Japan’s Isuzu to invest $6.6bn in Thailand's EV sector

  • Spanish Market: Battery materials, Metals
  • 21/03/24

Japanese car producer Isuzu will invest around 240bn Baht ($6.6bn) by 2030 in Thailand's electric vehicle (EV) sector, a Thai government spokesperson said today.

Isuzu plans to produce its D-MAX electric pickup truck in the country for export in 2025, Chai Wacharonke said. Isuzu had earlier this week said it will launch the model in European countries such as Norway in 2025. The model will be rolled out to the UK, Australia, Thailand, and other countries "based on market needs and the maturity of EV charging infrastructure", the firm said.

More details about Isuzu's investment plans were unavailable.

Thai prime minister Srettha Thavisin said last month that the country aims to attract Bt1 trillion as it seeks to become a future mobility hub. Thailand will promote its EV industry and look into other technologies such as "hydrogen engines", Thavisin said.

Thailand's National Electric Vehicle Policy Board last month approved a plan to offer commercial electric truck and bus purchase tax incentives. The plan also aims to provide cash grants for EV battery cell manufacturers.

Thailand has a target for zero emissions vehicles to reach 30pc of the country's total automobile production by 2030 with its 30@30 policy. Battery EV registrations almost quintupled from a year earlier to about 100,000 units in 2023.


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15/05/24

Liberty looks to sell or recapitalise EU rolling lines

Liberty looks to sell or recapitalise EU rolling lines

London, 15 May (Argus) — Beleaguered steelmaker Liberty Steel is looking to recapitalise or divest its main European rolling lines, the company said today. The lines are Liege in Belgium, Dudelange in Luxembourg and Piombino in Italy, and have a capacity of over 2.5mn t, the company said. Liege and Dudelange galvanise hot-rolled coil (HRC) and produce tinplate and blackplate, Magona produces prepaint and hot-dipped galvanised (HDG) products. "The primary objective is to review options for strategic partnerships through long-term HRC feedstock supply contracts, but will also consider and [sic] co-investment and divestment options," Liberty said. Negotiations over at least one of the assets have been ongoing for a number of months, but have potentially stalled at the contract signing stage, sources suggested this week. The company refused to comment on "speculation". As with Liberty's other EU and UK assets, the lines have not been producing anywhere near full capacity, if at all, for a number of years. They have not been supplied with feedstock from the company's own mills. Galati in Romania is operating, but nowhere near capacity, while Ostrava is rolling limited quantities of imported slab with the aid of third-party financing. As far back as June 2021, Belgium's Walloon government loaned Liberty Steel an undisclosed fee to continue operating Liege-Dudelange, subject to the organisation of a sales procedure being started. Walloon's investment firm Sogepa extended the loan subject to "strict conditions", including the organisation of sale, but no sale occurred. That same month, Liberty merged the downstream assets of Dudelange, Liege and Piombino into its Galati organisation. At the time the company said this would see Galati become the primary supplier of HRC to the rolling lines. The difficult market environment in Europe is compounding the difficulties faced by Liberty. Last week it mothballed its merchant bar mill in Scunthorpe, UK , as first reported by Argus . In reality, the mill has not produced anything for years. At Liberty's Speciality Steel business in south Yorkshire, UK, around 7,000t has been produced this year, out of nameplate capacity of 1.2mn t/yr. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

VW idles Brazil auto plants as floods hit parts supply


14/05/24
14/05/24

VW idles Brazil auto plants as floods hit parts supply

Sao Paulo, 14 May (Argus) — Persistent heavy rains in Brazil's Rio Grande do Sul led Volkswagen to announce collective vacation for workers in three of its local plants as the automaker struggles with a lack of parts made in the flood-hit state. The Anchieta, Taubate and Sao Carlos facilities, in southeastern Sao Paulo state, will have collective vacation starting 20 May as floods forced auto part suppliers to stop production. "Due to the heavy rains affecting the state and people of Rio Grande do Sul, some Volkswagen do Brasil parts suppliers, with factories installed in the state, are unable to produce at this time," the company said on Tuesday. Volkswagen declined to comment on which auto parts suppliers were affected by the floods. Volkswagen's Sao Jose dos Pinhais facility, in Rio Grande do Sul, will remain operating, the company said. Heavy rains that began flooding Rio Grande do Sul in late April persisted over the weekend , continuing to wreak havoc in the state. Rains reached an accumulated 123mm (4.8in) on 10-12 May in the state capital Porto Alegre, according to Brazil's national meteorological institute Inmet. Some areas experienced around 80mm of rain on 12 May alone, according to the US National Oceanic and Atmospheric Administration. Showers lessened but continued on 13 May, reaching 35mm in some parts of the state. The extreme weather has left 148 dead and 124 missing, according to the civil defense. Over 538,000 people are displaced. By Carolina Pulice Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Anglo American to exit from coal, Ni, platinum: Update


