Tyson Foods, the U.S. meat giant, and Agriculture Secretary Rollins have publicly disagreed over the sale of a recently closed beef processing plant. Rollins stated that buyers would be limited to U.S.-owned companies or cooperatives, including U.S. producers, and said he had received verbal assurances from Tyson CEO Donnie King. Tyson, however, said that any buyer, foreign or domestic, would be considered, and a spokesperson confirmed that the policy had not changed. Tyson, Cargill, JBS USA, and National Beef Packing process about 85% of U.S. grain-fed cattle. JBS USA is a subsidiary of Brazil's JBS, and National Beef is majority-owned by Brazil's Marfrig Global Foods. With foreign companies controlling a significant portion of U.S. beef processing capacity, beef prices in the U.S. have risen to record highs this year due to cattle supply shortages, becoming a political issue ahead of the midterm elections. The Trump administration has expressed concerns about foreign ownership of domestic beef processing facilities while also taking steps to encourage imports of ground beef. Last month, it announced that 300,000 tons of foreign beef would be allowed in at reduced tariffs for 90 days, drawing backlash from meat industry groups and ranchers.
Worthington Steel reported first-quarter fiscal 2027 adjusted earnings per share of $0.57, missing the analyst consensus of $0.68 by $0.11, sending shares down 1.5% after hours on Wednesday. Revenue surged 212% year over year to $2.73 billion from $872.9 million, driven primarily by the inclusion of Kloeckner & Co following the company's majority acquisition completed on June 3, 2026; Kloeckner contributed $1.77 billion to net sales in the quarter. Excluding Kloeckner's impact, revenue increased 9% compared to the prior year quarter on higher direct volumes and improved pricing, with direct tons sold up 3% and direct selling prices up 6%. Adjusted EBIT reached $78.5 million, up from $55.5 million a year earlier, but the company reported a net loss attributable to controlling interest of $7.0 million, or -$0.14 per diluted share, compared to net earnings of $36.8 million, or $0.73 per share, in the prior year quarter, impacted by approximately $43 million in inventory fair value step-up costs related to the Kloeckner acquisition. Worthington Steel ended the quarter with total debt of $2.20 billion and cash of $248.2 million, resulting in net debt of $1.95 billion, and declared a quarterly dividend of $0.16 per share payable December 28, 2026.
WS · Capital · Negative Worthington Steel missed Q1 EPS estimates ($0.57 vs $0.68 consensus) and posted a net loss of $7.0 million due to Kloeckner acquisition inventory step-up costs.
Alurion Study Confirms Amargosa Road Haulage Up to 11.5 Wet Mtpa Ahead of Mid-2027 PFS
Alurion Resources Limited said an independent road-logistics study has confirmed that road haulage is viable at all tested capacities for its Amargosa bauxite project in Bahia, Brazil, up to 11.5 wet Mtpa, twice the Scoping Study base case of 5.75 wet Mtpa, or 5 Mtpa dry. The study, commissioned from specialist transport-engineering consultancy Engimind, assessed three haulage scenarios, the Scoping Study base case of 5.75 wet Mtpa plus 8.6 and 11.5 wet Mtpa, and found no modelled road-capacity constraints on either the northern route to the Port of Enseada or the southern route to a proposed FIOL rail load-out. The preferred Enseada routes run mostly via the BR-101 federal highway over approximately 160 km from the North District and 220 km from the Central District, with Alurion trucks expected to represent less than 1% of total vehicles at 5.75 Mtpa, rising to 1.6% at 11.5 Mtpa. Alurion is advancing engineering work with the Enseada port operator to assess expanding port capacity to up to 13.5 wet Mtpa, while the southern option would use an 86 km road connection to FIOL, potentially avoiding the approximately 40 km dedicated rail spur envisaged in the Scoping Study. The findings are the first of the sequenced PFS workstreams to complete and will underpin the Amargosa direct-ship bauxite PFS targeted for mid-2027, with drilling, trenching and metallurgical programs scheduled from Q4 2026 onwards.
Alurion Resources Limited · Supply · Positive Independent study confirms road haulage viable up to 11.5 wet Mtpa, doubling the Scoping Study base case and de-risking logistics capacity for the Amargosa bauxite project.
Engimind · Demand · Positive Engimind was commissioned for the road-logistics study and its findings underpin Alurion's PFS, representing a concrete contract/order for its services.
