Molycorp Reports Another Loss, Former Nucor CEO Dan DiMicco’s Plan for US Manufacturing

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MetalCrawler crawls the web for the latest metal news. Today in metals, Molycorp reports another loss, Detroit has gotten serious about stopping scrap metal theft and former Nucor CEO Dan DiMicco has a plan to get America working again.

Molycorp Reports Net Loss for Q4 2014

Molycorp reported net revenues for the last quarter of 2014 were $116.2 million, a 6% decrease from the third quarter. Full year 2014 net revenues were $475.6 million, a 14% decrease as compared to 2013. The California-based rare earths producer reported a net loss of $1.43 per share for the quarter and a net loss of $0.39 per share for the quarter on an adjusted, non-GAAP basis.

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However, Molycorp did report higher production volumes in the fourth quarter at its Mountain Pass, Calif., rare earth facility, with 1,328 metric tons of rare earth oxide equivalent production. That compares to 1,034 mt in the fourth quarter of 2013 and 691 mt in the third quarter of 2014. Full year 2014 production at Mountain Pass totaled approximately 4,769 mt, compared to 3,473 mt in 2013.

Detroit Cracks Down on Scrappers

For generations, scavengers have prowled Detroit with impunity, pouncing on abandoned properties and light poles to pilfer steel, copper and other metals they could trade for cash at scrapyards. The practice left tens of thousands of buildings so damaged that they could not be restored, turning places like the North End into grim cityscapes straight out of a Tim Burton movie. In recent years, the city has become serious about fighting back. It razed dozens of rickety homes — lucrative scrapping targets — in that neighborhood alone in the past year. Residents have become increasingly vigilant about chasing scrappers away from their blocks, lawmakers have enacted rules making it more difficult to turn a quick profit from scrapping, and the police and private and public agencies have stepped up enforcement. The New York Times examines the effect on the city and the destitute scrappers, themselves.

Former Nucor CEO DiMicco Says US Must Become Competitive

Former Nucor Corp. CEO Dan DiMicco writes in his new book “American Made: Why Making Things Will Return Us to Greatness” that it’s high time to kick up the pace of US manufacturing. To do that, America must enforce its trade agreements to clamp down on cheating (particularly by China), invest trillions of dollars in US infrastructure and cut the corporate tax to bring corporate investment back to these shores. “American Made” was released March 3.

Comment (1)

  1. Thomas J Coyne, jr-T.C.Inc. CEO says:

    I haven’t read the book, as yet, but, Dan has hit it right on the head. The devastation to our economy has been due to imports, the WTO and sending our manufacturing and business off-shore. Not only has it been a concern for quantity of goods now being duplicated off-shore, but it has effected more the quality of the returned goods. In the metals industry you have to personally inspect the galvanizing on fence posts before buying them to estimate how many months before rust sets in, or take a swipe at a nail and watch it split down the middle due to off spec ingrediants and take a careful look at canned food tins to see if the cans have started swelling from internal lack of protection and tainted food. Foreign third world nations simply do not have the technology, experience and training to put out quality goods that meet specifications and codes. Importers and partner companies in the U.S. have helped this situation by trying to set up monopolies on certain goods, like Walmart or Target, but they have destroyed the pride in American made with junk on the shelves or the U.S. government has looked the other way when discussing quality or allowing foreign interests to buy into our mills and introducing their manufacturing to our products.

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