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Sources say that Thyssenkrupp may divest its materials trading division by 2026.
Three people with knowledge of the matter have said that Thyssenkrupp is looking at separating, listing or selling its materials trading division this year. They are also considering changing the legal structure to maintain control in the event of a major sale. Thyssenkrupp Materials Services MX, which represents more than a quarter of Thyssenkrupp sales, is another step forward in the overhaul of the group under CEO Miguel Lopez. This comes after a spinoff of its Defence division and as talks continue to be held about selling its Steel unit. MX, with 11.4 billion euros in sales and more than 15000 employees, could be split up via an IPO in the autumn, according to one of those people. The shares of the company, which manufactures everything from automobile parts to chemical plants rose up to 4.2% after the report and were up 2.9% by 1444 GMT. Marc Tuengler, of DSW, the lobby group representing Thyssenkrupp private shareholders said: "This is a logical next step." He said that the move would give a division a more focused and clearer purpose. "Lopez is doing what he promised to do." THYSSENKRUPP MULLS CHANGE OF LEGISLATIVE FORM Thyssenkrupp stated in a press release to? that MX was "well on track" to become capital-market-ready. The company had previously stated that it was looking for a standalone solution to run the business. It was not previously reported when MX might divest and what the legal structure could change to. The people stated that a successful divestment requires the division, which offers both warehousing and trading services for metals and raw materials, to show an improved performance during the second quarter of the fiscal year ending in March. Thyssenkrupp also?examines whether to give MX a legal form of a KGaA. This structure ensures that control remains with the parent, even if the majority of the company is sold. Sources said that the discussions were ongoing and no decisions had been taken, but added that details could change. "We're?confident? that Materials Services can be successfully introduced to the capital markets - despite a difficult environment. The exact timing of any planned transaction will depend on the market conditions, Thyssenkrupp stated in its statement. MX, which sees the U.S. market as its main one, is facing consolidation with its competitors there. Ryerson has?recently merged Olympic Steel, and Worthington Steel plans to purchase Kloeckner & Co. for $2.4 billion. MX, the fourth largest steel service provider in North America, is now ranked behind Reliance Steel, Ryerson/Olympic Steel & Kloeckner. Thyssenkrupp stated that it "sees potential for consolidation on the market. We do not see this as a threat, but rather an opportunity for Materials Services." Thyssenkrupp Material Services' value could be around 2 billion euro based on Worthington’s bid for Kloeckner. This deal values the German company at 8.5x its core profit. ($1 = 0.8442 euros)
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Andy Home: ROI-Power overrules tariffs, as another US aluminum smelter closes.
The United States has lost another primary metal production plant due to the U.S. import duties. Century Aluminum will cease production at its Hawesville Smelter in 2022 due to the increase in energy prices following Russia's invasion in Ukraine. Once power prices dropped, the company expected to resume operation within a year. Century sold the Kentucky site to TeraWulf, a digital infrastructure company. Aluminum smelters consume a lot of energy. A modern plant can use more than a city of the size of Boston. Big Tech is also willing to pay more for data centers, and the fight for long-term energy supply. HALTING THE SLIDER Last year, U.S. president Donald Trump raised the import tariffs on aluminium to 50% with the stated aim of stopping the decades-long decline in the domestic primary metals capacity. Century's Mount Holly smelter, in South Carolina, has had a limited impact on the immediate future. It will restart 50,000 metric tonnes of annual production capacity. Tariffs were important, but extending the power supply agreement with Santee Cooper (local energy provider) was more?important. By the middle of 2026, the plant will be operating at near-capacity of 220,000 tonnes per year. A 60:40 joint-venture between Emirates Global Aluminium and Century in Oklahoma promises a future of a greenfield smelter that is state-of-the art. Bechtel, a U.S. engineering company, has been selected by the partners to conduct preliminary studies on the proposed plant. It would have an annual capacity of approximately 750,000 tons. Oklahoma is able to produce three times as much energy as it consumes. A power supply agreement for the new plant is still in the works. Even if construction starts on time by the end this year, the first metal production will likely not begin until 2030. Loss of Capacity Flex The permanent 'closure' of Hawesville reduces the idled capacity which could be activated to fill in the gaps before the new Oklahoma Smelter is online. Hawesville is not only the second largest remaining smelter of aluminum in the U.S., with an annual capacity of 252,000 tonnes but it's also a major supplier of high purity aluminium for aerospace and defense applications. Alcoa has a 54,000 ton-per-year production at Warrick in Indiana that is idle, but it does not seem to be in a hurry to restart it. The cost of reactivation is estimated at $100 million, and it would take two years. "At this point, we are unlikely to restart," William Oplinger, Alcoa's President and CEO, told analysts during the company's Q4 results call for 2025 last month. The only remaining smelter is the New Madrid one in Missouri. It was reactivated by 2018 and closed in 2024. Tariffs have reignited hope that the 263,000 ton-per-year facility could