On Friday, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), lost -0.44% to $9.10, as oil slid on Friday for a second day, giving back more of the week’s gains as investors took profits on worries that higher Saudi Arabia output would feed the global supply glut.
Crude rebounded early in the week, but the rally stalled on Thursday as the dollar strengthened against the euro due to developments in Greece’s debt crisis, which still dominated sentiment on global markets on Friday. Strength in the greenback makes oil, sold in dollars, less affordable to euro holders, according to Reuters.
After Thursday’s 1 percent drop, crude futures extended their downdraft as Saudi Arabia said it was ready to enhance oil output in coming months to a new record. Reuters Reports.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Scorpio Bulkers Inc. (NYSE:SALT), inclined 3.77% to $1.65, during its last trading session.
Scorpio Bulkers Inc., declared that it has reached agreements to sell three Capesize newbuilding dry bulk vessels and two LR2 product tankers under construction for about $236 million in aggregate.
The Capesize vessels are presently being constructed in China, and have predictable delivery dates between the first quarter of 2016 and the second quarter of 2016. The LR2 product tankers are presently being constructed in Romania, and have predictable delivery dates in the fourth quarter of 2016 and the first quarter of 2017.
Scorpio Bulkers Inc., together with its auxiliaries, engages in the marine transportation of dry bulk commodities. Its fleet transports a range of major and minor bulk commodities, counting ores, coal, grains, and fertilizers along worldwide shipping routes.
Finally, United States Steel Corp. (NYSE:X), ended its last trade with 1.24% gain, and closed at $24.56.
United States Steel Corporation, declared another planned step in the company’s Carnegie Way transformation journey by concluding the purchase of AK Steel’s interest in Double Eagle Steel Coating Company (DESCO). The 700,000 ton electrolytic-galvanizing line (EGL) will become part of the larger operational footprint of U. S. Steel’s Great Lakes Works.
The Great Lakes Works EGL at Dearborn will allow customers primarily in the automotive industry to be offered world-class steel coated products for both exposed and unexposed applications. Utilizing the patented CAROSEL® process to electrolytically apply zinc to steel substrate, the EGL line at Dearborn is the exclusive North America finishing line capable of providing both EG (free zinc) or EGA (an iron/zinc alloy) coatings.
“Ongoing investment into our operations to provide the highest quality product critical to our customers’ success directly supports U. S. Steel’s ongoing transformation journey,” said U. S. Steel’s President & CEO Mario Longhi. “We seek to create innovative solutions for our customers now and well into the future. By increasing our operational footprint at Great Lakes Works, we are creating special synergies with our automotive customers as they seek to reach critical safety and fuel economy standards.”
United States Steel Corporation produces and sells flat-rolled and tubular steel products in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular).
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