This Morning in Metals: Finished steel import market share 18% in November
This morning in metals news: the American Iron and Steel Association (AISI) reported on November import data, including the month’s finished steel import market share; China’s Baosteel is working on a new project; and Norsk Hydro has signed two MoUs for renewable power projects in Brazil.
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AISI: steel import market share at 18% in November
AISI reported the U.S.’s finished steel import market share in November at 18%, matching the import market share rate for the year.
Import permit applications for the month totaled 1.41 million net tons. The total marked a 17.2% decrease compared to the previous month.
China’s Baosteel starts new project
According to Reuters, China’s Baosteel has started production on a high-grade non-oriented silicon steel project.
The project comes in at a total investment cost of $416.9 million, according to Reuters.
Norsk Hydro signs MoUs for renewable power projects
Meanwhile, Oslo-based Norsk Hydro has signed memoranda of understanding for the development of renewable power projects in Brazil.
“Hydro aims to lower the CO2 footprint from the company’s operations by 30 percent by 2030, and most of the reduction will come from its operations in Brazil,” said Olivier Girardot, head of renewable growth. “To reach that target, sufficient access to renewable energy is fundamental. These projects demonstrates our resolve to partner with industry leaders to develop a substantial and balanced portfolio of renewable projects that Hydro can source from in the near future.”
Hydro signed a MoU with Scatec and Equinor for the development of a 480 MW solar power plant in Brazil.
In addition, Hydro signed a MoU with Green Investment Group to develop a combined wind and solar power project. The project would have an installed capacity of 620 MW.
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