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Recent Media Coverage of John Tumazos Very independent Research, LLC

• Steel prices fall before scrap in 'curious' move
  May 3, 2013
  American Metal Market
  by Samuel Frizell
  
  http://www.amm.com/Article/3201325/Steel/Mills-tweak-steel-prices-before-scrap-in-curious-move.html
  
  "Mills could have greater control over their pricing if they moved away from surcharges, a number of analysts told AMM. 'It's logical that the mills would not want their customers asking them for a $20 per ton price drop every time the scrap price falls," said John Tumaos, senior analyst and owner of Very Independent Research.
   

• Heard Off the Street: U.S. Steel woes surprise analysts
  May 5, 2013
  Pittsburgh Post-Gazette
  by Len Boselovic
  
  http://www.post-gazette.com/stories/business/opinion/heard-off-the-street-us-steel-woes-surprise-analysts-686356/
  
  Any cost-cutting efforts will be hampered by the company's labor agreements with the United Steelworkers union, commercial contracts and other factors, said John Tumazos, a Holmdel, N.J., analyst. He said renegotiating medical benefits for union workers and retirees could result in substantial savings. But a good portion of those costs were fixed in September, when USW members ratified a three-year labor agreement covering about 17,000 U.S. workers.
  
  Mr. Surma's "mission appears to be to save more than nine figures, or $4 to $5 a ton. Given the condition of the steel market, they need something like $20 or more," Mr. Tumazos said.
  
  Having Mr. Longhi, a newcomer to the company, manage the review should be a good thing, he (Tumazos) added.
  
  "He is not accustomed to the status quo and has a fresh look," Mr. Tumazos said.
   

• Beryllium: a Key Asset in TRER's Rich Round Top Project

  ProEdgeWire Link: http://www.proedgewire.com/?p=43129

  YouTube Link: http://www.youtube.com/watch?v=icO3OE-Y-VU

  Social Media: #Beryllium: a Key Asset in #TRER's Rich Round Top Project: http://youtu.be/icO3OE-Y-VU via @youtube #texasrareearthresource

  May 2, 2013 -- John Tumazos, President, Chairman, Texas Rare Earth Resources Corp. (TSXV: ZEN) in an interview with Dave Glover for ProEdgeWire (ProEdgeWire.com) describes the characteristics of the Round Top project in Hudspeth County, Texas. John states "There's a high enriched uranium zone and beryllium zone, which we believe is the richest beryllium resource in the world." For the balance of 2013 Texas Rare Earth Resources will be focusing "...rigorously engineering our process."

  Texas Rare Earth Resources Corp. (TRER) is a U.S.-based minerals company engaged in the exploration and development of critical rare earth elements and in the pursuit of precious metals opportunities.

  Disclaimer: Texas Rare Earth Resources Corp. (www.trer.com) is an advertorial member of ProEdgeWire.

  Regards,
  Sean Benson
   

• Alcoa may cut output as prices continue dive
  American Metal Market
  May 1, 2013
  by Michael Cowden
  
  http://www.amm.com/Article/3199756/Search/Results/Alcoa-may-cut-output-as-prices-continue-dive.html?Keywords=alcoa&OrderType=1
   
  "This is a logical reaction to where current aluminum prices are and various pockets of weakness in different parts of the world," said John Tumazos of Very Independent Research, LLC. "It's unfortunate, but when (the aluminum price) is 80 cents (per pound) these things are going to happen."
   
  Aluminum producers might have missed a window to secure lower power prices as natural gas prices have recovered over the past year, Tumazos said. "The recovery of natural gas to $4.40 (per mm BTU) reduces the likelihood of deep concessionary power contracts and raises the possibility of a minor, mild recovery in coal prices. The window for getting deep concessionary power contracts was $1.90 (mm BTU) gas - - 13 months ago.....So the cheap power window is now gone, and the aluminum price is lousy."
   
• UPDATE AND CLARIFICATIONS: 1/3 of global gold mines have pre-tax costs of $1,250-$1,750-Tumazos
  
  16 out of 49 publicly traded gold producers have very low pre-tax costs accounting for 11.5 million gold ounces, says a recent survey by John Tumazos Very Independent Research.
  Author: Dorothy Kosich
  Posted: Wednesday , 17 Apr 2013
  MINEWEB LINK: http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=186433&sn=Detail
  RENO (MINEWEB) -

  A survey by of 49 publicly traded companies accounting for 60% of world gold output, which was conducted by New Jersey’s John Tumazos Very Independent Research, estimates that one-third of gold mines have pretax costs of $1,250 to $1,750 per ounce.

  “The selloff from $1,900 in September 2011 to nearly $1,350 on April 15^th places prices squarely within the costs of the highest one-third of mines,” wrote long-time gold analyst John Tumazos.

  “Large gold mines have about $450 per oz of other costs beyond mine cash production costs such as exploration, SG&A, interest, depreciation, etc.,” said Tumazos. “In 2013 we estimated ABX [Barrick] at $422, NEW [Newmont] at $449 and GG [Goldcorp] at $453 per oz.”

  “There were 16 of 49 companies with very low costs, having all mines <$800 direct cash production costs, accounting for 23% or 11.5 mm oz of our 49.1 mm oz or 1,528 tonne sample,” the survey revealed. “There were 15 of 49 companies with very high costs, having all mines >$800 direct cash costs, for 12% or 5.8 mm oz of our 49.1 mm oz or 1,528 t sample.”

  In a statement received by Mineweb Wednesday, Tumazos clarified that only four companies, not the five originally contained in his analysis—Sibanye Gold (just spun out of Gold Fields), and DRD Gold, Veris Gold (Jerritt Canyon, NV) and about ¾ of Harmony Gold--have direct costs exceeding $1,000 for all mines. “These companies are under the most pressure,” he noted.

  Tumazos predicted, “While a few old mines will be lost, unfunded new projects slated for 2016 or 2017 may likely die off given the lack of gold mine equity capital. We estimate that up to 5% of current output may wither then die, but 10% of prospective 2016 or 2017 output will not arrive on time.”

  In his analysis Tumazos observed the cost structure of the global gold mining industry suggests a temporary spike below $1,000 gold is improbable. “We stop short of using the word ‘impossible’, but it is clear that costs are about three times as high as they were a decade ago as the mining boom began. Lower grade mines, $90 per barrel crude oil, appreciated resource currencies, wage inflation, government royalties and natural productivity losses to depth have driven costs higher. This is another factor suggesting to us that the past month’s decline in gold prices constitute a ‘panic.’”

  Over long periods of time such as five or more years, Tumazos expects gold mining costs to rise as open pit and underground mines deepen to lose productivity and suffer high stripping, metallurgies grow more complex at depth and grades decline.

  Tumazos also advised that direct cash production costs may change with currency, mine practices or other input costs. “Higher cutoffs grades, deferred stripping, deferred underground tunnel, stope and infrastructure development and bypassing hard-to-mine zones can cut costs by 25% or more for a year or two. Exploration and administrative charges will fall.”

  Observing that base metals mines account for cost to 20% of world gold mine output, Tumazos said, “Recent prices near $7 for nickel, $0.80 for zinc, $0.90 for lead and $3.25 per lb for copper put mild pressure on some of those mines.”

• TRER's Texas Sized Rare Earth Deposit Advantage
  April 4, 2013
  ProEdgeWire
  ProEdgeWire Link: http://www.proedgewire.com/rare-earth-tv/trers-texas-sized-rare-earth-deposit-advantage/
  Youtube Link: http://youtu.be/IQYKkJnlFE8

  April 4 2013 -- John Tumazos, Chairman of the Board, Texas Rare Earth Resources Corp. (TRER, OTCQX: TRER) in an interview with Tracy Weslosky, Publisher of ProEdgeWire (ProEdgeWire.com) states "...we think we'll have the lowest mining costs per ton of any (copper mine, iron ore mine) mine in North America of like size." Adding: "We have a billion pounds of heavy rare earth oxides" and the "...richest beryllium deposit in the world." And concludes with infrastructure advantages such as the land buffer package the State of Texas has placed around their property.

  TRER is a U.S.-based minerals company engaged in the exploration and development of critical rare earth elements and in the pursuit of precious metals opportunities. Their primary focus is exploring and, if warranted, developing its Round Top rare earth minerals project located in Hudspeth County, Texas, 85 miles east of El Paso.

  Disclaimer: Texas Rare Earth Resources Corp. (www.TRER.com) is an advertorial member of ProEdgeWire.

  If you need any additional assistance, please do not hesitate to contact me.

  Regards,
  Sean Benson
   

• U.S. Steel plant's fate unsolved, Slovak prime minister says
  by Alex Nixon
  March 25, 2013
  Trib Live Business
  
  http://triblive.com/business/headlines/3724303-74/steel-plant-slovakia#axzz2OgQJzmWl
  
  U.S. Steel had hoped to sell the plant, but industry analyst John Tumazos, with Very Independent Research in Holmdel, N.J., said economics don't favor that.
  
  “The way that the world has unfolded in the last two years does not make it easy to sell steel from Kosice,” Tumazos said. “I don't think it's in the power of the Slovak government to make steel prices higher or production costs lower.”
  
  The Serbian plant accounted for most of the $200 million loss on European operations U.S. Steel recorded in 2011, Tumazos said.
  
  “It appeared when they were running the two plants that Kosice was break-even,” he (Tumazos) said. “But conditions seem to be worse than when they walked out of Serbia.”
   
• Entrée Gold to Present at the Upcoming John Tumazos Very Independent Research Metals and Mining Conference March 28, 2013
  
  Entrée Gold is pleased to announce that Lindsay Bottomer, VP Business Development and Director, will be presenting at the John Tumazos Very Independent Research Metals and Mining Conference taking place March 28, 2013.
  
  The event will be held at the Westin New York Grand Central Hotel (212 East 42nd Street, New York, New York 10017). Mr. Bottomer is scheduled to speak at 10:20 am (est).
  
  Presentation slides and a simultaneous audio webcast of the presentation will be available through the following link:
  
  John Tumazos Very Independent Research LLC's Metals & Mining Conference Webcast
  
  A link to the webcast along with presentation slides will also be available on the Entrée Gold website:
  http://www.entreegold.com/investors/presentations/
  
  Please contact us if you require further information.
  
