2019 SEPTEMBER IN REVIEW
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Vol:108.No:09
1912-2
019
US STEEL STOCKS RISE, CHINA TARIFFS DELAYED P 07
THE OLDEST RUNNING COMPANIES IN METALS & MINING P 12
INSIDE STATISTICS
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SEPTEMBER 2019 VOL.108. NO.09
...From the Editorial Desk
T
he
Minnesota Supreme Court
has refused to hear a request for
PolyMet mining Twin Cities-based Minnesota Center for Environmental Advocacy and Friends of the Boundary Waters Wilderness petitioned the state court to reconsider a Court of Appeals decision that declared review from environmental groups concerning the project.
Skillings Mining Review publishes comprehensive information on global mining, iron ore markets and critical industry issues via our monthly magazine, weekly E-newsletter, annual mining directory and real time website. PUBLISHER CHARLES PITTS chas.pitts@skillings.net MANAGING EDITOR JOHN EDWARD john.edward@cfxnetwork.com SENIOR SALES MANAGER STAN SALMI stan.salmi@skillings.net SALES REPRESENTATIVE, CANADA RON SANDERSON ron.sanderson@cfxnetwork.com CONTRIBUTING EDITORS SARAH HART KATIE SIMS DAVID WILSON CAROLINE DAVIS ART DIRECTOR MO SHINE mo.shine@cfxnetwork.com CIRCULATION & SUBSCRIPTIONS Subscriptions@skillings.net SALES & MARKETING CHRISTINE MARIE advertising@skillings.net
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environmental review for the project which was prepared by the Minnesota DNR.
the
In a news release Tuesday, PolyMet president and CEO Jon Cherry stated, "This action effectively shuts out any residual challenges to the country linked to the environmental inspection and makes it possible for us to sharpen our focus on funding, building and operating Minnesota's initial copper-nickel-precious metals mine." In a decision Tuesday, the court refused that the environmental groups' request for the DNR to prepare a supplemental Environmental Impact Statement. PolyMet intends to run the first copper-nickel mine of Minnesota.
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September 2019 SKILLINGS MINING REVIEW | 3
IN THIS ISSUE
The Oldest Running Companies in Metals & Mining P 12
P6
US Steel Stocks Rise, China Tariffs P 07 Delayed
U.S. STEEL’S FACES A DOWNGRADE
COVERSTORY
PolyMet mine permit....................................................9
US Steel Stocks Rise, China Tariffs Delayed..............7
DNR issues decision on requests to revise polymet
The Oldest Running Companies in
tailings basin permits................................................11
Metals & Mining.........................................................12
Cleveland-Cliffs Launches Its
IRON ORE
New Environmental Website.....................................17
Rio Tinto’s chief sees ‘lots of prospects’
MINING FINANCE
despite China’s slowing growth................................16
Iron ore is selling off afresh.......................................15
Twin Metals states it's going to use union
PolyMet releases pre-mining
labor to construct mine.............................................18
financial reports.........................................................18
North American Palladium Gains a 51%
Rio Tinto sees iron-ore market staying stabilized
Interest in the Sunday Lake PGM Project.................20
through 2019..............................................................19
IRON RANGE REGION
STEEL
Major win for PolyMet : Court upholds
U.S. Steel’s faces a downgrade...................................6
Minnesota’s nonferrous mining regulations...............8
Northern Minnesota iron ore mining
Minnesota declines request to review
company invests in steel sector’s future..................10
Statistics.............................................................. 22/23
4 | SKILLINGS MINING REVIEW September 2019
Mining People............................................................ 21
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More coal company are filing for bankruptcy
out an arrangement looking to prolong the use of older coal-fired power plants as the industry has gone through a transformative development.
O
Eastern Kentucky households impacted by another major coal firm filing for bankruptcy.The most recent is Cambrian. This follows the insolvency of Blackjewel. Blackhawk Mining Llc filed for Chapter 11 court protection in Delaware, according to Bloomberg. ur condolences go out to all the
With each filing, countless families are affected in one way or another. In the instance of Blackjewel news reports indicate paychecks have dropped, prompting protests in Harlan County which have received global media attention. Cambrian employs more than 600 people, based on news accounts that suggest, however, that the mines have been kept available and the company
is continuing to pay its employees as they proceed with their filing. Tens of thousands of jobs throughout Kentucky, West Virginia and other coal-producing states have been threatened by bankruptcy. It is a sad time for the industry. But it does appear that the president has done what he could although promises have not materialized. The government just recently put
We've got some basic ideas on all this. Although, our utmost concern is our deep condolences for all those impacted. Any financial assistance that can be generated or collected through the Blackjewel bankruptcy has to go to the workers who now face an uncertain and frightening future. We also expect that those presiding over these bankruptcy proceedings will put the families and employees impacted first. The drive to combat climate change was devastating for coal Producers and their own employees.
World Gateway for Transloading & Storage of Bulk Commodities
H
allett Dock Company, located in the Duluth-Superior Harbor at the western end of Lake Superior, has been in the business of receiving, stockpiling, screening, and shipping bulk and liquid
commodities since 1961. • Whether transloading chrome ore from Montana to European customers, bentonite from Wyoming to iron ore plants in Quebec or bringing limestone from Michigan for Minnesota’s sugar beet industry—we stand ready to meet your needs.
P.O. Box 16447 • Duluth, MN 55816-0447 (800) 637-4497 • (218) 628-2281 Web: www.hallettdock.com • Email: info@hallettdock.comà
Located at the head of the St. Lawrence Seaway system, we serve customers worldwide
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Our liquid storage tanks have 2.1 million gallon capacity
We have two docks with seaway draft capacity, and a third surface transloading facility
We’ve been efficiently handling and delivering a wide variety of products for nearly five decades
September 2019 SKILLINGS MINING REVIEW | 5
COVERSTORY
U.S. Steel’s faces a downgrade Moody's placed U.S. Steel's evaluations on review for a downgrade.
free cash flows between 2019 and 2021 due to the aggressive Capex program.
