Vestas Group CEO Henrik Andersen said the company will help Korea become Asia-Pacific's wind industry hub. Vestas moved its regional headquarters from Singapore to Korea in 2023 and is considering investment of hundreds of millions of dollars.
"Korea, Asia-Pacific wind industry hub… reviewing hundreds of millions of dollars in investment" [Monday Interview]
"The Korean government has set ambitious targets for offshore wind power generation that no other country has achieved. It is challenging, but Korea has excellent manufacturing capabilities suited to offshore wind and a highly competitive position."
Henrik Andersen, group president and chief executive officer of Vestas Wind Systems, said this on October 27: "We will support Korea in becoming a hub for the Asia-Pacific wind industry." Vestas, the world's leading wind turbine manufacturer, has installed a cumulative 207GW of wind turbines across 88 countries worldwide and maintains and manages more than 56,000 wind turbines. President Andersen has such high expectations for Korea's offshore wind potential that he relocated Vestas Asia-Pacific regional headquarters from Singapore to Korea in 2023. He is also fleshing out plans for investments worth hundreds of millions of dollars in the country. At the Vestas Korea office in Yongsan-gu, Seoul, we asked him about Korea's "future energy transition" and why Vestas is accompanying this journey, having witnessed the introduction phase of offshore wind in numerous countries. The following is a question-and-answer session.
Henrik Andersen, group president and chief executive officer of Vestas Wind Systems, smiles with his arms crossed at the Vestas Korea office in Yongsan-gu, Seoul on October 27. President Andersen said, "We will support Korea in establishing itself as an industrial hub underpinning the growth of the entire Asia-Pacific wind industry."
Why relocate the regional headquarters to Korea?
"The Asia-Pacific region has multiple bases for pursuing offshore wind projects. I was confident that Korea, with its strengths in location and industrial capabilities, would lead the future of the Asia-Pacific wind industry. Before establishing the headquarters, I met with ruling and opposition party officials and Seoul City Hall staff to discuss cooperation methods, and I judged that they would be friendly to our business. There were also many business advantages to moving the regional headquarters to Korea. I believed it would be favorable for smooth visa issuance for foreign employees and for creating stable residential and working conditions."
Taipei [Taiwan], November 2 (ANI) Taiwan has strongly protested against what it described as China's discriminatory treatment over arrangements for its participation in the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, accusing Beijing of attempting to undermine its standing as an equal member of the regional organisation, as reported by The Taipei Times.
According to The Taipei Times, China reportedly sent Taiwan a communication that fell short of a formal invitation. An official familiar with the matter said Beijing had also avoided using the designation 'Chinese Taipei', under which Taiwan participates in APEC, departing from established diplomatic protocol.
Taiwan's Ministry of Foreign Affairs said the government had immediately lodged a strong protest with Beijing, stressing that it would defend its rights and status as a full and equal APEC member. The ministry added that preparations for Taiwan's participation were continuing in accordance with previous practices and that further information would be released when appropriate.
Taiwan traditionally participates in APEC under the name Chinese Taipei and sends a presidentially appointed representative to the annual leaders' meeting.
Officials maintained that Beijing must follow established procedures and conventions, similar to those observed during last year's summit in South Korea. During the 2001 APEC summit, Beijing sent an unsigned fax notification and refused to accept Taiwan's representative, former vice president Li Yuan-tsu, prompting Taipei to boycott the gathering, as highlighted by The Taipei Times.
However, during the 2014 summit under then-president Ma Ying-jeou, China arranged for a senior Taiwan Affairs Office official to personally deliver the invitation to Taiwan's Mainland Affairs Council chief Wang Yu-chi in Taipei, as reported by The Taipei Times.
China's claim over Taiwan is a complex issue rooted in historical, political, and legal arguments. Beijing asserts that Taiwan is an inseparable part of China, a viewpoint embedded in national policy and upheld by domestic laws and international statements. (ANI)
Donald Trump's final speech before the midterms in Washington was significant for a number of reasons - including that we were listening to him campaign for the very last time, our US correspondent David Blevins says.
"Donald Trump does not have another election to fight.
"If you were the Republican candidate in 2028, would you want him on the stump for you, given that he's going into this election with the lowest approval rating of any president in modern history?
"In that sense, there is a feeling, perhaps, that we are witnessing the beginning of the curtain coming down on the Trump era.
