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1. voda 1 november 2012 17:03

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   ArcelorMittal announces FY 2012 outlook and guidance
   
   The Q3 2012 fall in the iron ore price, and the weaker global economic backdrop, adversely impacted steel prices and steel volumes as well as the profitability of our mining operations, affecting our previous expectations for group profitability in 2H 2012. The company now expects FY 2012 EBITDA of approximately USD 7 billion.
   
   Iron ore shipments remain on track to increase by approximately 10% in FY 2012 compared to FY 2011.
   
   Excluding any proceeds from future asset sales, net debt is expected to be approximately USD 22 billion by year end. Deleveraging is a priority as the company continues to target an investment grade credit rating.
   
   The 2012 capex is expected to be approximately USD 4.5 billion. ArcelorMittal Mines Canada expansion to 24 million tonnes per annum is on track for ramp up during 1H 2013.
   
   Source - ArcelorMittal
   
2. voda 1 november 2012 17:04

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   worldsteel publishes 2012 Steel Statistical Yearbook
   
   The World Steel Association has published the 2012 Steel Statistical Yearbook and is now available on the website.
   
   Worldsteel's Steel Statistical Yearbook presents a cross section of steel industry statistics. It contains comprehensive statistics from 2002 to 2011 on crude steel production by process, steel production by product, steel trade by product, apparent steel use, and production of pig iron and directly reduced iron. It also includes data on production and trade of iron ore and trade of scrap from 2002 to 2011.
   
   The statistics were collected from members of worldsteel and various international organizations.
   
   The 2012 Steel Statistical Yearbook is now available from the online bookshop. A PDF copy of the book can be downloaded for free from the website. Printed copies can be ordered from the bookshop.
   
   Source - worldsteel
   
3. voda 1 november 2012 17:05

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   ArcelorMittal to raise USD 650 million through issue of securities
   Press Trust of India reported that ArcelorMittal plans to raise USD 650 million through issue of securities for meeting general financing needs and retiring debt.
   
   ArcelorMittal in a statement said that “The securities have no fixed maturity date and are deeply subordinated. They bear interest at 8.75% per annum, subject to the right of the company to defer interest payments.”
   
   However, ArcelorMittal has an annual steel production capacity of around 92 million tonnes.
   
   It said that the securities would be accounted for as equities in the company’s consolidated financial statements, adding that the initial coupon rate would be reset periodically over the life of the securities.
   
   The statement said that “The proceeds of the issue will be used for the general financing purposes of ArcelorMittal and its consolidated subsidiaries including the repayment of existing debt.”
   
   Source - Press Trust of India
   
4. voda 1 november 2012 17:06

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   Iran crude steel output jumps 10pct in 7 months
   
   Iran produced 8.73 million tonnes of crude steel during the first 7 months of the current Iranian calendar year which began on March 20 showing 9.6% rise compared to the same period last year.
   
   Mr Fereydoun Ahmadi deputy minister of industry, mine and trade of Iran said that during the same period of time, 10.3 million tonnes of steel products including round bars, angles and sheets were produced.
   
   Mr Reza Fatemi Amin the deputy industry minister of Iran said that some 7 million tonnes of crude steel is imported annually.
   
   Meanwhile, Mr Mehdi Ghazanfari industry minister of Iran said that Iran will become one of the world’s main steel exporters by March 2016. Despite global economic sanctions, the country’s steel output increased by 5 million tonnes during the past 2 years reaching 17 million tonnes.
   
   Source - Tehran Times
   
5. voda 1 november 2012 18:31

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   quote:

   voda schreef op 1 november 2012 17:04:

   worldsteel publishes 2012 Steel Statistical Yearbook
   
   The World Steel Association has published the 2012 Steel Statistical Yearbook and is now available on the website.
   
   Worldsteel's Steel Statistical Yearbook presents a cross section of steel industry statistics. It contains comprehensive statistics from 2002 to 2011 on crude steel production by process, steel production by product, steel trade by product, apparent steel use, and production of pig iron and directly reduced iron. It also includes data on production and trade of iron ore and trade of scrap from 2002 to 2011.
   
