This Morning in Metals: Arconic to resume operations at Tennessee facility
This morning in metals news, Arconic Corporation announced it expects to resume operations at its Tennessee facility this week, BHP is looking to expand its iron ore exports from the Port Hedland terminal and China Baowu Steel Group surpassed ArcelorMittal in 2019 as the world’s top steel producer.
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Arconic to resume Tennessee operations
On Monday, Pittsburgh-based Arconic Corp., a producer of aluminum plate, sheet and extrusions, announced it expects to resume operations at its Tennessee facility this week.
“As previously announced, in response to market conditions we took a series of proactive actions to mitigate the impacts of the pandemic on our business,” CEO Tim Myers said in a release. “By our current estimates, we expect these cost savings to improve our financial profile by approximately $200 million. As an update, we resumed operations at our New York facility on April 20th and we expect to ramp back up our operations at our Tennessee facility this week, where we remain excited by the opportunities for growth and the enhanced capabilities that are nearing completion.”
Arconic announced the temporary closure of the Tennessee facility April 8 in an adjustment to “customers’ reduced requirements” amid the COVID-19 pandemic.
Arconic reported first-quarter revenue of $1.6 billion, down approximately 12% year over year, with organic revenue down 7% “due to disruptions in the automotive, commercial transportation and aerospace markets driven by COVID-19 and 737 MAX production declines somewhat offset by growth in the industrial market.”
BHP aims to expand iron ore export capacity from Port Hedland
Miner BHP plans to augment its iron ore export capacity from Australia’s Port Hedland by about 40 million tons, Reuters reported.
The increase would bring the firm’s export capacity from the critical iron ore terminal to about 330 million tons per year.
Baowu overtakes ArcelorMittal in steel production
China Baowu Steel Group dethroned long-running No. 1 steel producer ArcelorMittal in 2019, the Nikkei Asian Review reported.
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Baowu produced over 95 million tons of steel last year, an increase of 41% from the previous year, while ArcelorMittal’s nearly 90 million tons marked a 7% decline, according to the report.
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