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AISI reported that the U.S. imported a total of 2,510,000 net tons (NT) of steel in March 2024.

Adjusted year-to-date production through May 4, 2024 was 30,259,000 net tons, at a capability utilization rate of 76.3 percent.

Australia-based exploration and development company Arrow Minerals has identified high-grade iron mineralization at the Simandou North Project (SNIP)and plans to conduct more than 150 drill holes in the area.

It reiterated its latest guidance to close the deal by year-end, pending US approvals.

Liberty said it “is not idling the facility,” and will resume operations when markets recover.

Despite these lukewarm indicators, steel producers who service the construction end markets were positive in their quarterly earnings.

Queensland could also complicate a deal.

“We see infrastructure for instance is still growing strongly in China,” he said, adding that manufacturing is also “performing pretty well in China”.