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To: Haim R. Branisteanu who wrote (88055)	3/17/2012 7:06:32 AM
From: critical_mass	Read Replies (1) \| Respond to of 218481

I have no reason to object to what you posted and support the fact that an op-ed challenging not only GS, but throwing down the gauntlet to all of WS, appears in one of the most widely circulated newspapers in the US. I would respectfully suggest that there is some context missing acknowledging that you interact with different generation of Germans than i do. In my opinion, this op-ed could never appear in a German mainstream daily, e.g. FAZ, SZ, Welt or Handelsblatt, written by a German ED resigning from Deutsche Bank in disgust. Any tales of malfeasance by players like Deutsche Bank, Commerzbank, Hypo Real Estate, i.e. the "home team", while potentially morally repugnant, will not appeal to most readers the way they do when the same behavior is observed in US banks. On the day of the Greek default, this was the cover on Stern, the second most circulated weekly news magazine in Germany stern.de which roughly translates as "America, what has become of you?" There is a strong current of anti-American sentiment in Germany in people younger than 50 years old. Many may argue that disagreements about the Iraq War, Afghanistan, Kyoto and a number of other things have created hostility. In my experience it simply brought what was already there to the surface. The reprint of the stories of malfeasance from WS are simply fuel for the fire.

To: Haim R. Branisteanu who wrote (88055)	3/18/2012 3:21:56 AM
From: elmatador	Read Replies (1) \| Respond to of 218481

“Iron ore together with coal represents 80 percent of steel production costs. As we are the biggest global producer, the more costs we reduce, the more competitive we become in steel,” Costa, 53, said. ArcelorMittal to Boost Brazilian Iron-Ore Output 65% in 2013 By Juan Pablo Spinetto on March 16, 2012 ArcelorMittal (MT), the world’s largest steelmaker, plans to boost iron-ore output in Brazil 65 percent to 7.1 million metric tons next year as it seeks to raise its self-sufficiency of the ingredient to make steel. ArcelorMittal is spending $125 million to expand iron-ore mines in Brazil, where it expects to produce 4.3 million metric tons this year, Sebastiao Costa Filho, the head of the company’s mining business in Brazil, said in a telephone interview from Belo Horizonte today. The company produced about 5.3 million tons in 2011, he said. Steel companies have been expanding iron-ore reserves as prices for the key raw material have risen almost 150 percent in the past three years. Arcelor, based in Luxembourg, expects to produce 100 million metric tons by 2015, up from 54 million tons last year, as it taps mining assets in countries including Canada, Brazil and Liberia, according to a Feb. 27 presentation. “Iron ore together with coal represents 80 percent of steel production costs. As we are the biggest global producer, the more costs we reduce, the more competitive we become in steel,” Costa, 53, said. Arcelor is expanding its Andrade and Serra Azul mines, in Brazil’s state of Minas Gerais (USIM5), from which it supplies its own steel plants in Brazil and also sells to local customers including Usinas Siderurgicas de Minas Gerais SA, Costa said. The company will export about 800,000 metric tons in the first half of the year, he said. Port Access Sought Arcelor expects to develop its Serra Azul mine further if it gains access to a port to be able to export more, Costa said. The company is in “advanced talks” with Usiminas, as Brazil’s second-largest steelmaker is known, and port operator Multiterminais to jointly bid for a port concession in the Rio de Janeiro state, he said. “Accessing a terminal will mean we have the chance to send our iron ore overseas, being able to make new investments,” Costa said. “Port access is the most problematic logistic in Brazil these days.” Arcelor gained 0.6 percent to 15.83 euros at the close in Amsterdam. To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net