"That is a remarkable thing to reflect on when you consider the wild ride it has been since 2016."
The United States has discussed with Russia the possibility of restoring natural gas flows to Europe via pipelines running through Ukraine, the Wall Street Journal has reported, citing unnamed sources involved in the talks.
The idea came from President Trump's envoys Jared Kushner and Steve Witkoff and was floated during trips to Moscow and Kyiv in September, the report said. The proposal would involve selling Russian gas through a U.S. intermediary, although such an arrangement would still face significant legal obstacles under the EU's restrictions on Russian gas imports. The WSJ also noted that it could create "a lucrative opportunity for American investors."
Ukraine suspended all Russian gas transit at the start of last year, when the five-year deal between Gazprom and Ukraine's Naftogaz expired, with the latter rejecting the possibility of extending it. According to the WSJ report, however, the Ukrainian government could benefit from the renewal of gas transit from Russia and get some "badly needed revenue".
A new Russian gas deal would also lower gas prices for European consumers as winter begins and demand for heating rises to a seasonal peak. The European Union's gas storage is at levels lower than usual, with Germany in an especially vulnerable position as storage sits at 61% full versus a target of 80% as of November 1. Germany hosts the biggest portion of EU gas storage capacity, at over 20%.
EU officials have repeatedly stated there was no going back on the plan to phase out all Russian energy commodity imports, albeit gradually, to avoid a shock from the sudden loss of supply. Even after the war in Ukraine ends, the EU will not resume buying Russian energy commodities, the official position of the EU states. Natural gas exports are set to end next year. This year, however, European countries have been the biggest buyers of Russian liquefied natural gas, accounting for approximately 85% of Yamal LNG's recorded global deliveries during the first nine months of 2026.
By Irina Slav for Oilprice.com
A major oil hub in Russia’s Volga region appears to have caught fire after an attack, Bloomberg reported on Monday, citing satellite images from NASA’s Fire Information for Resource Management System.
An image taken on Monday showed a relatively fresh heat anomaly, which could mean fires at the Samara crude oil pumping station, according to the imagery Bloomberg has analyzed.
The potential attack, reports of which emerged in Ukrainian media today, could be another hit at an oil asset in Russia after Ukraine resumed late last week attacks on Russia’s energy infrastructure.
The Novokuibyshevsk refinery, one of the leading oil refineries in the Volga region and part of the Samara Group of companies of Russia’s top oil company Rosneft, was targeted in a drone attack on Friday, in what was the first Ukrainian strike on a Russian refinery since October 15.
During the weekend, Ukrainian drone attacks hit a Rosneft refinery in the Bashkortostan region, and Lukoil’s Kstovo oil refinery in Nizhny Novgorod.
U.S. President Donald Trump has pressured Ukraine to halt strikes on Russian refineries ahead of the U.S. midterm elections. Ukraine refrained from attacks for two weeks, but resumed these at the end of last week.
Trump and his Administration have accused Ukraine of contributing to the diesel crisis, which sent U.S. retail diesel prices to record highs in September.
Last month, President Trump claimed he had helped broker an “energy ceasefire” between Russia and Ukraine.
Trump has pressured Kyiv to stop attacking Russian refineries as global diesel supplies tighten and U.S. diesel prices remain above $6 per gallon.
As of November 2, the U.S. national average retail diesel price is $6.29 per gallon, up from $3.68/gallon at this time last year, when Ukraine sporadically attacked Russian refineries, too, but there was no war in the Middle East to restrict any crude oil and fuel flows from the region.
Oil prices dropped on Friday after the hopes of a diplomatic deal between Iran and the US reduced the fears of crude oil supply disruption. Brent Crude futures have fallen by 5.9% to $106.76 after increasing by over 2% in the previous session. Talks between Iranian and Qatari officials led to hopes that the Strait of Hormuz could open again after the proposed deal to end the US-Israeli war on Iran. Iran has said that the Strait of Hormuz could open within two days if there is a deal in place and the US agree to Iran’s terms. No direct talks are currently happening between the two nations.
Why are oil prices down today?
Oil prices have fallen by over 6% after the hopes of less supply issues in the Middle East due to diplomatic efforts. Brent Crude futures have fallen by 5.9% to $106.76.
Talks between Iranian and Qatari officials have raised hopes that the Strait of Hormuz will open again after a proposal to end the US-Israeli war on Iran. Iran’s top diplomat said in an interview published on his Telegram channel during the weekend that Iranian negotiators were in Qatar to discuss the proposal. He stated that if the US agree to several terms set by Iran then the Strait of Hormuz could open in two days.