be brought back to life, but it would cost a lot and take time, just like with Warrick. Magnitude 7 Metals, the current owner of Magnitude 7, has not indicated its intentions. No Tariff TRUce According to the U.S. Geological Survey, 60% of aluminum consumption in the United States last year was imported. It won't change until the Oklahoma Smelter moves from project status into?actual production. The Trump administration does not seem to be willing to back down on its import tariffs. The White House dismissed media reports that it might lower tariff rates or grant more exemptions, as "baseless speculative". According to an official in the administration, Trump "will not compromise on reviving domestic manufacturing which is crucial to our economic and national security. This includes steel and aluminum production." Some tweaks may be made to the tariffs on aluminium, but a wholesale rollback is unlikely. The price of aluminium in the United States will be high for a few years. S&P Global Platts assesses the Midwest Aluminium Premium, which is traded on CME. This premium captures the tariff impact of the market. The London Metal Exchange Cash Price is $2,290 higher than the premium. This results in a "all-in price" of $5,300 for a ton. Hawesville's inability to survive despite such a?high premium speaks volumes about the fierce competition with Big Tech over competitively priced energy. AI still wins out against aluminium. Andy Home is a journalist. This column is a favorite of yours? Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance is available at Open Interest. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. (Editing by Marguerita choy)
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Rio Tinto acquires majority control over Canada's Nemaska Lithium
Rio Tinto announced on Wednesday that it had acquired a majority stake in Canada's Nemaska Lithium. This is a step forward for its plan to create an integrated lithium business in Quebec. Anglo-Australian mining company now holds 53.9% of the stake and will take over direct management of the lithium producer, while Quebec government owns 46.1%. Rio Tinto wants to create a "fully integrated" lithium supply chain, starting with the mining of raw ore and ending with chemical processing in Quebec to serve the North American market for electric vehicles. Rio Tinto, the eastern Canadian province and its economic development agency Investissement Quebec have invested in Nemaska 'Lithium' since March - 2025. It was added that the partners would continue to fund this project, which includes the lithium hydroxide facility in Becancour. The first production is expected in 2028. The company announced that Quebec would invest an additional $200 millions?in Nemaska Lithium via share subscriptions. This is on top of the $300 million investment made by Rio Tinto to develop the lithium sector in Quebec in 2026. Through its acquisition of?Arcadium, in March 2025 Rio?Tinto acquired a half interest in Nemaska Lithium. This includes the lithium?hydroxide?plant in Becancour?Quebec and the Whabouchi spodumene?mine located in the Eeyou Istchee region of James Bay, Quebec.
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Data shows that the share of Russian oil imported by India in January is at its lowest level since late 2022.
According to industry sources, data from January shows that India's oil imports were the lowest since late 2022. Middle Eastern crude supplies rose to their highest level in the same time period. India, which is the third largest oil consumer and importer in the world, has increased its purchases of Russian oil discounted by Western nations following Moscow's invasion of Ukraine in 2022. Volumes have topped 2 million barrels a day in certain months. But Western sanctions on the war, and the pressure to sign a trade agreement with the United States have forced New Delhi to reduce its Russian oil purchases. The data revealed that New Delhi has been forced to reduce its Russian oil purchases. Since November, China has replaced India as Russia's largest buyer of seaborne oil. According to data, India imported about 1.1 millions barrels of Russian crude per day last month. This is the lowest level since November 2022. Moscow's share of overall oil imports has declined to 21.2% - the lowest share since October 2012 The data showed that imports to Russia in January fell by 23.5% compared with December, and about a third from a year ago. Sumit Ritola is a lead research analyst for refining and modeling at Kpler. He said that import levels will likely fall to between 1 million and 1.2 million bpd on average in February, and 800,000 to 1,2 million bpd by March. The timing of some end-month cargoes may cause the February numbers to appear lower, he explained. "February numbers could be slightly lower because they discharge in the next month." INDIA TURNS AWAY FROM RUSSIA AND TOWARDS MIDDLE-EAST Data showed that Indian refiners used alternative grades of oil from the Middle East and South America to make up for lower Russian oil volume. The data revealed that the Middle Eastern oil made up about 55% (or more) of India's total imports for January, while the share of Latin American grades reached a record high of 10%. Ritola stated that "month-to-date February data shows Saudi Arabia regaining their position as India's top supplier, with the imports tracking to a new record high." The data revealed that the lower purchases of 'Russian oil' in India's crude oil imports in January led to a record high of OPEC crude oil. Washington increased import?tariffs for goods coming from India because of its purchases of?Russian crude oil. Under an interim trade deal, the U.S. reduced the tariff to 18%, and removed the 25% punitive tax, claiming that New Delhi agreed to stop purchasing from Moscow. The Trump administration wants India to increase its energy purchases, both from the U.S. as well as Venezuela.
