This Morning in Metals: BMW to source steel from Sweden’s H2 Green Steel
This morning in metals news: BMW announced Wednesday it will source steel from Swedish firm H2 Green Steel; meanwhile, miner Freeport-McMoRan today reported its third-quarter and nine-month 2021 results; and, finally, metal prices remain elevated but have taken a step back this week.
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BMW to source green steel from Swedish firm
Automaker BMW reported it will source steel using wind and hydroelectric power from Swedish firm H2 Green Steel.
“From 2025 on, the company plans to source steel produced with up to 95% less CO2 emissions and without requiring fossil resources such as coal,” BMW said. “The BMW Group has now reached an agreement to this effect with the Swedish startup H2 Green Steel, which uses hydrogen and only green power from renewable energies for steel production. Owing to its particularly energy-intensive manufacturing process, steel production is considered one of the main sources of global CO2 emissions.”
FreeportMcMoRan reports Q3 results
Freeport-McMoRan reported Q3 2021 net income of $1.4 billion. The figure marked a jump from $329 million in Q3 2020.
For the nine-month period ending Sept. 30, 2021, net income totaled $3.2 billion. Meanwhile, in the same period in 2020, net income amounted to a loss of $109 million.
Revenues reached $6.1 billion, up from $3.9 billion in Q3 2020.
On the production side, Q3 copper production totaled 987 million recoverable pounds. The total increased from 844 million pounds in Q3 2020.
Metals cool after surging
Metals like aluminum, copper and zinc have surged over the first half of October. As we noted earlier this week, zinc prices recently touched 14-year highs.
However, while prices remain elevated, they have cooled this week.
After reaching $3,757 per metric to close last week, LME three-month zinc closed Wednesday at $3,565 per metric ton, according to MetalMiner Insights data. Meanwhile, LME three-month aluminum fell from $3,200 per metric ton to $3,076 per metric ton.
LME three-month copper dropped from $10,177 per metric ton to $9,996 per metric ton.
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