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Worldwide steel consumption growth to drop this year
The World Steel Association is cutting its forecasts for global use of the commodity by 1.8% this year, as China – the world’s biggest consumer of steel- has slowed down its growth.
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Tata Steel forecasts improved demand amid European woes
China Post | May 20, 2012India's Tata Steel forecast improving global demand in spite of European woes, as the world's No.7 steelmaker reported a bigger-than-expected drop in quarterly profit after being squeezed by weak prices, lower volume and higher input costs.
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MMTC inks supply pacts with Japanese, South Korean steel companies
Asian Age | May 20, 2012State-owned trading giant MMTC has inked pacts with Japanese and South Korean steel companies including Posco, to supply 2.8 million tonnes of iron ore annually for a period of three years. "We have signed iron ore supply contracts with five Ja…
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Coal seen rebounding as China sets steel output record
Hellenic Shipping News Worldwide | April 24, 2012Coking coal prices are set to rebound as early as July from four straight quarterly declines as China and India seek raw material overseas to fire new steel production in the world’s fastest-growing major economies.
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Chinese steel company to pump $194 million into Alderon's Kami iron ore project
Andrew Topf | April 13, 2012
Alderon Iron Ore Corp saw a 2% bump in its stock price Friday on news that the Canadian iron ore junior has inked a CAD$194 agreement with China's largest steel producer.
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Essar plans to buy coking coal mines in Africa, Australia
Hellenic Shipping News Worldwide | April 12, 2012Essar Steel is planning to acquire coking coal mines in Africa or Australia to help the company that has few captive sources of crucial raw materials integrate backward to protect its profit margins.
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Chile’s biggest steel and iron-ore producer to invest US$700 million this year
Cecilia Jamasmie | April 12, 2012
Chile's Compañía de Acero del Pacífico (CAP) will invest nearly US$700 million this year to develop its iron ore projects in the country, president Roberto de Andraca told reporters attending Expomin, one of the world's most important mining exhibitions, in Santiago.
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Aussie tax may have silver lining in higher coal, iron ore prices
Andrew Topf | March 21, 2012
The 30% tax on iron ore and coal producers passed by the Australian government may raise the prices of those commodities but will also shrink margins of steelmakers, analysts say.
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China Moly pursues US $579 million from Shanghai IPO
Cecilia Jamasmie | March 20, 2012
China Molybdenum Co. (HKG:3993), the country’s largest producer of the element by output, plans to launch an initial public offering in Shanghai, which may raise around 3.65 billion yuan (US$579 million), to fund its new alloy project and boost output, according to a statement to the China Securities Regulatory Commission (CSRC).
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Kobe Steel to invest $298 million in Southdown iron ore project in Australia
Kobe Steel | March 16, 2012
Kobe Steel, Ltd. announces that it reached agreement with trading firm Sojitz Corporation to take a 33% equity share in Sojitz Resources & Technology Pty Ltd, currently a 100% owned subsidiary of Sojitz Corporation.
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Down but not out, iron ore prices float to 5-week high
Andrew Topf | March 14, 2012
Hope for the beleaguered iron ore sector has come in the form of higher prices and signs that steel demand is picking up in China, Reuters reports.
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$30bn in new steel plant investments in jeopardy – Karnataka
Mineweb | February 10, 2012A report submitted by a panel proposing that annual iron ore production in the southern state be capped at 30 million tonnes is expected to impact steel capacity investments the state says.
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ThyssenKrupp to sell Inoxum to Outokumpu for $3.6B
TheDeal.com | February 2, 2012Germany's ThyssenKrupp AG said Tuesday, Jan. 31, it will sell its stainless steel unit Inoxum to Outokumpu Oyj for €2.7 billion ($3.6 billion) in cash and shares after gaining clearance from its labor representatives.
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Japan steel output set to fall
Tradewinds | January 27, 2012Bad news from nation's steel makers translates into more bad news for already weakened dry bulk sector.