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Nine skiers are missing and six have been rescued in California after an avalanche
Authorities said that nine skiers are missing after an early morning avalanche occurred in the Sierra Nevada Mountains of?California. However, six other stranded skiers have been rescued. According to a statement on Facebook posted by the Nevada County Sheriff's Office, an avalanche hit the Castle Peak area in Truckee, California about 10 miles from Lake Tahoe at 11:30 am Pacific time Tuesday and buried a group skiers. The injured were treated in a hospital. The sheriff’s office revised an earlier estimate that stated 16 people were in the group. HIGH AVALANCHE RISK The incident will rank as one of the most deadly avalanches in US history if all nine missing skiers perish. Colorado Avalanche Information Center has tallied six U.S. fatalities in avalanches this season. The center reports that on average, 27 people have died each winter from avalanches in the United States during the last decade. On Tuesday, there was a winter storm warning for most of northern California. Heavy snow is forecast at the upper elevations of Sierra Nevada. According to a statement from the Sheriff's Office, the Sierra Avalanche Center posted an alert Tuesday morning before sunrise, warning that there was a "high" avalanche risk in the ski area. Captain Russell Greene of the Nevada County Sheriff's Office said that rescue teams were faced with additional avalanche dangers. Greene told Sacramento-based KCRA-TV that it would be a long, difficult process. "The avalanche risk is still high and they have to take great care when accessing this area," he said. Greene stated that it wasn't a good decision for a ski tour operator to send paying customers into the backcountry in such dangerous conditions. Rescue ski teams from Boreal Mountain Ski Resort, Tahoe Donner’s Alder Creek Adventure Center and Tahoe Donner’s Boreal Mountain Ski Resort were sent to the avalanche area. The survivors took refuge in an improvised shelter made partly from tarpaulin and communicated via radio beacons and text messages with rescuers. Greene refused to say how many ski guides or how many customers are missing. According to a sheriff's report, weather conditions remain hazardous on the Sierra backcountry slopes. Additional avalanche activity is expected Tuesday night and into Wednesday. California - Governor Gavin Newsom has been briefed about the avalanche. State authorities are "coordinating a search-and rescue effort with local emergency teams," his office stated in a post on X. Steve Gorman reported from Los Angeles, and Devika Nair from Bengaluru. Saad Sayeed and Edwina Gibbs edited the story.
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Libyan traders bring in Western traders to counter Russian fuel flow
Three trading sources said that global oil firms and traders, including Vitol Trafigura, and TotalEnergies, won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western players greater access, and reducing imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. The country produces 1.4 million barrels of crude oil a day, but does not have the refinery infrastructure necessary to process it. It is therefore dependent on fuel imports. Africa's second largest oil producer has changed the way it buys fuel and sells oil after issuing its first upstream licensing round in 20 years. Instead of swapping crude exports for fuel imports, the country has awarded tenders in order to meet its fuel requirements. Three traders who were familiar with the results of the recent tenders said that Vitol won the right to supply five to ten gasoline cargoes per month, as well as some diesel. Trafigura, TotalEnergies and two other traders also claimed that they had won the right to provide fuel. Could not determine the exact volume. Vitol Trafigura and TotalEnergies refused to comment. Libya's National Oil Corporation, the state-owned oil company in Libya, did not respond immediately to a request for comment. RUSSIAN IMPORTS DROP DOWN As Western firms source their volumes of Russian products from refineries on the Mediterranean, this will reduce imports to Libya. According to data provided by global analytics firm Kpler, Russian fuel exports have dropped to 5,000 bpd from 56,000 in 2024-2025 when it was the main supplier. The Kpler data revealed that Italy became Libya's largest fuel supplier with 59,000 bpd this year, mainly coming from ISAB and Sarroch, run by Trafigura or Vitol. After its refined products were prohibited from being sold in the West due to sanctions related to the conflict?in Ukraine, Moscow relies heavily on Africa and South America. Under U.S. pressure the Kremlin's oil exports to India, Turkey and South America have also fallen. This has pushed a greater amount of oil to China. Since the beginning of 2024, total?fuel imports into Libya have averaged 186,000 bpd. FIRMS CAN ACCESS CRUDE EXPORTS AS WELL Sources said that Libya would also change its?handling of crude exports. All three traders agreed that the crude liftings of BGN, a Swiss trading firm, which was formerly a major exporter, would fall sharply as export rights will be given to large Western companies. Two of the three sources also said that the small Swiss trader Transmed Trading purchased several crude cargoes during January, and would 'continue to increase volumes in future months. Transmed and BGN didn't immediately respond to comments. Libya signed another 25-year deal in January with TotalEnergies, ConocoPhillips, and more than $20 billion of foreign-funded investment. Reporting by Robert Harvey in London, Dmitry Zhdannikov in Moscow, Ahmad Ghaddar in Paris, and Enes Tunagur at London. Ahmed Elumami and America Hernandez, both in Paris, contributed additional reporting. Dmitry Zhdannikov, Kirby Donovan and Dmitry Zhdannikov edited the article.
