ArcelorMittal and Nippon Steel & Sumitomo Metal Corp’s joint acquisition of the ThyssenKrupp U.S. steel plant “will not affect the world No. 1 steelmaker’s debt targets, ArcelorMittal’s chief executive said on Sunday,” reports Reuters.
“ArcelorMittal unveiled the $1.55 billion takeover of ThyssenKrupp’s U.S. steel finishing plant in Calvert, Alabama, on Friday, saying it would finance the deal via equity and debt at the joint venture level.”
The nickel spot price saw a 1.0 percent drop on the LME on Friday, November 29, landing at $13,260 per metric ton and making it the biggest mover of the day. The nickel 3-month price weakened by 1.0 percent on the LME, settling at $13,335 per metric ton. The cash price of primary Indian nickel finished the market day up 0.2 percent per kilogram.
Chinese stainless steel closed mixed last Friday. The price of Chinese ferro-chrome continues to hover for the fifth day in a row. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
The price of Chinese primary nickel fell 0.2 percent to a 30-day low last Friday. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil was unchanged. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady.