UPDATE 1-Union ratifies deal in Goodyear unit sale

(Reuters) - United Steelworkers members at four plants approved the
contract last week and the central union resolved remaining
issues with Carlyle over the weekend related to establishing a
secure trust for retiree health care.




Goodyear, the largest U.S. tire maker, agreed to sell the
unit to Carlyle for $1.48 billion earlier this year. Goodyear
has said it expects to complete the sale in the third quarter.
The sale was contingent on the new union contract.


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China Doesn't Provide Any Subsidies to Steelmakers, Association's Luo Says

(Bloomberg) -- China doesn't subsidize steelmakers,
the China Iron and Steel Association said in response to a
Financial Times report that Chinese mills had received more than
$52 billion in subsidies over the past decade.

``China absolutely doesn't have any steel subsidies,'' Luo
Bingsheng, vice chairman of the association, told reporters today
in Beijing.


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UPDATE 1-Brazil Gerdau says still on hunt for acquisitions

(Reuters) - "We are going to remain open to new acquisitions and
continue with our strategy of being one of the consolidators
," Andre Gerdau Johannpeter said on a
conference call with reporters. "We remain on the hunt."




Gerdau Johannpeter made the remarks one day after its North
American unit Gerdau Ameristeel Corp agreed to
buy Texas-based Chaparral Steel Co for $4.22 billion,
its latest in a series of acquisitions in recent years.


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Brazil Gerdau says still on hunt for acquisitions

(Reuters) - Gerdau Johannpeter made the remarks one day after its North
American unit Gerdau Ameristeel Corp. agreed to
buy Texas-based Chaparral Steel Co. for $4.22 billion,
its latest in a series of acquisitions in recent years.





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UPDATE 1-ANZ financing China iron pellet plant for CVRD venture

(Reuters) - ANZ said Zhuhai YMP Yueyufeng Iron & Steel Co. Ltd., a joint
venture set up by Zhuhai Yueyufeng Iron & Steel Co. Ltd, Pioneer
Iron & Steel Group and CVRD in 2006, would build the iron ore
pellet plant in the southern Chinese province of Guangdong.




Details of the financing were not immediately available.


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Newmont rises on bullish move on gold hedges

(Reuters) - "The fact that Newmont's hedge positions are now fully closed out removes the possibility of further hedge related buying from the company," said James Steel of HSBC Securities.




"In this sense, the news is not gold-friendly. However, we believe the closing out of hedges also implies a positive price outlook," he wrote in a research note.


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China's CSI 300 Index Slides to Lowest in a Month; Sinopec, Baoshan Drop

(Bloomberg) -- China's stocks fell to the lowest in
a month as new share sales heightened concern that funds will be
will drained from existing 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.


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Steel Partners to lift stake in Japan's Tenryu Saw

(Reuters) - Unsolicited tender offers are rare in Japan as the large
number of shares owned in companies by creditor banks and
business partners makes such an undertaking extremely difficult.




Steel Partners, Tenryu's largest shareholder, offered 4,945
yen for each of the common shares it did not already own. Tenryu
Saw shares closed at 4,940 yen on Wednesday when the bid expired.


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