U.S. Steel's faces a decline On Wednesday, Jefferies reduced U.S. Steel's (X) target price from $16 to $14. Jefferies has also reduced the target price in July. This stock has been unfavorably in the market this year and has dropped 33% in sales this year. The business lost almost 50% of its market capitalization in the previous year. A.K. Steel (AKS) fell 60% this past year. But, AK Steel has risen 4.8percent in 2019. U.S. Steel disclosed the partial closure of two of its U.S. blast furnaces. The partial closures were due to the sharp drop in U.S. steel prices. Moody's put U.S. Steel on inspection for a downgrade Moody's put U.S. Steel on inspection for a downgrade. Meanwhile, the agency downgraded the organization's Speculative Grade Liquidity rating. Moody's cited weak end markets in
the U.S. and Europe for its decision. The agency spoke about high raw material prices and lower steel prices. Moody's also mentioned the higher capital expenditure of the company. While U.S. steel shares have declined this season, President Trump said that the industry is "thriving" under his presidency. Growing Capex in weak markets U.S. Steel is spending to revamp its plants. The business had a $2 billion asset revitalization plan in place. In May, the company declared a fresh round of investments that could cost $1.2 billion. The business is investing in its plants if markets are in a downturn. The organization's balance sheet doesn't give the desirable leeway to it. The organization would need to take on more debt to fund capital expenditure. U.S. Steel will probably post negative
6 | SKILLINGS MINING REVIEW September 2019
How does the business plan to finance the Capex? During the second-quarter earnings call, U.S. Steel listed several avenues it will utilize to boost money for its Capex program. The company looked at a mixture of debt financing, revolver facility, and ecological revenue bonds to fund its Capex. The business expects its coupon that is blended to be near 6 percent to the borrowings. The corporation may have to incur greater interest costs if Moody's downgrades the evaluations. Trade tensions and recession fears Trade recession fears and anxieties have hit the viewpoints in the steel and mining sector. The stock prices have been volatile. A tweet from President Trump could cause massive market value in stock prices. Starting from June, flat-rolled steel prices were increased by domestic mills. However, the pricing has been stagnant this month. Now, we're heading towards the seasonally weak fourth quarter. U.S. steel prices are usually weak in the fourth quarter. Taking a look at the current markets, domestic mills might have a hard time Increasing market prices from these levels.
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US Steel Stocks Rise, China Tariffs Delayed U.S. Steel stocks recovered in June and July after falling to 13 months lows in May, but the stock went back to red in August. U.S. steel stocks U.S. steel shares have increased on Tuesday. The Trump administration has delayed the tariffs on some Chinese products until December. $300 billion worth of goods were supposed to attract a fee that was 10% beginning from September. However, August has been somber for metal companies. Based on Monday's closing costs, U.S. Steel (X) and A.K. Steel (AKS) have dropped 22.4% and 15.8%, respectively, this month. Nucor (NUE) and Steel Dynamics (STLD) have dropped 9.3percent and 13.1%, respectively. However, AK Steel is still in the green for the year. Many of these steel firms closed with losses previous year despite President Trump policy quoted on Section 232 tariffs.
cost lifts three times. Steel companies' stock prices also gained traction and followed steel prices higher. However, the escalating trade war affected steel firms' delicate recovery. Trade war The US-China trade war has escalated in August. The U.S. steel industry also welcomed the Section 232 tariffs. However, steel stocks are still sagging despite the tariffs. The economic growth of China has slowed down. Steel costs have become weak. U.S. steel prices probably won't rise amid weak international macros. In June and July, there was relative calm in the trade war. The low and serene supply chain inventories aided U.S. steel companies to push for price hikes.
Steel stocks fell in May Steel stocks fell sharply in May amid the escalating trade war. President Trump Tariffs on $200 billion of Chinese goods rose from 10% to 25 percent in May. While U.S. steel companies benefited from the Section 232 tariffs, U.S. Steel prices are far below the levels ahead of the tariffs. Steel stocks are trading in a fraction of what they did prior to the Section 232 tariffs. Even falling Chinese steel exports and reduced U.S. steel Imports did not lift U.S. steel shares. The entire metal and mining space could stay volatile amid commerce war uncertainty. Today's Price action is a perfect example of how steel stocks can be moved by trade war news.
Why have U.S. steel shares dropped? Steel companies' Capital growths are linked to steel prices. U.S. steel prices started to drop in the second half of 2018. This year, the fall in U.S. steel prices rose. U.S. Steel announced plant closures in June after spot steel prices dropped. Paradoxically, the company made the statement the same day the 2020 reelection campaign was started by President Trump. We saw some momentum in July and June in U.S. steel prices. U.S. steel companies declared
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September 2019 SKILLINGS MINING REVIEW | 7
IRON RANGE REGION
Major win for PolyMet Court upholds Minnesota’s nonferrous mining regulations The state Court of Appeals has confirmed Minnesota's rules governing hard-rock mining, rendering a shock to environmentalists who contested them as too vague to protect the natural resources of the state for a new age of excavation on the Iron Range.
T
he case was the first evaluation
Minnesota national environmental principles for the indusof
try, as two minerals firms prepare to construct the first copper-nickel mines in the water-rich northeast of sota.
Minne-
Hard-rock mining includes much
greater dangers than taconite mines
ing our regulatory duties and ensuring protection for public health and the environment," Naramore said. "Nonferrous mining gives fresh and unknown risks, and DNR's rules are not enough to protect Minnesota's resources," said Kevin Reuther, legal director for the Minnesota Center for Environmental Advocacy.
that have long dominated the region and the
iron ore.
On Monday, the appellate judges said their attention was limited to whether a chapter of principles regulating nonferrous mining, issued from the state Department of Natural Resources (DNR), exceeded statutory authority or violated constitutional provisions. It does not, the panel concluded. The Plaintiff's complaint appears to be that chapter 6132 does not impose specific and universal limitations on nonferrous mining," they wrote. "This objection is more appropriately directed to the Legislature or the DNR." A statement issued by the DNR Deputy Commissioner Barb Naramore stated that the agency is happy the judges confirmed the rules, which were developed with substantial input from the public in the early 1990s. "We continue to believe that the present nonferrous rules basically give an effective framework for implement-
The center represents five conservation groups; all are considering an appeal to the state Supreme Court. President and chief executive of PolyMet Mining Corporation, Jon Cherry, which is first in line to open a copper-nickel mine in the country, said in a statement that Minnesota's principles are among the strictest in the world. "We demonstrated through extensive environmental review and permitting process that we can meet or exceed these criteria," Cherry added. The conser vation groups who challenged the principles were not affected by the decision. A co-petitioner stated it has already decided to ask the nation's high court to hear the case. The group's executive director, Chris Knopf, said Minnesota's metals mining principles allow new projects to progress "under the guise of a rigorous environmental review." "Until these criteria change, Minnesota will forever be at risk from dangerous global mining
8 | SKILLINGS MINING REVIEW September 2019
conglomerates with terrible histories of contamination like Glencore and Antofagasta," Knopf said. PolyMet is the first hard-rock mine project to become permitted under the nonferrous rules, a decade long process that ended in late 2018, and is now raising funds to start construction in Minnesota. Several challenges are faced by the firm — including three inquiries into how state and national regulators handled the critical water pollution of PolyMet permit — and groups, including some state lawmakers, are currently pushing for the state to hold the permits. PolyMet intends to construct an open-pit copper-nickel mine near Babbitt, close to the headwaters of the St. Louis River, which flows into Lake Superior. PolyMet, which is located in Toronto with an office in St. Paul, is majorly owned by Switzerland-based Glencore, one of the world's biggest mining concerns. Twin Metals Minnesota, another firm, plans to submit its mine plan next year, beginning the permitting procedure to get an underground mine on Birch Lake near Ely. Twin Metals is possessed by Antofagasta, a Chilean firm that's one of the world's largest copper Manufacturers.
