This morning in metals, miner Rio Tinto recently released its Q4 production results, China unveiled new copper scrap and aluminum scrap regulations, and China’s Jingye Group has called on consultants to help strengthen its case for its British Steel takeover plans.
Rio Tinto’s iron ore shipments down 3%
Rio Tinto’s Pilbara iron ore shipments fell 3% in 2019 compared with 2018, the company recently reported.
Meanwhile, its Q4 iron ore shipments fell 1% on a year-over-year basis but rose 1% compared with Q3 2019.
Rio Tinto’s 2019 bauxite production rose 9%, while aluminum and copper production fell 2% and 5%, respectively.
China changes copper, aluminum scrap regulations
According to Reuters, the Chinese government has altered regulations governing copper scrap and aluminum scrap coming into the country.
Per the standards published by the State Administration for Market Regulation, minimum copper contents for a variety of imports range from 94-99.9%, while the range for aluminum scrap materials checks in at 91-100%.
Jingye consults with PwC, McKinsey on British Steel takeover
As China’s Jingye Group attempts to push through its takeover of the insolvent British Steel — the U.K.’s second-largest steelmaker — the company has called on PwC and McKinsey for help, The Telegraph reported.
British Steel was forced into liquidation last May; since, the Official Receiver has solicited bids from companies that could potentially revive the insolvent steelmaker.
Jingye has until the end of next month to finalize the deal, according to the Telegraph. As such, the Chinese firm has sought out consultation from PwC and McKinsey to help it “fine tune” its takeover plans.