  Kind regards,
  Entrée Gold Inc.
  
  Monica Hamm
  Manager Investor Relations
   
• Texas Rare Earth Resources to Present at the Very Independent Research Conference on March 28th
  
  March 25, 2013- Sierra Blanca, TX- Texas Rare Earth Resources Corp. (OTCQX:TRER) ("Texas Rare Earth"), a heavy rare earths exploration company, today announced that John C. Tumazos, Chairman of the Board, will present at the Very Independent Research Conference on Thursday, March 28th at 5:05 p.m. Eastern in NYC
  
  Very Independent Research Conference Details:
  Date: Thursday, March 28, 2013
  Presenting Time: 5:05 p.m. Eastern
  Location: Westin Grand Central 212 East 42nd Street, New York
  Tract: Natural Resources
  
  For more information including webcasting please visit
  http://www.wsw.com/webcast/vir11/register.aspx?conf=vir11&page=index&url=http%3A//www.wsw.com/webcast/vir11/.
   
• Orient Paper to Present at the John Tumazos Very Independent Research Metals and Mining Conference in New York

  BAODING, China, March 22, 2013 /PRNewswire/ -- Orient Paper, Inc. (NYSE MKT: ONP) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, announced today that it will be presenting at the John Tumazos Very Independent Research Metals and Mining Conference on March 28, 2013.
  
  The date, time and location of Orient Paper's presentation at the conference are as follows:
  Date: Thursday, March 28, 2013
  Time: 8:35 to 9:10 a.m. US Eastern Time
  Presenter: Mr. Winston Yen, Chief Financial Officer
  Venue: Westin Grand Central, 212 East 42nd Street, New York, NY
  
  The presentation will be available for download from the Company's website at http://www.orientpaperinc.com/corporate-presentation.html on March 29, 2013
  
  Investors who wish to meet with Orient Paper's management may contact John Tumazos via john@veryindependentresearch.com from John Tumazos Very Independent Research, LLC or the Company's investor relations advisor via ir@orientpaperinc.com. For more information about the conference and registration, please visit:
  
  http://www.veryindependentresearch.com/Conferences/march_28,_2013.htm
   

• U.S. Steel, Nucor CEOs urge caution on natural gas exports
  March 22, 2013
  by John D. Oravecz
  Trib Live Business
  
  http://triblive.com/business/headlines/3703788-74/gas-steel-natural#axzz2OGoc8M4d
  
  John Tumazos, a steel analyst with Very Independent Research in Holmdel, N.J., said the U.S. Steel and Nucor comments were self-serving.
  
  “If you own ground in Beaver or Westmoreland counties with shale gas, and got royalties, you'd want the producer to sell for the highest price. ... A natural gas producer in a free-market economy should be able to sell to whomever he wants.”
  
  “In the long run I don't think exports will be a big deal,” Tumazos said. The process of cooling natural gas to a liquid is complicated, demanding and expensive. “I'll be surprised if 10 (percent) to 20 percent is exported.”
  
  Steel analyst Tumazos said it's unfortunate that Chinese companies are subsidized, but American manufacturers that make products from steel are “at a disadvantage if they don't get cheaper steel.”
  
  He (Tumazos) said steelmakers should cut prices to discourage imports and sell more products here and overseas.
  
  In the era when hot-rolled coil sold for $300 to $400 a ton, companies watched costs more closely. With prices now at $620 or higher, they aren't as diligent, he (Tumazos) said.
   
• Aluminum pins 2013 hopes on political fortunes
  December 31, 2012
  by Suzy Waite
  American Metal Market
  
  http://www.amm.com/Article/3155193/Aluminum-pins-2013-hopes-on-political-fortunes.html
  
  John Tumazos of Very Independent Research LLC, Holmdel N.J. agreed. "China is growing, but not as fast. And the Chinese are expanding production when demand is slower," he said. "U.S. and European output doesn't matter. The issue is whether the Chinese expand five, 10 or 15 percent. They are 45 percent of world output, and no one thinks (demand) will grow by 10 or 12 percent (in 2013)"
  
  "I think you have to be worried (about the price) when there are consecutive weeks of record exchange inventories and most regions in the world appear to be slowing," said Tumazos, who expects the average aluminum price to hover around $1,984 per tonne this year.
   
• Title: TRER a 'multi-trick pony' Deposit with 25 Minerals: 15 Rare Earths and 2 Energy Minerals

  CONTENT: John Tumazos, Chairman of the Board, Texas Rare Earth Resources Corp. (OTCQX: TRER) in an interview with Tracy Weslosky, Publisher of ProEdgeWire (ProEdgeWire.com) states: "We believe we are the richest beryllium deposit known" and adds "we think we have the best logistics in the world and the lowest mining costs per ton of any mine in North America of any type."

  Tumazos noted that TRER is a "multi-trick pony" deposit having 25 minerals, 15 of which rare earths and two energy minerals. TRER has the capability to recover 18 or 19 of these, which suggests that the property could "earn an economic return from the 15 rare earths alone or uranium and thorium alone". TRER can also capitalize on its beryllium (298,000 ton historical resource estimate) and niobium resources. It should be an exciting 2013 for TRER

  Disclaimer: Texas Rare Earth Resources Corp. is a member of ProEdgeWire.
  
  Interview Link: http://www.youtube.com/watch?v=7LqQoT_mo4A&feature=youtu.be
   

• Vale's nickel production down 1.9% in 2012
  February 4, 2013
  by Carolina Guerra
  Metal Bulletin
  
  http://www.metalbulletin.com/Article/3150453/Vales-nickel-production-down-19-in-2012.html
  
  “Many many problems exist in the nickel supply-demand balance and specific Vale operations, where Vale employs billions of dollars of assets to earn little or nothing prior to impairments,” John Tumazos, from John Tumazos Very Independent Research, told Metal Bulletin.
  
  “I think their best strategy for nickel is to try to fix their mines not started up to full potential, and wait for a better time with a stronger world economy,” Tumazos added referring to a current situation of low prices and high refined inventories in the nickel market.
   
• US construction to help copper in 2013
  January 24, 2013
  By Suzy Waite
  American Metal Market
  
  http://www.amm.com/Article/3146208/US-construction-to-help-copper-in-2013.html
  
  "I think copper is the tightest of the metals," said John Tumazos of Very Independent Research, LLC. "But I don't think it is a complete statement." While some companies are delaying projects, others such as a Rio Tinto PLC and Freeport, are expanding copper production, which could put excess copper on the marketplace, he said.
   
• Anglo's New CEO Takes Tough Task
  January 9, 2013
  By Devon Maylie and John Miller
  The Wall Street Journal
  
  http://online.wsj.com/article/SB10001424127887323706704578229531018722450.html
  
  Anglo American's Minas Rio project in Brazil "is going to be a headache no matter who runs it," said analyst John Tumazos, a New Jersey analyst who owns 8,000 shares of Anglo American. "It's going to take time before he knows enough to add value there with his expertise." He (Tumazos) predicted that Mr. Cutifani would write down the investment at the first opportunity.
   
• Beryllium: a Key Asset in TRER's Strategy
  Proedgewire
  December 6, 2012
  by Alessandro Bruno
  
  http://proedgewire.com/rare-earth-intel/beryllium-a-key-asset-in-trers-strategy-for-future-growth/
  
  "The beryllium mineralization structure, according to Trer, is present alongside areas of potentially economic grade uranium deposits. Trer has also found evidence to suggest that this mineralization also exists under Sierra Blanca. Based on the Cyprus results there could be as much as 298,000 short tons at 1.9% of beryllium ore, which would guarantee sufficient resources to operate for several years given that the beryllium market is rather small at around 100 tons a year. Indeed, Chairman, John Tumazos, believes that Trer’s deposits “is one of the largest and richest in the world”. The extraction process, moreover, would be based around the original tunnel built by Cyprus inside the mountain, which should be capable of yielding some 30,000 tons. Beryllium is mostly found in the United States and Kazakhstan, which also hold the only related processing facilities."
   
• Clarification and Retraction of Technical Disclosure
  Galway Resources Press Release
  December 7, 2012
  
  http://www.galwayresources.com/s/NewsReleases.asp?ReportID=560770&_Type=News-Releases&_Title=Clarification-and-Retraction-of-Technical-Disclosure
  
  John Tumazos Very Independent Research Explanation: We removed the August 20, 2008 John Tumazos Very Independent Opinions memorandum on the Victorio molybdenum-tungsten deposit from our John Tumazos Very Independent Opinions website, http://www.veryindependentopinions.com/  following a November 4, 2011 visit to the New Mexico site as our 2008 memorandum had become outdated.
   
• Heard Off the Street: Aerospace firms facing a dilemma
  Pittsburgh Post-Gazette
  November 18, 2012
  By Len Boselovic
  
  http://www.post-gazette.com/stories/business/news/heard-off-the-street-aerospace-firms-facing-a-dilemma-662599/
  
  Consequently, their suppliers "want to sell a system or solutions rather than something that costs so many cents a pound," said John Tumazos, an industry analyst from Holmdel, N.J.
  
  "They know they have a bunch of businesses that are not well understood in the market," Mr. Tumazos said. "Aerospace investors treat the steel company like a liability."
   
• U.S. Steel weighs bids for Slovakia plant
  Pittsburgh Post-Gazette
  November 14, 2012
  By Len Boselovic
  
  http://www.post-gazette.com/stories/business/news/us-steel-weighs-bids-for-slovakia-plant-662001/
  
  "The Slovak mill is a good mill. It's doing really well not to lose money this year given that Europe's not so good," said John Tumazos, an industry analyst based in Holmdel, N.J.
  
  He (Tumazos) said the plant is worth more now than it was when U.S. Steel arrived, based on investments the steel producer has made during its tenure.
  
  Mr. Tumazos said ArcelorMittal, the world's largest steel producer, probably is not interested because it is slashing costs. Stung by a $709 million third-quarter loss, the Luxembourg steel producer will save $1 billion annually by slashing its dividend from 75 cents to 20 cents. ArcelorMittal's chairman, CEO and president, Lakshmi Mittal, "is a seller these days, not a buyer," Mr. Tumazos said.
   
