Peter Hogg

📉Another European steelmaker goes bust. This time, it's a landmark case in the UK 🇬🇧 The UK government has taken the extraordinary step of placing Sanjeev Gupta's Specialty Steel UK Ltd. into compulsory liquidation. A London judge rejected a last-ditch funding plan, calling the company "hopelessly insolvent." This is a significant moment for the industry. Here are the key takeaways: 🔸 Scale of the Crisis: The operation employs ~1,500 people in Yorkshire and is losing an estimated £9 million per month. The government will now fund its operations to keep it afloat during the wind-down. 🔸 The GFG & Greensill Legacy: This is the latest fallout from the 2021 collapse of Greensill Capital, GFG's major lender. The insolvency has entangled global finance, with UBS now the largest creditor following its takeover of Credit Suisse. 🔸 A Rejected "Pre-Pack": The court notably rejected a proposed "pre-pack" administration that could have seen the assets sold back to Gupta-linked entities. This indicates a firm stance on creditor transparency and process. 🔸 Broader Implications: While the government states its commitment to British steelmaking, this is a bitter blow. It follows the takeover of Gupta's Australian steelworks and a ongoing Serious Fraud Office investigation into GFG. 👉This case is a stark reminder of the immense pressures facing the European steel industry: high energy costs, global competition, and the complex aftermath of corporate finance failures ⚡️. The special managers from Teneo Inc. now face the immense task of finding a permanent solution for a critical supplier to the aerospace and energy sectors. 🧐 What’s the path forward for sustainable steelmaking in the UK and Europe? #SteelIndustry #Manufacturing #BusinessNews #Insolvency #GFGAlliance #Greensill #UKGovernment Source: Bloomberg

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Today, BMRA has published a new report with Sheffield Hallam University highlighting the impact of potential export restrictions on UK scrap steel currently being considered by government that could devastate the metals recycling industry. The findings show that an export ban to non-OECD countries could cost the UK nearly £5bn in GVA and over 20,000 jobs – threatening the future of a sector that already contributes £9bn annually and employs more than 15,000 people. As the UK steel industry transitions to electric arc furnaces (EAFs), concerns over scrap availability have prompted calls for export restrictions. But the data shows that even under full EAF adoption, the UK would have plenty of scrap steel to ensure domestic supply while also benefitting from exports. With global demand for recycled steel set to soar, now is the time to support – not stifle – this vital industry. Read the full media release here: https://lnkd.in/e655_n7m #steel #scrapsteel #steelrecycling #metalrecycling #circulareconomy #exports #scrapmetal

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UK scrap steel companies battle limits on metal exports Bulk of UK #scrap #steel is exported, which industry groups say could cost up to £5bn in lost revenue and 20,000 jobs. Metals recyclers are at loggerheads with the British steel industry over a call to limit lucrative scrap exports so steel can be reused by UK furnaces. The British Metals Recycling Association (BMRA) claims a ban on scrap steel exports to less wealthy countries could cost £5bn in lost economic activity and as many as 20,000 jobs. Steelmakers in the UK are keen to retain the metal to melt down into new steel. The bulk of the 5.6m tonnes of steel made in the UK in 2023 was made in Port Talbot and Scunthorpe, in carbon-heavy blast furnaces that rely on iron ore dug from the ground. However, both sites are expected to upgrade to much cleaner EAFs, which use greener technology to melt scrap and produce steel. Currently, 4/5 of the UK’s scrap steel – from old cars, buildings and bridges – is exported via scrap yards and is often melted down in EAFs overseas. However, UK Steel, a lobby group, has called for the government to limit this trade as it expects demand for scrap will surge by 70% as early as 2027 as Port Talbot, owned by Indian conglomerate Tata Steel, switches on its new EAF. The group forecasts demand will then triple by 2050 compared with 2023 levels. UK Steel has asked ministers for limits on exports to countries outside the OECD. Members of this bloc of wealthier countries can “demonstrate their ability to treat waste sustainably”, it says. However, at the moment four of the top five destinations for UK scrap metal are non-OECD countries, according to the BMRA. In practice, many poorer economies would be unlikely to be able to prove environmental credentials. “Exports are the lifeblood of the UK metals recycling industry and global demand for recycled steel is set to rise dramatically,” he said. “Curtailing exports would be shortsighted and could see the UK miss out on significant growth for an already large industry that currently directly employs over 15,000 people and delivers £9bn GVA per annum.” Prof Will Eadson, a professor of urban and regional studies at Sheffield Hallam University, said: “Careful thought must be given to any measures which seek to restrict overseas trade – we can see clearly how quotas and bans may lower exports, but at a cost to the overall value of the sector.” A UK Steel spokesperson said its proposals would “secure the higher quality and greater volumes of steel scrap needed for the UK’s journey to net zero steelmaking”. “At no point have we called for a ban on steel scrap exports,” they said. “Free and fair trade is a cornerstone of the UK steel industry. What is needed is a proportionate system of environmental regulation to ensure that wherever UK scrap is exported, it is processed to the same high standards we uphold here.” https://lnkd.in/gZdqQj76

