This Morning in Metals: Concerns Grow About Kobe Steel’s Debts
This morning in metals news, the Kobe Steel saga continues, an Indian steel firm’s stock is up amid acquisition buzz and London copper holds steady.
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Kobe Steel Faces Another Test
The fallout from Kobe Steel’s quality data falsification scandal continues, and according to Reuters there are concerns about the Japanese firm’s outstanding liabilities.
According to the Reuters report, the third-largest Japanese steelmaker has $3.3 billion cash in hand and $7.01 billion in debts as of the end of March.
Bhushan Steel Stock Surges
Indian firm Bhushan Steel saw its stock rise after news of a potential acquisition by ArcelorMittal, according to the Economic Times.
The Indian company’s stock rose 20% Monday amid buzz that ArcelorMittal joined the bidding, according to the report.
Copper Trades Steady
Copper has experienced a significant upward trend in October, rising from $6,518 on Sept. 20 to $7,008 on Oct. 20.
The metal did experience a dip last week, however, falling from $7,061 last Monday to $7,008 on Friday.
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On Monday, copper held steady, according to Reuters, trading at $6,950.
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