   The statistics were collected from members of worldsteel and various international organizations.
   
   The 2012 Steel Statistical Yearbook is now available from the online bookshop. A PDF copy of the book can be downloaded for free from the website. Printed copies can be ordered from the bookshop.
   
   Source - worldsteel
   
   

   Hier de link naar de PDF file:
   
   www.worldsteel.org/dms/internetDocume...
6. voda 1 november 2012 20:52

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   Nog even de realtime koers van AM in de States:
   
   finance.yahoo.com/q?s=MT
7. voda 2 november 2012 15:44

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   Bouwopdracht ruim 1 miljard voor ThyssenKrupp
   Gepubliceerd op 2 nov 2012 om 14:33 | Views: 454
   
   ThyssenKrupp 14:21
   EUR 18,02 +0,22 (+1,25%)
   
   FRANKFURT (AFN) - ThyssenKrupp heeft in de Verenigde Staten een order binnengesleept met een waarde van ruim 1 miljard euro. De Duitse staal- en technologiegroep gaat in opdracht van CF Industries Holding twee kunstmestfabrieken bouwen in de staten Iowa en Louisiana. Dat maakte het concern vrijdag bekend.
   
   De Verenigde Staten zijn op dit moment voor een groot deel van hun vraag naar kunstmest afhankelijk van import uit het Midden-Oosten en Noord-Afrika. Door de komst van de fabrieken, gelegen in belangrijke landbouwgebieden van de VS, zal deze afhankelijkheid worden verminderd.
   
8. voda 2 november 2012 16:09

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   Chinese steel industry to see serious concerns in Q4
   
   Xinhua reported that an industrial official has warned that the Chinese steel industry will be a big cause for concern in the fourth quarter due to shrinking demand and heavy losses.
   
   The fears were outlined by Mr Huang Libin, an official from the Ministry of Industry and Information Technology, in an interview with China National Radio.
   
   Mr Huang said that "The steel sector's performance has been bad since the beginning of the year. Their revenues are falling and demand remains weak."
   
   He said that for the entire industry, the steel sector is now operating at a loss and struggling with problems of oversupply and a broader economic slowdown.
   
   MIIT data showed 45% of the country's steel companies were suffering losses in the first nine months of 2012.
   
   Figures from the National Development and Reform Commission revealed that 80 major steel firms reported a combined loss of CNY 5.53 billion in the January to September 2012 period.
   
   According to the NDRC, Angang Steel Co Limited and five other steel companies were listed among the top 10 A share companies in terms of losses in the first three quarters.
   
   NDRC data showed that China's crude steel output rose by 1.7% YoY in January to September 2012 period to reach 542.34 million tonnes, retreating 9 percentage points from the same period of 2011.
   
   Source - Xinhua
   
9. voda 2 november 2012 16:10

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   India to become second largest steel producer soon - Minister
   
   PTI reported that as per government estimates, India will soon become the second largest steel producer in the world
   
   Indian steel minister Mr Beni Prasad Verma while chairing a meeting of a parliamentary consultative committee to review the functioning of RINL said “India will soon become the second largest manufacturer of steel in the world. Steel capacity in the country has increased from 66 million tonne in 2009 to 90 million tonne in 2012.”
   
   The Steel Minister said that the per capita steel consumption in the country has risen from 38 kg to 59 kg.
   
   China is the number one producer of steel, followed by Japan and the US at second and third places, respectively. India slipped one rank to become the fourth largest steel producer in 2010, with 68.3 million tonne of output.
   
   Source - PTI
   
   
10. voda 2 november 2012 16:12

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    JSW Steel faces a shortage of up to 25pct in FY14
    
    Business Line reported that JSW Steel is working on a strategy to source adequate raw material. The company, operating its 11 million tonne plant at around 80% of the capacity is likely to face a shortage of up to 25% of its requirement during 2013-14.
    
