Investorideas.com newswire, commentary for mining sector

Monday, August 08, 2011

Friday's Iron Ore Stocks Trading; MEA, GGB, FEO, TRKP

Point Roberts WA - August 8, 2011 (Investorideas.com Mining Newswire) � www.Investorideas.com, a leader in sector research for investors including mining and resource stocks, issues a trading alert for iron ore stocks for Friday, Aug. 05, 2011.
Turkish-American junior mining company, TurkPower Corporation (OTCBB:TRKP) ended the day flat at 0.24% to $0.24. The company owns50.09% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi , the 100% private owner of the Kuluncak iron ore project in Turkey.
Metalico, Inc. (AMEX:MEA) ended the day with a gain of 1.73% to $4.71. Recently, the company net income of $6.6 million for the second quarter, equal to $0.14 a diluted share, surges of 50% and 40%, respectively, higher than the similar results for the previous year.
The Company announced sales of $178 million for the quarter finished June 30, against $145 million in the 2010 period, when it announced net income of $4.4 million, or $0.10 a share. Operating income in the second quarter increased 70% to $11.4 million against $6.7 million in the previous year while EBITDA rose 48%.
Gerdau SA (ADR) (NYSE:GGB) surged 1.81% to $7.87. Brazilian steelmaker Gerdau posted second-quarter net income of 503 million reais ($320 million) on Thursday, compared with 856 million reais a year earlier.
OCEANIC IRON ORE CORP (TSXV: FEO.V) ended flat at 0.34 after it provided an update on the Company's 2011 drill program and fast track PEA process and to report the Company's March 31, 2011 year end results.
Grupo Simec S.A.B. de C.V. (ADR) (AMEX:SIM) ended the day with a gain of 5.76% at $6.98.
Hemisphere Resources Limited (ASX:HEM) climbed 2.44% to end the day at $0.21.
Showcase Iron Ore Stock:
TurkPower Corporation (OTCBB:TRKP) is a Turkish-American junior mining company that is acquiring controlling ownership in an operational iron ore mine and several mining projects under development in Turkey. TurkPower's sole focus is on the booming Turkish mining industry, where it aims to become a leader in developing, operating and owning base metal mines by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns as well as developing new mining assets. TurkPower's board of directors, management team and employees have extensive experience and relations in the Turkish mining industry, as well as ongoing relations with the relevant government agencies, allowing TurkPower to participate in the major opportunities currently developing in Turkey.
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