Electrolux profits hit by high steel price
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STOCKHOLM - Swedish household electrical goods manufacturer Electrolux warned on Thursday that high prices for inputs of materials and mainly of steel would set back profits more than expected this year.
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Corus Group Plc, the UK&#39;s biggest steelmaker, reported its first profit and said earnings will rise in the second half because of higher steel prices and cost cutting by Chief Executive Officer Philippe Varin.
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MUMBAI, AUG 23: Shares of steel firms fell in the range of 4 to 7 per cent early on Monday after top producers slashed prices amid government concerns about spiralling inflation, traders said.
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These highly rated stocks endured a big price cut in the past month.
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High electricity prices generate bumper profits for Drax, owner of Europe's largest coal-fired power station.
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The steelmaker said costs related to the redemption of debt pulled down second-quarter profit, but the results beat Wall Street estimates.
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STEEL group Corus unveiled profits for the first time yesterday after soaring prices and a restructuring boosted the former British Steel business.
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The household appliance maker cited strong international growth and cost controls, but sales came in shy of Wall Street expectations, hurt by a weak U.S. market.
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The maker of heavy equipment also faced higher-than-expected operating costs. Itâs shares fell 4.35% after the report.
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Electrolux, the world&#39;s leading electrical appliance maker, reported a 53.2 percent fall in second quarter net earnings that it attributed to a rise in raw materials costs and delays in new product launches.
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The food company's profits are hit by cost pressures -- are higher prices the solution?
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Electrolux (ELUXb.ST), the world&#39;s  second-largest appliances maker, pleased investors with a  strong quarterly performance in the slowing U.S. market,  lifting its shares 5.9 percent in morning trade.
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Oil giant faces new accusations of profiteering after reporting highest-ever annual profits by a UK company
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Fisher &amp; Paykel Appliances Holdings Ltd., New Zealand&#39;s biggest home appliance maker, said first-half profit fell 1.2 percent because of a decline in sales in its largest markets, and higher costs for steel and plastics.
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Anglo-Dutch steelmaker Corus has reported a profit for the first time since it was formed in 1999. Surging steel prices have helped the company lift earnings, and it has cut jobs and sold a number of businesses.
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Nucor Corp., one of the largest U.S.  steel producers, on Thursday reported a more than 25-fold  increase in quarterly profit due to high steel prices, and said  it expected demand to remain strong next year.
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Anglo American reported a 76 percent increase in annual profit as it increased production capacity and benefited from higher metal prices. It also said it would buy back $3 billion worth of its shares. Anglo said profit for 2006 came to nearly $6.2 billion, up from $3.52 billion the previous year. Revenue rose 12 percent, to $38.6 billion. Excluding one-time items, Angloâs profit rose 46 percent, to $5.5 billion. The company did not break out quarterly results. âOur strong performance was due to increased production across the majority of our businesses and higher prices, in particular for base metals, platinum and iron ore,â the chief executive, Tony Trahar, said. Operating profit from gold rose 41 percent, the company said. Operating profit from diamonds was down 21 percent.