The company's saleable iron ore production stood at 1.08mn t over the three-month period, while sales edged up by 2pc against the previous year, to 1.34mn t.

Steelmaker Nucor is keeping its plate prices flat, just weeks after announcing lower pricing.

The daily Argus ICX 62pc iron ore index was at $96.15/dry metric tonne today, down 19pc from a year earlier.

Japanese automaker Honda expects to boost its North American production in the fourth quarter as access to auto parts improves.

Tata Steel approved a merger with its seven metal subsidiaries last month to increase operational efficiency and reduce costs.

Indian private-sector producer Tata Steel's sales rose by 7.2pc on the year in July-September, despite monsoon-led seasonal weakness.

The world’s steel production stood at 1.95 billion tonnes in 2021, according to the World Steel Association.

The company held guidance on FFI’s annual operating expenditure unchanged at $500 million to $600 million.