    Mr Vinod Nowal director and CEO of JSW said that “We expect both Category A and B mines to resume mining in the next 2 to 3 months, with a combined production of about 12 million tonnes. In addition, NMDC will add another 8 million tonne. Of the total ore being sold through auctions, we are confident of buying 60% to 70%”
    
    However, the company requires about 16 million tonne ore of 63% ferrous grade for its Vijayanagar steel plant in Bellary. It hopes to procure about 12 million tonne through e-auctions in Karnataka, leaving a gap of about 4 million tonne.
    
    Mr Nowal said that “We are planning to procure the balance quantity from other states like Odisha, Jharkhand and Chhattisgarh, depending on the availability. We are also exploring the option of using very low grade ore from the dumps available in abundant quantity in Karnataka.”
    
    He said that the company was also expecting the opening of Category C mines during the next financial year. The SC had ordered cancellation of 49 Category C mine leases as these were involved in large scale illegal mining. It also recommended auctioning such leases for end users.
    
    He further added that “We have no problem as far as ore is concerned for the current fiscal and we are confident of achieving 80% of the capacity up to March 2013. As far as the next fiscal is concerned, we may have to think of an alternative arrangement.”
    
    Currently, on approval of reclamation and rehabilitation plans by the Court’s Central Empowered Committee, three mines in category A capacity of 1.4 million tonne per annum have restarted production. Another 8 capacity of 3.3 million tonne per annum are in various stages of approval and expected to commence production during the October to December quarter.
    
    Source - Business Line
    
12. voda 2 november 2012 16:13

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    Global steelmakers to use less scrap in 2012 - BIR advisor
    
    Reuters reported that the statistics advisor to the Bureau of International Recycling said that steelmakers will buy and use less steel scrap in 2012 than in 201 reflecting a drop in scrap consumption in China, which saw a sharp decline in steel scrap usage to 41.3 million tonnes in the first half of 2012, down by around 17% YoY.
    
    Mr Rolf Willeke BIR advisor said that "We have to expect lower figures for 2012 as a whole. The report for the first six months of 2012 shows a negative development for steel scrap use as a raw material in the main steel producing countries and regions of the world. This is particularly apparent in China."
    
    Mr Rolf Willeke said that Europe's three largest steel scrap users, Italy, Germany and Spain, saw a respective decline of 4.3%, 3.3% and 5.5%. He added that "The ongoing uncertainty with the Eurozone and as a result the fluctuations in the exchange rate have led to challenging conditions."
    
    Mr Willeke said that the only regions to see positive growth in steel scrap consumption in the first half this year were Turkey and the United States, with a usage increase of 11.3% to 16.4 million tonnes and 3.2% to 28.6 million respectively.
    
    US is the world largest exporter of steel scrap at about 20 million tonnes a year while Turkey is the biggest importer at about 30 million tonnes.
    
    Source - Reuters
    
    Indian steel makers have a unique opportunity to hear Indian and global experts to understand the market dynamics and outlook at the “2nd Metal & Steel Scrap Summit” on December 3rd 2012 at the Palms Club in Gurgaon, which will be followed by half day exclusive “Buyer & Seller Meet” on December 4th for them to find reliable overseas steel scrap suppliers
    
    As limited seats are available due to space constraint please book your spot TODAY!!!
    Contact Ms Iha Jain
    iha.jain@globalbusinessconnect.org
    Mobile No +91 9582080801
    Phone +91 124 4048993
    
13. voda 2 november 2012 16:17

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    ArcelorMittal SA Q3 2012 revenue fell by 12pct to ZAR 7.6 billion
    
    Reuters reported that ArcelorMittal South Africa, a unit of the world's top steelmaker, posted a third quarter headline loss and expects an even worse fourth quarter due to lower domestic demand and production losses.
    
    Africa's biggest steelmaker reported a headline loss per share of 42 cents as compared with a headline loss of 115 cents the previous year and 44 cents in the preceding three months. Headline earnings are the main profit gauge in South Africa and exclude certain one off and non trading items.
    
