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, Nippon Steel Rise, Canon Falls

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

Canon Inc., the world's largest digital-camera maker, and
Macquarie Bank Ltd., Australia's biggest investment bank, led
declines on speculation the housing slump will slow U.S. consumer
spending and end a global boom in takeovers.


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Hyundai Steel Workers Strike Over Pay at Two Plants; Production Disrupted

(Bloomberg) -- Hyundai Steel Co., South Korea's
second-largest steelmaker, said output was disrupted today at
two of its three local plants as unionized workers staged a
strike to demand higher pay.

The workers, asking for a rise of 8.2 percent, walked out
at the Incheon and Pohang mills, Chang Young Sik, a Hyundai
Steel spokesman, said by phone. Details of the disruption
weren't available. The company is offering 3.9 percent.


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U.S. Stocks Rise on M&A, Earnings Optimism; Steelmaker Shares Advance

(Bloomberg) -- U.S. stocks rose as takeovers and
speculation second-quarter earnings will exceed analysts'
estimates outweighed concern subprime mortgage losses will slow
the economy.

A gauge of steelmakers in Standard & Poor's indexes posted
its biggest gain in a month after Chaparral Steel Co. agreed to
be purchased for $4.22 billion. Yum! Brands Inc., the owner of
Pizza Hut and Taco Bell chains, advanced on a UBS AG upgrade
before its earnings report later today.


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US reviewing hedge fund, private equity practices

(Reuters) - The hearing comes as Congress focuses on an industry that
has amassed vast wealth in recent years and that some lawmakers
think should pay higher taxes.




Steel said the size and scope of private pools of capital
merit "appropriate attention" given potential risks to
investors and the possibility that a financial failure at one
company could trigger a series of collapses that would
undermine the entire financial system.


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Stock futures flat as housing worries linger

(Reuters) - News of Gerdau Ameristeel Corp.'s $4.22 billion takeover of Chaparral Steel Co could offer support for the stock market.




In addition, retreating oil prices and the dollar's decline were seen boosting overseas earnings of U.S. companies.


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UPDATE 1-Steel Partners appeals Bull-Dog poison pill ruling

(Reuters) - On Monday, the Tokyo High Court rejected Steel Partners'
attempt to block Bull-Dog from erecting anti-takeover defences
aimed at thwarting the hedge fund's $260 million takeover bid.




The defences involve issuing stock acquisition rights on July
11 aimed at diluting Steel Partners' shareholding from 10 percent
to less than 3 percent.


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Dana reaches deals with unions, Centerbridge

(Reuters) - By David Bailey



CHICAGO, July 6 - Dana Corp. said on Friday it has reached deals with the United Steelworkers and United Auto Workers on more than $100 million per year in cost cuts the car and truck parts maker needs to exit bankruptcy.


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China's CSI 300 Index Slides the Most in a Month; Sinopec, Baoshan Tumble

(Bloomberg) -- China's stocks plunged the most in a
month as new share sales heightened concern that funds will be
drained from equities and a state agency called on policy makers
to take action to damp short-term speculation.

China Petroleum & Chemical Corp. and Baoshan Iron & Steel
Co. were among the biggest contributors to today's decline.
About 40 companies including Fujian Expressway Development Co.
plunged the daily cap of 10 percent.


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Japan's Bull-Dog OK's poison pill for Steel Partners

(Reuters) - At a general shareholders' meeting on Sunday, more than
two-thirds of votes were cast in favour of the scheme that
would give shareholders other than Steel Partners three new
shares for each existing one, while paying Steel Partners in
cash.




Steel Partners's unsolicited tender offer for Bull-Dog is
one of several fights the activist fund is waging in Japan. It
has spent about $3 billion to take stakes of more than 5
percent in some 30 Japanese firms.


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Buy-out row spoils Arcelor Mittal merger birthday

(Reuters) - Arcelor Mittal says it plans to use the investor day to
inform individual European shareholders about the successful
integration of Mittal Steel and Luxembourg-based Arcelor after
the latter agreed to be bought in June 2006.




However, that merger has not been finalised as minority
shareholders in Arcelor, representing 6 percent of the company,
remain vehemently opposed to the terms of a buy-out.


