USW ratifies agreement with steelmaker Cliffs

Spanish Market: Coking coal, Metals
12/10/22

The United Steelworkers (USW) union has ratified a new four-year labor contract with integrated steelmaker Cleveland-Cliffs.

Base wages are expected to increase by 20pc during the period of the contract, and Cliffs has committed to invest $4bn at its union-represented facilities.

The ratification is likely to increase pressure on Cliffs' competitor US Steel, the last remaining steel company in Canada and the US to be negotiating a labor deal with the USW. US Steel's prior contract with the union expired on 1 September and was indefinitely extended.

A 48 hour notice period is required before either side can go forward with a lockout or a strike.

Negotiations between US Steel and the USW have been tense, with the USW pointing to increased costs for its members in US Steel's proposals, and the steelmaker filing an unfair labor practice complaint with the National Labor Relations Board in September.

According to a statement from the USW at the end of September, US Steel has proposed wage increases of 14pc. A statement from yesterday from the union says the two sides still remain apart on wages, healthcare, retirement, and vacation time.

By Rye Druzin

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14/11/25

S Korea expands car support, plans trade-in EV policy

Singapore, 14 November (Argus) — The South Korean government has announced a wide range of financing and support for its automobile industry, while raising its electric vehicle (EV) subsidies budget and disclosing plans for a trade-in scheme to spur EV purchases. Over 15 trillion South Korean won ($10.31bn) of policy financing will be earmarked by the country for its car and auto parts makers in 2026, said the country's trade and industry ministry (Motie) on 14 November. It comes as intensifying competition in artificial intelligence autonomous driving technology and impacts on the domestic automobile manufacturing base threatens the country's auto sector that is its manufacturing stronghold, Motie said without providing more details, adding to the potential burden from earlier US-South Korea tariff deal . The country is looking to maintain a domestic car production of 4mn units/yr while improving the production quality. The government will also raise its budget for EV subsidies to around W936bn next year, up from an estimated W715bn this year. It is looking to establish a new purchase financing program for electric and hydrogen buses. It also plans to introduce a trade-in subsidy of up to W1mn for new EV buyers who scrap their old cars starting in 2026, in a similar fashion to China's efforts to spur Chinese EV purchases. "Considering the South Korean government's previous policy trajectory, a gradual reduction in EV subsidies would have been the more expected approach," Beomseok Kim, analyst at South Korean market intelligence firm SNE Research told Argus today. But the government appears to have determined that stronger stimulus is needed to re-energise domestic demand given a slower pace of electrification than initially projected, Kim added. The package expanding incentives beyond the 2025 levels signals the government's commitment to keep the momentum alive. South Korea's battery EV domestic sales hit an all-time-high earlier in September, riding on its current eco-friendly vehicle domestic sales uptrend. The South Korean government is expecting an accelerated eco-friendly vehicle adoption trend and it is planning ahead by supporting internal combustion engine (ICE) car parts makers' transition. Financial and R&D support will be focused on its industrial green transformation strategy, while designating 200 "future vehicle specialised companies" by 2030 and having 70pc of its ICE parts companies transition to future vehicles parts firms. The country is eyeing mass production of autonomous vehicles by 2028, with institutional improvements supporting the ambition to be potentially achieved by the end of 2026. South Korean conglomerate Hyundai Motor earlier in October unveiled its goal of turning India into an export hub through a planned Indian investment of $5.1bn through to 2030. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Rio Tinto halts flagship Li project in Serbia

13/11/25

Rio Tinto halts flagship Li project in Serbia

London, 13 November (Argus) — Anglo-Australian miner Rio Tinto is indefinitely suspending development of Jadar, its flagship European lithium project in Serbia, as part of cost-cutting measures and in line with its new chief executive's initiatives to streamline operations. Rio instead will prioritize other shorter-term opportunities and reduce costs, according to reports confirmed by the company, which no longer could justify the required expenses and resource allocation given delays the permitting process. The company has been trying to commission the project since its discovery in 2004. It signed a memorandum of understanding with the Serbian government in 2017 to advance it, but was stopped by permitting issues and staunch opposition by local communities. Jadar, wholly owned by Rio Tinto, is one of the largest confirmed greenfield lithium resources in the world at 16.6mn metric tonnes (t) of lithium-borate ore with an average grade of 1.8pc lithium oxide, which is high compared with similar resources. Rio Tinto had committed $2.4bn to the project. Some market participants have long expressed skepticism over Jadar's chances. "I never believed it would happen for many reasons, from technical to social, and licensing perspectives," one market source told Argus . "Rio was basically losing money every year keeping it, so stopping it makes sense," said another one. The move comes less than three months after the company announced a global restructure of its operations under the guidance of newly appointed chief executive Simon Trott. Lithium is one of Rio Tinto's main divisions after the restructure. Earlier this year, the company finalized the $6.7bn acquisition of Arcadium Lithium , Argentina's largest producer. Rio is also primed to be one of Chile's largest lithium producers after securing two major mining concessions. By Chris Welch and Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cop: Critical minerals discussions gain momentum

