This morning in metals news: miner Anglo American announced the results of a feasibility exploring the potential for hydrogen in the South African economy; General Motors last week announced plans to double its revenue; and, lastly, steel prices have showed signs of flatlining of late.
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Anglo American explores role of hydrogen in South Africa
In collaboration with several parties, miner Anglo American recently conducted a feasibility study “to explore the potential for a hydrogen valley anchored in the platinum group metals-rich Bushveld geological area, along the industrial and commercial corridor to Johannesburg and to the south coast at Durban.”
“The opportunity to create new engines of economic activity through hydrogen has been validated through this feasibility study with our partners,” said Natascha Viljoen, CEO of Anglo American’s PGMs business. “As a leading producer of platinum group metals (PGMs), we have for some years been working towards establishing the right ecosystem to successfully develop, scale-up and deploy hydrogen-fuelled solutions.”
GM aims to boost revenue, margins
General Motors recently announced plans to double its revenue and expand its margins to 12-14% by 2030.
The automaker said its “transformation into a growth company” is being driven by EVs, connected services and new businesses.
“GM outlined its path to double annual revenues from a five-year average of about $140 billion by the end of the decade, with software and new businesses growing at nearly 50 percent CAGR through 2030 and the company’s strong core auto business driving growth,” the automaker said.
GM forecasts electric vehicle revenue to grow from $10 billion in 2023 to $90 billion by 2030.
Steel prices slow
After over a year of uninterrupted gains, steel prices appear to be slowing down.
The U.S. hot-dipped galvanized price closed last Thursday at $2,225 per short ton, or down 0.2% month over month. Meanwhile, U.S. hot-rolled coil closed the same day at $1,924 per short ton, holding flat. Cold-rolled coil ticked up 0.5% month over month to $2,132 per short ton.
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