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Algoma Steel Will Sell $450 Million of Notes: U.S. Corporate Bond Alert

(Bloomberg) -- Algoma Steel Inc., a Canadian maker
of hot-rolled steel sheets, plans to sell $450 million of senior
notes to finance the company's takeover by India's Essar Steel
Ltd., Standard & Poor's Leveraged Commentary & Data said.

Algoma and SLM Corp. are among borrowers seeking to raise
at least $36.6 billion of bonds in the U.S., according to data
compiled by Bloomberg.


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Laiwu Steel Group Extends Accord to Sell Stake in Unit to Arcelor Mittal

(Bloomberg) -- China's Laiwu Steel Group has
extended an agreement to sell 38 percent of its publicly traded
unit, Laiwu Steel Corp., to Arcelor Mittal, the world's largest
steelmaker, as it has yet to receive government approval.

Laiwu Steel Group, the nation's eighth-largest mill, and
Arcelor Mittal extended the accord to Dec. 31, the Laiwu,
Shandong province-based Laiwu Steel Corp. said in a statement to
the Shanghai Stock Exchange today. The statement didn't say when
the initial agreement expires.


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UPDATE 1-ThyssenKrupp denies talks with US Steel, Severstal

(Reuters) - "There are no talks about merger or cooperation. Reports to
this effect are false and inaccurate," he said.




Severstal's chief executive, Alexei Mordashov, had also on
Saturday denied the report by the Interfax news agency, which on
Friday cited an unidentified source as saying that ThyssenKrupp
was in discussions to take over Severstal or U.S. Steel.


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Bull-Dog Sauce, Toys R Us Japan, Heiwa Real Estate; Japanese Stock Preview

(Bloomberg) -- The following stocks may move in
Japanese markets tomorrow. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Bull-Dog Sauce Co. (2804 JT): The Worcestershire sauce
maker's management rejected a takeover bid by Steel Partners
Japan Strategic Fund L.P., a fund headed by U.S. investor Warren
Lichtenstein. Bull-Dog will seek shareholder approval at a June
24 meeting to issue equity warrants as an anti-takeover measure.
The stock added 5 yen, or 0.3 percent, to 1,655.


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Bull-Dog Sauce opposes Steel Partners, eyes warrants

(Reuters) - A string of Japanese companies including Nissin Food Products Co. Ltd. have adopted poison pill measures since April to defend themselves against unsolicited takeover bids.




Earlier last month, Steel Partners asked confectioner Ezaki Glico Co. to triple its planned dividend. Ezaki Glico responded by raising it 50 percent.


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Murdoch aims to charm Dow Jones shareholders

(Reuters) - Attendees from the Bancroft clan include Christopher
Bancroft, Leslie Hill and Elizabeth Steele, who are Dow Jones
board members.




The family will be accompanied by Dow Jones Chairman Peter
McPherson, family trustee Michael Elefante and attorney Michael
Lipton, according to a Wall Street Journal report.


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Japan Shares Gain on Stronger-Than-Expected U.S. Growth; Kobe Steel Surges

(Bloomberg) -- Japanese shares advanced after
reports showed employment and manufacturing growth in the U.S.,
Japan's largest overseas market, expanded more than expected.

Toyota Motor Corp., the world's No. 1 carmaker by market
value, added 1.2 percent. Kobe Steel Ltd. jumped the most in
three months after the Nikkei newspaper reported the company is
expanding output of aluminum auto parts as demand increases.


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OneSteel Says Australian Train Derailment Won't Affect Iron Ore Shipments

(Bloomberg) -- OneSteel Ltd., Australia's second-
largest steelmaker, said a train derailment in South Australia
won't affect its iron ore shipments.

The train derailment yesterday between Whyalla and Port
Augusta may delay shipments, the Australian newspaper said
without citing anyone.


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Harmony Gold sees Q4 flat output, costs

(Reuters) - South Africa's Harmony Gold expects flat production and costs during the current fourth quarter to end-June, its CEO said on Tuesday.

"We would expect very similar numbers (compared to the previous quarter)," Chief Executive Bernard Swanepoel told the Reuters Global Mining and Steel Summit in London via telephone from Cape Town.


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