Dow Chemical, the largest U.S. chemical producer, is planning to cut 11 percent of its workforce, close plants, and sell parts of its business. The job cuts represent 5,000 of its employed positions as well as 6,000 of the company's contractors. Hassan Ahmed, an analyst at HSBC Securities, stated that they are looking at the fourth quarter and preparing for the worst.

The United States Steelworkers union reported Tuesday that they have reached a four-year agreement. The agreement covers nearly 16,000 employees, sets wage terms, pensions, and health care coverage as well as other benefits. Under the terms, employees will receive a one time $6,000 cash bonus as well as a $1 increase in pay and receive 4 percent wage increases for the next three years.

Goldman Sachs has backed out its $794 million buyout offer for Myers Industries. Myers shares are now trading at $13.17 well below Goldman Sachs proposed buyout at $22.50. Nothing has changed in the company's core businesses; however, the company's largest segment is lawn and garden which is extremely dependent on the housing market.

Alcoa reported Wednesday that its fourth-quarter earnings increased by 76 percent compared to the previous year. The company reported earnings per share of 75 cents beating analysts expectations of 33 cents per share; however, the earnings include a favorable restructuring adjustment and a one-time tax benefit equal to $323 million or 38 cents per share not factored into analysts' forecasts.

The Environmental Protection Agency has finally reached an agreement with Steel Dynamics. Steel Dynamics will be required to pay a $13,540 penalty and support a $263,000 environmental projects ends allegations stating Steel Dynamics violated emission standards of the Clean Air Act between 2003 and 2006.

Analysts reported that Steel Dynamic's acquistion of OmniSource could potentially help the company from the rising costs. OmniSource is a scrap steel and recycled metals company. Steel Dynamics, a steel proccessing company, has been facing higher costs for scrap steel as supply has been shrinking. UBS Investment Firm stated that the acquistion was a good move for Steel Dynamics and should shelter... More

Dow Chemical is deciding rather or not to make a counter offer for Britain's Imperial Chemical Industries. Earlier this week Britain Imperial Chemical Industries rejected a bid of 7.8 billion from the Akzo Nobel.

Davenport & Company restated their "buy" rating and increased their target price to $145 dollars a share.

Reliance Steel's Board of Directors announced that will be offering a 8 cent dividend to shareholders in Q3.

Shaw Group announced that they will be restating their 2006 annual earnings report and delaying their 2007 quarterly reports upon its evaluation of comments from the Security and Exchange Commission.

As the decline in housing continues Owens suffers due to a reduce demand for building materials.

Merdian Gold announced that their Board of Directors refuse the unsolicited offer from Yamana Gold.

OI announced that they have completed the sell of their plastic packaging unit.

International Paper Company announced strong Q2 revenues; however, they failed to reach analysts expectations.

BHP led the rise for Australian equities after they suffered their worst loss in over six years.