SPOTMARKETS DOWNSIDES IN SCRAP STEEL PRICES MUCH LESS WITH WV AND SHANXI MET COAL MINE TRAGEGIES, LIMITING PIG IRON OUTPUT; ALCOA NOT INDICATIVE OF METALS GENERALLY 4/12/2010
WORTHINGTON INDUSTRIES (WOR $15.78, Overweight with $24 target) ESTIMATES CUT WITH LOWER FRAMING, EUROPEAN CYLINDER, SMALL HISTORICAL STEEL INVENTORY WINDFALL AND WRITEOFFS 4/12/2010
VALE (VALE $33.95, OVERWEIGHT, price target to $55 from $44) GLOBAL STEEL INDUSTRY OPERATING RATE RISE TO 85+% TO ENRICH VALE DISPROPORTIONATELY 4/11/2010
BHP BILLITON (BHP $69.19, rating OVERWEIGHT, price target raised from $78 to $83) LOWER OPERATING COSTS IN IRON ORE, COAL, PETROLEUM, ALUMINUM, AND NICKEL DIVISIONS INCREASE EARNINGS AND CASH GENERATION WHILE STRENGTHENING THE BALANCE SHEET 2/26/2014
PLUM CREEK (PCL $30.25, rated Neutral) POOR ECONOMIC CONDITIONS LEAD TO LOWER EXPECTATIONS 1/22/2009
PACKAGING CORP. OF AMERICA “PACKAGING” MARGINS RAISED DUE TO LOWER COSTS AND HIGHER PRICES FROM THE TIMBAR ACQUISITION 7/26/2016
MOSAIC CORP. LOW DAP AND POTASH PRICES PARTLY OFFSET BY LOWER COSTS OF GOODS SOLD 7/26/2016
DULUTH METALS (DULMF $2.53 or DM.TO C$2.73 at June 6th close, rated Overweight) JUNE 4TH RESOURCE = AGNICO-EAGLE + 3x FNX MINING’S Ni +10x FNX MINING’S COPPER; WE EXPECT MORE FUTURE DELINEATIONS; PRICE TARGET RAISED TO $15 FROM $10 PER …
DULUTH METALS (DULMF $2.44 or DM.TO C$2.47 at June 13th close, rated Overweight) “STRESS TEST” TO OUR JUNE 6TH REPORT AT $7.00 ni, $2.50 cu and 13% not 10% HIGH YIELD DEBT June 13, 2008
DULUTH METALS (DM.TO C$0.38 OR DULMF US $0.317) CAPITAL AND ROBUST RETURN ESTIMATES SIMILAR TO OUR JUNE 2008 ESTIMATES 12/23/2008