. Yum!
Brands Inc., owner of the Pizza Hut and Taco Bell chains,
climbed on a UBS AG report predicting it will buy back stock.


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Chico's, Compuware, Freeport, Morgans Hotel, Willbros: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

Chaparral Steel Co. (CHAP US) rose $8.06, or 11 percent, to
$83.75. Gerdau Ameristeel Corp., the U.S. unit of Latin America's
biggest steelmaker, said in a statement that it agreed to buy the
company for $4.22 billion.


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UPDATE 1-ANZ financing China iron pellet plant for CVRD venture

(Reuters) - ANZ said Zhuhai YMP Yueyufeng Iron & Steel Co. Ltd., a joint
venture set up by Zhuhai Yueyufeng Iron & Steel Co. Ltd, Pioneer
Iron & Steel Group and CVRD in 2006, would build the iron ore
pellet plant in the southern Chinese province of Guangdong.




Details of the financing were not immediately available.


Read more at Reuters.com Bonds News

Japan's Bull-Dog wins court case vs Steel Partners: Jiji

(Reuters) - More than 80 percent of Bull-Dog Sauce's shareholders approved a poison pill scheme on June 24 that will allow the sauce maker to issue new shares making it more difficult for Steel Partners to acquire the company.




Steel Partners will appeal the court ruling, sources said.


Read more at Reuters.com Mergers News

UPDATE 1-Japan's Bull-Dog OK's poison pill for Steel Partners

(Reuters) - TOKYO, June 24 - Shareholders of Japan's Bull-Dog
Sauce approved a "poison pill" scheme that will allow
the sauce maker to issue new shares aimed at thwarting a $260
million takeover attempt by U.S. hedge fund Steel Partners.




If enacted, it would be the first time in Japan that a
company has used an anti-takeover defence to dilute a would-be
acquirer's stake, setting a precedent for the hundreds of other
firms building up similar defences, commonly called poison
pills.


Read more at Reuters.com Mergers News

UPDATE 2-Steel Partners raises Bull-Dog Sauce bid by 7 pct

(Reuters) - It will also extend its tender offer until Aug 10. The
previous offer, at 1,584 yen per share, was set to expire on June
28.




Steel Partners said it sought an injunction from the Tokyo
District Court on Wednesday to bar the Worcestershire sauce maker
and its directors from activating takeover defence measures.


Read more at Reuters.com Mergers News

U.S. Stocks Advance After Bond Yields Retreat, Oil Falls; U.S. Steel Gains

(Bloomberg) -- The U.S. stock market rebounded,
ending a three-day slump, after bond yields retreated from the
highest in five years and oil prices dropped.

U.S. Steel Corp., the largest U.S. steelmaker, jumped to a
record on speculation the company is a takeover target. National
Semiconductor Corp. rose the most since 2000 after the maker of
chips for electronic devices posted profit that beat analysts'
estimates.


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Platinum Drops in Asia Trade Amid Speculation Price Gains May be Overdone

(Bloomberg) -- Platinum futures fell in Tokyo for a
first day in five as some traders said more news, including any
developments in labor talks in South Africa, would be needed to
push the metal higher.

South Africa's National Union of Mineworkers rejected an
initial wage offer from Anglo Platinum Ltd., analyst James Steel
of HSBC Securities (USA) Inc. said in a report dated May 31,
raising concern about possible supply disruptions. The news
helped push platinum futures up by 2 percent, or 100 yen, the
Tokyo Commodity Exchange limit on June 1.


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Steelmaker Evraz Offers $11.40 a Share for Rest of South Africa's Highveld

(Bloomberg) -- Evraz Group SA, a Russian steelmaker
partly owned by billionaire Roman Abramovich, offered about $519
million to buy the shares of Highveld Steel and Vanadium Corp.
Ltd. it doesn't already own.

Evraz will pay $11.40 a share, it said today in a statement
distributed by the Regulatory News Service. Evraz currently
holds about 54 percent of Witbank, South Africa-based Highveld.
The offer for the rest of the stock is mandatory under South
African law, Evraz said. The offer is valid until 5 p.m. South
African time today.


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S.African stainless steel demand up 29 pct in 2006

(Reuters) - Stainless steel demand in South Africa jumped by 29 percent last year, fuelled by the transport sector, and more growth was expected in 2007, an industry group said.

"The growth outlook for the local market remained positive, driven by strong demand and project activity within South Africa and the region," said a statement by the Southern Africa Stainless Steel Development Association.


Read more at Reuters Africa

Nickel Rises as Voisey's Bay Mill Shuts Briefly; Lead Advances to Record

(Bloomberg) -- Nickel gained the most in four weeks
in London after production from the Voisey's Bay mill in eastern
Canada was shut briefly because of a labor dispute over safety.
Lead pared gains after rising to a record.

Cia. Vale do Rio Doce, the world's second-largest refiner of
nickel, said output at its mill in Labrador was halted yesterday
and resumed last night. Voisey's Bay has been operating with
replacement workers for five weeks while employees represented by
the United Steelworkers union try to resolve a labor dispute.
Nickel stockpiles stand at about three days of global demand.


Read more at Bloomberg Commodities News