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Chinese premier slams U.S. 'protectionism,' says yuan is not too low Los Angeles Times Share     In an annual news conference Sunday that took direct aim at the United States, Chinese Premier Wen Jiabao defended his country's currency policy and said it was up to Washington to mend Sino-American relations. Rejecting charges that China kept the yuan artificially low to boost its exports, Wen said the Chinese currency was not undervalued and that the government's policy of controlling the exchange rate had boosted imports and helped spur economic recovery across the globe. More
India's manufacturing output increased 17.9 percent IndustryWeek Share
Asia's third-largest economy surges ahead in January as industrial output rose by 16. percent, official data showed on March 12. Manufacturing output, which comprises the bulk of the industrial production index, rose 17.9 percent from a year earlier, as stimulus packages and lower interest rates spurred demand for consumer durables, cement and steel. More Vestas sells bonds for first time as growth slows Bloomberg Share
Vestas Wind Systems A/S, the biggest maker of wind turbines, is selling bonds for the first time to diversify funding as growth in the market slows. The company will disclose the amount after book-building ends Denmark-based Vestas said in a filing. Last month, Vestas cut its sales and profit margin forecasts for 2010 and said it would investigate the possibility of a bond sale. More European steel demand to remain weak in 2010: Kirby Adams The Press Trust of India via The Business Standard Share
The demand for steel in Europe will continue to remain weak in the current year as a result of poor offtake from both auto and construction sectors, Tata Steel Europe, which runs Corus, has said. "The demand for steel will remain weak in Europe in 2010 and the market is unlikely to return to pre-crisis levels for several years," Kirby Adams, the CEO and Managing Director of Tata Steel Europe, said in Tata Review, an in-house magazine. More
Exclusive: Toyota to cut steel price for suppliers Reuters Share
Toyota Motor Corp has told its suppliers that it will lower the price of the steel products it sells them by as much as 9 percent from April 1, four sources with direct knowledge of the talks said. The move comes before Toyota completes its own price negotiations with top steelmakers such as Nippon Steel Corp for the business year starting in April, marking an unprecedented step that the sources said could be aimed at limiting expected price hikes by steelmakers. More Black & Decker shareholders approve Stanley Works deal The Associated Press via Manufacturing.net Share
Shareholders approved a nearly $3.5 billion stock buyout Friday, clearing the final hurdle for Stanley Works to acquire Black & Decker. The two are set to form a new company called Stanley Black & Decker, and become the nation's largest toolmaker, according to regulatory filings submitted to the Securities and Exchange Commission. More UAW aims to rebuild, rebound The Detroit Free Press Share
General Motors and Chrysler aren't the only ones trying to bounce back from their bankruptcies last year. The UAW also faces a historic challenge of rebuilding not just its membership - which has fallen from a high of 1.5 million in 1980 to a historic low below 470,000 - but also its image. How low the union's image has sunk became apparent during congressional hearings in late 2008, when GM and Chrysler sought federal aid. More
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