This Morning in Metals: Turkey’s Cengiz eyes Jingye’s British Steel takeover bid
This morning in metals news, a Turkish conglomerate is reportedly ready to step into the British Steel process if Jingye Group’s takeover effort falls apart, copper prices fell to a two-week low and an Indonesian company aims to augment its aluminum production.
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Cengiz reportedly ready if Jingye’s British Steel bid falls apart
As Chinese firm Jingye Group attempts to push through its takeover bid of the liquidated British Steel, Turkish conglomerate Cengiz Holdings is ready to step in if talks fall apart, The Guardian reported.
British Steel went into liquidation in May 2019; a previous bid by an arm of the Turkish military pension fund Oyak fell apart, paving the way for Jingye’s takeover attempt.
British Steel, based in Scunthorpe, is the U.K.’s second-largest steelmaker, which has prompted concerns about potential job cuts under the next owner.
Copper prices fall
Copper prices fell to a two-week low as a result of concerns over the potential economic impact of the coronavirus outbreak in the city of Wuhan in China’s Hubei province.
On Tuesday, the Centers for Disease Control and Prevention (CDC) confirmed the first U.S. case of the coronavirus in Washington state after a traveler had returned from Wuhan.
Indonesian aluminum company aims to boost production
According to a Bloomberg report, state-run Indonesian aluminum company PT Indonesia Asahan Aluminum (Inalum) has set a target of tripling its aluminum production capacity to 750,000 tons.
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The company plans to build a 500,000-ton smelter on the Indonesian side of Borneo, according to a company source cited by Bloomberg.
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