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This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

☆ Indian interlopers can disrupt global mining M&A
▼ + stars: | 2023-08-25 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Aug 25 (Reuters Breakingviews) - An Indian tycoon has a powerful motive to throw himself into some global mining M&A. Sajjan Jindal is looking to pull together a consortium to take a 75% stake in the coal unit of Canadian miner Teck Resources (TECKb.TO), according to Bloomberg. Such a move would pit his $23 billion Mumbai-listed JSW Steel (JSTL.NS) against a rival $8 billion bid by Swiss commodities giant Glencore (GLEN.L). In North America, JSW already has steel plants in Ohio and Texas, and coal mining facilities in West Virginia. Anchoring a consortium bid makes sense but if push comes to shove, Indian tycoons can afford to be aggressive interlopers.

Persons: Sajjan Jindal, Jindal, JSW, Una Galani, Thomas Shum Organizations: Reuters, Teck Resources, Bloomberg, Tata Steel, Steel Authority of India, South, JSW, Elk Valley Resources, Deloitte, Chamber of Commerce, Thomson Locations: BENGALURU, Teck, Mumbai, India, JSW, Australia, Ukraine, North America, Ohio, Texas, West Virginia, Teck Resources, Elk Valley, Elk

"In the near term, while the outlook for the developed world is uncertain, we expect China and India to remain relative sources of stability for commodity demand," BHP said. "We anticipate that these competing forces may have a variable impact on commodity prices in the period." But perhaps more concerning is that China and India, the two major sources of commodity demand in Asia, are at best stable in their demand outlooks, and even then BHP qualified this with the word "relative." When it comes to China, BHP acknowledged the current struggles Beijing is having in re-igniting growth in the world's second-biggest economy and top commodity importer. BHP is more confident about India, stating that an investment upswing is happening in the world's most populated country, and commodity demand has been "robust."

Persons: BHP, Clyde Russell, Stephen Coates Organizations: BHP Group, BHP, Reuters, Thomson Locations: LAUNCESTON, Australia, China, India, Asia, Beijing, CHINA

The region produces roughly a third of both the world’s polysilicon and its metallurgical-grade silicon, the material from which polysilicon is made. As a result, many firms have promised to scrutinize their supply chains, and several have set up factories in the United States or Southeast Asia to supply Western markets. The Solar Energy Industries Association, the industry’s biggest trade association, has been calling on companies to shift their supply chains and cut ties with Xinjiang. More than 340 companies have signed a pledge to keep their supply chains free of forced labor. Some Chinese companies, like LONGi Solar and JA Solar, have clear ties to suppliers operating in Xinjiang, the report said.

Persons: China —, Murphy Organizations: Solar Energy Industries Association Locations: Xinjiang, United States, Southeast Asia, China, Europe

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ South32 takes $1.3 billion hit against Hermosa; Q4 output steady
▼ + stars: | 2023-07-24 | by ( Navya Mittal | Rishav Chatterjee | ) www.reuters.com time to read: +2 min

(Reuters) -Australian diversified miner South32 on Monday said it will take an about $1.3 billion one-off charge in fiscal 2023 against its Hermosa project in Arizona, even as the company restored output at most of its operations in the fourth quarter. FILE PHOTO: The logo of Australian miner South32 can be seen at the venue of a media conference in Perth, Western Australia, November 18, 2015. Shares fell as much as 2.6% to A$3.72 as of 0344 GMT to hit their lowest in about two weeks. For the full year, manganese ore output jumped 4% to 5,653 kwmt. Output of metallurgical coal, the miner’s biggest revenue-generating commodity, jumped 9% to 1,504 thousand tonnes (kt) for the June quarter, while annual output slipped 4% to 5,497 kt.

