This Morning in Metals: Brazil Suspends Operations at Two Vale Facilities
This morning in metals news, a Brazilian governmental regulator has suspended operations at two Vale SA facilities, India’s steel production jumped 4% year over year during the April 2018-January 2019 period and a company is seeking a federal loan to bring a promised aluminum mill to Kentucky.
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Brazil Suspends Two Vale Facilities
On the heels of a fatal dam breach at miner Vale SA’s Corrego do Feijao mine in Brazil, the Brazilian mining regulator has ordered the suspension of two other Vale facilities, Reuters reported.
Activity will be suspended at the miner’s Fabrica and Vargem Grande complexes, according to the report.
Indian Steel Production
From April 2018 to January 2019, Indian steel production surged 4% year over year, S&P Global Platts reported (citing government data).
In 2018, India surpassed Japan to become the world’s second-largest steel producer, behind only China.
Looking for a Loan
According to a report by the Louisville Courier Journal, Braidy Industries is looking to acquire an $800 million federal loan to fulfill a promise to build an aluminum rolling mill in Ashland, Kentucky.
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The company is seeking to acquire the loan via the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing, which, as the report notes, hasn’t issued a loan in eight years.
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