US lobbied Greenland rare earths developer Tanbreez not to sell to China
President-elect Trump has expressed interest in taking control of the island.
Denmark’s FLSmidth has joined its Nordic peers Sandvik and Atlas Copco in announcing weak results as the global mining slowdown continues to impact equipment suppliers and engineering firms.
FLSmidth on Friday reported a 40% drop in second-quarter operating profit and announced it is shedding 1,100 jobs, around 7% of its total global workforce, and closing offices and facilities.
Miners around the world are under intense pressure to cut costs as they contend with volatile commodity prices, rising wages, labour unrest and lower-grade ores and capital spending has shrunk accordingly.
Reuters reports FLSmidth Chief Executive Thomas Schulz, who took the reins on April 1, told a conference call with analysts: “We expect mining capex will hit bottom in 2014,”
2 Comments
Eyes wide open
Flsmidth’s problem in North America is more of a situation of having all thier eggs in one basket. They have a nightmare growing in Saltlake city. just ask anyone that deals with them. they have cut thier noses off in spite of thier faces. slow to react to client needs, killing product lines and brands that made revenue in past years.
alsolutely a mess.
Jatin
Manufacturer & Exporters of Stainless Steel, Carbon Steel, Alloy Steel, Duplex Steel, Nickel, Inconel, Monel, Hastelloy, Nickel Alloys, Copper, Copper Alloys, Brass, Cupronickel, Titanium, Gunmetal, Aluminium in forms of Pipe, Tube, Pipe Fitting, Flange, Forging, Sheet, Plate, Rod, Structural, Gasket, Valve, etc
Contact:
Tel.: 0091-9823458877
Email: [email protected]