Persons: South32, David Gray, Taylor, ”, Graham Kerr, ” Kerr, Josh Gilbert, Josh Organizations: Reuters, REUTERS, BHP Group, eToro AUS, “ Locations: Australian, Hermosa, Arizona, Perth, Western Australia

☆ Oppenheimer never won a Nobel Prize, but these 31 scientists with ties to the Manhattan Project did
▼ + stars: | 2023-07-24 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +26 min

Manhattan Project: After a harrowing escape from Nazi-occupied Denmark in 1943, Bohr began consulting on the Manhattan Project. Manhattan Project: Between 1943 and 1944, Muller was a civilian advisor for the Manhattan Project, consulting on experiments studying the effects of radiation. Maria Goeppert Mayer, Nobel Prize in Physics, 1963Maria Goeppert Mayer worked on the Manhattan Project and later won the Nobel Prize in physics. Manhattan Project: Working as an assistant to his father, Niels Bohr, Aage Bohr proved instrumental in interpreting for some members of the Manhattan Project. Manhattan Project: At 18, Glauber was still a student at Harvard when he became one of the youngest scientists to join the Manhattan Project.

Persons: Robert Oppenheimer, Alfred Nobel, Joseph Rotblat, Albert Einstein, Christopher Nolan's, Oppenheimer, Niels Bohr, Bohr, Nicholas Baker, Nick, James Franck, Boyer, Roger Viollet, Gustav Ludwig Hertz, Niels Bohr's, Franck, Arthur Compton, Imagno, Compton, Harold Urey, Harold, Urey, James Chadwick, Chadwick, Enrico Fermi, Fermi, Ernest Lawrence, Lawrence, Isidor Isaac Rabi, Nancy R, Schiff, Rabi, Hermann Muller, Muller, Edwin McMillan, Bettmann, Glenn Seaborg, McMillan, Elsie McMillan, Seaborg, Felix Bloch, Edward Purcell, Nobel, Hans Bethe, Bloch, Purcell, Emilio Segrè, Owen Chamberlain, Chamberlain, Segrè, Willard Libby, Leona Libby, Lowell, Libby, Linus Pauling, Leona Woods Marshall Libby, Eugene Wigner, Wigner, Leo Szilard's, Einstein, Franklin D, Roosevelt, Maria Goeppert Mayer, J, Hans Jensen, Goeppert Mayer, Teller, Richard Feynman, Tomonaga, Julian Schwinger, Fenynman, Hans Bethe's, Feynmwan, Feynman, Schwinger, Robert Mulliken, Mulliken, Szilard, Hans A, Bethe, Luis Alvarez, Alvarez, Enola Gay, Walter Alvarez, James Rainwater, Aage Bohr, Ben Mottelson, Rainwater, Wu, Aage Niels Bohr, Mottelson, mumbled, Val Fitch, James Cronin, Fitch, Jerome Karle, Isabelle, Larry Morris, Herbert Hauptman, Karle, Isabella Karle, Norman Ramsey, Ellie Welch, Ramsey, Norman Ramsey's Nobel, David Cheskin, Rotblat, Russell, Bertrand Russell, Enstinen, Frederick Reines, Philippe Caron, Sygma, Reines, Roy Glauber, Gail Oskin, Glauber Organizations: Manhattan Project, Service, Manhattan, US Army, AP, Getty, University of Chicago's Metallurgical Laboratory, Chicago Met, Los Angeles Examiner, USC, Columbia, Keystone, Gamma, Columbia University, University of Chicago, Trinity Test, University of California, Lawrence Berkeley National Laboratory, Lawrence Livermore National Laboratory, Hulton, Trinity, Deutsch, Los Alamos, University of Chicago's Metallurgical, Atomic Energy Commission, Harvard University, MIT Rad Lab, Denver, Chicago Met Lab, Materials Laboratory, Los, Radiation Laboratory, MIT, University of Chicago's, Princeton University, Naval Research Lab, Washington, US Naval Research Laboratory, Science, World Affairs, Einstein, Los Alamos National Laboratory, Harvard, Institute for Locations: Wall, Silicon, Polish, Denmark, Copenhagen, Nazi, London , Washington, Los Alamos, German, Germany, Japan, Manhattan, British, France, Washington, DC, Berkeley, Ridge , Tennessee, Los, New Mexico, Hanford, antiprotons, Hiroshima, Lowell Georgia, San Diego, Chicago, Washington ,