• Thompson Creek offering $350 M in notes
  American Metal Market
  November 13, 2012
  By Thorsten Schier
  
  http://www.amm.com/Article/3117336/Nonferrous/Thompson-Creek-offering-350M-in-notes.html
  
  Analyst John Tumazos of Holmdel, N.J.-based Very Independent Research LLC agreed that revolving credit facilities were more constraining, involving "strict covenants, regular oversight and ongoing input as (to) how to run the business," and the replacement of the revolving facility would be a positive development for the company.

  "Management chooses a higher interest rate cost and higher underwriting fee schedule from a ‘junk bond’ in place of bank debt to keep management jobs," Tumazos told AMM in an e-mail. "More debt and higher financing costs will not make the company healthier."
   

• Thompson Creek's Loughrey announces plans to retire
  American Metal Market
  November 9, 2012
  By Thorsten Schier
  
  http://www.amm.com/Article/3116080/Nonferrous/Thompson-Creeks-Loughrey-announces-plans-to-retire.html
  
  "Usually in a financially weak company, the creditors or banks appoint the successor chief executive officer, which is what I would expect here," John Tumazos, analyst at Holmdel, N.J.-based Very Independent Research LLC, told AMM. "I think Kevin will be replaced by someone whose job is to prevent the company from spending any discretionary money, such as the lenders might dictate," adding that personnel cuts at the company were likely.
   
• Yukon-Nevada Gold Presents at John Tumazos Very Independent Research, LLC Metals and Mining Conference
  
  http://www.yukon-nevadagold.com/s/Events.asp?ReportID=539703&_Type=Events&_Title=John-Tumazos-Very-Independent-Research-LLC-Metals-Mining-Conference
   
• Golden Minerals to Present at the John Tumazos Very Independent Research, LLC Metals and Mining Conference
  September 27, 2012
  
  http://www.goldenminerals.com/pdfs/GLDN_InvestorKit/Press-Release-Sept-27-12-Presents-Tumazos.pdf
  
  GOLDEN, Colo., September 27, 2012 /PRNewswire/ -- Golden Minerals Company (NYSE MKT: AUMN) (TSX: AUM), a growing mid-tier silver and gold producer with mining operations in Durango State, Mexico, announced today that it is participating in the John Tumazos Very Independent Research, LLC Metals and Mining Conference being held at the Westin New York Grand Central Hotel at 212 East 42nd Street in New York, October 2 through 3, 2012. At 12:00pm ET on October 2, 2012, Jeffrey Clevenger, Chairman, President and Chief Executive Officer of Golden Minerals Company, will participate in a webcast company presentation where he will discuss the company’s current operations and future outlook.

  A link to the live webcast of the presentation, along with the accompanying presentation materials, will be available at http://www.goldenminerals.com/. If you are unable to listen to the live presentation, an archive will be available on the website for 90 days after the conference. A separate link to the webcast will be available at www.wsw.com or at http://www.veryindependentresearch.com/Conferences/fall_2012.htm .
   

• Texas Rare Earth Resources to Present at the John Tumazos Very Independent Research, LLC Metals and Mining Conference
  September 27, 2012
  
  http://trer.com/wp-content/uploads/2012/04/Press_Release_Sept26_PresentatConference.pdf
  
  SIERRA BLANCA, TX, September 27, 2012-- Texas Rare Earth Resources Corp. (OTCQB: TRER), a heavy rare earths exploration and development company, announced today that John Tumazos, non-executive chairman of the board, will present at the John Tumazos Very Independent Research, LLC Metals & Mining Conference at the Westin New York Grand Central Hotel at 212 East 42nd Street in New York City on Wednesday, October 3rd at 4:00 PM ET. A link to the live webcast of the presentation, along with presentation materials, will be available at www.trer.com. If you are unable to listen to the live presentation, an archive will be available on the website for 90 days after the conference. A separate link to the webcast be available at http://www.wsw.com/webcast/vir10/ or at http://www.veryindependentresearch.com/Conferences/fall_2012.htm
   
• Aluminum price slide could cap smelter capacity
  American Metal Market
  August 28, 2012
  By Suzy Waite
  
  http://www.amm.com/Article/3080615/Home/Aluminum-price-slide-could-cap-smelter-capacity.html
  
  "The price will drop until companies cut output," said John Tumazos, an analyst at Holmdel, N.J.-based Very Independent Research LLC, who said he expects "large output cuts" in the coming weeks.
   
• Union contract with U.S. Steel expected
  Pittsburgh Post-Gazette
  August 29, 2012
  By Len Boselovic
  
  http://www.post-gazette.com/stories/business/news/union-contract-with-us-steel-expected-650919/
  
  "I think the [Mittal] furnaces are going to be cold. Whether it's a lockout or a strike, it doesn't matter," said John C. Tumazos, a Holmdel, N.J., analyst. "It is not tenable to have $75-and-change employment costs. Around the world, people build new mills and pay their workers $20 and less per hour."
  
  Mr. Tumazos estimated those liabilities (health and life insurance benefits to retirees) could increase 20 percent by the end of the year -- excluding any increases caused by higher health care costs -- because of record low interest rates. The value of retiree pension and health care benefits is determined by interest rates. The lower the rate, the bigger the liability.
  
  Mr. Tumazos is not so sure (that ArcelorMittal would be unable to hold out for more than U.S. Steel gets). He believes ArcelorMittal chairman, president and CEO Lakshmi Mittal, who owns 40 percent of the steelmaker's stock, "is completely serious" about demanding $28 an hour in concessions. Consequently, U.S. Steel will be at a disadvantage if Mittal receives more generous concessions, Mr. Tumazos said.
   
• Texas Rare Earth Resources 8-K for Board Compensation and CEO Compensation
  
  TRER - Form 8-K for Board Compensation and CEO Compensation.pdf
   
• Texas Rare Earth Resources 8-K for Change in Directors or Principal Officers
  
  trer8-k August 3, 2012 Change in Directors or Principal Officers.pdf
   
• Texas Rare Earth Resources August 7, 2012 Conference Call Transcript
  
  TRER Conf.-Call-Transcript-08.07.2012.pdf
   
• Texas Rare Earth Resources Announces Newly Appointed Chief Executive Officer and New Board Members
  Source: August 6, 2012 Press Release from Texas Rare Earth Resources Website
  
  DENVER & SIERRA BLANCA, Texas--(BUSINESS WIRE)-- Texas Rare Earth Resources Corp. (the “Company”) (OTCQX: TRER), a rare earths mineral exploration and development company, has announced the appointment of Mr. Daniel Gorski as its chief executive officer, as well as the addition of five new members to its board of directors: Mr. John C. Tumazos, CFA, as non-executive chairman, and Dr. Philip Goodell, Dr. Nicholas Pingitore, Mr. Cecil Wall, and Mr. James Wolfe as directors. Mr. Gorski commented, “I am pleased to have these very experienced and talented individuals joining the Texas Rare Earth Resources’ board. We are continuing to advance the Round Top project in Texas, and in the near term we plan to focus on metallurgy and proving out our ability to extract the valuable minerals in this deposit.”
  
  Full Press Release: TRER_New-CEO-Board-Members_FINAL-PR.pdf
   
• With Demand Sputtering, Miners Pause Big Projects
  August 3, 2012
  by Liam Pleven and John W. Miller
  
  http://online.wsj.com/article/SB10000872396390444840104577553460712866028.html
  
  "About half of the institutional investors have stopped investing in mining and cyclical resources," says John Tumazos, an investment adviser based in New Jersey.
   
• Texas Rare Earth Resources, Form 8K for change in control dated July 24, 2012
  
  TRER - Form 8-K for Change in Control (7-24) v4.pdf
   
• Texas Rare Earth Resources, Excerpt from July 16, 2012 10Q
   
  On June 12, 2012, three of our shareholders filed a Schedule 13D with the SEC to act together to explore their options concerning proposing and voting as a group on candidates for the Board of Directors of TRER, including potentially for the purpose of changing control of TRER.
  
  On July 5, 2012, the three shareholders who had filed a Schedule 13D on June 12, 2012, plus a group of other participants, including some additional shareholders of the Company, filed a preliminary Schedule 14A with the United States Securities and Exchange Commission, regarding the solicitation of consents to four separate proposals to the shareholders: (i) repeal any provision of the Company's bylaws in effect on that date the proposal is adopted that was not in the Amended and Restated Bylaws of Standard Silver Corporation (now known as Texas Rare Earth Resource Corporation) that became effective by written consent of the board of directors on September 8, 2008; (ii) remove without cause the following directors of the Company: James Graham, Graham Karklin, Gregory Martin and Marc LeVier; (iii) amended section 4.06 of the Amended and Restated Bylaws to provide that any vacancies on the board of directors resulting from the removal of directors by the shareholders of the Company pursuant to the solicited consents be filled exclusively by the shareholders of the Company and (iv) elect Dr. Philip Goodell, Dr. Nicholas Pingitore, John Tumazos, Cecil C. Wall and Dr. James R. Wolfe to serve as directors of the Company.
   
• Analysts revise Alcoa forecasts downward
  
  July 5, 2012
  American Metal Market
  Suzy Waite
  
  http://www.amm.com/Article/3056703/Home/Analysts-revise-Alcoa-forecasts-downward.html
  
  John Tumazos, analyst at Very Independent Research LLC, agreed. "(Unfortunately), the reality is that the low ingot price is causing the entire company to be discounted when flat-rolled and engineered products are having record years," he said. "Those divisions are improving the value of the entire enterprise. And that's all lost in the aluminum price."
  
  "The dollar being stronger does lower costs in Australia, Brazil, and Europe due to the exchange rate. (But) the change in the dollar is less significant than the price of aluminum," Tumazos said. "The aluminum price has fallen more than the dollar has risen by a large margin."
   
• Tough on steel: Makers barely breaking even as shares fall, supplies swell
  
  June 9, 2012
  Trib Live Business
  By Kim Leonard
  
  http://triblive.com/business/1944638-74/steel-prices-makers-market-analysts-bradford-based-million-production-added
  
  "From a volume standpoint, the steel business is quite good," said John Tumazos of Tumazos Very Independent Research of Holmdel, N.J.
  
