A consortium of companies including Korean steel juggernaut POSCO has made a bid for Arrium, a major Australian iron ore miner and steelmaker.
Steel Mining News
Stuart Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November.
Strong growth this year won't last says World Steel Organization.
Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
Production of the steelmaking raw material jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.
Along with other changes, Zarina Bassa has informed Kumba of her intention to step down as an independent non- executive director at the Company’s forthcoming AGM on 11 May 2017, after serving eight years.
The world's No.1 iron-ore producer recorded a net profit of $3.98 billion in 2016, a significant recovery from a loss of $12.13 billion it reported a year earlier.
The world's number five diversified miner posted its first annual net profit in five years.
The world’s No.1 iron ore miner produced 349 million tonnes of the steelmaking ingredient in 2016, helped partly by the opening of its massive S11D mine.
The Anglo American's unit logged earnings of $607 million for 2016, basically double the $304 million it recorded in 2015.
While iron ore prices have climbed 90% in the last year to over $80 a tonne, the sale of Kumba would prove prudent for Anglo's long-term outlook, given its high debt load, BMI analysts say.
The miner, Africa's largest iron ore producer, will pay R2.5 billion, considerably less than the original R6.5 billion it had been asked to cough up.
The company, Africa's largest iron ore producer, expects profits to more than double this year on the back of higher iron ore prices and a weak rand.
Steel the US has traditionally exported to TPP countries is high in value–added, which is exactly the kind of product that helps keeping the high-cost local steelmaking business afloat, analysts warn.
Family-owned business expands to include unmatched plate rolling and press braking capabilities in North America
North Shore Steel, a steel service center located in Houston, Texas, is pleased to announce the acquisition of the equipment assets of Houston Blow Pipe, a 100+ year-old plate processing business also located in Houston, Texas.
Better outlook comes on the back of rising prices, improving capacity utilization and declining imports.
While the miner is not longer being pressed to include its platinum assets in the divestment plan, the issue of how to package mines and which ones to include, remains a bone of contention.
Move will give the Vancouver miner 80% ownership of Zafranal Peru copper mine project
Financing consisted of a loan of $50 million from Investissement Quebec along with $125 million for an 18% equity stake in TSMC through Ressources Quebec.
The mining giant, North America's largest producer of steel-making coal, has raised its production forecast for the year.
South Africa has granted the miner, a unit of Anglo American, previously disputed mining rights at the operation, ending a seven-year dispute.
The world’s biggest coal producer expects to reach targets for cutting unneeded capacity by the end of 2016, which is earlier than planned.
CMOC bought Fosfatos Brasil Limitada and Nióbio Brasil Limitada for US$1.7 billion.
The commodity research teams at Macquarie and Barclays, however, are not as optimistic when it comes to potash, aluminum and steel.