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Rio Tinto reduces cost of Serbia Lithium project
Rio Tinto is revising the cost of its Serbian lithium project that the European Commission identified as one of 13 strategic new critical material projects, Chad Blewitt, managing director of the Jadar lithium mine, said on Wednesday. The project is contested by green groups and many Serbs on environmental grounds, and sparked massive street protests in 2022 which led the government to revoke all Rio Tinto's exploration licences. The Constitutional Court overturned the decision last year and reinstated the licences. "The last time we went out to market and looked at the budget, it was over 2.55 billion euros ($2.91 billion). So we are currently in the midst of updating that capital cost," Blewitt told . "The strategic project status that we received today requires us to meet European Union environmental and human rights standards, and that will be reflected in the final capital cost." He could not be drawn into an estimate of the revised cost or timeline for the project - which was initially forecast to start production in 2027 - saying the Anglo-Australian giant also needed to obtain a field exploitation licence. "Once we... get the licence, we can then go and update the project schedules and have a look at costing. So I don't want to give a definitive date." Rio is the only major mining company to bet heavily on lithium - used in electric vehicle batteries - accelerating its push over the past six months with three new deals: its $6.7 billion buy of U.S.-based Arcadium Lithium and two projects in Chile for more than $1 billion. With the lithium market in the doldrums as a wave of new supply overwhelms weaker-than-expected demand for EV batteries, it will take years to know whether this bet will have paid off, although demand projections for the metal are more positive into the next decade. If implemented, Rio Tinto's Jadar project could meet 90% of Europe's current lithium needs. But protesters in Serbia have threatened to block roads and railways if the project goes ahead. "Whatever happens next will involve multiple stages of scrutiny and public consultation," Blewitt said. "It (the project) positions Serbia at the forefront of the green and digital revolution." ($1 = 0.8748 euros) (Reporting by Ivana Sekularac; Additional reporting by Clara Denina; Editing by Emelia Sithole-Matarise)
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Sources say that Mexico renewed its approval of the Nippon Steel and US Steel merger on Thursday.
Mexico's antitrust regulator is expected to renew approval of Nippon Steel’s fraught $14.9 billion bid for U.S. Steel by Thursday, according three people with knowledge of the matter. This will remove one of the final remaining obstacles to the tie-up. The people declined to name the source as it was not public. Mexican approval for the acquisition first announced in December of 2023 has expired. It must now be renewed to allow the merger to go ahead. Cofece has not responded to our requests for comment. U.S. Steel, Nippon Steel, and U.S. Steel all declined to comment. Investors are anxiously awaiting President Donald Trump's final approval of a deal to ease any U.S. National Security concerns. Trump has technically until Thursday to sign the bill. Both former President Joe Biden, and Trump, who both sought to win over voters in Pennsylvania before the 2016 presidential election, asserted that U.S. Steel must remain American-owned. Biden blocked this deal in January, citing national security concerns. This led to lawsuits from the companies who claimed that the review of their national security was biased. The Biden White House denied the claim. Steel companies saw an opportunity with the Trump administration. The Trump administration began its tenure on January 20, and in April, opened a 45-day review of national security for the proposed merger. Trump's public remarks, which ranged from welcoming the Japanese company to "invest" in U.S. Steel to float a minority stake, caused confusion. At a rally on Friday in Pennsylvania, Trump applauded the agreement between the two companies, saying that Nippon Steel was a "great" partner for U.S. Steel. He later told reporters that the deal was still subject to his approval and he had not yet decided whether Nippon Steel would be allowed to acquire ownership. Reporting by Alexandra Alper, Diego Ore and Rod Nickel. Editing by Franklin Paul & Rod Nickel.