  "A lot of capacity has been added in the U.S. -- I estimate 31.7 million tons has been added, or is being added, since 2007," while just two or three plants have closed, he said.
  
  Steel shipments could reach 97 million tons this year, compared to a peak of 109.5 million in 2006 and a low of 60.3 million in recession year 2009. "That suggests we're on our way back," Tumazos said.
   
• Was Regent the heavy or the fall-guy for Barrick's missteps?
  
  June 7, 2012
  Mineweb
  By Dorothy Kosich
  
  http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=152812&sn=Detail&pid=102055
  
  In an e-mail Wednesday to Mineweb, however, analyst John Tumazos of John Tumazos Very Independent Research suggested "certainly the market valuation of ABX has discounted its outlook. ABX trades at about a 25% discount to estimated NPV, and most gold stocks trade at a 25% or more premium."
  
  Tumazos told Mineweb, "Peter Munk was born November 8, 1927. God bless his longevity, but the appointment of such as distinguished co-chairman appears only prudent at age 84 ½."
  
  "The biggest challenge to Jamie Sokalsky's team will be to prune or kill projects," Tumazos advised. "Goldrush and the Turquoise Ridge open pit appear years better than Donlin Creek and Cerro Casale, and markets will rejoice if he puts the latter two projects on ice."
  
  Tumazos suggests, "A reasonable press release might read, ‘Engineering and construction costs in today's world are unreasonable, and we will not embark on any capital projects exceeding xxx billion dollars' where perhaps the maximum outlays should be $2 billion ‘brownfield expansions near current sites'".
  
  "Barrick's share price will rally after investors are convinced its projects will earn over 15% after tax returns without undue risks," Tumazos advised. "Its heavily discounted valuation reflects doubts that new mines will produce gold at state costs and, in effect, doubts that projects will earn suitable returns."
   
• RG Steel's demise renews economic worries
  
  June 1, 2012
  Pittsburgh Post-Gazette
  By Len Boselovic
  
  http://www.post-gazette.com/stories/business/news/rg-steels-demise-renews-economic-worries-638426/
  
  "It's wonderful the steel market is as good as it is without non-residential construction and high imports," said John Tumazos, a Holmdel, N.J., metals analyst. "Autos, appliances and capital goods are steadily improving from the abysmal 2009."
  
  Mr. Tumazos said U.S. steel producers have only themselves to blame for the recent rise in imports. He said they were too aggressive in raising prices, which opened the door to lower-priced imports.
  
  Mr. Tumazos anticipates some of RG's equipment may run again, but not before a more robust economic recovery takes hold.
   
• Xstrata Sets Vote on Merger
  
  May 31, 2012
  Wall Street Journal
  By John W. Miller and Alex Macdonald
  
  http://online.wsj.com/article/SB10001424052702304821304577438730419542176.html
  
  The compensation package is prompting new complaints. "The retention bonus is like a lump sum paid to the fox for raiding the chicken coop," said John Tumazos, a New Jersey-based investment adviser who owns 19,000 shares in Xstrata, a U.K.-listed miner of copper, coal and other products.

• Steelworkers, ATI working on new contract

  http://www.pittsburghlive.com/x/pittsburghtrib/news/regional/s_739521.html
   

• Galway Provides a Corporate Update on Progree of its Projects

  http://www.galwayresources.com/s/NewsReleases.asp?ReportID=456551&_Type=News-Releases&_Title=Galway-Provides-a-Corporate-Update-on-Progress-of-its-Projects
   

• Augen Gold Engages John Tumazos Very Independent Opinions, LLC for Asset Valuation

  GLD PR 110426 Augen Gold Engages John Tumazos Very Independent Opinions LLC for Asset Valuation.pdf
   

• JOHN TUMAZOS, VERYINDEPENDENTRESEARCH.COM, NEW JERSEY

  "All four businesses did well. That's a bit unusual for everything to do well. But all four segments did better than any quarter last year, with alumina being almost twice the average quarter of last year.

  "Flat rolled could easily be squeezed by rising ingot prices. So it was particularly good that it had its best quarter in a while.

  "Primary (aluminum) in March was better than in December, and should improve much more. Ingot should be a good bit better in the second quarter than the first, and alumina is indexed to ingot. So the company should be happy in the outlook on their conference call."

  Reuters.com 4/11/2011
   

• VIP confab might legitimize ignored miners: Wits, Revett

  http://www.stockhouse.com/Columnists/2011/Mar/25/West-Africa-mining-prospector-stocks-could-surge-n
   

• Renco mill restart plan stirs market concerns
   

  http://www.amm.com/Article/2780008/Renco-mill-restart-plan-stirs-market-concerns.html

  John Tumazos, principal of Very Independent Research LLC, Holmdel, N.J., offered a similar view, pointing out that the flat-rolled market has strengthened, buoyed by increased production and demand from the automotive sector.

  "I think it’s very encouraging that automotive sales were up 27 percent in February to 13.4 million units," he said. "That (unit figure) is still 20 percent below pre-recession levels. What you have then is a market that is smaller against capacity that is increasing. It’s (capacity from RG Steel) a competing presence against capacity coming online from ThyssenKrupp and others. It looks like a deconsolidation of companies that were put together in 2006, 2007 and 2008."
   

• ATI announces its president to take over as chief executive
   

  By Joe Napsha, Pittsburgh Post-Gazette March 1, 2011

  http://www.pittsburghlive.com/x/pittsburghtrib/business/s_725135.html
   

• ATI Ceo Hassey to retire May 1
   

  By Len Boselovic, Pittsburgh Post-Gazette March 1, 2011

  http://www.post-gazette.com/pg/11060/1128718-28.stm
   

• Deep Possibilities
   

  By ROBIN GOLDWYN BLUMENTHAL.  Published Saturday February 26, 2011
  
   http://online.barrons.com/article/SB50001424052970204395804576162552443416210.html?ru=yahoo&mod=BOL_hpp_latestticker

  
  John Tumazos, a longtime metals analyst who operates John Tumazos Very Independent Research, notes Xstrata trades at a 10% discount to its coal and copper assets, leaving its fixed-asset development investments and other mineral groups essentially free. Tumazos recently raised his price target on Xstrata to $33 a share from $28, based on a discounted cash-flow model. That would represent a 50% increase from the $21.90 its shares recently fetched in New York. The shares trade primarily in London under the ticker XTA.
   
• US steel exports forecast to rise on weak dollar, demand surge
   

  By Maria Guzzo, February 16, 2011

  John Tumazos, analyst at Very Independent Research LLC, Holmdel, N.J., told AMM the December pullback ma y have been a

  factor of higher prices.

  "When domestic mills raise prices sky high, imports rise and exports fall," he said. "So December appeared to be beginning to show that effect with a 100,000-ton increase in imports and a 100,000-ton decrease in exports."
   

• First Coverage Article
   

  PDF Download
   
• Barron's Article

  PDF Download
   

• Instant view: Alcoa Q4 profits tops Wall Street
  
   http://www.reuters.com/article/idUSTRE7095VZ20110110?pageNumber=2 January 10, 2011
   

  JOHN TUMAZOS, PRESIDENT OF VERYINDEPENDENT RESEARCH IN

  HOLMDEL, NEW JERSEY

  "What really knocked my socks off was when they said they're projecting 12 percent demand growth for 2011. I don't think there's enough aluminum in the world..."

  "In order to get a 12 percent growth rate in 2011, the world auto industry would have to be very strong, and each region of the world would have to be very strong. China would have to have enough electricity to make aluminum and use aluminum, and construction would need to recover in various regions: stay strong in China, and rebound in the U.S."

  "The (beverage) cans are never going to grow that much, unless somebody starts drinking really hard somewhere in the world."
   

• USS, Kobe commit $400 M to Pro-Tec
  
  By Corinna Petry www.AMM.com December 2, 2010

  John Tumazos, analyst of Very Independent Research LLC, Holmdel, N.J., said he expects U.S. Steel and Kobe to have, at the very least, "a strong assurance from an important customer that they will pay them more for high-quality heat treating. You don't spend $400 million on a wink and a nod."
   

• Teck press release speaking on November 9, 2010 at JTVIR Metals Conference
  
  Press Release
   
• Klondex To Review Nevada High-Grade Gold Program at Tumazos Metals & Mining Conference Wednesday, November 10th at 2:20 P.M.
  
  Press Release
   
• Letter to the Editor: SDCO outlay much ado about nothing
  
  www.AMM.com Hans Mueller July 26, 2010

  Brebach and John Tumazos (senior analyst at Very Independent Research LLC) have pointed out why John Correnti's SDCO project is too insignificant to deserve congressional attention
   

• Iron ore surcharge said failing to gain traction
  
  www.AMM.com By Scott Robertson July 16, 2010
   

  Analyst John Tumazos of Very Independent Research said that AK has a history of "tedious negotiations with GM. It has happened that way many times. U.S. Steel and (Arcelor)Mittal, for whatever reason, have not had that problem."

  Tumazos believes that surcharges, first floated in stainless steel and then instituted by carbon steel mini-mills in April 2004 to deal with fluctuating scrap costs, eventually will be a thing of the past.

  "It is possible that for both good and bad reasons surcharges either confuse or eventually lose credibility with customers," he said. "The concept of surcharges has been wearing itself out with customers." He referred to remarks by an executive of Bloomfield, Colo.-based packaging company Ball Corp., who once referred to aluminum can makers as "that thin strip of meat" between aluminum companies and consumers.

  "Similarly, I believe the steel business is maybe a slightly thicker strip of meat between the three iron ore producers and the large auto companies like Toyota and GM," Tumazos said. "If the ore and coal companies go to quarterly contracts and the mini-mills are adjusting monthly for scrap, the integrated mills will need to not have long-term fixed contracts like they had in the '80s."

  They'll need to adjust quickly, whether they call it a surcharge or not, he said. "In fact, it might be better not to call it a surcharge, because such a word has worn out the patience of customers."
   