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🚨 Steel Now, Not Someday 🚨 The public-listed steelmaker BlueScope has joined forces with Nippon Steel, JSW Steel and POSCO to explore a deal for Whyalla, after the plant collapsed into administration. Today, BlueScope chief executive Mark Vassella called it “a wicked problem.” “This is a wicked problem, and one that we’re not committed to doing anything at all,” Vassella said. I’m sure he’s right—but wicked problems don’t get solved by waiting. They get solved by industrial urgency. Across the alliance, the alarm bells are already ringing: ⚠️ In the UK, Parliament was recalled on a Saturday to keep Scunthorpe’s last two blast furnaces alive. ⚠️ In Australia, Whyalla is under administration with $2.4B in emergency support. ⚠️ Off Sydney, Chinese warships have been firing missiles during live-fire drills. We don’t deter with PowerPoints. We deter with ships, missiles, bridges, rail—and the steel and forgings that make them possible. That’s why I argue for One Big Factory across AUKUS: 🔹 Stabilise Whyalla and align it to submarine and shipbuilding needs. 🔹 Keep Scunthorpe producing steel from raw materials while adding new technologies. 🔹 Secure energy and raw material supply for industry, not just exports. 🔹 Flow Australian steel straight into allied forges for hulls, shafts, and casings. 🔹 As part of the AUKUS Review, put the offer to build Virginia-class submarines and merchant ships here in Australia. Help alleviate the massive backlogs. This is commonsense—with teeth. Australia has the ore and critical minerals. The UK and US have the forges and shipyards. Together we can repair the industrial damage, cut through the backlogs, and make One Big Factory real. 👉 Steel in, ships out—no excuses, no gaps, no delays. - Michael Sharpe See https://lnkd.in/gePQ6Ubx #AUKUS #Steel #Manufacturing #NationalSecurity #Whyalla

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🔴 The European Commission is preparing to dramatically tighten restrictions on steel imports by cutting quotas by nearly half and doubling tariffs on excess volumes to 50%. 📝 The aggressive new measures, set to be officially unveiled on October 7, would align the European Union’s steel protection policies with tariff rates already imposed by the United States and Canada as Western allies coordinate efforts to combat massive overcapacity created by subsidized Chinese steel factories. 🔎 The Commission will propose slashing current steel import quotas by approximately 50%. This represents a dramatic escalation from the 15% quota tightening that took effect on April 1, 2025. 📈 Duties on steel volumes exceeding the new, lower quotas would be raised from the current 25% to 50% – matching tariff rates imposed by both the United States and Canada. 📆 The new package for the steel sector will be officially presented on October 7, 2025. Current steel safeguards are set to expire on June 30, 2026. 💡 According to the Organization for Economic Co-operation and Development (OECD), global steel overcapacity is projected to reach 721 million metric tons by 2027 – driven notably by subsidized Chinese factories that can produce far more steel than global markets can absorb. 🟠 European steel groups have been pressing for these dramatic changes, arguing that current quotas are 26% above original levels while demand has actually declined. This mismatch has left European producers struggling to compete with cheaper imports flooding the market. #steel #EU Source: apnews.org 📸 worldview.stratfor.com