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Russell: Geopolitics shifts the mix of suppliers as Asia eats up crude oil.
As the recent run of strong crude oil imports continues, Asia is on track to "hit a new record in February". However, the mix of suppliers has begun to change in response to the geopolitical dynamic. In February, Kpler's commodity analysts expect the world's largest import region to have 28.51 million barrels (bpd), which is the highest daily total in their records. Kpler data shows that the strong imports in 'February' follow on from arrivals in December of 27,48 million bpd and in January of 26,22 million bpd. China and India are the two largest crude buyers in the world. The data also shows that recent geopolitical disturbances are beginning to affect crude oil flows into the region. India is a good example. Imports are expected to increase from January's 5,18 million bpd to 5.40 million in February. Kpler's initial estimate of India's imports for March is 4,04 million?bpd. However, this figure will increase as more cargoes, particularly from the Middle East, are assessed. The March data show a steep drop in the number of expected arrivals, which is now?593,000 per day, down from 1.43 million per day in February, and 1.22 million per day in January. This represents a 59% decline from 1.43 million per daily in February, and 1.22 million in January. It is possible that Kpler may revise higher the March total, but it's also likely that any such increase will only be minor, as the cargo arriving in March has likely already been at sea for the last four to six weeks. India's sudden drop in imports of Russian crude is the result of a trade agreement between New Delhi and Washington. The terms of the deal include India reducing imports from Russia, while increasing those from the United States. India has not yet lifted its imports from the United States, despite having made a commitment to reduce imports from Russia. It will be several months before any increase in crude oil arrivals from America is seen, given the longer shipping times. However, Kpler estimates that March imports are only 161,000 bpd - the lowest since February 2025. SAUDI GAINS According to Kpler, the main beneficiary of India's move away from Russia is Saudi Arabia. February imports are expected to hit 1.03 million bpd. This is up from 774,000 bpd during January, and it will be the highest since November 2019. Saudi Aramco, the state-owned oil company of the Kingdom, has lowered its official selling price (OSP), which is widely seen as a way to increase competitiveness and market share. The OSP for March for the benchmark Arab Light for Asian refiners has been cut to parity with the Oman/Dubai standard, down from an OSP of 30 cents per barrel in February. It was the lowest OSP in the last?decade and it continued the trend of Saudi Arabia reducing its oil prices relative to their competitors. Kpler expects arrivals in China of 1,58 million bpd for February, up from 1,20 million bpd during?January, and the highest since June last. Trade sources estimate that China's imports of Saudi Arabian goods from March will reach 1.87 million bpd - the highest since October 2022. China, however, continues to rely on Russia as its top supplier. Imports by sea are expected to reach 2.02 million bpd for February, compared with 1.85 million in January. China's January-February?imports of Russian crude oil are the highest since Kpler records began in 2013. This shows that Beijing continues to be willing to purchase?crude sanctioned from Western governments. The discounts provided by the government outweigh any political concerns. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by Kim Coghill).
