GLG News by Steel Experts

Jeff MoserPresidentWest Branch LLC

Dow Ag interest heating up again

June 22, 2009

Analysis of:ChemChina Taps JPMorgan for Dow Chemical Unit Bid | www.cnbc.com

Dow's hand is forced regarding more divestitures to pay down ROH leverage.  The only uncertainty is whether units like Ag will be sold outright or into a JV entity.

Jeff MoserPresidentWest Branch LLC

SCR Goes to Court

June 4, 2009

Analysis of:SCR court battle heats up | fleetowner.com

Navistar has petitioned a Federal court to overturn EPA certification of competitors' SCR systems for 2010 NOx compliance.  This could signal issues with Navistar's EGR only strategy as they seek to postpone the 2010 deadline.

Brian ShellOwnerGO Auto Recycling

Steel Mills and Foundries will fare differently due to stamping supply reductions

June 3, 2009

Analysis of:Scrap Facing Hit from GM Stamping Plant Closings | amm.com

As we read about the Chrysler and GM bankruptcies one must wonder what affect these historical filings will have on their many suppliers.  For foundry suppliers, they face a double whammy.  The reduced flow of scrap out of auto manufacturing operations could be especially harmful to US ductile iron makers.

Brian ShellOwnerGO Auto Recycling

'Cash for Clunkers' Program Offers Few Real Benefits

May 26, 2009

Analysis of:Senate offers up alternative 'Cash for Clunkers' proposal | amm.com

As the US government seeks creative ways to spur new car buying, the side effects to those that will ultimately administer the program are an after thought.  Ultimately the consumer will pay for this program through taxes or by limiting repair options and forcing them into newer vehicles. 

Bradford MillsChief Executive OfficerMANDALAY RESOURCES CORPORATION

ETF demand for Pt and declining recycle rates rebalance the Pt markets in Q1 of 2009

May 19, 2009

Analysis of:Platinum auto demand drop signals global slowdown | money.cnn.com

ETF platinum demand has surged in the first quarter of 2009 as Pt prices reach temporary parity with gold. Platinum is attracting many financial buyers who see it as a far better store of value at the current Pt price than Au which is close to its all time high. Pt and Pd recycle rates have also dramatically declined in the post October 2008 world as margins of recyclers have collapse and reduced the incentive for scrap deals to process catalytic converters These two factors, plus shut-ins of primary production have largely offset demand destruction in the US and European auto industry. Currently supply/demand look balanced for both Pt and Pd. Any recovery in auto sales in the second half should be translated into higher prices.

Jeff MoserPresidentWest Branch LLC

Platinum Demand: Long Road to Auto Recovery?

May 19, 2009

Analysis of:Platinum auto demand drop signals global slowdown | money.cnn.com

Major softening in demand for automotive emission catalysts has kept Platinum prices at levels half of record peaks.  New CAFE and CO2 regulations may boost catalyst needs but overall vehicle builds may trump the demand curve.

Jeff MoserPresidentWest Branch LLC

Carbon Fuel Crackdown - California Gets Tough

May 1, 2009

Analysis of:CARB OK's Low Carbon Fuel Rules | www.dieselprogress.com

Standards for petroleum, renewable,  and alternative fuels in California have set the precedent for the nation's first restrictions on carbon fuel content.

Jeff MoserPresidentWest Branch LLC

Dow Shedding Assets to Complete Transformation

May 1, 2009

Analysis of:Dow CEO Evaluating Divestiture of Dow AgroSciences | money.cnn.com

Dow has stated that ~$25 Billion in assets are to be divested in order to pay down debt from the ROH acquisition.  With AgroSciences sure to fetch a meaningful premium all eyes are on Dow's remaining commodity units.

George DorkhomExecutive ChairmanGREENKOTE PLC

Auto makers and the dinasourses

April 5, 2009

Analysis of:Chrysler Plan Trims Fiat's Stake, Cuts Out Cerberus | online.wsj.com

The US car makers ,especially GM and Chrysler, have caused self inflicting injuries on their operations and other orgnizations that work with them and for them. , I have written in the fall of 2008 about the ultimate need for GM and Chrysler to file for chapter 11 and reorganize under the supervision of the court and have then explained the merits of filing and how fitting these companies' circumstances to such filing. My article was not that popluar at the time ,because I think the auto industry insiders are and still in denial with the arrogance that how could it be possible that GM is in Bankruptcy ? well it is possible and if this was done early on, we the tax payers would not have to throw good money after bad money , and also the bleeding would  perhaps have stopped ..sort off.Chapter 11 to flush out the old GM and Chrysler and emerge as a new, strong, leaner and perhaps smaller companies is the answer,  of course with a different management team that know the real world.

Jeff MoserPresidentWest Branch LLC

California Scheming - Climate Change End Around Avoids Congressional Debate on CAFE

April 1, 2009

Analysis of:CARB Expects EPA Ruling on Fuel Economy in May | wardsauto.com

California appears poised to successfully regulate automotive fuel economy under the guise of climate change.

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