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Korea's Samsung SDI to raise funds for battery growth
Korea's Samsung SDI to raise funds for battery growth
Singapore, 14 March (Argus) — South Korean battery maker Samsung SDI is looking to raise 2 trillion Korean won ($1.38bn) to fuel its battery production developments, citing a Hungary plant expansion and its joint venture investment with US carmaker General Motors (GM). The capital raise is based on the mid- to long-term growth prospects of the electric vehicle battery market, given that battery facility investments take 2-3 years to reach mass production, said the firm on 14 March. Samsung SDI previously flagged that it intends to expand its plant in Hungary's God to 40 GWh/yr. The firm in August 2024 signed an agreement with GM to build a two-phase nickel-cobalt-aluminum battery plant that is expected to have a final production capacity of 36 GWh/yr in New Carlisle, Indiana. The joint venture investment will take around $3.5bn. The proceeds will also be used to invest in solid-state battery line facilities in South Korea, said Samsung SDI. The firm launched its first all solid-state battery pilot line back in March 2022 and aims to mass produce solid-state batteries in 2027, which are more stable and have high energy density, it said last year. Its facility investment has quadrupled from W1.7 trillion in 2019 to W6.6 trillion last year, but Samsung SDI expects this to shrink this year, citing "investment efficiency". Samsung SDI's battery usage fell by almost 11pc to 29.6GWh in 2024, according to data from South Korean market intelligence firm SNE Research, given a decline in demand from major car original equipment manufacturers in Europe and North America. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia's Liontown to transition Li mine underground
Australia's Liontown to transition Li mine underground
Sydney, 14 March (Argus) — Australian lithium producer Liontown Resources is on-track to transition its Kathleen Valley mine from an open pit to an underground site in order to extract higher-grade ore. The company started mining underground at the 2.8mn t/yr site in November 2023 and plans to entirely stop open pit operations by January-March 2026. Liontown will start ramping up its underground operations starting in April-June 2025, it announced in its July-December 2024 half year report on 14 March. The company has also increased the efficiency of its open pit operations in recent months. Liontown cut its Kathleen Valley waste to ore ratio from 5.1 in July-September to 1.25 in October-December, and increased concentrate production at the site from 28,171t to 88,683t over the same period. The company's recent combined output and efficiency improvements softened losses for the quarter. The company posted losses of A$15.1mn ($9.5mn) in July-December 2024, down from A$30.9mn in the same period in 2023. Liontown highlighted low spot spodumene and lithium chemical prices as a source of concern despite its recent financial improvement. But Kathleen Valley's increasing efficiency could mitigate ongoing price challenges, the company said. Argus -assessed lithium concentrate (spodumene) 6pc Li2O cif China price has decreased sharply since it was first assessed in May 2022, falling from $4,925/t to $875/t over 17 May 2022-11 March 2025. But the price has been increasing over recent months despite the long-term decline, rising from $835/t on 17 December 2024. By Avinash Govind Argus' spodumene price (May 2022-March 2025) ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Steelmaker Gerdau to buy Kloeckner's Brazil assets
Steelmaker Gerdau to buy Kloeckner's Brazil assets
Sao Paulo, 13 March (Argus) — Brazilian steelmaker Gerdau closed a deal to acquire German metals service centre Kloeckner's operations in Parana, Brazil, for an undisclosed value. Gerdau, historically a long steel producer, has been investing in flat steel assets. The company this week inaugurated its expanded hot-rolling mill, boosting hot-rolled coil (HRC) capacity by 30pc to 1.1mn t/yr. The company has submitted a request to Brazil's antitrust watchdog Cade seeking approval for the acquisition, before completing the transaction. Kloeckner has operated in Brazil since 2011, following its acquisition of 70pc of Frefer Metal Plus assets. Last October, the German company announced that it will exit the Brazilian metals market, aligning with its strategy to concentrate investments in European and North American markets. Besides Parana, Kloeckner has plants in Sao Paulo and Rio Grande do Sul. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US steel tariffs may prove import equalizer
US steel tariffs may prove import equalizer
