Ivanhoe Electric at Minerals Forum; Cleveland-Cliffs Hikes Prices; Olympic Steel's New President; TMC Supports Exploration Act
Top Stories for Jan. 3, 2024:
1. The advanced mineral and electric metals exploration company Ivanhoe Electric (NYSE:IE) announced that Executive Chairman Robert Friedland will deliver a keynote presentation at the Future Minerals Forum on Jan.10 at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia.
Additionally, President and Chief Executive Officer Taylor Melvin will join a panel discussion about building a robust and resilient mineral supply roadmap.
Ivanhoe Electric’s Typhoon geophysical surveying system will be on display and deployed during the forum to support its joint venture with Saudi Arabian Mining Company Ma’aden.
2. Cleveland-Cliffs Inc. (NYSE:CLF), the largest flat-rolled steel producer in North America, announced that it is increasing spot market base prices for all of its carbon hot-rolled, cold-rolled and coated steel products, with the minimum price for hot-rolled steel at $1,150 per net ton.
3. The national metals service center Olympic Steel Inc. (NASDAQ:ZEUS) announced that it is promoting Zachary J. Siegal to the newly-created role of president of Manufactured Metal Products, where he will lead Olympic Steel's Manufactured Metal Products business group.
President and Chief Operating Officer Andrew S. Greiff commented on the promotion: "Zach's appointment marks a significant milestone in Olympic Steel's history, as we distinguish our growth and continue to diversify into manufactured end-use products.… Zach has played an integral role in strategically identifying and acquiring high-quality, top-performing companies in the manufactured metals market. With his operational, financial and leadership experience and long history with the Company, he is well-suited to accelerate our growth of this business group."
4. TMC The Metals Company Inc. (NASDAQ:TMC), which is involved in exploring undeveloped sources of critical battery metals, welcomed the 2024 National Defense Authorization Act signed into law by President Joe Biden.
The act mandates the Department of Defense to evaluate the processing of seafloor polymetallic nodules as a potential source of essential battery metals and submit a report by March 1, 2024.
This action is in response to Congressional calls for strengthening the supply chains of rare earth and critical minerals crucial for American auto and battery industries under the Inflation Reduction Act.
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