Record nickel prices propel OM Group's Q4 profit Mon Mar 5, 2007 7:19am ET
March 5 (Reuters) - OM Group Inc. (OMG.N: Quote, Profile , Research), a maker of metal-based specialty chemicals, said fourth-quarter profit rose, mostly due to "dramatically higher" nickel prices. Net earnings were $56.8 million, or $1.93 per share, compared with $11.6 million, or 40 cents per share, in the same quarter of 2005, the Cleveland-based company said. On Friday, world No.1 nickel producer Russia's Norilsk Nickel (GMKN.MM: Quote, Profile , Research) had completed the deal to buy OM Group's nickel assets. In November last, Norilsk had agreed to buy the mining and refining assets located in Finland and Australia for $408 million plus a contract to supply practically all its cobalt to OM Group. (Reporting by Sayantani Ghosh in Bangalore) --------------------------------- Finding fabulous fares is fun. Let Yahoo! FareChase search your favorite travel sites to find flight and hotel bargains.