• Alcoa
  
  Reuters.com July 12, 2010
  
  John Tumazos Very Independent Research, LLC
   

  "The results were a little better than expected. Each of their four reporting segments did well. It appeared in particular that their capital spending and cost-reduction programs were working smoothly. None of the four segments dropped the ball."
   
• Letter to the Editor: SOCO will create American jobs, boost US tax revenues
  
  www.amm.com by John C Tumazos July 7, 2010
  
  full report
   
• Cliffs buying met coal assets in West Virginia
  
  www.amm.com by Maria Guzzo July 6, 2010
  
  John Tumazos, partner at Very Independent Research LLC, Holmdel, N.J., said what Cliffs has doing in acquiring chromite ores in Canada is "brilliant," but he is less excited about the INR purchase. "It's a complicated set of variables," he said, including a mix of met and thermal coal, the relatively small current coal production and the ratio of production to reserves. "But there may be more here th an meets the eye."
   
• Latrobe Specialty Steel said mulling IPO within next 2 years
  
  www.amm.com by Maria Guzzo June 24, 2010
  
  John Tumazos, partner at Very Independent Research LLC, Holmdel, N.J., said Latrobe is a smaller company than Carpenter Technology Corp., Haynes International Inc. or Allegheny Technologies Inc., all of which also produce specialty metals.

  "Trading near $36 (per share on Thursday), Carpenter Technologies is well below its peak 2007 valuation of $75 per share or mid-range 2006-07 values near $60 per share," he said. "Probably Latrobe is worth something similarly less than peak values similar to Carpenter Technologies."
   

• Noranda slashes IPO share price on weak aluminum market
  
  www.amm.com by Anne Riley May 13, 2010
  
  The decision by Noranda's majority owner, New York-based investment fund Apollo Management LP, to reduce the size of the offering may have done the stock a disservice, said John Tumazos, analyst with Very Independent Research LLC.

  "It doesn't communicate vitality that they cut the price 44 percent," he said. "It's a sign of weakness and it suggests some discomfort, like they don't have confidence in their electricity supplier or maybe they don't like the bauxite and alumina business that Century (Aluminum Corp.) paid them $10 million to take. It's not a good sign when your partner pays you $10 million to take (an asset). My hunch is that something in this transaction gives Apollo indigestion."
   

• Apollo unlikely to face antitrust hurdles
  
  www.amm.com by Anne Riley May 7, 2010

  John Tumazos, analyst at Very Independent Research LLC, agreed that as long as Apollo isn't Aleris' primary owner, there shouldn't be a problem. "A reasonable defense that Apollo could mount is that Apollo no longer controls Aleris after the bankruptcy filing, that Aleris is controlled by a bankruptcy judge or at least reports to one, and that the ownership of Aleris is transferred to the creditors. So the antitrust objection is not a strong one," he said. "Apollo is part of the pie but they're no longer the whole pie."
   

• Noranda public offering doubt as stock market tumbles

  www.amm.com By Anne Riley May 7, 2010
   

  John Tumazos, analyst with Very Independent Research LLC, agreed that the market is no longer prime for a Noranda IPO. "The financial markets are in a collapse led by cyclical stocks," he said. "Let's just say (the number of possible) investors are going down 3 percent a day because the stock market is going down 3 percent a day. I would expect that the majority of their appointments are getting canceled."
   
• Analysts: Slumping demand why Franklin paper mill closing
  
  www.istockanalyst.com by Philip Walzer April 11 ,2010

  John Tumazos, who runs Very Independent Research in New Jersey, isn't so sure.

  "I don't think that 'hope' was a business alternative," Tumazos said last week, "but I think there's a choice."
   

• Apollo seen as main contender for Alcan rolled assets

  www.amm.com By David Brooks April 16, 2010
   

  John Tumazos, analyst at Very Independent Research LLC, raised similar concerns. "I don't think the business is particularly flush with cash to go out and make a big acquisition," he previously told AMM.
   
• Vale Inco strike could linger despite union pact, higher nickel prices

  www.amm.com By Tom Jennemann April 9, 2010
   

  John Tumazos, analyst at Very Independent Research LLC, said the office staff labor deal won't impact the position of production workers.
   
• Alcoa to demolish two idled aluminum smelters in US

  www.amm.com By Anne Riley April 6, 2010
   

  "Electricity and fuel are cyclical, so when the (smelters) were idled the company may have held out a hope that a better opportunity could occur to bring them back," according to John Tumazos, analyst at Very Independent Research LLC. "I would imagine .?.?. that they have been hoping that circumstances would change, which hasn't transpired."
   
• Novelis is free to enter aerospace, but will it?

  www.amm.com By Anne Riley March 8, 2010
   

  "There have been over-expansions," John Tumazos, analyst at Very Independent Research LLC, said.
   
• SSAB scales down plant for Alabama

  www.amm.com By Corinna Petry February 11, 2010
   

  John Tumazos, president of Very Independent Research LLC, Holmdel, N.J., said the classic application for QT plate is to transmit natural gas from Alaska and Canada to the lower 48 states.

  "Because of the natural gas surplus in the U.S. and the huge reserves found in (oil shale fields in) West Virginia, New York, Penn sylvania, Texas, Oklahoma and Louisiana, there is a chance that these (trans-Canadian) pipelines don't get built or not as quickly," he said. In addition, electricity use in the United States last year "was 4.7 percent less than in 2007, so the use of natural gas and coal for power generation has diminished."
   

• Instant View: Alcoa reports narrower loss

  www.reuters.com Monday Jan 11, 2010 http://www.reuters.com/article/idUSTRE60A54O20100111
   

  JOHN TUMAZOS, PRESIDENT, VERYINDEPENDENTRESEARCH.COM

  "It was a bit surprising that they broke even excluding the 28-cent charges. They say they had special charges, and if you take that out they nearly broke even including discontinued operations.

  "It appears that costs rose faster than prices. Or that some of the cost gains in the first half of 2009 were due to exogenous factors like currency shifts, lower energy prices, lower metal prices and now some of those exogenous factors are going against them while the metal price is going for them."
   

• Update 3- Alcoa misses street estimate shares fall

   Monday Jan 11, 2010 by Steve James www.reuters.com http://www.reuters.com/article/idUSN1115520120100112
   

  "It appears that costs rose faster than prices," said John Tumazos, president of veryindependentresearch.com.

  "Or that some of the cost gains in the first half of 2009 were due to exogenous factors like currency shifts, lower energy prices, lower metal prices and now some of those exogenous factors are going against them while the metal price is going (up) for them."
   

• Thompson Creek raises cost estimates for Endako

  AMM.com by Anne Riley December 7, 2009

  John Tumazos, analyst at Very Independent Research LLC, said it was unlikely that Sojitz would pull out of the project.

  "Sojitz just contributed C$180 million ($170.9 million) to buy 25 percent of the Gibraltar mine from Taseko Mines (Ltd.), so I'm assuming that Sojitz knows the Endako expansion was contemplated and is prepared for it. I don't think Sojitz is a risk," he said. Sojitz bought the stake in the Gibraltar copper and molybdenum mine last week
   

• Century to restart construction of Iceland smelter

  AMM.com November 19, 2009

  NEW YORK -- Century Aluminum Co. is set to restart construction at its greenfield smelter in Helguvik, Iceland, in the spring of 2010 and is targeting first production by 2012, a top executive said.

  Work at the Helguvik smelter site was effectively put on hold late last year due to tightening credit markets, low aluminum prices and the collapse of the Icelandic economy. Conditions in the credit and aluminum markets have since improved and Century is prepared to proceed with full-scale construction, Mike Bless, chief financial officer, said at a Metals and Mining investor conference in New York hosted by Knight Capital Group Inc. and John Tumazos Very Independent Research LLC, according to a Webcast of the event.

  Monterey, Calif.-based Century plans to build the smelter in four phases of 90,000 tonnes each, for a final annual capacity of 360,000 tonnes. The first phase will cost about $600 million, according to Bless.
   

• Aluminum price rally may drive Century to restart Ravenswood

  AMM.com by Anne Riley October 26, 2009

  Independent analyst John Tumazos said he found the ta lk of a Ravenswood restart surprising. "I would have thought it more logical to restart the idled line at Hawesville (Ky.) if there were to be a first step at Century," he said.

  Although today's lower energy input prices and possible union concessions could mean an improvement in Ravenswood's costs, the plant might bring in the most money for Century if it were to be sold, Tumazos said.

  "The Ravenswood plant is a much more formidable asset empty and cold without a work force. If they let it sit five years and sold it to some new company with no obligation to a labor contract and start fresh, it would in my opinion be the fullest value of the asset," he said, estimating that the plant, "sold cold," could bring in some $300 million.
   

• Noranda profitable as output climbs

  AMM.com by Anne Riley October 26, 2009
  
  Another challenge in store for Noranda is the profusion of new aluminum capacity expected to enter the global market next year, sources said. According to John Tumazos, analyst at Very Independent Research LLC, the world could see some 10 percent more smelter output, or an increase of some 1.5 million tonnes, in 2010, which could put some strain on higher-cost Western producers.

  "If you get subs tantial restarts in the U.S. and Europe, where production has been reduced, then you need a higher threshold, more than 10-percent demand growth, to keep inventories even, just even," Tumazos said.
   

• Ohio politician hints at interest in some Severstal NA plants

  AMM.com by Scott Robertson October 23, 2009

  Independent analyst John Tumazos is one who believes there is potential in Severstal's North American operations, perhaps with the conversion of some facilities into merchant pig iron producers.

  In a recent research note, he characterized reports by AMM and others claiming "sales book" offers for the Russian steelmaker's five North American mills as "sensational," adding that "some commentary appears to exaggerate (the) potential demise" of Severstal.

  "We believe Severstal has numerous fine financing alternatives should the current recession grow worse, including (a) selling more public common stock in the Severstal parent, (b) an IPO (initial public offering) of Severstal Resources, (c) an IPO of Severstal North America, (d) selected asset sales or (e) a hybrid format of the four U.S. integrated plants between sheet and merchant pig iron strategies," Tumazos said, estimating that Severstal's 8 million tons of pig iron capacity, 4 million tons of coatings capacity, its Columbus, Miss., electric furnace mill and coal, coke and corrugating are worth $5 billion.
   

