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GFG puts Australian Mn plant on care and maintenance
GFG puts Australian Mn plant on care and maintenance
Sydney, 20 May (Argus) — UK-owned steelmaker GFG Alliances has placed its Liberty Bell Bay manganese alloy smelter in Tasmania into care and maintenance over manganese ore supply issues, Tasmanian minister for business, industry and resources Eric Abetz said on 19 May. GFG is committed to the long term success of the Liberty Bell smelter and expects the pause to be temporary, a company spokesperson told Argus on 20 May. The Tasmanian state government is working with GFG and the Australian federal government to address challenges at the plant. It has also asked prime minister Anthony Albanese to support Liberty Bell, state premier Jeremy Rockcliff said on 20 May. Liberty Bell Bay is Australia's only ferroalloy plant and is permitted to produce a combined total of 290,000 t/yr of ferromanganese and silicomanganese. GFG sources Liberty Bell Bay's manganese ore from Australian metal producer South32's Australian Gemco mine and South African sites, which have faced recent production disruptions because of bad weather and maintenance shutdowns. Cyclone Megan flooded and damaged parts of Gemco in March 2024, taking it off line for four months. South32 closed the mine again in January-March 2025 to complete mine dewatering work. South32 also cut manganese production at its South African operations by 10pc on the year in January-March because of scheduled maintenance work and an unplanned shutdown at its Wessels mine. Gemco's manganese production is forecast to reach approximately 5mn t in the 2025-26 financial year ending 30 June, the Northern Territory state government said in a budget announcement. South32 has not released its Gemco production guidance for 2025-26. Liberty Bell Bay's production pause comes after the South Australian state government placed GFG's 1.2mn t/yr Whyalla steelworks into administration in February. The state government later announced plans to transfer control of the Whyalla port from GFG to the steelwork's administrators. Liberty Bell Bay is one of only six facilities in Tasmania covered under Australia's federal safeguard mechanism. It received 8,762 safeguard mechanism credits (SMCs) for the July 2023-June 2024 compliance year as its covered scope 1 emissions of 196,125t of CO2 equivalent (CO2e) were below its baseline of 204,887t of CO2e. Two facilities operated by GFG — the Whyalla steelworks and the Middleback Range iron ore mine — ended the compliance year in an excess emissions situation because they were in administration, according to the Clean Energy Regulator (CER). By Avinash Govind and Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
China's CATL raises $4.6bn from Hong Kong IPO
China's CATL raises $4.6bn from Hong Kong IPO
Beijing, 20 May (Argus) — China's largest battery producer CATL has raised $4.6bn from the sale of 135.6mn of its shares on the main board of the Hong Kong Stock Exchange today. This is likely to be the world's largest initial public offering (IPO) in 2025. CATL's shares hit a high of HK$299.80 ($38.40) in the morning trading session, up by 14pc from its listing price of HK$263. CATL's Hong Kong IPO is expected to enhance its international brand influence and finance its expansions in the global battery market, according to industry participants. CATL is not only a battery component manufacturer and system solution provider, but also aims to be a pioneer of the global zero-carbon economy, said company chairman Zeng Yuqun at the listing ceremony. The world's total investments in vehicle electrification will hit $3 trillion by 2030, and more than $10 trillion will be invested in renewable energy by 2050, according to CATL. CATL's electric vehicle battery installations rose by 40pc on the year to 84.9 GWh in January-March, accounting for 38pc of the world's total installations, data from South Korean market intelligence firm SNE Research show. Its total battery capacity is projected to reach 700-1,000 GWh/yr in 2025, making it the world's first TWh-level battery manufacturer, according to market participants. The firm has been accelerating expansions outside China in recent years, with projects in Germany, Hungary, Spain, and Indonesia. The company is also facing geopolitical pressure because of the US' higher tariffs on Chinese battery imports and accusations by some US politicians of having supply chain connections to forced labour. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Deere sees paying $500mn in US tariffs through Oct
Deere sees paying $500mn in US tariffs through Oct
Houston, 16 May (Argus) — Heavy equipment manufacturer John Deere expects US import tariffs to cost the company $500mn in the fiscal year that ends in October. The Illinois-based company paid roughly $100mn in tariffs in its fiscal second quarter, which ended 27 April. It expects to pay the US government another $400mn in tariffs during the second half of its fiscal year, executives said Thursday on an earnings call. Deere plans to recoup its tariff costs through a combination of charging higher prices and reducing its costs, chief financial officer Joshua Jepsen said. Tariffs also are expected to contribute to lower demand for tractors and other farm equipment produced by Deere. Large agricultural equipment sales across the industry are projected to fall by 30pc in the US and Canada in 2025 due to trade uncertainty and high interest rates, Deere said. Deere domestically produces 79pc of the completed goods it sells in the US, and 76pc of the components used at its domestic facilities are sourced from US-based suppliers. The company is prepared to invest $20bn to expand its domestic manufacturing over the next decade, chief executive John May said. The company imports 10pc of the components used in its US plants from Mexico and has begun qualifying its products for exemptions under the US-Mexico-Canada free trade agreement (USMCA) to mitigate the impact of tariffs. US sales of the company's roadbuilding machinery are subject to the US' 10pc global import tariff rate, as the equipment is predominantly made in Germany. The company reduced the low end of its profit forecast for the fiscal year to $4.75bn-$5.5bn, down from $5bn-$5.5bn. John Deere's second-quarter profit fell to $1.8bn, down by 24pc compared with the year-prior period. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Liberty cancels Speciality Steel restructuring plan
Liberty cancels Speciality Steel restructuring plan
London, 16 May (Argus) — Liberty Steel has cancelled the restructuring plan for its Speciality Steel business in the UK. Liberty axed the plan as it was not going to receive sufficient creditor support to approve it, sources at the company said. Greensill creditors, and a majority of other plan creditors, had voiced their opposition to the restructuring in recent court proceedings. A sanction hearing to approve or reject the plan had been scheduled for 15-16 May, but that has now been cancelled as a result. The winding up petition by major creditor Harsco is scheduled to be heard on 21 May, so there is a risk the company could now be wound up if not placed into administration. In a note to creditors obtained by Argus , Liberty said it will "consult with UK government" and other stakeholders ahead of the petition. "The court's ability to sanction the [restructuring] plan depended on finalisation of an agreement with creditors," a company spokesperson told Argus . "This has not proved possible in an acceptable timeframe and so Liberty decided to withdraw the plan ahead of the sanction hearing on 15 May and will now quickly consider alternative options." The company remains "committed to doing all it can" to maintain the business, he said. The Speciality business has operated at a tiny fraction of its nameplate capacity in recent years, along with all of Liberty's operations in the UK, some of which have been technically mothballed already. Some sources have suggested the government could take control of Speciality Steel, as it has with British Steel, citing synergies between the two plants. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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