Despite previous speculation, the U.K. government insisted it would not take over and nationalize beleaguered Tata Steel U.K. Iron ore miners are not increasing production despite increasing prices.
Iron Ore Price Increases
A surprise spike in iron ore prices this year is shaking out fresh supplies of the steelmaking raw material, but some miners say it is too soon to aggressively restart production shuttered by a years-long price rout.
Iran said it has increased shipments to top iron ore consumer China, while traders have also seen more cargo from India and Malaysia.
Cameron: No State Buyout of Tata Steel U.K.
Prime Minister David Cameron said there was no guarantee a buyer could be found for Britain’s biggest steel producer after Tata Steel announced it was pulling out, and a state takeover was not the answer.
Cameron said he was doing all he could following the Indian company’s decision to sell its British operation, a move that has put 15,000 jobs at risk and exposed the government to accusations of failing to protect the industry from cheap Chinese imports.