Cleveland-Cliffs Announces New GHG Reduction Targets; U.S. Steel Launches New Facility; BHP To Persuade Anglo Before New Takeover Deadline And More: Friday's Top Mining Stories
Author: austin@walkonholdings.com | May 24, 2024 04:42pm
Top Stories for May 24, 2024:
- Cleveland-Cliffs (NYSE:CLF): The Cleveland-based steel producer announced new greenhouse gas (GHG) emissions reduction targets after achieving its previous goal ahead of schedule. The new targets, relative to 2023 levels, include a 30% reduction in Scope 1 and 2 GHG emissions intensity by 2035; a 20% reduction in Scope 3 emissions intensity by 2035; and near net-zero emissions by 2050. These reductions will be driven by projects in Middletown, Ohio, and Butler, Pennsylvania, in cooperation with the U.S. Department of Energy, alongside other operational and energy efficiency initiatives. Capital expenditure plans remain unchanged.
- U.S. Steel (NYSE:X): The Pittsburgh-based company launched its DR-grade pellet production facility at the Minnesota Ore Operations-Keetac Plant. Annual capacity is estimated to be four million tons. The $150 million investment supports U.S. Steel’s metallics strategy by supplying the tight DR-grade pellet market with low-cost iron ore and enhancing its ability to meet customer needs.
Also Read: BHP’s Spinoff South32 Eyes Anglo American’s Manganese Assets
- Anglo American (OTC:AAUKF): The London-based mining giant recently rejected BHP's (NYSE:BHP) $43 billion offer. BHP has until May 29 to make a firm bid or wait at least six months under U.K. rules. It intends to address Anglo American’s concerns to persuade them of the deal’s benefits. Notably, BHP’s proposals require Anglo American to demerge its South African assets: Anglo American Platinum and Kumba Iron Ore.
- Hecla Mining (NYSE:HL): The Coeur d’Alene, Idaho-based company named Catherine Boggs its interim president and CEO, succeeding retiring Phillips Baker. Boggs will remain Chair of the Board and Charles Stanley is the Lead Independent Director as of May 23, 2024.
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