Steel shortage hits Nissan plants
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Japan's second-largest carmaker Nissan is to halt home production for five days because of a shortage of steel.
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PARIS, Sep 25 (IPS) - When French car company Renault SA and its Japanese  partner, Nissan Motor Co., announced their intention to build a  joint assembly plant in Tangier, Morocco at an estimated cost of  1 billion euros, it was a substantial enough investment to make  auto industry analysts take notice.
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Stelco Inc., the Canadian steelmaker that&#39;s in bankruptcy protection, said it lost a contract to supply steel to General Motors Corp.
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General Motors Corp., the world&#39;s biggest carmaker, faced wider production cutbacks in Europe as a six-day protest against job-cut plans spread and a shortage of parts from Germany halted work at a Belgian car plant.
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Stelco Inc. STEa.TO has lost a  contract to supply steel to its biggest customer General Motors  Corp. GM.N, the company said on Monday, after the insolvent  Canadian steelmaker failed to strike a deal with its workers.
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Nissan is set to unveil its new Qashqai model which it plans to produce in the UK, creating hundreds of jobs.
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Nissan Motor Co. (7201.T) and Renault SA   are looking at three main areas of potential  cooperation with General Motors Corp.  -- parts  procurement, environmental and safety technology, the Nihon  Keizai business daily reported on Wednesday.
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CHICAGO - Shares of steel companies tumbled Thursday, after a published report detailed the threat of a global steel oversupply due to China&#39;s new position as a net exporter.
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TOKYO  - Nissan Motor Co., Japan's second biggest automaker, reported a slim 0.5 per cent rise in first half profits Friday despite growing revenue, as an unfavourable exchange rate and sales incentives chipped away at profitability.
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Steel companies are feeling the pressure to be big or consolidate after the merger of the worldÂs largest and second-largest steel producers.
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Nissan Motor Co, Japan's second-largest automaker, has abandoned its goal of a seventh straight year of record profits after a 22.6 percent slump in net earnings in the quarter to December.
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Japan's Nissan Motor Co. Ltd. said it would suspend operations at three of its four domestic factories for five days as it cannot procure enough steel materials.
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Shares of Nissan, which posted disappointing results and forecast poor results for the full year on Friday, fell 8 percent after several brokers lowered their ratings on the companyâs stock. Nissan posted a 23 percent decline in quarterly profit and cut its profit forecast to 460 billion yen ($3.8 billion) from 523 billion yen for the fiscal year ending March 31. The report raised concerns about the companyâs near-term growth prospects and UBS Securities, Credit Suisse Securities and Mitsubishi UFJ Securities lowered their ratings on the company. Nissan, based in Tokyo, had been recovering under its chief executive, Carlos Ghosn, until it faltered last year.
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A strike at a General Motors plant in Germany began to squeeze the company&#39;s European production Tuesday as a lack of parts halted two other factories, while thousands of
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The steelmaker isn't having a blast, but it is buttressed against adversity.
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Almost 800 jobs are created at Nissan's Sunderland plant to help meet demand for the new Qashqai.
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The worse-than-expected results, combined with the companyâs forecast of a weak fourth quarter, sent the steelmakerâs shares down 6 percent.