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mental Protection Agency associated with this license. A scheduling hearing has been held in Ramsey on Wednesday County District Court to commence the procedure for this court proceeding. Located within Minnesota's Mesabi Iron Range, the NorthMet Project has an indicated resource of 649 million tonnes. PolyMet plans to create the mining operation in two stages, the first of which entails the development of 225 million tons – nearly one-third of the known resource of NorthMet – into an operating mine processing 32 000 t/d over 20 years of mine activity.
PolyMet CEO Jon Cherry photo: Derek Montgomery / For MPR News
Minnesota declines request to review PolyMet mine permit The Minnesota Department of Natural Resources has refused a request to reconsider the mine and dam safety permits for the NorthMet copper/nickel project.
R
emarking on the department decision ,
P oly M et M ining p r e s i d e n t a n d C EO J o n
Cherry
expert review than any tailings basin in the state, and possibly, any tailings basin in the nation," he explained.
stated in a statement which
the licenses were issued following an extensive and lengthy environmental review and permitting process that involved "considerable" public participation and, in the instance of this dam
The Organization will reuse a present tailings basin formerly utilized in taconite mining, together with some enhancement, which was discovered to be preferable than a greenfield plant.
C a p i t a l c o s t s fo r P h a s e 1 a r e estimated at $945-million and substituting the rod and ball mill circuits with a new grinding mill, ball mill and flotation circuit and include refurbishment of their primary circuit. It also has a wastewater treatment plant, mining gear, and railroad updates. Stage 2 involves building and operation of a hydrometallurgical plant to treat nickel sulfide concentrates into hydroxide and recuperate platinum-group metals and additional copper. Phase 2 would raise the project's funding costs by roughly $259-million. The NorthMet deposit will be mined by an open-pit process to a thickness of about 210 m under the surface.
safety permit, independent review by
external experts. "The tailings dam project is designed to reach and exceed the safety and stability needed by the state. Our proposed tailings basin has undergone more examination and independent
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Separately on Tuesday, a temporary stay on the water quality license was placed on the company by the Minnesota Court of Appeals, pending a court's resolution of a procedural matter between the Minnesota Pollution Control Agency and the US Environ-
PolyMet is a US-based company with corporate headquarters in Toronto. Swiss-headquartered worldwide miner Glencore has a 28.8% Shareholding in PolyMet and lately appointed senior executive Peter Freyberg into the company developer's board.
September 2019 SKILLINGS MINING REVIEW | 9
STEEL
Northern Minnesota iron ore mining company invests in steel sector’s future The Northshore Mining plant on Lake Superior's shores was the first facility constructed in North America in 1956, to make pellets out of taconite, a low-quality iron ore. It follows a procedure developed at the University of Minnesota after the supply of high- quality natural ore in the state was almost mined out.
T
oday ,
N orthshore
is at the
forefront of another sea change in the market, as steel
making changes to a better form of production mill that needs a new kind
guarantee that we will have this facility going for at least another 100 years here in Northern Minnesota," Cliffs CEO Lourenco Goncalves said Tuesday at a ribbon-cutting service for the plant.
of iron ore feedback.
The Cleveland-Cliffs mining firm spent more than $100 million upgrading its plant in Silver Bay —installing 45 miles of new electrical wiring and 8 miles of new piping — to create a purer form of iron ore pellets with low silica content. Those pellets, subsequently, can be used to create "direct reduced iron" — or DRI — which is used to make steel in a newer form of mill. The Company said it's the first U.S.-based iron ore processing plant to create this new form of pellet. Conventional taconite pellets from Minnesota's Iron Range are used to make steel in blast furnaces at Great Lakes. But the previous blast furnace to be in the United States started in 1980.
Northshore Mining is now capable of producing around 3.5 million tons of the specialized pellets every year, in addition to about 2 million tons of local pellets which will continue to serve the blast-furnace sector. Most of the DRI pellets will be sent to a new 830 million iron plant after Cliffs has completed its new plant in Toledo, Ohio, next year, where they will be processed into hot-briquetted iron. The Northshore plant produced its first batch of pellets on June 20, after 13 months of building. Now, a tall pile of some 200,000 tons of pellets sits
outside the plant, waiting to be loaded onto freighters and shipped across the Great Lakes. The Investment in the old plant has created a buzz among over 500 employees working in the mines, said director Paul Carlson. "Being able to create a new base of consumers for Northshore is enormous," Carlson said." And the delight the workforce has due to that excess job security is just wonderful." The Investment indicates a huge turnaround for Cliffs and the nation's iron ore industry, which employs over 4,000 people in Minnesota. In 2015 and 2016, several mines in the state including Northshore were close down amid a major downturn in the steel sector, caused by a surge in imported steel, including steel that was sold below the cost price, or illegally dumped. Now, mines are back and running at full capability, and Northshore is set to serve the evolving steel business, 8th District Republican Rep. Pete Stauber said at the event in Silver Bay. Northshore Mining is now positioned to serve this expanding sector of the industry. "Today is an incredibly important day for northeastern Minnesota," he said, "for the women and men who want to live, work, recreate and raise a family in northeastern Minnesota with good-paying jobs."
Now, nearly 70 percent of steel is used to build electric arc furnaces, also known as mini manufacturing mills, which use DRI in the steelmaking process. "These DR-grade pellets will
10 | SKILLINGS MINING REVIEW September 2019
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dnr
issues decision on requests to revise polymet tailings basin permits
Sarah Strommen Commissioner for Minnesota Department of Natural Resources has now issued an order refusing requests from the Fond du Lac Band of Lake Superior Chippewa, multiple environmental organizations and some individuals to revise the tailings dam permits issued to PolyMet on Nov. 1, 2018.
T
he
DNR
takes the safety of
tailings dams it regulates seriously , and they under -
stand the questions raised about recent dam failures in other nations.
PolyMet’s
tailings dam proposal was
earlier subjected to years of rigorous modeling and independent assessment.
