This morning in metals news, China’s Jingye Group has reportedly written to the French government in an effort to keep its takeover of the insolvent British Steel afloat, Liberty Steel faces challenges at its South Carolina mill and iron ore prices continue to surge.
Jingye aims to save British Steel takeover bid
China’s Jingye Group has put forth a takeover bid of British Steel — the U.K.’s second-largest steelmaker — after the latter was forced into liquidation in May 2019.
As MetalMiner’s Stuart Burns recently noted, objections from France regarding the fate of British Steel’s Hayange facility under a Chinese-owned firm threatened to derail the deal.
As such, the Chinese group has written a letter to the French government in an attempt to convince of the deal’s merits, the Financial Times reported.
Liberty weighs challenges in South Carolina
The Post and Courier outlined the challenges Liberty Steel faces at its Georgetown operation in South Carolina, including efforts to revitalize the facility’s melt shop.
According to the report, Liberty shut down the plant’s melt shop in September, claiming it needed $25 million in investment, but has yet to reopen it.
Iron ore rises
As Burns noted earlier this week, iron ore prices have shown upward momentum of late, despite sluggish steel demand and the coronavirus outbreak.
Reuters reported iron ore on the Dalian Commodity Exchange made gains for a ninth straight day, with this week marking its best since September.