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We've had confirmation from the Department for Business and Trade (DBT) that UK #aluminium exports to the United States will continue to face a 25% tariff at this time. DBT is continuing detailed talks with US partners; in the meantime, this maintains preferential access compared with the 50% global rate applied elsewhere, but it remains a significant cost for UK exporters and their customers. Aluminium Federation (ALFED) has worked closely with DBT to set out the realities facing the UK aluminium industry and our priority is predictable, competitively fair access that reflects the UK’s high environmental and quality standards and our leadership in low-carbon, recycled-content aluminium. The latest trade data in our update underlines just how dynamic the market has become and we will keep working with Government to minimise unintended distortions, support investment and skilled jobs, and ensure companies can plan with confidence while discussions continue. If you’re an Aluminium Federation (ALFED) member with exposure to the US market, please share anonymised evidence on pricing, orders and feedstock where you can, so we can strengthen the sector’s case. Read our latest update here >> https://lnkd.in/eQrVmv7m #AluminiumFederation #BackBritishMetals #ALEFD #AluminiumTariffs #USA

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British steelmakers stand to make millions more a year as the EU restores tariff-free access for certain steel products - giving producers the certainty they need to maintain vital export relationships. More: https://lnkd.in/e4ysp3DT

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The Weir Group PLC took in £1.3 billion (US$1.7 billion) in orders during the first half of its 2025 financial year, representing 8% annual growth, as it published its half-year report today (July 31). The London-listed #mining manufacturer's sales for the first half of 2025 fell 1% to £1.195 billion, however, when adjusted for £53 million in currency effects, revenues rose 4% year-on-year. The Glasgow-based manufacturer's adjusted pre-tax profits for the half-year rose 10% to £213 million. Weir chief executive Jon Stanton said the company had shown "strong performance in the first half of this year", making "significant strategic progress" with its acquisitions of Micromine and Townley Engineering & Manufacturing Co. and "mitigating any impacts of US tariffs". "Mining markets are strong, particularly #copper and #gold, and customers are choosing Weir to provide the novel, mission-critical solutions they need to scale up and clean up their operations," Stanton said. Read more: https://lnkd.in/epDVG8BK Image: Weir's Canada head office building in Mississauga, Ontario | Credits: JHVEPhoto / Shutterstock

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Alexander M. Julius, President of EUROMETAL joined BBC News to discuss the European Commission’s new proposal for steep new tariffs on steel imports.

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𝗔𝗹𝗳𝗿𝗲𝗱 𝗛 𝗞𝗻𝗶𝗴𝗵𝘁: 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗣𝗿𝗼𝗴𝗿𝗲𝘀𝘀 𝗶𝗻 𝗖𝗵𝗶𝗻𝗮’𝘀 𝗥𝗲𝗰𝘆𝗰𝗹𝗲𝗱 𝗠𝗲𝘁𝗮𝗹𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 Earlier this month, Dr Laurance Donnelly and Simon Sun represented Alfred H Knight during a visit to the Recycled Metals Branch of the China Non-Ferrous Metal Industry Association. They shared insights on black mass including sampling, sample preparation, composition, recovery rates, phase characterisation, and global inspection case studies from Europe, Africa, USA, Australia and Asia. The meeting also addressed China’s new import policies, which set higher standards for traceability and environmental compliance. With anticipated growth in recycled metals, including copper and aluminium imports, both sides agreed to strengthen collaboration through industry events, technical support, and inspection services that enable compliant, high-quality trade. To learn more about how AHK’s global network helps clients meet evolving regulatory demands across the circular economy, visit our website today 👉https://bit.ly/44Hv6mo #BatteryMaterials #BlackMass #Inspection #CircularEconomy #China

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