The agency’s review was conducted by DNR engineers, in addition
seasoned
to nationally and internationally professional dam safety experts. “While we’re confident in our first evaluation of the PolyMet tailings dam, we have examined the requests for reconsideration and related details regarding recent dam failures in different parts of the world,” Strommen said. “We know people’s issues with those dam failures and whether these events indicate a basic design problem with PolyMet’s dam. Our analysis demonstrates that there are important differences in site conditions, technology design, and operating requirements, and we remain confident in the safety of their PolyMet tailings dam as allowed.” Reasons for the DNR’s decision After assessing the reconsideration requests, the DNR stated that no issues were raised by the requestors that materially affect the decision of the DNR to issue the tailings dam
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permits. The requests for reconsideration raised the following questions about the authorized PolyMet tailings dam permits: • the failure of the Brumadinho Dam in Brazil is evidence of new stability issues concerning the upstream structure design of tailings basins; • t he use of the “Olson Method” to analyze the strength, liquefaction, and stability of the Brumadinho dam inherently suggests that its use to examine the PolyMet tailings dam was flawed; and • recent reviews of the existing LTV tailings basin at the PolyMet site call into question assumptions about tailings drainage and materials strength in the basin. ‘Critical’ differences Between Brumadinho and PolyMet dams The DNR’s dam safety professionals evaluated each of the claims in the request for reconsideration. The DNR discovered that while both the PolyMet and the Brumadinho dams include the use of “upstream structure” methods, there are crucial gaps that must be understood and evaluated to draw technically valid comparisons and decisions. There are multiple things that go into the construction of a safe dam, and PolyMet’s approved dam layout is significantly safer and differ-
ent compared to Brumadinho dam in the following ways: • Security factors for the PolyMet dam were created using conservative assumptions to assess the basin’s stability under extreme conditions. These assumptions include that the basin had liquefied, been exposed to extreme rainfall, and been subjected to an earthquake. This Brumadinho dam’s analysis failed to add anything close to this level of assessment. • PolyMet’s dam has virtually no inflow of surface water into the basin. The Brumadinho dam had inflow from the watershed that necessitated the diversion of runoff from surrounding hillsides away from the tailings dam and basin. • PolyMet’s dam will be built on flat topography, far from the community, and using ring-dike construction. The Brumadinho dam was built on a hillside, directly above a community, with higher-risk valley construction. • PolyMet’s dam is going to have very gradual side slopes (7:1 overall) which are inherently more stable compared to Brumadinho dam which had a general slope of 4:1. • The PolyMet tailings dam is situated in an area of little or no seismic activity. The Brumadinho dam is located within a place of moderate seismic activity.
September 2019 SKILLINGS MINING REVIEW | 11
COVERSTORY
The Oldest Running Companies in
Metals & Mining Eight of the oldest running metals and mining companies are located in Europe, while two are based in the U.S. Based on the establishment date; Mining-technology lists the longest-running metals and mining companies.
Schuler AG – 1839 Schuler is a sheet metal forming company based in Germany, established in 1839 by Louis Schuler. It began operations with the construction of machine tools for sheet metal processing, followed with the introduction of drawing and eccentric presses.Schuler added tool and die manufacturing to its media building portfolio in 1947 and became a publicly-traded company in 1999.
12 | SKILLINGS MINING REVIEW September 2019
It introduced several innovations, including the world press line with ServoDirect technology in 2009. The company later became a part of the ANDRITZ GROUP in 2013.Schuler provides its products to a wide range of industries, such as aerospace, appliances, minting, packaging, railway and automotive. The portfolio of the company includes bending wheel rollers, bank loaders, decoilers, drawing and forging presses, hydraulic presses and coining presses.
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1. 2. 3. 4. 5.
Schuler AG: 1839 Wieland-Werke AG: 1820 La Farga Group: 1808 Revere Copper: 1800 U.S. Silica Holdings Inc: 1800
6. Höganäs AB: 1797 7. H. Butting GmbH & Co K.G.: 1777 8. Mennica Polska S.A.: 1766 9. Nytva: 1756 10. TAKRAF GmbH: 1725
Longest running metals and mining companies
Wieland-Werke AG – 1820 Wieland-Werke is a copper and alloys products manufacturer located in Germany. The company was founded in 1820 and operated from 63 locations worldwide. Wieland-Werke provides solutions for the power, refrigeration, electromobility, electrical and connectivity sectors. It supplies products like high-energy metals in the form of wires, sheets, rods and tubes. Additionally, it supplies roller apparatus and heat exchangers, slide bearings for railway points. The portfolio of the company includes refrigerants, thermal solutions like heat performance tubes, aquaculture products, products services like electrical motors, and finishing products comprising tin-plated strips and hot media bars.
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La Farga Group – 1808 La Farga Group is a Spanish semi-finished copper materials producer. The firm initially produced bronze and copper goods like nails, pots, and bells. It moved to the Royal Mint's production in 1844, which supplied the capital that was required to develop new industrial projects. In 1913, the firm started producing copper rods for electrical and rail. It faced monetary problems in 1981, which led to the introduction of a new firm named La Farga Lacambra and end of the Lacambra household ownership. La Farga continued to produce copper-related products throughout the 1900s and also opened a new copper pipe mill in 1992. In 2003, the La Farga group of company was founded. The firm expanded its operations into the U.S., China and France in the 2000s.
September 2019 SKILLINGS MINING REVIEW | 13
COVERSTORY
Revere Copper – 1800 Founded in 1800, Revere Copper is a US-based Copper products provider. The company started its operations with copper sheets for naval vessels. Rolled copper became the primary product of the company together with the opening of a new copper mill in Boston. Revere Copper currently operates one million square feet of manufacturing area in Rome, New York, making both copper and copper alloys in coils, strips, sheets, bars and plates. U.S. Silica Holdings Inc. – 1800 U.S. Silica Holdings is a silica Sand and performance materials supplier based in America. The company provides proppants, silica in various formats, and aplite clay to different industries, such as oil and gas, chemicals, glass and construction. Silica Holdings started its operations with sand mining and silica sand production near West Virginia and Berkeley Springs. The firm later merged with Ottawa Silica Company and Pennsylvania Glass Sand Corporation. U.S. Silica Holdings now works from 15 locations across the united states, offering more than 250 products. Hoganas AB – 1797 Höganäs is a Swedish metal powder solutions provider created in 1797. It started its operations on a small scale with coal mining. It went on to form coal mining firm Höganäs Stenkolsverk in 1797 and started large-scale mining operations. By 1825, ceramics and brickworks created from clay, a byproduct from coal-mining, gained popularity and the company manufactured bricks and sewage pipes between 1890 and 1919. In 1911, Höganäs shifted production to iron powder (sponge iron) using a
patented method that used coke, lime and clay. The company's coal operations were stopped in 1961, and a new sponge iron plant was started in 1963. Butting GmbH & Co K.G. – 1777 Established in 1777, H. Butting is specialized in the Processing of stainless steel into pipes, spools, vessels and tanks. It also specialized in forming, welding machining and materials engineering. Based in Germany, the firm started its operations as a coppersmith generating vats for breweries. In 1890, It transitioned into copper pipes production. Stainless steel replaced copper as the raw material in 1958 and the company manufactured its products from the raw materials. In 1987, it produced the first metallurgically clad pipes. Butting obtained ISO 9002 certification in 1988 and developed its Bubi bimetallic pipes in 1994. And in 2009, it expanded its operations into China, Canada and Brazil from 2009. Mennica Polska S.A. – 1766 Founded in 1766 when the reigning king ordered the creation of a new mint named Warsaw Mint in Warsaw and created a new monetary system in Poland. In 1868, the Warsaw Mint was closed and shifted to St Petersburg. In 1924, Coinage manufacturing resumed with the Polish State Mint's establishment. In 1939, the Mint's buildings were destroyed during the German occupation. Operations resumed in 1945 and moved to Markowska St before being further transferred to Ceglana. The Mint continued to make coins until 1994 when it had been transformed into a joint-stock firm named Mennica Pastwowa, which was fully owned by the State Treasury. In 2005, the company was renamed to Mennica
14 | SKILLINGS MINING REVIEW September 2019
Polska. Their current product portfolio is coins, medals, diamonds, electronic payments, gold and silver bars. Nytva – 1756 Nytva was founded in 1756 in Russia as a Copper smelter and later converted into an iron-smelting plant in 1768. The product portfolio of the company continued to change over the years since its establishment. It started producing sheet metal, roofing iron and agricultural machines in 1932; consumer goods in 1938; and steel tape in 1945. The firm increased its production by producing bimetallic tape to support the nation's ammunition factories. It also opened plants and powder metallurgy production facilities and later moved into cutlery production. Currently, Nytva produces different products such as cutlery, galvanized steel tape, coin blanks, bimetal billets, as well as cold-rolled steel tape. TAKRAF GmbH – 1725 TAKRAF is mining and material handling equipment, mineral processing, and engineering solutions provider for the mining and material handling market. Based in Germany, the firm manufactured and processed pig iron and was founded in 1725 as Lauchhammer. Trading company Lauchhammer-Rheinmetall was formed in 1926 for its distribution and supply of the company's overburden conveyor bridges, excavators and conveyor systems. TAKRAF was formally founded in 1948 through a merger with Equipment of Mining and Heavy Industries.In 1990, the company was renamed as TAKRAF Schwermaschinenubau, TAKRAF Lauchhammer in 1992, and later to TAKRAF in 2006. It became a part of the Techint Group after a Takeover in 2007.
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Iron ore is selling off afresh Iron ore spot markets went back into reverse on Friday, losing much of the gains achieved in the previous two sessions. And with Chinese futures down heavily in fast trade on Friday, it looks like spot markets may fall into fresh lows when trading re-opens based on historical signs. also contributed to the weakness. "Steel demand concerns, driven by the sharp increase in steel rebar stockpiles, also weighs iron ore markets," he explained. "Cold weather has postponed China's construction season this year. However, we believe construction could fundamentally weaken in 2018 on the back of a weaker property sector."
A
Metal Bulletin, the price for 62% penalties tumbled 3.1percent to $69.84 a tonne, leaving it sitting just above the recent low of $69.78 a tonne hit on Wednesday. It has currently lost 12% since the beginning of March. ccording to benchmark
Even though Futures have not been the guide of late, the weakness in rebar and iron ore contracts now indicate spot markets may follow the same direction. Trade-in Chinese futures will resume at midday AEDT.
Also, Steep losses were seen across lower and higher levels, although to a smaller degree. 58% penalties Slid 1.9%, settling at $40.41 a tonne. Higher grades fared somewhat better with ore with 65% Fe content slipping 1.6% to $86.80 per tonne. The weakness in spot markets happened on Friday, which finished after climbing in trade with another reversal in Chinese rebar futures. The May 2018 contract at Shanghai dropped 0.5%, closing the session at 3,731 yuan a tonne. That weighed on iron ore stocks in Dalian which gave up earlier gains, closing the trade at 483.5 yuan a tonne. As seen in the scoreboard beneath, the two contracts continued to slide in overnight trade on Friday, especially iron ore that closed since mid-November at the lowest level. "Iron ore Prices fell on physical need issues after Chinese policymakers told steel mills in the Wu'an area of the Hebei province to halt production until March 31," explained Vivek Dhar, Mining and Energy Commodities Analyst in the Commonwealth Bank, noting the statement coincided with an increase in smog from the area. Along with souring opinion towards the outlook for iron ore demand, Dhar said renewed pessimism over steel demand
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September 2019 SKILLINGS MINING REVIEW | 15
IRON ORE
Rio Tinto’s chief sees ‘lots of prospects’ despite China’s slowing growth The Head of mining giant Rio Tinto says that he isn't bothered about China's slowing economic growth – and he sees "lots of opportunities" in the world's second-largest market.
T
here is no doubt that the
Chinese
economy is still
slowing down , but it is as
anticipated.
Even
6 and a half percent is a huge number," CEO J ean -S ébastien J acques told CNBC's Eunice Yoon at the China Development meeting in Beijing on Saturday. growing
6,
and
Rio Tinto CEO JeanSébastien Jacques said that Rio Tinto is wellpositioned to benefit from China's infrastructure spending. It is "better for us," he said.
Compared with the growth rate of Europe, the U.S., and Canada, China's projected growth of 6 to 6.5 percent is still a "large number," Jacques said. China is a large-scale buyer of mined commodities from Australia, where Rio Tinto – one of the world's largest metals and mining firms – has major operations.
The U.S. and China have been involved in a trade battle since last year. Washington has levied duties about $250 billion of imports from China, while Beijing has retaliated on $110 billion of American goods. The nations have been in discussions over not only their trade imbalance but also American complaints that China forces U.S. businesses to hand over technology in exchange for market access. "There is no impact for us with regard to profitability" – since the increase in levies is borne by the end-user, such as Americans buying cars, bicycles, and iPhones, Jacques stated.
The U.S. Federal Reserve downgraded its economic prognosis for 2019 past week, and now sees an increase of just 2.1 percent for the United States this year, down from the 2.3 percent estimate in December. This month, Europe's central bank cut its growth projection for the bloc – to 1.1 percent in 2019 and 1.6% in 2020 – and announced an increase of stimulus measures. Jacques said that Rio Tinto is well-positioned to benefit from China's infrastructure spending. It is "better for us," he explained. "The more Iron ore you need, higher-grade iron ore, the further
Trade talks On the continuing trade negotiations between the U.S. and China,'' Jacques said: "I've got no doubt in my mind that there would be a deal – the earlier, the better."
But he reiterated that "commerce is absolutely critical for us... because 90 percent of our products move from one country to another."
bauxite, the more aluminum, the better it's for Rio Tinto... We're one of the first players here, we've been there for more than a hundred years."
16 | SKILLINGS MINING REVIEW September 2019
"Depending on the year, depending on the commodity prices, China accounts for between 45 and 50 percent of Rio Tinto output, so you can see that our best interest is for the U.S. and China to agree to a deal," Jacques said.
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Cleveland-Cliffs Launches Its New Environmental Website
C
leveland -C liffs
I nc . (CLF)
a n n o u n c e d t h at i t h a d l au n c h e d a n e w e n v i r o n -
mental section on its website .
The
section provides a broad look at
Cliffs'
improvement and outcomes in
key areas of its performance and its
comparative view of steelmaking from China and the United States.
friendly mining practices through its rigorous systems. By means of this revelation, Cliffs intends to be more transparent as an Environmental, Social and Governance (ESG) compliant company in its reporting of key environmental performance indicators.
contribution.
Lourenco Goncalves, Cleveland-Cliffs' Chairman, President, and CEO stated, "Cleveland-Cliffs' iron ore pellets permit the creation of environmentally friendly steel. We will need to educate people that not all of the steel is produced in an environmentally responsible way globally, and the information that's provided on our website highlights this distinction that is very clear.
The website offers metrics linked to the production of its own iron ore pellets and how to clean steelmaking is enabled by the utilization of pellets. Additionally, it provides the environmental impact of both nations with a
About Cleveland-Cliffs Inc. Founded in 1847, Cleveland-Cliffs Inc. is the oldest and largest Iron ore mining company in the United States. The Organization is a major supplier of iron ore pellets into the North American steel sector from its plants and mines located in Michigan and Minnesota. By 2020, Cliffs expects to be the only producer of hot briquetted iron (HBI) in the Great Lakes region Area with the development of its first production plant in Ohio. Driven by its core principles, Cliffs' employees endeavor to offer all stakeholders with Operating and fiscal transparency.
The planet needs more steel, but less pollution is also needed by the world. As the importance of greenhouse gas emissions heightens and misinformation regarding steelmaking's role spreads, we think it is necessary to emphasize the nature of Cliffs' operations, and our positive impact on the steel supply chain in the United States." The firm stated that it employs environmentally
We thrive on challenges golder.com
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September 2019 SKILLINGS MINING REVIEW | 17
IRON RANGE REGION
PolyMet releases pre-mining financial reports
P
oly M et
M ining C orp .,
which hasn ' t yet
improved its mining earnings flow, reported a
$900,000
loss for the three months ended
June 30 compared with $2.7 million for the previous The reduction was attributed to lower
year period.
finance costs on a property exchange in the previous year period.
Excluding non-cash compensation, general and administrative expenses for the three months were $900,000 compared with $1.2 million for the previous year period. The loss for the six months was $6.7 million compared with $10.4 million for the previous year period as a result of a lower non-cash reduction on debenture alteration and a non-cash loss on the land exchange during the last year period. Excluding non-cash settlement, general and administrative expenses for the six months ended June 30 were $2.5 million compared with $2.8 million a year ago. "We proceeded with our striking momentum in the second quarter with the completion of the rights offering, cleaning up our financial books and allowing us to progress financing alternatives for the project," Jon Cherry, CEO of PolyMet mining, stated in the report. PolyMet released an updated technical report that included an assessment of greater potential production scenarios and secured additional financing to complete permitting, including required wetland credits and financial assurance, innovative ultimate engineering and others. PolyMet said it made significant progress thus far from 2018 till date, getting approvals and essential permits required to construct and operate its NorthMet mining job. In addition, it also secured title rights over and around the NorthMet mineral rights. In June, the firm completed a $265 million rights offering together with the profits used to repay the outstanding debt. Glencore's ownership of shares increased to 71.6 percent, which is an issue of controversy with project opponents.
18 | SKILLINGS MINING REVIEW September 2019
Twin Metals states it's going to use union labor to construct mine
T
Metals, owned by mining conglomerate Antofagasta, is currently hoping to construct its mine within the Rainy River Watershed and on the edge of the BWCAW. Opponents of the project assert toxic runoff from the mine and tailings would induce the BWCAW. win
But any building at Twin Metals is years away and hinges on whether federal and state regulators approve the project. Twin Metals has not officially applied for permits, but the company has said it plans to submit its own mine plan of operations later this season, which would activate the permit procedure that was years long. The Organization and the Iron Range Building and Construction Trades Council are set to sign a project labor agreement. In accordance with union president Mike Syversrud, the agreement ensures local, and unionized employees will be hired to build the underground mine with other facilities and dry-stack tailings storage. All of that may take an estimated 2.5 million construction hours, Syversrud explained. In a news release, Twin Metals said the project "would be comparable in scope to the construction of U.S. Bank Stadium in Minneapolis.""It's enormous," Syversrud said of the agreement. "For starters, it is likely to be three years of work for our members." PolyMet, the first copper-nickel mine to eventually become permitted In Minnesota, started the regulatory process in 2004 and made its licenses 14 years later. Likewise, PolyMet signed a project labor agreement promising Union labor in 2007 before it received its permits.
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Rio Tinto sees iron-ore market staying stabilized through 2019
R
Tinto, the world's second-biggest iron ore miner, io
expects strong demand for
its steel - making ingredient , mainly because of its high-grade iron ore as
Chinese
steelmakers concentrate
more on greater productivity and reduced emissions.
Rio Tinto expects the worldwide iron ore market to remain balanced throughout 2019 despite the fact that a possible moderation in steel demand growth in China, the world's largest steel consumer, a senior executive said
on Friday. Greater quality ore generates more steel for each tonne that is processed because less coke is used in manufacturing, and can reduce emissions. "We will see slow growth in China's economy through 2019, Chris Salisbury, CEO of iron-ore at Rio Tinto noted, but the miner will continue to increase the output of higher-grade ore to meet demand in China. "We have gone through a building slowdown during the winter period, but steel manufacturing was still quite strong during the time and what we're seeing is a bit of an imbalance between steel
NORTH AMERICAN MARKET (LTU)
Equipping the mining industry with legal services since 1893.
Company
The company was on track to complete a feasibility study for the projected "intelligent" Koodaideri mine, which will fully integrate technologies such as robotics and driverless trains and trucks on a single site this year, he explained.
IRON ORE PRICE REPORT
Ore Type
Pellets, FOB Michigan Mines Pellets, FOB Cleveland-Cliffs Inc. Minnesota Upper Lakes Port Source: CLEVELAND-CLIFFS INC. Cleveland-Cliffs Inc.
production and construction offtake," he explained. "It's not catastrophic." Rio Tinto, which supplies about 330-million tonnes of iron-ore a year to mostly Asian clients, plans to spend $1-billion annually over the next three years for maintenance of its iron ore mines. It will spend another $3-billion to construct new iron ore mines, including the Koodaideri mine in the Pilbara area in Australia, Salisbury said.
Per Iron Unit
Per Gross Ton at 64%
Per Ton at 64% Reporting Date
$1.28
$81.92
12/31/17
$1.42
$90.88
12/31/17
· Mineral purchase agreements, leases and options · Land assembly and mineral rights acquisition · Severed mineral registration and title work · Environmental permitting and compliance ° MINING & MINERALS LAW °
›› Paul Kilgore ›› Paul Loraas
(800) 496-6789 or fryberger.com
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September 2019 SKILLINGS MINING REVIEW | 19
IRON ORE
surgeries ("LDI"). The property hosts the Sunday Lake Intrusion, which is part of the Proterozoic Mid-Continental Rift magmatic event that generated the Eagle nickel deposit in Michigan (Lundin Mining) and Tamarack (Rio Tinto – Talon Resources) and Duluth Complex (Antofagasta PLC) magmatic sulfide deposits in Minnesota.
North American Palladium Gains a 51% Interest in the Sunday Lake PGM Project North American Palladium Ltd ("NAP") announced that the Company has vested a 51% interest in the Sunday Lake Project.
A
fter completing two winter
drilling programs, the C ompany has exceeded the mandated two-year mining requirement, and it has completed the requisite cash payments to its partners , including $675,000 to Impala Platinum Holdings Limited ("Implats") and $75,000 to Transition Metals Corp. ("Transition").
Accordingly, Implats' interest in the joint venture has been decreased to 24 percent while Transition maintains a 25 percent free carried interest through to the completion of a feasibility study. Remarking on the transaction, the company President Jim
Gallagher said, "We are extremely pleased to partner with Implats and Transition on the Sunday Lake Project, which is NAP's best blue-sky opportunity and also a crucial element of our long-term strategy to build an inventory of high-quality platinum group metal assets in the Thunder Bay region. We've demonstrated that the PGM Zone has important lateral continuity and so are now able to concentrate on areas of improved thickness and grade." About the Sunday Lake Project The Sunday Lake PGM Project is located 25 km north of Thunder Bay at Jacques Township, approximately 60 km south of NAP's Lac des Iles Mine
20 | SKILLINGS MINING REVIEW September 2019
Concerning the Agreement Prior to NAP vesting a 51% interest, the project was a joint venture between Transition and Implats, whereby Implats held a 75 percent interest and Transition held a 25% free carried interest before the completion of a Feasibility Study, which would convert to a 25% participatory interest. On June 20, 2017, Transition and Implats jointly signed an Option Agreement with NAP. The Agreement provides NAP together with the exclusive right to obtain Implats' 75% ownership in the Sunday Lake Project by completing the following mining expenditures and cash payments: Level 1: NAP was eligible for a 51% interest in the property by investing $1.5M in mining expenditures and making cash payments of $75,000 to Transition and $675,000 to Implats within two years. This stage has been completed. Level 2: NAP may raise its interest from 51% to 65% by investing an additional $2.5M in exploration expenditures and making additional cash payments of $125,000 to Transition and $1.125M to Implats within a two-year interval. Level 3: NAP may further increase its prices from 65% to 75% by investing an additional $0.5M in exploration expenditures and making closing cash payments of $150,000 to Transition and $1.35M to Implats within a one-year period.
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ADVERTISING INDEX
MINING INDUSTRY PEOPLE PolyMet Mining Corporation announced the appointment of Glencore senior executive Peter C. Freyberg to the board of directors. Mr Freyberg, a mining veteran, currently serves as the head of industrial assets for Glencore. He is now one of three Glencore directors on the board. "We are excited to have the profound, global level of mining experience Mr Freyberg brings to the board," said Ian Forrest, chairman. "Mr Freyberg's working background and leadership capabilities for both project and operations will be of significant benefit as we advance the NorthMet Project through financing, operations and construction." The company also announced that Mike Ciricillo would step down immediately from the board. "We're grateful for the thoughtful advice which Mr Ciricillo's operational expertise contributed to the board since 2017, which has led to the exceptional progress for the firm," said Forrest. Mr Freyberg's career has centered on mining operations and Projects, working first at Anglo American Corporation in South Africa, followed by leadership positions at Rio Tinto operations in Australia, Indonesia and South America. He joined the Glencore coal market in 2000 and transferred to Xstrata in 2002 when Xstrata bought the coal assets from Glencore. He became Chief Executive of Xstrata Coal in 2008 and rejoined Glencore again in 2013 when Glencore merged with Xstrata. Earlier this year, he was appointed to his current position. Mr Freyburg studied mining engineering and graduated from the University of Witwatersrand, Johannesburg, South Africa. "I am delighted to be joining the board of PolyMet," He said. "I have watched the continued progress of the NorthMet project for quite a while and look forward to working together with the board as PolyMet moves forward to build and operate the first copper-nickel mine at Minnesota." PolyMet Mining Corp. is a publicly-traded mining company that controls 100 percent of NorthMet copper-nickel-precious metals ore through a long-term rental period and owns 100% of the former LTV Steel Mining Company processing facility.
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Azcon .........................................19 Barr Engineering...........................9 CR Meyer....................................11 Global Minerals Engineering.....19 Golder Associates........................9 Hallett Dock................................05 Lake Superior Chapter ISEE.......19 Malton Electric Company..........21 walcot water...............................22 ME Elecmetal.............................09 Mielke Electric Works.................13 Naylor Pipe.................................24 Neo Solutions.............................21 Northern Engine & Supply.........21
September 2019 SKILLINGS MINING REVIEW | 21
STATISTICS
August 2019 Raw Steel Production
I
August 24, 2019, domestic raw steel production was 1,877,000 net tons while the capability utilization rate was 80.6 percent. Production was 1,861,000 net tons in the week ending August n the week ending on
24, 2018 while the capability utilization then was 79.4 percent. The current week production represents a 0.9 percent increase from the same period in the previous year. Production for the week ending August 24, 2019 is up 1.1 percent from the previous week ending August 17, 2019 when production was 1,857,000 net tons and the rate of capability utilization was 79.8 percent. Adjusted year-to-date production through August 24, 2019 was 63,546,000 net tons, at a capability utilization rate of 81.0 percent. That is up 4.4 percent from the 60,862,000 net tons during the same period last year, when the capability utilization rate was 77.3 percent. Broken down by districts, here's production for the week ending August 24, 2019 in thousands of net tons: North East: 202; Great Lakes: 681; Midwest: 204; Southern: 719 and Western: 71 for a total of 1877.