What is the impact of drop in oil prices?
Silver rose by 2.5% to $50.33 per ounce today after oil prices fell. Platinum price did not change. The precious metal is still at $1,431.50 per ounce. Palladium rose by 0.9% to $986 per ounce. Gold rose by 0.8% to $3,903.90 per ounce by 0757 GMT. December gold futures in the US rose by 0.4% to $3,913.20.
Gold fell 3.5% on Friday to its lowest level since October 2025 after technology stocks fell. This led to margin calls on the stock market forcing investors to sell assets.
The concerns about the inflation and the chances of interest rates staying higher for a longer time have reduced. Investors are now looking at how the US midterms on November 3, fed comments and jobs data will impact precious metals. The Secretary of State Marco Rubio said that the US had not made any decisions to start bombing Tehran again. However, President Donald Trump wants to resolve the issues diplomatically but the US still has its military capabilities.
A year after forecasting that oil demand would keep rising until 2040, TotalEnergies has moved its peak forward to between 2035 and 2040, and says the Iran war could accelerate the energy transition.
The company’s annual energy outlook, released on Monday, projects demand for petroleum products plateauing through the 2030s before a slow decline. Chief sustainability officer Aurélien Hamelle told reporters that demand could fall faster if EV sales keep growing.
In November 2025, TotalEnergies forecast oil demand rising nearly 5% to 108 million barrels per day by 2040 under current trends, before easing to 98 million bpd by 2050. It cited the partial rollback of U.S. green subsidies, new LNG approvals, new coal plants in Asia and slower EV sales. CEO Patrick Pouyanné said at the time that the chances of the Paris-aligned scenario were “diminishing, even out of reach.”
A year earlier, the company had expected demand to peak after 2030.
The 2026 report says the energy crisis set off by the U.S.-Israeli war with Iran could act as an “accelerator” of the transition. It points to a sharp rise in EV sales in Asia, Latin America and Europe, and to higher biofuel blending mandates. Hamelle described a “stunning acceleration” of low-carbon technology between the second quarter of 2025 and the second quarter of 2026.
The International Energy Agency (IEA) projects about 23 million EV sales in 2026, close to 30% of new cars worldwide. In the first quarter, EV sales rose roughly 30% in Europe, 80% in Asia-Pacific outside China and 75% in Latin America. Gasoline-only cars fell below half of global new car sales for the first time in the first half of the year, at 49%.
The war, which began on February 28 and choked tanker traffic through the Strait of Hormuz, has also paid TotalEnergies well. Its third-quarter adjusted net income more than doubled to $9.1 billion, on a record $4.1 billion from its downstream division as refining margins hit historic highs.
By Irina Slav - Nov 02, 2026, 6:00 PM CST
Germany has missed its gas storage target for the start of winter. Now, the EU’s largest economy faces a difficult heating season as the European gas benchmark topped 100 euros per MWh last week and has stayed there since. Higher prices may turn out to be the smaller problem. A supply crunch would be worse.
Every European Union member state has an obligation to secure enough natural gas ahead of winter to fill 80% of storage capacity. Germany has failed to do that, only filling its storage to about 61%. This is problematic because Germany has the EU’s biggest gas storage capacity, accounting for over a fifth of the bloc’s total capacity. It is also the biggest consumer of natural gas in the EU.
Warnings about Germany’s gas storage levels have been going around for weeks now. In September, the country’s gas storage association, INES, warned that at the current rate of LNG purchases, Germany would only be able to fill caverns to 77% at best by November 1. It turned out that the prediction was too optimistic, so now, INES has issued another warning.
“The failure to meet storage level targets shows that storage levels for coming winters must be guaranteed more rigorously,” the industry body said on Sunday, acknowledging that the war in the Middle East had made gas storage refilling “uneconomical”, as quoted by Reuters.
It appears that a lot of gas buyers both in Germany and other EU member states spent the last few months waiting for a peace deal between Iran and the United States, and lower gas prices, which would presumably make the storage refill economical again. Instead, what they got was the threat of a new escalation after the U.S. midterm elections and an extension of QatarEneregy’s force majeure on LNG exports. Gas purchases are about to get even less economical than they were a month ago.
