This Morning in Metals: Tata Steel Plans to Cut Jobs in Europe

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This morning in metals news, Tata Steel is making job cuts across its European operations, U.S. Steel announced it plans to reduce its greenhouse gas emissions by 20% by 2030 and copper ticked up again Monday.

Job Cuts Coming to Tata Steel’s European Operations

Steelmaker Tata Steel will cut jobs throughout its European operations, Reuters reported, where the company employs approximately 20,000 people.

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According to the report, Tata says there won’t be any plant closures.

U.S. Steel Announces Emissions Target

U.S. Steel announced last week it plans to cut emissions by 20% by 2030.

“The company has set a goal to reduce its global greenhouse gas emissions intensity by 20 percent, as measured by the rate of carbon dioxide (CO2) equivalents emitted per ton of finished steel shipped, by 2030 based on 2018 baseline levels,” the company said. “This target will apply to U. S. Steel’s global operations.”

The steelmaker also outlined initiatives toward that goal.

“U.S. Steel’s greenhouse gas emissions intensity reduction goal will be achieved through execution of multiple initiatives,” the company said. “These include the development of electric arc furnace steelmaking at U.S. Steel’s Fairfield Works and at Big River Steel, the first LEED-certified steel mill in the nation, in which U.S. Steel recently acquired a minority interest with an option to acquire the remainder over the next four years. Electric arc furnace steelmaking relies on scrap recycling to produce new steel products, capitalizing on steel’s status as the most recycled material on earth.  Further carbon intensity reductions are expected to come from the company’s introduction of state-of-the-art endless rolling and casting technology and construction of a cogeneration facility at its Mon Valley Works announced in May, as well as implementation of ongoing energy efficiency measures, continued use of renewable energy sources and other process improvements.”

Copper Makes Gains

Copper prices rose for the second straight session Monday, Reuters reported.

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LME three-month copper ticked up 0.1%, while SHFE copper rose 0.3%, according to the report.

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