Kennametal Inc. has acquired the Tungsten Materials business from Allegheny Technologies Incorporated for $605 million. “The acquisition, announced on Sept. 16, 2013, brings annual sales of approximately $340 million and an estimated 1,175 employees,” reports The Wall Street Journal.
“This addition builds on Kennametal’s recent Emura and Stellite acquisitions, while also increasing the company’s presence in key growth sectors, including aerospace, energy and associated process industries.”
Rising 0.8 percent to close, the Indian nickel cash price experienced the biggest change for Friday, November 1. Following a couple days of improvement, the spot price of nickel weakened by 0.3 percent on the LME. Prices closed at $14,510 per metric ton. After improving for two days, the 3-month price of nickel declined 0.2 percent on the LME to $14,570 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome continues to hover for the fifth day in a row. The price of Chinese ferro-moly saw little movement.
The price of Chinese 316 stainless coil was unchanged. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. The price of Chinese 304 stainless steel scrap was unchanged. The price of Chinese primary nickel held steady last Friday.