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Thyssenkrupp will spin-off 49% of its defence division TKMS as a dividend to shareholders
Thyssenkrupp will spin off 49% its defence division TKMS as part of a listing in the second half of this year. These comments were made during a press conference in Kiel, Germany where Thyssenkrupp unveiled the new branding of the division. TKMS's order book has reached a record of 18 billion euros, or $20.5 billion. This is due to the strong demand for military products. Volkmar Dinstuhl is responsible for M&A at Thyssenkrupp Automotive. He revealed that the shareholders of the conglomerate "will own a 49% share as part of this spin-off". This was the first time that the size of the stake would be disclosed. Thyssenkrupp, in its divestment plan for 2025, has only stated that it will keep a majority stake in TKMS. TKMS manufactures frigates, subs, sensor and mine hunting technology. Thyssenkrupp continues its strategy of selling stakes in main business lines to become a holding firm. The German company sold a 20 percent stake in its steel business last year after listing Thyssenkrupp Nucera, its hydrogen division in 2023. Reporting by Fabian Bimmer & Christoph Steitz. Editing by Jane Merriman
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Canada's Unifor union calls for retaliatory steel and aluminium tariffs against the US
On Wednesday, Canada's Unifor union called for retaliatory duties on U.S. aluminium and steel after the U.S. government increased the tariffs by 50%. In a press release, Unifor urged the federal government "to act immediately to defend Canada's Manufacturing Sector and counter the escalating Trade Attack." The union has also asked the Canadian government temporarily to restrict the export of metals critical to the U.S. Canada is the biggest seller of metals in the U.S. It exports roughly twice as much aluminium to its southern neighbor as the other top exporters combined. New tariffs Kicked in On Wednesday, Donald Trump's administration asked trading partners to submit their "best offers" so that other import taxes could not be imposed in early July. The Aluminium Association of Canada (which counts Rio Tinto as a member) said that 50% tariffs may force its members into diversification in Europe. Mark Carney, Canada's prime minister, reiterated the statement made by his office on Tuesday. He said that intensive and ongoing negotiations are taking place with the United States. He said that the tariffs on steel and aluminum of 50% were illegal. March is a month of celebration. Canada imposed 25% tariffs c$29.8 billion Carney said that Canada could only go so far in imposing tariffs on imports. tit-for-tat tariffs. We have no idea how the day will unfold, or what week it will be, or even what month it will be. "We are hearing about a lot of people saying that they will pause their projects for the moment, but we don't know how long that can last. This is lost productivity you cannot recover," said Keanin Looomis, President of the Canadian Institute of Steel Construction. Jeremy Flak is the CEO of Flak global Metals, a U.S. steel trader and producer. He said that the tariffs had led to a pause in orders and a negative demand for the metal, besides increasing uncertainty on the commodity markets. "We don't get any orders." Flak stated that the volume has started to decrease since February.
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Smoke from Canadian wildfires spreads to a third of the US
Forecasters reported that smoke from wildfires burning across three Canadian provinces covered a third or more of the U.S. Wednesday. However, the air quality was not affected except for New England, parts of New York State and the Midwest. According to the National Weather Service Weather Prediction Center, College Park, Maryland, the haze that brought dangerous levels of particulate pollutants to Minnesota the day before, stretched from Dakotas to Ohio Valley to the Northeast, and even as far as Georgia. The haze was particularly thick in New York, New England and the Midwest. Marc Chenard, National Weather Service, said that in many areas the air quality is not affected by the smoke. "But air quality problems are present as far south as New York, Connecticut and other areas where the smoke is thicker in the lower atmospheric layer." Since the beginning of May, scores of wildfires are burning across Canada. As of Tuesday afternoon, there were more than 212 fires burning across Canada, of which half were out-of-control, according to Canadian Interagency Forest Fire Centre. As of Tuesday afternoon, more than 212 active fires were burning in the country. According to the Canadian Interagency Forest Fire Centre, so far 2 million hectares (5.9 million acres) has burned. The majority of fires occurred in west-central Manitoba, Saskatchewan, and Alberta. Yang Liu is a professor at Emory University, Atlanta. She teaches environmental health. Liu stated that "it will affect everyone, at some level. All walks of life." "It's bad." He said that the smoke contains small, toxic particles smaller than 1/40th the width of an average human hair. These particles can enter the lungs or even dissolve in the bloodstream. Williamstown, Massachusetts was one of the worst places for air pollution in the U.S. Northeast Wednesday morning. It is located near the borders of Vermont and New York. According to IQAir's website, which monitors air pollution around the globe, it registered a reading of 228. This is considered "very unhealthy". According to the website, an air quality rating below 50 is "good," readings between 100-300 are "unhealthy" or "very unhealthy," and anything higher is "hazardous." Other parts of the U.S. Northeast had much lower ratings, with New York City registering a 56 on Wednesday and Washington registering a 55. On Wednesday morning, air quality in certain parts of the Midwest also improved. Ely, near Minnesota’s border with Manitoba registered a “moderate” reading of 65 on Wednesday, down from a previous reading of 336. Minneapolis, the third-worst air quality city in the country on Tuesday with a reading of 168, now registers at 96.
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The union warns that more than 500 jobs are at risk as Stellantis switches oil suppliers in Italy
A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the group are Opel and Jeep. The Uilm union announced in a press release that Selenia had lost its "historical" contract of supply with Stellantis, after 112 production years. The result of a competitive bid led to the change. Uilm said that Petronas had announced the decision in a meeting held with its employees. He added that this affected the job security of 450 Fiat workers in Turin, Fiat's home town, and 70 others in Naples in southern Italy. The union has pledged that it will use "all tools available" to protect Petronas employees and other auto suppliers, who are "under severe stress" as a result of Stellantis' decision. The FIM-CISL union reported in January that Stellantis, Italy's only major automaker and the country's sole manufacturer, had a production level of around 475,000 cars in 2016, the lowest since 1956. Reporting by Giulio Pieovaccari, Alvise Armellini and Keith Weir.
