Sibanye-Stillwater declares R3.9bn half-year dividend

Norwegian Elkem issued force majeure letters and stop/scale back production.

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt) in July 2022, a 6.5% decrease compared to July 2021.

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Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.

Many steel enterprises saw profits drop by up to 90% in Q2 of this year, amid plunging steel prices.

The bill includes incentives for companies that include union workers, but the overwhelming focus is on boosting US production and employment, he said.