Earning Release Xyratex Ltd’s (NASDAQ:XRTX) 4Q 08 revenues were marginally above our expectation. However, poor operational efficiencies led to significant margin contraction during the quarter and were below our expectations. In light of the current economic downturn in the US, Management has not provided any guidance for FY 2009. We continue to believe declining global [...]

2009's gains aren't sustainable.

The Arcelor Mittal ADR has appreciated significantly since out last update report to reach our target price on 06 January 2009. Our fundamental outlook remains unchanged, therefore at current levels we believe the ADR’s upside potential has been exhausted and downgrade it to a HOLD. We will reassess our rating after the company releases its [...]

Yesterday's market is today's moneymaking road map.

These were some of the biggest dividend stock performers on the upside and the downside in today's stock market action.

A Wall Street Journal article published Wednesday (1/7/09) talks about recent efforts of steel producers around the world to open up select mills, in a sign that the market for steel may have bottomed. From their mid-2008 highs, steel and iron ore prices have slipped 40% as a weakening global economy and financial crisis ...

A Wall Street Journal article published today (1/7/09) talks about recent efforts of steel producers around the world to open up select mills, in a sign that the market for steel may have bottomed. From their mid-2008 highs, steel and iron ore prices have slipped 40% as a weakening global economy and financial crisis has slowed demand for cars, houses and other durable goods. However, there are many factors that suggest that this commodity, so heavily correlated to economic activity, may have bottomed and may gain steam in 2009. Since the decline in global steel prices, producers have been quick to cut production. Several global steel/iron ore producers such as ArcelorMittal (MT), AK[More...]

Last Christmas, my brother bought me a shirt that reads:

The Top Ten Reasons Why I Procrastinate…
1.

Regardless of whether the cheeky lad thinks this sums up my character, it always provokes comments or a laugh when I wear it.

As the final…

The steel business faces its biggest hurdle in 60 years with some analysts predicting double digit production cuts in 2009. Now, a sudden change in China trade policy may spell even more trouble for Western steelmakers, as Beijing is currently considering measures to shore up its ailing steel industry with new ...

Filed under: Competitive strategy, Entrepreneurs, Recession

This post is part of our feature on Money Losers of 2008. See all 20.

Being number four on the Forbes list of wealthiest persons in the world can't be too bad. That's where British-Indian industrialist Lakshmi Mittal found himself earlier this year, up one place from the year before. His estimated $45 billion placed him just behind Warren Buffett, Bill Gates, and Carlos Slim. But that was before he lost $30.5 billion this year.

Now a resident of London, Mittal was the founder of steelmaker Mittal. Upon its merger with French steelmaker to become ArcelorMittal (NYSE: MT), the world's largest steel producer, he became the new conglomerate's chairman and CEO. ArcelorMittal's stock price was up around $104 per share this past June. But after increased production cuts due to the sudden fall in demand for steel in the past six months, the price has since dropped to around $25 a share now. Mittal, who owns 43 percent of the company, has seen a commensurate drop in value.

Mittal had been pursuing the acquisition of a controlling stake in Dillinger Hütte, a German steelmaker, which would have helped shore up ArcelorMittal during these difficult global economic conditions. He had wanted to engineer a full takeover of Dillinger as a way to boost the overall technological capabilities of ArcelorMittal, but it didn't quite work out. As a sort of consolation prize, the company will receive about $1 billion for a portion of its stake in the German company.

Continue reading Money losers of 2008: Falling demand for steel melt's Lakshmi Mittal's fortune

Money losers of 2008: Falling demand for steel melt's Lakshmi Mittal's fortune originally appeared on BloggingStocks on Wed, 24 Dec 2008 15:10:00 EST. Please see our terms for use of feeds.