This means that the state would need to step in to secure enough gas for the winter. This is exactly what Germany’s INES is calling for: “It is therefore right and important that the Federal Ministry for Economic Affairs is open to the introduction of an obligation on suppliers. We must now discuss specific options for the design of a storage obligation at the earliest opportunity, so that it can be enshrined in law without delay,” the managing director of the industry association, Sebastian Heinermann, said.
Not everyone agrees the situation is dire, however. The head of Germany’s energy market regulator, Klaus Mueller, for instance, believes that “It is no longer essential for a secure gas supply that the storage targets be met,” as quoted by Reuters. Indeed, Mueller believes that prompt LNG purchases during the winter would secure enough gas for the EU’s largest consumer, acknowledging gas prices have gone significantly higher.
Judging by benchmark gas prices, the rally is far from over. The TTF contract for both December 2026 and January 2027 is trading above 100 euro per MWh—and so is the February 2027 contract. In other words, gas traders do not expect any peace breakthroughs or a sudden influx of new LNG supply.
This means that Germany is going to have to lean harder on coal in a somewhat ironic development for the EU state with the greatest energy transition ambitions. Reuters reportedback in September that higher natural gas prices were forcing utilities to shift back to coal, making what many see as a pariah fuel profitable again, despite the added cost of carbon offsets, which are highest for coal power plants. Indeed, at the time, analysts predicted that coal power generation across the EU was about to jump by 25% over the six months to March 2027 as gas generation suffers the effects of high prices.
In this situation, Germany faces an unpleasant dilemma. It could either mandate gas purchases at exorbitant prices—which will become even more exorbitant as the purchases start—or it can boost coal purchases to secure power generation during peak heating season. Neither alternative is particularly appetizing for the emission-focused German government, but one of them, or both, would be forced on it by the constraints of physical reality, which dictates that winter is the time of little sunlight and low winds.
On top of that, it appears that winter, at least in its early days, will not be mild. In fact, forecasters expect colder than usual temperatures for Germany in the coming days. This could aggravate the problem—because there are only so many coal power plants that have not been shut down yet in service of energy transition targets. And they have limits to their capacity to react to higher demand. “Even if the price of gas reaches €100/MWh, the power sector could not react that much more,” one ICIS analyst told Reuters back in September. Now, the price of gas has reached 100 euros. Coal generators have limited capacity. It seems the gas buying will have to take place, whatever the price.
https://oilprice.com/Energy/Natural-Gas/Germany-Misses-Gas-Storage-Target-as-Prices-Soar.html
Analysts say the push to strengthen critical mineral supply chains will continue regardless of the U.S. midterm election results, raising expectations that Korea Zinc, which is pursuing a $7.4 billion (~9.9 trillion won) integrated smelter jointly with the U.S. government, will benefit from policy support.
In a report dated the 2nd, Park Kwang-rae, a researcher at Shinhan Securities, identified nonferrous metals and critical minerals as the most stable area of benefit from U.S. policy. The reasoning is that building a China-free supply chain, expanding the power grid, and government equity investment have become bipartisan goals for both Democrats and Republicans. The assessment is that even if a so-called "blue wave"—in which Democrats win majorities in both the Senate and House in the midterm elections on the 3rd—materializes, the policy direction itself will not be shaken.
Park cited the joint introduction of the Critical Minerals Committee Act by seven lawmakers from both parties on October 1 as evidence. "A blue wave would only change the support tools—subsidies, stockpiling, price floors—while the goal of securing China-free refining capacity remains unchanged," he said. "Equity investment in critical mineral companies and stockpiling policies are also pursued based on executive discretion and existing budgets, so they are highly likely to be maintained even if the balance of power in Congress changes." He also noted that existing funding—$5 billion for supply chains and $2 billion for stockpiling reflected in the One Big Beautiful Bill Act (OBBBA)—remains intact.
At the center of these expectations is "Project Crucible," which Korea Zinc is pursuing in the U.S. state of Tennessee. The project, which builds an integrated smelter jointly with the U.S. government, targets full-scale groundbreaking in 2027 and phased operations in 2029. In addition to its existing core metals such as zinc, lead, and copper, the facility is designed to produce 13 strategic minerals, including germanium, gallium, and antimony.
