India Tata Steel to buy 35 pct in Mozambique project

(Reuters) - India's top private steel maker Tata Steel Ltd. said on Friday it would spend A$100 million to buy a 35 percent stake in a Mozambique coal project run by Australia's Riversdale Mining Ltd..

Tata Steel, which bought Anglo-Dutch Corus for $12.9 billion this year to become the world's sixth-largest steel maker, said it would source coking coal from the project for Corus' plants in the U.K. and Europe, and for Tata's Indian units.


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Asian Stocks Rebound From 1-Month Low; JFE Gains, Hon Hai Precision Falls

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.

Toyota Motor Corp., the world's largest automaker by market
value, and Hon Hai Precision Industry Co., the biggest contract
manufacturer, led declines after a report showed a decline in U.S.
housing investment.


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UPDATE 1-U.S. Steel quarterly profit falls 25 percent

(Reuters) - Net earnings were $302 million, or $2.54 per share, down
from $404 million, or $3.22 per share, a year earlier.




The results beat the average Wall Street profit forecast of
$2.35 a share, according to Reuters Estimates. Analysts lowered
their forecasts in April after U.S. Steel issued an earnings
warning.


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AK Steel second-quarter profit soars on higher prices

(Reuters) - In April, AK Steel had forecast increased operating profit
in the second quarter as it expected steel prices to rise 2
percent to 3 percent over the first quarter.





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