14/05/24
14/05/24

Anglo American to exit from coal, Ni, platinum: Update

Adds details of Anglo American's latest plan to demerge or sell its assets Singapore, 14 May (Argus) — UK-South African mining firm Anglo American has announced plans to exit its coal, platinum, nickel and diamond businesses, shortly after rejecting Australian resources firm BHP's latest takeover bid. Anglo American wants to sell its coking coal business in Australia, which includes the 6.5mn t/yr Moranbah and 5mn t/yr Grosvenor mines in Queensland. The firm also plans to demerge Anglo American Platinum, as well as sell or demerge its De Beers diamond business, it said on 14 May. Anglo American will also slow investment in its Woodsmith polyhalite fertilizer project in the UK, where it was previously targeting first commercial output in 2027 . It is also exploring options for care and maintenance as well as divestment of its nickel assets in Brazil. The move to "accelerate the delivery of consistently stronger shareholder returns" with the latest plan comes on the back of a takeover bid by BHP. Anglo American turned down a revised £34bn ($42.7bn) takeover proposal from BHP on 13 May because it "continues to significantly undervalue Anglo American and its future prospects". It earlier rejected BHP's £31bn all-share offer for the same reason. "The latest proposal from BHP again fails to recognise the value inherent in Anglo American," Anglo American chairman Stuart Chambers said on 13 May. Anglo American shareholders are well positioned to benefit from increasing demand from "future-enabling products", Chambers added. Copper was the second-highest contributor to Anglo American's earnings last year, accounting for 32pc of its earnings before interest, taxes, depreciation and amortisation, after iron ore. BHP's latest offer represents a total value of around £27.53 per Anglo American ordinary share, including £4.86 in Anglo Platinum shares and £3.40 in Kumba shares, BHP said on 13 May. The takeover proposal came with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum and Kumba Iron Ore — its assets in South Africa — to Anglo American shareholders. "This leaves Anglo American, its shareholders and stakeholders disproportionately at risk from the substantial uncertainty and execution risk created by the proposed inter-conditional execution of two demergers and a takeover," Anglo American said. By Reena Nathan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Anglo American rejects BHP’s revised takeover proposal


14/05/24
14/05/24

Anglo American rejects BHP’s revised takeover proposal

Singapore, 14 May (Argus) — UK-South African mining firm Anglo American has rejected a revised £34bn ($42.7bn) takeover proposal from Australian resources firm BHP because it "continues to significantly undervalue Anglo American and its future prospects". Anglo American earlier rejected BHP's £31bn all-share offer for the same reason. "The latest proposal from BHP again fails to recognise the value inherent in Anglo American," Anglo American chairman Stuart Chambers said on 13 May. Anglo American shareholders are well positioned to benefit from increasing demand from "future-enabling products", Chambers added. Copper was the second-highest contributor to Anglo American last year, accounting for 32pc of its earnings before interest, taxes, depreciation and amortisation. BHP's latest offer represents a total value of around £27.53 per Anglo American ordinary share, including £4.86 in Anglo Platinum shares and £3.40 in Kumba shares, BHP said on 13 May. The takeover proposal came with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum and Kumba Iron Ore — its assets in South Africa — to Anglo American shareholders. "This leaves Anglo American, its shareholders and stakeholders disproportionately at risk from the substantial uncertainty and execution risk created by the proposed inter-conditional execution of two demergers and a takeover," Anglo American said. By Reena Nathan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Potential strike threatens Vancouver port again


13/05/24
13/05/24

Potential strike threatens Vancouver port again

Calgary, 13 May (Argus) — A labour dispute at the Canadian port of Vancouver could result in another work stoppage, less than a year after a strike disrupted the flow of more than C$10bn ($7.3bn) worth of goods and commodities ranging from canola and potash to coking coal. Negotiations between the British Columbia Maritime Employers Association (BCMEA) and the International Longshore and Warehouse Union (ILWU) Ship and Dock Foremen Local 514 union have stalled as the two sides try to renew an agreement that expired on 1 April 2023. A 21-day "cooling-off period" concluded on 10 May, giving the union the right to strike and the employers association the right to lock out the workers. A vote and 72-hour notice would first need to occur before either action is taken. The BCMEA filed a formal complaint to the Canada Industrial Relations Board (CIRB) the same day, which had to step in last year in another dispute. The BCMEA locked horns with ILWU Canada over a separate collective agreement in 2023 leading to a 13-day strike by the union in July. This disrupted the movement of C$10.7bn of goods in and out of Canada, according to the Greater Vancouver Board of Trade. Vancouver's port is the country's largest — about the same size as the next five combined — and describes itself as able to handle the most diversified range of cargo in North America. There are 29 terminals belonging to the Port of Vancouver. Terminals that service container ships endured the most significant congestion during last year's strike. Loadings for potash, sulphur, lumber, wood pellets and pulp, steel-making coal, canola, copper concentrates, zinc and lead concentrate, diesel and renewable diesel liquids and some agri-foods were also disrupted. The Trans Mountain-operated Westridge Marine Terminal responsible for crude oil exports on Canada's west coast was unaffected. A deal was eventually reached on 4 August. The strike spurred on proposed amendments to legislation in Canada that would limit the effect of job action on essential services. A bill introduced in Canada's Parliament in November would update the Canada Labour Code and CIRB Regulations accordingly. The bill has been progressing through the House of Commons, now having completed the second of three readings. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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