Ivanhoe Electric in the Future Minerals Forum
Ivanhoe Electric, the avant-garde mineral and electric metals exploration company, has made headlines with its high-profile participation in the upcoming Future Minerals Forum. The company’s Executive Chairman, Robert Friedland, is set to deliver a keynote presentation at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia on Jan. 10.
Moreover, President and CEO Taylor Melvin will be part of a panel discussion centered around constructing a resilient mineral supply roadmap. The stage is set for Ivanhoe Electric’s Typhoon geophysical surveying system to be showcased and deployed during the forum. This strategic move is a testament to the company’s joint venture with the Saudi Arabian Mining Company Ma’aden.
Cleveland-Cliffs Increases Steel Prices
Cleveland-Cliffs Inc., the predominant flat-rolled steel producer in North America, has announced a substantial spike in spot market base prices for its carbon hot-rolled, cold-rolled, and coated steel products. This increase entails a minimum price hike for hot-rolled steel, which will now stand at $1,150 per net ton. The decision marks a bold move in the dynamic steel industry.
Olympic Steel’s New President
Olympic Steel Inc., a national metals service center, has appointed Zachary J. Siegal to the newly-created position of president of Manufactured Metal Products. In this role, Siegal is poised to lead Olympic Steel’s Manufactured Metal Products business group. His elevation to this critical post underscores the company’s strategic expansion and diversification into manufactured end-use products.
Commenting on the pivotal appointment, President and Chief Operating Officer Andrew S. Greiff expressed the significance of Siegal’s role in driving the company’s growth within the manufactured metals market. Greiff highlighted Siegal’s instrumental contribution to identifying and acquiring high-quality companies in the sector, emphasizing his operational, financial, and leadership acumen.
TMC’s Support for Exploration Act
The Metals Company Inc. (TMC), known for its involvement in exploring undeveloped sources of critical battery metals, has welcomed the 2024 National Defense Authorization Act, recently signed into law by President Joe Biden. This legislation mandates the Department of Defense to evaluate the processing of seafloor polymetallic nodules as a potential source of essential battery metals, with a report due by March 1, 2024. This proactive measure is a direct response to Congressional calls for bolstering the supply chains of rare earth and critical minerals vital for the American auto and battery industries under the Inflation Reduction Act.
The actions of Ivanhoe Electric, Cleveland-Cliffs, Olympic Steel, and TMC underscore a compelling narrative in the electric minerals and steel industries. An air of forward momentum and innovation characterizes these developments, shaping the landscape for potential growth and expansion in these dynamic sectors.
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