Nucor Signs Deal With Mercedes-Benz; ATI Launches New Forging Press; Copper Prices Surge And More: Wednesday's Top Mining Stories


Top Stories for March 20, 2024:

1. Nucor Corporation NUE signed an agreement with Mercedes-Benz MBGAF to supply its advanced, low-carbon steel Econiq-RE for vehicle production in Tuscaloosa, Alabama. 

Econiq-RE is made with 100% renewable energy, drastically cutting greenhouse gas emissions compared to traditional steel. 

This partnership aligns with both companies’ sustainability goals, as Nucor aims to hit net-zero emissions by 2050 and continues to be a leader in recycling and emission reduction in steel production.

Nucor's EVP of Commercial Dan Needham said, “Our Econiq brand is helping steel end-users meet their growth and sustainability goals, and we are proud that it is going to be a key piece of Mercedes-Benz’s path towards a net carbon-neutral new car fleet along the entire value chain.”

2. ATI Inc. ATI launched its advanced 12,500-ton billet forging press known as BSOII in North Carolina to enhance titanium production for aerospace and defense. 

The press came online to match the company's increased titanium capacity, supporting the creation of complex, novel alloys. It surpasses older models in tonnage and precision, vital for cutting-edge jet engines. 

North Carolina Senator Ted Budd joined the ribbon-cutting ceremony where he said, "Part of what makes our nation strong is having a strong national defense… It’s having strong providers and suppliers – companies like ATI – in that supply chain. Thanks to ATI for keeping our supply chain strong.”

Also Read: Cleanup Costs For Teck’s Elk Valley Mining, May Slow $9B Asset Sale To Glencore, Wildsight Reports

3. The Global X Copper Miners ETF COPX has surged more than 13% in March, marking the highest monthly gain since November 2022. 

So far this month, Southern Copper Corp. SCCO and Freeport-McMoRan Inc. FCX have increased by roughly 24% and 18%, respectively. 

This rally has been driven by a sharp rise in copper prices attributed to significant market tightness. 

Goldman Sachs analysts suggested scarcity pricing by 2025 due to low stock levels, peak mine supply and strong demand from green technologies.


4. Commercial Metals Company CMC declared a quarterly dividend of $0.18 per share, a $0.02 increase (13%) from the previous quarter.

The dividend will be paid on April 10, 2024 to all shareholders as of April 1, 2024.

Now Read: Lithium Americas Receives Record Loan For $2.2B, Milestone Project In Nevada

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

Image created using artificial intelligence with Midjourney.

Market News and Data brought to you by Benzinga APIs
Posted In: CommoditiesminingStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!