Nucor Introduces Weekly Spot Pricing; Cleveland-Cliffs Applauds New DOE Standard; Newmont Concludes $20M Support Fund And More: Friday's Top Mining Stories

Top Stories for April 5, 2024:

1. Nucor Corporation (NYSE:NUE) introduced a weekly Consumer Spot Price (CSP) for hot-rolled coil spot pricing starting April 8, 2024, to provide customers with clear, timely information through consistent and transparent pricing. 

The CSP is based on qualitative and quantitative data and aims to minimize speculation and risk by updating every Monday, with lead times for orders between three and five weeks.

2. Cleveland-Cliffs (NYSE:CLF) praised the Department of Energy's new transformer efficiency standard that ensures the continued use of Grain-Oriented Electrical Steel (GOES) in its key markets. 

This decision highlights the critical role of Cleveland-Cliffs’ plants in Pennsylvania and Ohio in supporting the U.S. electric grid. 

The company, along with the UAW, successfully advocated against the original rule that favored Amorphous Metal, leading to a revised rule that secures their GOES production and anticipates increased demand and potential plant expansions.

Also Read: Copper Futures Prices Diverge from Spot Prices, Citi Sets A Two-Year Target

3. Newmont (NYSE:NEM) successfully concluded its $20 million Global Community Support Fund, initiated in April 2020 to aid communities affected by the pandemic, focusing on immediate relief and long-term resilience. 

Over the last 3.5 years, Newmont allocated its $20 million Fund across 420+ local partners, bolstering health, food security and economic resilience initiatives.

4. Citigroup analyst Alexander Hacking maintained Newmont (NYSE:NEM) with a Buy and lowered his price target from $60 to $45.

5. Goldman Sachs analyst Thiago Ojea maintained Ternium (NYSE:TX) with a Buy and raised his price target from $49 to $54.

Now Read: Are We Entering A Golden Age Of Sustainable Mining? Experts To Weigh In

Benzinga Mining is the bridge between mining companies and retail investors. Reach out to [email protected] to get connected with the Benzinga community!

Image generated using artificial intelligence via Midjourney.