This morning in metals news, ArcelorMittal and the state-run Steel Authority of India Ltd. (SAIL) are reportedly close to a joint-venture deal, officials in a northwest Indian town are threatening to sue U.S. Steel after a recent Lake Michigan toxic chemical spill, and despite the start of the winter season, Chinese steel mill profits have gone up.
ArcelorMittal, SAIL Close to Deal
ArcelorMittal and India’s state-run SAIL have been in talks regarding a potential joint venture; according to Bloomberg, the two are expected to ink a deal soon.
According to Bloomberg, the two have agreed to terms on the deal, which features a $60 billion automotive plant.
Portage Officials Threaten to Sue U.S. Steel
After a second incident of dumping toxic chromium into Lake Michigan, U.S. Steel is facing lawsuit threats from a northwest Indiana town, not long after the City of Chicago said it would file suit.
Officials from Portage, Indiana, recently threatened to sue the company after the second spill, which occurred in October.
According to the Northwest Indiana Times, the Portage City Council approved a resolution Tuesday night demanding the steelmaker report any environmental spill or discharge to the city as it would to the Environmental Protection Agency or Indiana Department of Environmental Management.
Chinese Mills’ Profits Up
Profits by Chinese mills continue to rise after a warm start to the winter season, Reuters reported.
Warmer weather has allowed steel operations to continue when they would ordinarily be shut down by the colder winter weather.
According to the report, physical spot prices for steel rebar for immediate delivery rose to 5,210 yuan ($787.72) a ton on Tuesday — its highest since August 2008.