HomePro Partners with Tata Tiscon to Sell Low-Carbon Steel Bars at MegaHome Nationwide
Home Product Center Public Company Limited, or HMPRO, has announced a partnership with Tata Tiscon to bring EF steel bars, a low-carbon steel bar produced using electric arc furnace technology from 100% recycled scrap steel, to MegaHome stores nationwide. Part of the scrap steel comes from HomePro customers' electrical appliances through the Trade Old for a New World program. Mr. Theerapong Samphan, Assistant Managing Director of the Construction Procurement Group at HomePro, said that offering EF steel bars this time helps technicians, contractors, and consumers access low-carbon construction materials more easily at an affordable price. Mr. Chaichalerm Bunyanuwat, Senior Assistant Managing Director of Marketing and Sales at Tata Steel (Thailand) Public Company Limited, said the project shows that the circular economy can truly happen in everyday life, when scrap metal from products consumers no longer use returns to the production process through Tata Steel Thailand's EAF technology and is turned back into standard-quality steel bars sold again through MegaHome. Using one ton of steel bars produced with an EAF furnace reduces carbon dioxide emissions by the equivalent of planting more than 180 trees, and cuts carbon dioxide emissions by about three to four times compared with the BF-BOF steelmaking process. The products carry verifiable environmental information, including EPD, CFP, and the Green Label. Tata Tiscon's product range also includes SD50 high-strength steel bars, which help reduce the amount of reinforcement steel used by up to 20%, and CUT & BEND prefabricated cut-and-bent steel, which helps reduce steel waste at job sites by 10-15%. Tata Tiscon EF steel bars are available today at MegaHome stores nationwide.
REBAR · Demand · Positive Tata Tiscon steel bars, including rebar-type products, are being sold through MegaHome nationwide, expanding retail demand for steel bars.
Mexico Pushes US to Cut Tariffs on Steel, Aluminum and Autos
Mexican Economy Minister Marcelo Ebrard said Mexico is pressing the United States to reduce import tariffs on steel, aluminum and automobiles, as trade negotiations between the two countries continue. Ebrard said that although trade relations between the two countries have made progress and he has spoken with US Trade Representative Jamieson Greer almost daily, talks to lower the tariffs the US collects under Section 232 of the US Trade Expansion Act have not yet reached a conclusion. Currently, the US imposes a 25% tariff on imports of passenger cars and light trucks, with qualifying vehicles from Mexico taxed only on the value of parts produced outside the United States. As for the 50% tariffs on steel and aluminum from Mexico set by the government of President Donald Trump, the two countries are negotiating to reduce or eliminate them. Ebrard said Mexico must also monitor additional trade measures from the US government, especially those related to the problem of excess capacity, and noted that the Section 301 tariff issue stemming from excess capacity was not raised at Thursday's meeting between the two countries, with Mexico awaiting a decision from the United States. Ebrard stressed that preserving Mexico's standing in the US market remains the top priority, with official data showing that the United States was the destination for about 85% of Mexico's non-oil exports in the first eight months of this year.
ALUMINUM · Tariff · Positive Mexico is negotiating to cut or eliminate the 50% US Section 232 tariffs on aluminum from Mexico, a positive for aluminum trade.
STEEL · Tariff · Positive Mexico is pressing the US to reduce or eliminate the 50% Section 232 tariffs on steel from Mexico, which would support US HRC steel trade flows.
Algoma Steel Guides for 65% Drop in Q3 Shipments After Turbine Outage
Algoma Steel warned it expects Q3 steel shipments of roughly 145K tons, down from more than 419K tons a year earlier, after a turbine outage at its Lake Superior Power generating facility in Ontario constrained production. The Canadian producer guided for adjusted EBITDA of negative $10M to negative $20M, a figure that includes a $50M-$55M benefit from an expected capacity utilization adjustment. The turbine has since been replaced and is operating at full power, the company said. CFO Michael Moraca said the outage temporarily constrained electric arc furnace production and was expected to affect shipment volumes, adding that third-quarter results reflect those impacts, including lower shipment volumes and a less favorable sales mix. Shares fell 2.4% post-market Thursday following the guidance.
ASTL · Supply · Negative Turbine outage at its Lake Superior Power facility constrained electric arc furnace production, cutting Q3 shipments to ~145K tons from 419K and guiding to negative EBITDA.
BofA Raises Copper Forecast 20% to $12,000, Names Top Mining Picks
BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.
BHP.LSE · Capital · Positive BofA upgraded BHP to Buy with an A$68 price objective and named it top pick among large-cap miners.
0Q11.LSE · Capital · Positive BofA initiated a Buy rating on Norsk Hydro with a NOK98 price objective, citing attractive risk-reward for the pure-play aluminum company.
ANTO.LSE · Capital · Positive BofA maintained its Buy rating on Antofagasta with a GBp4700 price objective, noting roughly 30% volume growth potential.
GLEN.LSE · Capital · Positive BofA rated Glencore Buy with a GBp650 price objective, highlighting its copper growth options.