It looks as though ArcelorMittal is still interested in ThyssenKrupp’s steel rolling mill in Alabama.
“Clearly we have said in the past and we can reaffirm the same, we remain interested in Alabama because of our positioning in North America. We have a strong automotive franchise there,” Chief Financial Officer Aditya Mittal told a conference call (Reuters).
“At the same time, we maintain our net debt target… and to the extent that we are successful with this transaction we do not expect the transaction to materially impact our net debt level.”
The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 9.3 percent increase on the LME to $235.00 per metric ton. Last week, the steel billet 3-month price increased by a slight 2.2 percent on the LME to $235.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. The price of Chinese slab rose 1.1 percent after falling 0.6 percent during the previous week. The price of Chinese HRC rose 0.3 percent after falling 0.9 percent during the previous week. Prices for Chinese coking coal remained constant.
The US HRC futures contract 3-month price fell 1.5 percent to $645.00 per short ton after rising 0.8 percent the week before. The spot price of the US HRC futures contract shifted up 1.4 percent to close at $660.00 per short ton this week. US shredded scrap gained a slight 0.3 percent this past week.
Korean steel prices were mixed for the week. The price of Korean steel scrap rose 1.6 percent after falling 1.6 percent during the previous week. Korean pig iron prices held steady from the previous week.
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