☆ Self-healing metal? It's not just the stuff of science fiction
▼ + stars: | 2023-07-19 | by ( Will Dunham | ) www.reuters.com time to read: +5 min

Self-healing metal is still just science fiction, right? Metal fatigue can cause catastrophic failures in areas including aviation - jet engines, for instance - and infrastructure - bridges and other structures. It occurs at the nanoscale, and we have yet to be able to control the process," Boyce added. Scientists in the past have fashioned some self-healing materials, mostly plastics. Study co-author Michael Demkowicz, a Texas A&M University professor of materials science and engineering, predicted self-healing in metal a decade ago.

Persons: Ryan Schoell, Khalid Hattar, Dan Bufford, Chris Barr, Craig ., Read, Brad Boyce, Boyce, Michael Demkowicz, Demkowicz, Will Dunham, Rosalba O'Brien Organizations: government's Sandia National Laboratories, Sandia National Laboratories, M University, Thomson Locations: New Mexico, WASHINGTON, Texas

Vadym Boychenko, mayor of Mariupol, at his office in the city hall of Mariupol, Ukraine, on Wednesday, Jan. 12, 2022. Russian service members work on demining the territory of Azovstal steel plant during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 22, 2022. A view shows the building of a theatre destroyed in the course of Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 10, 2022. Before Russia's invasion last February, Mariupol was affectionately known as the mighty Ukrainian city with a fierce, steel heart. A local resident reacts while speaking outside a block of flats heavily damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 18, 2022.

☆ The top large-cap fund manager from the past 12 months shares the simple change he made that completely turned around his performance — and 13 stocks he loves now
▼ + stars: | 2023-05-12 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

That realization led portfolio manager David Miller to launch the Catalyst Insider Buying Fund (INSIX) nearly 12 years ago. While many funds factor in insider transactions when selecting stocks, few use it as their main prerequisite when screening investments. But in the last 12 months, it's the best-performing large-cap fund on the market through April 30, according to Kiplinger. All of these companies have benefitted from insider buying to some extent, but some have been lifted even more by company buybacks. "They've just been gobbling up their own stock," Miller said of O'Reilly Automotive.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Teck Resources profit misses estimates as Glencore circles
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Teck reported an adjusted profit of C$1.81 per share for the three months ended March 31, compared with the average analyst estimate of C$1.82, according to Refinitiv IBES data. read moreSome Teck shareholders have already cast their votes on the miner's proposal to split its coal and metals businesses. Glencore has said that there is no deal if shareholders vote in favor of Teck's split. Teck's quarterly gross profit for its copper business unit fell 42.1% due to a drop in sales volumes and average realized copper prices. Teck reported a revenue decline of 18% to C$3,785 million.

☆ Glencore copper output dips, expects strong trading profit
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Glencore (GLEN.L) on Friday reported lower copper, zinc and nickel production in the first quarter but said it expects its trading division to exceed the top end of annual guidance. It now expects full-year marketing earnings before interest and tax (EBIT) to exceed the top end of its annual range between $2.2 billion and $3.2 billion in 2023. Glencore last month made a $22.5 billion takeover offer for Teck, which was rejected by the Vancouver-based miner's board as exposing its shareholders to thermal coal and energy trading. The bid included a proposed spinning out of thermal and steelmaking coal operations, rebranding the remaining company as GlenTeck. The all-share offer came as Teck's own plan to spin off its metallurgical coal business and focus on copper and zinc nears an April 26 vote.

