IRON and STEEL
Pennsylvania-based integrated steelmaker US Steel is making a series of changes in preparation for its possible full acquisition of electric arc furnace (EAF) steelmaker Big River Steel.
US Steel said yesterday that it is changing its organizational structure in order to save money and align with its recent minority stake taken in Arkansas flat-rolled producer Big River Steel.
The integrated steelmaker is spending $700mn for a 49.9pc stake in Big River Steel, with the option to purchase the entire company in the next four years.
US Steel's chief executive David Burritt has said that he intends to complete the purchase of Big River Steel.
The new operating model is expected to save US Steel $200mn in annual costs by 2022.
The company's chief financial officer Kevin Bradley is also resigning, effective 4 November. Bradley had been in the role since July 2017.
Daily electricity consumption in Iran reached 53,502 megawatts (53.5 gigawatts) on Saturday to register a new record high, IRNA reported, citing data released by Iran Grid Management Company (IGMC).
Chinese demand for seaborne basic pig iron (BPI) increased sharply in the first quarter, continuing a trend from late 2019 of supporting the market when primary buyer US is on the sidelines.
China's consumption of ferrous scrap grew by 15pc on the year in 2019 to 215.93mn t, according to statistics released today by the Bureau of International Recycling (BIR).
Australia's greenhouse gas (GHG) emissions fell by 0.9pc to 532.5mn t of carbon dioxide equivalent (CO2e) at the end of 2019 from 537.5mn t of CO2e at the end of 2018, with most of the falls coming from lower emissions in electricity generation and agriculture.
Following an upward trend in recent months, electricity consumption in Iran reached 45,847 megawatts (45.84 gigawatts) on Wednesday, May 19, IRNA reported.
Iran’s electricity exports to the neighboring countries in the previous Iranian calendar year (ended on March 19) reached 8 billion kilowatt hours (kWh), registering an increase of 27.6 percent year on year, IRNA reported.