Measure is part of a broader plan to restore profitability at the division, which saw adjusted operating profit fell by 37% in the second quarter of this year.
Steel Mining News
Trans-Tasman is now allowed to recover resources from the country’s Exclusive Economic Zone
Tata Steel has just inaugurated India’s first solar power project located at an iron ore mine
The steelmaking raw material hit its highest level since April driven by the demand of China’s steel industry
Shareholders hadn’t received dividends since 2015, when iron ore fell below $40 a tonne amid a global crash in commodity prices.
The United States and China failed on Wednesday to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump's economic and security relations with Beijing.
Kumba Iron Ore Limited today announces the appointment of Mr Bothwell Mazarura as Chief Financial Officer and Executive Director, effective 1 September 2017.
After acquiring Goldcorp's 21% in San Nicolás, Canada's largest diversified miner will be the Zacatecas-based copper-zinc project sole owner.
A consortium of companies including Korean steel juggernaut POSCO has made a bid for Arrium, a major Australian iron ore miner and steelmaker.
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.