• Despite Positive results Alcoa faces challenges

  AMM.com by Anne Riley 10/8/2009

  John Tumazos an analyst at Very Independent Research LLC, also pointed to currency fluctuations as a key factor for Alcoa. "Alcoa's break-even point appeared to rise 3 to 5 cents a pound in the third quarter due to the appreciation of their production cost currencies," he said. "I think Alcoa is doing everything diligent and wonderful but they can't control the Australian dollar," which has shot up recently against the greenback.
   

• What Stimulus?
   

  American Metal Market by Maria Guzzo October 2009
  
  John Tumazos an analyst with Very Independent Research LLC, Holmdel, NJ, was even less optimistic that ARRA will benefit the steal industry. "Any expectation of a substantial impact on particular steel shapes or products probably won't be fulfilled," he said. "I think most of these initiatives are going to get crowded out by various social welfare programs and the need to pay schoolteachers, policemen, firemen, and government officials," Tumazos said.
   

• Metals complex holds aluminum back

  AMM.com by Anne Riley September 29, 2009

  "There was never a shortage of aluminum this decade," said John Tumazos, an analyst at Very Independent Research LLC. "There always was a large amount in LME warehouses, where copper, nickel, lead and zinc almost fell to zero."

  Granted, some of that metal is locked up in financing deals-as much as 90 percent, according to some accounts-but regardless, "the aluminum exists," Tumazos said. "It surprises me that people are so cavalier to how quickly 5 million tonnes will disappear."
   

• Always on the Mend
   

  American Metal Market August/September 2009 issue byTom Jennemann
  
  John Tumazos, an analyst at Very Independent Research LLc, told AMM that extruders likely will have only about two thirds of the business they had before the industry's downturn.

   

• 
   

  From the Associated Press July 8, 2009
   

  John Tumazos, an industry analyst, said of Alcoa's latest results:  "They did good."

   

  The company lost considerably less money on ventures in China and Russia than in the past, and it gathered contributions from operations in Iceland and Norway, he said.  Alcoa should have a positive cash flow in the third quarter, Tumazos added.

   

• TK may cancel plans to melt stainless in Ala.
   

  www.AMM.com by Maria Guzzo July 8, 2009
  
  "The latter case would be great news for ATI, AK or Acerinox (NAS)," John Tumazos, analyst with Very Independent Research, Holmdel, N.J., said. "In this scenario, ThyssenKrupp would be content to operate Mexinox in San Luis Potosi (Mexico) as a standalone unit, accepting stainless hot-rolled coil from Europe, without any U.S. link."

   

• Steelmakers face battle as antitrust suit proceeds
   

  www.AMM.com by Maria Guzzo June 16, 2009
  
  Independent steel industry analyst John Tumazos also expects the steel litigation to take years, noting that the steel case resembles one in the container board industry where similar coincidental production cuts were made
   

• Steel output rise sign of life, but will it last?
   

  www.AMM.com by Scott Robertson June 12, 2009
  
  John Tumazos, analyst at Independent Research LLC, said several factors appear to be in play in pushing utilization rates higher. He cited the recent upward move in crude oil prices to again breach $70 per barrel, a move that should spark increased oil drilling activity. And steel inventories in general have been reduced over the past several months, leading service center customers to increase orders slightly in recent weeks, he said.
   

• US aluminum output dips further in May
   

  www.AMM.com by June 10, 2009

   

  But U.S. aluminum output still has further to fall, according to analyst John Tumazos of Very Independent Research LLC. "A 37-percent cut in U.S. aluminum output is a deep, deep cut, but autos and housing are down even more. They're going to have to cut further unless all of a sudden auto sales and housing figures rebound," he said, noting that such a turnaround is quite unlikely in the near-term.

   

• Cliff's buffered from pellet tag drop: analysts
   

  www.AMM.com by Mick Bowen June 10, 2009

   

  John Tumazos, analyst at Very Independent Research LLC, pointed out the two steel markets that primarily use pellets-North America and Europe-are also the two markets where output was hardest hit by the economic crisis. In the United States, for exampl e, the capability utilization rate averaged 47.1 percent last week compared with 91.1 percent in the corresponding week last year, according to numbers from the American Iron and Steel Institute (AMM, June 10).
   

• Lower demand imperils domestic steelmakers: Analysts predict permanent closure of some U.S. mills
   

  http://www.post-gazette.com/pg/09156/975244-28.stm The Pittsburgh Post-Gazette by Len Boselovic June 5, 2009

  Analyst John C. Tumazos, of Very Independent Research in Holmdel, N.J., forecasts U.S. mills will ship 57 million tons this year, down from 98 million last year and 106 million in 2007.

   

• China Probes Imports of U.S. Steel
   

  http://online.wsj.com/search?KEYWORDS=Tumazos&mod=DNH_S By Kris Maher June 2, 2009
  
  "I'm assuming that the prices into China were new sales at spot prices that were escalating," said John Tumazos, a metals analyst who heads Very Independent Research LLC.
   

• "Buy American" among factors limiting imports
   

  www.AMM.com by Corinna Petry May 29, 2009

  "There is very low domestic demand for steel. Second, when the demand transitions to stimulus programs, they will be 'Buy America' (orders) and not imported. Third, domestic prices have been falling," independent steel industry analyst John Tumazos said. "I believe that high domestic steel prices cause imports and, as domestic mill operating rates remained in the low 40 (percent range), prices fell enough to discourage imports."
   

• Cliffs' iron ore contract prices seen falling 10%
   

  AMM.com by Mick Bowen May 29, 2009

   

  According to John Tumazos, a steel analyst at John Tumazos Very Independent Research LLC, the structure of the local steel market and its recent woes mean the international negoti ations will have little direct impact on North America.
   

• US aluminum demand still feeling for bottom
   

  www.AMM.com by Tom Jennemann May 12, 2009
  
  John Tumazos, an analyst at Very Independent Research LLC, said that aluminum demand is about the same as it was last month. "The packaging portion of the aluminum market is stable but the auto market was down 34 percent in April and construction activity is poor," Tumazos said. "Also, virtually no money has flowed from the federal programs. It's sad that the exchange inventories rise 10,000 to 20,000 tonnes every day. Aluminum companies need to cut production more, unfortunately."
   

• Credit pains to linger; plan well, metals told
   

  www.AMM.com by Maria Guzzo May 8, 2009

  Independent steel industry analyst John Tumazos said he was impressed that U.S. Steel raised twice as much as originally intended, and they did it in 24 hours.

  "Commercial banks are still sucking their thumbs, but stock market money is coming off the sidelines," he said. "Money can be obtained from public or private stock and bond sales. But the commercial lending area from banks is still difficult."
   

• Analysts applaud Nyrstar's Tenn. buy
   

  AMM.com by Mick Bowen May 6, 2009

   

• Steel distributor Certified set to go solar at N.J. plant
   

  www.AMM.com by Corinna Petry May 5, 2009

   

• ISRI CONVENTION: Commodities boom masked aluminum glut, Tumazos says
   

  AMM.com by Michael MArley May 1, 2009

  
  Tumazos, of John Tumazos Very Independent Research LLC, criticized aluminum producers outside of China, saying they produced more metal than Western markets needed. "The aluminum producers misjudged demand and built capacity to serve phantom buyers," he said.

   

• ArcelorMittal tries EU price freeze, expects stable May
   

  Platts Steel Markets Daily by Julien Hall with Joe Innace in New York April 16, 2009

  
  “This is humorous,” said analyst John
  Tumazos of Very Independent Research. “A
  supplier ‘price freeze’ in a very strong market,
  such as one to three years ago, is
  enforceable as it would be a form of ‘self
  restraint,’ he wrote in an e-mail to Platts.
  “A supplier ‘price freeze’ with world steel
  output down about 23%, or nearly 50% outside
  China, is a little bit like trying to stop
  the flow of Niagara Falls,” he quipped.

   

• Aluminum market continues to falter
   

  amm.com  by Tom Jennemann April 14, 2009 

   

  But the month-on-month increase is somewhat deceptive as it's based on a calendar month and isn't adjusted for the actual number of working days. It is also the normal seasonal pattern for demand to improve sequentially as winter ends, according to John Tumazos, analyst at Very Independent Research LLC.

   

   

• Steel import, export price indicies drop
   

  Amm.com by Corinna Petry April 9, 2009
  
  "Imports and exports of everything, not just steel, are falling worldwide because there is less need for trade in a recession as countries are more self reliant and less willing to buy," said independent metals industry analyst John Tumazos. "High prices cause imports, (but domestic steel prices have fallen to around $400 per ton for many products) so now steel imports are relatively low-1.5 million tons per month or less-because domestic producers have cut prices."

• Alcoa reports $497M loss in 1Q on lower prices
   

  Associated Press April 7, 2009 by Daniel Lovering http://hosted.ap.org/dynamic/stories/E/EARNS_ALCOA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

   

  Analysts point to the excess supplies of aluminum worldwide and say further production cuts are needed to match falling orders. Industry analyst John Tumazos said the actual market decline will be twice as much as Alcoa projected.

   

   

• 6 months after USW deal, steel is in a slump
   

  Pittsburgh Post-Gazette by Leo Boselovic http://www.post-gazette.com/pg/09088/958881-435.stm

   

• Alcoa unveils new cuts, changes margin policy
   

  American Metal market by tom Jenneman Mar 16, 2009 http://amm.com/2009-03-16__17-16-36.html

   

  "When aluminum prices were higher and margins big, there may have been a tendancy to provide a lot of services free or, in this case, provide credit or hedging support," said analyst John  Tumazos of Very Independent Research LLC.

   

• Aluminum sheet, plate shipments inch higher
   

  American Metal market by Tom Jennemann March 3, 2009

   

  That optimism wasn't shared by analyst John Tumazos of Very Independent Research LLC, who said that it would be premature to assume that a month-on-month uptick in January's sheet and plate shipments signals a bottom for aluminum demand.

