This Morning in Metals: Job Cuts Likely to Hit Britain’s Biggest Steel Plant First
This morning in metals news, the recent agreement between Tata Steel and Thyssenkrupp to merge their European operations will likely mean job cuts at the U.K.’s biggest steel plant, copper moves up and Rio Tinto will deploy driverless iron ore trains in western Australia.
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Fallout of the Tata-Thyssenkrupp Deal
After more than a year of anticipation and talk, Tata Steel and Thyssenkrupp recently announced they had reached a deal to merge their European operations.
This was exciting news to some, but not to workers in the U.K., who expressed fear at the possibility of job cuts.
According to a Reuters analysis, the U.K.’s biggest steel plant, in Port Talbot, will likely be the first to face the scythe of job cuts. The plant directly employs 4,000 workers.
Copper Moves Up
Copper futures gained Monday in a slow trading day, according to a Reuters report.
The metal’s rise was in part attributed to growth in Chinese manufacturing.
Three-month LME copper was up 0.4% to $6,509 per ton earlier today.
Driverless Trains
Driverless cars are the wave of the future — but what about driverless trains?
Rio Tinto will use driverless trains for the transportation of iron ore in western Australia, according to Reuters.
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The iron ore miner recently completed its first long-haul journey (60 miles), with a completely autonomous locomotive, according to the report.
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