Week in Review: General Motors shoots for carbon neutrality by 2040; copper price cools; December US steel imports rise
Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner.
In sustainability news, Big 3 automaker General Motors said it intends to be carbon neutral in its operations by 2040. The automaker has also indicated it will offer 30 new all-electric models by mid-decade, as it — like other traditional automakers — aims to catch up to Tesla in the electric vehicle market.
In other news, US GDP gained by 4% in the fourth quarter of 2020. Meanwhile, US steel imports increased in December and the copper price rise has slowed down in recent weeks.
Week of Jan. 25-29 (General Motors makes carbon pledge, copper prices and more)
- General Motors announced plans to invest nearly $800 million toward an electric vehicle manufacturing facility in Canada.
- Cleveland-Cliffs released its Q4 2020 financial results.
- Indian industry groups have pressured government ministers to ban the export of iron ore, MetalMiner’s Stuart Burns explained.
- The UK is working to augment its rare earths supply chain, particularly with respect to the materials needed for magnets used in things like wind turbines.
- US President Joe Biden signed an executive order that aims to increase federal procurement of US-made products.
- Copper mine production slipped last year and prices have leveled off this month.
- Global crude steel production fell by 0.9% last year, according to the World Steel Association.
- US steel imports picked up in December.
- China’s massive property market poses both rewards and risks to investors.
- MetalMiner Sohrab Darabshaw delved into the Indian perspective of the new US administration, particularly on issues of trade overall and, more specifically, tariffs on steel and aluminum.
- Changan Ford, a joint venture of Ford Motor Co. and Changan Automobile, will manufacture Ford’s new all-electric SUV, the Mach-E, in China for local customers.
- US GDP rose by 4% in Q4 2020, slowing considerably from the previous quarter.
- General Motors announced it intends to be carbon neutral in its operations by 2040.
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