☆ Norway sovereign fund backs Teck Resources in battle with Glencore
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of the Canadian mining company Teck Resources Limited is displayed as people visit the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File PhotoOSLO, April 21 (Reuters) - Norway's sovereign wealth fund, one of the world's largest investors, said on Friday it will support a plan by Canadian miner Teck Resources (TECKb.TO) to spin off its metallurgical coal business and focus on copper and zinc. Glencore on Wednesday said it was willing to improve its $22.5 billion offer for Teck, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. But the Norwegian sovereign wealth fund, which does not own shares in Glencore due to the Swiss company's large thermal coal business, said it would vote in favour of Teck's plan. The Norwegian fund at the end of 2022, the last available data, owned a 1.48% stake in Teck Resources worth $287 million, while its share of voting rights under the miner's dual-class share structure stood at 0.59%.

☆ Factbox: World's biggest lithium producers
▼ + stars: | 2023-04-21 | by ( Carman Chew | ) www.reuters.com time to read: +3 min

Chile holds the world's largest lithium reserves and is the world's second-largest producer. Australia is the world's biggest supplier, with production from hard rock mines. Rapid growth is forecast to be met by output gains in Australia, Chile and Argentina. WORLD'S BIGGEST MINESGreenbushes, Western Australia, by Talison Lithium (a joint venture of Tianqi Lithium (002466.SZ), IGO (IGO.AX) and Albemarle Corp (ALB.N)). Pozuelos-Pastos Grandes lithium salt lake, Argentina, bought by Ganfeng Lithium (002460.SZ), will produce 30,000 tonnes of lithium carbonate starting 2024, and can potentially be expanded to 50,000 tonnes.

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd WiegmannApril 19 (Reuters) - Glencore (GLEN.L) has told Teck Resources (TECKb.TO) shareholders it is willing to improve its $22.5 billion takeover offer, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. "With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders." "The vote (on Teck's restructuring plan) is highly likely to go through without an official bump in terms (from Glencore)," Ben Cleary, portfolio manager at Tribeca Global Natural Resources Fund, told Reuters.

☆ Glencore raises pressure on Teck Resources with promise of higher bid
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. Glencore Chief Executive Gary Nagle flew to Canada to meet shareholders last Thursday after revising its unsolicited bid to include up to $8.2 billion in cash. Teck's board rejected that as too low, adding that it would unnecessarily expose shareholders to a large thermal coal business and an unwanted oil trading unit. Glencore's proposal would combine and spin off its thermal coal unit and Teck's steelmaking coal business.

☆ Glencore courts 120 Teck investors for bid backing as spinoff vote looms -source
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. The Swiss mining giant would instead combine and spin off its thermal coal unit and Teck's steelmaking coal business. Glencore's initial bid represented a 20% premium to Teck's closing stock price on March 26, when it was made privately. JP Morgan analysts said in a note on Monday that Glencore could pay as much as $27.2 billion. Reporting by Clara Denina; Additional reporting by Mrinalika Roy; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

The Chinese customs service did not provide detailed information on imports. It said that "company trade data are not disclosed in our public information". China imported copper and copper alloys worth $852 million from Russia between October and February, according to public customs statistics. As of early 2023, its only owner was the Ukrainian Donetsk regional state administration. The copper alloy shipments from the plant were carried out via the port of Novorossiysk in southern Russia, according to the customs data.

☆ Russian forces advance in Ukraine's Bakhmut - Russian-installed leader
▼ + stars: | 2023-03-28 | by ( Andrew Osborn | ) www.reuters.com time to read: +3 min

LONDON, March 28 (Reuters) - Russian forces are moving forward in the eastern Ukrainian city of Bakhmut despite fierce resistance and have almost taken full control of a metals plant there, a Russian-installed leader in the region said. His assertion ran counter to Ukrainian and Western descriptions of the situation in the city, which they have said is stabilising as a Russian offensive falters. "The (Wagner) guys are moving forward, of course they are moving forward, though it takes their hardest efforts to do that," Pushilin told state TV presenter Vladimir Solovyov. British military intelligence has said that the Russian assault has stalled, mainly as a result of heavy troop losses. Ukrainian military commanders have said their own counter offensive - backed by newly-delivered Western hardware - is not far off, but have stressed the importance of holding Bakhmut in the meantime.

