SEVERSTAL (CHMS.LSE $6.60 8-11-09, not rated) COMMENTS FROM VISITS TO COLUMBUS, MS MILL; DISCUSSION OF 3.4 TO 4.5 M.T. CAPACITY; BROADER IMPLICATIONS TO U.S. MARKET FOR STEEL 8/12/2009
NEWMONT MINING (NEM $41.84, rated Neutral with $40 price target) BODDINGTON DELAYS LEAD TO LOWER GOLD PRODUCTION ESTIMATES 8/4/2009
LOUISIANA-PACIFIC (LPX $6.17, rated neutral, price target raised to $5) IMPROVED COSTS AND SIGNS OF IMPROVING NEW HOUSING STARTS LEAD TO IMPROVED OUTLOOK FOR ALL SEGMENTS IN 2010 ONWARD 8/7/2009
FOREST PRODUCTS, COPPER AND ALUMINUM – – REVIEW OF PERMIT AND START TRENDS SUGGEST A GRADUAL HOUSING RECOVERY PROFILE 8/8/2009
ANGLOGOLD ASHANTI (AU $38.80, rated Neutral) HEDGE BOOK BUYOUT AND POTENTIAL RANDGOLD JV LEAD TO HIGHER VALUATION 8/28/2009
ANTOFAGASTA PLC ($11.43, Rated Overweight, $17 up from $11 “minimum” price target before definition of new discoveries) HIGHER PRICES AND LOWER RISKS INCREASE VALUATION TARGETS 8/3/2009
BARRICK GOLD (ABX $34.38, Rated Underweight) HIGHER OUTPUT DRIVES HIGHER EARNINGS AND PRICE TARGET; PROFITS BASED MAINLY ON 11 LOWER COST MINES AND IS HINDERED BY 10 HIGHER COST MINES 8/24/2009
U.S. STEEL (X $31.64, rating Overweight) RAISED TO OVERWEIGHT AS RISING SCRAP STEEL PRICES SIGNAL HIGHER SELLING PRICES AND RESTOCKING 7/13/2009
WORTHINGTON INDUSTRIES (WOR $12.48, rated OVERWEIGHT, price target cut to $18 from $23) NEAR BREAKEVEN WITH “RIGHT-SIZING,” INVENTORY WRITEDOWNS AND SPRING 7/15/2009
TEMPLE-INLAND (TIN $14.61, rated OVERWEIGHT) WOOD PROFITS EXPECTED THIRD QUARTER; CORRUGATED EARNINGS ANTICIPATED TO STAY STRONG AS INDUSTRY POSTS 90.8% OPERATING RATE IN JUNE 7/23/2009