STEEL INDUSTRY – – SELLING PRICES FALL, NO SCRAP RISE IN ONSET OF WINTER AND EXCEPTIONAL STRONG FINAL DEMAND IN U.S.A. 12/17/2014
METALS, FOREST PRODUCTS AND FERTILIZERS – – REVIEW OF DIVIDENDS 12/16/2014
VALE ( $7.03; rated Overwieght, price target up to $16/share from $13/share) CAP EX CUTS ADD $4/SHARE VALUES, COST CUTS ADD MORE AND HELP OF MITSUI JV IN MOZAMBIQUE COAL ADDS FREIGHT WHILE OFFLOADING DEBT 12/15/2014
ANGLO AMERICAN (AAUKY $8.91, rated NEUTRAL and price target reduced to $10/share from $12/share) LOWER COAL, IRON ORE, GOLD, and PLATINUM PRICES DRIVE EARNINGS ESTIMATES AND VALUATION DOWN PARTLY OFFSET BY LOWER CAPITAL EX 12/15/2014
DOMTAR (UFS: $41.13 rated Neutral with $51.50 down from $52.50 price target) 0.55% HIGHER DISCOUNT RATE REFLECTING UNCOATED FREE SHEET AND PERSONAL CARE MARKET RISKS; $40/TON COMMUNICATIONS PAPER PRICE CUT ESTIMATED FOR 2015. 12/10/2014
PRETIUM RESOURCES (PVG U.S. $6.14; rated Neutral; no price target) CASHED UP TO BEGIN ENGINEERING AND ADVANCE PROCUREMENT 12/10/2014
ALCOA (AA $16.95, rating Overweight, Price Target $23) ALUMINUM THIN STRIP MICROMILL FOR AUTO BODY PROPOSED 12/8/2014
NUCOR (NUE $55.13, rated Underweight, Price Target cut to $37 from $43) LOWER STEEL PRICES DUE TO STRONG DOLLAR AND RECORD STEEL IMPORTS 12/4/2014
TAHOE RESOURCES INC. (TAHO $14.07, rated Neutral with $12 down from $15 price target) VARIOUS ROYALTIES INCREASED TO 10.5% FROM 5.5% 12/3/2014
METALS INDUSTRY – – MARCH QUARTER SCRAP FLOWS DID NOT RISE, BUT JUNE AND SEPTEMBER SHOULD RISE 4/22/2016