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India's Vedanta says Trump's tariffs damaging, seeks import curbs
Vedanta, an Indian conglomerate that converts metals into oil, said Wednesday that President Donald Trump’s decision to double the aluminium tariffs from 25% to 50% is a threat to Indian industry which already struggles with soaring imports. The global markets have been shaken by the latest round of Trump's tariffs on steel and aluminium, which went into effect on Wednesday. Vedanta's spokesperson said that the 50% tariff announced by Trump was damaging to India's aluminium industry. The industry is already being pressured from a surge in imports, which threatens to create excess and put domestic market access at risk. The Indian government was urged by the miner, the largest producer of aluminium in the country, to impose tariffs on imports. The spokesperson stated that "..duty guardrails should also be in place for the aluminum industry, which has invested more than 20 billion dollars to date in setting up the current domestic primary aluminum capacity." According to data from the government, India's total aluminum exports dropped 19% in fiscal year ending March 2025 to 2,24 million metric tonnes. Separately the country's federal minister of steel said earlier this year that Trump's tariffs on steel would have a minimal impact on the local industry as India, which is the second largest crude steel producer in the world, does not export significant quantities to the U.S. India implemented a temporary 12% tariff on certain steel imports in April. This is known locally as a "safeguard duty" and was imposed to stop a rush of cheap shipments, primarily from China.
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The top steel and aluminum importers in the US
U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals into the U.S. and the firms that ship them: ALUMINUM About half of all aluminum used in the U.S. is imported, with the vast majority coming from Canada, which exported 3.2 million tons of the metal to the country last year. In 2024, total U.S. imports of aluminum articles were valued at $27.4 billion, according to data from the Observatory of Economic Complexity (OEC), with Canada, China and Mexico the top three suppliers. Data from the Aluminum Association shows that transportation, packaging, construction, electrical and consumer durables sectors import the most amount of aluminum by volumes. According to U.S. CBP Bill of Lading data and shared by OEC, these firms were the top importers in 2024: ES Windows LLC: A leading importer of aluminum products for architectural applications like windows and facades. It accounted for 18.4% of shipments Netherlands-headquartered IKEA Group: Designs and sells ready-to-assemble furniture, home accessories and kitchen appliances. It accounted for 6.34% of shipments. Global automotive manufacturer Nissan, discount retail chain Dollarama and disposable beverage and food supplies firm Lollicup: Each accounted for over 3% of total aluminum shipments last year. Other major importers were Costco, Samsung, and Boeing. About a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada. In 2024, total U.S. imports of iron and steel articles were valued at $49.7 billion, according to data from OEC, with China, Mexico, and Canada being the top suppliers. According to U.S. CBP Bill of Lading data and shared by OEC, these were the top importing companies of 2024: Iron & Steel Articles: IKEA accounted for 5.85% of total imports. SIGMA Corp accounted for 3.94% Stelfast, which makes industrial fasteners like bolts and nuts etc, made up 3.32% of shipments. CrimsonLogic, a global technology firm, accounted for 3.21% of shipments. Other notable companies include German technology firm ZF Friedrichshafen, Continental Materials, Stihl and Cosentino. Basic Iron & Steel Electronics manufacturing company TPV Tech accounted for 18.9% of shipments Valbruna Stainless accounted for 12.8% Brose Mechatronic Systems accounted for 5.89% Multinational engineering and technology company Robert Bosch made up 8.89% of shipments (Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D'Silva)
Indonesia awards Central Andaman, Amanah, Melati oil and gas blocks
Indonesia granted 3 oil and gas blocks on Tuesday out of five blocks provided in the first round of auctions this year, the energy ministry stated in a. statement.
The Melati block, which has both onshore and overseas fields. with an approximated gas resource of 4.7 trillion cubic feet and. 850 million barrels (bbl) of oil, was awarded to a consortium of. state-owned Pertamina Hulu Energi, China's Sinopec International. Energy Investment and Kuwait's KUFPEC Regional Ventures.
Agents of Pertamina Hulu Energi, Sinopec and KUFPEC. did not right away react to ask for remark.
The government likewise awarded the Central Andaman block,. situated off coast northern Sumatra, to a consortium of personal. equity-owned Harbour Energy's Premier Oil South Andaman and. Mubadala Energy of the United Arab Emirates.
The Central Andaman expedition block has approximated. resources of 100 million bbl of oil and 500 billion cubic feet. ( bcf) gas, the ministry has formerly said.
Amanah Block, with 50 million bbl of oil and 450 bcf of gas. onshore South Sumatra, was awarded to a consortium including. an unit of Indonesia's Medco Energi Internasional,. Sele Raya and KUFPEC Regional Ventures.
The choice process for the 2 remaining blocks offered. in the auction, Panai and Pesut Mahakam, is ongoing, the. ministry included.
For a 2nd round of oil and gas auctions later on this year,. the government will potentially offer the Air Komering, Binaiya,. Gaea, Kojo and Serpang blocks, the ministry said.
(source: Reuters)