13/11/25

Cop: Critical minerals discussions gain momentum

Belem, 13 November (Argus) — Conversations on the importance of critical minerals to a just energy transition have gained momentum at the UN Cop 30 climate summit, a delegate told Argus . The UK has proposed a draft text to include critical minerals — such as copper, lithium, nickel, cobalt and rare earth elements — in the supply chain of a just energy transition, Melissa Marengo, a senior program officer at New York-based environmental group Natural Resource Governance Institute, said. The text has been backed so far by the EU, Australia and a plethora of African nations. Tanzania stands out as a champion on the topic, she said. Mention of critical minerals and recommendations around their sustainable development in a Cop outcome could mark the "change of a paradigm" in how the world uses critical minerals, Marengo said. "Everyone knows we will need to set rules [to] access critical minerals", she added. A UN-convened panel last year outlined principles and recommendations on a sustainable and equitable critical minerals industry. Zimbabwe, Africa's top lithium producer, included minerals governance in its national position for Cop 30. South Africa, Uganda, and Burkina Faso — speaking on behalf of the group of least developed countries — echoed the call to integrate minerals into just transition discussions and the Cop 30 outcome. Brazil has also said it supports transparency, combatting illegal mining and corruption and protections for human rights and the environment. Brazilian president Luiz Inacio Lula da Silva had already set the stage for the conversations at last week's world leaders' summit, held just ahead of Cop 30. "We cannot discuss the energy transition without addressing critical minerals, which are essential for the production of batteries, solar panels, and energy systems", he said during a session on energy transition during the leaders' climate summit. Although the interest from developed ‘Global North' countries certainly stems from economic interests, having them mention the topic in the first days of Cop 30 is a win and "shows the minerals issue is now on track to be reflected in Cop 30 outcomes", Marengo said. Other countries, including Chile and Colombia, have been working on this topic in parallel to Cop 30. Chile is the world's foremost copper producer and the second-biggest lithium producer. Colombia plans to call for a global accountability framework on mining impacts. China, a key producer of solar panels and batteries, has not made any formal comments on the topic yet at Cop 30 but has been taking informal meetings in the matter, Marengo said. China is "the dominant refiner" for most critical minerals, "holding an average market share of around 70pc", energy watchdog the IEA said in May. China is more focused on the phase out of fossil fuels, one of the more prominent topics at Cop 30, Marengo said. And getting China on board of a text mentioning critical minerals might not be an easy task, she added, given its manufacturing industries. But she hopes any final text will include the UN guidelines. "It sets the very minimum considerations that should be taken when you want to extract minerals", she said. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Q&A: Cr supply must diversify — Worldstainless

