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26 February 2024

ArcelorMittal and BHP Billiton in iron mine talks

ArcelorMittal said the JV could make the companies' iron ore interests more competitive. (AP)

By Reuters

ArcelorMittal, the world's largest steelmaker, is in talks with miner BHP Billiton to combine their iron ore assets in Guinea and Liberia in a joint venture.

ArcelorMittal said in a statement yesterday that the companies' iron ore interests were close to each other's and could be significantly more competitive if brought together.

The two would assess the merits of a partnership in coordination with the governments involved in the coming months.

ArcelorMittal's iron ore assets straddle the border between Guinea and Liberia. Its mining there is in the process of being revived since the end of the civil war in Liberia, but is not currently active.

Neither ArcelorMittal nor BHP, the world's largest mining group, would specify the size of their deposits.

Rio Tinto and BHP – the world's second and third biggest iron ore producers respectively – last month signed a $116 billion (Dh425.72bn) iron ore joint venture agreement to combine their western Australian iron ore operations.

Egypt mulls anti-dumping action against Turk steel

Egypt is looking into possible anti-dumping action against Turkish steel imports, the Egyptian trade minister said yesterday after talks with his Turkish counterpart in the Egyptian capital.

Egypt, where the need for housing and government infrastructure spending has kept steel demand relatively resilient, has been a major regional market for Turkish steel.

An executive from Egypt's largest producer Ezz Steel said in November that local steel makers were seeking action against dumping because of surging imports.

"There is research taking place about dumping," said Egyptian Trade and Industry Minister Rachid Mohamed Rachid when asked about the rise in Turkish imports and complaints from Egyptian producers. "We are looking at all legal procedures," he said.

Both ministers said they were keen to see trade between the two states rise.

Turkish Industry and Trade Minister Nihat Ergun told the joint news conference that they were considering cancelling visa requirements to encourage trade, investment and tourism between the two countries.


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