   

• DLA seeks better steel 'Warstopper' response
   

  American Metal Market by Mick Bowen March 9, 2009

   

  John Tumazos, analyst with Very Independent Research LLC, Holmdel, N.J. said the DLA letter nay be nothing out of the ordinary.  "I don't think they've run out of anything," he said.  "None of the basic large volume industrial materials are in low supply and we have the prices to show that's true."
   

• USS' Minntac Mine set for hit, III. cuts grow
   

  American Metal Market by Mick Bowen

   

  "It's an unfortunate and natural response to end markets," independent steel analyst John Tumazos said, citing a 50-percent drop in car manufacturing and an 80-percent fall in new housing starts, among other factors.

   

• Parts makers may not suffer full impact of auto cutbacks
   

  American metal Market by Anne Riley http://www.amm.com/2009-02-18__18-04-34.html

   

  "If it's a transplant vehicle, most of the steel and components will be American.  we're really talking about how the pie is divided and how much of the sales the Big Three lose," independent steel industry analyst John Tumazos said.

   

• Aluminum picks up old script with talk of MoU
   

  American Metal Market By Tom Jennemann http://www.amm.com/2009-02-05__16-59-35.html

   

  "The MoU approach may be the only solution to the aluminum mess," said analyst John Tumazos of Very Independent Research, LLC.  "It solved the problem 15 years ago and the inventories on commodity exchanges are 700,000 tonnes higher today than they were at the peak in 1994, when you factor in (the) Shanghai (futures exchange) and Comex (division of the New York Mercantile exchange)"

   

• AMM State of Steel '09: Premium metalics prices up from the bottom: Midrex
   

  http://www.galwayresources.com/s/NewsReleases.asp?ReportID=337122

   

• AMM State of Steel '09: Premium metalics prices up from the bottom: Midrex
   

  American Metal Market  by  Michael Bowen http://www.amm.com/2009-01-26__14-22-05.html

  
  Analyst John Tumazos from Very Independent Research, LLC said blast furnace operators would turn to high grade iron ore in a market currently characterized by lower prices and higher surpluses. "The usage per ton will fall as the grade improves," he said, adding that shipping less ore translates into lower freight costs, while using higher-grade ore lowers coal and coke use and improves blast furnace productivity.

   

• Freeport-McMoran results top view, shares up
   

  Reuters by  Steve James http://money.cnn.com/news/newsfeeds/articles/reuters/MTFH75123_2009-01-26_16-12-03_N26370152.htm

   

  "When purchase accounting values are written off they never get written back," said independent metals analyst John Tumazos. "So, what they wrote off today will never come back."

   

• Thompson Creek may be mulling buy: analysts

   

  American Metal Market by  Mick Bowen http://amm.com/2008-12-05__15-30-54.html

   

  Independent analyst John Tumazos said there was a chance Thompson Creek could use cash on hand to acquire any one of a half dozen molybdenum projects, but added it was just as likely the company hold on to it in case the price of molybdenum got worse. Molybdenum oide is currently selling for $9 to 410 a pound, while it averaged $30 a pound in 2007 and $33 a pound in the first nine months of this year. 

   

• Alcoa Searches for Fresh Start in Troubled Market
   

  Wall Street Journal Wed. December 3, 2008 page B4.  by Robert Guy Mathews

   

  John Tumazos an analyst with Very Independent Research, said the company has few good options as its influence in the commodity world is nowhere as sure as it once was.  "They need to idle more smelters than they have cut," he said.

• (BN) Freeport Cuts Molybdenum Output on `Sharp' Price Drop
   

  By Stewart Bailey
   

• Smaller nickel miners facing an uphill road
   

  By Michael Cowden October 28, 2008 http://amm.com/2008-10-28__18-37-45.html
  
  Independent analyst John Tumazos also doubted there would be a wave of consolidation, but said smaller producers could become insolvent and eventually fail.  "Nobody in the nickel business makes money at $4.50 a pound," he said.

   

• Nickel premiums steady despite lull
   

  By Michael Cowden October 24, 2008 http://amm.com/2008-10-24__17-15-45.html
  
  Independent mining analyst John Tumazos said current prices don't justify energy and chipping costs in many cases.  however, LME stockpiles amount to less than 3 percent of world usage, he pointed out, adding that many stainless steelmakers have been destocking since the second half of 2006.
   

• NY group is kicking tires at former McLouth Steel
   

  By Michael Cowden October 16, 2008  http://amm.com/2008-10-16__17-44-48.html
   

  Still, despite all the economic gloom and doom, the site's infrastructure and potentially generous government incentives could make restarting the former mill a good idea, independent industry analyst  John Tumazos said.

   

• Delay in Rio asset sale to bolster BHP bid
   

  By Tom Jennemann October 15, 2008 http://www.amm.com/2008-10-15__18-31-08.html
   

  But not everyone sees the divestment delay as a negative for the Anglo-Australian mining giant.  "The drop in oil prices almost cuts resin feedstock costs in half.  Whatever the packaging business was worth on July 3 as oil peaked, it's probably worth 25 percent more today because their profit margins should be much larger because the squeezes are alleviated," said independent metals analyst John tumazos.  "Delaying the sale because of finanical markets could be clever and a sign of strength and not weakness, particularly as it relates to the packaging (unit)."
   

• Analysts mixed on financial crisis impact on steel M&As
   

  By Maria Guzzo October 7, 2008 http://www.amm.com/2008-10-07__10-38-35.html 
   

  Independent steel analyst John Tumazos also is pessimistic about more mergers and acquisitions occurring anytime soon.  "Steelmakers just got kicked out of 'paradise'," he said, noting that acquisitions will be a lower priority going forward.

   

• Surma, Mital optimistic on M&As; investors not
   

  By Maria Guzzo October 7, 2008 http://www.amm.com/stories/story.asp?file=/2008-10-07__16-48-14.xml 
   

  Independent steel analyst John Tumazos also is pessimistic about more mergers and acquisitions occurring anytime soon.  "Steelmakers just got kicked out of 'paradise'," he said, noting that acquisitions will be a lower priority going forward.
   

• Output cuts widen as mills react to slowdown
   

  By Scott Robertson October 3, 2008 http://www.amm.com/stories/story.asp?file=/2008-10-03__16-53-34.xml
   

  The lack of steel orders is a cause for concern among mills as they eye production cuts, according to John Tumazos, principal for Very Independent Research, LLC, Holmdel, N.J.

   

• SDI mulling flat-roll mill, may target auto: Busse
   

  By Scott Robertson September 15, 2008 http://www.amm.com/2008-09-15__17-41-50.html
   

  "SDI earns slightly better margins and returns than its competitors," John Tumazos, analyst at Very Independent Research LLC, Holmdel, N.J., said.  "there is always room for the best player," he added.

   

• Labor deal "expensive" for U.S. Steel
   

  By Scott Robertson August 25, 2008 http://amm.com/2008-08-25__19-29-35.html
   

  John Tumazos analyst at Very Independent Research, Holmdel, N.J. said investors may be calculating that growth in other steel production is about to slow due to a drop in global demand.  there is some evidence that tightness in the market for steelmaking could be easing, he said.
   

• USW-ArcelorMittal talks halt; strike said unlikely
   

  By Maria Guzzo Aug 11, 2008 http://amm.com/2008-08-11__19-49-46.html
   

  The cost of steel these days could also impact market movements, John Tumazos, analyst at Very Independent Research LLC, Holmdel, N.J. said.

   

• SeverCorr shift in scrap mix a "natural" process
   

  By Michael Cowden August 6, 2008 http://amm.com/2008-08-06__19-14-33.html
   

  No. 1 bundles and  No. 1 busheling prices currently stand at a premium to other grades of steel scrap in the United States and steel mills could be using other grades to avoid the high tags, according to John Tumazos, analyst at Very Independent Research LLC, Holmdel, N.J.

   

• ArcelorMittal said eyeing Alpha bid trumping Cliffs
   

  By Maria Guzzo August 1, 2008 http://amm.com/stories.asp?file=/2008-08-01__21-00-28.xml 
   

  "ArcelorMittal has expressed a goal to be more self-sufficient in metallurgical coal and iron ore," John Tumazos, an analyst with Very Independent Research, LLC, Holmdel, N.J. said.  "It may be that Mittal considers Alpha to be much more attractive than the typical met coal opportunity around the globe.

   

• Teck's $13.8B deal to buy Fording Feeds M&A fever

   

  By Maria Guzzo July 29, 2008 American Metal Market http://amm.com/2008-07-29__19-35-57.html
   

  Steelmakers worldwide will be largely unaffected because the existing combination of ownership of supply and management will be maintained, John Tumazos, analyst at Very Independent Research LLC, Holmdel, N.J. said.

   

• Cliffs risks going from hunter to buyout target

   

  By Maria Guzzo July 25, 2008 American Metal Market http://amm.com/stories.asp?file=/2008-07-25__20-24-08.xml
   

  Analyst John Tumazos of John Tumazos Very Independent Research LLC, Holmdel, N.J. said he, too, understands Harbinger's actions.  "Shareholders own pieces of paper and sometimes they just assume the piece of paper is going to be the same," he said.  "It's always possible investors at Harbinger thought they were buying mostly into iron ore and weren't expecting $10 billion worth of coal."

   

• Mine start-ups might be least of nickel's worries

  
  By Darcy Keith July 25, 2008 American Metal Market http://amm.com/2008-07-25__20-25-14.html

   

  "There are a number of places around the world where the existing production should not be taken for granted," said analyst John Tumazos of John Tumazos Very Independent Research,  LLC.
   

• BankAtlantic Sues Firm, Analyst Bove for Defamation

  
  http://www.bloomberg.com/apps/news?pid=newsarchive&sid=attGHLC37ww8

   

  download

• Correnti Departs in Severcorr Reshuffle

  
  Febuary 2008 edition of American Metal market

   

  steel industry analyst John Tumazos said the move raised several questions.  "There's more that we don't know than we do know," he said.  "We would like to think that everyone would be fairly rewarded."

