Top Stories for April 12, 2024:
1. U.S. Steel X and Nippon Steel are considering delaying the closure of their $14.1 billion deal until the second half of 2024 due to political resistance and ongoing investigations.
Initially expected to close by mid-2024, the deal faces opposition from the United Steelworkers and President Joe Biden, with a national security review potentially extending into 2025.
Additionally, the Justice Department has launched an extended antitrust investigation into the acquisition.
2. Atlas Lithium ATLX secured investments and supply agreements with Chengxin Lithium Group and Yahua Industrial Group, key suppliers to Tesla TSLA, BYD BYDDF and LG LGEIY.
These partnerships achieved Atlas’s initial $49.5 million production costs.
The company will accelerate its production using modular DMS technology and outsourcing, with a Brazil-based phase 1 DMS plant set to start in Q4 2024.
Also Read: Iron Ore Surge Boosts Australian Dollar As Rio Tinto Invests in Innovation
3. ATI ATI celebrated the completion of its advanced Vandergrift Operations expansion, marking a major step in transforming its Specialty Rolled Products to lead in titanium and nickel-based alloys.
This consolidation will boost production of high-value materials, enhancing attributes like thickness and coil size with the world’s shortest lead times.
The facility features a new 200-foot tall bright anneal line with cutting-edge controls, enhancing ATI's capabilities in aerospace and defense material production.
4. Argan AGX reported fiscal 2024 results, with consolidated revenues rising 26% to $573.3 million and EBITDA up 7% to $51.3 million.
Argan is optimistic about new opportunities in renewable and natural gas projects, driven by growing energy demands from data centers and electric vehicles.
Despite challenges, including a $13.6 million loss related to the Kilroot Power Station project in Northern Ireland, the company remains positive about its market position and capabilities in energy facility construction and support.
Fourth quarter revenues grew 38.5% year-over-year to $164.6 million, with gross profit at $23.6 million, despite losses from nearing completion projects like Kilroot. The fourth quarter also saw project backlogs increase to $757 million.
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