    The company said in a statement that "Domestic steel demand remained weak, especially from the building and construction industry, the main steel consuming sector in South Africa."
    
    Revenue fell by 12% to ZAR 7.6 billion.
    
    The company said the fourth quarter loss would be substantially higher than in the previous three months due to a seasonal drop in demand during December 2012 and production losses following extended blast furnace repairs at its Newcastle plant.
    
    The impact would be partially offset by lower prices for raw materials such as coal and pellets as well as a weaker rand dollar exchange rate. The company declared no dividend.
    
    Source - Reuters
    
14. voda 2 november 2012 16:19

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    US weekly raw steel production dropped by 5.7pct YoY
    
    American Iron & Steel Industries reported that, in the week ending October 27th 2012, US domestic raw steel production was 1.679 million tons while the capability utilization rate was 67.9%. Production was 1.781 million tons in the week ending October 27th 2011, while the capability utilization then was 71.9%.
    
    The current week production represents a 5.7% YoY decrease from the same period in the previous year. Production for the week ending October 27th 2012 is down by 2.5% WoW from the previous week ending October 20th 2012 when production was 1.722 million tons and the rate of capability utilization was 69.7%.
    
    Adjusted YTD production through October 27th 2012 was 81.104 million tons, at a capability utilization rate of 76.3%. That is a 3.7% YoY increase from the 78.218 million tons during the same period last year, when the capability utilization rate was 74.5%.
    
    Broken down by districts, here's production for the week ending October 27th 2012:
    
    1. North East: 168
    2. Great Lakes: 593
    3. Midwest: 237
    4. Southern: 594
    5. Western: 87
    
    (In thousands of net tons)
    
    AISI's estimate is based on reports from companies representing about 75% of the US's raw steel capability and includes revisions for previous months.
    
    Source - American Iron and Steel Institute
    
15. voda 2 november 2012 16:20

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    ArcelorMittal announces analysis of 9M 2012 versus 9 2011 results
    
    ArcelorMittal's net income for 9M 2012 was USD 0.3 billion or USD 0.17 per share as compared to net income for 9M 2011 of USD 3.3 billion or USD 2.11 per share. Total steel shipments for 9M 2012 were lower at 63.8 million tonnes as compared with 65.2 million tonnes for 9M 2011.
    
    Sales for 9M 2012 decreased by 9.3% to USD 64.9 billion as compared with USD 71.5 billion for 9M 2011 primarily due to lower average steel selling prices (-8.1%) and lower steel shipments (-2.2%). Depreciation of USD 3.4 billion for 9M 2012 was comparable with 9M 2011.
    
    Impairment charges for 9M 2012 totaled USD 199 million, primarily related to the intention to launch a project to permanently close the liquid phase at the Florange site in France (USD 130 million); and the extended idling of the electric arc furnace and continuous caster at the Schifflange site in Luxembourg. Impairment expenses for 9M 2011 were USD 103 million relating to a rolling facility in the Long Carbon Americas segment as well as costs associated with the decision to close two blast furnaces, sinter plant, steel shop and continuous casters at Liege, Belgium.
    
    Restructuring charges for 9M 2012 totaled USD 395 million and consisted largely of costs associated with the implementation of the Asset Optimization Plan primarily impacting Flat Carbon Europe and Long Carbon Europe operations.
    
    Operating income for 9M 2012 was USD 1.7 billion, compared with operating income of USD 4.9 billion for 9M 2011. Operating result for 9M 2012 was positively impacted by changes to the employee benefit plans at ArcelorMittal Dofasco which led to curtailment gains of USD 241 million, the Skyline Steel divestment which led to a gain of USD 339 million partially offset by USD 72 million charges related to one time signing bonus and post retirement benefit costs following entry into the new US labor contract. Operating result for 9M 2012 was also positively impacted by USD 426 million of dynamic delta hedge income (unwinding of hedges on raw material purchases) recognized during the period. Operating result for 9M 2011 was positively impacted by USD 437 million DDH income and a non cash gain of USD 336 million relating to the reversal of provisions for inventory write downs and litigation.
    