Houston, 13 March (Argus) — The removal of steel import quotas and nontariffed systems by the US, even as President Donald Trump reimposes steel tariffs, may help level the international playing field, allowing countries that have been unable to compete for years in the US steel market a chance to sell steel into the country. Buying interest for steel imported to the US from countries that have not been able to be competitive for years has grown in recent weeks. US buyers told Argus that skyrocketing US prices — combined with the reimposition of 25pc Section 232 steel tariffs on countries with tariff rate quotas (TRQs) and non-tariffed steel — has reopened some markets. The 25pc 232 tariffs have been in effect since March 2018, but many countries have received exemptions and TRQs, with 80pc of US steel imports coming from these excluded countries and not incurring the 25pc tax, according to US Department of Commerce data. The equalizing of the trade barrier to cover all imports could allow countries like Turkey — which used to be a major source of imported steel into the US — to restart some trade flows to the country, as global prices remain at a wide discount to US prices. Domestic buyers want imports US service centers interested in diversifying their purchases with lower-priced foreign steel and importers interested in selling the material said wide deltas between US steel prices and imports made imported offers from at least a half dozen countries more attractive over the last few weeks. The Argus US hot-rolled coil (HRC) Midwest and southern assessments both rose week on week by $15/short ton (st) to $935/st on 11 March, while the HRC import assessment jumped by $80/st to $800/st DDP Houston, Texas. The wide spread between domestic and import prices serves as motivation for US buyers to purchase imported steel. Tens of thousands of tons of cold-rolled coil (CRC) and HRC from Turkey may begin to flow into the US, according to some buyers. Prior to the original imposition of the 25pc 232 tariffs, Turkey exported 1.98mn metric tonnes (t) of steel products to the US in 2017. Since tariffs were implemented volumes have plummeted, reaching only 391,400t in 2024, according to the Commerce Department. Other buyers have recently reported purchasing South Korean HRC imports, after that country's mills spent months considering pricing as they awaited clarity on whether the country — which used to have TRQs — would be granted exemptions by Trump. So far Trump has not granted any country exemptions from the reinstated 232 tariffs. Tons from Turkey and South Korea are expected by mid-year. HRC import bids were also heard from mills in Australia, Brazil, Egypt, and Vietnam — countries that had not been active into the US for HRC in many months. Trade policies concerns abound A concern for US steel importers is that Trump could rapidly change his trade policies and add new tariffs to imports, increasing the duty costs when steel arrives. Such risks have reared their heads over the last two weeks with back-and-forth tariff spats between the US, Canada and Mexico. To mitigate the risk, most buyers have booked less than they otherwise would, though many believe there will be a rise in some import volumes come mid-2025. Steel imports from countries without tariffs or with TRQs made up 80pc of the 26.2mn t (28.9mn st) of total steel products imported in 2024. In 2017, the year before tariffs were imposed, approximately 70pc of total steel imports came from those countries, according to US Department of Commerce data. With this latest round of 232 tariffs, Trump appears less likely to negotiate new TRQs or exemptions, with the tariff exclusion mechanism that allowed companies to file to have specific products not taxed no longer active. Countries like Australia and Japan were reportedly denied new exemptions in recent negotiations, even as both countries had nontariffed mechanisms in place under the prior scheme. Domestic companies, particularly steelmakers, can and have filed to have tariffs placed on steel derivative products, which opens up a whole new class of products to the risk of having 25pc tariffs placed on them as Trump attempts to bring manufacturing back to the US. By Rye Druzchetta US steel imports by country t Country 2024 2023 2018 2017 Canada 5,952,054 6,248,393 5,646,641 5,675,816 Brazil 4,080,695 3,576,002 3,984,681 4,665,428 Mexico 3,194,752 3,799,057 3,498,308 3,155,117 South Korea 2,548,877 2,392,320 2,507,860 3,401,405 Vietnam 1,237,055 508,232 1,006,702 679,129 Japan 1,070,681 1,078,222 1,370,406 1,727,844 Germany 975,878 947,322 1,253,356 1,380,434 Taiwan 917,760 525,685 966,393 1,128,356 Netherland 556,877 460,678 556,515 636,900 China 470,197 553,406 649,138 763,036 Turkey 391,444 283,198 1,045,592 1,977,866 Russia 0 4 2,296,781 2,866,695 Total 26,224,660 25,583,087 30,573,529 34,472,507 US Department of Commerce Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
