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Japan's Nippon Steel Corp announced that its second quarter net income dropped by 12% YoY to JPY 78.92 billion yen hurt by higher materials costs.

Its sales improved by 17% to JPY 1.40 trillion yen.

For the first six months through September, the company's net profit was down by 8.4% to JPY 161.68 billion. Operating profit declined by 6.1% to JPY 248.41 billion and sales were down by 12.3% YoY to JPY 2.6 trillion in the first half of the business year starting in April.

According to Mr Qi Xiangdong, deputy secretary-general of CISA said recently at a logistic meeting held in Tianjin Steel price trend in fourth quarter hinges on demand, and more on market confidence. Market panic about worldwide economy turmoil has accelerated the demand wane and contributed the sharp steel price fall since August. However, market balance remains healthy at home and abroad, therefore, steel price is to move up gradually in near future.

Profit more than tripled in the third quarter for United States Steel, the largest U.S.-based steelmaker, but such super-charged earnings growth looks to be a thing of the past as the company prepares for a global slowdown and difficult pricing environment.

On Monday, UBS analyst Timna Tanners downgraded United States Steel (nyse: X - news - people ) to "sell" from "buy," citing the company's fixed cost structure and expectations for slowed demand.

Oct. 25 (Bloomberg) -- China urged the U.S. to avoid using protective measures against steel imports from the Asian nation.

``China's steel companies are competing with foreign counterparts under an open market environment,'' the Ministry of Commerce said in a statement on its Web site late yesterday. ``There are no government subsidies and the government has taken several measures to limit steel exports,'' the ministry said after steelmakers and trade officials from the two nations met in Beijing for two days.

MOSCOW, Oct 28 (Reuters) - Russian coal and steel firm Mechel (MTL.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it had signed an agreement with Chinese metals group Minmetals with a view to cooperating in various infrastructure, steel and mining projects.

Mechel gave no details of the partnership, but said the memorandum of intent would help it complete infrastructure projects, including the Elga coal project in the Russian Far East and construction of a rail and structural steel mill at its Chelyabinsk steel plant.

BEIJING, Oct. 28 (Xinhua) -- China Iron and Steel Association has called a conference of the largest domestic steel makers to work out a common stand in bargaining with major iron ore producers in the 2009 round of price negotiations starting next month, the English newspaper China Daily reported on Tuesday.

This round of negotiations is expected to be different from previous ones that were largely dominated by the ore suppliers. This time, the market situation has changed as fallout from the global credit crisis has greatly depressed demand, the daily said.

BEIJING, Oct 28 (Reuters) - Moves by China to restrict steel exports may push trade distortion problems into other industries down the line and run counter to world rules, a U.S. trade official said on Tuesday.
After meeting U.S. officials last week for a regular steel dialogue, China said it was trying to promote fair trade in the industry and had even tried to rein in its surging exports of the metal.
Tim Stratford, assistant U.S. trade representative for China, said Beijing risked missing the point of Washington's concerns.

on Tuesday reported record fourth-quarter revenue and earnings, shattering analyst estimates and sending its share price skyward.

Even so, the Portland-based scrap metal company (NASDAQ: SCHN) said the outlook for coming quarters could be troubling.

Schnitzer reported earnings of $126 million, or $4.38 per share, on $1.3 billion in revenue for the quarter that ended Aug. 31.

It was the first time in company history that revenue exceeded $1 billion, and far surpassed the $749 million from the fourth quarter a year ago.

VANCOUVER, WA, Oct 28, 2008 (MARKET WIRE via COMTEX) -- Nettel Holdings, Inc.'s (PINKSHEETS: NTTL) Tougi Division has signed its first long term cash contract for 1000MT of HMS 1&2 steel. A cash deposit was received last week and work started right away.
A cash contract means Tougi will get paid immediately when the metal is shipped.

NEW YORK (AP) — United States Steel Corp.'s quarterly profit more than tripled as higher prices led to record gains in its tubular and flat-rolled steel businesses, but the company warned Tuesday that softening demand in North America and Europe will hurt results for the rest of the year.

U.S. Steel Chief Executive John P. Surma said the Pittsburgh-based company turned in the most profitable quarter in its history, but warned that fourth-quarter results will decline due to "the volatile global economic climate."