Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
RIO DE JANEIRO, Aug 13 (Reuters) – Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA will resume partial operations on Monday at its Ipatinga plant after an explosion injured 34 workers, it said.
The company, known as Usiminas, said in a statement on Sunday that some areas not affected by the blast on Friday have restarted, though it did not provide a timetable for ramping up to full capacity.
The blast was centered on a huge barrel-shaped piece of equipment that stores gases released during the steel production process. All 34 people injured have left the hospital, the company said on Saturday.
The plant at Ipatinga in the southeastern state of Minas Gerais produced 813,000 tons of crude steel between April and June of this year, the company said in its latest earnings report.
(By Raquel Stenzel; Editing by Jeffrey Benkoe)