India's coal arrivals are already heading higher, with data from commodity analysts Kpler pointing to a rise in thermal coal imports to 10.19 million tonnes in February, up from 9.71 million tonnes in January and the most since November. It's likely that thermal coal imports may decline over the coming years, but predictions that this trade will end by 2030 are ambitious. Where India will see increasing coal imports is in higher-grade metallurgical coal, used primarily to make steel. Given that each GW of generation requires around 3 million tonnes of coal annually, this implies the coming capacity additions will only need another 100 million tonnes, well below the 500 million tonnes extra the industry believes it will deliver by 2030. Overall, it appears the positive mood of India's coal sector is justified, especially in the short term.

☆ Miners’ bets on the future of coal are diverging
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 23 (Reuters Breakingviews) - Investors have a common understanding that coal is the dirtiest energy source. UK-listed Anglo American’s (AAL.L) earnings on Thursday showed EBITDA in the $50 billion group’s metallurgical coal division tripled to over $2.7 billion in 2022. With “met coal” constituting a fifth of Anglo’s overall EBITDA, investors may wonder whether boss Duncan Wanblad will follow Teck’s step. That’s probably because even though met coal generates three times more carbon than thermal coal, used to generate electricity, it’s still expensive to produce steel at scale in a sustainable way without using a coal-guzzling blast furnace. Anglo’s experiences hiving off its own thermal coal business, meanwhile, may not encourage Wanblad to repeat the trick.

As a result, the world's largest listed miner reported underlying profit attributable from continuing operations of $6.6 billion, down from $9.72 billion a year earlier. That missed a Vuma Financial estimate of $6.82 billion, as earnings from copper and coal came in lower than analysts had expected. Shares of the global miner fell as much as 2.8% to A$47.11, their lowest since Jan. 6 and were down 2% at 0138 GMT in a broader market (.AXJO) that was down 0.5%. BHP also said it expected aggressive global interest rate hikes from last year to slow growth sharply across the developed world. BHP has threatened not to invest in Queensland after the state hiked its coal royalties to the highest rate in the world.

SummarySummary Companies H1 profit misses estimateInterim dividend beats estimatePositive on demand outlook from ChinaStarts process to sell two Queensland met coal minesFeb 21 (Reuters) - Global miner BHP Group (BHP.AX) was positive about demand outlook through to fiscal 2024 as top metals consumer China reopens and shifts policy towards its debt-laden property sector, the company said on Tuesday after its 2023 first-half profit missed estimates. However, its interim dividend of 90 cents per share, while lower than last year's $1.50 per share, beat Vuma Financial's estimate of 88 cents. "We are positive about the demand outlook in the second half of fiscal 2023 and into fiscal 2024, with strengthening activity in China on the back of recent policy decisions the major driver," Chief Executive Officer Mike Henry said. But the reopening of the world's second-biggest economy and a property sector policy shift has BHP upbeat on the commodity demand outlook. However, in an environment where central banks are aggressively tightening their monetary policy, BHP expects its operating environment to remain volatile in the near term, but expects China to be a source of stability for commodity demand.

☆ Small caps are on a tear this year. Here’s how investors are playing the rally.
▼ + stars: | 2023-02-16 | by ( Pia Singh | ) www.cnbc.com time to read: +6 min

"A regime change, if you will, is taking place in the market, where small caps are going to do better," said Francis Gannon, co-chief investment officer at Royce Investment Partners, which focuses on small caps. Now investors are pointing to the recent rally as proof that small caps are on the verge of a prolonged period of outperformance. 'Massively outperform' Michael Sesser, equity portfolio manager of the $558-million DWS Small Cap Core fund, believes small caps will "massively outperform" large caps over the next five to 10 years. Cantaloupe , a retail service digital payments company with a $373 million market cap, and medical imaging provider RadNet ($1.2 billion market cap) are among Sesser's picks. DWS Small Cap also owns metallurgical coal producers serving the steel industry, namely Alpha Metallurgical Resources ($2.7 billion market cap), Arch Resources ($2.6 billion market cap) and Peabody Energy ($4.2 billion market cap).

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