12/11/25

Q&A: Cr supply must diversify — Worldstainless

London, 12 November (Argus) — Worldstainless is a stainless steel industry body and subsidiary of the World Steel Association (worldsteel), which represents producers comprising 85pc of global steel production and national and regional steel industry associations worldwide. Argus spoke to Worldstainless Secretary-General Tim Collins on the sidelines of the International Chromium Development Association conference about stainless steel growth and the importance of secure raw materials supply, particularly for chrome metal. What are you expecting for steel supply and demand in 2025? From a demand perspective, we know that (global) demand will remain a bit on the weak side, but we are expecting to see a small level of growth after the first quarter of 2026. We expect demand to grow by 2pc to 2.5pc, but it will be polarised. There will be certain sectors where movement is slower, such as nuclear energy and other renewable energies. But in other areas, people are getting frustrated with non-metallic materials, particularly composites and plastic base, so there is an opportunity for stainless growth as people switch material-buying decisions. We are looking further down the supply chain. Why is diversified chromium production important? Chromium is important to us because it's what makes stainless steel stainless. We are a growing industry, with 5pc growth year on year in terms of ferro-chrome consumption. That pattern has been in place since 1980. We need a geographically balanced production platform for ferro-chrome. If regions don't have domestic or near domestic ferro-chrome production, that is not good for the overall stainless industry. What we don't want is an ultimate monopoly. The stainless industry wants a more diversified production landscape, otherwise we end up carrying huge stocks, which nobody wants. Why is improved scrap recycling important? If you look at average global production levels for stainless steels, the recycled content stands at 48pc on average, although that is polarised by region. Approximately half of the chrome we need comes from recycled content. But we lose about 600,000t of chromium contained in scrap to the low-alloy steel industry. If we could capture that and recycle that into new stainless steels, that would drop the current average emissions (for stainless steel output) by 10pc. That's an improvement that is hard to do by means of technological production. What other raw materials are a priority? When you look at the big three inputs for stainless steels, you're looking at chromium, nickel and molybdenum. From an emissions perspective, nickel is the worst contributor to the overall stainless steel cradle to gate emissions. We need the nickel industry to move faster. Molybdenum is one of the other important elements for us, and molybdenum use will grow, but we have to do more to promote the molybdenum-containing steels. That is where you get the benefits in structural applications. As we look to enter other application sectors, molybdenum becomes increasingly important. What stainless steel end-markets could grow in the near term? The area that is interesting for us is infrastructure. We now have a number of showcase projects that have used stainless in a selective way in large building projects, which eliminated future maintenance needs. You only have to replace 10-12pc of traditional structural steels with stainless once you understand where corrosion is likely to occur. If you replace structural steels for stainless, you've got a product that will stand the test of time and require much less maintenance interventions, and another benefit is that you drop the emissions in the operational phase. The last benefit of stainless structural steels is that you need less concrete in structures. How has recent US policy impacted stainless steel? I have seen changes in US policies for materials over the course of my career, and this has been different in that Donald Trump has been much more direct. Previous administrations have not been so fast to act, and it has been a bit more subtle. But I think we get to a point where everything is okay. When you look at the big producers of stainless steel in the US — Acerinox, Aperam and Outokumpu — they're responsible for most of the market demand and are managing well. What is interesting about the three big players is that their facilities are fairly modern, whereas decades ago in the US their facilities were older and not so competitive or efficient. Having modern, more efficient plants helps without a doubt. There is still room for niche players to ship material in because not all products can be produced in the US domestically. The one concern I have for the US is that if you look at consumption of stainless per capita, the US lags the leading countries in the world by a long way. Countries such as China have consumption of 20-25kg per capita, whereas for the US, consumption is in the single-digit figures. The US has created what I call the throwaway society, so the alignment to resilient materials is not as strong. By Maeve Flaherty Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia’s MinRes, S Korea's Posco form lithium JV

12/11/25

Australia’s MinRes, S Korea's Posco form lithium JV

Sydney, 12 November (Argus) — Australian producer Mineral Resources (MinRes) has agreed to sell 30pc of its stake in the Wodgina and Mount Marion lithium mines in Western Australia (WA) to South Korean producer Posco for $765mn under a binding agreement. The deal does not include MinRes' dormant Bald Hill mine or exploration tenements in WA's Goldfields region, the company told investors in a call today. It is subject to approval from Australian regulator the Foreign Investment Review Board, which clears foreign purchases. Posco will also sign an offtake agreement for 30pc of MinRes' share of Wodgina and Mount Marion's spodumene output, MinRes said. The South Korean producer expects to eventually get 270,000 t/yr of spodumene under the deal, it said on 12 November. The Australian producer plans to ship 380,000-420,000t of spodumene out of the two mines on an equity basis over the 2025-26 financial year to 30 June. It currently runs Wodgina and Mount Marion as 50:50 joint ventures with US producer Albemarle and Chinese producer Jiangxi Ganfeng Lithium, respectively. Albemarle and Jiangxi Ganfeng will keep their stakes in the two projects. MinRes and Posco have worked together before. Posco, US investor AMCI, and Chinese steelmaker Baosteel collectively own a 43pc stake in MinRes' 35mn t/yr Onslow iron project, which ramped up to capacity in August-October . Posco also has an existing lithium partnership with Australian producer PLS, formerly known as Pilbara Minerals. It runs a 43,000 t/yr lithium hydroxide plant in Gwangyang with the Australian miner. But the plant is facing challenges. The US government's removal of Inflation Reduction Act subsidies for electric vehicles in September cut demand for batteries and battery chemicals, PLS said on 24 October. The venture does not plan to run the plant at full capacity until lithium hydroxide demand rises, Posco said in August. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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USW ratifies agreement with steelmaker Cliffs

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S Korea expands car support, plans trade-in EV policy

S Korea expands car support, plans trade-in EV policy

Rio Tinto halts flagship Li project in Serbia

Rio Tinto halts flagship Li project in Serbia

Cop: Critical minerals discussions gain momentum

Cop: Critical minerals discussions gain momentum

Q&A: Cr supply must diversify — Worldstainless

Q&A: Cr supply must diversify — Worldstainless

Australia’s MinRes, S Korea's Posco form lithium JV

Australia’s MinRes, S Korea's Posco form lithium JV

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