Nippon Steel hires Mike Pompeo to advise on US Steel deal
Nippon Steel also faces objections from the powerful United Steelworkers (USW) union, which fears the deal could lead to job losses.
Iron ore exports from Australia’s Port Hedland, which handles about a fifth of the world’s seaborne trade, fell 7% in September from a record high in the previous month amid a further drop in prices, port data showed.
But port officials say the slight decrease registered last month still stack up well, when compared with 12 months ago.
“We’re significantly up on last year,” the Authority’s general marine manager John Finch told ABC News.
He added that iron ore throughput (ore plus other exports) reached 36.3 million tonnes for the month, which is 25% more than the same period last year.
Source: Pilbara Ports Authorithy.
The port, located in the Pilbara region of Western Australia, primarily ships iron ore from mines owned by BHP, Atlas Iron (ASX:AGO) and Fortescue Metals Group (ASX:FMG) bound for China, whose demand has weakened as of late. But with major iron ore producer BHP Billiton (ASX:BHP) announcing it expects to increase production, experts think Port Hedland is likely to continue to see growth in its throughput.
