BHP announced yesterday it was cutting six thousand jobs globally. It will shut down the nickel operation at the Ravensthorpe mine indefinitely and reducing production at the Mt. Keith Nickel mine. What’s more, it will reduce coking coal production by 15% in Queensland and lay off 1,000 workers. BHP is the world’s largest producer of coking coal, so this tell you how much the global demand for steel has fallen off…
January 22nd, 2009 | Dan Denning | 1 comment | ContinuedAll Posts Tagged With: "industrial commodities"
What Lies in Wait for the Global Economy, Part II
A recurring theme of recent issues of this report has been that asset markets will remain extremely volatile. There is a tug-of-war between U.S. economic policy makers – notably, the Fed – who wish to support asset markets in order to stimulate consumption, and the private sector, which is tightening lending standards and bringing about slower credit growth and an economic downturn.
April 18th, 2008 | Marc Faber | 0 comments | Continued