NEW YORK ( TheStreet) -- Mines Management (MGN - Get Report), Alpha Natural Resources (ANR - Get Report) and James River Coal (JRCC - Get Report) posted hefty gains last week, while Ternium (TX - Get Report) and Compania de Minas Buenaventura (BVN - Get Report) declined.
Mines Management topped the advancers' list last week, up 28.7%. Alpha Natural Resources followed rising 28.2%. Last week, ANR announced the opening of its new corporate headquarters in Bristol worth almost $21 million.
James River Coal increased 27.6% after a research report by Paragon indicated that JRCC and Patriot Coal (PCX) have a strong outlook in the long-term as emerging markets will likely drive coal demand higher. At close this past week, Patriot Coal climbed 23.8%. Meanwhile, Horsehead Holding (ZINC - Get Report) was up 27.3%.
United States Steel (X) accumulated 24.9% after a positive global economic outlook boosted the S&P Materials sector higher. Meanwhile, in an attempt to support the economy, the People's Bank of China announced a cut for banks reserve requirement ratio by 0.5 percentage points last week, for the first time since December 2008. Steel pricing has large exposure to the Chinese markets, as per a Macquarie analyst.Another steel stock, ArcelorMittal (MT) rose 23.2% at close last week. During the week, the company received EU clearance for the purchase of seaport terminal services company ATIC Services Group of France. Mechel (MTL) gained 24% as the outlook for importers brightened after global central banks stepped up efforts to ease the region's debt crisis. Teck Resources (TCK) soared 18.9%.The company chief executive commented last week that the outlook for coal sales looks good in the mid- to longer-term period. He further added that TCK not only forms almost 85% of the Canadian market supplies but also is in a good position to meet China's demand for steelmaking and coking coal. Arch Coal (ACI) added 18.9%. Last week, ACI went ex-dividend with shareholders being eligible for a dividend of 11 cents per share. Steel Dynamics (STLD) jumped 18.5%. Macquarie analysts initiated coverage on the stock with a neutral rating. Additionally, Worthington Industries (WOR) accumulated 17.8% after Auriga and Macquarie analysts initiated coverage on the stock with a hold and neutral rating, respectively. Posco (PKX) rose 16.4% after it was known that the company will report record production in 2011 and would maintain the same pace in 2012, led by robust demand from emerging markets. Output of the alloy used in cars and home appliances is likely to touch 3.16 million metric tons, up from about 2.9 million tons in 2010.