Increased efficiency cuts carbon, advances net-zero path, research finds

Hyundai Steel's net profit increase 122% year-on-year in Q1 2022.

China's Yankuang Energy said on Tuesday that it was open to negotiations to buy the remaining shares in its majority-owned unit Yancoal Australia, after the Australian coal firm rejected a $1.8-billion offer.

Diversified miner Rio Tinto has inked a memorandum of understanding (MoU) with Germany’s Salzgitter Group to study the optimisation of Rio’s Australian and Canadian iron-ore products for use in a green steel project, in Germany.

Newly appointed Resources Minister Madeleine King is looking at Australian gas producers to increase supply to domestic markets, but has also noted that coal-fired power stations would be essential to combat Australia’s energy crunch in the short term.

In late May 2022, key iron and steel enterprises produced 25.5119 million tons of crude steel, 22.5128 million tons of pig iron and 24.9286 million tons of steel.

Finished steel consumption in April-May rose by 10.1pc on the year to 18.5mn t, while production climbed by 7.7pc against the previous year to 19.11mn t.

GDP returns to pre-pandemic levels, up 1.9% q/q in the first quarter