NEWS

Brazilian miner Vale SA, the world’s top nickel producer, is acquiring the control of Ferrous Resources Ltd., its controlling shareholder Icahn Enterprises LP said in a securities filing. Ferrous, which explores iron ore, will merge into a company controlled by Vale, the filing said, and will be valued at $550…

China’s steel prices eased on Thursday after surging nearly 2.5 percent in the previous session, as worries about oversupply and weak demand resurfaced. Earlier market talks on potential production restriction in top steelmaking city Tangshan were proved to be inaccurate, according to reports on industrial websites, citing managers who attended…

British steelmakers pay twice as much for electricity as their French competitors and 50 percent more than their German rivals, an industry report showed on Wednesday, piling pressure on the sector as Britain prepares to leave the European Union. The report, commissioned by industry group UK Steel, shows the disparity…

Canadian mining company Teck Resources Ltd said on Tuesday it has agreed to sell a 30 percent stake in its Quebrada Blanca copper mine expansion in northern Chile to Japan’s Sumitomo for $1.2 billion. Sumitomo Metal Mining (5713.T) and Sumitomo Corporation (8053.T) will pay an $800 million earn-in contribution and…

Congo’s Gecamines said on Monday it had signed a production-sharing deal for copper and cobalt deposits with HongKong Excellen Mining, which will pay a $40 million signing bonus. Democratic Republic of Congo is Africa’s top copper producer and the leading miner of cobalt, which is used for electric car batteries,…

Competition watchdog CCI has cleared Japan-based Nippon Steel & Sumitomo Metal Corporation's acquisition of 51 per cent shareholding in Sanyo Steel. Besides, the regulator has approved transfer of 100 per cent shareholding in Ovako to Sanyo Steel. According to the CCI, Nippon Steel is based in Tokyo and is engaged…

 The Chinese steel market ended lower on Friday, falling for the fifth successive week with pressure from ample supplies and dismal demand. Raw material iron ore rose for the third straight session but the market suffered its worst weekly drop in eight months. The most-traded January rebar on the Shanghai…

China’s top steel maker China Baowu Group will launch a 20 million tonne high-class steel production project in a coastal city in eastern China, its listed unit said in a stock exchange filing on Friday. The move comes as the government relocates steel mills to the coast from cities to…

JSW Steel would integrate the recently acquired Aferpi mill with its Indian facilities, including the newly purchased Monnet Ispat and Energy, as part of the Italian steelmaker’s phased turnaround plans. Besides Italy, its plant at Acero Junction in the US will commission its electric arc furnace and meltshop in December…

Chile’s Codelco, the world’s largest copper producer, said on Thursday that mine output fell 3 percent in the first nine months of the year as ore grades sharply declined, leading to a 12 percent drop in pretax profit. The state-run copper miner earned $1.42 billion pretax between January and September…