Mining majors are ramping up their diversification policies to capitalise on or react to decarbonisation trends by targeting new growth markets, while seeking to divest from coal, oil and gas production, market research firm Fitch Solutions Country Risk and In...

Sibanye-Stillwater declares R3.9bn half-year dividend

Norwegian Elkem issued force majeure letters and stop/scale back production.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt) in July 2022, a 6.5% decrease compared to July 2021.

Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

Steel producer Hoa Phat Group has signed a contract to export 8,000 tonnes of rebar to Mexico, its first order from the North American country.

The bill includes incentives for companies that include union workers, but the overwhelming focus is on boosting US production and employment, he said.