U.S. dependence on foreign sources for critical minerals underscores the policy need. Import reliance is 100% for gallium and indium, 92% for bismuth, 91% for antimony, 77% for silver, and 73% for zinc. From the U.S. perspective, the rationale for securing domestic refining capacity is clear.
https://finance.biggo.com/news/6b2dc333-ae39-4add-bc25-77e66de77e25
China Pays a Record Premium
Importers in China are paying more than $200 a tonne over London prices for copper, the steepest import premium recorded in data going back to 2017. The Yangshan premium, the extra cost Chinese buyers must cover above London Metal Exchange benchmarks, has more than doubled in three months and is up 700% since the start of 2026. The Kobeissi Letter put the spread at $217 on X, the widest since mid-August, and wrote that “the physical copper supply squeeze is far from over.” In other words, the analysts behind the post do not expect the physical balance to loosen any time soon.
Chinese stock is thinning underneath that bid. Inventories in the country have fallen by more than 25% to 54,356 tonnes, as a Bull Theory post on X set out, and the same account adds that replacement cargo from Africa needs one to two months to reach Chinese ports. Domestic smelters are trimming output as costs climb: refined copper production fell 1.1% year on year in the third quarter. Buyers have kept paying through the run-up, a sign that demand has not let up while stock sits below typical seasonal levels. At the start of 2026 the same premium stood at a fraction of today's level.
That leaves a paradox inside the market. Global copper inventories still top 1.2 million tonnes, enough on paper to calm any buyer, yet a large share of that metal sits in the United States, drawn across the Pacific by the prospect of new tariffs. Stock that cannot easily reach Chinese ports does nothing to lower the premium Chinese importers pay, so the reading keeps climbing even while headline inventories look comfortable. Unless American warehouses start shipping metal back out, the cost of landing physical copper in China has little reason to fall.
London Futures Sink as Tariffs Pull Metal West
Paper copper has travelled the other way. Three-month futures fell 1.4% on Friday to settle at $14,154.50 a tonne, leaving the benchmark below its September record of $14,875 even as physical buyers keep paying up. The settlement sits about 5% shy of that September peak, a gap that says more about sentiment than about scarcity. Equity holders took the session harder: Southern Copper lost 7.42% and Freeport-McMoRan dropped 5.55% on October 30. Guangzhou Futures Co. blamed the slide on a tech selloff, saying the sharp fall in technology shares had fuelled doubt over returns on artificial intelligence investment, cooled risk appetite and pushed down on the metal. Crude oil at its highest since April added to the defensive mood, and the equity losses in producers were the sharpest risk-off print of the day.
The spread between physical and paper pricing has itself become a measure of scarcity: spot cargoes fetched more than $170 a tonne above three-month futures on Friday. The distortion points back to Washington. Expected tariffs on refined copper have pulled hundreds of thousands of tonnes toward the United States, thinning supply everywhere else, and the White House has yet to rule on a proposed 15% levy from January 2027. Shanghai Metals Market (SMM) analysts argue American stockpiles will stay frozen until the administration clearly steps back from the tariff. SMM still sees the short-term deficit persisting, though an unfavourable Shanghai-to-London price ratio should slow further gains in import premiums. Until that ruling lands, the paper market has a reason to stay heavy: a 15% tariff would keep drawing refined metal into the US and leave the rest of the world short.
Copper itself sits near its ceiling. The live quote stands at $6.54, up 0.15% over 24 hours, and COINOTAG's composite scoring rates the $6.55 resistance at 100/100, with the $6.45 support below it at 95/100. The daily trend reading is a downtrend and the RSI sits at 45.2, a picture of paper weakness that mirrors Friday's futures slide rather than the tight physical market behind it. A decisive break above $6.55, or a clear ruling from the White House on the proposed 15% tariff, is what would force a re-rating; until then, $6.45 is the nearest scored floor.
2 November 2026 – According to market reports, EU steel mills are currently quoting hot rolled coil (HRC) prices of €790 to €800 for the first quarter of 2027. Meanwhile, production capacity for 2026 is largely booked, with some producers reporting that the first quarter of 2027 is already sold out.
EU Hot Rolled Coil Prices for Q1 2027 Continue to Rise
According to market reports, EU steel mills are currently quoting hot rolled coil (HRC) prices of €790 to €800 for the first quarter of 2027. Annual contracts for 2027 are reportedly being quoted at up to €150 more. Meanwhile, production capacity for 2026 is largely booked, with some producers also reporting that the first quarter is already sold out. Maintenance work at several mills is further tightening hot rolled coil supply in European markets.