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POSCO to pay $1.6bn to raise stake in Roy Hill Holdings
Mineweb | January 17, 2012The company plans to spend $1.6 billion to expand its stake in Roy Hill Holdings, an Australian iron ore miner of which it already owns 3.75%.
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Steel replacing nickel in Canadian one- and two-dollar coins
Andrew Topf | January 14, 2012
The Globe and Mail reports that Canadian one- and two-dollar coins, known as "loonies" and "toonies", will this spring be made from steel, replacing the more expensive nickel they are currently made from:
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Indian steel industry welcomes hike on iron ore export tax
Steel Guru | January 8, 2012ET reported that some of the Indian steelmakers claim that they will benefit from the government's decision to impose 30% duty on ore exports as it will make the mineral cheaper by almost 50% for local steel companies.
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China's 2012 crude steel consumption to peak at 700m tonnes
Mineweb | January 5, 2012
The China Iron and Steel Association expects the country's crude steel consumption to rise 4% and peak at 700 million tonnes this year.
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Kobe Steel enlisted to help India upgrade $400m iron ore nuggets plant
Metal Bulletin | December 22, 2011The government-owned Steel Authority of India (SAIL) has commissioned Japan’s Kobe Steel to upgrade its manufacturing facilities and set up a new $400 million iron ore nuggets plant in Durgapur, West Bengal.
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Tenova acquires Bateman Engineering N.V.
MINING.com Editor | December 20, 2011
Tenova, a worldwide supplier of advanced technologies and equipment for the iron & steel and mining industries, announces today the acquisition of Bateman Engineering N.V., a leading equipment supplier and engineering house for the mining industry. The transaction is subject to the approval of the antitrust authorities.
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Australia and Indian ministers discuss cooperation in mining
Steel Guru | December 18, 2011The Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Government of Australia, Mr Bill Shorten called on the union minister for steel Mr Beni Prasad Verma here yesterday. They discussed cooperation in the Mineral and Mining sector.
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Russian billionaire to build USD 1 billion railroad to coal field
Steel Guru | December 18, 2011
Bloomberg reported that Billionaire Mr Ziyavudin Magomedov Summa Group won the right to build a RUB 44.3 billion section of a railroad to coal fields in East Siberia near deposits to be developed by Evraz Plc and OAO Severstal.
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Severstal to acquire 100pct of the Putu Iron Ore project in Liberia
Steel Guru | December 13, 2011Severstal announced that its indirect subsidiary Lybica Holdings BV has entered into a legally binding heads of terms agreement with Afferro Mining Inc and its wholly owned subsidiary Mano River Iron Ore Holdings Limited for the purchase of 38.5% interest in the Putu Iron Ore Project, Liberia.
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Baosteel, CRCC to jointly explore Guinea an iron ore mine
China Coal Resource | November 30, 2011Baosteel Group, the parent of Baoshan Iron and Steel, and China Railway Construction Corporation (CRCC) have signed an agreement to jointly participate in the exploration of an iron ore mine in Guinea, sources reported.
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SAIL cuts India’s steel demand outlook by 6 pct
The Gulf Today | November 25, 2011India’s steel demand is likely to grow by 6 per cent in the current fiscal year, nearly half the earlier forecast, as higher interest rates squeeze demand from the automobile and construction sector, the country’s top domestic steel maker said.
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Iron Ore May Resume Fall as Demand Declines, Ord’s Arden Says
BusinessWeek | November 22, 2011Iron ore, which has surged 24 percent this month, may resume a decline as steelmakers in China, the world’s biggest consumer, restrict output due to falling demand, according to Peter Arden, an analyst at Ord Minnett Ltd.
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ANNOUNCEMENT
Orezone Completes the Sale of Sega to Cluff Gold for $26.5M
Orezone Gold Corporation (ORE:TSX) is pleased to announce that it has completed the sale of its Sega Gold Project ("Sega") in Burkina Faso to Cluff Gold plc (Cluff) for total consideration of approximately US$26.5M.
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