    Income from equity method investments and other income in 9M 2012 was USD 52 million as compared to USD 443 million in 9M 2011. Income from equity method investments and other income were lower in 9M 2012 on account of losses from Chinese investees and the impact of disposals (Erdemir, Enovos and Macarthur Coal). Income for 9M 2011 included an impairment loss of USD 119 million as a result of the Company's withdrawal from the joint venture with Peabody Energy to acquire ownership of Macarthur Coal.
    
    Net interest expense (including interest expense and interest income) for 9M 2012 at USD 1.4 billion was comparable to 9M 2011 level.
    
    Due to exchange rate effects, foreign exchange and other net financing costs were USD 497 million for 9M 2012 as compared to costs of USD 1.0 billion for 9M 2011.
    
    ArcelorMittal recorded an income tax benefit of USD 366 million for 9M 2012 as compared to an income tax expense of USD 49 million for 9M 2011. Loss attributable to non controlling interests for 9M 2012 was USD 21 million as compared with gain attributable to non controlling interests for 9M 2011 of USD 21 million.
    
    Discontinued operations for 9M 2012 was nil as compared to a gain of USD 461 million for 9M 2011, which included USD 42 million of the post tax net results contributed by the stainless steel operations prior to the spin off on January 25th 2011 and a USD 419 million one time non cash gain from the recognition through the income statement of gains losses relating to the demerged assets previously held in equity.
    
    Source - ArcelorMittal
    
    
16. voda 2 november 2012 16:29

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    BHP sees China GDP growth 6pct and 7.5pct over next decade
    
    Reuters reported that BHP Billiton sees China's economy growing between 6% and 7.5% a year over the next decade.
    
    Mr Alberto Calderon group executive of BHP said that "They should be able to achieve that GDP."
    
    He reiterated the company expects China's rate of steel demand growth to slow, forecasting annual steel demand at 1 billion tonnes in about a decade, up from 700 million tonnes a year now.
    
    Source - Reuters
    
    
17. voda 3 november 2012 16:59

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    Iron ore at 3 month high as Chinese steel mills replenished stockpiles
    
    Reuters reported that iron ore hit three month highs and is poised to stretch its winning streak to a fourth straight week as Chinese steel mills replenished stockpiles on hopes a modest revival in steel demand would keep prices firm and preserve margins.
    
    Expectations that steel prices in top consumer China will at least remain at current levels or edge higher ahead of the country's once in a decade leadership change that kicks off next week are also encouraging iron ore buyers.
    
    A Singapore based iron ore trader said that "Many clients are taking positions ahead of the Chinese leadership change. This is a typical period in China where everything must be stable. I'm getting several inquiries from clients who are a bit short on their long term contracts and are looking for spot cargoes."
    
    According to data provider Steel Index, iron ore with 62% iron content .IO62-CNI=SI, the industry benchmark, rose nearly 1% to USD 120.30 a tonne on November 1st 2012, its loftiest since July 25th 2012. It is up 0.6% for the week.
    
    At current steel prices in China, mills are enjoying modest profit margins, but they could be easily squeezed if iron ore prices rise faster, traders said, hence the limited gain in iron ore prices this week.
    
    The Singapore trader said that "Once the price hits USD 125, I think a lot of the steel mills will complain and step back from the market."
    
    The most traded rebar for May delivery on the Shanghai Futures Exchange closed nearly flat at CNY 3,676 a tonne, and also little changed for the week.
    
    Spot cargoes sold by miners this week showed shipments being sold not far off previous prices or slightly higher, reflecting cautious optimism among buyers.
    
    Traders said that top iron ore miner Vale sold another cargo of 65.61% grade material at around USD 130 a tonne at a tender on November 1st 2012, lower than market expectations of USD 132 but in line with recent transactions.
    