Iron Ore Cheaper, Steel More Expensive
Iron ore in Singapore lost a combined 8.5 per cent in September and October and now stands at just over $91. This translates into a reduction of around €12 in iron ore costs per tonne of pig iron. Yet hot rolled coil prices have continued to rise. Mills point to energy costs and margins.
10 Million Tonnes Nobody Can See
At the same time, EUROFER proudly announced in October that ten million tonnes of steelmaking capacity had been restarted. Yet none of it appears to be reaching the market. EU crude steel production through August was virtually unchanged from the previous year, while capacity utilisation stood at 67 per cent in May. Stainless Espresso already examined in October just how little evidence supports the ten million tonne claim.
Protection Without Anything in Return
EU steel producers are apparently sheltering behind steel tariffs, quotas and CBAM, exploiting the sharp reduction in competition to their own advantage and at the expense of downstream processors.
Brussels has given the mills breathing space to invest and increase production. So far, they appear to be doing little more than raising prices. Anyone who eliminates competition by regulation must at least make sure that hot rolled coil prices do not surge by more than 40 per cent and that their own price calculations are not completely wide of the mark.
https://steelnews.biz/eu-hot-rolled-coil-prices-for-q1-2027-continue-rise/
Iron ore prices stabilised on Monday on a smaller-than-expected cut in demand for the key steelmaking ingredient in top consumer China, where its price has been weighed down in the last couple months over market expectations of a fourth quarter supply glut.
Benchmark December iron ore on the Singapore Exchange was up 0.31% at $91.05 a metric ton, as of 0840 GMT. It slipped by 6.1% and 2.6% in September and October, respectively.
The most-traded iron ore contract on China’s Dalian Commodity Exchange erased earlier gains to end daytime trade down 0.07% at 674.5 yuan ($101.46) a ton. It lost 3.4% and 4.3% in September and October, respectively.
Some Chinese steelmakers began equipment maintenance amid weak profitability, while several others in northern regions temporarily trimmed output to improve local air quality. That sparked expectations of a sharp fall in hot metal output, a gauge of iron ore demand.
But average daily hot metal output among surveyed Chinese steelmakers fell only 0.2% from the previous week to around 2.32 million tons as of October 29, data from consultancy Mysteel showed.
Iron ore still faces downside risks from weak fundamentals, but market sentiment has somewhat recovered with prices falling close to the technical support level, analysts at broker Guoxin Futures said in a note.
That helped ore prices stabilise, they added.
Coking coal and coke, other steelmaking inputs, slid 2.82% and 3.01%, respectively, aided by heightened anticipation of a faster supply recovery amid government calls to ensure energy security in the winter.
Steel benchmarks on the Shanghai Futures Exchange were mostly weaker. Rebar shed 1.05%, hot-rolled coil lost 0.72%, wire rod dipped 0.24% while stainless steel added 0.97%.
ArcelorMittal Nears $4 Billion in Liberian Investment
ArcelorMittal's cumulative investment in Liberia is approaching $4 billion, according to SteelOrbis, which reported remarks by Michiel van der Merwe, chief executive of ArcelorMittal Liberia, at an industry conference. The spending spans mining operations, rail and port infrastructure, energy and social projects.
Roughly $800 million has been directed toward restoring and expanding the state-owned rail and port infrastructure linking the company's mines in Nimba County to the Port of Buchanan. Other mining companies that want to use the corridor will need to fund additional capacity for their own operations, though they can draw on existing spare capacity in the near term.
Van der Merwe also outlined the company's forward plans. ArcelorMittal Liberia expects iron ore exports to surpass 20 million tonnes next year, up from under 5 million tonnes in 2024, with a longer-term target of 30 million tonnes of annual production.
The second phase of the country's expansion involves building Liberia's first large-scale iron ore beneficiation complex, which would produce high-grade concentrate for international steel companies. Those products are expected to be shipped to new facilities that use low-carbon steel production technologies.
An amendment to the Mineral Development Agreement between the government and ArcelorMittal extended the company's operations in the country until 2050, with an option for a further 25-year extension. The new agreement was signed in January 2026.
In June 2025, ArcelorMittal opened a modern concentrator with a capacity of 20 million tonnes per year in Tokadeh, Nimba, described as one of the largest iron ore beneficiation plants in Africa.
https://www.indexbox.io/blog/arcelormittal-nears-4-billion-in-liberian-investment/