Another bankruptcy filing yesterday: this time Hayes Lemmerz International (NASDAQ:HAYZ) has filed for chapter 11 bankruptcy…again (this is the third time). Hayes Lemmerz is an aluminum and steel wheel manufacturer, and the company had been noting a strong lack of demand for the past year or so. With the plan for $5 billion to go to auto industry parts manufacturers, we hoped that more bankruptcy filings would be put on hold, but it doesn’t seem to be the case so far.
The news out of GM (NYSE:GM) yesterday that executives dumped their personal shares is certainly not going to help sentiment either. Demand is still very bad from our own customers, and the auto industry looks like it is not in for any significant recovery. This correction should continue to claim American automobile parts manufacturers for the time being.
skip to main |
skip to sidebar
Follow me on twitter www.twitter.com/joshkalter
Followers
Blog Archive
About Me
- Network Metals
- Joshua Kalter (president/owner): Mr. Kalter has over 25 years of experience in trading metals, ores, and alloys in international trading firms. Specifically he has physical trade expertise in non-ferrous metals and has traded on the LME and COMEX. Mr. Kalter has great familiarity with producers and consumers on both the executive and plant levels in the metals, automotive, building and construction, packaging and steel industries. Mr. Kalter has extensive knowledge of the global metals, ores, and alloys transportation and logistics operations, especially the importation of Chinese metals. He has also established detailed hedging, freight, warehousing, and distribution programs for the metal industry. Mr. Kalter consults extensively with a wide array of hedge funds regarding the physical metal markets, and has delivered seminars on various topics. His expertise includes aluminum, copper, nickel, zinc, lead, tin, silicon, magnesium, manganese, chrome, titanium, molybdenum, cobalt, ferroalloys, steel industry raw materials, scrap & recycling, and base metal alloys.