    Traders said that a separate cargo of 63.8% grade material was sold at USD 123.80 per tonne, in line with expectations. Recent data suggesting the Chinese economy is slowly regaining traction may bode well for steel and iron ore demand.
    
    China's manufacturing activity picked up in October 2012, according to government and private sector factory surveys on November 1st 2012, showing the world's No 2 economy may be on the road to recovery after a seven quarter slowdown.
    
    Mr Graeme Train, commodity analysts at Macquarie in Shanghai, said that "There's room for steel demand from manufacturing to increase as we end the destocking of manufactured products. China has been destocking white goods and machinery and autos all year so even if demand is just flattish, then you should get an increase in production of these products which should boost steel consumption."
    
    
    Source - Reuters
    
18. voda 3 november 2012 17:02

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    ThyssenKrupp's Brazil mill CSA fined BRL 10.5 million for air pollution
    
    Reuters reported that ThyssenKrupp's Brazilian steel mill has been fined BRL 10.5 million for air pollution violations. The pollution has been a recurring problem that could lead to suspension of the plant's operations.
    
    Mr Rio de Janeiro state's environment secretary Mr Carlos Minc said that the Cia Siderurgica do Atlantico mill was fined for the emission of silver rain or clouds of silvery particles caused by slag. Slag, a steel making byproduct, is used to remove impurities from iron ore and help balance the chemical composition of steel. The particles in silver rain can cause respiratory and skin problems.
    
    Controlled by Germany's ThyssenKrupp AG, the money losing EUR 5.2 billion mill has been fined for similar emissions before. ThyssenKrupp is now trying to sell its 73% stake.
    
    Mr Minc said that "My patience with CSA has definitively ended. This is not their first mess up. They are getting a yellow card, a warning. The next step is suspension."
    
    ThyssenKrupp put the CSA mill up for sale in May by first offering it to Rio de Janeiro mining company Vale SA, the world's largest iron ore producer, owns 27% of CSA. After Vale declined, other companies offered bids. ThyssenKrupp has said the bids were too low.
    
    In addition to CSA, which makes slabs out of Vale’s Brazilian iron ore, ThyssenKrupp is also offering to sell its steel-slab rolling mill in the US state of Alabama.
    
    Less than three years old, CSA was designed to have state of the art pollution control equipment. Instead, it has been plagued by system malfunctions, poor construction, repeated pollution complaints and excess emissions.
    
    In May 2012, it signed an accord with Rio de Janeiro state officials promising to improve its environmental performance and was fined BRL 14 million.
    
    CSA has the right to appeal the latest fine.
    
    Source - Reuters
    
19. voda 3 november 2012 17:03

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    US Steel announces Q4 2012 outlook
    
    Commenting on US Steel's outlook for the fourth quarter, Mr John P Surma chairman & CEO of US Steel said that "Our results are expected to reflect continued weakness in the European and emerging market economies, as well as economic uncertainty in North America. We expect total reportable segment and Other Businesses operating results to be around breakeven for the fourth quarter with decreased results in all reportable segments."
    
    He added that "We expect a loss for our Flat rolled segment due to slightly lower average realized prices, as well as lower shipments and higher operating costs. Average realized prices and shipments are expected to be lower compared to the third quarter as a result of cautious purchasing patterns early in the quarter created by the uncertain global economic outlook; however, market conditions have recently begun improving in North America, and we believe that we are already beyond the spot price trough of the fourth quarter. New spot orders are being transacted at higher prices for delivery later this quarter. Operating costs are expected to increase due to scheduled blast furnace and other maintenance projects."
    
    Mr Surma said that "We expect our European segment results to be around breakeven. Average realized prices are expected to decrease reflecting lower spot market and quarterly contract pricing. Shipments are projected to decrease compared to the third quarter due to lower consumption in automotive and other end user industries. Operating costs are expected to decrease compared to the third quarter primarily due to lower raw materials costs."
    
