Word: anaconda
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Copper producers also think that their customers, who have been liquidating inventories ever since September 1956, may be getting down to empty warehouses. Anaconda Copper Chairman Roy H. Glover reports that inventories are down to the point where any substantial reversal in business trends will mean a sharp pickup for the industry. Says Glover, who notes that all customers now demand immediate delivery: "Many of our very important customers now freely say that their inventories are on the tailgates of our trucks...
...largest copper company last week came a dollars-and-cents confirmation of the industry's slump. Kennecott reported 1957 earnings of $7.32 a share v. $13.23 in 1956. The drop surprised few Wall Streeters, who are figuring on similar drops for Kennecott's competitors. They estimate Anaconda earnings at slightly over $4 v. $12.85 m J956 and Phelps Dodge at around $4.40 v. $8.72. Principal reason for the drop: a price slide that Kennecott's President Charles R. Cox called a "debacle." Three weeks ago Kennecott set the pace for domestic producers by dropping its price from...
Production Cuts. To bring production into line with current demand, nearly all the major producers have shut down some of their mines. Kennecott is cutting back its U.S. production by 12%. Anaconda has sliced its Chilean production 10%, after cutting its Nevada mine output 16%. Phelps Dodge recently announced a 9% cut at its Arizona properties, representing a cumulative decrease of 22% since October 1956. Two giant foreign producers, the Rhodesian Selection Trust and the Belgian Congo's Union Minière du Haut Katanga have also trimmed operations...
...imports, U.S. production would have been close to consumption. But the copper producers themselves have done no campaigning so far for a tariff increase. While Phelps Dodge and Magma, which now mine only in the U.S., stand to benefit from a tariff boost, international miners such as Kennecott and Anaconda are in a different position. Their domestic mines would profit, but it would be at the expense of their Chilean operations, which produce 66% of Anaconda's copper and 32% of Kennecott...
...that have slumped to 27?Ib. from 54¼ last year. Kennecott will trim domestic output 12%, or 3,800 tons a month, by slowing operations in Utah, New Mexico, Nevada. Move follows 3,500 tons a month cutback by Phelps Dodge Corp., 3,000 tons a month by Anaconda...