   

• John Tumazos interview with The Gold Report transcript

  
  Download Document

   

• HudBay dives into nickel via Skye buy

  
  By Darcy Keith June 24, 2008 http://amm.com/2008-06-24__21-39-44.html

   

  Fenix contains proven and probable reserves of 41.4 million tonnes of ore grading 1.63-percent nickel, which, according to John Tumazos of Very independent Research, LLC, represents two to three years of world consumption.  "The deposit is massive. I think the offer is low and is favorable to HudBay and a little light to Skye.?

   

  Misquote:  "proven and probable reserves of 41.4 million"

  Correction: 11 billion lb of ni resources or 5 mmt contained NI resources.

   

• Esmark smells profit, says Severstal offer falls short

  
  By Michael Cowden, American Metal Market http://amm.com/2008-06-12__19-42-34.html

   

  The primary concern of Esmark's board should be finding the best deal for shareholders and making sure "the $17 or $19 check clears," analyst John Tumazos of Very Independent Research LLc, Holmdel, N.J. said.

   

• Vale sparks takeover talk with $15B Share offering

  
  By Roberta Pregnaca, American Metal Market http://amm.com/2008-06-10__19-33-15.html

   

  Alcoa has more downstream exposure and might not be such a good fit with Vale's core competence, according to analyst John Tumazos, owner of Very independent Research LLC, Holmdel, N.J.

   

• Galway seeks steel partner for N.M. mine

  
  By Sean Barry, American Metal Market http://amm.com/2008-06-05__19-58-37.html

   

  "It's a big-time discovery and my job is to figure out the best way to maximize the value of this project," Tumazos said.  "we're looking at possibly bringing in a steel company as a partner similar to what General Moly Inc. has done.  We're also looking at bringing in financial partners."

   

• Severstal's Esmark bid might be hard to beat

  
  By Scott Robertson, American Metal Market http://amm.com/2008-05-30__20-03-28.html

   

  "If Franklin is backing Severstal, then it's a done deal," said John Tumazos, analyst at john Tumazos Very Independent Research, Holmdel N.J.  "Presumably, Franklin is a knowledgeable shareholder as a large institution.  If they are backing Severstal that should get it done."

   

   

• GM truck, SUV cutbacks could trickle upstream

  
  By Michael Cowden, American Metal Market http://amm.com/2008-04-29__20-03-26.html

   

  The real problem for the steel industry is not declining auto sales, but supply constraints of raw materials such as iron ore and metallurgical coal, according to john Tumazos of John Tumazos Very Independent Research, LLC Holmdel, NJ.

   

   

• Esmark deal pales next to old W-P bid
  
  By Scott Paterson, American Metal market http://amm.com/com/2008-05-01__15-47-28.html
  
  "The market got better, but (Wheeling-Pittsburgh's) operations got worse," analyst John Tumazos said. "The problem with comparing this offer to CSN's is that things change over time.  Wheeling-Pitt installed the electric-arc furnace (at Mingo Junction, Ohio) and it obviously is not working properly based on their financial numbers.  But even forgetting those numbers, it's better to sell early. CSN would have brought in slabs that would have bypassed those molten steel operations."
   
• NC Legal Blog

  
  http://womblencappellate.blogspot.com/2008/04/coa-holds-that-stock-analysts-report.html

   

• Nucor loses appeal in libel suit

  
  gsrg - nucor loses appeal vs Tumazos 4-24-08.pdf

   

• Nucor Loses Bid to Reinstate Libel Lawsuit Against Prudential
  
  by Linda Sandler (Bloomberg) Full Story
   

• Jury set in Nucor secrets case; libel suit shot down
  
  American Metal market htp://amm.com/2008-04-24__19-15-45.html
   
• ATI Stock Climbs on Rumors about takeover by U.S. Steel

  
  John Tumazos, analyst at John Tumazos Very Independent Research LLC, Holmdel N.J. said he did not see how either company would benefit from such a combination.  He said he didn't believe U.S. Steel would but ATI as U.S. Steel is seeking "bolt-on" extensions with large synergies to existing U.S. iron ore, sheet, and tube or East European sheet units.

   

  American Metal Market, by Maria Guzzo: April 7, 2008 http://amm.com/wrappers/story.asp?file=/2008-04-07__18-51-50.xml

   

• Skye resources to present at JTVIR Metals Conference March 27, 2008

  
   2008-03-25 JTVIR Announcement.pdf

   

• Duluth Metals to present at JTVIR Metals Conference March 27, 2008

  
  http://www.duluthmetals.com/s/NewsReleases.asp

   

• Taseko Mines to present at JTVIR Metals Conference

  
  http://www.tasekomines.com/tko/newsreleases.asp?reportid=292166
   

• Dofasco sues for iron ore mine

  
  By Naomi Powell The Hamilton Spectator March 14, 2008 page A16
  
  Dofasco.doc
   

• Tumazos Sees Global Economic `Boom' on Low Rates
  
  Mar. 11 (Bloomberg) -- John Tumazos, founder of Very Independent Research LLC, spoke yesterday with Bloomberg's Tom Keene from Holmdel, New Jersey, about commodity prices, the gold market and the global economy.
  
  weblink
   

• Interview with John Tumazos
  
  htttp://www.wsw.com/webcast/vir/video.html
   

• Hot-roll band prices surge to new highs: Benchmarker
   

  American metal Market by Maria Guzzo http://amm.com/2008-02-13__19-25-29.html
   

  John Tumazos, analyst at John Tumazos Very Independent Research LLC, Holmdel, N.J., said the price hikes "reflect December/ January scrap cost increases, which mills are now trying to recover with a time lag after the fact."
   

• Century Aluminum
   

  Sunday (Charleston, WV) Gazette-Mail Sunday Feb 3, 2008 "Century has to face the numbers" By George Hohman
   

  Chief Operating Officer Wayne Hale said in September that alumina accounts for 37 percent of Ravenswood's costs; electricity, 26 percent; labor, 16 percent; carbon, 8 percent; and other raw materials, 12 percent.  John tumazos, an independent analyst, said Ravenswood's expenses are in the ballpark when compared to others.

   

• U.S. Steel to raise production at Stelco facilities
  
  American Metal Markets http://amm.com/2008-02-04__15-44-12.html By Michael Cowden
  
  One industry analyst said the depreciating dollar was a concern.  It is unclear whether U.S. Steel will earn suitable returns from Stelco unless exchange rates change, according to John C. Tumazos, head of John Tumazos Very independent Research LLC, Holmdel, N.J.
   

• SSAB said in talks to divest Ipsco's tubular operations
   

  American Metal Market by Michael Cowden http://amm.com/wrappers/story.asp?file=/2008-02-04__20-42-29.xml Feb 4, 2008.
   

  "The price SSAB paid was very generous," said John Tumazos of John Tumazos Very Independent Research LLC, Holmdel, NJ.  And SSAB might be "very Happy" to exit a product line or two in order to reduce debt and capital employed, especially in the face of turmoil in the credit markets, he said.

   

• Alcoa awaits BHP decision as Rio offer deadline looms
  
  American Metal Market by Mathew Lerner http://amm.com/2008-02-05__19-02-19.html Feb 5, 2008
  
  Alcoa could be taking a two-track approach, according to John C. Tumazos of John Tumazos Very Independent Research, LC, Holmdel, NJ.  Alcoa owns only 9 percent of the stake it purchased with Chinalco, meaning it directly controls no more than 1 percent of Rio stock.  Alcoa might swap that stake for a specific asset or flip it later at a profit, he said.
   

• USS reportedly eyeing Bulgaria mill acquisition
   

  American Metal Market http://amm.com/2008-01-30__20-15-40.html By Maria Guzzo
   

  "It makes sense to integrate it with Belgrade and Kosice into their system.  Their advantage is defined as how efficient they could make them all." said John Tumazos, head of Very independent Research LLC, Holmdel, N.J., who added that although he had heard nothing about the negotiations, such a purchase could be beneficial to the Pittsburgh-based steelmaker.

   

• Hot-roll band on strong drive in US, world export markets
  
  American Metal Markets http://amm.com/2008-01-30__20-12-53.html By Michael Cowden
  
  "Currency fluctuations could be partially accountable for the difference between U.S. and Chinese prices, as the U.S. dollar continues to weaken while the Chinese Yuan strengthens, said John Tumazos, analyst at John Tumazos Very Independent Research LLC, Holmdel, N.J.  And, of course, low customer inventories are encouraging North American steelmakers to increase domestic market prices, he added.
  
  Tumazos speculated that world export prices might be rising as U.S. mills divert supplies away from export markets to long-standing distributor customers- a move that might at first glance appear counterintuitive, given strong prices abroad.  "You can sell to the person you get the highest bid from, or you can go out and serve the customer who orders from every month," he said.
   

• Duluth Complex projects move forward
   

  Article from The Northern Miner, Volume 93 Number 47, Jan 14-20, 2008
   

  "In a third-quarter conference call, Teck chief executive Don Lindsay told research analyst John Tumazos that there was "nothing material to report" on Mesaba, and that there "won't be for some time.""

   

• Alcoa's Stint in the Minor Leagues
  
  Tuesday January 29, 2008 edition of the Wall Street Journal page C1
  
  By 2015, the Middle East smelters could produce aluminum 25% cheaper than Alcoa does now, says John Tumazos, who runs a metals-research concern called Very Independent Research.  "It will be very difficult for Alcoa to compete," he says.
   

• Steel mat feel minimal recession fallout
  
  Article from American Metal Market January 22, 2008 http://amm.com/2008-01-22__19-22-39.html
  
  "The outlook for metal industries in general remains strong, according to John Tumazos, founder of John Tumazos Very Independent Research LLC, Holmdel, NJ.  Companies such as U.S. Steel and Nucor could even use the market downturn as an opportunity to buy back shares at bargain prices."
   

• Anglo American May Buy Brazil Projects
  
  Friday January 18, 2008 edition of the Wall Street Journal page 9
  
  "It is a coup that Anglo American is doing this deal," said John Tumazos, an analyst with Very Independent Research, LLC.  "All the iron-ore producers of the world envy Vale's spectacular resources in Brazil and would like to have something like it"  He said the price is justified, given the entry into a rich market
   

• SeverCorr squeeze-out aimed at four top execs.
  
  Article from American Metals Markets.  SeverCorr squeeze-out aimed at four top execs

2007 news articles

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