    He concluded that "We expect fourth quarter results for our Tubular segment to remain profitable but well below third quarter results. Average realized prices are expected to be lower and shipments are projected to be significantly lower than the third quarter as imports continue at high levels despite end users decreasing drilling activity in order to operate within their 2012 capital budgets. Inventory management by our customers may also be a considerable factor as we approach year end. Operating costs are expected to increase due to operating inefficiencies caused by lower production volumes. We expect a minimal tax provision benefit in the fourth quarter primarily due to the full valuation allowance on deferred tax assets in Canada."
    
    Source - US Steel
    
20. voda 3 november 2012 17:11

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    Mr Einhorn says iron ore bubble is about to burst
    
    Stock House cited Mr David Einhorn manager of Famed hedge fund at the Great Investor’s Best Ideas investment conference in Dallas this week as saying that Iron Ore, writes Canaccord Wealth Management in its Morning Coffee Newsletter
    
    This is according to the Business Insider, who quoted the Twitter Feed of portfolio manager Mr Leo Isaak of Axios Capital Advisors, who attended the conference.
    
    Mr Einhorn is the founder of New York hedge fund Greenlight Capital. A well known value investor, he made a name for himself and a lot of money for his investors, by short selling Allied Capital, Lehman Brothers and Green Mountain Coffee Roasters.
    
    During the conference, he said that “It’s cheaper for China to import ore from Australia than to get it from their own ground. Ore was less than USD 20 in 2003 in 2011 it was over USD 160. While higher ore prices flowed to the bottom line, forecasts of Chinese growth have been far overestimated.”
    
    He added that iron ore is very plentiful and new supply is coming from Africa and Canada.
    
    Source - Stock House
    
21. voda 3 november 2012 17:12

    auteur info

    • voda

      Lid sinds: 02 dec 2005

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    Blind belief in China misplaced - Mr Ross Garnaut
    
    Narooma News Online reported that Mr Ross Garnaut CLIMATE change adviser has lambasted Australian executives for destroying shareholders' funds in the blind belief that China's demand for Australia's big three mining exports would keep climbing.
    
    While they had splurged on wasteful overinvestment, China had been making good on its promise to cut its emissions intensity and had been sourcing iron ore from elsewhere.
    
    Mr Garnaut said that ''It happens that the Chinese structural change has had its most severe effect precisely on the three commodities which have been at the centre of the Australian resources boom iron ore, metallurgical coal and thermal coal.''
    
    He said that ''The awful reality is that parts of corporate Australia have dissipated shareholders' funds by underestimating the seriousness of Chinese commitments to reduce the emissions intensity of economic growth.''
    
    Mr Wayne Swan Treasurer warned of a savage blow to the global recovery unless Republicans and Democrats in the US could agree on a way to prevent a crisis in December when large numbers of tax cuts would automatically expire.
    
    Mr Garnaut said that China had exceeded its ambitious emissions targets, cutting coal fired generation by more than 7% in the past year. A rapid expansion in hydroelectricity, wind, biomass, solar and nuclear power had pushed down coal's share of energy production from 85% to 73%.
    
    Australia's iron ore exporters would soon have to compete with massive new Chinese-funded mines in West Africa created in part by Australia's decision to block Chinese investment at home.
    
    The forecasts for iron ore and coal exports in the government's Asian century white paper were barely believable, their credibility protected only by the presence of low projections along with so called medium and high projections.
    
    Mr Swan built on his September attack on the cranks and crazies, he said that had taken over parts of the Republican Party, the looming fiscal cliff in the US could plunge it back into recession.
    
    He said that ''Whoever wins the presidential election in less than a week's time and whoever controls the Congress will have choices to urgently make. 'A few weeks ago I described in colorful terms the risk posed by those who were pushing the most extreme points of view.
    See your ad here. I got a lot of support for that speech, but some of my dependable critics misunderstood it as a political statement, when any economist or policy maker following the fiscal cliff crisis knows all too well this is about risks.''
    
    Source - www.naroomanewsonline.com