This Morning in Metals: China’s Baowu to take majority stake in TISCO

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This morning in metals news: Chinese steelmaker Baowu Steel plans to take over stainless steel maker TISCO; Alliance Steel is moving to its new headquarters in Gary, Indiana; and miner Antofagasta released first-half financial figures.

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Baowu to take over TISCO

The Chinese government in recent years has aimed to further consolidate the country’s vast and sprawling steel sector.

An acquisition by steel giant Baowu would add to that goal.

Baowu Steel will take over stainless steel maker Taiyuan Iron & Steel Group Co Ltd (TISCO), Reuters reported. According to the report, Baowu will acquire a 51% stake in TISCO.

Alliance Steel moves to new headquarters

Alliance Steel is moving into its new headquarters in Gary, Indiana, the Northwest Indiana Times reported.

Per the report, Alliance is moving from Bedford Park, Illinois, to Gary. The firm has invested $20 million to relocate to its new facility in Gary.

Antofagasta profits decline in H1 2020

Chilean copper miner Antofagasta reported its H1 2020 financial results Thursday, reporting revenues of $2,139 million. H1 2020 revenue marked a 15.3% year-over-year decline.

“Following the outbreak of COVID-19 and its impact on consumer markets, the realised copper price was 12.5% lower compared with the same period last year and this impacted our revenue,” CEO Iván Arriagada said.

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