The Week in Brexit: Steel Plants in the Balance, Angry Politicians, Mass Hysteria

Our coverage was dominated this week by the implications of the U.K.’s vote to leave, or Brexit, the European Union.

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So many questions still need answers, despite metals markets essentially calming down as the week went on. What will any future deal with the E.U. look like? What does this mean for metals markets? Can Tata Steel sell its U.K. assets without a pension bailout that was being discussed before the vote? Is China taking advantage of the situation by devaluing the yuan again while nobody’s looking? Will U.K. Independence Party leader Nigel Farage get through his gloating speech to the European Parliament without being booed and hissed out of Brussels?

We told you it could happen. Source: Adobe Stock/Stephen Finn.
We told you it could happen. Source: Adobe Stock/Stephen Finn.

Actually, we know the answer to that one, he got through it with some help from European Parliament President Martin Schulz asking for order, but not before he blamed his fellow ministers of parliament for “exporting poverty to the Mediterranean” and “bringing the Lisbon Treaty in through the back door.”

To try to answer all of these questions, as best we can, we’re holding a webinar on July 13th with MetalMiner Co-Founders Lisa Reisman and Stuart Burns. They’ll discuss all of the issues for metals, North American manufacturing and trade that Brexit presents.

Non-Brexit News

Alcoa LogoAlcoa, Inc. settled on Arconic, a truly Tronc-worthy new name for its value-added automotive and aerospace business.

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Alcoa, Inc. — whose spin-off will now be Alcoa, Corp. — revealed the new name in a securities filing and did not even have the decency to apologize and say “sorry guys, Google was already taken.”

Indonesia’s Dirty Coal Mines

Indonesia’s tropical coal mining sector is winding down production due to low global prices and poor production, but the island nation might be sitting on an environmental time bomb as few of the country’s mining companies have the resources to properly clean up the sites before they pull out. Almost none of the companies have paid their share of billions of dollars owed to repair the badly scarred landscape. Nothing to snark at here.

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