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Global shares regain footing as AI jitters abate; investors digest Lagarde exit report
Investors took a break on Wednesday after a selloff triggered by artificial intelligence, and assessed a report that European Central Bank president Christine Lagarde planned to step down early. STOXX 600 jumped nearly 1% to a new record high on Wednesday, thanks to gains in mining and defence stocks. The pan-European index is now on track for its third consecutive day of gains. S&P futures rose 0.4% a week after the main indexes made modest gains. Investors who have suffered from a savage decline in recent weeks due to fears of AI upending the labour market, and making some businesses obsolete, especially in the software sector, will be relieved by the moves. "Ultimately, I think the future of both software companies and products will require a more nuanced and balanced view. "Not all software companies are going to go bankrupt," said Julian Klymochko. CEO of alternative investment solutions firm, Accelerate Financial Technology. "That being said, there will be a negative impact on many software companies either from an increase in the supply of competitors or a reduction in demand for their products." Focus on Potential Lagarde Departure According to The Financial Times, ECB president Lagarde intends to quit her position ahead of the French presidential elections next year. She navigated through one of the most volatile periods in financial history. Charles-Henry Monchau is the chief investment officer of SYZ Group, Geneva. If she leaves early, this marks the end of crisis management, and the start of a high-stakes battle for the future of the?euro. The euro fell 0.2% to $1.1835 on Wednesday, but Germany's 10-year bond yield, the benchmark for the euro zone, remained unchanged at 2.74%. The Geneva talks to end the four year old war in Ukraine abruptly ended after just two hours. Volodymyr Zelenskiy, the Ukrainian president, accused Russia of intentionally delaying progress towards a deal. The continued rise in geopolitical tensions will likely reduce the willingness of investors to take risks, said Ryan Sweet. He is managing director for macro forecasting and analyses at Oxford Economics. ASIA FIRM IN THE LIGHT HOLIDAY TRADE Japan's Nikkei 225 index jumped 1% to end a three-day decline, while Australia's S&P/ASX200 rose 0.5%. Mainland China was closed, as were Hong Kong, Singapore and Taiwan. Brent and West Texas Intermediate crude oils futures rose 1.9% and 2.2% to $68.73 per barrel and $63.59 per barrel, respectively, after closing at two-week lows the previous session. Iran's Foreign Minister said that following talks in Geneva, Washington and Tehran had agreed on "guiding principles" for resolving their long-standing nuclear dispute. This eased fears of a military conflict around the Strait of Hormuz, which could disrupt global oil supply. Gold recovered from its early losses. Silver gained 2.9% and was at $75.56 an ounce. Gold rose 0.7% to $4,912 an ounce. Bitcoin and Ether erased previous gains and were down by 0.3% and 0.7% respectively. The traditional currencies also remained relatively stable. The pound remained steady at $1.3571, after British inflation data fell in line with expectations. Meanwhile, the dollar rose 0.3% to?153.7 against the Japanese yen. The U.S. Dollar Index, which measures greenbacks against a basket of major counterparts, rose by 0.1%. Minutes of the Federal Reserve meeting from January, which are due on Wednesday, could influence the dollar. They could provide signals about the direction for interest rates. The 10-year Treasury yield rose nearly 2 basis points, to 4.07%. This is up from Tuesday's low of 4.02%. Reporting by Niket Nishant in London, and Scott Murdoch, in Sydney. Editing by Kevin Buckland and Lincoln Feast; Mark Potter, Chizu Nomiyama, and Chizu Feast.
Britain's climate modification plan challenged in landmark court case
Britain failed to set appropriate objectives in its environment adaptation method, environmental advocates argued on Tuesday in a case which counts on a. landmark recent ruling by Europe's leading human rights court.
Buddies of the Earth is taking legal action over Britain's. nationwide adaptation program, which was released in 2015 and. sets out what the government and others will do to adjust to the. effects of environment change.
The programme is developed to protect residents from the dangers. postured by heats, seaside flooding and extreme. weather condition.
Good friends of the Earth's attorney David Wolfe argued in court. filings that ministers needed to set results to attend to particular. threats, rather than a generic aim simply to lower risks.
The government's legal representative Mark Westmoreland Smith said the. environmental group's arguments misconstrued what ministers. must do and are essentially an obstacle to how the government. approached its tasks under environment change legislation.
The nature, ambition and framing of the objectives within. the program are matters for the judgment of the (minister),. who is politically accountable for them, he stated in court. files.
Good friends of the Earth's case relies in part on the European. Court of Human Being Rights' April ruling that Switzerland violated. its citizens' human rights by failing to do enough to combat. climate modification.
But Westmoreland Smith argued the Swiss case worried. procedures to alleviate the results of environment modification through a. regulative structure and was of restricted relevance.
Environment campaigners have increasingly turned to the law to. force federal governments to move quicker on taking on emissions.
Friends of the Earth was among 3 groups which. effectively challenged Britain's newest environment action plan. previously this year.
(source: Reuters)