Just becoming a secondary steelmaker will mean the country cannot produce all the requisite grades for its automotive industry, it added.

Australian resources firm BHP will report an impairment of $2.5bn on its Western Australia nickel business.

India's ArcelorMittal Nippon Steel (AM/NS) aims to raise its ferrous scrap use to 10pc by 2030 from the current 3-5pc, with it also calling for government policy support to enable the steel sector's decarbonisation.

OMC has adjusted the base price marginally for its forthcoming auction of 56,000 t of chrome ore from South Kaliapani and Sukrangi mines on 19 Feb'24.

Full-year 2023 net earnings was $895 million, or $3.56 per diluted share, and adjusted net earnings was $1,195 million, or $4.73 per diluted share.

He wouldn’t say if he’d make another offer for US Steel if the Nippon deal collapsed.

“My understanding is steel consumers, steel customers are much happier with Nippon as the buyer,” Wolfe Research analyst Timna Tanners said at the Tampa Steel Conference.

Nucor shares have added about 0.6% since the beginning of the year versus the S&P 500's gain of 2.5%.