July 2019 crude steel production By John Edward, Associate Publisher
W
64 countries World Steel Association (worldsteel) was 156.7 million tonnes (Mt) in July 2019, a 1.7% increase compared to July 2018. China’s crude steel production for July 2019 was 85.2 Mt, an increase of 5.0% compared to July 2018. India produced 9.2 Mt of crude steel in July 2019, an increase of 1.7% compared to July 2018. Japan produced 8.4 Mt of crude steel in July 2019, down 0.4% on July 2018. South Korea’s crude steel production was 6.0 Mt in July 2019, a decrease of 2.1% on July 2018. orld crude steel production for the reporting to the
The US produced 7.5 Mt of crude steel in July 2019, an increase of 1.8% compared to July 2018. Brazil’s crude steel production for July 2019 was 2.4 Mt, down by 20.7% on July 2018. Turkey’s crude steel production for July 2019 was 2.9 Mt, down by 10.6% on July 2018. Crude steel production in Ukraine was 1.8 Mt this month, down 1.7% on July 2018. Statistics based on World Steel Association Report
22 | SKILLINGS MINING REVIEW September 2019
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CRUDE STEEL PRODUCTION, JULY 2019. Source – World Steel Association COUNTRY
JULY 2019
JULY % CHANGE 2018 JULY-19/18
2019
% CHANGE
Austria
577
354
63,1
4 539
8,7
Mexico
Belgium
660 e
704
-6,3
4 665
-1,4
Bulgaria
55 e
51
7,8
362
-9,0
Croatia
JULY 2019
COUNTRY
JULY % CHANGE 2018 JULY-19/18
2019
% CHANGE
1 440 e
1 754
-17,9
10 924
-10,3
United States
7 514
7 383
1,8
51 827
4,8
North America
10 124
10 278
-1,5
70 751
1,7
418
464
-9,8
2 737
-9,2
Brazil
2 449
3 086
-20,7
19 691
-4,3
Chile
80 e
96
-16,5
523
-17,0
2e
10
-80,2
52
-16,2
Czech Republic
391
444
-11,9
2 839
-3,8
Finland
220
346
-36,4
2 158
-12,3
France
1 330 e
1 338
-0,6
9 006
-3,3
Germany
3 360 e
3 395
-1,0
24 077
-4,6
Colombia
95 e
115
-17,6
601
-12,6
Greece
130 e
136
-4,4
891
-2,3
Ecuador
55 e
51
7,9
357
4,7
Hungary
136
179
-24,2
1 072
-8,9
Paraguay
1e
2
-51,9
8
-14,1
2 130 e
2 156
-1,2
14 697
-1,9
Peru
110 e
103
6,8
718
1,4
Luxembourg
200 e
205
-2,3
1 386
0,7
Uruguay
5e
5
-3,7
33
0,3
Netherlands
605
589
2,7
4 043
-1,9
Venezuela
5e
9
-44,4
39
-61,9
780 e
809
-3,6
5 692
-5,6
49
52
-4,4
381
-5,6
South America
3 218
3 931
-18,1
24 708
-5,3
Egypt
526
660
-20,2
4 623
3,7
1 100 e
951
15,7
8 518
1,8
Libya
60 e
43
38,7
340
49,9
Sweden
352
349
0,6
2 909
0,3
South Africa
464
535
-13,2
3 598
-3,6
United Kingdom
645
687
-6,1
4 432
-3,6
Africa
1 051
1 238
-15,1
8 562
1,7
920 e
919
0,1
6 468
0,7
Iran
2 200 e
1 981
11,1
14 988
6,4
European Union (28) 13 641
13 673
-0,2
98 186
-2,4
Qatar
230
224
2,7
1 519
-1,4
64
69
-7,2
485
57,5
Saudi Arabia (1)
440 e
503
-12,6
3 023
-0,8
20 e
24
-15,8
153
-1,1
UAE
225
274
-17,9
1 877
1,0
Norway
20
15
34,4
348
11,2
Middle East
3 095
2 982
3,8
21 407
4,2
Serbia
136
179
-23,7
1 169
-0,6
China
85 223
81 180
5,0 577 064
9,0
Turkey
2 925
3 272
-10,6
19 919
-10,2
India
9 215
9 059
1,7
66 188
4,6
Other Europe
3 166
3 559
-11,1
22 075
-8,5
Japan
8 387
8 420
-0,4
59 473
-3,1
Byelorussia
230 e
224
2,7
1 550
13,4
South Korea
6 041
6 173
-2,1
42 487
0,6
Kazakhstan
350 e
367
-4,6
2 313
-14,1
Pakistan
310 e
436
-28,9
1 979
-32,9
35 e
42
-16,7
215
-32,2
Taiwan, China
1 890 e
1 976
-4,4
13 306
-0,7
6 200 e
6 293
-1,5
42 462
0,4
Thailand
415 e
568
-27,0
2 550
-34,3
1 784
1 815
-1,7
12 717
4,2
Vietnam (2)
1 773
1 165
52,2
12 046
57,1
65 e
52
25,0
374
-1,3
Asia
3,9 775 093
7,0
8 664
8 793
-1,5
59 631
0,6
Australia
1 120 e
1 088
2,9
7 650
0,7
New Zealand
Cuba
15 e
18
-18,3
118
-2,4
Oceania
El Salvador
10 e
9
7,9
59
4,8
Total (64 Ctry) (3)
Guatemala
25 e
26
-2,0
174
2,0
Italy
Poland Slovenia Spain
Other E.U. (28) (e) Bosnia-Herzegovina Macedonia
Moldova Russia Ukraine Uzbekistan C.I.S. (6) Canada
Argentina
113 254 108 977 429
516
-16,8
3 147
-8,5
55
62
-10,5
390
0,4
484
577
-16,2
3 538
-7,6
156 697 154 009
1,7 1 083 951
4,6
(1) HADEED only. (2) partial data, approximately 75% of national total. (3) the 64 countries included in this table accounted for approximately 99% of total world crude steel production in 2018. e – estimate | r – revised
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September 2019 SKILLINGS MINING REVIEW | 23