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Companies featured in this segment: General Electric (NYSE:GE), El Paso Electric Company (NYSE:EE), Alstom SA (EPA:ALO), Companhia Energetica de Minas Gerais (NYSE:CIG), Kalpataru Power Transmission Limited (BOM:522287), GAIL (India) Limited (BOM:532155), Indraprastha Gas (BOM:532514), Indian Oil Corporation Limited (BOM:530965), Gammon India Limited (BOM:509550), Asahi (BOM:515030), Hindustan Petroleum Company Limited (BOM:500104), Tata Power Company Limited (BOM:500400), Reliance Industries Limited (BOM:500325), Bharat Petroleum Company Limited (BOM:500547), Tharaldson Ethanol LLC, Biomass Gas & Electric LLC, Empresa Nacional de Electricidad SA (NYSE:EOC), India's National Aluminium Company Limited (BSE:532234), JSW Steel Limited (BSE:500228), Ispat Industries Limited (BSE:500305), Steel Authority of India Limited (BSE:500113), Tata Steel Limited (BSE:500470), and ArcelorMittal (NYSE:MT).

Companies featured in this segment: General Electric (NYSE:GE), The Coca-Cola Company (NYSE:KO), The Procter & Gamble Company (NYSE:PG), BHP Billiton (NYSE:BHP), Fluor Corporation (NYSE:FLR), Dominion Resources Incorporated (NYSE:D), Leucadia National Corporation (NYSE:LUK), ArcelorMittal (NYSE:MT), Tata Motors Limited (NYSE:TTM), HSBC (NYSE:HBC), BASF Corporation (OTC:BASFY), Canam Group Incorporated (TSX:CAM), and Solvay S.A. (OTC:SVYSY)

Companies featured in this segment: Leucadia National Corporation (NYSE:LUK), Northern Indiana Public Service Company (AMEX:NIPSN), Vectren Corporation (NYSE:VVC), Petrobras' (NYSE:PBR), Braskem (NYSE:BAK), CNOOC Limited (NYSE:CEO), Devon Energy Corporation (NYSE:DVN), Anadarko Petroleum Corporation (NYSE:APC), BG Group (LSE:BG), PG&E Corporation (NYSE:PCG), SKF India Limited (BSE:500472), Suzlon Energy Limited (BSE:532667), Hero Honda Motors Limited (BSE:500182), ABB India Limited (BSE:500002), Tata Steel Limited (BSE: 500470), Voltas Limited (BSE:500575), Severstal (MCX:CHMF), and ArcelorMittal (NYSE:MT).

Companies featured in this segment: Cleco Corporation (NYSE:CNL), ConocoPhillips (NYSE:COP), Entergy Corporation (NYSE:ETR), Northeast Utilities, Barrick Gold Corporation (NYSE:ABX), Fluor Corporation (NYSE:FLR), Indian Company Tata Steel (BSE:500470), : Tata Motors (BSE:500570), Tata Communications Limited (BSE:500483), Tata Consultancy Services Limited (BSE:532540), Tata Chemicals Limited (BSE:500770), BP plc (NYSE:BP), Rio Tinto plc (NYSE:RTP), Foster Wheeler (NASDAQ:FWLT), SNC-Lavalin (TSX:SNC), NTPC Limited (BSE:532555), ArcelorMittal (NYSE:MT), Ispat Industries Limited (BSE:500305), Steel Authority of India (BSE:500113), Anglo American Plc (LSE:AAL), Rio Tinto Plc (NYSE:RTP), and Craft Brewers Alliance (NASDAQ:HOOK).

Companies featured in this segment: Woodward Governor Company (NASDAQ:WGOV), Caterpillar (NYSE:CAT), Boeing (NYSE:BA), Siemens (NYSE:SI), Rolls Royce (OTC:RYCEY), BASF SE (OTC:BASFY), Tata Chemicals Limited (BSE:500770), Praj Industries Limited (BSE:522205), PTC India Limited (BSE:532524), Tata Motors Limited (BSE:500570), Ashok Leyland Limited (BSE:500477), Ispat Industries Limited (BSE:500305), ArcelorMittal (NYSE:MT), DLF Limited (BSE:532868), International Coal Group (NYSE:ICO), and SNC-Lavalin Group Incorporated (TSX:SNC).