On Wednesday, Shares of Vale S.A. (NYSE:VALE), lost -2.20% to $6.66, as comments from BHP Billiton (BHP) CEO Andrew Mackenzie put negative pressure on the mining industry.
Mackenzie, CEO of the world’s largest mining company, said that the current oversupply on the market would keep prices low for the foreseeable future, according to Bloomberg.
“In many markets, recently installed low-cost supply can now be stretched to meet growing demand. Incremental supply, induced during periods of higher prices, will take longer to absorb and this means over-supply may persist for some time,” Mackenzie said.
Vale S.A., together with its auxiliaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment produces and extracts iron ore and pellet.
Shares of Southern Company (NYSE:SO), declined -0.37% to $43.12, during its last trading session.
Georgia Power declared the latest milestone in the construction of Vogtle units 3 and 4 – the recently accomplished redesign of the existing 500 kilovolt (kV) switchyard for Vogtle units 1 and 2. The 500kV switchyard takes energy from the plant and feeds it onto the power grid to serve customers across the state. The 500kV redesign comprised of the addition of four new breakers, associated disconnect switches and a new relay protection scheme. The work, accomplished with no interruption of power distribution, will assist ensure seamless integration of the new units into the overall Plant Vogtle system.
Other major transmission milestones achieved at the plant recently comprise the completion of in-ground work for the Unit 4 Switchyard (foundations, control conduits and cableway), the rerouting of the West McIntosh 500kV line, the reconfiguration of the existing 230kV switchyard and commissioning of the new Vogtle 230kV switching station. Work continues on the Thomson-Vogtle 500 kV transmission line which is 55 miles long and runs from Thomson, Ga. to Plant Vogtle.
In addition to the transmission infrastructure taking shape, other recent construction highlights at the site comprise the concrete placement for the Unit 3 Annex Building basemat, the completion of the last of 12 separate water boxes within the Unit 3 Turbine Island and the arrival of multiple pieces of major equipment onsite such as the pressurizer for Unit 4.
The Southern Company, together with its auxiliaries, operates as a public electric utility company. It is involved in the generation, transmission, and distribution of electricity through coal, nuclear, oil and gas, and hydro resources in the states of Alabama, Georgia, Florida, and Mississippi.
At the end of Wednesday’s trade, Shares of Valero Energy Corporation (NYSE:VLO), lost -1.28% to $57.76.
Valero Energy Corporation, declared that Joe Gorder, Chairman, President, and Chief Executive Officer of Valero Energy Corporation will attend the JPMorgan Oil & Gas 1×1 Forum on Thursday, June 18.
Valero Energy Corporation operates as an independent petroleum refining and marketing company in the United States, Canada, the Caribbean, the United Kingdom, and Ireland. It operates through two segments, Refining and Ethanol. The Refining segment is involved in refining, wholesale marketing, product supply and distribution, and transportation operations.
Finally, Spartan Motors Inc. (NASDAQ:SPAR), ended its last trade with 0.44% gain, and closed at $4.60.
Vyper Adamas, Inc. declared a teaming agreement with Spartan Chassis, a business unit of Spartan Motors, Inc. (SPAR), which calls for Spartan to produce high-quality, custom Vyper platforms for defense and commercial applications. Vyper is a leading manufacturer in the Ultra-Light Combat Vehicle (ULCV) and Light Reconnaissance Vehicles (LRVs) programs; which are progressive programs for the U.S. Army.
Spartan has been awarded multiple subcontract orders for advanced tactical vehicles under the International Light Armored Vehicle (ILAV), Mine Resistant Ambush Protected (MRAP) and Medium Mine Protected Vehicle (MMPV) programs. Additionally, the U.S. Defense Logistics Agency has recognized Spartan as one of its top-tier suppliers in quality and on-time delivery as Spartan continues to support the deployed vehicles with aftermarket parts and accessories. “The consistency of Spartan’s ISO 9001:2008 certified processes and ability to produce quality vehicles on time, is the reason we are working together. Since we do not know the exact quantity of vehicles for the ULCV and LRV programs, Spartan provides us the flexibility to produce a high-quality product and deliver any quantity necessary at a moment’s notice,” Chapman said.
Spartan Motors, Inc, through its auxiliaries, engineers, manufactures, and sells heavy-duty and custom vehicles in the United States, Canada, South America, and Asia. The company operates in three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Emergency Response Vehicles segment offers emergency response chassis and bodies, and aerial ladders.
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