Monaca closure, lower prices lead to losses at Horsehead
Horsehead Holding reported losses for the fourth quarter and all of 2012, citing lower zinc prices, hedge-related costs and a $16 million charge related to the impending closure of its Monaca smelter. The Robinson zinc producer reported a fourth quarter loss of $11.2 million, or 25 cents per share, vs. a loss of $12.7 million, or 29 cents per share, in the year-ago quarter. Sales rose 6 percent to $106.4 million. For 2012, Horsehead lost $30.4 million, or 69 cents per share vs. 2011 net income of $21.5 million, or 49 cents per share. Sales fell 3 percent to $435.7 million. The company said production in Monaca will wind up near the end of the year. It is being replaced by a $145 million smelter in Rutherford, N.C., that will employ about 250.
Nemacolin casino gets OK for 28 game tables
When it opens later this year, Lady Luck Casino Nemacolin in Fayette County will be permitted to install 28 gaming tables, according to the Pennsylvania Gaming Control Board. On Wednesday, the gaming board approved Nemacolin's petition to operate 14 blackjack tables, two craps tables, two roulette tables and 10 poker tables. Small-scale resort casinos are allowed to operate up to 50 gaming tables and 600 slot machines under state law.
Wholesale prices rose in Jan.
The Labor Department said Wednesday that its producer price index rose 0.2 percent last month, the first increase since September. Gasoline and other energy prices fell, while food prices jumped 0.7 percent after dropping sharply in December. In the past 12 months, wholesale prices have risen just 1.4 percent. Excluding the volatile food and energy categories, core prices have risen a mild 1.8 percent over the past 12 months.
Martha Stewart retail standoff
J.C. Penney and Macy's are squaring off in New York State Supreme Court over the right to sell Martha Stewart merchandise. The case centers on whether Macy's has the exclusive right to sell Martha Stewart-branded products in such categories as cookware, bedding and bath until 2018. In December 2011, J.C. Penney announced a partnership in which it would open Martha Stewart mini shops in most of its stores, beginning this spring. It also announced that it had acquired a 16.6 percent stake in Martha Stewart Living.
Also in business ...
Randy Woelfel, chief executive of Nova Chemicals Corp., joined the board of Black & Veatch, an engineering and construction consulting company based in Overland Park, Kan. ... Amazon may have broken antitrust laws in Germany by banning third-party traders from selling their products cheaper elsewhere, German officials said Wednesday. ... Boeing Co.'s 15,500 engineers have accepted a new four-year contract while 7,400 technical workers rejected their offer and voted to authorize a future strike.