Newspaper article The Journal (Newcastle, England)

OPEC Pledge Hits Oil Price

Newspaper article The Journal (Newcastle, England)

OPEC Pledge Hits Oil Price

Article excerpt

Oil prices have dipped after producers' cartel Opec said it would act if prices kept climbing.

But prices were still above $50 a barrel yesterday, with cold weather on both sides of the Atlantic keeping prices near four-month highs.

Ore costs knock steel groups

SHARES in steel firms have dropped worldwide amid concerns that higher iron-ore costs will hit growth.

Shares in Germany's ThyssenKrupp, the UK's Corus and France's Arcleor fell while Japan's Nippon Steel slid after it agreed to pay 72pc more for iron ore. China's Baoshan Iron and Steel Co said it was delaying a share sale because of weak market conditions. It will raise steel prices to offset ore costs.

Huge profit rise in mine group

MINING group Anglo American has posted a 59pc rise in net profits on the back of soaring metal prices and strong demand from China.

The group, which also has interests in paper and packaging, said controlling currency costs would be a challenge this year. …

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