Alcoa
Russian Norilsk Nickel (OTC BB: NILSY) mines more of its namesake metal than anyone else in the world, even mighty Companhia Vale do Rio Doce
Nickel was fittingly the star of the Norilsk show, accounting for 68% of first-half revenue. The average sale price for nickel soared 158% on Asian demand for stainless steel. Naturally, top- and bottom-line results went bonkers in the first half, up 82% and 177%, respectively.
Oh, but how things have changed. That LionOre acquisition came when nickel was trading around a record $50,000 per ton. Now that the metal's price has fallen by around 40%, the deal's looking like some very poor timing on Norilsk's part. I've previously noted the risk that value from these late-cycle deals can go up in smoke.
Meanwhile, Vedanta, the parent of Global Gains pick Sterlite Industries
As the saying goes, whoever smelted, dealt it. And it looks like Vedanta, and by extension Sterlite, have dealt shareholders a mighty fine quarter.