Indictment Claims Chinese Companies Benefited From Hacking ATI, Alcoa, US Steel, Westinghouse

by on

natali_mis/Adobe Stock

In a federal indictment unsealed this week, federal prosecutors accused five Chinese military hackers of stealing information from American companies that would be useful to competitors in China, Bloomberg Businessweek reported. They didn’t name the Chinese companies that might have benefited from the alleged pilfering of trade secrets, but they did drop several big hints that point to some of China’s biggest companies and state-owned enterprises, including Baoshan Iron and Steel and Chinalco. The companies deny that they are the unnamed businesses referred to in the indictment.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

The indictment, which was unsealed on May 19, did not name any Chinese companies as defendants. It described a number of state-owned companies that had business arrangements with Westinghouse Electric, US Steel, Allegheny Technologies, and Alcoa, the victims of the alleged hacking, all of whom have major operations in southwestern Pennsylvania.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.72) and a low price of CNY 830.00 ($133.12) per dry metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 3,360 ($538.88) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($222.93) per metric ton.

The steel billet cash price continues hovering around $390.00 per metric ton on the LME for the fifth day in a row. The steel billet 3-month price held steady on the LME at $400.00 per metric ton.

After dropping for two days, the US HRC futures contract 3-month price flattened at $625.00. The US HRC futures contract spot price held steady around $685.00 per short ton.

{Comments Off on Indictment Claims Chinese Companies Benefited From Hacking ATI, Alcoa, US Steel, Westinghouse Comments Off on Indictment Claims Chinese Companies Benefited From Hacking ATI, Alcoa, US Steel, Westinghouse}