This morning in metals news, a planned takeover of British Steel by a Turkish military pension fund is in doubt, Caterpillar reported down third-quarter earnings and Chinese iron ore futures made gains again.
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OYAK Bid for British Steel Takeover on Shaky Ground
Plans for a Turkish military pension fund that has emerged as the favorite to take over the U.K.’s second-largest steelmaker, British Steel, are in doubt.
According to Reuters, Ataer Holding, a subsidiary of the OYAK pension fund, received a 10-week exclusivity period earlier this year to hash out a takeover deal of the liquidated British Steel.
However, with the deadline on that exclusivity period falling today, the U.K.’s Official Receiver said other options will be explored, according to Reuters.
Caterpillar Posts Down 3Q
Caterpillar reported third-quarter sales and revenues of $12.8 billion, down 6% from the $13.5 billion recorded in 3Q 2018.
“The primary driver of the decline in sales and revenues was a $1.2 billion movement in dealers’ inventories,” the company said. “Dealers decreased their inventories about $400 million during the third quarter of 2019, after increasing their inventories about $800 million during the third quarter of 2018.”
The company also lowered its full-year profit-per-share guidance down to a range of $10.90 to $11.40 (from $12.06 to $13.06).
Chinese Iron Ore Futures Keep Rising
Chinese iron ore futures made gains for a fourth straight session, Reuters reported.
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The most-active contract on the Dalian Commodity Exchange closed up 1%, according to the report, at 628 yuan ($88.90) per ton.